First Commonwealth Announces Fourth Quarter and Full Year 2025 Earnings; Declares Quarterly Dividend, Increases Share Repurchase Authorization

Rhea-AI Summary

First Commonwealth Financial (NYSE: FCF) reported fourth-quarter 2025 net income of $44.9M ($0.43 diluted EPS) and full-year net income of $152.3M ($1.47 diluted EPS).

Core pre-tax pre-provision income was $231.7M for 2025, tangible book value per share rose 11.8%, the net interest margin expanded to 3.98%, and the Board authorized an additional $25.0M share repurchase. A quarterly dividend of $0.135 per share was declared, payable Feb 20, 2026.

Positive

• Core pre-tax pre-provision income +$24.1M in 2025 to $231.7M
• Tangible book value per share +11.8% year-over-year
• Net interest margin improved to 3.98% in Q4 2025
• Board authorized an additional $25.0M share repurchase
• Declared quarterly dividend of $0.135 per share, payable Feb 20, 2026

Negative

• Nonperforming loans increased to $91.8M (0.94% of loans) at Dec 31, 2025
• Criticized loans rose $19.0M from prior quarter to $267.2M
• Card-related interchange income declined $6.3M year-over-year

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INDIANA, Pa., Jan. 27, 2026 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the fourth quarter and full year of 2025.

Financial Summary

(dollars in thousands,	For the Three Months Ended												For the Year Ended
except per share data)	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Reported Results
Net income	$	44,876			$	41,328			$	35,849			$	152,302			$	142,572
Diluted earnings per share	$	0.43			$	0.39			$	0.35			$	1.47			$	1.39
Return on average assets		1.46	%			1.34	%			1.23	%			1.26	%			1.22	%
Return on average equity		11.49	%			10.71	%			10.16	%			10.15	%			10.44	%
Operating Results (non-GAAP)(1)
Core net income	$	44,658			$	41,166			$	36,067			$	158,101			$	142,709
Core diluted earnings per share	$	0.43			$	0.39			$	0.35			$	1.53			$	1.40
Core pre-tax pre-provision net revenue	$	63,166			$	62,942			$	51,388			$	231,664			$	207,551
Provision expense	$	7,005			$	11,327			$	6,490			$	32,966			$	29,170
Provision for credit losses - acquisition day 1 non-PCD		-				-				-			$	3,759				-
Net charge-offs	$	11,272			$	12,247			$	13,691			$	29,375			$	31,180
Reserve build/(release)(2)	$	(3,837	)		$	(3,361	)		$	(7,206	)		$	6,862			$	1,188
Core return on average assets (ROAA)		1.45	%			1.34	%			1.23	%			1.31	%			1.22	%
Core pre-tax pre-provision ROAA		2.05	%			2.05	%			1.76	%			1.92	%			1.78	%
Return on average tangible common equity		15.90	%			14.96	%			14.40	%			14.17	%			14.94	%
Core return on average tangible common equity		15.83	%			14.90	%			14.48	%			14.69	%			14.95	%
Core efficiency ratio		52.84	%			52.30	%			56.07	%			54.42	%			55.36	%
Net interest margin (FTE)		3.98	%			3.92	%			3.54	%			3.84	%			3.55	%

⁽¹⁾ Core operating results are a non-GAAP measure used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. A full reconciliation of non-GAAP financial measures may be found at the end of the financial statements which accompany this release.
⁽²⁾ Reserve build/(release) represents the net change in the Company's allowance for credit losses (ACL) from the prior period.

Fourth Quarter 2025 Highlights

• Net income of $44.9 million and diluted earnings per share of $0.43 represent an increase of $3.5 million, or $0.04 per share from the previous quarter and an increase of $9.0 million, or $0.08 per share from the fourth quarter of 2024
• Core pre-tax pre-provision net revenue (PPNR)⁽¹⁾ totaled $63.2 million, an increase of $0.2 million from the previous quarter and an increase of $11.8 million from the fourth quarter of 2024
• Average deposits increased $72.0 million, 2.8% annualized, compared to the prior quarter
• Total loans increased $28.6 million, or 1.2% annualized, from the previous quarter, driven by growth in the Equipment Finance and Construction portfolios
  • Loans held for sale increased $208.9 million from the previous quarter due to the designation of $225.4 million of Commercial loans as held for sale
• Net interest income (FTE) of $113.6 million increased $2.1 million from the previous quarter
• Noninterest income (excluding a $0.4 million gain on investment securities in both 3Q and 4Q 2025) of $24.3 million decreased $0.2 million from the previous quarter
• Noninterest expense (excluding $0.2 million of merger-related expenses in 3Q and 4Q 2025) of $74.3 million increased $1.7 million from the previous quarter

Profitability

• The return on average assets (ROAA) was 1.46% as compared to 1.34% in the previous quarter and 1.23% in the fourth quarter of 2024
• Core return on average assets (ROAA) was 1.45% as compared to 1.34% in the previous quarter and 1.23% in the fourth quarter of 2024
• Core pre-tax pre-provision ROAA⁽¹⁾ was 2.05% as compared to 2.05% in the prior quarter and 1.76% in the fourth quarter of 2024
• The net interest margin of 3.98% increased six basis points from the prior quarter and increased 44 basis points from the fourth quarter of 2024
• The core efficiency ratio⁽¹⁾ of 52.84% increased 54 basis points from the previous quarter and decreased 323 basis points from the fourth quarter of 2024
  

Strong capital position

• Bank-level Total Regulatory Capital ratio of 13.4% represents $348.0 million in excess capital above the regulatory “well capitalized” requirement of 10.0%
• A total of 1,451,296 shares at a weighted average price of $15.94 were repurchased during the fourth quarter of 2025 under the Company’s previously authorized share repurchase programs. The remaining repurchase capacity under the current program was $22.7 million as of December 31, 2025. An additional $25.0 million of share repurchase authority was authorized by the Board in January 2026

Asset quality

• The provision for credit losses was $7.0 million, a decrease of $4.3 million compared to the previous quarter
• The allowance for credit losses as a percentage of end-of-period loans was 1.32%, as compared to 1.34% in the previous quarter
• Total nonperforming loans increased $3.1 million from the previous quarter
• Net charge-offs on loans totaled $11.3 million, a decrease of $1.0 million from the previous quarter
  • Net charge-offs (annualized) as a percentage of average loans outstanding was 0.46% in the fourth quarter of 2025 as compared to 0.51% in the previous quarter
    

Full Year 2025 Highlights

Earnings

• Net income of $152.3 million and diluted earnings per share of $1.47
  • Core net income⁽¹⁾ was $158.1 million, or $1.53 diluted earnings per share, compared to $142.7 million, or $1.40 diluted earnings per share in the prior year
• Core pre-tax pre-provision income⁽¹⁾ of $231.7 million increased $24.1 million from the prior year
  

Profitability

• The return on average assets (ROAA) for the year ended December 31, 2025 was 1.26% as compared to 1.22% in the prior year
• Core return on average assets (ROAA) for the year ended December 31, 2025 was 1.31% as compared to 1.22% in the prior year
• Core pre-tax pre-provision ROAA⁽¹⁾ for the year ended December 31, 2025 was 1.92% as compared to 1.78% in the prior year
• The core efficiency ratio⁽¹⁾ decreased 94 basis points to 54.42% compared to the prior year

Franchise Growth

• Average deposits grew $580.1 million, or 6.1% compared to the prior year
  • Average deposits (excluding acquired deposits) grew $393.5 million, or 4.2% compared to the prior year
• Total loans grew $743.7 million, or 8.2% compared to the prior year
  • Total loans (excluding acquired loans) grew $451.9 million, or 5.0% compared to the prior year
• The loan-to-deposit ratio was 95.4% for the year ended December 31, 2025 as compared to 93.4% in the prior year
• Tangible book value per share increased $1.18, or 11.8% from the previous year.

“Our fourth quarter results capped off a strong year for First Commonwealth, highlighted by solid loan and deposit growth, continued expansion of our net interest margin, and stable capital levels,” said T. Michael Price, President and Chief Executive Officer. “We delivered improved profitability this quarter while maintaining sound credit quality and strengthening our balance sheet through core deposit growth. The progress we made this year—both financially and operationally—positions us well to continue delivering long term value for our shareholders and supporting the financial success of our customers and communities.”

Earnings

Net income for the quarter ended December 31, 2025 was $44.9 million, or $0.43 per share, compared to $41.3 million, or $0.39 per share in the prior quarter.

Net income for the year ended December 31, 2025 was $152.3 million, or $1.47 per share, compared to $142.6 million, or $1.39 per share for the same period in 2024.

Net Interest Income and Net Interest Margin

Net interest income (FTE) of $113.6 million increased $2.1 million from the previous quarter and increased $18.1 million from the prior year quarter. The increase from the previous quarter was primarily due to a six basis point increase in the net interest margin. The yield on earning assets increased three basis points due to an 11 basis point increase in the yield on indirect auto loans along with a $32.3 million increase in indirect auto balances, combined with a $51.5 million increase in average equipment finance loans. The total cost of funds decreased three basis points due to a 16 basis point decrease in the cost of non-personal NOW accounts and $73.4 million decrease in average short-term borrowings, partially offset by a $72.1 million increase in average time deposits.

Total average deposits increased $72.0 million, or 2.8% annualized in the fourth quarter of 2025 as compared to the previous quarter. Total end-of-period deposits decreased $19.6 million, or 0.8% annualized, from the previous quarter.

Asset Quality

Provision for credit losses totaled $7.0 million in the fourth quarter of 2025 as compared to $11.3 million in the previous quarter. The decrease in provision expense, relative to the prior quarter, was primarily driven by a $4.4 million provision for a dealer floorplan relationship in the prior quarter, along with a $2.3 million decrease in provision expense for unfunded commitments.

Nonperforming loans totaled $91.8 million, an increase of $3.1 million from the previous quarter. Nonperforming loans represented 0.94% of total loans as compared to 0.91% and 0.68% for the periods ended September 30, 2025 and December 31, 2024, respectively.

At December 31, 2025, criticized loans totaled $267.2 million, an increase of $19.0 million from the previous quarter.

During the fourth quarter of 2025, net charge-offs were $11.3 million as compared to net charge-offs of $12.2 million in the previous quarter and $13.7 million in the fourth quarter of 2024.

Net charge-offs (annualized) as a percentage of average loans were 0.46%, 0.51% and 0.61% for the periods ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

Noninterest Income and Noninterest Expense

Noninterest income (excluding $0.4 million gain on investment securities in 3Q and 4Q 2025) totaled $24.3 million for the fourth quarter of 2025, as compared to $24.5 million for the third quarter of 2025 and $25.3 million for the fourth quarter of 2024. The $0.2 million decrease from the previous quarter was primarily due to a $0.7 million decrease in wealth advisory fees and a $0.2 million decrease in swap fees, partially offset by a $0.8 million increase in Gain on Sale of Small Business Administration (SBA) loans.

For the year ended December 31, 2025, noninterest income (excluding $0.8 million gain sale of investment securities in 2025 and $0.2 million gain on sale of investment securities in 2024) totaled $96.0 million, a decrease of $3.0 million from the prior year. The decrease from the prior year was primarily due to a $6.3 million decrease in card-related interchange income due to the Bank being subject to a full twelve months of the Durbin amendment, partially offset by a $1.8 million increase in wealth advisory fees, a $1.5 million increase in gain on sale of mortgage loans and a $0.7 million increase in swap fees.

Noninterest expense (excluding $0.2 million of merger related expenses in 3Q and 4Q 2025 and $0.3 million in 4Q 2024) totaled $74.3 million for the fourth quarter of 2025, as compared to $72.7 million in the third quarter of 2025 and $69.0 million for the fourth quarter of 2024. The $1.7 million increase from the previous quarter was primarily the result of a $1.5 million increase in salaries and benefits and a $0.7 million increase in software expense, partially offset by a $0.9 million decrease for a Pennsylvania shares tax adjustment.

The core efficiency ratio was 52.84% during the fourth quarter of 2025 as compared to 52.30% in the previous quarter and 56.07% in the fourth quarter of 2024.

For the year ended December 31, 2025, noninterest expense (excluding $4.4 million of merger related expenses in 2025 and $0.4 million in merger expense and $0.4 million loss on the early redemption of subordinated debt in 2024) totaled $290.4 million, as compared to $270.0 million in the prior year. The $20.5 million increase from the prior year was primarily driven by a $14.7 million increase in salaries and benefits and a $1.4 million increase in other professional fees, partially offset by a $1.7 million decrease in operational losses due to lower fraud expense.

The core efficiency ratio was 54.42% for the year ended December 31, 2025 as compared to 55.36% in the previous year.

Full time equivalent staff was 1,567 at December 31, 2025, 1,548 as September 30, 2025 and 1,512 at December 31, 2024

Dividends and Capital

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.135 per share, which represents a 3.9% increase from the fourth quarter of 2024. The cash dividend is payable on February 20, 2026 to shareholders of record as of February 6, 2026. This dividend represents a 3.1% projected annual yield utilizing the January 26, 2026 closing market price of $17.53.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at December 31, 2025 were 14.5%, 12.7%, 10.9% and 12.1%, respectively. First Commonwealth’s current capital levels exceed the fully phased-in Basel III capital requirements issued by U.S. bank regulators.

Conference Call

First Commonwealth will host a quarterly conference call to discuss its financial results for the fourth quarter and full year 2025 on Wednesday, January 28, 2026 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-888-330-3181 conference ID # 4651379 or through the company’s web page, http://www.fcbanking.com/InvestorRelations. A replay of the call will be available approximately one hour following the conclusion of the conference by dialing 1-800-770-2030 and entering the conference ID # 4651379. A link to the webcast replay will also be accessible on the company’s webpage for 30 days.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services Company with 126 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Pittsburgh and Harrisburg, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, equipment finance, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.

Forward-Looking Statements

Certain statements contained in this release that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute “forward-looking statements” as well. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate” or words of similar meaning. These forward-looking statements are subject to significant risks, assumptions and uncertainties, and could be affected by many factors, including, but not limited to: (1) volatility and disruption in national and international financial markets; (2) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; (3) inflation, interest rate, commodity price, securities market and monetary fluctuations; (4) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which First Commonwealth or its customers must comply; (5) the soundness of other financial institutions; (6) political instability; (7) impairment of First Commonwealth’s goodwill or other intangible assets; (8) acts of God or of war or terrorism; (9) the timely development and acceptance of new products and services and perceived overall value of these products and services by users; (10) changes in consumer spending, borrowings and savings habits; (11) changes in the financial performance and/or condition of First Commonwealth’s borrowers; (12) technological changes; (13) acquisitions and integration of acquired businesses; (14) First Commonwealth’s ability to attract and retain qualified employees; (15) changes in the competitive environment in First Commonwealth’s markets and among banking organizations and other financial service providers; (16) the ability to increase market share and control expenses; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) the reliability of First Commonwealth’s vendors, internal control systems or information systems; (19) the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and (20) other risks and uncertainties described in this report and in the other reports that we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K.

In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements in this release. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Relations:
Ron Wahl
Communications and Media Relations
Phone: 724-463-6806
E-mail: RWahl@fcbanking.com

Investor Relations:
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com

CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
SUMMARY RESULTS OF OPERATIONS
Net interest income	$	113,201			$	111,123			$	95,081			$	426,087			$	378,892
Provision for credit losses		7,005				11,327				6,490				32,966				29,170
Provision for credit losses — acquisition day 1 non-PCD		—				—				—				3,759				—
Noninterest income		24,716				24,857				25,335				96,824				99,231
Noninterest expense		74,476				72,834				69,304				294,828				270,745
Net income		44,876				41,328				35,849				152,302				142,572
Core net income(5)		44,658				41,166				36,067				158,101				142,709
Earnings per common share (diluted)	$	0.43			$	0.39			$	0.35			$	1.47			$	1.39
Core earnings per common share (diluted)(6)	$	0.43			$	0.39			$	0.35			$	1.53			$	1.40
KEY FINANCIAL RATIOS
Return on average assets		1.46	%			1.34	%			1.23	%			1.26	%			1.22	%
Core return on average assets(7)		1.45	%			1.34	%			1.23	%			1.31	%			1.22	%
Return on average assets, pre-provision, pre-tax		2.06	%			2.05	%			1.75	%			1.89	%			1.78	%
Core return on average assets, pre-provision, pre-tax		2.05	%			2.05	%			1.76	%			1.92	%			1.78	%
Return on average shareholders' equity		11.49	%			10.71	%			10.16	%			10.15	%			10.44	%
Return on average tangible common equity(8)		15.90	%			14.96	%			14.40	%			14.17	%			14.94	%
Core return on average tangible common equity(9)		15.83	%			14.90	%			14.48	%			14.69	%			14.95	%
Core efficiency ratio(2)(10)		52.84	%			52.30	%			56.07	%			54.42	%			55.36	%
Net interest margin (FTE)(1)		3.98	%			3.92	%			3.54	%			3.84	%			3.55	%
Book value per common share	$	15.11			$	14.78			$	13.81
Tangible book value per common share(11)		11.22				10.94				10.04
Market value per common share		16.86				17.05				16.92
Cash dividends declared per common share		0.135				0.135				0.130				0.535				0.515
ASSET QUALITY RATIOS
Nonperforming loans and leases as a percent of end-of-period loans and leases(3)		0.94	%			0.91	%			0.68	%
Nonperforming assets as a percent of total assets(3)		0.77	%			0.74	%			0.55	%
Net charge-offs as a percent of average loans and leases (annualized)(4)		0.46	%			0.51	%			0.61	%
Allowance for credit losses as a percent of nonperforming loans and leases(4)		137.07	%			148.04	%			193.48	%
Allowance for credit losses as a percent of end-of-period loans and leases(4)		1.32	%			1.34	%			1.32	%
CAPITAL RATIOS
Shareholders' equity as a percent of total assets		12.6	%			12.5	%			12.1	%
Tangible common equity as a percent of tangible assets(12)		9.7	%			9.6	%			9.1	%
Leverage Ratio		10.9	%			10.8	%			10.6	%
Risk Based Capital - Tier I		12.7	%			12.7	%			12.9	%
Risk Based Capital - Total		14.5	%			14.4	%			14.6	%
Common Equity - Tier I		12.1	%			12.0	%			12.1	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
INCOME STATEMENT
Interest income	$	163,925			$	162,709			$	149,996			$	632,688			$	600,463
Interest expense		50,724				51,586				54,915				206,601				221,571
Net Interest Income		113,201				111,123				95,081				426,087				378,892
Provision for credit losses		7,005				11,327				6,490				32,966				29,170
Provision for credit losses - acquisition day 1 non-PCD		—				—				—				3,759				—
Net Interest Income after Provision for Credit Losses		106,196				99,796				88,591				389,362				349,722
Net securities gains (losses)		425				369				1				(4,348	)			(5,446	)
Gain on sale of VISA		—				—				—				5,146				5,664
Trust income		3,379				3,477				3,031				12,907				11,821
Service charges on deposit accounts		5,828				5,913				5,749				22,774				22,518
Insurance and retail brokerage commissions		2,886				3,499				2,654				12,652				11,546
Income from bank owned life insurance		1,725				1,712				1,418				6,877				6,361
Gain on sale of mortgage loans		1,941				2,132				1,645				7,296				5,795
Gain on sale of other loans and assets		2,198				1,085				3,076				6,888				9,111
Card-related interchange income		3,974				3,985				3,923				15,611				21,887
Derivative mark-to-market		25				2				95				(126	)			(46	)
Swap fee income		26				243				797				1,543				885
Other income		2,309				2,440				2,946				9,604				9,135
Total Noninterest Income		24,716				24,857				25,335				96,824				99,231
Salaries and employee benefits		42,265				40,717				38,025				163,981				149,287
Net occupancy		4,981				5,110				4,769				20,714				19,783
Furniture and equipment		4,994				4,427				4,360				18,161				17,453
Data processing		4,197				4,260				4,039				16,359				15,582
Pennsylvania shares tax		483				1,337				1,968				4,495				5,422
Advertising and promotion		1,687				1,931				1,358				6,447				5,535
Intangible amortization		1,494				1,567				1,368				5,503				5,024
Other professional fees and services		1,526				1,843				1,557				6,892				5,533
FDIC insurance		1,535				1,653				1,436				6,117				5,973
Litigation and operational losses		1,080				582				920				2,925				4,592
Loss on sale or write-down of assets		281				87				99				654				451
Loss on early redemption of subordinated debt		—				—				—				—				369
Merger and acquisition		150				165				277				4,379				391
Other operating expenses		9,803				9,155				9,128				38,201				35,350
Total Noninterest Expense		74,476				72,834				69,304				294,828				270,745
Income before Income Taxes		56,436				51,819				44,622				191,358				178,208
Income tax provision		11,560				10,491				8,773				39,056				35,636
Net Income	$	44,876			$	41,328			$	35,849			$	152,302			$	142,572
Shares Outstanding at End of Period		102,840,771				104,293,298				101,758,450				102,840,771				101,758,450
Average Shares Outstanding Assuming Dilution		103,643,551				104,754,917				101,963,018				103,524,130				102,205,497

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	December 31,				September 30,				December 31,
	2025				2025				2024
BALANCE SHEET (Period End)
Assets
Cash and due from banks	$	103,280			$	117,241			$	105,051
Interest-bearing bank deposits		77,082				44,170				28,358
Securities available for sale, at fair value		1,052,489				1,100,437				1,178,577
Securities held to maturity, at amortized cost		519,422				479,915				405,639
Loans held for sale		271,452				62,566				51,991
Loans and leases		9,508,039				9,688,288				8,983,754
Allowance for credit losses		(125,768	)			(129,605	)			(118,906	)
Net loans and leases		9,382,271				9,558,683				8,864,848
Goodwill and other intangibles		400,229				400,851				383,352
Other assets		536,811				546,513				567,120
Total Assets	$	12,343,036			$	12,310,376			$	11,584,936
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits	$	2,372,771			$	2,420,235			$	2,249,615
Interest-bearing demand deposits(a)		1,795,513				1,904,381				1,855,633
Savings deposits(a)		4,241,762				4,103,904				3,822,305
Time deposits		1,840,923				1,802,820				1,750,466
Total interest-bearing deposits		7,878,198				7,811,105				7,428,404
Total deposits		10,250,969				10,231,340				9,678,019
Short-term borrowings		147,966				149,557				80,139
Long-term borrowings		261,742				262,057				262,985
Total borrowings		409,708				411,614				343,124
Other liabilities		127,983				125,585				158,628
Shareholders' equity		1,554,376				1,541,837				1,405,165
Total Liabilities and Shareholders' Equity	$	12,343,036			$	12,310,376			$	11,584,936

^(a) Deposits on the above balance sheet for periods prior to June 30, 2025 reflect a reclassification to interest-bearing deposits from savings deposits in order to remove the impact of an internal sweep program related to regulatory reserve requirements. The internal sweep program was terminated in the second quarter of 2025, therefore prior periods are now shown without the reclassification.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	For the Three Months Ended																For the Year Ended
	December 31,			Yield/		September 30,			Yield/		December 31,			Yield/			December 31,			Yield/		December 31,			Yield/
	2025			Rate		2025			Rate		2024			Rate			2025			Rate		2024			Rate
NET INTEREST MARGIN
Assets
Loans and leases (FTE)(1)(3)	$	9,736,392		6.12	%	$	9,653,118		6.08	%	$	9,034,096		5.97	%		$	9,474,491		6.06	%	$	9,013,742		6.02	%
Interest bearing bank deposits		48,542		4.48	%		40,159		4.85	%		58,469		5.22	%			56,166		4.73	%		164,339		5.52	%
Securities (FTE)(1)		1,525,296		3.52	%		1,597,369		3.60	%		1,620,823		3.43	%			1,597,220		3.59	%		1,536,812		3.27	%
Total Interest-Earning Assets (FTE)(1)		11,310,230		5.76	%		11,290,646		5.73	%		10,713,388		5.58	%			11,127,877		5.70	%		10,714,893		5.62	%
Noninterest-earning assets		919,649					919,357					912,328						928,278					940,073
Total Assets	$	12,229,879				$	12,210,003				$	11,625,716					$	12,056,155				$	11,654,966
Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits	$	6,054,039		2.00	%	$	6,064,450		2.03	%	$	5,703,763		2.22	%		$	5,972,711		2.06	%	$	5,636,553		2.20	%
Time deposits		1,806,856		3.65	%		1,734,804		3.66	%		1,730,251		4.32	%			1,763,299		3.80	%		1,549,999		4.32	%
Short-term borrowings		55,098		2.64	%		128,548		3.89	%		98,113		4.28	%			95,322		3.67	%		444,453		4.60	%
Long-term borrowings		261,872		4.92	%		262,186		4.97	%		252,064		5.07	%			262,371		4.97	%		186,550		5.51	%
Total Interest-Bearing Liabilities		8,177,865		2.46	%		8,189,988		2.50	%		7,784,191		2.81	%			8,093,703		2.55	%		7,817,555		2.83	%
Noninterest-bearing deposits		2,376,821					2,366,509					2,293,343						2,328,689					2,298,065
Other liabilities		125,496					122,896					144,153						132,792					173,426
Shareholders' equity		1,549,697					1,530,610					1,404,029						1,500,971					1,365,920
Total Noninterest-Bearing Funding Sources		4,052,014					4,020,015					3,841,525						3,962,452					3,837,411
Total Liabilities and Shareholders' Equity	$	12,229,879				$	12,210,003				$	11,625,716					$	12,056,155				$	11,654,966
Net Interest Margin (FTE) (annualized)(1)				3.98	%				3.92	%				3.54	%					3.84	%				3.55	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	Balance Prior to Portfolio Move				Portfolio Moved to HFS
	December 31,				December 31,				December 31,				September 30,				December 31,
	2025				2025				2025				2025				2024
Loan and Lease Portfolio Detail
Commercial Loan and Lease Portfolio:
Commercial, financial, agricultural and other	$	1,370,005			$	(18,281	)		$	1,351,724			$	1,374,627			$	1,250,669
Commercial real estate		3,355,970				(173,861	)			3,182,109				3,408,801				3,124,704
Equipment finance loans and leases		693,265				—				693,265				634,398				427,320
Real estate construction		439,095				(23,559	)			415,536				403,548				475,367
Total Commercial		5,858,335				(215,701	)			5,642,634				5,821,374				5,278,060
Consumer Loan Portfolio:
Closed-end mortgages		1,839,901				(9,431	)			1,830,470				1,858,471				1,849,223
Home equity lines of credit		530,064				(249	)			529,815				524,254				492,480
Real estate construction		47,250				—				47,250				41,894				8,017
Total Real Estate - Consumer		2,417,215				(9,680	)			2,407,535				2,424,619				2,349,720
Auto & RV loans		1,387,195				—				1,387,195				1,370,551				1,280,645
Direct installment		23,057				—				23,057				24,115				25,935
Personal lines of credit		45,785				—				45,785				45,657				47,313
Student loans		1,833				—				1,833				1,972				2,081
Total Other Consumer		1,457,870				—				1,457,870				1,442,295				1,355,974
Total Consumer Portfolio		3,875,085				(9,680	)			3,865,405				3,866,914				3,705,694
Total Portfolio Loans and Leases		9,733,420				(225,381	)			9,508,039				9,688,288				8,983,754
Loans held for sale - individual		46,071				—				46,071				62,566				51,991
Loans held for sale - portfolio		—				225,381				225,381				—				—
Total Loans and Leases	$	9,779,491			$	—			$	9,779,491			$	9,750,854			$	9,035,745
									December 31,				September 30,				December 31,
									2025				2025				2024
ASSET QUALITY DETAIL
Nonperforming Loans and Leases:
Loans and leases on nonaccrual basis									$	81,476			$	76,622			$	45,827
Loans on nonaccrual basis - acquisition										10,280				10,925				15,629
Loans held for sale on a nonaccrual basis										—				1,138				—
Total Nonperforming Loans and Leases									$	91,756			$	88,685			$	61,456
Other real estate owned ("OREO")										990				853				895
Repossessions ("Repos")										1,744				1,503				792
Total Nonperforming Assets									$	94,490			$	91,041			$	63,143
Loans past due in excess of 90 days and still accruing										1,288				2,117				2,064
Classified loans and leases										139,378				124,902				96,296
Criticized loans and leases										267,164				248,214				224,175
Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos(4)										0.99	%			0.94	%			0.70	%
Allowance for credit losses									$	125,768			$	129,605			$	118,906

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Net Charge-offs (Recoveries):
Commercial, financial, agricultural and other	$	7,152			$	6,927			$	4,102			$	15,134			$	14,699
Real estate construction		465				829				1,057				1,294				1,086
Commercial real estate		2,039				3,011				6,620				6,971				8,501
Residential real estate		362				106				(27	)			511				113
Loans to individuals		1,254				1,374				1,939				5,465				6,781
Net Charge-offs	$	11,272			$	12,247			$	13,691			$	29,375			$	31,180
Net charge-offs as a percentage of average loans and leases outstanding (annualized)(4)		0.46	%			0.51	%			0.61	%			0.31	%			0.35	%
Provision for credit losses as a percentage of net charge-offs		62.15	%			92.49	%			47.40	%			112.22	%			93.55	%
Provision for credit losses	$	7,005			$	11,327			$	6,490			$	32,966			$	29,170

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
Note: Management believes that it is standard practice in the banking industry to present these non-GAAP measures. These measures provide useful information to management and investors by allowing them to make peer comparisons.
(1)Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the federal income tax statutory rate of 21%.
(2)Core efficiency ratio excludes from total revenue the impact of derivative mark-to-market and excludes from "total noninterest expense" the amortization of intangibles and any other unusual items deemed by management to not be related to normal operations, such as merger, acquisition and severance costs.
(3)Includes held for sale loans.
(4)Excludes held for sale loans.
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Interest income	$	163,925			$	162,709			$	149,996			$	632,688			$	600,463
Adjustment to fully taxable equivalent basis(1)		355				351				354				1,382				1,347
Interest income adjusted to fully taxable equivalent basis (non-GAAP)		164,280				163,060				150,350				634,070				601,810
Interest expense		50,724				51,586				54,915				206,601				221,571
Net interest income, (FTE)(1)	$	113,556			$	111,474			$	95,435			$	427,469			$	380,239

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Net Income	$	44,876			$	41,328			$	35,849			$	152,302			$	142,572
Intangible amortization		1,494				1,567				1,368				5,503				5,024
Tax benefit of amortization of intangibles		(314	)			(329	)			(287	)			(1,156	)			(1,055	)
Net Income, adjusted for tax affected amortization of intangibles	$	46,056			$	42,566			$	36,930			$	156,649			$	146,541
Average Tangible Equity:
Total shareholders' equity	$	1,549,697			$	1,530,610			$	1,404,029			$	1,500,971			$	1,365,920
Less: intangible assets		400,638				401,825				383,620				395,355				384,844
Tangible Equity		1,149,059				1,128,785				1,020,409				1,105,616				981,076
Less: preferred stock		—				—				—				—				—
Tangible Common Equity	$	1,149,059			$	1,128,785			$	1,020,409			$	1,105,616			$	981,076
(8)Return on Average Tangible Common Equity		15.90	%			14.96	%			14.40	%			14.17	%			14.94	%

	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Core Net Income:
Total Net Income	$	44,876			$	41,328			$	35,849			$	152,302			$	142,572
Net securities gains		(425	)			(369	)			(1	)			(798	)			(218	)
Tax benefit of net securities gains		89				77				—				168				46
Merger and acquisition related expenses		150				165				277				4,379				391
Tax benefit of merger and acquisition related expenses		(32	)			(35	)			(58	)			(920	)			(82	)
Provision for credit losses - acquisition day 1 non-PCD		—				—				—				3,759				—
Tax benefit of provision for credit losses - acquisition day 1 non-PCD		—				—				—				(789	)			—
(5)Core net income	$	44,658			$	41,166			$	36,067			$	158,101			$	142,709
Average Shares Outstanding Assuming Dilution		103,643,551				104,754,917				101,963,018				103,524,130				102,205,497
(6)Core Earnings per common share (diluted)	$	0.43			$	0.39			$	0.35			$	1.53			$	1.40
Intangible amortization		1,494				1,567				1,368				5,503				5,024
Tax benefit of amortization of intangibles		(314	)			(329	)			(287	)			(1,156	)			(1,055	)
Core Net Income, adjusted for tax affected amortization of intangibles	$	45,838			$	42,404			$	37,148			$	162,448			$	146,678
(9)Core Return on Average Tangible Common Equity		15.83	%			14.90	%			14.48	%			14.69	%			14.95	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Core Return on Average Assets:
Total Net Income	$	44,876			$	41,328			$	35,849			$	152,302			$	142,572
Total Average Assets		12,229,879				12,210,003				11,625,716				12,056,155				11,654,966
Return on Average Assets		1.46	%			1.34	%			1.23	%			1.26	%			1.22	%
Core Net Income(5)	$	44,658			$	41,166			$	36,067			$	158,101			$	142,709
Total Average Assets		12,229,879				12,210,003				11,625,716				12,056,155				11,654,966
(7)Core Return on Average Assets		1.45	%			1.34	%			1.23	%			1.31	%			1.22	%

	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Core Efficiency Ratio:
Total Noninterest Expense	$	74,476			$	72,834			$	69,304			$	294,828			$	270,745
Adjustments to Noninterest Expense:
Intangible amortization		1,494				1,567				1,368				5,503				5,024
Merger and acquisition related		150				165				277				4,379				391
Noninterest Expense - Core	$	72,832			$	71,102			$	67,659			$	284,946			$	265,330
Net interest income, (FTE)	$	113,556			$	111,474			$	95,435			$	427,469			$	380,239
Total noninterest income		24,716				24,857				25,335				96,824				99,231
Net securities gains		(425	)			(369	)			(1	)			(798	)			(218	)
Total Revenue		137,847				135,962				120,769				523,495				479,252
Adjustments to Revenue:
Derivative mark-to-market		25				2				95				(126	)			(46	)
Total Revenue - Core	$	137,822			$	135,960			$	120,674			$	523,621			$	479,298
(10)Core Efficiency Ratio		52.84	%			52.30	%			56.07	%			54.42	%			55.36	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
	December 31,				September 30,				December 31,
	2025				2025				2024
Tangible Equity:
Total shareholders' equity	$	1,554,376			$	1,541,837			$	1,405,165
Less: intangible assets		400,229				400,851				383,352
Tangible Equity		1,154,147				1,140,986				1,021,813
Less: preferred stock		—				—				—
Tangible Common Equity	$	1,154,147			$	1,140,986			$	1,021,813
Tangible Assets:
Total assets	$	12,343,036			$	12,310,376			$	11,584,936
Less: intangible assets		400,229				400,851				383,352
Tangible Assets	$	11,942,807			$	11,909,525			$	11,201,584
(12)Tangible Common Equity as a percentage of Tangible Assets		9.66	%			9.58	%			9.12	%
Shares Outstanding at End of Period		102,840,771				104,293,298				101,758,450
(11)Tangible Book Value Per Common Share	$	11.22			$	10.94			$	10.04

	For the Three Months Ended												For the Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2025				2025				2024				2025				2024
Pre-tax pre-provision net revenue:
Net interest income	$	113,201			$	111,123			$	95,081			$	426,087			$	378,892
Noninterest income		24,716				24,857				25,335				96,824				99,231
Noninterest expense		74,476				72,834				69,304				294,828				270,745
Pre-tax pre-provision net revenue	$	63,441			$	63,146			$	51,112			$	228,083			$	207,378
Net securities gains	$	(425	)		$	(369	)		$	(1	)		$	(798	)		$	(218	)
Merger and acquisition related expenses		150				165				277				4,379				391
Core pre-tax pre-provision net revenue	$	63,166			$	62,942			$	51,388			$	231,664			$	207,551
Net charge-offs	$	11,272			$	12,247			$	13,691			$	29,375			$	31,180

FAQ

What were First Commonwealth (FCF) Q4 2025 earnings per share and net income?

First Commonwealth reported Q4 2025 diluted EPS of $0.43 and net income of $44.9 million. According to the company, Q4 EPS rose $0.04 from the prior quarter, reflecting higher net interest income and stable credit metrics.

How much did First Commonwealth (FCF) authorize for additional share repurchases in January 2026?

The Board authorized an additional $25.0 million of share repurchase capacity in January 2026. According to the company, remaining repurchase capacity was $22.7 million at December 31, 2025 before the new authorization.

What dividend did First Commonwealth (FCF) declare and when is it payable?

First Commonwealth declared a quarterly common dividend of $0.135 per share, payable February 20, 2026. According to the company, the dividend is payable to shareholders of record as of February 6, 2026.

How did First Commonwealth's net interest margin (NIM) change in Q4 2025 for FCF?

Net interest margin for Q4 2025 was 3.98%, up six basis points from the prior quarter. According to the company, NIM expansion was driven by higher yields on indirect auto and equipment finance loans.

What capital position did First Commonwealth (FCF) report at December 31, 2025?

First Commonwealth reported a bank-level Total Regulatory Capital ratio of 13.4%, with $348.0 million excess above the 10.0% well-capitalized threshold. According to the company, other capital ratios (Total/Tier I/Leverage/CET1) also exceeded regulatory requirements.

Did loan quality change for First Commonwealth (FCF) in Q4 2025?

Nonperforming loans rose to $91.8 million (0.94% of loans) and criticized loans increased by $19.0 million to $267.2 million. According to the company, net charge-offs declined and ACL coverage remained stable at 1.32% of loans.