First Commonwealth Financial : 4th Quarter 2020 Earnings Release Webcast Presentation

NYSE: FCF

4Q 2020 Earnings Release Webcast Presentation

January 27, 2021

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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 length and extent of the economic contraction as a result of the COVID-19 pandemic and the impact of such contraction;
• 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.

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4Q 2020 Earnings Release Webcast Presentation

FOURTH QUARTER 2020 HIGHLIGHTS

Highlights

$40.4 million

Core Pre-taxpre-provision income(1)

1.76%

Core PTPP ROAA(1)

56.0%

Core efficiency ratio

1.61%

Reserve coverage ratio

$248.3 million

Excess capital

9.1%

TCE ratio (excl. PPP)

Positioning for offense as we weather uncertainty

• Additional reserve build(2) of $13.0 million resulting in a reserve coverage ratio (excl. PPP loans) of 1.61%
• • Reserve build(2) of $49.7 million YTD
• Efforts to diversify the balance sheet and revenue streams resulting in a strong fee income quarter
• • Mortgage originations of $215 million
  • Debit card interchange income of $6.4 million
• Efficiency improvement enabled by digital investments and disciplined expense management
• • Core efficiency ratio of 56.0%
  • Achieved 20% reduction in retail facilities by the end of the year
• Announced a new $25 million share repurchase program on January 26, 2020

(1)	Please refer to the appendix for a reconciliation of non-GAAP measures
(2)	Reserve build/(release) represents the net change in the allowance for credit losses from the prior period	4