First Commonwealth Announces Third Quarter 2026 Earnings; Declares Quarterly Dividend and Announces Additional Share Repurchase Authorization

Higher lending margins accompanied increased credit provisions and operating expenses, while the board expanded share repurchase authority.

Rhea-AI Summary

First Commonwealth Financial (FCF) reported third-quarter 2026 net income of $44.9 million, alongside an additional buyback authorization and a quarterly dividend. Net income compared with $44.6 million in the previous quarter and $41.3 million a year earlier; diluted earnings were $0.45 per share. Net interest income was $116.3 million, versus $112.4 million sequentially, while net interest margin rose to 4.11% from 4.01%.

Credit-loss provision increased to $14.2 million from $8.9 million, and nonperforming loans rose to $95.2 million from $81.6 million. Noninterest expense reached $78.2 million, versus $74.2 million. The board authorized an additional $25 million in share repurchases. The $0.14 quarterly dividend, up 3.7% from a year earlier, is payable November 20, 2026, to holders of record November 6. Third-quarter repurchases totaled 4,156,764 shares at a weighted average price of $21.18.

20 points · 0 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 11 points

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Positive

• Moderate pointThird-quarter GAAP net income rose to $44.943 million from $44.589 million sequentially and $41.328 million a year earlier.
• Moderate pointNet interest income increased to $116.320 million from $112.442 million sequentially and $111.123 million a year earlier.
• Moderate pointNet interest margin reached 4.11%, up 10 basis points sequentially and 19 basis points year over year.
• Moderate pointAdditional share repurchase authorization totals $25 million. 1.2% of market cap
• Moderate pointCompleted quarterly repurchases covered 4,156,764 shares at a weighted average price of $21.18.
• Moderate pointNet charge-offs fell to $4.581 million from $11.441 million sequentially and $12.247 million a year earlier.

14 minor points

• Minor pointDiluted earnings reached $0.45 per share, versus $0.44 in the previous quarter.
• Minor pointQuarterly dividend of $0.14 per share increased 3.7% from the third quarter of 2025.
• Minor pointTotal loans increased $63.4 million, or 2.6% annualized, from the previous quarter.
• Minor pointPeriod-end deposits increased $13.8 million, or 0.5% annualized, from the previous quarter.
• Minor pointAnnualized net charge-off rate declined to 0.19%, versus 0.49% sequentially and 0.50% a year earlier.
• Minor pointCommon Equity Tier I capital ratio of 11.9% represented $539.4 million above the 6.5% well-capitalized requirement.
• Minor pointRenewable energy tax-credit purchases reduced third-quarter taxes payable by $4.7 million.
• Minor pointTotal funding cost declined five basis points to 1.74% from the previous quarter.
• Minor pointAverage noninterest-bearing deposits grew $72.4 million from the previous quarter.
• Minor pointNoninterest income of $26.727 million exceeded $24.857 million a year earlier but trailed $26.997 million sequentially.
• Minor pointCore pre-tax, pre-provision revenue, a non-GAAP measure, rose to $65.495 million from $64.999 million sequentially.
• Minor pointReturn on equity reached 11.44%, unchanged sequentially and above 10.71% a year earlier.
• Minor pointNine-month GAAP net income increased to $127.080 million from $107.426 million a year earlier.
• Minor pointNine-month diluted earnings increased to $1.25 per share from $1.04 a year earlier.

Negative

• Moderate pointCredit-loss provision increased to $14.188 million from $8.931 million sequentially and $11.327 million a year earlier.
• Moderate pointNonperforming loans rose $13.6 million to $95.2 million from the previous quarter.
• Moderate pointNoninterest expense rose to $78.184 million from $74.235 million sequentially and $72.834 million a year earlier.
• Minor pointTwo commercial credits totaling $21.0 million moved to nonaccrual status during the quarter.
• Minor pointNonperforming loans reached 0.99% of loans, versus 0.86% sequentially and 0.91% a year earlier.

6 minor points

• Minor pointLoan-loss allowance increased to 1.40% of period-end loans, versus 1.35% in the previous quarter.
• Minor pointCore efficiency ratio worsened to 53.15%, versus 52.24% sequentially and 52.30% a year earlier.
• Minor pointAverage deposits decreased $87.1 million, or 3.3% annualized, from the previous quarter.
• Minor pointLoan-to-deposit ratio increased to 93.2% from 92.7% at the previous quarter-end.
• Minor pointReturn on assets of 1.46% trailed 1.47% sequentially, while exceeding 1.34% a year earlier.
• Minor pointNine-month net charge-offs increased to $24.183 million from $18.103 million a year earlier.

Key Figures

Net income: $44.9 million Diluted EPS: $0.45 per share Net interest margin: 4.11% +4 more

Net income

$44.9 million

Third quarter 2026; compared with $44.6 million in Q2 2026 and $41.3 million in Q3 2025

Diluted EPS

$0.45 per share

Third quarter 2026; compared with $0.44 in Q2 2026 and $0.39 in Q3 2025

Net interest margin

4.11%

Third quarter 2026; up 10 basis points from Q2 2026

Provision for credit losses

$14.2 million

Third quarter 2026; increased $5.3 million from the previous quarter

Nonperforming loans

$95.2 million

At September 30, 2026; increased $13.6 million from the previous quarter

Quarterly dividend

$0.14 per share

Declared for the quarter; 3.7% higher than Q3 2025

Additional share repurchase authorization

$25 million

Authorized by the board on October 27, 2026

Previous Buybacks,dividends,earnings Reports

2 past events · Latest: Jul 28

Same Type 2 events

1. Jul 28

   Quarterly earnings

   24h Move

   +2.0%

   Reported Q2 net income of $44.6 million, authorized $75 million repurchases, and declared $0.14 dividend.

2. Jan 27

   Quarterly earnings

   24h Move

   -0.6%

   Reported Q4 and full-year 2025 earnings, authorized $25 million repurchases, and declared $0.135 quarterly dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ppnr, allowance for credit losses, nonaccrual status, common equity tier i, +1 more

5 terms

ppnr financial

"Core pre-tax pre-provision net revenue (PPNR)(1) totaled $65.5 million"

Pre-provision net revenue (PPNR) is a bank’s revenue after accounting for day-to-day operating costs but before subtracting money set aside for bad loans. Think of it like a store’s gross profit before it reserves cash for damaged goods: it shows the core ability to generate income from lending and fees, and helps investors judge a bank’s operating strength separate from credit losses.

allowance for credit losses financial

"The allowance for credit losses as a percentage of end-of-period loans"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

nonaccrual status financial

"two of which were transferred to nonaccrual status during the third quarter"

Nonaccrual status is when a lender stops recording interest income on a loan because payments are late or the borrower’s ability to pay is in serious doubt. For investors this is a red flag: it signals deteriorating loan quality, can reduce reported earnings and may require the lender to set aside more reserves, much like marking a damaged product off the books until its value is clear.

common equity tier i regulatory

"The Common Equity Tier I Capital Ratio was 11.9%"

Common Equity Tier 1 (CET1) is the highest-quality capital a bank holds, made up largely of ordinary shares and retained profits that can absorb losses. Think of it as the bank’s primary shock absorber: regulators require banks to carry a minimum CET1 cushion to protect depositors and creditors. For investors, CET1 indicates how well a bank can withstand losses without needing outside help, affecting perceived safety and future dividend or growth potential.

basel iii regulatory

"exceed the fully phased-in Basel III capital requirements"

An international set of banking rules that tells banks how much high-quality capital and readily available cash they must hold and how to manage risk, like a safety checklist for lenders. Investors care because these rules influence how safely banks can absorb losses, how much they can lend, and therefore their profits, dividend capacity and the chance of government support in a crisis — think of it as requirements that trade some short-term profit potential for longer-term financial stability.

View in glossary

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INDIANA, Pa., Oct. 27, 2026 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE: FCF) today announced financial results for the third quarter of 2026.

Financial Summary

(dollars in thousands,	For the Three Months Ended												For the Nine Months Ended
except per share data)	September 30,				June 30,				September 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
Reported Results
Net income	$	44,943			$	44,589			$	41,328			$	127,080			$	107,426
Diluted earnings per share	$	0.45			$	0.44			$	0.39			$	1.25			$	1.04
Return on average assets		1.46	%			1.47	%			1.34	%			1.39	%			1.20	%
Return on average equity		11.44	%			11.44	%			10.71	%			10.88	%			9.67	%
Operating Results (non-GAAP)(1)
Core net income	$	45,442			$	44,427			$	41,166			$	127,329			$	113,442
Core diluted earnings per share	$	0.45			$	0.44			$	0.39			$	1.26			$	1.10
Core pre-tax pre-provision net revenue	$	65,495			$	64,999			$	62,942			$	188,348			$	168,498
Provision expense	$	14,188			$	8,931			$	11,327			$	33,852			$	25,961
Provision for credit losses - acquisition day 1 non-PCD	$	—			$	—			$	—			$	—			$	3,759
Net charge-offs	$	4,581			$	11,441			$	12,247			$	24,183			$	18,103
Reserve build/(release)(2)	$	6,100			$	(1,758	)		$	(3,361	)		$	7,757			$	10,699
Core return on average assets (ROAA)		1.48	%			1.46	%			1.34	%			1.40	%			1.26	%
Core pre-tax pre-provision ROAA		2.13	%			2.14	%			2.05	%			2.06	%			1.88	%
Return on average tangible common equity		15.73	%			15.71	%			14.96	%			14.98	%			13.55	%
Core return on average tangible common equity		15.90	%			15.66	%			14.90	%			15.01	%			14.29	%
Core efficiency ratio		53.15	%			52.24	%			52.30	%			53.58	%			54.98	%
Net interest margin (FTE)		4.11	%			4.01	%			3.92	%			4.02	%			3.79	%

(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.

Third Quarter 2026 Highlights

• GAAP Net income of $44.9 million and diluted earnings per share of $0.45 represented an increase of $0.4 million, or $0.01 per share, from the prior quarter and an increase of $3.6 million, or $0.06 per share, from the third quarter of 2025
  • Core net income⁽¹⁾ of $45.4 million and core earnings per share of $0.45 represented an increase of $1.0 million, or $0.01 per share, from the prior quarter and an increase of $4.3 million, or $0.06 per share, from the third quarter of 2025
  • Core pre-tax pre-provision net revenue (PPNR)⁽¹⁾ totaled $65.5 million, an increase of $0.5 million from the previous quarter and an increase of $2.6 million from the third quarter of 2025
• Net interest income (FTE) of $116.7 million increased $3.9 million from the previous quarter and increased $5.3 million from the third quarter of 2025
• Noninterest income (excluding securities gains of $0.3 million in 2Q26) of $26.7 million was unchanged from the previous quarter and increased $2.2 million from the third quarter of 2025
• Noninterest expense (excluding merger-related expense of $0.1 million in 3Q26, $0.1 million in 2Q26, and $0.2 million in 3Q25) of $78.1 million increased $4.0 million from the previous quarter and increased $5.4 million from the third quarter of 2025
• Income tax provision decreased $6.0 million from the previous quarter due to $4.7 million in Federal income tax credits recognized in the third quarter of 2026
• Total loans increased $63.4 million, or 2.6% annualized, from the previous quarter
• End-of period deposits increased $13.8 million, or 0.5% annualized, compared to the prior quarter
  • Average deposits decreased $87.1 million, or 3.3% annualized, compared to the prior quarter
• The loan-to-deposit ratio increased to 93.2% at the end of the third quarter of 2026 as compared to 92.7% at the end of the previous quarter

Profitability

• The net interest margin of 4.11% increased 10 basis points compared to the prior quarter and increased 19 basis points from the third quarter of 2025
• The core efficiency ratio⁽¹⁾ increased 91 basis points to 53.15% compared to the prior quarter and increased 85 basis points from the third quarter of 2025
• Core ROAA increased two basis points to 1.48% compared to the prior quarter and increased 14 basis points from the third quarter of 2025
• Core pre-tax pre-provision ROAA⁽¹⁾ decreased one basis points to 2.13% compared to the prior quarter and increased eight basis points from the third quarter of 2025
• Core return on average tangible common equity (ROATCE)⁽¹⁾ increased 24 basis points to 15.90% compared to the prior quarter and increased 100 basis points from the third quarter of 2025

Asset quality

• The provision for credit losses was $14.2 million, an increase of $5.3 million compared to the previous quarter
• The allowance for credit losses as a percentage of period-end loans was 1.40%, an increase of five basis points from the previous quarter
• Total nonperforming loans of $95.2 million increased $13.6 million from the previous quarter
• Net charge-offs on loans totaled $4.6 million, a decrease of $6.9 million from the previous quarter
  • Net charge-offs as a percentage of average loans (annualized) was 0.19% in the third quarter of 2026, as compared to 0.49% in the previous quarter

Strong capital positions

• The Common Equity Tier I  Capital Ratio was 11.9% at September 30, 2026, which represents $539.4 million in excess capital above the regulatory “well capitalized” requirement of 6.5%
• A total of 4,156,764 shares at a weighted average price of $21.18 were repurchased during the third quarter of 2026 under the Company’s previously authorized share repurchase programs.  On October 27, 2026, the Board of Directors authorized an additional $25 million share repurchase program.  

“Third-quarter results reflected higher revenue, net interest margin expansion and modest loan growth, alongside a higher provision expense and operating expenses,” stated T. Michael Price, President and Chief Executive Officer.  “Our near-term priorities include continuing to improve credit performance, generating profitable growth and controlling expenses to create positive operating leverage. We believe a mission-driven community bank of our size remains important and relevant to our stakeholders.”

Earnings

GAAP net income for the third quarter of 2026 was $44.9 million, or $0.45 per share, compared to $44.6 million, or $0.44 per share in the second quarter of 2026, and $41.3 million, or $0.39 per share for the third quarter of 2025.

Core net income for the third quarter of 2026 was $45.4 million, or $0.45 per share, compared to $44.4 million, or $0.44 per share in the second quarter of 2026, and $41.2 million, or $0.39 per share for the third quarter of 2025.

Net Interest Income and Net Interest Margin

Net interest income (FTE) of $116.7 million increased $3.9 million from the previous quarter and increased $5.3 million from the prior-year quarter.  The increase from the previous quarter was primarily due to a 10 basis point expansion in the net interest margin and one additional day in the quarter.

The net interest margin for the third quarter of 2026 was 4.11%, an increase of 10 basis points from the previous quarter and an increase of 19 basis points from the third quarter of 2025.  The increase from the previous quarter was primarily due to a seven basis point decrease in the cost of deposits and a $104.8 million increase in average loans combined with a $106.7 million decrease in average cash balances. The net interest margin benefitted further by a two basis points increase in the yield on loans primarily due to higher yields on variable/adjustable loans and the upward repricing of fixed rate loans.  The total cost of funds was 1.74% in the third quarter of 2026, which represents a decrease of five basis points from the previous quarter.

Total average deposits decreased $87.1 million, or 3.3% annualized, in the third quarter of 2026 as compared to the previous quarter.  Average time deposits decreased $163.8 million and average noninterest-bearing deposits grew $72.4 million.

Asset Quality

Provision expense in the third quarter of 2026 totaled $14.2 million as compared to $8.9 million in the previous quarter.  The increase from the prior quarter was due to a $3.5 million increase in reserves for unfunded commitments and a $6.7 million increase in reserves primarily for three individually analyzed commercial credits, two of which were transferred to nonaccrual status during the third quarter of 2026.

The allowance for credit losses as a percentage of end-of-period loans in the third quarter of 2026 was 1.40% as compared to 1.35% in the previous quarter.

At September 30, 2026, nonperforming loans totaled $95.2 million, an increase of $13.6 million from the previous quarter.  The increase in nonperforming loans was primarily due to the migration of two commercial credits with an aggregate balance of $21.0 million to nonaccrual status.

Nonperforming loans represented 0.99% of total loans for the period ended September 30, 2026 as compared to 0.86% and 0.91% for the periods ended June 30, 2026 and September 30, 2025, respectively.

During the third quarter of 2026, net charge-offs were $4.6 million as compared to $11.4 million in the previous quarter and $12.2 million in the third quarter of 2025.  The decrease from the previous quarter was primarily due to the resolution of six commercial credits with an aggregate balance of $6.9 million in the previous quarter.

Net charge-offs as a percentage of average loans (annualized) were 0.19%, 0.49% and 0.50% for the periods ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.

Noninterest Income and Noninterest Expense

Noninterest income (excluding securities gains of $0.3 million in 2Q26 and $0.4 million in 3Q25) of $26.7 million for the third quarter of 2026 was unchanged from $26.7 million for the second quarter of 2026 but increased by $2.2 million from $24.5 million for the third quarter of 2025. 

Swap fee income increased $0.3 million, Trust income increased $0.3 million and gain on sale of Mortgage loans increased $0.2 million. These were offset by a $0.8 million decrease in gains on the redemption of subordinated debt, which was recognized in the previous quarter.

Noninterest expense (excluding merger-related expense of $0.1 million in 3Q26, $0.1 million in 2Q26 and $0.2 million in 3Q25) was $78.1 million for the third quarter of 2026, as compared to $74.1 million in the second quarter of 2026 and $72.7 million in the third quarter of 2025.

The $4.0 million increase in noninterest expense from the previous quarter was driven by a $1.6 million increase in salaries and benefits, a $0.8 million increase in the loss on sale or write-down of assets due to the termination of a sale leaseback agreement, a $0.7 million increase in furniture and equipment and a $0.7 million increase in FDIC insurance due to a lower assessment rate in the previous quarter.

The core efficiency ratio was 53.15% during the third quarter of 2026 as compared to 52.24% in the previous quarter and 52.30% in the third quarter of 2025.

Full time equivalent staff was 1,575, 1,589 and 1,548 at September 30, 2026, June 30, 2026 and September 30, 2025, respectively. 

Tax, Dividends and Capital

During the third quarter, the Company purchased $54.7 million in renewable energy tax credits at a discount, a process which began in the second quarter.  The Company intends to apply these credits towards its federal tax liability for 2025 and prior tax years.  The purchase of these credits reduced taxes payable by $4.7 million in the third quarter.

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.14 per share, which represents a 3.7% increase from the third quarter of 2025.  The cash dividend is payable on November 20, 2026 to shareholders of record as of November 6, 2026.  This dividend represents a 2.6% projected annual yield utilizing the October 26, 2026 closing market price of $21.19.

On October 27, 2026, the Board of Directors authorized an additional $25 million share repurchase program.

First Commonwealth’s capital ratios for Total, Tier I, Leverage and Common Equity Tier I at September 30, 2026 were 14.3%, 12.6%, 10.6% and 11.9%, 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 third quarter of 2026 on Wednesday, October 28, 2026 at 2:00 PM (ET).  The call can be accessed by dialing (toll free) +1 833-461-5787 conference ID # 201 203 787 or through the Company’s web page, http://www.fcbanking.com/InvestorRelations.  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

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended												For the Nine Months Ended
	September 30,				June 30,				September 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
SUMMARY RESULTS OF OPERATIONS
Net interest income	$	116,320			$	112,442			$	111,123			$	337,736			$	312,886
Provision for credit losses		14,188				8,931				11,327				33,852				25,961
Provision for credit losses — acquisition day 1 non-PCD		—				—				—				—				3,759
Noninterest income		26,727				26,997				24,857				78,311				72,108
Noninterest expense		78,184				74,235				72,834				228,014				220,352
Net income		44,943				44,589				41,328				127,080				107,426
Core net income (5)		45,442				44,427				41,166				127,329				113,442
Earnings per common share (diluted)	$	0.45			$	0.44			$	0.40			$	1.25			$	1.04
Core earnings per common share (diluted) (6)	$	0.45			$	0.44			$	0.39			$	1.26			$	1.10
KEY FINANCIAL RATIOS
Return on average assets		1.46	%			1.47	%			1.34	%			1.39	%			1.20	%
Core return on average assets (7)		1.48	%			1.46	%			1.34	%			1.40	%			1.26	%
Return on average assets, pre-provision, pre-tax		2.11	%			2.15	%			2.05	%			2.06	%			1.83	%
Core return on average assets, pre-provision, pre-tax		2.13	%			2.14	%			2.05	%			2.06	%			1.88	%
Return on average shareholders' equity		11.44	%			11.44	%			10.71	%			10.88	%			9.67	%
Return on average tangible common equity (8)		15.73	%			15.71	%			14.96	%			14.98	%			13.55	%
Core return on average tangible common equity (9)		15.90	%			15.66	%			14.90	%			15.01	%			14.29	%
Core efficiency ratio (2)(10)		53.15	%			52.24	%			52.30	%			53.58	%			54.98	%
Net interest margin (FTE) (1)		4.11	%			4.01	%			3.92	%			4.02	%			3.79	%
Book value per common share	$	15.31			$	15.52			$	14.78
Tangible book value per common share (11)		11.20				11.58				10.94
Market value per common share		20.23				20.33				17.05
Cash dividends declared per common share		0.140				0.140				0.135				0.415				0.400
ASSET QUALITY RATIOS
Nonperforming loans and leases as a percent of end-of-period loans and leases(3)		0.99	%			0.86	%			0.91	%
Nonperforming assets as a percent of total assets (3)		0.83	%			0.70	%			0.74	%
Net charge-offs as a percent of average loans and leases (annualized) (4)		0.19	%			0.49	%			0.51	%
Allowance for credit losses as a percent of nonperforming loans and leases (4)		140.20	%			156.08	%			148.04	%
Allowance for credit losses as a percent of end-of-period loans and leases (4)		1.40	%			1.35	%			1.34	%
CAPITAL RATIOS
Shareholders' equity as a percent of total assets		12.2	%			12.9	%			12.5	%
Tangible common equity as a percent of tangible assets (12)		9.2	%			9.9	%			9.6	%
Leverage Ratio		10.6	%			11.1	%			10.8	%
Risk Based Capital - Tier I		12.6	%			13.4	%			12.7	%
Risk Based Capital - Total		14.3	%			15.1	%			14.4	%
Common Equity - Tier I		11.9	%			12.6	%			12.0	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
	For the Three Months Ended												For the Nine Months Ended
	September 30,				June 30,				September 30,				September 30,				September 30,
		2026				2026				2025				2026				2025
INCOME STATEMENT
Interest income	$	162,309			$	159,322			$	162,709			$	478,849			$	468,763
Interest expense		45,989				46,880				51,586				141,113				155,877
Net Interest Income		116,320				112,442				111,123				337,736				312,886
Provision for credit losses		14,188				8,931				11,327				33,852				25,961
Provision for credit losses - acquisition day 1 non-PCD		—				—				—				—				3,759
Net Interest Income after Provision for Credit Losses		102,132				103,511				99,796				303,884				283,166
Net securities gains (losses)		33				311				369				573				(4,773	)
Gain on sale of VISA		—				—				—				—				5,146
Trust income		3,900				3,583				3,477				10,891				9,528
Service charges on deposit accounts		5,990				5,744				5,913				17,264				16,946
Insurance and retail brokerage commissions		2,920				3,085				3,499				9,272				9,766
Income from bank owned life insurance		1,990				2,144				1,712				5,930				5,152
Gain on sale of mortgage loans		2,512				2,337				2,132				7,064				5,355
Gain on sale of other loans and assets		2,275				2,028				1,085				6,485				4,690
Gain on early redemption of subordinated debt		—				806				—				806				—
Card-related interchange income		3,980				4,005				3,985				11,646				11,637
Derivative mark-to-market		95				95				2				184				(151	)
Swap fee income		721				383				243				1,226				1,517
Other income		2,311				2,476				2,440				6,970				7,295
Total Noninterest Income		26,727				26,997				24,857				78,311				72,108
Salaries and employee benefits		44,351				42,734				40,717				129,959				121,716
Net occupancy		5,311				5,017				5,110				15,893				15,733
Furniture and equipment		4,858				4,174				4,427				13,855				13,167
Data processing		4,416				4,152				4,260				12,751				12,162
Pennsylvania shares tax		1,593				1,505				1,337				4,428				4,012
Advertising and promotion		1,746				1,438				1,931				4,855				4,760
Intangible amortization		1,341				1,303				1,567				4,008				4,009
Other professional fees and services		1,653				1,650				1,843				4,409				5,366
FDIC insurance		1,802				1,147				1,653				4,538				4,582
Litigation and operational losses		457				776				582				2,090				1,845
Loss on sale or write-down of assets		911				86				87				1,564				373
Merger and acquisition		84				106				165				307				4,229
Other operating expenses		9,661				10,147				9,155				29,357				28,398
Total Noninterest Expense		78,184				74,235				72,834				228,014				220,352
Income before Income Taxes		50,675				56,273				51,819				154,181				134,922
Income tax provision		5,732				11,684				10,491				27,101				27,496
Net Income	$	44,943			$	44,589			$	41,328			$	127,080			$	107,426
Shares Outstanding at End of Period		96,927,715				101,101,529				104,293,298				96,927,715				104,293,298
Average Shares Outstanding Assuming Dilution		100,077,971				101,558,853				104,754,917				101,272,158				103,509,902

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	September 30,				June 30,				September 30,
		2026				2026				2025
BALANCE SHEET (Period End)
Assets
Cash and due from banks	$	93,509			$	110,327			$	117,241
Interest-bearing bank deposits		34,502				69,308				44,170
Securities available for sale, at fair value		1,041,738				1,126,573				1,100,437
Securities held to maturity, at amortized cost		555,660				574,542				479,915
Loans held for sale		37,676				44,764				62,566
Loans and leases		9,537,685				9,467,229				9,688,288
Allowance for credit losses		(133,525	)			(127,425	)			(129,605	)
Net loans and leases		9,404,160				9,339,804				9,558,683
Goodwill and other intangibles		398,585				398,327				400,851
Other assets		631,105				544,181				546,513
Total Assets	$	12,196,935			$	12,207,826			$	12,310,376
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits	$	2,469,526			$	2,413,605			$	2,420,235
Interest-bearing demand deposits		1,845,430				1,802,938				1,904,381
Savings deposits		4,403,730				4,360,889				4,103,904
Time deposits		1,555,223				1,682,629				1,802,820
Total interest-bearing deposits		7,804,383				7,846,456				7,811,105
Total deposits		10,273,909				10,260,061				10,231,340
Short-term borrowings		167,672				137,946				149,557
Long-term borrowings		121,700				125,084				262,057
Total borrowings		289,372				263,030				411,614
Other liabilities		149,605				115,567				125,585
Shareholders' equity		1,484,049				1,569,168				1,541,837
Total Liabilities and Shareholders' Equity	$	12,196,935			$	12,207,826			$	12,310,376

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	For the Three Months Ended																			For the Nine Months Ended
	September 30,				Yield/		June 30,				Yield/		September 30,				Yield/			September 30,				Yield/		September 30,				Yield/
		2026			Rate			2026			Rate			2025			Rate				2026			Rate			2025			Rate
NET INTEREST MARGIN
Assets
Loans and leases (FTE)(1)(3)	$	9,564,799			6.09	%	$	9,460,013			6.07	%	$	9,653,118			6.08	%		$	9,530,366			6.06	%	$	9,386,232			6.04	%
Interest bearing bank deposits		51,682			4.18	%		158,346			3.86	%		40,159			4.85	%			138,700			3.89	%		58,735			4.79	%
Securities (FTE)(1)		1,645,861			3.69	%		1,657,454			3.66	%		1,597,369			3.60	%			1,611,454			3.64	%		1,621,458			3.62	%
Total Interest-Earning Assets (FTE) (1)		11,262,342			5.73	%		11,275,813			5.68	%		11,290,646			5.73	%			11,280,520			5.69	%		11,066,425			5.68	%
Noninterest-earning assets		920,744						915,320						919,357							919,002						931,187
Total Assets	$	12,183,086					$	12,191,133					$	12,210,003						$	12,199,522					$	11,997,612
Liabilities and Shareholders' Equity
Interest-bearing demand and savings deposits	$	6,225,685			1.90	%	$	6,221,376			1.92	%	$	6,064,450			2.03	%		$	6,197,714			1.92	%	$	5,945,303			2.08	%
Time deposits		1,605,301			3.29	%		1,769,090			3.43	%		1,734,804			3.66	%			1,730,813			3.43	%		1,748,621			3.85	%
Short-term borrowings		111,701			3.56	%		26,854			2.18	%		128,548			3.89	%			57,067			3.08	%		108,877			3.84	%
Long-term borrowings		124,970			5.98	%		131,357			5.55	%		262,186			4.97	%			154,591			5.47	%		262,540			4.98	%
Total Interest-Bearing Liabilities		8,067,657			2.26	%		8,148,677			2.31	%		8,189,988			2.50	%			8,140,185			2.32	%		8,065,341			2.58	%
Noninterest-bearing deposits		2,438,977						2,366,559						2,366,509							2,381,931						2,312,469
Other liabilities		117,992						112,616						122,896							116,092						135,251
Shareholders' equity		1,558,460						1,563,281						1,530,610							1,561,314						1,484,551
Total Noninterest-Bearing Funding Sources		4,115,429						4,042,456						4,020,015							4,059,337						3,932,271
Total Liabilities and Shareholders' Equity	$	12,183,086					$	12,191,133					$	12,210,003						$	12,199,522					$	11,997,612
Net Interest Margin (FTE) (annualized)(1)					4.11	%					4.01	%					3.92	%						4.02	%					3.79	%

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	September 30,			June 30,			September 30,
		2026			2026			2025
Loan and Lease Portfolio Detail
Commercial Loan and Lease Portfolio:
Commercial, financial, agricultural and other	$	1,295,117		$	1,286,633		$	1,374,627
Commercial real estate		3,043,642			3,083,774			3,408,801
Equipment finance loans and leases		827,547			784,754			634,398
Real estate construction		465,766			456,253			403,548
Total Commercial		5,632,072			5,611,414			5,821,374
Consumer Loan Portfolio:
Closed-end mortgages		1,820,314			1,811,748			1,858,471
Home equity lines of credit		571,211			556,418			524,254
Real estate construction		31,904			30,413			41,894
Total Real Estate - Consumer		2,423,429			2,398,579			2,424,619
Auto & RV loans		1,416,187			1,390,894			1,370,551
Direct installment		21,919			22,085			24,115
Personal lines of credit		42,412			42,564			45,657
Student loans		1,666			1,693			1,972
Total Other Consumer		1,482,184			1,457,236			1,442,295
Total Consumer Portfolio		3,905,613			3,855,815			3,866,914
Total Portfolio Loans and Leases		9,537,685			9,467,229			9,688,288
Loans held for sale		37,676			44,764			62,566
Total Loans and Leases	$	9,575,361		$	9,511,993		$	9,750,854
	September 30,			June 30,			September 30,
		2026			2026			2025
ASSET QUALITY DETAIL
Nonperforming Loans and Leases:
Loans and leases on a nonaccrual basis	$	68,909		$	50,298		$	53,178
Loans and leases on a nonaccrual basis - with government guarantees		17,638			22,510			23,444
Loans held for sale on a nonaccrual basis		—			—			1,138
Loans and leases on a nonaccrual basis - acquired		7,892			8,031			9,928
Loans and leases on a nonaccrual basis - acquired with government guarantees		801			801			997
Total Nonperforming Loans and Leases	$	95,240		$	81,640		$	88,685
Other real estate owned ("OREO")		4,534			2,270			853
Repossessions ("Repos")		1,972			1,368			1,503
Total Nonperforming Assets	$	101,746		$	85,278		$	91,041
Loans past due in excess of 90 days and still accruing		13,408			3,218			2,117
Classified loans and leases		174,586			148,407			124,902
Criticized loans and leases		288,019			286,497			248,214
Nonperforming assets as a percentage of total loans and leases, plus OREO and Repos (4)		1.07	%		0.90	%		0.94	%
Allowance for credit losses	$	133,525		$	127,425		$	129,605

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
	For the Three Months Ended										For the Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Net Charge-offs (Recoveries):
Commercial, financial, agricultural and other	$	3,164		$	7,838		$	6,927			$	14,610		$	7,982
Real estate construction		—			—			829				326			829
Commercial real estate		(211	)		1,999			3,011				4,056			4,932
Residential real estate		44			267			106				430			149
Loans to individuals		1,584			1,337			1,374				4,761			4,211
Net Charge-offs	$	4,581		$	11,441		$	12,247			$	24,183		$	18,103
Net charge-offs as a percentage of average loans and leases outstanding (annualized) (4)		0.19	%		0.49	%		0.51	%			0.34	%		0.26	%
Provision for credit losses as a percentage of net charge-offs		309.71	%		78.06	%		92.49	%			139.98	%		143.41	%
Provision for credit losses	$	14,188		$	8,931		$	11,327			$	33,852		$	25,961

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 Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Interest income	$	162,309		$	159,322		$	162,709			$	478,849		$	468,763
Adjustment to fully taxable equivalent basis (1)		420			385			351				1,166			1,027
Interest income adjusted to fully taxable equivalent basis (non-GAAP)		162,729			159,707			163,060				480,015			469,790
Interest expense		45,989			46,880			51,586				141,113			155,877
Net interest income, (FTE) (1)	$	116,740		$	112,827		$	111,474			$	338,902		$	313,913

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 Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Net Income	$	44,943		$	44,589		$	41,328			$	127,080		$	107,426
Intangible amortization		1,341			1,303			1,567				4,008			4,009
Tax benefit of amortization of intangibles		(282	)		(274	)		(329	)			(842	)		(842	)
Net Income, adjusted for tax affected amortization of intangibles	$	46,002		$	45,618		$	42,566			$	130,246		$	110,593
Average Tangible Equity:
Total shareholders' equity	$	1,558,460		$	1,563,281		$	1,530,610			$	1,561,314		$	1,484,551
Less: intangible assets		398,230			398,767			401,825				398,883			393,574
Tangible Equity		1,160,230			1,164,514			1,128,785				1,162,431			1,090,977
Less: preferred stock		—			—			—				—			—
Tangible Common Equity	$	1,160,230		$	1,164,514		$	1,128,785			$	1,162,431		$	1,090,977
(8)Return on Average Tangible Common Equity		15.73	%		15.71	%		14.96	%			14.98	%		13.55	%

	For the Three Months Ended										For the Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Core Net Income:
Total Net Income	$	44,943		$	44,589		$	41,328			$	127,080		$	107,426
Net securities gains		(33	)		(311	)		(369	)			(573	)		(373	)
Tax benefit of net securities gains		7			65			77				120			78
Merger and acquisition related expenses		84			106			165				307			4,229
Tax benefit of merger and acquisition related expenses		(18	)		(22	)		(35	)			(64	)		(888	)
Provision for credit losses - acquisition day 1 non-PCD		—			—			—				—			3,759
Tax benefit of provision for credit losses - acquisition day 1 non-PCD		—			—			—				—			(789	)
Writedown on sale of Sale Leaseback		581			—			—				581			—
Tax benefit of loss on sale of Sale Leaseback		(122	)		—			—				(122	)		—
(5) Core net income	$	45,442		$	44,427		$	41,166			$	127,329		$	113,442
Average Shares Outstanding Assuming Dilution		100,077,971			101,558,853			104,754,917				101,272,158			103,509,902
(6) Core Earnings per common share (diluted)	$	0.45		$	0.44		$	0.39			$	1.26		$	1.10
Intangible amortization		1,341			1,303			1,567				4,008			4,009
Tax benefit of amortization of intangibles		(282	)		(274	)		(329	)			(842	)		(842	)
Core Net Income, adjusted for tax affected amortization of intangibles	$	46,501		$	45,456		$	42,404			$	130,495		$	116,609
(9) Core Return on Average Tangible Common Equity		15.90	%		15.66	%		14.90	%			15.01	%		14.29	%

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 Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Core Return on Average Assets:
Total Net Income	$	44,943		$	44,589		$	41,328			$	127,080		$	107,426
Total Average Assets		12,183,086			12,191,133			12,210,003				12,199,522			11,997,612
Return on Average Assets		1.46	%		1.47	%		1.34	%			1.39	%		1.20	%
Core Net Income (5)	$	45,442		$	44,427		$	41,166			$	127,329		$	113,442
Total Average Assets		12,183,086			12,191,133			12,210,003				12,199,522			11,997,612
(7) Core Return on Average Assets		1.48	%		1.46	%		1.34	%			1.40	%		1.26	%

	For the Three Months Ended										For the Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Core Efficiency Ratio:
Total Noninterest Expense	$	78,184		$	74,235		$	72,834			$	228,014		$	220,352
Adjustments to Noninterest Expense:
Intangible amortization		1,341			1,303			1,567				4,008			4,009
Merger and acquisition related		84			106			165				307			4,229
Writedown on sale of Sale Leaseback		581			—			—				581			—
Noninterest Expense - Core	$	76,178		$	72,826		$	71,102			$	223,118		$	212,114
Net interest income, (FTE)	$	116,740		$	112,827		$	111,474			$	338,902		$	313,913
Total noninterest income		26,727			26,997			24,857				78,311			72,108
Net securities gains		(33	)		(311	)		(369	)			(573	)		(373	)
Total Revenue		143,434			139,513			135,962				416,640			385,648
Adjustments to Revenue:
Derivative mark-to-market		95			95			2				184			(151	)
Total Revenue - Core	$	143,339		$	139,418		$	135,960			$	416,456		$	385,799
(10)Core Efficiency Ratio		53.15	%		52.24	%		52.30	%			53.58	%		54.98	%

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED FINANCIAL DATA

Unaudited

(dollars in thousands)

DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
	September 30,			June 30,			September 30,
		2026			2026			2025
Tangible Equity:
Total shareholders' equity	$	1,484,049		$	1,569,168		$	1,541,837
Less: intangible assets		398,585			398,327			400,851
Tangible Equity		1,085,464			1,170,841			1,140,986
Less: preferred stock		—			—			—
Tangible Common Equity	$	1,085,464		$	1,170,841		$	1,140,986
Tangible Assets:
Total assets	$	12,196,935		$	12,207,826		$	12,310,376
Less: intangible assets		398,585			398,327			400,851
Tangible Assets	$	11,798,350		$	11,809,499		$	11,909,525
(12)Tangible Common Equity as a percentage of Tangible Assets		9.20	%		9.91	%		9.58	%
Shares Outstanding at End of Period		96,927,715			101,101,529			104,293,298
(11)Tangible Book Value Per Common Share	$	11.20		$	11.58		$	10.94

	For the Three Months Ended										For the Nine Months Ended
	September 30,			June 30,			September 30,				September 30,			September 30,
		2026			2026			2025				2026			2025
Pre-tax pre-provision net revenue:
Net interest income	$	116,320		$	112,442		$	111,123			$	337,736		$	312,886
Noninterest income		26,727			26,997			24,857				78,311			72,108
Noninterest expense		78,184			74,235			72,834				228,014			220,352
Pre-tax pre-provision net revenue	$	64,863		$	65,204		$	63,146			$	188,033		$	164,642
Net securities gains	$	(33	)	$	(311	)	$	(369	)		$	(573	)	$	(373	)
Merger and acquisition related expenses		84			106			165				307			4,229
Writedown on Sale Leaseback		581			—			—				581			—
Core pre-tax pre-provision net revenue	$	65,495		$	64,999		$	62,942			$	188,348		$	168,498
Net charge-offs	$	4,581		$	11,441		$	12,247			$	24,183		$	18,103

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will First Commonwealth pay its third-quarter 2026 dividend, and how much is it?

First Commonwealth will pay $0.14 per share on November 20, 2026, to shareholders of record on November 6, 2026. The dividend is 3.7% higher than in the third quarter of 2025.

How much additional stock repurchase authority did First Commonwealth approve?

The board authorized an additional $25 million share repurchase program on October 27, 2026. During the third quarter, the company repurchased 4,156,764 shares under previously authorized programs at a weighted average price of $21.18.

Why did First Commonwealth's income tax provision fall in the third quarter of 2026?

The income tax provision decreased $6.0 million from the previous quarter due to $4.7 million in federal income tax credits recognized during the quarter. The company purchased $54.7 million in renewable energy tax credits at a discount and intends to apply them toward federal tax liabilities for 2025 and prior tax years.

What drove First Commonwealth's higher credit-loss provision in the third quarter of 2026?

The increase reflected $3.5 million in additional reserves for unfunded commitments and $6.7 million in additional reserves primarily for three individually analyzed commercial credits. Two of those credits transferred to nonaccrual status during the quarter.

What drove First Commonwealth's higher operating expenses in the third quarter of 2026?

Expenses excluding merger-related costs rose $4.0 million sequentially, driven by increases in salaries and benefits, asset-sale or write-down losses, furniture and equipment, and FDIC insurance. Those increases were $1.6 million, $0.8 million, $0.7 million and $0.7 million, respectively. The asset loss increase followed termination of a sale-leaseback agreement.