First Commonwealth Financial : 4Q 2022 Earnings Release Webcast Presentation

NYSE: FCF

4Q 2022 Earnings Release Webcast Presentation

January 25, 2022

2

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements about First Commonwealth's future plans, strategies and financial performance. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Such statements are based on assumptions and involve risks and uncertainties, including uncertainties regarding the impact of the COVID-19 pandemic, many of which are beyond our control. Factors that could cause actual results, performance or achievements to differ from those discussed in the forward-looking statements include, but are not limited to:

• The effects of the COVID-19 pandemic on First Commonwealth and its customers;
• 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;
• inflation, interest rate, commodity price, 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 First Commonwealth must comply;
• the soundness of other financial institutions;
• political instability;
• impairment of First Commonwealth's 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 First Commonwealth's borrowers;
• technological changes;
• acquisitions and integration of acquired businesses;
• First Commonwealth's ability to attract and retain qualified employees;
• changes in the competitive environment in First Commonwealth's markets and among banking organizations and other financial service providers;
• the ability to increase market share and control expenses;
• 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;
• the reliability of First Commonwealth's vendors, internal control systems or information systems;
• the costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; and
• other risks and uncertainties described in the reports that First Commonwealth files with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.

Further, statements about the potential effects of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, clients, third parties and us.

Forward-looking statements speak only as of the date on which they are made. First Commonwealth undertakes no obligation to update any forward- looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

3

4Q 2022 Earnings Release Webcast Presentation

FOURTH QUARTER 2022 HIGHLIGHTS

Highlights

$55.3 million

Core Pre-taxpre-provision income(1)

2.28%

Core PTPP ROAA(1)

50.0%

Core efficiency ratio

1.35%

Reserve coverage ratio

$261.5 million

Excess capital(2)

7.8% / 11.1%

TCE ratio / CET1 ratio

Diversified revenue streams and regional leadership continues to enhance the earnings growth of the company

• Total loans grew $291 million, or 15.7% annualized from the previous quarter driven by broad-based growth across all regions
• • Indirect auto and RV loans grew $89.6 million
  • Commercial construction loans grew $68.9 million
  • Equipment finance loans grew $35.9 million
• Net interest margin (NIM) expanded 23bps from the previous quarter to 3.99%
• • Yield on loans (excluding PPP loans) increased 46bps from LQ
  • Cost of deposits increased only 15bps from LQ
  • Cycle-to-datedeposit beta of <10%
• Anticipated legal close for the Centric Bank acquisition is January 31, 2023
• Named #1 Small Business Association (SBA) lender in the Pittsburgh District for the second year in a row

(1)	Please refer to the appendix for a reconciliation of non-GAAP measures
(2)	Represents excess capital above the bank-level Tier 1 Capital regulatory "well capitalized" requirement of 8.0%	4

4Q 2022 Earnings Release Webcast Presentation

NET INTEREST INCOME AND NET INTEREST MARGIN

 Net interest income (FTE) of $88.3 million

Net Interest Income(1)increased by $5.7 million from LQ and $17.8 million YoY

− $7.9 million increase in income on variable and adjustable rate loans, partially offset by a $3.0 million increase in deposit costs

 Net interest margin of 3.99% increased 23bps from LQ and 76bps YoY

1. − Yield on loans increased 46bps to LQ − Cost of deposits was 20bps in the

Yield/Cost Trends(1)

current quarter compared to 5bps LQ

− Cost of funds were 0.39% during the current quarter compared to 0.16% LQ, reflecting a $162.9 million increase in average short-term borrowings

 Approximately $3.8 billion, or 50%, of the $7.6 billion loan portfolio is variable

− Average duration of the loan portfolio is 3.4 years

(2)

$ in millions

(1) Taxable equivalent5

(2) Please refer to the appendix for a reconciliation of non-GAAP measures