First Commonwealth Financial (FCF) investor relations material

Executive summary

• Net income for Q1 2026 was $37.5 million, or $0.37 per share, down $7.3 million sequentially but up $4.9 million year-over-year, with core pre-tax pre-provision income at $57.9 million.

• Net interest margin was 3.92%, a 6 bps decrease from the previous quarter but up 30 bps year-over-year.

• Deposit growth was strong at 6.3% annualized, aided by new consumer checking accounts and money market promotions.

• The Board approved a 3.7% increase in the quarterly dividend and authorized an additional $25 million share repurchase program.

• Tangible book value per share increased 4.3% annualized from the previous quarter.

Financial highlights

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

• Noninterest expense rose to $75.5 million, driven by higher salaries, incentives, and prepayment fees.

• Efficiency ratio increased to 55.4%.

• Provision for loan losses rose $3.7 million to $10.7 million, with $9.6 million in specific reserves for three large credits.

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

Outlook and guidance

• NIM guidance revised upward, expected to rise 3–5 bps per quarter, reaching just above 4% by Q4 2026.

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

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

• Loan growth guidance maintained at mid-single digits, with payoffs expected to slow.

• Management expects continued momentum across core businesses, citing strong capital and liquidity positions despite muted organic loan growth.