# EDGAR Filing Document

**Accession Number:** 0000712537
**File Stem:** 0000712537-26-000022
**Filing Date:** 2026-5
**Character Count:** 330970
**Document Hash:** 71c7a6613aa36a6186600e51a67f8ae8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000712537-26-000022.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0000712537-26-000022

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST COMMONWEALTH FINANCIAL CORP /PA/
- **CENTRAL INDEX KEY:** 0000712537
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 251428528
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11138
- **FILM NUMBER:** 26964139

**BUSINESS ADDRESS:**
- **STREET 1:** 601 PHILADELPHIA STREET
- **CITY:** INDIANA
- **STATE:** PA
- **ZIP:** 15701
- **BUSINESS PHONE:** 7243497220

**MAIL ADDRESS:**
- **STREET 1:** 601 PHILADELPHIA STREET
- **CITY:** INDIANA
- **STATE:** PA
- **ZIP:** 15701

?xml version='1.0' encoding='ASCII'? fcf-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

---

| | |
|:---|:---|
| 🗷 | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended March 31, 2026** 

**Or**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission File Number 001-11138** 

**First Commonwealth Financial Corporation** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Pennsylvania** | **Pennsylvania** | **25-1428528** |
| **(State or other jurisdiction of incorporation or organization)** | **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **601 Philadelphia Street** | **601 Philadelphia Street** | |
| **Indiana** | **PA** | **15701** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**724-349-7220** 

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name, former address and former fiscal year, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $1.00 par value | FCF | New York Stock Exchange |

---

Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ⌧&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer ◻&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company ☐ Emerging growth company ☐

Non-accelerated filer ◻(Do not check if a smaller reporting 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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The number of shares outstanding of issuer's common stock, $1.00 par value, as of May 8, 2026, was 101,684,455.

------

<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

**FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES**

**FORM 10-Q**

**INDEX**

---

| | | |
|:---|:---|:---|
| | | **<u>PAGE</u>** |
| <u>PART I.</u> | <u>[Financial Information](#i2cfddbdbcb2a404b9b0cd151a025d9b6_10)</u> | |
| <u>ITEM 1.</u> | <u>[Financial Statements and Supplementary Data](#i2cfddbdbcb2a404b9b0cd151a025d9b6_13)</u> | |
| | <u>[Included in Part I of this report:](#i2cfddbdbcb2a404b9b0cd151a025d9b6_10)</u> | |
| | <u>[First Commonwealth Financial Corporation and Subsidiaries](#i2cfddbdbcb2a404b9b0cd151a025d9b6_10)</u> | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Financial Condition (Unaudited)](#i2cfddbdbcb2a404b9b0cd151a025d9b6_16)</u> | <u>[3](#i2cfddbdbcb2a404b9b0cd151a025d9b6_16)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Income (Unaudited)](#i2cfddbdbcb2a404b9b0cd151a025d9b6_19)</u> | <u>[4](#i2cfddbdbcb2a404b9b0cd151a025d9b6_19)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income (Unaudited)](#i2cfddbdbcb2a404b9b0cd151a025d9b6_22)</u> | <u>[5](#i2cfddbdbcb2a404b9b0cd151a025d9b6_22)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Changes in Shareholders' Equity (Unaudited)](#i2cfddbdbcb2a404b9b0cd151a025d9b6_25)</u> | <u>[6](#i2cfddbdbcb2a404b9b0cd151a025d9b6_25)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows (Unaudited)](#i2cfddbdbcb2a404b9b0cd151a025d9b6_31)</u> | <u>[7](#i2cfddbdbcb2a404b9b0cd151a025d9b6_31)</u> |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Unaudited Consolidated Financial Statements](#i2cfddbdbcb2a404b9b0cd151a025d9b6_34)</u> | <u>[8](#i2cfddbdbcb2a404b9b0cd151a025d9b6_34)</u> |
| <u>ITEM 2.</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2cfddbdbcb2a404b9b0cd151a025d9b6_130)</u> | <u>[52](#i2cfddbdbcb2a404b9b0cd151a025d9b6_130)</u> |
| <u>ITEM 3.</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i2cfddbdbcb2a404b9b0cd151a025d9b6_196)</u> | <u>[72](#i2cfddbdbcb2a404b9b0cd151a025d9b6_196)</u> |
| <u>ITEM 4.</u> | <u>[Controls and Procedures](#i2cfddbdbcb2a404b9b0cd151a025d9b6_199)</u> | <u>[72](#i2cfddbdbcb2a404b9b0cd151a025d9b6_199)</u> |
| <u>PART II.</u> | <u>[Other Information](#i2cfddbdbcb2a404b9b0cd151a025d9b6_202)</u> | |
| <u>ITEM 1.</u> | <u>[Legal Proceedings](#i2cfddbdbcb2a404b9b0cd151a025d9b6_205)</u> | <u>[73](#i2cfddbdbcb2a404b9b0cd151a025d9b6_205)</u> |
| <u>ITEM 1A.</u> | <u>[Risk Factors](#i2cfddbdbcb2a404b9b0cd151a025d9b6_205)</u> | <u>[73](#i2cfddbdbcb2a404b9b0cd151a025d9b6_205)</u> |
| <u>ITEM 2.</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i2cfddbdbcb2a404b9b0cd151a025d9b6_208)</u> | <u>[73](#i2cfddbdbcb2a404b9b0cd151a025d9b6_208)</u> |
| <u>ITEM 3.</u> | <u>[Defaults Upon Senior Securities](#i2cfddbdbcb2a404b9b0cd151a025d9b6_211)</u> | <u>[73](#i2cfddbdbcb2a404b9b0cd151a025d9b6_211)</u> |
| <u>ITEM 4.</u> | <u>[Mine Safety Disclosures](#i2cfddbdbcb2a404b9b0cd151a025d9b6_214)</u> | <u>[73](#i2cfddbdbcb2a404b9b0cd151a025d9b6_214)</u> |
| <u>ITEM 5.</u> | <u>[Other Information](#i2cfddbdbcb2a404b9b0cd151a025d9b6_217)</u> | <u>[73](#i2cfddbdbcb2a404b9b0cd151a025d9b6_217)</u> |
| <u>ITEM 6.</u> | <u>[Exhibits](#i2cfddbdbcb2a404b9b0cd151a025d9b6_220)</u> | <u>[74](#i2cfddbdbcb2a404b9b0cd151a025d9b6_220)</u> |
| | <u>[Signatures](#i2cfddbdbcb2a404b9b0cd151a025d9b6_223)</u> | <u>[75](#i2cfddbdbcb2a404b9b0cd151a025d9b6_223)</u> |

---

------

<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(dollars in thousands, except share data)** | **(dollars in thousands, except share data)** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $118134 | $103280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing bank deposits | 224806 | 77082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale, at fair value | 1042399 | 1014194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity, at amortized cost (Fair value of $526,592 and $470,665 at March 31, 2026 and December 31, 2025, respectively) | 577286 | 519422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 28946 | 38295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale (Includes fair value of $30,489 and $46,071 at March 31, 2026 and December 31, 2025, respectively) | 31638 | 271452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio loans and leases | 9433825 | 9508039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (129183) | (125768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loans and leases** | 9304642 | 9382271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 113815 | 114283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned | 221 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 378214 | 378214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortizing intangibles, net | 21019 | 22015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 234917 | 233154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 186535 | 188384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $12262572 | $12343036 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits (all domestic): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $2370132 | $2372771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 8039761 | 7878198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deposits** | 10409893 | 10250969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 22858 | 147966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures | 128507 | 128466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term debt |  | 129555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital lease obligation | 3562 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total long-term debt** | 132069 | 261742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 145055 | 127983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 10709875 | 10788660 |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $1 par value per share, 200,000,000 shares authorized; 126,599,991 and 126,599,991 shares issued at March 31, 2026 and December 31, 2025, respectively, and 101,679,621 and 102,840,771 shares outstanding at March 31, 2026 and December 31, 2025, respectively | 126600 | 126600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 676352 | 675745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1091594 | 1067895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net | (68003) | (64600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock (24,920,370 and 23,759,220 shares at March 31, 2026 and December 31, 2025, respectively) | (273846) | (251264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 1552697 | 1554376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $12262572 | $12343036 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 1. *Financial Statements and Supplementary Data (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | **(dollars in thousands, except share data)** | **(dollars in thousands, except share data)** |
| **Interest Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans and leases | $141901 | $132134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends on investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable interest | 12651 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest exempt from federal income taxes | 86 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 613 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on bank deposits | 1967 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 157218 | 147128 |
| **Interest Expense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on deposits | 45451 | 48004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on short-term borrowings | 169 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on subordinated debentures | 1790 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on other long-term debt | 798 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on lease obligations | 36 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 48244 | 51606 |
| **Net Interest Income** | 108974 | 95522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 10733 | 5736 |
| **Net Interest Income after Provision for Credit Losses** | 98241 | 89786 |
| **Noninterest Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net securities (losses) gains | 229 | (5142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of VISA |  | 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust income | 3408 | 3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 5530 | 5438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and retail brokerage commissions | 3267 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from bank owned life insurance | 1796 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage loans | 2215 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of other loans and assets | 2182 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card-related interchange income | 3661 | 3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives mark to market | (6) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap fee income | 122 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 2183 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 24587 | 22502 |
| **Noninterest Expense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 42874 | 40415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net occupancy | 5565 | 5729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment | 4823 | 4193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data processing | 4183 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and promotion | 1671 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania shares tax | 1330 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization | 1364 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other professional fees and services | 1106 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FDIC insurance | 1589 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale or write-down of assets | 567 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation and operational losses | 857 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger and acquisition related | 117 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | 9549 | 9140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 75595 | 71250 |
| **Income Before Income Taxes** | 47233 | 41038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 9685 | 8342 |
| **Net Income** | $37548 | $32696 |
| Average Shares Outstanding | 102117835 | 101566089 |
| Average Shares Outstanding Assuming Dilution | 102394488 | 101859825 |
| **Per Share Data:** Basic Earnings per Share | $0.37 | $0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted Earnings per Share | $0.37 | $0.32 |
| **Cash Dividends Declared per Common Share** | $0.135 | $0.130 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 1. *Financial Statements and Supplementary Data (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| **Net Income** | $37548 | $32696 |
| Other comprehensive (loss) income, before tax benefit (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding (losses) gains on securities arising during the period | (5245) | 17093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for gains on securities included in net income | (229) | 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains on derivatives arising during the period | 1167 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive (loss) income, before tax benefit (expense) | (4307) | 27012 |
| Income tax benefit (expense) related to items of other comprehensive (loss) income | 904 | (5672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive (loss) income | (3403) | 21340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive Income** | $34145 | $54036 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 1. *Financial Statements and Supplementary Data (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>Outstanding** | **Common<br>Stock** | **Additional<br>Paid-in-<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss),<br>net** | **Treasury<br>Stock** | **Total<br>Shareholders'<br>Equity** |
| | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** |
| **Balance at December 31, 2025** | 102840771 | $126600 | $675745 | $1067895 | $(64600) | $(251264) | $1554376 |
| Net income |  |  |  | 37548 |  |  | 37548 |
| Other comprehensive loss |  |  |  |  | (3403) |  | (3403) |
| Cash dividends declared ($0.135 per share) |  |  |  | (13849) |  |  | (13849) |
| Treasury stock acquired | (1404269) |  |  |  |  | (24813) | (24813) |
| Treasury stock reissued | 198300 |  | 264 |  |  | 2084 | 2348 |
| Restricted stock | 44819 |  | 343 |  |  | 147 | 490 |
| **Balance at March 31, 2026** | 101679621 | $126600 | $676352 | $1091594 | $(68003) | $(273846) | $1552697 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br>Outstanding** | **Common<br>Stock** | **Additional<br>Paid-in-<br>Capital** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss),<br>net** | **Treasury<br>Stock** | **Total<br>Shareholders'<br>Equity** |
| | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** | **(dollars in thousands, except share and per share data)** |
| **Balance at December 31, 2024** | 101758450 | $123603 | $631367 | $971082 | $(102514) | $(218373) | $1405165 |
| Net income |  |  |  | 32696 |  |  | 32696 |
| Other comprehensive income |  |  |  |  | 21340 |  | 21340 |
| Cash dividends declared ($0.130 per share) |  |  |  | (13238) |  |  | (13238) |
| Treasury stock acquired | (109192) |  |  |  |  | (1807) | (1807) |
| Treasury stock reissued | 155946 |  | 802 |  |  | 1537 | 2339 |
| Restricted stock | 122015 |  | 788 |  |  | (232) | 556 |
| **Balance at March 31, 2025** | 101927219 | $123603 | $632957 | $990540 | $(81174) | $(218875) | $1447051 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 1. *Financial Statements and Supplementary Data (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Operating Activities** | **(dollars in thousands)** | **(dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $37548 | $32696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 10733 | 5736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 3734 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2066 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains on securities and other assets | (4367) | (2379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (accretion) amortization of premiums and discounts on securities | (19) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from increase in cash surrender value of bank owned life insurance | (1796) | (1502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in interest receivable | 157 | (1023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans originated for sale | (68543) | (51227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of mortgage loans | 83899 | 63307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest payable | (694) | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in income taxes payable | 5751 | 6354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 18357 | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 86826 | 55886 |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with securities held to maturity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and redemptions | 21528 | 14333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | (79505) | (127860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with securities available for sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales |  | 48519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and redemptions | 78422 | 48846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | (111741) | (86412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equity securities |  | 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of FHLB stock | (4826) | (11643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the redemption of FHLB stock | 14175 | 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bank owned life insurance | 33 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of loans | 226987 | 17331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of other assets | 2988 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease (increase) in loans and leases | 67106 | (128232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of premises and equipment and other assets | (4362) | (5026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 210805 | (213561) |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in other short-term borrowings | (125108) | (2624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in deposits | 158941 | 183639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of other long-term debt | (129554) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt prepayment penalty | (511) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of capital lease obligation | (159) | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (13849) | (13238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | (24813) | (1807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (135053) | 165624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 162578 | 7949 |
| Cash and cash equivalents at January 1 | 180362 | 133409 |
| Cash and cash equivalents at March 31 | $342940 | $141358 |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

<u>Note 1 Basis of Presentation</u>

The accounting and reporting policies of First Commonwealth Financial Corporation and subsidiaries ("First Commonwealth" or the "Company") conform with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. Actual realized amounts could differ from those estimates. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of First Commonwealth's financial position, results of operations, comprehensive income, cash flows and changes in shareholders' equity as of and for the periods presented. Certain information and Note disclosures normally included in Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC.

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold and interest-bearing bank deposits. Generally, federal funds are sold for one-day periods.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the full year of 2026. These interim financial statements should be read in conjunction with First Commonwealth's 2025 Annual Report on Form 10-K.

<u>Note 2 Acquisition</u>

On April 30, 2025, the Company completed its acquisition of CenterGroup Financial, Inc. ("Center") and its banking subsidiary, CenterBank, for consideration of 3,016,009 shares of the Company's common stock. Through the acquisition, the Company obtained three full-service banking offices, a loan production office and a mortgage office, all located in the Cincinnati, Ohio market.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The table below summarizes the net assets acquired (at fair value) and consideration transferred in connection with the Center acquisition (dollars in thousands):

---

| | | |
|:---|:---|:---|
| Consideration paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid to shareholders - fractional shares | $1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders (3,016,009 shares) | 46205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total consideration paid |  | $46206 |
| Fair value of assets acquired |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | 4672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 21396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB stock | 3144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 291852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 4276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangible | 5355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 5039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired |  | 336164 |
| Fair value of liabilities assumed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 277980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 22785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 3692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities assumed |  | 304457 |
| Total fair value of identifiable net assets |  | $31707 |
| Goodwill |  | $14499 |

---

The Company determined that this acquisition constitutes a business combination and therefore was accounted for using the acquisition method of accounting. Accordingly, as of the date of the acquisition, the Company recorded the assets acquired, liabilities assumed and consideration paid at fair value. The $14.5 million excess of the consideration paid over the fair value of assets acquired was recorded as goodwill and is not amortizable or deductible for tax purposes. The amount of goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company with Center.

The fair value of the 3,016,009 common shares issued was determined based on the $15.32 closing market price of the Company's common shares on the acquisition date, April 30, 2025.

The valuation of acquired assets and liabilities was completed in the third quarter of 2025. The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. The Company used an independent valuation specialist to assist with the determination of fair values for certain acquired assets and assumed liabilities.

*Cash and due from banks* - The estimated fair value was determined to approximate the carrying amount of these assets.

*Investment securities -* The estimated fair value of the investment portfolio was based on quoted market prices.

*Loans -* The estimated fair value of loans was based on a discounted cash flow methodology applied on a pooled basis for non- purchased credit-deteriorated ("non-PCD") loans and on an individual basis for purchased credit-deteriorated ("PCD") loans. The valuation considered underlying characteristics including loan type, term, rate, payment schedule and credit rating. Other factors included assumptions related to prepayments, the probability of default and loss given default. The discount rates applied were based on a build-up approach considering the funding mix, servicing costs, liquidity premium and factors related to performance risk.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Acquired loans are classified into two categories: PCD loans and non-PCD loans. PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans will have an allowance established on acquisition date, which is recognized as an expense through provision for credit losses. For PCD loans, an allowance is recognized on day 1 by adding it to the fair value of the loan, which is the "Day 1 amortized cost". There is no provision for credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan.

A day 1 allowance for credit losses of $3.4 million related to non-PCD loans and $0.4 million related to the off-balance sheet commitment liability was recorded through the provision for credit losses within the Consolidated Statements of Income. At the date of acquisition, of the $303.7 million of portfolio loans acquired from Center, $29.2 million, or 9.6%, of Center's loan portfolio, was accounted for as PCD loans as of May 1, 2025.

*Premise and equipment* - The estimated fair value of land and buildings were determined by independent market-based appraisals.

*Core deposit intangible* - The core deposit intangible was valued utilizing the cost savings method approach, which recognizes the cost savings represented by the expense of maintaining the core deposit base versus the cost of an alternative funding source. The valuation incorporates assumptions related to account retention, discount rates, deposit interest rates, deposit maintenance costs and alternative funding rates.

*Time deposits* - The estimated fair value of time deposits was determined using a discounted cash flow approach incorporating a discount rate equal to current market interest rates offered on time deposits with similar terms and maturities.

*Borrowings* - The estimated fair value of short-term borrowings was determined to approximate stated value. Long-term debt with the Federal Home Loan Bank of Cincinnati was valued using the prepayment penalty for payoff on April 30, 2025.

The following table provides details related to the fair value of acquired PCD loans as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unpaid Principal Balance** | **PCD Allowance for Credit Loss at Acquisition** | **(Discount) Premium on Acquired Loans** | **Fair Value of PCD Loans at Acquisition** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**13302** | $**(1616)** | $**(487)** | $**11199** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 13302 | (1616) | (487) | 11199 |
| **Real estate construction** | **2442** | **(810)** | **(54)** | **1578** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 557 | (182) | (17) | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 1885 | (628) | (37) | 1220 |
| **Residential real estate** | **3845** | **(45)** | **(138)** | **3662** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 3372 | (38) | (137) | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 473 | (7) | (1) | 465 |
| **Commercial real estate** | **9604** | **(1087)** | **(330)** | **8187** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 1210 | (120) | (78) | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 5330 | (943) | (184) | 4203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 3064 | (24) | (68) | 2972 |
| **Loans to individuals** | **30** | **(2)** | **—** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 14 | (1) |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 16 | (1) |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**29223** | $**(3560)** | $**(1009)** | $**24654** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table provides details related to the fair value and Day 1 provision related to the acquired non-PCD loans as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unpaid Principal Balance** | **(Discount) Premium on Acquired Loans** | **Fair Value of Non-PCD Loans at Acquisition** | **Day 1 Provision for Credit Losses - Non-PCD Loans** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**50555** | $**(2137)** | $**48418** | $**630** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 50535 | (2137) | 48398 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 20 |  | 20 |  |
| **Real estate construction** | **32074** | **(941)** | **31133** | **691** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 18829 | (472) | 18357 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 13245 | (469) | 12776 | 246 |
| **Residential real estate** | **82609** | **(3396)** | **79213** | **665** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 67906 | (3145) | 64761 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 14703 | (251) | 14452 | 109 |
| **Commercial real estate** | **108843** | **(3550)** | **105293** | **1389** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 17405 | (481) | 16924 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 43927 | (1763) | 42164 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 47511 | (1306) | 46205 | 697 |
| **Loans to individuals** | **357** | **(10)** | **347** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 337 | (9) | 328 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 20 | (1) | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**274438** | $**(10034)** | $**264404** | $**3379** |

---

Total costs related to the acquisition equaled $4.5 million, of which $0.1 million was recognized in both the three months ended March 31, 2026 and 2025. These amounts were expensed as incurred and are recorded as a merger and acquisition related expense in the Consolidated Statements of Income.

As a result of the full integration of the operations of Center, it is not practicable to determine revenue or net income included in the Company's operating results relating to Center since the date of acquisition as Center's results cannot be separately identified.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

<u>Note 3 Supplemental Comprehensive Income Disclosures</u>

The following table identifies the related tax effects allocated to each component of other comprehensive income ("OCI") in the unaudited Consolidated Statements of Comprehensive Income. Reclassification adjustments related to securities available for sale are included in the "Net securities (losses) gains" line in the unaudited Consolidated Statements of Income.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
| | **Pretax Amount** | **Tax (Expense) Benefit** | **Net of Tax Amount** | **Pretax Amount** | **Tax (Expense) Benefit** | **Net of Tax Amount** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Unrealized (losses) gains on securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding (losses) gains on securities arising during the period | $(5245) | $1107 | $(4138) | $17093 | $(3589) | $13504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for (gains) losses on securities included in net income | (229) | 48 | (181) | 5142 | (1080) | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unrealized (losses) gains on securities | (5474) | 1155 | (4319) | 22235 | (4669) | 17566 |
| Unrealized gains on derivatives: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains on derivatives arising during the period | 1167 | (251) | 916 | 4777 | (1003) | 3774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unrealized gains on derivatives | 1167 | (251) | 916 | 4777 | (1003) | 3774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive (loss) income | $(4307) | $904 | $(3403) | $27012 | $(5672) | $21340 |

---

The following table details the change in components of OCI for the three months ended March 31:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** |
| | **Securities Available for Sale** | **Post-Retirement Obligation** | **Derivatives** | **Accumulated Other Comprehensive Income (Loss)** | **Securities Available for Sale** | **Post-Retirement Obligation** | **Derivatives** | **Accumulated Other Comprehensive Income (Loss)** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Balance at December 31 | $(64381) | $381 | $(600) | $(64600) | $(94403) | $339 | $(8450) | $(102514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income before reclassification adjustment | (4138) |  | 916 | (3222) | 13504 |  | 3774 | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive (loss) income | (181) |  |  | (181) | 4062 |  |  | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net other comprehensive (loss) income during the period | (4319) |  | 916 | (3403) | 17566 |  | 3774 | 21340 |
| Balance at March 31 | $(68700) | $381 | $316 | $(68003) | $(76837) | $339 | $(4676) | $(81174) |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

<u>Note 4 Supplemental Cash Flow Disclosures</u>

The following table presents information related to cash paid during the period for interest and income taxes, as well as detail on non-cash investing and financing activities for the three months ended March 31:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $48907 | $51385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 28 | 36 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to other real estate owned and repossessed assets | 1685 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred from held to maturity to held for sale | 6933 | 17859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred from held for sale to held to maturity | 25170 | (1584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross (decrease) increase in market value adjustment to securities available for sale | (5474) | 22235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross increase in market value adjustment to derivatives | 1167 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash treasury stock reissuance | 2348 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from death benefit on bank owned life insurance not received |  | 483 |

---

<u>Note 5 Earnings per Share</u>

The following table summarizes the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computations:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| Weighted average common shares issued | 126599991 | 123603380 |
| Average treasury stock shares | (24240949) | (21746089) |
| Average deferred compensation shares | (56707) | (56543) |
| Average unearned non-vested shares | (184500) | (234659) |
| &nbsp;&nbsp;&nbsp;Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 102117835 | 101566089 |
| Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share | 219909 | 237155 |
| Additional common stock equivalents (deferred compensation) used to calculate diluted earnings per share | 56744 | 56581 |
| &nbsp;&nbsp;&nbsp;Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 102394488 | 101859825 |
| **Per Share Data:** |  |  |
| &nbsp;&nbsp;Basic Earnings per Share | $0.37 | $0.32 |
| &nbsp;&nbsp;Diluted Earnings per Share | $0.37 | $0.32 |

---

The following table shows the number of shares and the price per share related to common stock equivalents that were not included in the computation of diluted earnings per share for the three months ended March 31, because to do so would have been antidilutive.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
| | | **Price Range** | **Price Range** | | **Price Range** | **Price Range** |
| |<br>**Shares** | **From** | **To** |<br>**Shares** | **From** | **To** |
| Restricted Stock | 81914 | $16.31 | $18.62 | 94016 | $14.36 | $18.62 |
| Restricted Stock Units |  | $— | $— | 39950 | $18.14 | $18.14 |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

<u>Note 6 Commitments and Contingent Liabilities</u>

*<u>Commitments and Letters of Credit</u>*

Standby letters of credit and commercial letters of credit are conditional commitments issued by First Commonwealth to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that First Commonwealth could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.

The following table identifies the notional amount of those instruments at the date shown below:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Financial instruments whose contract amounts represent credit risk: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments to extend credit | $2389860 | $2425873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial standby letters of credit | 14227 | 14371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance standby letters of credit | 15058 | 16620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial letters of credit | 569 | 569 |

---

The notional amounts outstanding as of March 31, 2026 include amounts issued in 2026 of $0.5 million in performance standby letters of credit. There were no financial standby letters of credit or commercial letters of credit issued in 2026. A liability of $0.3 million has been recorded as of both March 31, 2026 and December 31, 2025, which represents the estimated fair value of letters of credit issued. The fair value of letters of credit is estimated based on the unrecognized portion of fees received at the time the commitment was issued.

Unused commitments and letters of credit provide exposure to future credit loss in the event of nonperformance by the borrower or guaranteed parties. Management's evaluation of the credit risk related to these commitments resulted in the recording of a liability of $7.3 million and $8.2 million as of March 31, 2026 and December 31, 2025, respectively. This liability is reflected in "Other liabilities" in the unaudited Consolidated Statements of Financial Condition. The credit risk evaluation incorporates the expected loss percentage calculated for comparable loan categories as part of the allowance for credit losses for loans as well as estimated utilization for each loan category.

*<u>Legal Proceedings</u>*

First Commonwealth and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings in which claims for monetary damages are asserted. As of March 31, 2026, management, after consultation with legal counsel, does not anticipate that the aggregate ultimate liability arising out of litigation pending or threatened against First Commonwealth or its subsidiaries will be material to First Commonwealth's consolidated financial position. On at least a quarterly basis, First Commonwealth assesses its liabilities and contingencies in connection with such legal proceedings. For those matters where it is probable that First Commonwealth will incur losses and the amounts of the losses can be reasonably estimated, First Commonwealth records an expense and corresponding liability in its consolidated financial statements. To the extent the pending or threatened litigation could result in exposure in excess of that liability, the amount of such excess is not currently estimable. Although not considered probable, the range of reasonably possible losses for such matters in the aggregate, beyond the existing recorded liability (if any), is between $0 and $1 million. Although First Commonwealth does not believe that the outcome of pending litigation will be material to First Commonwealth's consolidated financial position, it cannot rule out the possibility that such outcomes will be material to the consolidated results of operations and cash flows for a particular reporting period in the future.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

<u>Note 7 Investment Securities</u>

*<u>Securities Available for Sale</u>*

Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Obligations of U.S. Government Agencies: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | $2543 | $20 | $(152) | $2411 | $2638 | $23 | $(165) | $2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Commercial | 709359 | 1647 | (45665) | 665341 | 701572 | 3788 | (43671) | 661689 |
| Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | 367198 | 679 | (42712) | 325165 | 336493 | 1087 | (42057) | 295523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Government-Sponsored Enterprises | 1000 |  | (9) | 991 | 1000 |  | (16) | 984 |
| Obligations of States and Political Subdivisions | 7560 |  | (623) | 6937 | 7560 | 1 | (590) | 6971 |
| Corporate Securities | 42250 | 534 | (1230) | 41554 | 46969 | 782 | (1220) | 46531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities Available for Sale | $1129910 | $2880 | $(90391) | $1042399 | $1096232 | $5681 | $(87719) | $1014194 |

---

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 41 years, with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2026, by contractual maturity, are shown below.

---

| | | |
|:---|:---|:---|
| | **Amortized<br>Cost** | **Estimated<br>Fair Value** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Due within 1 year | $1000 | $991 |
| Due after 1 but within 5 years | 30298 | 29805 |
| Due after 5 but within 10 years | 19512 | 18686 |
| Due after 10 years |  |  |
|  | 50810 | 49482 |
| Mortgage-Backed Securities (a) | 1079100 | 992917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | $1129910 | $1042399 |

---

(a) Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $711.9 million and a fair value of $667.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $367.2 million and a fair value of $325.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Proceeds from sales, gross gains (losses) realized on sales, calls and maturities related to securities held to maturity and securities available for sale were as follows for the three months ended March 31:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Proceeds from sales | $— | $48519 |
| Gross gains (losses) realized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross gains | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross losses |  | (5142) |
|  |  | (5142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross gains | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross losses |  |  |
|  | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) | $229 | $(5142) |

---

For the three months ended March 31, 2026, gains from maturities in the above table are related to the call of one corporate

security.

For the three months ended March 31, 2025, proceeds from sales included in the above table are a result of management selling $53.7 million in available for sale investment securities yielding 2.61% and reinvesting the proceeds into securities yielding 5.41%.

Securities available for sale with an estimated fair value of $598.4 million and $624.0 million were pledged as of March 31, 2026 and December 31, 2025, respectively, to secure public deposits and for other purposes required or permitted by law.

*<u>Equity Securities</u>*

During the second quarter of 2024, Visa commenced an exchange offer for any and all outstanding shares of its Class B-1 common stock for a combination of Visa's Class B-2 common stock, Class C common stock and, where applicable cash in lieu of fractional shares. As part of this exchange, each share of Class B-1 common stock would be exchanged for one half share of the newly issued Class B-2 common stock and Class C common stock would be issued in an amount equivalent to one half of a share of Class B-1 common stock. The Company opted to participate in this exchange offer prior to its expiration and received 13,340 Class B-2 shares and 5,294 Class C shares. In 2024, the Class C shares were sold at fair value resulting in a gain of $5.7

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

million. During the first quarter of 2025, the Class B-2 shares, which were carried with a zero basis, were sold, resulting in a $5.1 million gain.

*<u>Securities Held to Maturity</u>*

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Obligations of U.S. Government Agencies: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | $1324 | $— | $(149) | $1175 | $1379 | $— | $(144) | $1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities- Commercial | 155846 | 311 | (12938) | 143219 | 163625 | 606 | (12320) | 151911 |
| Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | 373294 | 161 | (33955) | 339500 | 307676 | 485 | (33395) | 274766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Government-Sponsored Enterprises | 23283 |  | (2807) | 20476 | 23199 |  | (2735) | 20464 |
| Obligations of States and Political Subdivisions | 22739 |  | (1314) | 21425 | 22743 |  | (1250) | 21493 |
| Debt Securities Issued by Foreign Governments | 800 |  | (3) | 797 | 800 |  | (4) | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities Held to Maturity | $577286 | $472 | $(51166) | $526592 | $519422 | $1091 | $(49848) | $470665 |

---

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
| | **Amortized<br>Cost** | **Estimated<br>Fair Value** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Due within 1 year | $2005 | $1996 |
| Due after 1 but within 5 years | 17735 | 16883 |
| Due after 5 but within 10 years | 26518 | 23365 |
| Due after 10 years | 564 | 454 |
|  | 46822 | 42698 |
| Mortgage-Backed Securities (a) | 530464 | 483894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | $577286 | $526592 |

---

(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $157.2 million and a fair value of $144.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $373.3 million and a fair value of $339.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Securities held to maturity with an amortized cost of $383.9 million and $349.2 million were pledged as of March 31, 2026 and December 31, 2025, respectively, to secure public deposits and for other purposes required or permitted by law.

*<u>Other Investments</u>*

As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2026 and December 31, 2025, our FHLB stock totaled $23.2 million and $32.6 million, respectively, and is included in "Other investments" on the unaudited Consolidated Statements of Financial Condition.

FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2026.

At March 31, 2026 and December 31, 2025, "Other investments" also includes $5.7 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the three-months ended March 31, 2026 and 2025, there were no gains or losses recognized through earnings on these equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of any decline in estimated fair value, research reports, analysts' recommendations, credit rating changes, news stories, annual reports, regulatory filings, the impact of interest rate changes and other relevant information.

*<u>Impairment of Investment Securities</u>*

We review our investment portfolio on a quarterly basis for indications of impairment. For available for sale securities, the review includes analyzing the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. Held-to-maturity securities are evaluated for impairment on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense.

First Commonwealth utilizes the specific identification method to determine the net gain or loss on debt securities and the average cost method to determine the net gain or loss on equity securities.

The following table presents the gross unrealized losses and estimated fair values at March 31, 2026, for available for sale securities for which an allowance for credit losses has not been recorded and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | $— | $— | $2720 | $(301) | $2720 | $(301) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Commercial | 227955 | (1751) | 244929 | (56852) | 472884 | (58603) |
| Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | 75998 | (896) | 425533 | (75771) | 501531 | (76667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Government-Sponsored Enterprises |  |  | 21467 | (2816) | 21467 | (2816) |
| Obligations of States and Political Subdivisions | 2738 | (11) | 24624 | (1926) | 27362 | (1937) |
| Debt Securities Issued by Foreign Governments |  |  | 597 | (3) | 597 | (3) |
| Corporate Securities |  |  | 22590 | (1230) | 22590 | (1230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities | $306691 | $(2658) | $742460 | $(138899) | $1049151 | $(141557) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

At March 31, 2026, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 95% of the estimated fair value for the total portfolio and 98% of total unrealized losses. All unrealized losses are the

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

result of changes in market interest rates. At March 31, 2026, there are 231 debt securities in the portfolio, with 154 debt securities in an unrealized loss position.

The following table presents the gross unrealized losses and estimated fair values at December 31, 2025 by investment category and the time frame for which securities have been in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | $— | $— | $2789 | $(309) | $2789 | $(309) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Commercial | 77195 | (509) | 270142 | (55482) | 347337 | (55991) |
| Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities – Residential | 19924 | (95) | 438740 | (75357) | 458664 | (75452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Government-Sponsored Enterprises |  |  | 21448 | (2751) | 21448 | (2751) |
| Obligation of States and Political Subdivisions |  |  | 26563 | (1840) | 26563 | (1840) |
| Debt Securities Issued by Foreign Governments |  |  | 596 | (4) | 596 | (4) |
| Corporate Securities | 5492 | (3) | 22845 | (1217) | 28337 | (1220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities | $102611 | $(607) | $783123 | $(136960) | $885734 | $(137567) |

---

As of March 31, 2026, our corporate securities had an amortized cost and an estimated fair value of $42.3 million and $41.6 million, respectively. As of December 31, 2025, our corporate securities had an amortized cost and estimated fair value of $47.0 million and $46.5 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There were five corporate securities out of a total of 11 that were in an unrealized loss position at March 31, 2026 and seven corporate securities out of a total of 12 that were in an unrealized loss position at December 31, 2025. When unrealized losses exist, management reviews each of the issuer's asset quality, earnings trends and capital position to determine whether the unrealized loss position is a result of credit losses. All interest payments on the corporate securities are being made as contractually required.

There was no expected credit related impairment recognized on investment securities during the three months ended March 31, 2026 and 2025.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

<u>Note 8 Loans and Leases and Allowance for Credit Losses</u>

Loans and leases are presented in the Consolidated Statements of Financial Condition net of deferred fees and costs, and discounts related to purchased loans. Net deferred fees were $22.7 million and $21.2 million as of March 31, 2026 and December 31, 2025, respectively, and discounts on purchased loans from acquisitions were $19.1 million and $20.2 million as of March 31, 2026 and December 31, 2025, respectively. The following table provides outstanding balances related to each of our loan types:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**2061894** | $**2044989** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 1196447 | 1226054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 11919 | 11408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 746723 | 693265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 106805 | 114262 |
| **Real estate construction** | **436237** | **462786** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 404394 | 415536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 31843 | 47250 |
| **Residential real estate** | **2351601** | **2360285** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 1613180 | 1631019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 738421 | 729266 |
| **Commercial real estate** | **3148767** | **3182109** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 606179 | 594790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 1776985 | 1834016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 765603 | 753303 |
| **Loans to individuals** | **1435326** | **1457870** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 1367360 | 1387195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 8886 | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 59080 | 61179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**9433825** | $**9508039** |

---

First Commonwealth's loan portfolio includes five primary loan categories. When calculating the allowance for credit losses these categories are classified into fourteen portfolio segments. The composition of loans by portfolio segment includes:

**Commercial, financial, agricultural and other**

*Time & Demand* - Consists primarily of commercial and industrial loans. This category consists of loans that are typically cash flow dependent and therefore have different risk and loss characteristics than other commercial loans. Loans in this category include revolving and term structures with fixed and variable interest rates. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of business bankruptcies and economic conditions measured by GDP.

*Commercial Credit Cards* - Consists of unsecured credit cards for commercial customers. These commercial credit cards have separate characteristics outside of normal commercial non-real estate loans, as they tend to have shorter overall duration. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of business bankruptcies and economic conditions measured by GDP.

*Equipment Finance* - Consists of loans and leases to finance the purchase of equipment for commercial customers. The risk and loss characteristics are unique for this group due to the type of collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of business bankruptcies and economic conditions measured by GDP.

*Time & Demand Other* - Consists primarily of loans to state and political subdivisions and other commercial loans that have different characteristics than loans in the Time and Demand category. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of household obligations ratio and economic conditions measured by GDP.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

**Real estate construction**

*Construction Other -* Consists of construction loans to commercial builders and developers and are secured by the properties under development.

*Construction Residential -* Consists of loans to finance the construction of residential properties during the construction period. Borrowers are typically individuals who will occupy the completed single family property.

The risk and loss characteristics of these two construction categories are different than other real estate secured categories due to the collateral being at various stages of completion. The nature of the project and type of borrower of the two construction categories provides for unique risk and loss characteristics for each category. The primary macroeconomic drivers for estimating credit losses for construction loans include forecasts of national unemployment and measures of completed construction projects.

**Residential real estate**

*Residential first lien* - Consists of loans with collateral of 1-4 family residencies with a senior lien position. The risk and loss characteristics are unique for this group because the collateral for these loans are the borrower's primary residence. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.

*Residential Junior Lien/Home Equity* - Consists of loans with collateral of 1-4 family residencies with an open end line of credit or junior lien position. The junior lien position for the majority of these loans provides a higher risk of loss than other residential real estate loans. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and residential property values.

**Commercial real estate**

*Multifamily* - Consists of loans secured by commercial multifamily properties. Real estate related to rentals to consumers provide unique risk and loss characteristics. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of completed multifamily construction projects and national unemployment.

*Non-owner Occupied* - Consists of loans secured by non-owner occupied commercial real estate and provides different loss characteristics than other real estate categories. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and changes in the price of commercial real estate.

*Owner Occupied* - Consists of loans secured by commercial real estate owner occupied properties. The risk and loss characteristics of this category were considered different than other real estate categories because it is owner occupied and would impact the ability to conduct business. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of national unemployment and economic conditions as measured by GDP.

**Loans to individuals**

*Automobile and Recreational Vehicles* - Consists of both direct and indirect loans with automobiles and recreational vehicles held as collateral. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of automobile retention value and business bankruptcies, which are better correlated with defaults in this category at this point in the economic cycle.

*Consumer Credit Cards* – Consists of unsecured consumer credit cards. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer sentiment and median family income.

*Other Consumer* - Consists of lines of credit, student loans and other consumer loans, not secured by real estate or autos. The primary macroeconomic drivers for estimating credit losses for this category include forecasts of consumer confidence and retail sales.

*<u>Calculation of the Allowance for Credit Losses</u>*

The allowance for credit losses is calculated by pooling loans with similar credit risk characteristics and applying a discounted cash flow methodology after incorporating probability of default and loss given default estimates. Probability of default represents an estimate of the likelihood of default, and loss given default measures the expected loss upon default. Inputs impacting the expected losses include a forecast of macroeconomic factors, using a weighted forecast from a nationally recognized firm. Our model incorporates a one-year forecast of macroeconomic factors, after which the factors revert back to

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

the historical mean over a one-year period. The most significant macroeconomic factor used in estimating credit losses is the national unemployment rate. The forecasted value for national unemployment at the beginning of the forecast period was 4.51%, and during the one-year forecast period it was projected to average 5.12%, with a peak of 5.37%.

*<u>Credit Quality Information</u>*

As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:

---

| | |
|:---|:---|
| **<u>Pass</u>** | Acceptable levels of risk exist in the relationship. Includes all loans not classified as OAEM, substandard or doubtful. |
| **<u>Other Assets Especially Mentioned (OAEM)</u>** | Potential weaknesses that deserve management's close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Company's credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected. |
| **<u>Substandard</u>** | Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower's financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard. |
| **<u>Doubtful</u>** | Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable. |

---

The Company's internal creditworthiness grading system provides a measurement of credit risk based primarily on an evaluation of the borrower's cash flow and collateral. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors related to loan performance.

The following tables represent our credit risk profile by creditworthiness category. In the table for the year ended December 31, 2025, the balance of the doubtful category had been fully provided for in the allowance for credit losses and was subsequently charged-off in the first quarter of 2026

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | | **Non-Pass** | **Non-Pass** | **Non-Pass** | **Non-Pass** | | |
| |<br>**Pass** | **OAEM** | **Substandard** | **Doubtful** | **Loss** |<br>**Total Non-Pass** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**1943697** | $**60393** | $**57804** | $**—** | $**—** | $**118197** | $**2061894** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 1087361 | 56921 | 52165 |  |  | 109086 | 1196447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 11919 |  |  |  |  |  | 11919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 737612 | 3472 | 5639 |  |  | 9111 | 746723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 106805 |  |  |  |  |  | 106805 |
| **Real estate construction** | **435665** | **445** | **127** | **—** | **—** | **572** | **436237** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 403822 | 445 | 127 |  |  | 572 | 404394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 31843 |  |  |  |  |  | 31843 |
| **Residential real estate** | **2333016** | **5197** | **13388** | **—** | **—** | **18585** | **2351601** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 1599297 | 5197 | 8686 |  |  | 13883 | 1613180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 733719 |  | 4702 |  |  | 4702 | 738421 |
| **Commercial real estate** | **3001503** | **81696** | **65568** | **—** | **—** | **147264** | **3148767** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 586725 | 7369 | 12085 |  |  | 19454 | 606179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 1697902 | 52196 | 26887 |  |  | 79083 | 1776985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 716876 | 22131 | 26596 |  |  | 48727 | 765603 |
| **Loans to individuals** | **1435316** | **—** | **10** | **—** | **—** | **10** | **1435326** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 1367352 |  | 8 |  |  | 8 | 1367360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 8886 |  |  |  |  |  | 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 59078 |  | 2 |  |  | 2 | 59080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**9149197** | $**147731** | $**136897** | $**—** | $**—** | $**284628** | $**9433825** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | **Non-Pass** | **Non-Pass** | **Non-Pass** | **Non-Pass** | | |
| |<br>**Pass** | **OAEM** | **Substandard** | **Doubtful** | **Loss** |<br>**Total Non-Pass** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**1924977** | $**53739** | $**65381** | $**892** | $**—** | $**120012** | $**2044989** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 1112673 | 49765 | 62724 | 892 |  | 113381 | 1226054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 11408 |  |  |  |  |  | 11408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 686636 | 3972 | 2657 |  |  | 6629 | 693265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 114260 | 2 |  |  |  | 2 | 114262 |
| **Real estate construction** | **460716** | **463** | **1607** | **—** | **—** | **2070** | **462786** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 413466 | 463 | 1607 |  |  | 2070 | 415536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 47250 |  |  |  |  |  | 47250 |
| **Residential real estate** | **2342701** | **4402** | **13182** | **—** | **—** | **17584** | **2360285** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 1618090 | 4402 | 8527 |  |  | 12929 | 1631019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 724611 |  | 4655 |  |  | 4655 | 729266 |
| **Commercial real estate** | **3054645** | **69182** | **58282** | **—** | **—** | **127464** | **3182109** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 575330 | 7718 | 11742 |  |  | 19460 | 594790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 1777941 | 40928 | 15147 |  |  | 56075 | 1834016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 701374 | 20536 | 31393 |  |  | 51929 | 753303 |
| **Loans to individuals** | **1457836** | **—** | **34** | **—** | **—** | **34** | **1457870** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 1387163 |  | 32 |  |  | 32 | 1387195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 9496 |  |  |  |  |  | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 61177 |  | 2 |  |  | 2 | 61179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**9240875** | $**127786** | $**138486** | $**892** | $**—** | $**267164** | $**9508039** |

---

The following table summarizes the loan risk rating category by loan type including term loans on an amortized cost basis by origination year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Revolving Loans** | |
| | **2026** | **2025** | **2024** | **2023** | **2022** | **Prior** | **Revolving Loans** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Time and demand** | $**33714** | $**130362** | $**136951** | $**89409** | $**80072** | $**134041** | $**591898** | $**1196447** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 33714 | 124053 | 120407 | 83647 | 72826 | 114254 | 538460 | 1087361 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  | 1602 | 12343 | 3046 | 2591 | 9944 | 27395 | 56921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 4707 | 4201 | 2716 | 4655 | 9843 | 26043 | 52165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  | (300) |  | (477) | (70) | (1070) | (1917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  | 26 | 92 | 12 | 130 |
| **Commercial credit cards** | **—** | **—** | **—** | **—** | **—** | **—** | **11919** | **11919** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass |  |  |  |  |  |  | 11919 | 11919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (141) | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  | 1 | 1 |
| **Equipment finance** | **101256** | **368817** | **177471** | **78861** | **20318** | **—** | **—** | **746723** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 101256 | 365530 | 174674 | 76857 | 19295 |  |  | 737612 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  | 1635 | 808 | 616 | 413 |  |  | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 1652 | 1989 | 1388 | 610 |  |  | 5639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  | (135) | (714) | (339) | (189) |  |  | (1377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  | 125 | 8 | 82 |  |  | 215 |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Revolving Loans** | |
| | **2026** | **2025** | **2024** | **2023** | **2022** | **Prior** | **Revolving Loans** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Time and demand other** | **2969** | **8481** | **10685** | **14234** | **4010** | **63479** | **2947** | **106805** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 2969 | 8481 | 10685 | 14234 | 4010 | 63479 | 2947 | 106805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (579) | (579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  | 60 | 60 |
| **Construction other** | **6797** | **162792** | **91584** | **103381** | **590** | **36816** | **2434** | **404394** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 6797 | 162792 | 91584 | 103108 | 418 | 36689 | 2434 | 403822 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  |  | 273 | 172 |  |  | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 127 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  | (326) |  | (326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  |  |  |
| **Construction residential** | **1347** | **17796** | **4682** | **3074** | **2501** | **953** | **1490** | **31843** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 1347 | 17796 | 4682 | 3074 | 2501 | 953 | 1490 | 31843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  |  |  |
| **Residential first lien** | **17392** | **88254** | **54880** | **134010** | **336381** | **979764** | **2499** | **1613180** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 17367 | 88245 | 54057 | 131222 | 331581 | 974388 | 2437 | 1599297 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  | 590 |  | 3475 | 1070 | 62 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 25 | 9 | 233 | 2788 | 1325 | 4306 |  | 8686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  | (17) | (31) | (58) |  | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 16 |  | 16 |
| **Residential junior lien/home equity** | **10811** | **50208** | **16621** | **42346** | **44752** | **34629** | **539054** | **738421** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 10811 | 50208 | 16621 | 42338 | 44664 | 34437 | 534640 | 733719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 8 | 88 | 192 | 4414 | 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (39) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 4 | 6 | 10 |
| **Multifamily** | **15120** | **32796** | **34557** | **123753** | **168149** | **230165** | **1639** | **606179** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 15120 | 32796 | 34557 | 123753 | 154522 | 224338 | 1639 | 586725 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  |  |  | 1552 | 5817 |  | 7369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 12075 | 10 |  | 12085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  |  |  |
| **Non-owner occupied** | **16880** | **181473** | **105578** | **210838** | **374387** | **874866** | **12963** | **1776985** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 16880 | 181473 | 105379 | 210838 | 354964 | 815471 | 12897 | 1697902 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  | 199 |  | 18294 | 33703 |  | 52196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 1129 | 25692 | 66 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  | (2016) |  | (2016) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 6 |  | 6 |
| **Owner occupied** | **29179** | **122818** | **78693** | **100510** | **128596** | **293172** | **12635** | **765603** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 29179 | 122529 | 65769 | 95540 | 120060 | 272705 | 11094 | 716876 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  | 5966 | 3339 | 3774 | 7594 | 1458 | 22131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 289 | 6958 | 1631 | 4762 | 12873 | 83 | 26596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  | (35) |  | (257) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 34 |  | 34 |
| **Automobile and recreational vehicles** | **112973** | **503760** | **260962** | **195189** | **178885** | **115591** | **—** | **1367360** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 112973 | 503760 | 260962 | 195189 | 178885 | 115583 |  | 1367352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  | (344) | (671) | (488) | (424) | (218) |  | (2145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  | 88 | 87 | 239 | 148 | 151 |  | 713 |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Revolving Loans** | |
| | **2026** | **2025** | **2024** | **2023** | **2022** | **Prior** | **Revolving Loans** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Consumer credit cards** | **—** | **—** | **—** | **—** | **—** | **—** | **8886** | **8886** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass |  |  |  |  |  |  | 8886 | 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (110) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  | 21 | 21 |
| **Consumer other** | **1659** | **5904** | **4239** | **1984** | **853** | **9583** | **34858** | **59080** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 1659 | 5904 | 4239 | 1984 | 853 | 9583 | 34856 | 59078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  | (50) | (52) | (3) | (12) | (14) | (258) | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  | 2 | 3 | 7 | 21 | 37 | 70 |
| &nbsp;&nbsp;**Total loans and leases** | $**350097** | $**1673461** | $**976903** | $**1097589** | $**1339494** | $**2773059** | $**1223222** | $**9433825** |
| &nbsp;&nbsp;**Total charge-offs** | $**—** | $**(529)** | $**(1737)** | $**(847)** | $**(1168)** | $**(2702)** | $**(2454)** | $**(9437)** |
| &nbsp;&nbsp;**Total recoveries** | $**—** | $**88** | $**214** | $**250** | $**263** | $**324** | $**137** | $**1276** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Revolving Loans** | |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Time and demand** | $**144802** | $**143570** | $**95587** | $**90711** | $**66053** | $**94425** | $**590906** | $**1226054** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 138416 | 129314 | 90204 | 82891 | 55709 | 84813 | 531326 | 1112673 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM | 1615 | 10115 | 2639 | 2655 | 1888 | 1888 | 28965 | 49765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 4771 | 4141 | 2744 | 5165 | 8456 | 7724 | 29723 | 62724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doubtful |  |  |  |  |  |  | 892 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | (305) | (283) | (400) | (2897) | (389) | (2368) | (9540) | (16182) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  | 402 | 26 | 862 | 2933 | 4223 |
| **Commercial credit cards** | **—** | **—** | **—** | **—** | **—** | **—** | **11408** | **11408** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass |  |  |  |  |  |  | 11408 | 11408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (302) | (302) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  | 35 | 35 |
| **Equipment finance** | **385806** | **195713** | **87528** | **24218** | **—** | **—** | **—** | **693265** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 385724 | 192228 | 85679 | 23005 |  |  |  | 686636 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM | 82 | 2588 | 740 | 562 |  |  |  | 3972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 897 | 1109 | 651 |  |  |  | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | (89) | (673) | (418) | (1108) |  |  |  | (2288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  | 7 | 165 | 454 |  |  |  | 626 |
| **Time and demand other** | **9347** | **10927** | **12347** | **4079** | **15114** | **50358** | **12090** | **114262** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 9347 | 10927 | 12347 | 4079 | 15114 | 50358 | 12088 | 114260 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (1480) | (1480) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 1 | 233 | 234 |
| **Construction other** | **149758** | **78078** | **115404** | **32501** | **28324** | **8905** | **2566** | **415536** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 149758 | 78078 | 115115 | 32327 | 26849 | 8773 | 2566 | 413466 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  | 289 | 174 |  |  |  | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  | 1475 | 132 |  | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | (10) |  | (359) | (355) |  |  | (8) | (732) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  |  |  |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Revolving Loans** | |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Construction residential** | **18358** | **6101** | **16798** | **3449** | **1055** | **—** | **1489** | **47250** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 18358 | 6101 | 16798 | 3449 | 1055 |  | 1489 | 47250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  | (562) |  |  | (562) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  |  |  |
| **Residential first lien** | **86293** | **55820** | **136773** | **343907** | **438644** | **567149** | **2433** | **1631019** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 86284 | 55582 | 134414 | 339023 | 436767 | 563651 | 2369 | 1618090 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  |  | 3474 | 169 | 695 | 64 | 4402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 9 | 238 | 2359 | 1410 | 1708 | 2803 |  | 8527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  | (4) | (330) | (17) | (105) | (45) |  | (501) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 66 |  | 66 |
| **Residential junior lien/home equity** | **51282** | **17507** | **44622** | **47598** | **31875** | **4869** | **531513** | **729266** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 51282 | 17507 | 44611 | 47523 | 31875 | 4678 | 527135 | 724611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  | 11 | 75 |  | 191 | 4378 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (244) | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 13 | 155 | 168 |
| **Multifamily** | **32759** | **33307** | **70651** | **196678** | **110591** | **148908** | **1896** | **594790** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 32759 | 33307 | 70651 | 183418 | 105594 | 148005 | 1596 | 575330 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  |  | 1563 | 4997 | 858 | 300 | 7718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 11697 |  | 45 |  | 11742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  | (169) | (92) | (505) |  | (766) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  |  |  |
| **Non-owner occupied** | **194436** | **109688** | **212880** | **384761** | **186461** | **732319** | **13471** | **1834016** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 194436 | 109688 | 212880 | 374468 | 179869 | 693195 | 13405 | 1777941 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  |  |  | 9201 | 6592 | 25135 |  | 40928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  | 1092 |  | 13989 | 66 | 15147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  | (2) | (93) | (1284) | (239) | (3145) | (7) | (4770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 148 |  | 148 |
| **Owner occupied** | **124044** | **79594** | **102865** | **130905** | **108227** | **193605** | **14063** | **753303** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 123755 | 66642 | 97396 | 119327 | 104482 | 177382 | 12390 | 701374 |
| &nbsp;&nbsp;&nbsp;&nbsp;OAEM |  | 5994 | 3352 | 3080 | 2606 | 4172 | 1332 | 20536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard | 289 | 6958 | 2117 | 8498 | 1139 | 12051 | 341 | 31393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | (98) | (131) | (140) | (1175) | (63) | (42) | (3) | (1652) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  | 69 |  | 69 |
| **Automobile and recreational vehicles** | **545133** | **287068** | **217215** | **204073** | **87300** | **46406** | **—** | **1387195** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 545133 | 287057 | 217215 | 204061 | 87300 | 46397 |  | 1387163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  | 11 |  | 12 |  | 9 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | (229) | (1401) | (2037) | (2079) | (879) | (400) |  | (7025) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries | 25 | 409 | 643 | 1047 | 477 | 391 |  | 2992 |
| **Consumer credit cards** | **—** | **—** | **—** | **—** | **—** | **—** | **9496** | **9496** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass |  |  |  |  |  |  | 9496 | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs |  |  |  |  |  |  | (346) | (346) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries |  |  |  |  |  |  | 79 | 79 |
| **Consumer other** | **6592** | **4881** | **2331** | **1074** | **7711** | **2308** | **36282** | **61179** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 6592 | 4881 | 2331 | 1074 | 7711 | 2308 | 36280 | 61177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Substandard |  |  |  |  |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross charge-offs | (17) | (91) | (151) | (74) | (135) | (1) | (1047) | (1516) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross recoveries | 6 | 1 | 22 | 14 | 38 | 34 | 236 | 351 |
| &nbsp;&nbsp;**Total loans and leases** | $**1748610** | $**1022254** | $**1115001** | $**1463954** | $**1081355** | $**1849252** | $**1227613** | $**9508039** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Term Loans** | **Revolving Loans** | |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans** |<br>**Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| &nbsp;&nbsp;**Total charge-offs** | $**(748)** | $**(2585)** | $**(3928)** | $**(9158)** | $**(2464)** | $**(6506)** | $**(12977)** | $**(38366)** |
| &nbsp;&nbsp;**Total recoveries** | $**31** | $**417** | $**830** | $**1917** | $**541** | $**1584** | $**3671** | $**8991** |

---

*<u>Portfolio Risks</u>*

The credit quality of our loan portfolio can potentially represent significant risk to our earnings, capital and liquidity. First Commonwealth devotes substantial resources to managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting loans. Credit administration is independent of lending departments and oversight is provided by the Risk Committee of the First Commonwealth Board of Directors.

Total net charge-offs for the three months ended March 31, 2026 and 2025 were $8.2 million and $3.1 million, respectively.

*<u>Age Analysis of Past Due Loans by Segment</u>*

The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2026 and December 31, 2025. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **30 - 59 days past due** | **60 - 89 days past due** | **90 days or greater and still accruing** | **Nonaccrual** | **Total past due and nonaccrual** | **Current** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**8550** | $**10830** | $**100** | $**45160** | $**64640** | $**1997254** | $**2061894** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 5762 | 9046 |  | 43190 | 57998 | 1138449 | 1196447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 83 | 30 |  |  | 113 | 11806 | 11919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 2702 | 1754 |  | 1970 | 6426 | 740297 | 746723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 3 |  | 100 |  | 103 | 106702 | 106805 |
| **Real estate construction** | **4110** | **—** | **—** | **—** | **4110** | **432127** | **436237** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 4110 |  |  |  | 4110 | 400284 | 404394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential |  |  |  |  |  | 31843 | 31843 |
| **Residential real estate** | **5884** | **6908** | **855** | **13231** | **26878** | **2324723** | **2351601** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 3491 | 6329 | 354 | 8530 | 18704 | 1594476 | 1613180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 2393 | 579 | 501 | 4701 | 8174 | 730247 | 738421 |
| **Commercial real estate** | **3589** | **542** | **1406** | **32764** | **38301** | **3110466** | **3148767** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  |  |  | 11709 | 11709 | 594470 | 606179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 2535 | 42 | 1406 | 9288 | 13271 | 1763714 | 1776985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 1054 | 500 |  | 11767 | 13321 | 752282 | 765603 |
| **Loans to individuals** | **4285** | **1178** | **566** | **9** | **6038** | **1429288** | **1435326** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 4051 | 956 | 30 | 7 | 5044 | 1362316 | 1367360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 42 | 63 |  |  | 105 | 8781 | 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 192 | 159 | 536 | 2 | 889 | 58191 | 59080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**26418** | $**19458** | $**2927** | $**91164** | $**139967** | $**9293858** | $**9433825** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **30 - 59 days past due** | **60 - 89 days past due** | **90 days or greater and still accruing** | **Nonaccrual** | **Total past due and nonaccrual** | **Current** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**5127** | $**595** | $**217** | $**46618** | $**52557** | $**1992432** | $**2044989** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 2666 | 125 | 107 | 45288 | 48186 | 1177868 | 1226054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 75 | 32 |  |  | 107 | 11301 | 11408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 2382 | 438 | 110 | 1330 | 4260 | 689005 | 693265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 4 |  |  |  | 4 | 114258 | 114262 |
| **Real estate construction** | **—** | **—** | **—** | **1475** | **1475** | **461311** | **462786** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other |  |  |  | 1475 | 1475 | 414061 | 415536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential |  |  |  |  |  | 47250 | 47250 |
| **Residential real estate** | **8197** | **1870** | **581** | **13019** | **23667** | **2336618** | **2360285** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 5054 | 1456 | 317 | 8364 | 15191 | 1615828 | 1631019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 3143 | 414 | 264 | 4655 | 8476 | 720790 | 729266 |
| **Commercial real estate** | **1975** | **10070** | **—** | **30612** | **42657** | **3139452** | **3182109** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 417 |  |  | 10 | 427 | 594363 | 594790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 534 | 10070 |  | 14156 | 24760 | 1809256 | 1834016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 1024 |  |  | 16446 | 17470 | 735833 | 753303 |
| **Loans to individuals** | **6733** | **1225** | **490** | **32** | **8480** | **1449390** | **1457870** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 6262 | 1022 | 168 | 30 | 7482 | 1379713 | 1387195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 50 | 35 |  |  | 85 | 9411 | 9496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 421 | 168 | 322 | 2 | 913 | 60266 | 61179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**22032** | $**13760** | $**1288** | $**91756** | $**128836** | $**9379203** | $**9508039** |

---

*<u>Nonaccrual Loans</u>*

The previous tables summarize nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, when part of the principal balance has been charged off and no restructuring has occurred, or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status, except for most consumer loans, which are placed on nonaccrual status at 150 days past due. Consumer loans related to automobile and recreational vehicles are either charged off or repossessed at no later than 90 days past due unless the borrower is in the process of collection through bankruptcy proceedings.

When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal becomes current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer in doubt.

Nonaccrual loans in the above tables include loans with government guarantees of $28.1 million at March 31, 2026 and $31.5 million at December 31, 2025.

*<u>Nonperforming Loans</u>*

Management considers loans to be nonperforming when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When management identifies a loan as nonperforming, the credit loss is measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate, except when the sole source for repayment of the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less estimated cost to sell is

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

utilized. If management determines that the value of the loan is less than the recorded investment in the loan, a credit loss is recognized through an allowance estimate or a charge-off to the allowance for credit losses.

When the ultimate collectability of the total principal of a nonperforming loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of a nonperforming loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received under the cash basis method.

At March 31, 2026, there was $1.1 million in nonperforming loans held for sale. At December 31, 2025, there were no nonperforming loans held for sale. During both the three months ended March 31, 2026 and 2025, there were no gains recognized on the sale of nonperforming loans.

The following tables include the recorded investment and unpaid principal balance for nonperforming loans with the associated allowance amount, if applicable, as of March 31, 2026 and December 31, 2025. Also presented are the average recorded investment in nonperforming loans and the related amount of interest recognized while the loan was considered nonperforming. Average balances are calculated using month-end balances of the loans for the period reported and are included in the table below based on their period-end allowance position.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Recorded<br>investment** | **Unpaid<br>principal<br>balance** | **Related specific<br>allowance** | **Recorded<br>investment** | **Unpaid<br>principal<br>balance** | **Related specific<br>allowance** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **With no related specific allowance recorded:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial, financial, agricultural and other** | $**23870** | $**41559** |  | $**22422** | $**31583** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 21900 | 39589 |  | 21092 | 30253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 1970 | 1970 |  | 1330 | 1330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate construction** | **—** | **—** |  | **1475** | **1475** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction other |  |  |  | 1475 | 1475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction residential |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential real estate** | **10745** | **12219** |  | **11874** | **13678** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 7190 | 8055 |  | 7219 | 8148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 3555 | 4164 |  | 4655 | 5530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial real estate** | **16684** | **22609** |  | **17853** | **23807** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 10 | 12 |  | 10 | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 9288 | 13401 |  | 8799 | 12879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 7386 | 9196 |  | 9044 | 10916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans to individuals** | **9** | **32** |  | **32** | **78** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 7 | 16 |  | 30 | 62 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 2 | 16 |  | 2 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | **51308** | **76419** |  | **53656** | **70621** |  |
| **With a specific allowance recorded:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial, financial, agricultural and other** | **21290** | **23057** | $**11229** | **24196** | **34249** | $**6959** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 21290 | 23057 | 11229 | 24196 | 34249 | 6959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment finance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate construction** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction other | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction residential | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential real estate** | **2486** | **2782** | **209** | **1145** | **1160** | **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 1340 | 1358 | 203 | 1145 | 1160 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 1146 | 1424 | 6 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial real estate** | **16080** | **16140** | **2546** | **12759** | **12871** | **2715** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 11699 | 11700 | 2160 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied |  |  |  | 5357 | 5357 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 4381 | 4440 | 386 | 7402 | 7514 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans to individuals** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer other |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | **39856** | **41979** | **13984** | **38100** | **48280** | **9836** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**91164** | $**118398** | $**13984** | $**91756** | $**118901** | $**9836** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **Average<br>recorded<br>investment** | **Interest<br>income<br>recognized** | **Average<br>recorded<br>investment** | **Interest<br>income<br>recognized** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **With no related specific allowance recorded:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial, financial, agricultural and other** | $**29643** | $**12** | $**8684** | $**78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 27755 | 12 | 7932 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 1888 |  | 752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand other |  |  | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate construction** | **983** | **—** | **1851** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction other | 983 |  | 1851 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction residential |  |  | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential real estate** | **11025** | **27** | **10122** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 7504 | 27 | 7245 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 3521 |  | 2877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial real estate** | **22570** | **8** | **16849** | **184** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 10 |  | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 12266 |  | 13887 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 10294 | 8 | 2942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans to individuals** | **27** | **—** | **269** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 16 |  | 198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 11 |  | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | **64248** | **47** | **37775** | **387** |
| **With a specific allowance recorded:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial, financial, agricultural and other** | **15685** | **—** | **7190** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 15685 |  | 7103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment finance |  |  | 87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real estate construction** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction other | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction residential | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential real estate** | **2332** | **—** | **2354** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 1186 |  | 756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 1146 |  | 1598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial real estate** | **8281** | **—** | **10530** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 3900 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied |  |  | 4274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 4381 |  | 6256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loans to individuals** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | **26298** | **—** | **20074** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**90546** | $**47** | $**57849** | $**387** |

---

Unfunded commitments related to nonperforming loans were $3.8 million and $0.2 million at March 31, 2026 and December 31, 2025, respectively. After consideration of the requirements to draw and available collateral related to these

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

commitments, it was determined that no reserve was required for these commitments at March 31, 2026 and December 31, 2025.

*<u>Loan Modifications Made to Borrowers Experiencing Financial Difficulty</u>*

In accordance with ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02"), modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal forgiveness, other-than-insignificant payment delay, term extensions or any combination thereof. When calculating the allowance for credit losses, these modifications are included in their respective loan segment and an allowance is determined by a loss given default and probability of default methodology.

The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Rate Reduction** | **Term Extension** | **Payment Deferral** | **Term Extension and Payment Deferral** | **Rate Reduction, Term Extension and Payment Deferral** | **Rate Reduction and Payment Deferral** | **Total** | **Percentage of Total Loans and Leases** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial real estate** | $**—** | $**—** | $**—** | $**—** | $**12840** | $**—** | $**12840** | **0.41** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied |  |  |  |  | 12840 |  | 12840 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**—** | $**—** | $**—** | $**—** | $**12840** | $**—** | $**12840** | **0.14%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Rate Reduction** | **Term Extension** | **Payment Deferral** | **Term Extension and Payment Deferral** | **Rate Reduction, Term Extension and Payment Deferral** | **Rate Reduction and Payment Deferral** | **Total** | **Percentage of Total Loans and Leases** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Residential real estate** | $**—** | $**—** | $**—** | $**581** | $**—** | $**—** | $**581** | **0.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien |  |  |  | 559 |  |  | 559 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity |  |  |  | 22 |  |  | 22 |  |
| **Commercial real estate** | **—** | **—** | **—** | **—** | **3201** | **—** | **3201** | **0.10** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied |  |  |  |  | 3201 |  | 3201 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**—** | $**—** | $**—** | $**581** | $**3201** | $**—** | $**3782** | **0.04%** |

---

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Rate Reduction** | **Term Extension (Years)** | **Principal Forgiveness** | **Payment Deferral (Years)** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial real estate** | **2.50%** | **1.1** | **—** | **0.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 2.50 | 1.1 |  | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **2.50%** | **1.1** | $**—** | **0.3** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Rate Reduction** | **Term Extension (Years)** | **Principal Forgiveness** | **Payment Deferral (Years)** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Residential real estate** | **— %** | **3.2** | **—** | **1.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien |  | 3.3 |  | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity |  | 2.1 |  | 0.5 |
| **Commercial real estate** | **4.00** | **0.4** | **—** | **0.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 4.00 | 0.4 |  | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **4.00%** | **0.9** | $**—** | **0.3** |

---

A modification is considered to be in default when the loan is 90 days or more past due. The following table shows modifications considered to be in default.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Number of Contracts** | **Balance** | **Number of Contracts** | **Balance** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | **1** | $**100** | **1** | $**2522** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 1 | 100 | 1 | 2522 |
| **Residential real estate** | **2** | **314** | **2** | **321** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 2 | 314 | 2 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | **3** | $**414** | **3** | $**2843** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table shows the payment status of loans that have been modified in the last twelve months prior to the date presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Current** | **30 - 59 days past due** | **60 - 89 days past due** | **90 days or greater** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**1085** | $**—** | $**—** | $**—** | $**1085** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 964 |  |  |  | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 121 |  |  |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other |  |  |  |  |  |
| **Real estate construction** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential |  |  |  |  |  |
| **Residential real estate** | **1807** | **—** | **129** | **335** | **2271** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 1783 |  | 129 | 335 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 24 |  |  |  | 24 |
| **Commercial real estate** | **12840** | **—** | **—** | **6156** | **18996** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 12840 |  |  | 6156 | 18996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied |  |  |  |  |  |
| **Loans to individuals** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**15732** | $**—** | $**129** | $**6491** | $**22352** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Current** | **30 - 59 days past due** | **60 - 89 days past due** | **90 days or greater** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**989** | $**—** | $**—** | $**2522** | $**3511** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 864 |  |  | 2522 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 125 |  |  |  | 125 |
| **Residential real estate** | **227** | **1823** | **23** | **321** | **2394** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 182 | 1823 | 23 | 321 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 45 |  |  |  | 45 |
| **Commercial real estate** | **9399** | **—** | **—** | **—** | **9399** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 9399 |  |  |  | 9399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**10615** | $**1823** | $**23** | $**2843** | $**15304** |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables provide detail related to the allowance for credit losses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Beginning balance** | **Charge-offs** | **Recoveries** | **Provision (credit)**<sup>a</sup> | **Ending balance** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**38149** | $**(4014)** | $**406** | $**8229** | $**42770** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 22223 | (1917) | 130 | 5431 | 25867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 177 | (141) | 1 | 171 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 14138 | (1377) | 215 | 1914 | 14890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 1611 | (579) | 60 | 713 | 1805 |
| **Real estate construction** | **7808** | **(326)** | **—** | **(381)** | **7101** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 7118 | (326) |  | (231) | 6561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 690 |  |  | (150) | 540 |
| **Residential real estate** | **21629** | **(145)** | **26** | **435** | **21945** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 15056 | (106) | 16 | 401 | 15367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 6573 | (39) | 10 | 34 | 6578 |
| **Commercial real estate** | **40271** | **(2308)** | **40** | **1791** | **39794** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 5528 |  |  | 1994 | 7522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 24865 | (2016) | 6 | (950) | 21905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 9878 | (292) | 34 | 747 | 10367 |
| **Loans to individuals** | **17911** | **(2644)** | **804** | **1502** | **17573** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 14962 | (2145) | 713 | 1225 | 14755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 473 | (110) | 21 | 51 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 2476 | (389) | 70 | 226 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**125768** | $**(9437)** | $**1276** | $**11576** | $**129183** |

---

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Beginning balance** | **Charge-offs** | **Recoveries** | **Provision (credit)**<sup>a</sup> | **Ending balance** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**29131** | $**(4019)** | $**3690** | $**2543** | $**31345** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 19433 | (2976) | 3484 | 459 | 20400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 182 | (98) | 22 | 104 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 7844 | (576) | 131 | 1377 | 8776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 1672 | (369) | 53 | 603 | 1959 |
| **Real estate construction** | **6030** | **—** | **—** | **802** | **6832** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | 5916 |  |  | 759 | 6675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | 114 |  |  | 43 | 157 |
| **Residential real estate** | **22396** | **(108)** | **137** | **(87)** | **22338** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 15758 | (33) | 16 | (138) | 15603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 6638 | (75) | 121 | 51 | 6735 |
| **Commercial real estate** | **40232** | **(1464)** | **156** | **(553)** | **38371** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 5431 |  |  | 47 | 5478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 23332 | (874) | 110 | (754) | 21814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 11469 | (590) | 46 | 154 | 11079 |
| **Loans to individuals** | **21117** | **(2419)** | **929** | **1418** | **21045** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 18693 | (1805) | 846 | 1315 | 19049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 341 | (95) | 18 | 59 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 2083 | (519) | 65 | 44 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total loans and leases** | $**118906** | $**(8010)** | $**4912** | $**4123** | $**119931** |

---

a) The provision expense (credit) shown here excludes the provision for off-balance sheet credit exposure included in the income statement.

<u>Note 9 Leases</u>

First Commonwealth has elected to apply certain practical expedients provided under ASU 2016-02 "Leases" (Topic 842) including (i) to not apply the requirements in the new standard to short-term leases; (ii) to not reassess the lease classification for any expired or existing lease; (iii) to account for lease and non-lease components separately; and (iv) to not reassess initial direct costs for any existing leases. The impact of this standard primarily relates to operating leases of certain real estate properties, including certain branch and ATM locations and office space. First Commonwealth has no material leasing arrangements for which it is the lessor of property or equipment.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table represents the unaudited Consolidated Statements of Condition classification of the Company's right of use ("ROU") assets and lease liabilities, lease costs and other lease information.

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Balance sheet:** | **(dollars in thousands)** | **(dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;Operating lease asset classified as premises and equipment | $36788 | $38170 |
| &nbsp;&nbsp;&nbsp;Operating lease liability classified as other liabilities | 41226 | 42627 |
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Income statement:** | **(dollars in thousands)** | **(dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease cost classified as occupancy and equipment expense | $1365 | $1410 |
| Weighted average lease term, in years | 11.55 | 12.83 |
| Weighted average discount rate | 3.92% | 3.80% |
| Operating cash flows | $1384 | $1424 |

---

The ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. First Commonwealth's lease agreements often include one or more options to renew at the Company's discretion. If we consider the renewal option to be reasonably certain, we include the extended term in the calculation of the ROU asset and lease liability.

First Commonwealth uses incremental borrowing rates when calculating the lease liability because the rate implicit in the lease is not readily determinable. The incremental borrowing rate used by First Commonwealth is an amortizing loan rate obtained from the Federal Home Loan Bank ("FHLB") of Pittsburgh. This rate is consistent with a collateralized borrowing rate and is available for terms similar to the lease payment schedules.

Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2026 were as follows (dollars in thousands):

---

| | |
|:---|:---|
| For the twelve months ended: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2027 | $4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2028 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2029 | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2030 | 4769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2031 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thereafter | 28543 |
| Total future minimum lease payments | 51664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less remaining imputed interest | 10438 |
| Operating lease liability | $41226 |

---

<u>Note 10 Income Taxes</u>

In accordance with FASB ASC Topic 740-10, "Accounting for Uncertainty in Income Taxes," at March 31, 2026 and December 31, 2025, First Commonwealth had no material unrecognized tax benefits or accrued interest and penalties. If applicable, First Commonwealth will record interest and penalties as a component of noninterest expense.

First Commonwealth is subject to routine audits of our tax returns by the Internal Revenue Service ("IRS") as well as all states in which we conduct business. Generally, tax years prior to the year ended December 31, 2022 are no longer open to examination by federal and state taxing authorities.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

<u>Note 11 Fair Values of Assets and Liabilities</u>

FASB ASC Topic 820, "Fair Value Measurements and Disclosures" ("Topic 820"), requires disclosures for non-financial assets and non-financial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). All non-financial assets are included either as a separate line item on the unaudited Consolidated Statements of Financial Condition or in the "Other assets" category of the unaudited Consolidated Statements of Financial Condition. Currently, First Commonwealth does not have any non-financial liabilities to disclose.

FASB ASC Topic 825, "Financial Instruments" ("Topic 825"), permits entities to irrevocably elect to measure select financial instruments and certain other items at fair value. The unrealized gains and losses are required to be included in earnings each reporting period for the items that fair value measurement is elected. First Commonwealth has elected not to measure any existing financial instruments at fair value under Topic 825; however, in the future we may elect to adopt this guidance for select financial instruments.

In accordance with Topic 820, First Commonwealth groups financial assets and financial liabilities measured at fair value in three levels based on the principal markets in which the assets and liabilities are transacted and the observability of the data points used to determine fair value. These levels are:

• Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange ("NYSE"). Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

• Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained for observable inputs for identical or comparable assets or liabilities from alternative pricing sources with reasonable levels of price transparency. Level 2 includes Obligations of U.S. Government securities issued by Agencies and Sponsored Enterprises, Obligations of States and Political Subdivisions, corporate securities, loans held for sale, interest rate derivatives (including interest rate caps, interest rate collars, interest rate swaps and risk participation agreements), certain other real estate owned and certain nonperforming loans.

Level 2 investment securities are valued by a recognized third party pricing service using observable inputs. The model used by the pricing service varies by asset class and incorporates available market, trade and bid information as well as cash flow information when applicable. Because many fixed-income investment securities do not trade on a daily basis, the model uses available information such as benchmark yield curves, benchmarking of like investment securities, sector groupings and matrix pricing. The model will also use processes such as an option-adjusted spread to assess the impact of interest rates and to develop prepayment estimates. Market inputs normally used in the pricing model include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

Management validates the market values provided by the third party service by having another source price 100% of the securities on a monthly basis, monthly monitoring of variances from prior period pricing and, on a monthly basis, evaluating pricing changes compared to expectations based on changes in the financial markets.

Loans held for sale include residential mortgage loans originated for sale in the secondary mortgage market. The estimated fair value for these loans was determined on the basis of rates obtained in the respective secondary market. Loans held for sale could also include the Small Business Administration guaranteed portion of small business loans. The estimated fair value of these loans is based on the contract with the third party investor. When loans held for sale include other commercial loans, fair value is determined using an executed trade or market bid obtained from potential buyers. The estimated fair value of nonaccrual commercial loans held for sale as of March 31, 2026 totaled $1.1 million. There were no held for sale loans in a nonaccrual status as of December 31, 2025.

Interest rate derivatives are reported at an estimated fair value utilizing Level 2 inputs and are included in other assets and other liabilities, and consist of interest rate swaps where there is no significant deterioration in the counterparties' and/or loan customers' credit risk since origination of the interest rate swap, as well as interest rate caps, interest rate collars and risk participation agreements. First Commonwealth values its interest rate swap and cap positions using a yield curve by taking market prices/rates for an appropriate set of instruments. The set of instruments used to determine the U.S. Dollar yield curve includes Secured Overnight Financing Rate ("SOFR") rates from overnight to one year, Eurodollar futures contracts and SOFR swap rates from one year to thirty years. These yield curves determine the valuations of interest rate swaps. Interest rate derivatives are further described in Note 12, "Derivatives."

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For purposes of potential valuation adjustments to our derivative positions, First Commonwealth evaluates the credit risk of its counterparties as well as our own credit risk. Accordingly, we have considered factors such as the likelihood of default, expected loss given default, net exposures and remaining contractual life, among other things, in determining if any estimated fair value adjustments related to credit risk are required. We review our counterparty exposure quarterly, and when necessary, appropriate adjustments are made to reflect the exposure.

We also utilize this approach to estimate our own credit risk on derivative liability positions. In the three months ended March 31, 2026 and 2025, we have not realized any losses due to a counterparty's inability to pay any net uncollateralized position.

Interest rate derivatives also include interest rate forwards entered to hedge residential mortgage loans held for sale and the related interest-rate lock commitments. This includes forward commitments to sell mortgage loans. The fair value of these derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for rate lock commitments.

• Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer or broker traded transactions. If the inputs used to provide the valuation are unobservable and/or there is very little, if any, market activity for the security or similar securities, the securities would be considered Level 3 securities. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The assets included in Level 3 are certain nonperforming loans.

There are no Level 3 fair value measurements that require quantitative inputs and assumptions.

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Obligations of U.S. Government Agencies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Residential | $— | $2411 | $— | $2411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Commercial |  | 665341 |  | 665341 |
| Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Residential |  | 325165 |  | 325165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Government-Sponsored Enterprises |  | 991 |  | 991 |
| Obligations of States and Political Subdivisions |  | 6937 |  | 6937 |
| Corporate Securities |  | 41554 |  | 41554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities Available for Sale |  | 1042399 |  | 1042399 |
| Loans Held for Sale |  | 30489 |  | 30489 |
| Other Assets<sup>(a)</sup> |  | 14333 |  | 14333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $— | $1087221 | $— | $1087221 |
| Other Liabilities<sup>(a)</sup> | $— | $13854 | $— | $13854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $13854 | $— | $13854 |

---

(a)Hedging and non-hedging interest rate derivatives

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Obligations of U.S. Government Agencies: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Residential | $— | $2496 | $— | $2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Commercial |  | 661689 |  | 661689 |
| Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities - Residential |  | 295523 |  | 295523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Government-Sponsored Enterprises |  | 984 |  | 984 |
| Obligations of States and Political Subdivisions |  | 6971 |  | 6971 |
| Corporate Securities |  | 46531 |  | 46531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities Available for Sale |  | 1014194 |  | 1014194 |
| Loans Held for Sale |  | 46071 |  | 46071 |
| Other Assets<sup>(a)</sup> |  | 9573 |  | 9573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $— | $1069838 | $— | $1069838 |
| Other Liabilities<sup>(a)</sup> | $— | $10657 | $— | $10657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $10657 | $— | $10657 |

---

(a)Hedging and non-hedging interest rate derivatives

During the three months ended March 31, 2026 and 2025, there were no transfers between fair value Levels 1, 2 or 3.

There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at March 31, 2026 and 2025.

The tables below present the balances of assets measured at fair value on a nonrecurring basis at the dates shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Loans held for sale | $— | $1149 | $— | $1149 |
| Nonperforming loans |  | 47010 | 30170 | 77180 |
| Other real estate owned |  | 235 |  | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $— | $48394 | $30170 | $78564 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Loans held for sale | $— | $225381 | $— | $225381 |
| Nonperforming loans |  | 40617 | 41303 | 81920 |
| Other real estate owned |  | 1014 |  | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $— | $267012 | $41303 | $308315 |

---

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following (losses) gains were realized on the assets measured on a nonrecurring basis:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Loans held for sale | $— | $— |
| Nonperforming loans | (9928) | (7606) |
| Other real estate owned | (73) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total losses | $(10001) | $(7644) |

---

Nonperforming loans over $250 thousand are individually reviewed to determine the amount of each loan considered to be at risk of non-collection. The fair value for nonperforming loans that are collateral-based is determined by reviewing real property appraisals, equipment valuations, accounts receivable listings and other financial information. A discounted cash flow analysis is performed to determine fair value for nonperforming loans when an observable market price or a current appraisal is not available. For real estate secured loans, First Commonwealth's loan policy requires updated appraisals be obtained at least every twelve months on all nonperforming loans with balances of $250 thousand and over. For real estate secured loans with balances under $250 thousand, we rely on broker price opinions. For non-real estate secured assets, the Company normally relies on third party valuations specific to the collateral type.

The fair value for other real estate owned that is determined by either an independent market-based appraisal less estimated costs to sell or an executed sales agreement is classified as Level 2. The fair value for other real estate owned that is determined using an internal valuation is classified as Level 3. Other real estate owned has a current carrying value of $0.2 million as of March 31, 2026, and primarily includes residential real estate properties in Pennsylvania. We review whether events and circumstances subsequent to a transfer to other real estate owned have occurred that indicate the balance of those assets may not be recoverable. If events and circumstances indicate further impairment, we will record a charge to the extent that the carrying value of the assets exceed their fair values, less estimated cost to sell, as determined by valuation techniques appropriate in the circumstances.

Certain other assets and liabilities, including goodwill, core deposit intangibles and customer list intangibles, are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. Additional information related to goodwill is provided in Note 13, "Goodwill." There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2026.

FASB ASC Topic 825-10, "Transition Related to FSP FAS 107-1" and APB 28-1, "Interim Disclosures about Fair Value of Financial Instruments," requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or nonrecurring basis are as discussed above. The methodologies for other financial assets and financial liabilities are discussed below.

**<u>Cash and due from banks and interest-bearing bank deposits</u>:** The carrying amounts for cash and due from banks and interest-bearing bank deposits approximate the estimated fair values of such assets.

**<u>Securities</u>:** Fair values for securities available for sale and held to maturity are based on quoted market prices, if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The carrying value of other investments, which includes FHLB stock and other equity investments, is considered a reasonable estimate of fair value.

**<u>Loans held for sale</u>:** The estimated fair value of loans held for sale is based on market bids obtained from potential buyers.

**<u>Loans</u>:** The fair values of all loans are estimated by discounting the estimated future cash flows using interest rates currently offered for loans with similar terms to borrowers of similar credit quality adjusted for past due and nonperforming loans.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

**<u>Off-balance sheet instruments</u>:** Many of First Commonwealth's off-balance sheet instruments, primarily loan commitments and standby letters of credit, are expected to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. FASB ASC Topic 460, "Guarantees" clarified that a guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The carrying amount and estimated fair value for standby letters of credit was $0.3 million at both March 31, 2026 and December 31, 2025. See Note 6, "Commitments and Contingent Liabilities," for additional information.

**<u>Deposit liabilities</u>:** The estimated fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date because of the customers' ability to withdraw funds immediately. The fair value of fixed rate time deposits is estimated by discounting the future cash flows using interest rates currently being offered and a schedule of aggregated expected maturities.

**<u>Short-term borrowings</u>:** The fair values of borrowings from the FHLB were estimated based on the estimated incremental borrowing rate for similar type borrowings. The carrying amounts of other short-term borrowings, such as federal funds purchased and securities sold under agreement to repurchase, were used to approximate fair value due to the short-term nature of the borrowings.

**<u>Subordinated debt and long-term debt</u>:** The fair value is estimated by discounting the future cash flows using First Commonwealth's estimate of the current market rate for similar types of borrowing arrangements.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents carrying amounts and fair values of First Commonwealth's financial instruments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** |
| |<br>**Carrying<br>Amount** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Financial assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $118134 | $118134 | $118134 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 224806 | 224806 | 224806 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 1042399 | 1042399 |  | 1042399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity | 577286 | 526592 |  | 526592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 28946 | 28946 |  | 23214 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 31638 | 31638 |  | 31638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases | 9433825 | 9563777 |  | 47010 | 9516767 |
| Financial liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 10409893 | 10405116 |  | 10405116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 22858 | 21220 |  | 21220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 128507 | 119873 |  |  | 119873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital lease obligation | 3562 | 3562 |  | 3562 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** |
| |<br>**Carrying<br>Amount** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Financial assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $103280 | $103280 | $103280 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 77082 | 77082 | 77082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 1014194 | 1014194 |  | 1014194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity | 519422 | 470665 |  | 470665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 38295 | 38295 |  | 32563 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 271452 | 271452 |  | 271452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases | 9508039 | 9657464 |  | 40617 | 9616847 |
| Financial liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 10250969 | 10248485 |  | 10248485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 147966 | 147926 |  | 147926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 128466 | 121747 |  |  | 121747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 129555 | 130108 |  | 130108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital lease obligation | 3721 | 3721 |  | 3721 |  |

---

<u>Note 12 Derivatives</u>

*<u>Derivatives Not Designated as Hedging Instruments</u>*

First Commonwealth is a party to interest rate derivatives that are not designated as hedging instruments. These derivatives relate to interest rate swaps that First Commonwealth enters into with customers to allow customers to convert variable rate loans to a fixed rate. First Commonwealth pays interest to the customer at a floating rate on the notional amount and receives interest from the customer at a fixed rate for the same notional amount. At the same time the interest rate swap is entered into with the customer, an offsetting interest rate swap is entered into with another financial institution. First Commonwealth pays the other financial institution interest at the same fixed rate on the same notional amount as the swap entered into with the customer, and receives interest from the financial institution for the same floating rate on the same notional amount.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties.

We have 22 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. We have 20 risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are the lead bank. The risk participation agreement provides credit protection to us should the borrower fail to perform on its interest rate derivative contract with us.

First Commonwealth is also party to interest rate caps and collars that are not designated as hedging instruments. The interest rate caps relate to contracts that First Commonwealth enters into with loan customers that provide a maximum interest rate on their variable rate loan. At the same time the interest rate cap is entered into with the customer, First Commonwealth enters into an offsetting interest rate cap with another financial institution. The notional amount and maximum interest rate on both interest cap contracts are identical. The interest rate collars relate to contracts that First Commonwealth enters into with loan customers that provide both a maximum and minimum interest rate on their variable rate loan. At the same time the interest rate collar is entered into with the customer, First Commonwealth enters into an offsetting interest rate collar with another financial institution. The notional amount and the maximum and minimum interest rates on both interest collar contracts are identical.

The fee received for such derivatives, less the estimate of the loss for the credit exposure, is recognized in earnings at the time of the transaction.

The Company also enters into interest rate lock commitments in conjunction with its mortgage origination business. These are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Company locks in the rate with an investor and commits to deliver the loan if settlement occurs ("best efforts") or commits to deliver the locked loan in a binding ("mandatory") delivery program with an investor. Loans under mandatory rate lock commitments are covered under forward sales contracts of mortgage-backed securities ("MBS"). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in "Noninterest income" in the unaudited Consolidated Statements of Income. The impact to noninterest income for the three months ended March 31, 2026 was a decrease of $0.2 million.

Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. We determine the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and takes into consideration the probability that the rate lock commitments will close or will be funded. At March 31, 2026, the underlying funded mortgage loan commitments had a carrying value of $7.9 million and a fair value of $9.3 million, while the underlying unfunded mortgage loan commitments had a notional amount of $61.2 million. At December 31, 2025, the underlying funded mortgage loan commitments had a carrying value of $19.5 million and a fair value of $21.5 million, while the underlying unfunded mortgage loan commitments had a notional amount of $48.1 million. The interest rate lock commitments increased other noninterest income by $0.4 million for the three months ended March 31, 2026 and decreased it by $0.7 million for the three months ended ended March 31, 2025.

*<u>Derivatives Designated as Hedging Instruments</u>*

In August 2019, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. One of the contracts, with a notional amount of $30.0 million, matured on August 15, 2024 and the other contract, with a notional amount of $40.0 million, matures on August 15, 2026. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments made on subordinated debentures. Initially, these swaps were benchmarked to the 3-month LIBOR rate; however, as a result of the discontinuance of the LIBOR rate on June 30, 2023, both of the swap contracts were amended to hedge exposure to the variability of the 3-month Daily Simple SOFR, compounded in arrears. This change is in agreement with amendments made to the interest rate on the subordinated debentures as a result of the discontinuance of LIBOR. Therefore, the interest rate swaps convert the interest rate benchmark on the first $40.0 million of 3-month SOFR based subordinated debentures to a fixed rate.

During 2021, the Company entered into eight interest rate swap contracts that were designated as cash flow hedges, $75.0 million of which matured during 2024, $150.0 million which matured in May 2025 and $25 million which matured in

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

August 2025. The remaining interest rate swaps have a total notional amount of $175.0 million with an original maturity of five years. The Company's risk management objective for these hedges is to reduce its exposure to variability in expected future cash flows related to interest payments on commercial loans. Initially these swaps were benchmarked to the 1-month LIBOR rate; however, as a result of the discontinuance of the LIBOR rate on June 30, 2023, these swaps were amended to hedge exposure to the variability of the 1-month Daily Simple SOFR rate compounded in arrears. Therefore, the interest rate swaps convert the interest payments on the first $175.0 million of 1-month Daily Simple SOFR based commercial loans into fixed rate payments. The following table provides the notional amount of interest rate swap contracts and their maturity date.

---

| | |
|:---|:---|
| **Notional Amount** | **Maturity Date** |
| **(dollars in thousands)** | **(dollars in thousands)** |
| $150000 | 05/01/26 |
| 25000 | 10/15/26 |
| $175000 |  |

---

The periodic net settlement of these interest rate swaps are recorded as an adjustment to "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income. For the three months ended March 31, 2026 and 2025, there was a negative impact on net interest income of $1.1 million and $3.7 million, respectively, as a result of these interest rate swaps. Changes in the fair value of the cash flow hedges are reported on the balance sheet and in OCI. When the cash flows associated with the hedged item are realized, the gain or loss included in OCI is recognized in "Interest on subordinated debentures," or "Interest and fees on loans", the same line items in the unaudited Consolidated Statements of Income as the income on the hedged items. The cash flow hedges were highly effective at March 31, 2026, and changes in the fair value attributed to hedge ineffectiveness were not material.

The following table depicts the credit value and fair value adjustments recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements participated to other banks:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Derivatives not Designated as Hedging Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit value adjustment | $(191) | $(185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional amount: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives | 992194 | 1000541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate caps | 36317 | 50525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate collars | 6516 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk participation agreements | 173676 | 158646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sold credit protection on risk participation agreements | (168683) | (151858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate options | 61187 | 48143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate forwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment | 268 | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional amount | 54000 | 49000 |
| Derivatives Designated as Hedging Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment | 401 | (766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional amount | 215000 | 215000 |

---

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ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The table below presents the change in the fair value of derivative assets and derivative liabilities attributable to credit risk or fair value changes included in "Other income", "Other expense," "Interest on subordinated debentures" or "Interest and fees on loans" in the unaudited Consolidated Statements of Income:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Non-hedging interest rate derivatives |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in other income | $(189) | $311 |
| Non-hedging interest rate forwards |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other income | 401 | (669) |
| Hedging interest rate derivatives |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest and fees on loans | (1307) | (3961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest from subordinated debentures | (243) | (311) |

---

The fair value of our derivatives is included in a table in Note 11, "Fair Values of Assets and Liabilities," in the line items "Other assets" and "Other liabilities."

<u>Note 13 Goodwill</u>

FASB ASC Topic 350-20, "Intangibles – Goodwill and Other" requires an annual valuation of the fair value of a reporting unit that has goodwill and a comparison of the fair value to the book value of equity to determine whether the goodwill has been impaired. Goodwill is also required to be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. When circumstances indicate that it is more likely than not that fair value is less than carrying value, a triggering event has occurred and a quantitative impairment test would be performed.

We consider First Commonwealth to be one reporting unit (see Note 16 - "Segment Reporting"). The carrying amount of goodwill at both March 31, 2026 and December 31, 2025 was $378.2 million. No impairment charges on goodwill or other intangible assets were incurred in 2026 or 2025.

We test goodwill for impairment as of November 30th each year and again at any quarter-end if any material events occur during a quarter that may affect goodwill.

As of March 31, 2026, no indicators of impairment were identified; however, changing economic conditions that may adversely affect our performance, the fair value of our assets and liabilities, or our stock price could result in impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

<u>Note 14 Subordinated Debentures</u>

Subordinated debentures outstanding are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **March 31, 2026** | **December 31, 2025** |
| |<br>**Due** |<br>**Rate** | **Amount** | **Amount** |
| | | | **(dollars in thousands)** | **(dollars in thousands)** |
| Owed to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Bank | 2033 | 5.50% until June 1, 2028, then 3-Month CME Term SOFR + 0.26161% + 2.37% | $49498 | $49480 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp | 2031 | Prime + 1.00% | 6842 | 6819 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Capital Trust II | 2034 | 3-Month CME Term SOFR + 0.26161% + 2.85% | 30929 | 30929 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Capital Trust III | 2034 | 3-Month CME Term SOFR + 0.26161% + 2.85% | 41238 | 41238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $128507 | $128466 |

---

With the acquisition of Centric in January 2023, First Commonwealth acquired a ten-year subordinated note with a principal balance of $6.0 million. The rate was fixed at 4.50% until March 29, 2026, then converted to a quarterly adjustable rate of Prime + 1.00%. The carrying value of this note includes a fair value premium from acquisition of $0.8 million. The Company

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

may redeem the notes, beginning with the interest payment due on March 29, 2026, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. The Company has obtained the necessary regulatory approval to redeem this note and is expected to do so in the second quarter of 2026.

On May 21, 2018, First Commonwealth issued fifteen-year subordinated notes with an aggregate principal amount of $50.0 million and a fixed-to-floating rate of 5.50%. The rate remains fixed until June 1, 2028, then adjusts on a quarterly basis to three-month CME Term SOFR+ 0.26161% + 2.37%. The Bank may redeem the notes, subject to regulatory approval, beginning with the interest payment due on June 1, 2028, in whole or in part at a redemption price equal to 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest to the date of redemption. Deferred issuance costs of $1.1 million are being amortized on a straight-line basis over the term of the notes.

First Commonwealth currently has two trusts, First Commonwealth Capital Trust II and First Commonwealth Capital Trust III, of which 100% of the common equity is owned by First Commonwealth. The trusts were formed for the purpose of issuing company obligated mandatorily redeemable capital securities to third-party investors and investing the proceeds from the sale of the capital securities solely in junior subordinated debt securities ("subordinated debentures") of First Commonwealth. The subordinated debentures held by each trust are the sole assets of the trust.

Interest on the debentures issued to First Commonwealth Capital Trust II is paid quarterly at a floating rate of three-month CME Term SOFR + 0.26161% + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $0.5 million are being amortized on a straight-line basis over the term of the securities.

Interest on the debentures issued to First Commonwealth Capital Trust III is paid quarterly at a floating rate of three-month CME Term SOFR + 0.26161% + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option on any interest payment date at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $0.6 million are being amortized on a straight-line basis over the term of the securities.

In order to reduce its exposure to variability in expected future cash flows related to interest payments on First Commonwealth Capital Trust II and III, the Company entered into two interest rate swap contracts that are designated as cash flow hedges. These contracts fix the index rate based portion of the interest rate on Capital Trust III at 1.525% until August 15, 2026. A similar interest rate swap contract was entered for Capital Trust II which fixed the index rate based portion at 1.515%; however, that swap expired on August 15, 2024. Additional information related to these cash flow hedges can be found in Note 12 - "Derivatives".

<u>Note 15 Revenue Recognition</u>

Substantially all of the Company's revenue is generated from contracts with customers. Revenue associated with financial instruments, including revenue from loans and securities, certain noninterest income streams such as fees associated with derivatives are not in scope of FASB ASC Topic 606 - "Revenue from Contracts with Customers" ("Topic 606"). Topic 606 is applicable to noninterest revenue streams such as trust income, service charges on deposits, insurance and retail brokerage commissions, card-related interchange income and gain(loss) on sale of OREO. For contracts within the scope of Topic 606, the Company immediately expenses contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less.

*<u>Noninterest revenue streams in-scope of Topic 606 are discussed below:</u>*

*Trust Income*

Trust income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon a tiered scale of market value of the assets under management at month-end. Payment is generally received a few days after month end through a direct charge to customers' accounts. The Company does not earn performance-based incentives. Optional services such as financial planning or tax return preparation services are also available to trust customers. The Company's performance obligation for these transactional-based services is generally satisfied and related revenue recognized at a point in time. Payment is received shortly after services are rendered.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

*Service Charges on Deposit Accounts*

Service charges on deposit accounts consist of fees earned from its deposit customers for transaction-based, account maintenance, overdraft services and account analysis fees. Transaction-based fees, which include services such as ATM use fees, stop payment fees, statement rendering and ACH fees are recognized at the time the transaction is executed which is the point in time the Company fulfills the customer's request. Monthly account maintenance fees are earned over the course of the month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. The Company's performance obligation for account analysis fees is generally satisfied, and the related revenue recognized, during the month the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts.

*Insurance and Retail Brokerage Commissions*

Insurance income primarily consists of commissions received from execution of personal, business and health insurance policies when acting as an agent on behalf of insurance carriers. The Company's performance obligation is generally satisfied upon the issuance of the insurance policy. Because the Company's contracts with the insurance carriers are generally cancellable by either party with minimal notice, insurance commissions are recognized during the policy period as received. Also, the majority of insurance commissions are received on a monthly basis during the policy period; however, some carriers pay the full annual commission to First Commonwealth at the time of policy issuance or renewal. In these cases, First Commonwealth would be required to refund any commissions it would not be entitled to as a result of cancelled or terminated policies. The Company has established a refund liability for the remaining term of the policies expected to be cancelled. The Company also receives incentive-based contingency fees from the insurance carriers. Contingency fee revenue, which totals approximately $0.4 million per year, is recognized as received due to the immaterial amount.

Retail brokerage income primarily consists of commissions received on annuity and investment product sales through a third-party service provider. The Company's performance obligation is generally satisfied upon the issuance of the annuity policy or the execution of an investment transaction. The Company does not earn a significant amount of trailer fees on annuity sales. However, after considering the factors impacting these trailer fees, such as the uncertainty of investor behavior and changes in the market value of assets, First Commonwealth determined that it would recognize trailing fees as received because it could not reasonably estimate an amount of future trailing commissions for which collection is probable. Commissions from the third-party service provider are received on a monthly basis based upon customer activity for the month. The fees are recognized monthly with a receivable until commissions are received from the third-party service provider the following month. Because the Company acts as an agent in arranging the relationship between the customer and the third-party service provider and does not control the services rendered to the customers, retail brokerage fees are presented net of related costs, including $1.2 million in commission expense for both the three months ended March 31, 2026 and 2025.

*Card-Related Interchange Income*

Card-related interchange income is primarily comprised of debit and credit card income, ATM fees and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company's debit and credit cards are processed through card payment networks such as MasterCard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Card-related interchange income is recognized daily as the customer transactions are settled.

*Other Income*

Other income includes service revenue from processing wire transfers, bill pay service, cashier's checks, and other services. The Company's performance obligation for these services are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

*Gains (losses) on sales of OREO*

First Commonwealth records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When First Commonwealth finances the sale of OREO to the buyer, an assessment of whether the buyer is committed to perform their obligations under the contract is completed along with an evaluation of whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, First Commonwealth adjusts the transaction price and the related gain or loss on sale if a significant financing component is present.

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| **Noninterest Income** |  |  |
| &nbsp;&nbsp;&nbsp;In-scope of Topic 606: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust income | $3408 | $3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 5530 | 5438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and retail brokerage commissions | 3267 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card-related interchange income | 3661 | 3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of other loans and assets | 191 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 640 | 730 |
| &nbsp;&nbsp;&nbsp;Noninterest Income (in-scope of Topic 606) | 16697 | 16139 |
| &nbsp;&nbsp;&nbsp;Noninterest Income (out-of-scope of Topic 606) | 7890 | 6363 |
| **Total Noninterest Income** | $24587 | $22502 |

---

<u>Note 16 Segment Reporting</u>

We operate our business as a single integrated business unit that provides a number of products and services to meet our customers banking and financial needs. Our products and services include consumer lending such as secured and unsecured installment loans, home equity loans, construction and real estate loans, credit lines and credit cards. We also offer commercial customers lending and leasing products, which include real estate secured lending, equipment finance, working capital lines of credit, credit cards and construction loans. Our products also include deposit services, such as personal and business checking accounts, savings, money market and certificates of deposits. Additionally, we provide an array of cash management services, trust and wealth management services and insurance products. These services are all delivered through the same business network.

The Company's President and CEO is the chief operating decision maker who uses consolidated net income to assess performance and profitability of our single business segment. Consolidated net income is used to assess performance by comparing results on a monthly basis, including variances to budget and prior period results. Consideration is given to performance of components of the business, such as branches and geographic regions, which are then aggregated. This information is used to achieve strategic initiatives by allowing the chief operation decision maker to manage resources that drive our business and earnings. Additionally, consolidated net income is used to benchmark the Company against its banking peers.

The accounting policies of the single business unit are the same policies as disclosed in Note 1 - "Statement of Accounting Policies" of our December 31, 2025 Form 10-K and our segment assets are the same as assets presented in the unaudited Consolidated Statements of Financial Condition.

------

ITEM 1. *Financial Statements and Supplementary Data*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents information related to segment revenue, significant segment expenses and segment net income:

---

| | | |
|:---|:---|:---|
| | For the Three Months Ended March 31, | For the Three Months Ended March 31, |
| | **2026** | **2025** |
| | (dollars in thousands) | (dollars in thousands) |
| Interest income | $157218 | $147128 |
| Interest expense | 48244 | 51606 |
| &nbsp;&nbsp;Net interest income | 108974 | 95522 |
| Provision for credit losses | 10733 | 5736 |
| Noninterest Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trust income | 3408 | 3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 5530 | 5438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and retail brokerage commissions | 3267 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage loans | 2215 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of other loans and assets | 2182 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card-related interchange income | 3661 | 3654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment income <sup>(a)</sup> | 4324 | 4443 |
| Noninterest expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | 42874 | 40415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net occupancy | 5565 | 5729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment | 4823 | 4193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 4183 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other professional fees and services | 1106 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment expense <sup>(b)</sup> | 17044 | 15476 |
| Income tax provision | 9685 | 8342 |
| Segment net income | $37548 | $32696 |
| Reconciliation of net income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments and reconciling items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated net income | $37548 | $32696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other segment income includes gain/loss on securities, income from bank owned life insurance, derivative mark to market, swap fee income and other miscellaneous income.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Other segment expense includes FDIC insurance, loss on sale or write-down of assets, litigation and operational losses, merger related expenses and other miscellaneous expenses.

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<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

This discussion and the related financial data are presented to assist in the understanding and evaluation of the consolidated financial condition and the results of operations of First Commonwealth Financial Corporation including its subsidiaries ("First Commonwealth") for the three months ended March 31, 2026 and 2025, and should be read in conjunction with the unaudited Consolidated Financial Statements and notes thereto included in this Form 10-Q.

**<u>FORWARD-LOOKING STATEMENTS</u>**

Certain statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"), 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 within the meaning of the Reform Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of First Commonwealth or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance or interest rates; and (iv) statements of assumptions underlying such statements. Words such as "believe," "anticipate," "expect," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may," are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

• Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.

• Volatility and disruption in national and international financial markets.

• The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies.

• Government intervention in the U.S. financial system.

• Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.

• Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.

• Inflation, interest rate, securities market and monetary fluctuations.

• The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.

• The soundness of other financial institutions.

• Political instability.

• Impairment of our goodwill or other intangible assets.

• Acts of God or of war or terrorism.

• The timely development and acceptance of new products and services and perceived overall value of these products and services by users.

• Changes in consumer spending, borrowings and savings habits.

• Changes in the financial performance and/or condition of our borrowers.

• Technological changes.

• The cost and effects of cyber incidents or other failures, interruption or security breaches of our systems or those of third-party providers.

• Acquisitions and integration of acquired businesses.

• Our ability to increase market share and control expenses.

• Our ability to attract and retain qualified employees.

• Changes in the competitive environment in our markets and among banking organizations and other financial service providers.

• 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.

• Changes in the reliability of our vendors, internal control systems or information systems.

• Changes in our liquidity position.

• Changes in our organization, compensation and benefit plans.

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

• 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.

• Greater than expected costs or difficulties related to the integration of new products and lines of business.

• Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

<u>Explanation of Use of Non-GAAP Financial Measures</u>

In addition to the results of operations presented in accordance with generally accepted accounting principles ("GAAP"), First Commonwealth management uses, and this quarterly report contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. We believe these non-GAAP financial measures provide information that is useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparison with the performance of others in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors' understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP.

We believe the presentation of net interest income on a fully taxable equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Interest income per the unaudited Consolidated Statements of Income is reconciled to net interest income adjusted to a fully taxable equivalent basis on pages 57 for the three months ended March 31, 2026 and 2025.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

<u>Selected Financial Data</u>

The following selected financial data should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the unaudited Consolidated Financial Statements and related notes.

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(dollars in thousands, except per share data)** | **(dollars in thousands, except per share data)** |
| **Net Income** | $37548 | $32696 |
| **Per Share Data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Earnings per Share | $0.37 | $0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted Earnings per Share | 0.37 | 0.32 |
| **Cash Dividends Declared per Common Share** | 0.135 | 0.130 |
| **Average Balance:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12224806 | $11680688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1562242 | 1429013 |
| **End of Period Balance:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases <sup>(1)</sup> | $9336280 | $9014796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 12262572 | 11786398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 10409893 | 9861657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1552697 | 1447051 |
| **Key Ratios:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 1.25% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average equity | 9.75% | 9.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payout ratio | 36.49% | 40.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average equity to average assets ratio | 12.78% | 12.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 3.92% | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans to deposits ratio | 89.69% | 91.41% |

---

<sup>(1)</sup> Includes loans held for sale.

<u>Results of Operations</u>

**Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025** 

*<u>Net Income</u>*

For the three months ended March 31, 2026, First Commonwealth had net income of $37.5 million, or $0.37 diluted earnings per share, compared to net income of $32.7 million, or $0.32 diluted earnings per share, in the three months ended March 31, 2025. The increase in net income was primarily the result of a $13.5 million increase in net interest income and $2.1 million increase in noninterest income, offset by a $5.0 million increase in the provision for credit losses and a $4.3 million increase in noninterest expense.

For the three months ended March 31, 2026, the Company's return on average equity was 9.75% and its return on average assets was 1.25%, compared to 9.28% and 1.14%, respectively, for the three months ended March 31, 2025.

*<u>Net Interest Income</u>*

Net interest income, on a fully taxable equivalent basis, was $109.3 million in the first three months of 2026, compared to $95.9 million for the same period in 2025. The increase in net interest income can be attributed to a 29 basis point decrease in the cost of interest-bearing liabilities and an 8 basis point increase in the yield on interest-earning assets. Net interest income comprises the majority of our operating revenue (net interest income before provision expense plus noninterest income), at 81.6% and 80.9% for the three months ended March 31, 2026 and 2025, respectively.

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The net interest margin on a fully taxable equivalent basis was 3.92% for the three months ended March 31, 2026 and 3.62% for the three months ended March 31, 2025. The net interest margin is affected by changes in the level of interest rates and the amount and composition of interest-earning assets and interest-bearing liabilities.

The taxable equivalent yield on interest-earning assets was 5.65% for the three months ended March 31, 2026, an increase of eight basis points compared to the 5.57% yield for the same period in 2025. The yield on interest-earning assets benefited as the yield on adjustable and fixed rate commercial loans increased 18 basis points and 55 basis points, respectively. Additionally, the yield on fixed rate consumer loans increased by 33 basis points. For the three months ended March 31, 2026, four basis points of the yield on interest-earning assets can be attributed to the recognition of $1.3 million in accretion of purchase accounting marks. For the three months ended March 31, 2025, accretion of purchase accounting marks contributed $1.2 million, or five basis points, to the yield on interest-earning assets.

The investment portfolio yield decreased 3 basis points in comparison to the prior year primarily due to a decline in market rates. Additionally, the average balance of investments decreased $70.3 million as compared to the three months ended March 31, 2025. Lower interest rates in the three months ended March 31, 2026 compared to the prior year resulted in a 88 basis point decrease in the yield on interest-bearing deposits with banks, while the average balance increased from $76.8 million in 2025 to $207.8 million in 2026.

The cost of interest-bearing liabilities decreased to 2.38% for the three months ended March 31, 2026, from 2.67% for the same period in 2025. The cost of interest-bearing deposits decreased 27 basis points and short-term borrowings decreased 72 basis points in comparison to the same period last year. The cost of interest-bearing deposits was impacted by declines in market interest rates as well as changes in the mix of deposits due to growth in money market and time deposits. Comparing the three months ended March 31, 2026 with the comparable period in 2025, average time deposits increased $56.9 million, or 3.2%, with a decrease in the cost of these deposits of 52 basis points. Contributing to the average growth in time deposits was an average of $90.3 million acquired as part of the Center acquisition in the second quarter of 2025. Other interest-bearing deposits increased on average $375.3 million, or 6.5%, compared to the three months ended March 31, 2025 and the cost of these deposits decreased 18 basis points. Average growth in other-interest bearing deposits attributable to the Center acquisition totaled $146.2 million. Compared to the prior period, short-term borrowings decreased an average of $19.0 million and long-term debt decreased an average of $54.4 million compared to the prior period as a result of the payoff of $129.4 million FHLB debt during the first quarter of 2026.

For the three months ended March 31, 2026, changes in rates positively impacted net interest income by $7.4 million when compared to the same period in 2025. The yield on interest-earning assets positively impacted net interest income by $1.9 million and the decrease in the cost of interest-bearing liabilities positively impacted net interest income by $5.5 million.

Changes in the volume of interest-earning assets and interest-bearing liabilities positively impacted net interest income by $6.0 million for the three months ended March 31, 2026, as compared to the same period in 2025. Higher levels of interest-earning assets resulted in an increase of $8.2 million in interest income, while changes in the volume and mix of interest-bearing liabilities increased interest expense by $2.1 million. Average interest-earning assets for the three months ended March 31, 2026 increased $558.1 million, or 5.2%, compared to the same period in 2025. Average loans for the comparable period increased $497.4 million, or 5.5%, and average investments decreased $70.3 million, or 4.4%. Average loans attributable to the Center acquisition for the three months ended March 31, 2026 totaled $292.6 million.

Net interest income was positively impacted by a $199.3 million increase in average net free funds for the three months ended March 31, 2026 as compared to the corresponding period in 2025. Average net free funds are the excess of noninterest-bearing demand deposits, other noninterest-bearing liabilities and shareholders' equity over noninterest-earning assets. The level of net free funds was impacted by growth in average noninterest-bearing demand deposits, as well as higher average shareholders' equity due to retained earnings and stock issued for the Center acquisition. Average noninterest-bearing demand deposits for the three months ended March 31, 2026 increased $86.4 million, or 3.8%, compared to the same period in 2025, while interest-bearing demand deposits increased $375.3 million, or 6.5%.

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table reconciles interest income in the Consolidated Statements of Income to net interest income adjusted to a fully taxable equivalent basis for the three months ended March 31:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Interest income per Consolidated Statements of Income | $157218 | $147128 |
| Adjustment to fully taxable equivalent basis | 361 | 335 |
| Interest income adjusted to fully taxable equivalent basis (non-GAAP) | 157579 | 147463 |
| Interest expense | 48244 | 51606 |
| Net interest income adjusted to fully taxable equivalent basis (non-GAAP) | $109335 | $95857 |

---

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following is an analysis of the average balance sheet and net interest income on a fully taxable equivalent basis for the three months ended March 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Average<br>Balance** | **Income /<br>Expense (a)** | **Yield<br>or<br>Rate** | **Average<br>Balance** | **Income /<br>Expense (a)** | **Yield<br>or<br>Rate** |
|  | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Assets** |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits with banks | $207792 | $1967 | 3.84% | $76836 | $894 | 4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-free investment securities | 16153 | 109 | 2.74 | 18407 | 120 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable investment securities | 1513619 | 13264 | 3.55 | 1581640 | 14005 | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases, net of unearned income <sup>(b)(c)</sup> | 9566302 | 142239 | 6.03 | 9068872 | 132444 | 5.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 11303866 | 157579 | 5.65 | 10745755 | 147463 | 5.57 |
| Noninterest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 110558 |  |  | 107328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (127269) |  |  | (120552) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 937651 |  |  | 948157 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-earning assets | 920940 |  |  | 934933 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $12224806 |  |  | $11680688 |  |  |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits  | $1805168 | $5616 | 1.26% | $1853673 | $6705 | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings deposits | 4340029 | 23915 | 2.23 | 3916225 | 23603 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1820411 | 15920 | 3.55 | 1763492 | 17696 | 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 31766 | 169 | 2.16 | 50725 | 360 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 208363 | 2624 | 5.11 | 262809 | 3242 | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 8205737 | 48244 | 2.38 | 7846924 | 51606 | 2.67 |
| Noninterest-bearing liabilities and shareholders' equity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing demand deposits  | 2339160 |  |  | 2252794 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 117667 |  |  | 151957 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | 1562242 |  |  | 1429013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Noninterest-Bearing Funding Sources** | 4019069 |  |  | 3833764 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Shareholders' Equity** | $12224806 |  |  | $11680688 |  |  |
| **Net Interest Income and Net Yield on Interest-Earning Assets** |  | $109335 | 3.92% |  | $95857 | 3.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a)Income on interest-earning assets has been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate for the three months ended March 31, 2026 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Loan balances include held for sale and nonaccrual loans. Income on nonaccrual loans is accounted for on the cash basis.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Loan income includes loan fees earned.

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table shows the effect of changes in volumes and rates on interest income and interest expense for the three months ended March 31, 2026 compared with March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Analysis of Year-to-Year Changes in Net Interest Income** | **Analysis of Year-to-Year Changes in Net Interest Income** | **Analysis of Year-to-Year Changes in Net Interest Income** |
| | **Total<br>Change** | **Change Due To<br>Volume** | **Change Due To<br>Rate (a)** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Interest-earning assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits with banks | $1073 | $1524 | $(451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-free investment securities | (11) | (15) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable investment securities | (741) | (602) | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and leases | 9795 | 7261 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income (b) | 10116 | 8168 | 1948 |
| Interest-bearing liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing demand deposits | (1089) | (176) | (913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings deposits | 312 | 2550 | (2238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | (1776) | 571 | (2347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | (191) | (135) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | (618) | (671) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | (3362) | 2139 | (5501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $13478 | $6029 | $7449 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a)Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to rate variances.

&nbsp;&nbsp;&nbsp;&nbsp;(b)Changes in interest income have been computed on a fully taxable equivalent basis using the 21% federal income tax statutory rate.

*<u>Provision for Credit Losses</u>*

The provision for credit losses is determined based on management's estimates of the appropriate level of the allowance for credit losses needed for expected losses inherent in the loan portfolio and off-balance sheet commitments. The provision for credit losses is an amount added to the allowance, against which credit losses are charged.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The table below provides a breakout of the provision for credit losses by loan category for the three months ended March 31:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2025** | **2025** |
| | **Dollars** | **Percentage** | **Dollars** | **Percentage** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Commercial, financial, agricultural and other** | $**8229** | **71%** | $**2543** | **62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand | 5431 | 47 | 459 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial credit cards | 171 | 1 | 104 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment finance | 1914 | 17 | 1377 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time and demand other | 713 | 6 | 603 | 15 |
| **Real estate construction** | **(381)** | **(3)** | **802** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction other | (231) | (2) | 759 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction residential | (150) | (1) | 43 | 1 |
| **Residential real estate** | **435** | **4** | **(87)** | **(2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential first lien | 401 | 4 | (138) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential junior lien/home equity | 34 |  | 51 | 1 |
| **Commercial real estate** | **1791** | **15** | **(553)** | **(13)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 1994 | 17 | 47 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | (950) | (8) | (754) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | 747 | 6 | 154 | 4 |
| **Loans to individuals** | **1502** | **13** | **1418** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobile and recreational vehicles | 1225 | 11 | 1315 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit cards | 51 |  | 59 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer other | 226 | 2 | 44 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Provision for credit losses on loans and leases** | $**11576** | **100%** | $**4123** | **100%** |
| **Provision for off-balance sheet credit exposure** | **(843)** |  | **1613** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total provision for credit losses** | $**10733** |  | $**5736** |  |

---

Total provision expense for the three months ended March 31, 2026, increased $5.0 million compared to the three months ended March 31, 2025. Included in the provision for credit losses for the three months ended March 31, 2026 is $7.4 million in reserves related to two individually analyzed time and demand loans and $2.2 million in reserves for one individually analyzed multifamily real estate loan, all of which were moved to nonaccrual during the first quarter of 2026. Provision expense for the period was also impacted by $0.7 million recognized as charge-offs for two commercial loan relationships moved to held for sale.

Also impacting provision expense in the three months ended March 31, 2026 was $0.8 million in negative provision expense related to the reserve for off-balance sheet credit exposures. The level of provision for off-balance sheet exposure in 2026 is primarily due to decreased commercial and residential construction commitments.

The provision expense for the three months ended March 31, 2025 is primarily attributed to growth in equipment finance and automobile and recreational vehicles loans as well as an increase in the provision for off-balance sheet commitments due to higher balances of commercial construction loan commitments.

The allowance for credit losses was $129.2 million, or 1.37%, of total loans and leases outstanding at March 31, 2026, compared to $125.8 million, or 1.32%, at December 31, 2025 and $119.9 million, or 1.32%, at March 31, 2025. Nonperforming loans as a percentage of total loans and leases increased to 0.98% at March 31, 2026 from 0.65% as of March 31, 2025 and 0.97% at December 31, 2025. The allowance to nonperforming loan ratio was 141.70%, 137.07% and 201.89% as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

Management believes that the allowance for credit losses is at a level deemed appropriate to absorb expected losses inherent in the loan portfolio at March 31, 2026.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Below is an analysis of the consolidated allowance for credit losses for the three months ended March 31, 2026 and 2025 and the year-ended December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Balance, beginning of period | $125768 | $118906 | $118906 |
| Day 1 allowance for credit loss on PCD acquired loans |  |  | 3560 |
| Provision for credit losses - acquisition day 1 non-PCD |  |  | 3379 |
| Loans charged off: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial, agricultural and other | 4014 | 4019 | 20252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate construction | 326 |  | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 145 | 108 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 2308 | 1464 | 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to individuals | 2644 | 2419 | 8887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans charged off | 9437 | 8010 | 38366 |
| Recoveries of loans previously charged off: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial, financial, agricultural and other | 406 | 3690 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate construction |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential real estate | 26 | 137 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 40 | 156 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to individuals | 804 | 929 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 1276 | 4912 | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs | 8161 | 3098 | 29375 |
| Provision for credit losses on loans and leases charged to expense | 11576 | 4123 | 29298 |
| Balance, end of period | $129183 | $119931 | $125768 |
| Net charge-offs as a percentage of average loans and leases outstanding (annualized) | 0.35% | 0.14% | 0.31% |
| Allowance for credit losses as a percentage of end-of-period loans and leases outstanding | 1.37% | 1.32% | 1.32% |

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

*<u>Noninterest Income</u>*

The following table presents the components of noninterest income for the three months ended March 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2025** | **$ Change** | **% Change** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Noninterest Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust income | $3408 | $3022 | $386 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 5530 | 5438 | 92 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance and retail brokerage commissions | 3267 | 3170 | 97 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from bank owned life insurance | 1796 | 1502 | 294 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Card-related interchange income | 3661 | 3654 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap fee income | 122 | 835 | (713) | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 2183 | 2255 | (72) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 19967 | 19876 | 91 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net securities gains (losses) | 229 | (5142) | 5371 | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of VISA |  | 5146 | (5146) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mortgage loans | 2215 | 1387 | 828 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of other loans and assets | 2182 | 1388 | 794 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives mark to market | (6) | (153) | 147 | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | $24587 | $22502 | $2085 | 9% |

---

Total noninterest income for the three months ended March 31, 2026 increased $2.1 million, or 9%, compared to the three months ended March 31, 2025. This is primarily the result of an $0.8 million increase in the gain on sale of mortgage loans and a $0.8 million increase in the gain on sale of other loans and assets. Included in gain on sale of other loans and assets for the three months ended March 31, 2026 was $0.4 million related to changes in the value of loans held for sale. Trust income increased $0.4 million due to revenue for assets under management and income from bank owned life insurance increased $0.3 million largely due to a stable value wrap restructure completed in the first quarter of 2025. Offsetting these increases, was a decrease of $0.7 million in swap fee income as a result of lower volume for new interest rate swaps entered into by our commercial loan customers.

Other items impacting noninterest income in the three months ended March 31, 2025 include gains on the sale of VISA shares of $5.1 million, offset by net security losses of $5.1 million, resulting from the sale of available for sale securities that were sold in order to reinvest into higher yielding investments.

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

*<u>Noninterest Expense</u>*

The following table presents the components of noninterest expense for the three months ended March 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2026** | **2025** | **$ Change** | **% Change** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| **Noninterest Expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and employee benefits | $42874 | $40415 | $2459 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net occupancy | 5565 | 5729 | (164) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment | 4823 | 4193 | 630 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data processing | 4183 | 3817 | 366 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising and promotion | 1671 | 1372 | 299 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania shares tax | 1330 | 1337 | (7) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible amortization | 1364 | 1131 | 233 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other professional fees and services | 1106 | 1620 | (514) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FDIC insurance | 1589 | 1379 | 210 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | 9549 | 9140 | 409 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 74054 | 70133 | 3921 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale or write-down of assets | 567 | 215 | 352 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation and operational losses | 857 | 793 | 64 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on early redemption of subordinated debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger and acquisition related | 117 | 109 | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $75595 | $71250 | $4345 | 6% |

---

Noninterest expense increased $4.3 million, or 6%, for the three months ended March 31, 2026 compared to the same period in 2025. This increase is primarily the result of a $2.5 million increase in salaries and benefits expense. Contributing to the higher salary expense in 2026 was a higher number of full time equivalent employees, partially due to the Center acquisition. The number of full time equivalent employees totaled 1,538 at March 31, 2025 and 1,592 at March 31, 2026.

Furniture and equipment expense increased $0.6 million, primarily due to higher software related expenses. The decrease in other professional fees and services is a result of services and advisors contracted for several areas in the prior period, none of which were individually material.

*<u>Income Tax</u>*

The provision for income taxes increased $1.3 million for the three months ended March 31, 2026, compared to the corresponding period in 2025, primarily due to the higher level of income before tax.

We applied the "annual effective tax rate approach" to determine the provision for income taxes, which applies an annual forecast of tax expense as a percentage of expected full year income, for the three months ended March 31, 2026 and 2025.

We generate an annual effective tax rate that is less than the statutory rate of 21% due to benefits resulting from tax-exempt interest, income from bank-owned life insurance and tax benefits associated with low income housing tax credits, all of which are relatively consistent regardless of the level of pretax income. These provided for an effective tax rate of 20.5% and 20.3% for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, our deferred tax assets totaled $43.0 million. Based on our evaluation, we determined that it is more likely than not that all of these assets will be realized. As a result, a valuation allowance against these assets was not recorded. In evaluating the need for a valuation allowance, we estimate future taxable income based on management approved forecasts, evaluation of historical earnings levels and consideration of potential tax strategies. If future events differ from our current forecasts, we may need to establish a valuation allowance, which could have a material impact on our financial condition and results of operations.

<u>Liquidity</u>

Liquidity refers to our ability to meet the cash flow requirements of depositors and borrowers, as well as our operating cash needs, with cost-effective funding. We generate funds to meet these needs primarily through the core deposit base of First

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Commonwealth Bank and the maturity or repayment of loans and other interest-earning assets, including investments. During the first three months of 2026, the sale, maturity and redemption of investment securities provided $100.0 million in liquidity. These funds contributed to the liquidity available to originate loans, purchase investment securities and fund depositor withdrawals.

The following represents our expanded sources of liquidity as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Available** | **Amount Used** | **Outstanding Letters of Credit** | **Net Available** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Internal liquidity sources |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered securities | $629653 | $— | $— | $629653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (excess pledged) | 129728 |  |  | 129728 |
| External liquidity sources |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB advances | 2735007 |  | 7575 | 2727432 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRB borrowings | 1069267 |  |  | 1069267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lines with other financial institutions | 160000 |  |  | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDARs <sup>(1)</sup> | 1223304 | 15016 |  | 1208288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liquidity** | $**5946959** | $**15016** | $**7575** | $**5924368** |

---

<sup>(1)</sup> Reflects internal policy limit. Maximum capacity with CDARs is $1.8 billion.

Our participation in the Certificate of Deposit Account Registry Services ("CDARS") program is part of an Asset/Liability Committee ("ALCO") strategy to increase and diversify funding sources. As of March 31, 2026, the outstanding CDARS balance of $15.0 million carried an average weighted rate of 2.95% and an average original term of 322 days. These deposits are part of a reciprocal program that allows our depositors to receive expanded FDIC coverage by placing multiple certificates of deposit at other CDARS member banks.

Liquidity available through the Federal Reserve is a result of the FRB Borrower-in-Custody of Collateral program, which enables us to take certain loans that are not being used as collateral at the FHLB and pledge them as collateral for borrowings at the FRB.

First Commonwealth's long-term liquidity source is its core deposit base. Core deposits are the most stable source of liquidity a bank can have due to the long-term relationship with a deposit customer. The following table shows a breakdown of the components of First Commonwealth's deposits:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amount** | **Originated** | **Acquired**<sup>(a)</sup> | **Amount** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Noninterest-bearing demand deposits | $2370132 | $2331287 | $41484 | $2372771 |
| Interest-bearing demand deposits | 1835503 | 1782509 | 13004 | 1795513 |
| Savings deposits | 4402789 | 4108572 | 133190 | 4241762 |
| Time deposits | 1801469 | 1750616 | 90307 | 1840923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $10409893 | $9972984 | $277985 | $10250969 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a)Reflects the deposit balances, including purchase accounting marks, of deposits acquired from Center as of the acquisition date of April 30, 2025.

The level of deposits during any period is influenced by factors outside of management's control, such as the level of short-term and long-term market interest rates and yields offered on competing investments, such as money market mutual funds.

During the first three months of 2026, total deposits increased $158.9 million. Interest-bearing demand and savings deposits increased $201.0 million, time deposits decreased $39.5 million, and noninterest-bearing demand deposits decreased $2.6 million.

The estimated total of uninsured deposits was $3.0 billion and $2.9 billion at March 31, 2026 and December 31, 2025, respectively, of which $0.8 billion were secured by pledged investment securities or letters of credit as of both March 31, 2026 and December 31, 2025. Uninsured amounts are estimated based on known account relationships for each depositor and insurance guidelines provided by the FDIC.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

<u>Market Risk</u>

The following gap analysis compares the difference between the amount of interest-earning assets and interest-bearing liabilities subject to repricing over a period of time. The ratio of rate-sensitive assets to rate-sensitive liabilities repricing within a one-year period was 0.71 and 0.70 at March 31, 2026 and December 31, 2025, respectively. A ratio of less than one indicates a higher level of repricing liabilities over repricing assets over the next twelve months. The level of First Commonwealth's ratio is largely driven by the modeling of interest-bearing non-maturity deposits, which are included in the analysis as repricing within one year.

Gap analysis has limitations due to the static nature of the model, which holds volumes and consumer behaviors constant in all economic and interest rate scenarios. A lower level of rate sensitive assets to rate sensitive liabilities repricing in one year could indicate reduced net interest income in a rising interest rate scenario, and conversely, increased net interest income in a declining interest rate scenario. However, the gap analysis incorporates only the level of interest-earning assets and interest-bearing liabilities and not the sensitivity each has to changes in interest rates. The impact of the sensitivity to changes in interest rates is provided in the table below the gap analysis.

The following is the gap analysis as of March 31, 2026 and December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **0-90 Days** | **91-180<br>Days** | **181-365<br>Days** | **Cumulative<br>0-365 Days** | **Over 1 Year<br>Through 5<br>Years** | **Over 5<br>Years** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Loans and leases | $3935060 | $491170 | $757250 | $5183480 | $3367870 | $750407 |
| Investments | 109798 | 68251 | 126887 | 304936 | 716148 | 686114 |
| Other interest-earning assets | 223523 |  |  | 223523 |  | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-sensitive assets (ISA) | 4268381 | 559421 | 884137 | 5711939 | 4084018 | 1437804 |
| Certificates of deposit | 675028 | 766072 | 292421 | 1733521 | 69223 | 998 |
| Other deposits | 6238292 |  |  | 6238292 |  |  |
| Borrowings | 101867 |  |  | 101867 | 50000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-sensitive liabilities (ISL) | 7015187 | 766072 | 292421 | 8073680 | 119223 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap | $(2746806) | $(206651) | $591716 | $(2361741) | $3964795 | $1436806 |
| ISA/ISL | 0.61 | 0.73 | 3.02 | 0.71 | 34.26 | 1440.69 |
| Gap/Total assets | 22.40% | 1.69% | 4.83% | 19.26% | 32.33% | 11.72% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **0-90 Days** | **91-180<br>Days** | **181-365<br>Days** | **Cumulative<br>0-365 Days** | **Over 1 Year<br>Through 5<br>Years** | **Over 5<br>Years** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Loans and leases | $3962518 | $534440 | $846281 | $5343239 | $3308592 | $724461 |
| Investments | 83620 | 64581 | 134135 | 282336 | 676118 | 657200 |
| Other interest-earning assets | 75812 |  |  | 75812 |  | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-sensitive assets (ISA) | 4121950 | 599021 | 980416 | 5701387 | 3984710 | 1382931 |
| Certificates of deposit | 770770 | 629285 | 367335 | 1767390 | 72102 | 916 |
| Other deposits | 6037275 |  |  | 6037275 |  |  |
| Borrowings | 227167 | 215 | 127431 | 354813 | 51693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-sensitive liabilities (ISL) | 7035212 | 629500 | 494766 | 8159478 | 123795 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap | $(2913262) | $(30479) | $485650 | $(2458091) | $3860915 | $1382015 |
| ISA/ISL | 0.59 | 0.95 | 1.98 | 0.70 | 32.19 | 1509.75 |
| Gap/Total assets | 23.60% | 0.25% | 3.93% | 19.91% | 31.28% | 11.20% |

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table presents an analysis of the potential sensitivity of our annual net interest income to gradual changes in interest rates over a 12-month time frame as compared with net interest income if rates remained unchanged and there are no changes in balance sheet categories.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Net interest income change (12 months) for basis point movements of:** | **Net interest income change (12 months) for basis point movements of:** | **Net interest income change (12 months) for basis point movements of:** | **Net interest income change (12 months) for basis point movements of:** |
| | **-200** | **-100** | **+100** | **+200** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| March 31, 2026 ($) | $(1746) | $(911) | $5004 | $9223 |
| March 31, 2026 (%) | (0.39)% | (0.20)% | 1.12% | 2.06% |
| December 31, 2025 ($) | $(1761) | $(979) | $4114 | $8173 |
| December 31, 2025 (%) | (0.40)% | (0.22)% | 0.95% | 1.88% |

---

The following table represents the potential sensitivity of our annual net interest income to immediate changes in interest rates versus if rates remained unchanged and there are no changes in balance sheet categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net interest income change (12 months) for basis point movements of:** | **Net interest income change (12 months) for basis point movements of:** | **Net interest income change (12 months) for basis point movements of:** | **Net interest income change (12 months) for basis point movements of:** |
| | **-200** | **-100** | **+100** | **+200** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| March 31, 2026 ($) | $(7995) | $(3241) | $13788 | $25607 |
| March 31, 2026 (%) | (1.78)% | (0.72)% | 3.08% | 5.71% |
| December 31, 2025 ($) | $(9798) | $(4118) | $13061 | $25334 |
| December 31, 2025 (%) | (2.25)% | (0.95)% | 3.00% | 5.82% |

---

The Company evaluates its potential interest rate sensitivity by utilizing several interest rate scenarios that incorporate both rising and declining rates. Results of these scenarios are impacted by variables that include the current level of interest rates, product characteristics such as floors and ceilings, the frequency with which variable rate products reset their rates, and projected pricing changes for non-maturity deposits. For example, the results in a declining rate scenario could be affected by the model's use of an assumed interest rate floor of zero. For the three months ended March 31, 2026 and 2025, the cost of our interest-bearing liabilities averaged 2.38% and 2.67%, respectively, and the yield on our average interest-earning assets, on a fully taxable equivalent basis, averaged 5.65% and 5.57%, respectively.

Asset/liability models require that certain assumptions be made, such as prepayment rates on earning assets and the impact of pricing on non-maturity deposits, which may differ from actual experience. These business assumptions are based upon our experience, business plans and published industry experience. While management believes such assumptions to be reasonable, there can be no assurance that modeled results will approximate actual results.

<u>Credit Risk</u>

Management of credit risk within our loan and lease portfolio is a focus of the Company and is a continuous process in order to address changing economic and lending environments. Segment and concentration limits are established and approved by our Board of Directors' Risk Committee in order to maintain alignment with our credit risk appetite, loan strategic plan, loan policy and underwriting guidelines. In addition, our Credit Department completes industry studies to identify potential risk in the portfolio. For example, within the commercial real estate portfolio, industry studies are completed for the following sectors: hospitality, industrial, multifamily, office, retail, senior living, healthcare and student housing. All industry studies are completed on an annual basis with the exception of senior living and healthcare which are completed every other year.

On an annual basis, the Credit Department also reviews the commercial real estate portfolio as a whole, along with underwriting practices and loan level stress testing procedures, to enhance risk management practices and monitor commercial real estate concentrations. This review provides an overview of the portfolio to ensure that emerging risks have been identified, and documents and validates the standard interest rate and capitalization rate stress scenarios.

First Commonwealth maintains an allowance for credit losses at a level deemed sufficient for losses inherent in the loan and lease portfolio at the date of each statement of financial condition. Management reviews the appropriateness of the allowance on a quarterly basis to ensure that the provision for credit losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is appropriate based on management's assessment of estimated expected losses.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

First Commonwealth's methodology for assessing the appropriateness of the allowance for credit losses consists of several key elements. These elements include an assessment of individual nonperforming loans with a balance greater than $250 thousand, loss experience trends and other relevant factors.

First Commonwealth also maintains a reserve for unfunded loan commitments and letters of credit based upon credit risk and probability of funding. The reserve totaled $7.3 million at March 31, 2026 and is classified in "Other liabilities" on the unaudited Consolidated Statements of Financial Condition.

We discontinue interest accruals on a loan when, based on current information and events, it is probable that we will be unable to fully collect principal or interest due according to the contractual terms of the loan. A loan is also placed on nonaccrual status when, based on regulatory definitions, the loan is maintained on a "cash basis" due to the weakened financial condition of the borrower. Generally, loans 90 days or more past due are placed on nonaccrual status, except for consumer loans, which are placed on nonaccrual status at 150 days past due. Consumer loans related to automobile and recreational vehicles are either charged off or repossessed at no later than 90 days past due.

Nonperforming loans are closely monitored on an ongoing basis as part of our loan review and work-out process. The probable risk of loss on these loans is evaluated by comparing the loan balance to the estimated fair value of any underlying collateral or the present value of projected future cash flows. Losses or a specifically assigned allowance for loan losses are recognized where appropriate.

Nonperforming loans and leases, including loans held for sale, increased $0.6 million to $92.3 million at March 31, 2026, compared to $91.8 million at December 31, 2025. During the first three months of 2026, a total of $24.6 million in loans were moved to a nonperforming status. This total includes three commercial relationships totaling $20.5 million. As of March 31, 2026, reserves of $9.6 million are included in the allowance for credit losses for these relationships. Offsetting the additions to nonperforming was the transfer of two commercial relationships back to accrual status totaling $8.6 million, releasing $2.3 million in reserves from the allowance for credit losses. Additionally, two commercial relationships totaling $5.4 million were transferred to held for sale, recognizing $0.6 million in charge-offs and a $3.2 million commercial relationship was resolved with the Company accepting $1.3 million as satisfaction for the loan balance, recognizing a charge-off of $1.9 million, for which $1.7 million was provided for at December 31, 2025. Also impacting nonperforming loan balances in the first quarter of 2026, was a $1.7 million paydown of a $2.5 million dealer floor plan relationship with the Company recognizing a previously provided for charge-off of $0.7 million. Charge-offs for the three months ended March 31, 2026 totaled $9.4 million. Subsequent to March 31, 2026, two individually analyzed nonaccrual commercial credits, with an outstanding balance of $5.6 million and associated reserves of $3.3 million, were sold or paid off. This resulted in an additional chargeoff of $0.1 million in the second quarter of 2026.

The allowance for credit losses as a percentage of nonperforming loans was 141.70% as of March 31, 2026, compared to 137.07% at December 31, 2025, and 201.89% at March 31, 2025. The amount of individually analyzed reserves included in the allowance for nonperforming loans and leases was determined by using fair values obtained from current appraisals. The allowance for credit losses includes specific allocations of $14.0 million and general reserves of $115.2 million as of March 31, 2026. Specific reserves increased $4.1 million in comparison to December 31, 2025 and $6.1 million from March 31, 2025. The increase in specific reserves compared to December 31, 2025 is primarily due to specific reserves applied to individually analyzed loans moved to nonperforming during the quarter.

Criticized loans totaled $284.6 million at March 31, 2026 and represented 3.0% of the loan portfolio. The level of criticized loans increased as of March 31, 2026 when compared to December 31, 2025, by $17.5 million, or 7%. Classified loans totaled $136.9 million at March 31, 2026 compared to $139.4 million at December 31, 2025, a decrease of $2.5 million, or 2%. The higher level of classified loans can be attributed to changes in nonperforming loans as previously discussed.

The allowance for credit losses was $129.2 million at March 31, 2026, or 1.37% of total loans and leases outstanding, compared to 1.32% reported at December 31, 2025, and 1.32% at March 31, 2025. General reserves, or the portion of the allowance related to loans that were not individually analyzed, as a percentage of performing loans were 1.75% at March 31, 2026 compared to 1.22% at December 31, 2025 and 1.24% at March 31, 2025.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

The following table provides information related to nonperforming assets, the allowance for credit losses and other credit-related measurements:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31,** | **March 31,** | **March 31,** | | **December 31, 2025** | |
| | **2026** | | **2025** | | **December 31, 2025** | |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | |
| **<u>Nonperforming Loans:</u>** |  |  |  |  |  |  |
| Loans on nonaccrual basis | $50260 |  | $37520 |  | $51151 |  |
| Loans on a nonaccrual basis - with government guarantees | 27028 |  | 13016 |  | 30325 |  |
| Loans held for sale on a nonaccrual basis | 1149 |  |  |  |  |  |
| Loans on nonaccrual basis - acquired | 12844 |  | 8211 |  | 9393 |  |
| Loans on nonaccrual basis - acquired with government guarantees | 1032 |  | 658 |  | 887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | $92313 |  | $59405 |  | $91756 |  |
| Loans past due 30 to 90 days and still accruing | $45876 |  | $34075 |  | $35792 |  |
| Loans past due in excess of 90 days and still accruing | $2927 |  | $1156 |  | $1288 |  |
| Other real estate owned | $221 |  | $1270 |  | $990 |  |
| Loans held for sale at end of period | $31638 |  | $41587 |  | $271452 |  |
| Portfolio loans and leases outstanding at end of period | $9433825 |  | $9093140 |  | $9508039 |  |
| Average loans and leases outstanding | $9566302 | (a) | $9068872 | (a) | $9474491 | (b) |
| Nonperforming loans as a percentage of total loans and leases | 0.98% |  | 0.65% |  | 0.97% |  |
| Provision for credit losses on loans and leases <sup>(e)</sup> | $11576 | (a) | $4123 | (a) | $29298 | (b) |
| Provision for credit losses - acquisition day 1 non-PCD | $— |  | $— |  | $3759 |  |
| Allowance for credit losses | $129183 |  | $119931 |  | $125768 |  |
| Net charge-offs | $8161 | (a) | $3098 | (a) | $29375 | (b) |
| Net charge-offs as a percentage of average loans and leases outstanding (annualized) | 0.35% |  | 0.14% |  | 0.31% |  |
| Provision for credit losses as a percentage of net charge-offs <sup>(e)</sup> | 141.85% | (a) | 133.09% | (a) | 99.74% | (b) |
| Allowance for credit losses as a percentage of end-of-period loans and leases outstanding <sup>(c)</sup> | 1.37% |  | 1.32% |  | 1.32% |  |
| Allowance for credit losses as a percentage of nonperforming loans <sup>(d)</sup> | 141.70% |  | 201.89% |  | 137.07% |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(a)For the three-month period ended.

&nbsp;&nbsp;&nbsp;&nbsp;(b)For the twelve-month period ended.

&nbsp;&nbsp;&nbsp;&nbsp;(c)Does not include loans held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;(d)Does not include nonperforming loans held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;(e)Does not include provision for credit losses on loans and leases - acquisition day 1 non-PCD.

The following tables show the outstanding balances of our loan and lease portfolio and the breakdown of net charge-offs and nonperforming loans, excluding loans held for sale, by loan type as of and for the periods presented:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Amount** | **%** | **Legacy** | **Acquired**<sup>(a)</sup> | **Amount** | **%** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Commercial, financial, agricultural and other | $2061894 | 22% | $1983756 | $61233 | $2044989 | 22% |
| Real estate construction | 436237 | 5 | 429265 | 33521 | 462786 | 5 |
| Residential real estate | 2351601 | 25 | 2277365 | 82920 | 2360285 | 25 |
| Commercial real estate | 3148767 | 33 | 3067542 | 114567 | 3182109 | 33 |
| Loans to individuals | 1435326 | 15 | 1457493 | 377 | 1457870 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases, net of unearned income | $9433825 | 100% | $9215421 | $292618 | $9508039 | 100% |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>Reflects the balances, excluding loans held for sale and including purchase accounting marks, of loans acquired from Center as of the acquisition date of April 30, 2025.

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

During the three months ended March 31, 2026, loans decreased $74.2 million compared to balances outstanding at December 31, 2025.

Commercial, financial, agricultural and other loans increased $16.9 million, or 0.8%; $53.5 million of growth occurred in the equipment finance portfolio offset by a $29.6 million decrease in the time and demand portfolio. Real estate construction loans decreased $26.5 million, or 5.7%, due to commercial real estate projects that were completed and moved to permanent funding. Residential real estate decreased $8.7 million, or 0.4%, primarily due to a decline in residential first lien loans. Commercial real estate loans decreased $33.3 million, or 1.0%, as a result of decline in loans secured by non-owner occupied commercial real estate. Loans to individuals decreased $22.5 million, or 1.5%, primarily due to a decrease in the automobile and recreational vehicles portfolio.

Commercial real estate comprises 33% of our total loan portfolio. Commercial real estate loans are collateralized by real estate properties including, but not limited to, multifamily properties, office, retail, hotels and student housing. The following table summarizes the commercial real estate portfolio by type of property securing the credit.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Amount** | **%** | **Amount** | **%** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Land | $5130 | 0.2% | $8757 | 0.3% |
| Residential 1-4 | 20312 | 0.6 | 5380 | 0.2 |
| Industrial and storage | 638103 | 20.3 | 645211 | 20.3 |
| Multifamily | 612345 | 19.4 | 576299 | 18.1 |
| Office | 458649 | 14.6 | 470133 | 14.8 |
| Healthcare | 141606 | 4.5 | 143056 | 4.5 |
| Student housing | 100292 | 3.2 | 139645 | 4.4 |
| Retail | 762595 | 24.2 | 774070 | 24.3 |
| Hospitality | 226550 | 7.2 | 238531 | 7.4 |
| Specialty use | 181293 | 5.7 | 178940 | 5.6 |
| Other | 1892 | 0.1 | 2087 | 0.1 |
| Total | $3148767 | 100.0% | $3182109 | 100.0% |

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The following tables represent our commercial real estate portfolio by type of property securing the credit as of March 31, 2026. Total non-pass commercial real estate loans increased by $19.8 million to $147.3 million when compared to December 31, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pass** | **OAEM** | **Substandard Accruing** | **Substandard Nonaccruing** | **Total Non-Pass** | **Total** | **% Non-Pass** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Land | $5130 | $— | $— | $— | $— | $5130 | —% |
| Residential 1-4 | 20041 |  | 271 |  | 271 | 20312 | 1.3 |
| Industrial and storage | 624412 | 9025 | 3931 | 735 | 13691 | 638103 | 2.1 |
| Multifamily | 575789 | 16220 | 376 | 19960 | 36556 | 612345 | 6.0 |
| Office | 414620 | 22745 | 14441 | 6843 | 44029 | 458649 | 9.6 |
| Healthcare | 136937 | 1951 | 2680 | 38 | 4669 | 141606 | 3.3 |
| Student housing | 95321 | 4971 |  |  | 4971 | 100292 | 5.0 |
| Retail | 744446 | 3270 | 10481 | 4398 | 18149 | 762595 | 2.4 |
| Hospitality | 214110 | 12440 |  |  | 12440 | 226550 | 5.5 |
| Specialty use | 168889 | 10990 | 624 | 790 | 12404 | 181293 | 6.8 |
| Other | 1808 | 84 |  |  | 84 | 1892 | 4.4 |
| Total | $3001503 | $81696 | $32804 | $32764 | $147264 | $3148767 | 4.7% |

---

The office portfolio comprises 14% of total commercial real estate loans and 30% of total commercial real estate non-pass loans. The average loan commitment size for the office portfolio is $0.9 million and the average outstanding balance as of

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

March 31, 2026 is $0.9 million. Within the office portfolio, exposures over $1.0 million have an average debt service coverage ratio of 1.46x, which exceeds our internal guidelines of 1.25x to 1.50x, depending on property class. Additionally, for loans with exposure over $1.0 million, the office portfolio has a weighted average loan to value of 45.0% compared to internal guidelines of 60-75%, depending on property class. Our current measure is based off of the most recent appraisal on file, the majority of which are from origination.

As previously noted, portfolio segment limits are approved by our Board of Directors' Risk Committee. These segment limits incorporate loan commitments and are based off of total Tier 1 capital plus the allowable allowance for credit losses. In the second quarter of 2024, after considering the current environment and potential risks related to the office portfolio, the segment limit for the office portfolio was decreased from 65% to 50%, with the actual segment concentration at 31.2% as of March 31, 2026.

The following table summarizes commercial real estate loans by the location of the properties by which they are collateralized as of March 31, 2026. Some loans are collateralized by multiple properties spread over various states. In those instances, the loan is included below based on the location of the primary property collateralizing the loan.

---

| | | |
|:---|:---|:---|
| | **Balance** | **% of Total** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| Pennsylvania | $1304128 | 42% |
| Ohio | 1371802 | 44 |
| Kentucky | 117204 | 4 |
| New Jersey | 43773 | 1 |
| New York | 43223 | 1 |
| Indiana | 40172 | 1 |
| Other | 228465 | 7 |
|  | $3148767 | 100% |

---

When calculating the allowance for credit losses the commercial real estate portfolio is segmented into three portfolio segments: multifamily, non-owner occupied and owner occupied. For additional information related to these segments, including credit quality, see Note 8 "Loans and Leases and Allowance for Credit Losses" of the unaudited consolidated financial statements.

As indicated in the table below, commercial real estate and commercial, financial and agricultural and other loans represent a significant portion of the nonperforming loans as of March 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Net<br>Charge-<br>offs** | **% of<br>Total Net<br>Charge-offs** | **Net Charge-<br>offs as a % of<br>Average<br>Loans (annualized)** | **Nonperforming<br>Loans** | **% of Total<br>Nonperforming<br>Loans** | **Nonperforming<br>Loans as a % of<br>Total Loans** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Commercial, financial, agricultural and other | $3608 | 44.21% | 0.15% | $45160 | 49.54% | 0.48% |
| Real estate construction | 326 | 3.99 | 0.01 |  |  |  |
| Residential real estate | 119 | 1.46 | 0.01 | 13231 | 14.51 | 0.14 |
| Commercial real estate | 2268 | 27.79 | 0.10 | 32764 | 35.94 | 0.34 |
| Loans to individuals | 1840 | 22.55 | 0.08 | 9 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases, net of unearned income | $8161 | 100.00% | 0.35% | $91164 | 100.00% | 0.96% |

---

Net charge-offs for the three months ended March 31, 2026 totaled $8.2 million, compared to $3.1 million for the three months ended March 31, 2025. Charge-offs during the three months ended March 31, 2026 were primarily in the commercial, financial, agricultural and other, commercial real estate and loans to individual categories. See discussions related to the provision for credit losses and loans for more information.

------

ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

<u>Capital Resources</u>

At March 31, 2026, shareholders' equity was $1.6 billion, a decrease of $1.7 million from December 31, 2025. The decrease was primarily the result of $24.8 million of common stock repurchases and a $3.4 million decrease in the fair value of available for sale investments and interest rate swaps, which is reflected in the Other Comprehensive Income component of capital. Other items impacting capital include $37.5 million in net income offset by $13.8 million of dividends paid to shareholders and a $2.8 million increase related to the reissuance of treasury stock. Cash dividends declared per common share were $0.135 for the three months ended March 31, 2026.

First Commonwealth and First Commonwealth Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on First Commonwealth's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, First Commonwealth and First Commonwealth Bank must meet specific capital guidelines that involve quantitative measures of First Commonwealth's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. First Commonwealth's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors.

Effective January 1, 2015, the Company became subject to the new regulatory risk-based capital rules adopted by the federal banking agencies implementing Basel III. The most significant changes included higher minimum capital requirements, as the minimum Tier I capital ratio increased from 4.0% to 6.0% and a new common equity Tier I capital ratio was established with a minimum level of 4.5%. Additionally, the rules improved the quality of capital by providing stricter eligibility criteria for regulatory capital instruments and provide for a phase-in, beginning January 1, 2016, of a capital conservation buffer of 2.5% of risk-weighted assets. This buffer, which was fully phased-in as of January 1, 2019, provides a requirement to hold common equity Tier 1 capital above the minimum risk-based capital requirements, resulting in an effective common equity Tier I risk-weighted asset minimum ratio of 7.0% on a fully phased-in basis.

The Basel III Rules also permit banking organizations with less than $15.0 billion in assets to retain, through a one-time election, the existing treatment for accumulated other comprehensive income, which currently does not affect regulatory capital. The Company elected to retain this treatment, which reduces the volatility of regulatory capital levels.

In 2018, First Commonwealth Bank, the Company's banking subsidiary, issued $100 million in subordinated debt, of which $50 million remained outstanding at March 31, 2026, which under the regulatory rules qualifies as Tier II capital. As of March 31, 2026, this subordinated debt issuance increased the total risk-based capital ratio by 50 basis points.

As of March 31, 2026, First Commonwealth and First Commonwealth Bank met all capital adequacy requirements to which they are subject and were considered well-capitalized under the regulatory rules. To be considered well capitalized, the Company must maintain minimum Total risk-based capital, Tier I risk-based capital, Tier I leverage ratio and Common equity tier I risk-based capital as set forth in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Actual** | **Actual** | **Minimum Capital Required** | **Minimum Capital Required** | **Required to be Considered Well Capitalized** | **Required to be Considered Well Capitalized** |
| | **Capital<br>Amount** | **Ratio** | **Capital<br>Amount** | **Ratio** | **Capital<br>Amount** | **Ratio** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Total Capital to Risk Weighted Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corporation | $1470712 | 14.91% | $1035813 | 10.50% | $986488 | 10.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Bank | 1354893 | 13.76 | 1033726 | 10.50 | 984501 | 10.00 |
| Tier I Capital to Risk Weighted Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corporation | $1297799 | 13.16% | $838515 | 8.50% | $789191 | 8.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Bank | 1182226 | 12.01 | 836826 | 8.50 | 787601 | 8.00 |
| Tier I Capital to Average Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corporation | $1297799 | 10.90% | $476455 | 4.00% | $595568 | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Bank | 1182226 | 9.95 | 475413 | 4.00 | 594266 | 5.00 |
| Common Equity Tier I to Risk Weighted Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corporation | $1227799 | 12.45% | $690542 | 7.00% | $641217 | 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Bank | 1182226 | 12.01 | 689151 | 7.00 | 639926 | 6.50 |

---

On April 28, 2026, First Commonwealth Financial Corporation declared a quarterly dividend of $0.14 per share payable on May 22, 2026 to shareholders of record as of May 8, 2026. The timing and amount of future dividends are at the discretion of

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ITEM 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued)*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

First Commonwealth's Board of Directors based upon, among other factors, capital levels, asset quality, liquidity and current and projected earnings.

<u>New Accounting Pronouncements</u>

In November 2024, Accounting Standards Update 2024-03 ("ASU 2024-03"), "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures" (Subtopic 220-40) was issued. ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. ASU 2024-03 will be effective for us, on a prospective basis, for annual periods beginning in 2027, and interim periods within fiscal years beginning in 2028, though early adoption and retrospective application is permitted. ASU 2024-03 is not expected to have a significant impact on our financial conditions or results of operations.

In September 2025, Accounting Standard Update 2025-06 ("ASU 2025-06"), "Intangibles - Goodwill and Other - Internal-Use Software" (Subtopic 350-40) was issued. ASU 2025-06 simplifies the accounting for internal-use software by removing project development stages and introducing a new capitalization threshold. Under the revised standard, software development costs are capitalized when management authorizes and commits funding for the project and it is probable the software will be completed and used as intended. ASU 2025-06 will be effective in 2028 and is not expected to have a significant impact on our financial conditions or results of operations.

In November 2025, Accounting Standard Update 2025-08 ("ASU 2025-08"), "Financial Instruments - Credit Losses" (Topic 326) was issued. ASU 2025-08 expands the scope of acquired financial assets subject to the gross up approach formerly applicable only to purchased credit-deteriorated ("PCD") assets, to include acquired non-PCD loans that meet certain criteria, now referred to as "purchased seasoned loans" (PSLs). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan's amortized cost basis, thereby eliminating the day-one credit-loss expense previously required for non-PCD assets. PSLs are defined as non-PCD loans acquired either (i) through a business combination, or (ii) purchased more than 90 days after origination when the acquirer was not involved in origination. ASU 2025-08 will be effective on a prospective basis for loans acquired on or after the adoption date, for interim and annual reporting periods beginning in 2027, though early adoption is permitted. The Company is evaluating the expected impact on accounting for acquired assets related to future transactions.

In November 2025, Accounting Standard Update 2025-09 ("ASU 2025-09"), "Derivatives and Hedging" (Topic 815) was issued. This update allows designating a variable price component of a nonfinancial forecasted purchase or sale as the hedged risk, grouping individual forecasted transactions with similar (not identical) risk exposures, a new model for hedging forecasted interest on variable-rate debt, enabling changes in index or tenor without de-designation, subject to simplifying assumptions, and additional clarifications related to hedge accounting of nonfinancial components, net written options, and dual-hedge strategies. ASU 2025-09 will be effective beginning in 2027, though early adoption is permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

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<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

ITEM 3. *Quantitative and Qualitative Disclosures About Market Risk*

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

Information appearing in Item 2 of this report under the caption "Market Risk" is incorporated by reference in response to this item.

ITEM 4. *Controls and Procedures*

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15 under the Securities Exchange Act of 1-934 (the "Exchange Act"). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms of the Securities and Exchange Commission.

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<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

**<u>ITEM 1.</u> &nbsp;&nbsp;&nbsp;&nbsp;LEGAL PROCEEDINGS**

The information required by this item is set forth in Part I, Item 1, Note 6, "Commitments and Contingent Liabilities," which is incorporated herein by reference in response to this item.

**<u>ITEM 1A.</u>&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS**

There have been no material changes to the risk factors previously disclosed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**<u>ITEM 2.</u>&nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

&nbsp;&nbsp;&nbsp;&nbsp;

From time to time, the Company repurchases shares of its common stock pursuant to repurchase programs authorized by the Board of Directors. Most recently, the Board authorized repurchase programs of $25.0 million in December 2025 and an additional $25.0 million in February 2026. The following table details the amount of shares repurchased under this program in the first quarter of 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Month Ending:</u>** | **Total Number of<br>Shares<br>Purchased** | **Average Price<br>Paid per Share<br>(or Unit)** | **Total Number of<br>Shares Purchased<br>as Part of Publicly<br>Announced Plans<br>or Programs** | **Maximum Number<br>of Shares that<br>May Yet Be<br>Purchased Under<br>the Plans or<br>Programs\*** |
| January 31, 2026 | 251227 | $17.30 | 251227 | 1017523 |
| February 28, 2026 | 548263 | 17.82 | 548263 | 1915243 |
| March 31, 2026 | 484967 | 17.74 | 484967 | 1420457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 1284457 | $17.69 | 1284457 |  |
| \* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $18.03 at January 31, 2026, $17.53 at February 28, 2026 and $17.58 at March 31, 2026. | \* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $18.03 at January 31, 2026, $17.53 at February 28, 2026 and $17.58 at March 31, 2026. | \* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $18.03 at January 31, 2026, $17.53 at February 28, 2026 and $17.58 at March 31, 2026. | \* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $18.03 at January 31, 2026, $17.53 at February 28, 2026 and $17.58 at March 31, 2026. | \* Remaining number of shares approved under the Plan is based on the market value of the Company's common stock of $18.03 at January 31, 2026, $17.53 at February 28, 2026 and $17.58 at March 31, 2026. |

---

**<u>ITEM 3.</u>&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;None

**<u>ITEM 4.</u>&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

**<u>ITEM 5.</u>&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during quarter ended March 31, 2026.

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<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

PART II – OTHER INFORMATION

FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES

**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS**

---

| | | |
|:---|:---|:---|
| **Exhibit<br>Number** | **Description** | **Incorporated by Reference to** |
| <u>[10.1](fcf-ex101_20260331x2026ann.htm)</u> | <u>[2026 Annual Incentive Plan](fcf-ex101_20260331x2026ann.htm)</u> | Filed herewith |
| <u>[10.2](fcf-ex102_20260331x2026x20.htm)</u> | <u>[2026-2028 Long-Term Incentive Plan](fcf-ex102_20260331x2026x20.htm)</u> | Filed herewith |
| <u>[31.1](fcf-ex311_20260331x10q.htm)</u> | <u>[Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](fcf-ex311_20260331x10q.htm)</u> | Filed herewith |
| <u>[31.2](fcf-ex312_20260331x10q.htm)</u> | <u>[Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](fcf-ex312_20260331x10q.htm)</u> | Filed herewith |
| <u>[32.1](fcf-ex321_20260331x10q.htm)</u> | <u>[Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](fcf-ex321_20260331x10q.htm)</u> | Filed herewith |
| <u>[32.2](fcf-ex322_20260331x10q.htm)</u> | <u>[Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](fcf-ex322_20260331x10q.htm)</u> | Filed herewith |
| 101 | The following materials from First Commonwealth Financial Corporation's Quarterly Report on Form 10-Q, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income and Comprehensive Income, (iii) the Consolidated Statements of Changes in Stockholders' Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to Unaudited Consolidated Financial Statements. Note that XBRL tags are embedded within the document. | Filed herewith |

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<u>[**Table of Contents**](#i2cfddbdbcb2a404b9b0cd151a025d9b6_7)</u>

**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 thereunto duly authorized.

FIRST COMMONWEALTH FINANCIAL CORPORATION

(Registrant)

---

| | |
|:---|:---|
| DATED: May 11, 2026 | /s/ T. Michael Price |
| | T. Michael Price<br>President and Chief Executive Officer |
| DATED: May 11, 2026 | /s/ James R. Reske |
| | James R. Reske<br>Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 10.1

Exhibit 10.1

**First Commonwealth Financial Corporation**

**2026 ANNUAL INCENTIVE PLAN**

1.<u>Purpose; Effective Date.</u>

This 2026 Annual Incentive Plan (the "Plan") of First Commonwealth Financial Corporation (the "Company") is designed to enable the Company and its subsidiaries to attract and retain key employees and to align the interests of such key employees with the interests of shareholders by promoting and rewarding the achievement of annual performance goals. This Plan was approved by the Compensation and Human Resources Committee (the "Committee") on February 23, 2026, for the fiscal 2026 performance period.

2.<u>Administration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee. The Committee shall have full authority and discretion to administer and interpret the Plan, including, but not limited to, the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Adopt or establish such rules, regulations, agreements, guidelines, procedures, forms and instruments, as may be necessary or advisable for the administration and operation of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Select the persons to be granted Awards under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determine the terms, conditions, form and size of Awards to be made to each person selected, including claw back or other recoupment provisions applicable Awards granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Determine the time when Awards are to be made and any conditions which must be satisfied before an Award is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine the terms of each Award Agreement and any amendments or modifications thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Determine whether the conditions for earning an Award have been met and whether an Award will be paid at the end of the performance period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Determine if and when an Award may be deferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Determine whether the amount or payment of an Award should be increased, reduced, eliminated, or otherwise adjusted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Determine the guidelines and/or procedures for the payment of Awards.

3.<u>Participants and Performance Goals.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Exhibit A</u> identifies the Employees who have been selected by the Committee to become Participants in the Plan and the Target Award and performance goals for each Participant. The performance goals will consist of the corporate performance goals identified in paragraph (b) below, and, if applicable, one or more individual performance goals which shall be approved by the Committee and specified in the notice of Award delivered to the Participant (collectively, the "Individual Performance Component") identified in paragraph (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The corporate performance goals for the Plan shall consist of the following: (i) Core Earnings Per Share ("EPS"); (ii) Core Pre-tax Pre-provision (PTPP) Return on Average Assets ("ROA") Relative to Peers; and (iii) Core Efficiency Ratio Relative to Peers, in each case, as further defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Core Earnings Per Share ("EPS"), which shall be determined shall be calculated from the Company's publicly reported financial statements as of and for the twelve months ending December 31, 2026 (the "Performance Period"), as adjusted for any Excluded Items as determined by the Committee in its sole discretion. As used herein, "Excluded Items" means (i) any extraordinary gains or losses; (ii) any gains or losses from discontinued operations; (iii) any gains or losses from the sale of assets outside the ordinary course of business; (iv) impairment of tangible or intangible assets; (v) litigation of claim judgments or settlements; (vi) the material effects of changes in tax law; accounting changes, or other such laws or provisions affecting reported results; (vii) business combinations, acquisitions, reorganizations and/or restructuring programs approved by the Board acquisitions; (viii) currency fluctuations; (ix) the diluted impact of goodwill on acquisitions, (x) early retirement incentives approved by the Board; (xi) reductions in force; and (xii) any unusual, nonrecurring, extraordinary, transition, one-time or similar items or charges that are reported publicly by the

------

Company and/or described in management's discussion and analysis of financial condition and results of operations or the financial statements and notes thereto appearing in the Company's annual report to shareholders for the applicable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Core Pre-tax Pre-provision (PTPP) Return on Average Assets ("PTPP ROA") Relative to Peers, which shall be determined by comparing the Company's Core PTPP ROA for the performance period to the Core PTPP ROA of each member of the Company's Peer Group. Unless otherwise determined by the Committee, the Company's Core ROA shall be calculated using the Company's published "core" (or words of similar import) financial results, and the Core PTPP ROA for each member of the Peer Group shall be calculated using the Core PTPP ROA reported through S&P Global Market Intelligence or another reporting service selected by the Committee. If Core PTPP ROA is not available for any member of the Peer Group, the Committee may, in its discretion, exclude that Peer Group member from the determination of Core PTPP ROA Relative to Peers or determine Core PTPP ROA Relative to Peers using the most recent information available for the Peer Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Core Efficiency Ratio Relative to Peers, which shall be determined by comparing the Company's Core Efficiency Ratio for the Performance Period to the Core Efficiency Ratio of each member of the Company's Peer Group for the Performance Period, in each case, as Core Efficiency Ratio is reported through S&P Global Market Intelligence or another reporting service selected by the Committee. If Core Efficiency Ratio is not available for any member of the Peer Group, the Committee may, in its discretion, exclude that Peer Group member from the determination of Core Efficiency Ratio Relative to Peers or determine Core Efficiency Ratio Relative to Peers using the most recent information available for the Peer Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The achievement of the Individual Performance Component shall be determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The "Peer Group" for purposes of this Plan shall mean all publicly traded United States banks and thrifts having total assets greater than or equal to 50% and less than or equal to 200% of the total assets of the Company (rounded to the nearest $1 billion) based upon total assets as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.The Committee will use all publicly available information as of the close of business on the tenth (10th) day prior to the date on which the Committee is scheduled to certify the achievement of the performance goals for the purpose of determining the Company's actual performance relative to the Peer Group.

4.<u>Calculation of Actual Awards.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.A Participant's payout for each Performance Goal shall be determined according to the following formula:

Award Percentage X Weight X Base Salary

For purposes of this formula:

"Award Percentage" shall mean the percentage shown for the Participant in the "Award Percentage" column of Table 1 on <u>Exhibit A</u> at the Performance Level which is achieved for the applicable Performance Goal as reflected in the "Performance Level" column of Table 2 on <u>Exhibit A</u>. If the actual performance for a Performance Goal falls between the Threshold and Target Performance Levels or between the Target and Superior Performance Levels, the Award Percentage shall be interpolated between the Award Percentage for the Threshold and Target Performance Levels or between the Target and Superior Performance Levels, as the case may be, as determined by the Committee in its sole discretion. The Award Percentage for the Individual Performance Component will be determined by the Committee in its sole discretion after consideration of the President and Chief Executive Officer's assessment of the Participant's performance of individual scorecard objectives and contribution to the organization as a whole.

------

"Weight" shall mean the percentage shown for the measure in the "Weight" column of Table 2 on <u>Exhibit A</u> for the applicable Performance Goal.

"Base Salary" shall mean base salary of the Participant on the last day of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The aggregate amount payable to the Participant shall be the sum total of the payouts for the Participant's Performance Goals calculated in accordance with Section 4(a) and shall be referred to as the Participant's "Actual Award." The Committee, in its sole discretion, may increase or decrease the Award Percentages used to calculate any Participant's Actual Award if the Committee finds such an adjustment appropriate to recognize the impact of the Participant's performance or impact on the organization outside of the range of expected performance and impact. Any such adjustment cannot increase the Participant's total payout above the "Superior" level of payout assigned to the participant.

5.<u>Payment of Actual Awards.</u>

Actual Awards shall be paid in cash as soon as practicable following the certification by the Committee of results for the Performance Period. However, in any event, all payments shall be made no later than March 15, 2027, such that the payments will be exempt from Section 409A of the Code, under the "short term deferral" exemption specified in Treas. Reg. § 1.409A-1(b)(4). All Actual Awards are subject to withholding tax and any other normal deduction consistent with the Company's practices.

6.<u>Termination of Employment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Participant ceases to be a full-time employee of the Company for any reason prior to December 31, 2026, the Participant will cease to be a participant in this Plan and will not be eligible to receive any Actual Award pursuant to this Plan.

7.<u>Miscellaneous Provisions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Claw-Back Rights.</u> In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Committee will require reimbursement or forfeiture of any excess Award, which shall be determined as the excess of the Award paid to the Participant based on the erroneous data over the Award that would have been earned had it been based on the restated results, as determined by the Committee. In addition, the Committee will have the sole and absolute authority to require reimbursement or forfeiture of any Award by a Participant if the Committee determines that the Award was earned in whole or in part as a result of the Participant's unethical or dishonest conduct or a material violation of Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Amendment or Termination.</u> The Committee has full power to amend, modify, suspend, or terminate the Plan or any Awards granted under the Plan in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Regulatory Approvals.</u> The Plan and any Award made hereunder shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Effect on Employment or Service.</u> Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant's employment or service at any time, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Right to Participation</u>. No employee or officer of the Company or any subsidiary shall have the right to be selected to receive an Award under this Plan, or, having been so selected, have the right to receive a future Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Nontransferability of Awards</u>. No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and

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distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

<u>Section 409A</u>. The Plan will be administered, interpreted and construed in compliance with Section 409A of the Code and the regulations and other guidance promulgated thereunder ("Section 409A"), including any exemption thereunder. To the maximum extent permitted by Section 409A, all payments under the Plan are intended to be exempt from Section 409A pursuant to the exemption for short-term deferrals as specified in Treas. Reg. § 1.409A-1(b)(4), the exemption for restricted shares under Section 409A and any other exemptions available under Section 409A. Neither the Company, any of its Subsidiaries nor any of their respective predecessors, successors or affiliates (collectively, the "Company Group") shall be liable for, and nothing provided or contained in the Plan shall obligate or cause any member of the Company Group to be liable for, any tax, interest or penalties imposed on the Participant related to or arising with respect to any violation of Section 409A.

## Exhibit 10.2

Exhibit 10.2

**First Commonwealth Financial Corporation**

**2026-2028 LONG-TERM INCENTIVE PLAN**

1.<u>Purpose; Effective Date.</u>

This 2026-2028 Long-Term Incentive Plan (the "Plan") of First Commonwealth Financial Corporation (the "Company") is designed to enable the Company and its subsidiaries to attract and retain key employees and to align the interests of such key employees with the interests of shareholders by promoting share ownership and rewarding the achievement of long-term performance goals. This Plan was approved by the Compensation and Human Resources Committee (the "Committee") on March 11, 2026, for the January 1, 2026 through December 31, 2028 performance period (the "Performance Period"). Each Award granted under this Plan shall be subject to the terms and conditions of the Master Plan. For purposes of this Plan, "Master Plan" shall mean the First Commonwealth Financial Corporation 2024 Stock Plan. Each capitalized term which is not otherwise defined in this Plan shall have the meaning given to such term in the Master Plan.

2.<u>Administration.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee in accordance with Article 3 of the Master Plan.

3.<u>Plan Awards.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Awards under the Plan shall consist of Time-based Restricted Stock Units and Performance Units. Performance Units will vest upon the certification by the Committee of the achievement of the Performance Goals as provided in Section 5. Time-based Restricted Stock Units will vest upon the earlier of the vesting of the Performance Units or the third anniversary of the award. The vesting of Performance Units and Time-based Restricted Stock Units is conditioned upon the continued service by the Participant through the vesting date. All Awards will be settled in shares of Common Stock as soon as administratively practicable following the vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Exhibit A</u> identifies the Employees who have been selected by the Committee to become Participants in the Plan, each Participant's Time-based Restricted Stock Unit Award and Target Performance Unit Award, and the Plan Performance Goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Performance Goal for the Performance Period is Core Return on Average Tangible Common Equity ("ROTCE") Relative to Peers, subject to adjustment based upon the Total Shareholder Return ("TSR") Collar, each as described in this Section3 (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Core ("ROTCE") Relative to Peers shall be determined by comparing the simple average of the Company's Core ROTCE for the trailing twelve (12) quarters as of the quarter ending September 30, 2028 to the simple average of the Core ROTCE of each member of the Company's Peer Group for the same trailing twelve (12) quarters as of the quarter ending September 30, 2028. Unless otherwise determined by the Committee, the Company's Core ROTCE shall be calculated using the Company's published "core" (or words of similar import) financial results, and the Core ROTCE for each member of the Peer Group shall be calculated using the Core ROTCE reported through S&P Global Market Intelligence or another reporting service selected by the Committee. If Core ROTCE is not available for any member of the Peer Group, the Committee may, in its discretion, exclude that Peer Group member from the determination of Core ROTCE Relative to Peers or determine Core ROTCE Relative to Peers using the most recent information available for the Peer Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.If the Company's TSR Relative to Peers (as defined below) is equal to or below the 24th Percentile, the ROTCE Payout (as defined below) shall be reduced by 20%. If the Company's TSR Relative to Peers equals or exceeds the 75th Percentile, the ROTCE Payout shall be increased by 20%, provided that (A) if TSR is less than 0%, there shall be no upward adjustment to the ROTCE Payout, and (B) the maximum ROTCE Payout shall be 200%. For the avoidance of doubt, if the Company's TSR Relative to Peers is greater than or equal to the 25th Percentile and less than or equal to the 74th

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Percentile, there will be no adjustment to the ROTCE Payout. "TSR Relative to Peers" shall be determined by comparing the Company's cumulative TSR for the Performance Period to the cumulative TSR of each member of the Company's Peer Group for the Performance Period, in each case, as TSR is reported through S&P Global Market Intelligence or another reporting service selected by the Committee. TSR shall be calculated as follows: (Ending Price + Dividends)/Beginning Price –1 with the Beginning Price equal to the closing price prior to the start of the Performance Period and Ending Price equal to the closing price on the last day of the Performance Period. Dividends are assumed to be reinvested at the closing price of the security on the ex-date of the dividend. The Relative TSR percentile ranking shall be calculated to two (2) decimal places. The resulting percentile ranking shall then be rounded to the nearest whole percentile using standard rounding conventions (i.e., values of 0.50 and above are rounded up and values below 0.50 are rounded down). The rounded whole percentile shall be used to determine the applicable payout modifier under the Plan or this Agreement. The adjustment, if any, pursuant to this Section 3(c)(ii) shall be referred to as the "TSR Collar".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The "Peer Group" for purposes of this Plan shall mean all publicly traded United States banks and thrifts having total assets greater than or equal to 50% and less than or equal to 200% of the total assets of the Company (rounded to the nearest $1 billion) based upon total assets as of December 31, 2025.

4.<u>Determination of Performance Units</u>.

A Participant's Performance Unit Award shall be determined according to the following formula:

(Target Award X ROTCE Payout)

For purposes of this formula:

"Target Award" shall mean the number of shares shown for the Participant in the "Target Performance Unit Award" column of Table 1 on <u>Exhibit A</u>.

"ROTCE Payout" means the percentage shown in the "ROTCE Payout" column of Table 2 on <u>Exhibit A</u> at the performance level for the Core ROTCE Relative to Peers Performance Goal, as adjusted by the TSR Collar if applicable. If the actual performance for ROTCE falls between the Threshold and Target performance levels, or between the Target and Superior performance levels, the ROTCE Payout shall be interpolated between the percentage shown for the Threshold and Target performance levels, or between the percentage shown for the Target and Superior performance levels, as the case may be, as determined by the Committee in its sole discretion.

5.<u>Certification of Performance Goals; Settlement of Performance Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of the Performance Period, the Committee will certify in writing the extent to which the Performance Goals have been achieved. For purposes of this provision, and for so long as the Code permits, the approved minutes of the Committee meeting in which the certification is made may be treated as written certification. However, in any event, all earned Performance Units shall be paid and settled in shares of Common Stock no later than March 15, 2029, or such earlier date as is provided in the immediately succeeding sentence, such that the payments will be exempt from Section 409A of the Code, under the "short term deferral" exemption specified in Treas. Reg. § 1.409A-1(b)(4). Notwithstanding the foregoing, the Committee, in its sole discretion, may cause all or any portion of a Participant's Performance Units to be paid and settled in shares of Common Stock prior to March 15, 2029 in the event of (i) the death of the Participant or (ii) a Change of Control, provided that any such earlier payment or settlement shall be made no later than March 15 of the year following the year of such death or Change of Control.

------

6.<u>Termination of Employment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise determined by the Committee, if the Participant ceases to be a full-time employee of the Company for any reason prior to the end of the Performance Period, the Participant will cease to be a participant in this Plan and will not be eligible to receive any Awards pursuant to this Plan.

7.<u>Miscellaneous Provisions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Claw-Back Rights.</u> In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Committee will require reimbursement or forfeiture of any excess Award, which shall be determined as the excess of the Award paid to the Participant based on the erroneous data over the Award that would have been earned had it been based on the restated results, as determined by the Committee. In addition, the Committee will have the sole and absolute authority to require reimbursement or forfeiture of any Award by a Participant if the Committee determines that the Award was earned in whole or in part as a result of the Participant's unethical or dishonest conduct or a material violation of Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Amendment or Termination.</u> Notwithstanding any provision to the contrary in the Master Plan, the Committee has full power to amend, modify, suspend, or terminate the Plan or any Awards granted under the Plan in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Regulatory Approvals.</u> The Plan and any Award made hereunder shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Effect on Employment or Service.</u> Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any Participant's employment or service at any time, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>No Right to Participation</u>. No employee or officer of the Company or any subsidiary shall have the right to be selected to receive an Award under this Plan, or, having been so selected, have the right to receive a future Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Nontransferability of Awards</u>. No Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant.

<u>Section 409A</u>. The Plan will be administered, interpreted and construed in compliance with Section 409A of the Code and the regulations and other guidance promulgated thereunder ("Section 409A"), including any exemption thereunder. To the maximum extent permitted by Section 409A, all payments under the Plan are intended to be exempt from Section 409A pursuant to the exemption for short-term deferrals as specified in Treas. Reg. § 1.409A-1(b)(4), the exemption for restricted shares under Section 409A and any other exemptions available under Section 409A. Neither the Company, any of its Subsidiaries nor any of their respective predecessors, successors or affiliates (collectively, the "Company Group") shall be liable for, and nothing provided or contained in the Plan shall obligate or cause any member of the Company Group to be liable for, any tax, interest or penalties imposed on the Participant related to or arising with respect to any violation of Section 409A.

## Exhibit 31.1

**EXHIBIT 31.1**

**CHIEF EXECUTIVE OFFICER CERTIFICATION**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, T. Michael Price, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Commonwealth Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| DATED: May 11, 2026 | /s/ T. Michael Price |
| | T. Michael Price<br>President and Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CHIEF FINANCIAL OFFICER CERTIFICATION**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, James R. Reske, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Commonwealth Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| DATED: May 11, 2026 | /s/ James R. Reske |
| | James R. Reske |
| | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, T. Michael Price, of First Commonwealth Financial Corporation ("First Commonwealth"), certify that the Quarterly Report of First Commonwealth on Form 10-Q for the period ended March 31, 2026, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of First Commonwealth at the end of such period and the results of operations of First Commonwealth for such period.

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| | |
|:---|:---|
| DATED: May 11, 2026 | /s/ T. Michael Price |
| | T. Michael Price |
| | President and Chief Executive Officer |

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## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, James R. Reske, of First Commonwealth Financial Corporation ("First Commonwealth"), certify that the Quarterly Report of First Commonwealth on Form 10-Q for the period ended March 31, 2026, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition of First Commonwealth at the end of such period and the results of operations of First Commonwealth for such period.

---

| | |
|:---|:---|
| DATED: May 11, 2026 | /s/ James R. Reske |
| | James R. Reske |
| | Executive Vice President, Chief Financial Officer and Treasurer |

---

<br>