First Commonwealth Financial (FCF) investor relations material

Executive summary

• Net income for Q1 2026 was $37.5 million, or $0.37 per share, up from $32.7 million in Q1 2025 but down $7.3 million sequentially, with core EPS at $0.37 and core pre-tax pre-provision income of $57.9 million.

• Net interest margin was 3.92%, down 6 bps sequentially but up 30 bps year-over-year, and net interest income was $109.3 million.

• Deposit growth was strong, with average deposits up $67.1 million (2.7% annualized) and end of period deposits up 6.3% annualized.

• The Board approved a 3.7% increase in the quarterly dividend, marking 11 consecutive years of growth.

• Tangible book value per share increased 4.3% annualized, and CET1 ratio improved to 12.5%.

Financial highlights

• Net interest income (FTE) was $109.3 million, down $4.2 million sequentially but up $13.5 million year-over-year.

• Noninterest income rose to $24.6 million, with gains in mortgage and SBA, and fee income stable sequentially.

• Noninterest expense increased to $75.6 million, mainly due to higher salaries and incentives.

• Efficiency ratio increased to 55.4%.

• Total loans (excluding held for sale) decreased $74.2 million, mainly due to a $210.4 million commercial loan sale.

Outlook and guidance

• NIM guidance revised upward, expected to rise 3–5 bps per quarter, reaching just above 4% by year-end.

• Noninterest expense expected to remain in the $74–76 million range per quarter.

• Fee income projected at $24–25 million per quarter.

• Management expects continued focus on credit quality, liquidity, and capital adequacy amid evolving market conditions.

• $175 million of fixed macro swaps maturing in 2026 are projected to benefit NIM by up to 9 bps by year-end.