The Board of Directors of First Commonwealth Financial authorized an additional $75.0 million share repurchase program on July 28, 2026, enabling the company to return capital to shareholders through the purchase of its own equity. This authorization provides management with the flexibility to execute buybacks when market conditions are favorable, potentially supporting share price stability and enhancing earnings per share by reducing the outstanding share count.

The decision reflects the Board’s assessment of the company’s current financial strength and its commitment to optimizing capital allocation. By approving this additional tranche, First Commonwealth Financial signals confidence in its balance sheet resilience and future cash flow generation capabilities. The program does not obligate the company to acquire any specific number of shares and may be commenced or suspended at any time based on market conditions, legal requirements, and other factors.

Program Details

The newly authorized repurchase plan adds to the company’s existing capital return strategy. Key parameters of the authorization are outlined below:

Management retains discretion over the timing, manner, and price of any purchases under the program. Repurchases may be conducted through open-market transactions, block trades, or other privately negotiated deals in compliance with applicable securities laws. The company will monitor market volatility and liquidity conditions to determine the optimal execution strategy for this $75.0 million allocation.

Capital Allocation Strategy

This move aligns with broader trends among financial institutions seeking to deploy excess capital efficiently. With interest rate environments influencing lending margins and deposit costs, companies like First Commonwealth Financial often turn to share buybacks as a primary mechanism for shareholder returns when organic growth opportunities are limited or when capital ratios exceed regulatory requirements comfortably.

The authorization allows for immediate deployment if deemed necessary, providing a buffer against potential market downturns while rewarding long-term investors. Investors should note that while buybacks can boost per-share metrics, they do not directly impact the underlying operational performance of the bank’s core lending and deposit businesses. The success of this initiative will depend on execution discipline and sustained profitability.

First Commonwealth Financial Corporation will disclose its financial performance for the quarter ended June 30, 2026, through a press release issued after the market closes on Tuesday, July 28, 2026. The announcement will be followed by a conference call and webcast on Wednesday, July 29, 2026, at 2:00 p.m. Eastern Time, where management will discuss the quarterly results and operational outlook.

The earnings presentation will be led by T. Michael Price, President and Chief Executive Officer. He will be joined by James R. Reske, Executive Vice President and Chief Financial Officer; Mike McCuen, Executive Vice President and Chief Banking Officer; and Brian J. Sohocki, Executive Vice President and Chief Credit Officer.

Conference Call and Webcast Details

Investors and interested parties can access the live event via the internet or telephone. The company has provided specific access details for the webcast and telephonic participation.

Participants wishing to ask questions may email them to investorrelations@fcbanking.com . Questions will be accepted starting at 9:00 a.m. Eastern Time on Wednesday, July 29, 2026, until the conclusion of the presentation.

Access to Earnings Release

The official press release containing the second quarter 2026 financial results will be available on First Commonwealth's Investor Relations webpage at www.fcbanking.com/investorrelations following its publication on July 28, 2026. Users can navigate to the "News" section under the "News & Market Data" tab to view the document. Additionally, a replay of the webcast will be archived on the website for at least 30 days after the live event.