First Commonwealth Q3 earnings rise to $44.9M
The board also declared a 3.7% year-over-year dividend increase and authorized another $25 million for common-stock repurchases.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
First Commonwealth Financial Corporation (FCF) reported third-quarter 2026 net income of $44.9 million, up $3.6 million from a year earlier, and diluted earnings per share of $0.45 versus $0.39. Core net income was $45.4 million, compared with $41.2 million a year earlier. Net interest margin (FTE) was 4.11%, up 19 basis points year over year; net interest income (FTE) was $116.7 million, $5.3 million higher.
At September 30, 2026, nonperforming loans totaled $95.2 million, an increase of $13.6 million from June 30, 2026. Quarterly net charge-offs were $4.6 million, compared with $11.4 million in the prior quarter, while provision for credit losses was $14.2 million versus $8.9 million.
The company declared a $0.14 per-share quarterly cash dividend, a 3.7% increase from the third quarter of 2025, payable November 20, 2026 to shareholders of record November 6, 2026. The board authorized an additional $25 million common-stock repurchase program. Under previously authorized programs, 4,156,764 shares were repurchased during the quarter at a weighted average price of $21.18.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet income rose $3.6 million year over year to $44.9 million.
- Minor pointQuarterly dividend increased 3.7% year over year to $0.14 per share.
Negative
- Moderate pointNonperforming loans increased $13.6 million to $95.2 million at September 30, 2026.
Filing Explained
Purchased credits reduced third-quarter taxes payable by $4.7 million; share repurchases remain discretionary under the new authorization.
On
The company purchased
The company attributed the increase in nonperforming loans primarily to two commercial credits totaling
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income: $44.9 million
Diluted earnings per share: $0.45
Core net income: $45.4 million
+5 more
8 metrics
Net income
$44.9 million
Third quarter 2026; $41.3 million in third quarter 2025
Diluted earnings per share
$0.45
Third quarter 2026; $0.39 in third quarter 2025
Core net income
$45.4 million
Third quarter 2026; $41.2 million in third quarter 2025
Net interest margin (FTE)
4.11%
Third quarter 2026; 3.92% in third quarter 2025
Nonperforming loans
$95.2 million
At September 30, 2026; increased $13.6 million from June 30, 2026
Quarterly cash dividend
$0.14 per share
3.7% increase from the third quarter of 2025
Additional share repurchase authorization
$25 million
Authorized October 27, 2026
Shares repurchased
4,156,764 shares at a weighted average price of $21.18
Third quarter 2026, under previously authorized programs
Key Terms
fully taxable equivalent basis, Core pre-tax pre-provision net revenue, Net interest margin (FTE), Nonperforming loans, +1 more
5 terms
fully taxable equivalent basis financial
"computed on a fully taxable equivalent basis"
Core pre-tax pre-provision net revenue financial
"Core pre-tax pre-provision net revenue (PPNR)"
Core pre-tax pre-provision net revenue is a bank or financial firm's operating income from normal activities before taking out taxes and before setting aside reserves for potential loan losses, and after removing one-off or non-core items. Investors use it like a store’s sales figure before allocating money for expected returns and taxes — it shows the underlying earning power of the business without accounting for credit loss reserves or tax effects, helping compare performance across periods.
Net interest margin (FTE) financial
"Net interest margin (FTE) (annualized)"
Net interest margin (FTE) measures the difference between interest earned on a lender’s assets (like loans and investments) and interest paid on liabilities (like deposits), expressed as a percentage of earning assets, with income from tax-exempt sources converted to a taxable-equivalent basis. Think of it as a loan business’s profit margin on money it lends, adjusted so tax-free income is reported on the same footing as taxable income; investors use it to compare how effectively a firm is generating interest income.
Nonperforming loans financial
"Total Nonperforming Loans and Leases"
Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.
Common Equity Tier I Capital Ratio financial
"The Common Equity Tier I Capital Ratio was 11.9%"
Earnings Snapshot
Net income: $44.9 million
Third quarter 2026
Net income
$44.9 million
Increased $3.6 million year over year
Diluted earnings per share
$0.45
Increased $0.06 year over year
Core net income
$45.4 million
Increased $4.3 million year over year
Net interest margin (FTE)
4.11%
Increased 19 basis points year over year
Nonperforming loans
$95.2 million
Increased $13.6 million from the previous quarter
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did FCF earn in the third quarter of 2026?
First Commonwealth reported net income of $44.9 million and diluted earnings per share of $0.45. Net income was $41.3 million and diluted earnings per share was $0.39 in the third quarter of 2025.
What dividend did FCF declare for the third quarter of 2026?
First Commonwealth declared a $0.14 per-share cash dividend, a 3.7% increase from the third quarter of 2025. It is payable November 20, 2026 to shareholders of record November 6, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2026
First Commonwealth Financial Corporation
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (724 ) 349-7220
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition | ||||
On October 27, 2026, First Commonwealth Financial Corporation (the “Company”) issued a press release announcing financial results for the three and nine month periods ended September 30, 2026. A copy of this press release and the related earnings tables are furnished as Exhibit 99.1 to this report and incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure | ||||
On October 27, 2026, the Company announced a cash dividend of $0.14 per share of the Company’s common stock. The dividend declaration is included in the press release announcing financial results for the three and nine month periods ended September 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
On October 27, 2026, the Company announced that its Board of Directors authorized an additional $25.0 million share repurchase program of the Company's common stock. Under the program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in a manner that is intended to comply with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934. The Company may suspend or discontinue the program at any time. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits | ||||
Exhibits
99.1 | Press Release announcing Third Quarter 2026 Financial Results, Declares Quarterly Dividend and Announces Additional Share Repurchase Authorization | ||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 27, 2026
| FIRST COMMONWEALTH FINANCIAL CORPORATION | ||||||||||||||
| By: | /s/ James R. Reske | |||||||||||||
| Name: | James R. Reske | |||||||||||||
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
First Commonwealth Announces Third Quarter 2026 Earnings; Declares Quarterly Dividend and Announces Additional Share Repurchase Authorization
Indiana, PA, October 27, 2026 - 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 the recognition of $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 | $ | 0.39 | $ | 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 | ||||||||||