This document provides financial information for First Commonwealth Financial Corp for 2010-2018. It includes income statements, balance sheets, and cash flow statements. Some key highlights are: - Revenues declined from 2010 to 2011 due to decreases in loans/leases and securities income. Noninterest revenue grew 18% from 2011 to 2012. - Interest expenses declined 32% from 2010 to 2011 as deposit and borrowing costs fell. - Net income declined from $23 million in 2010 to $15 million in 2011, a decrease of 40%. Earnings per share also fell 40% over this period. - Total assets grew slightly from 2010 to 2011 but have increased each year since, reaching $7.1 billion by

1. 2010 2011
Revenue
Loans and Leases 225 197
Growth % -12%
Securities 43 34
Growth % -21%
Total interest income 268 232
Interest expense
Deposits 50 33
Short-term borrowing 2 1
Long-term debt 10 7
Total interest expense 62 42
Interest Expense Change -32%
Net interest income 207 190
Margin
Noninterest revenue
Commissions and fees 51 40
Lending and deposit-related fees 17 15
Securities gains (losses) 2 2
Credit card income 10 12
Other income -31 -11
Total noninterest revenue 49 58
Noninterest Revenue Growth 18%
Total net revenue 256 248
Provisions for credit losses 62 56
Noninterest expenses
Compensation and benefits 85 85
Occupancy expense 14 14
Tech, communication and equipment 13 13
Professional and outside services 4 5
Advertising and marketing
Amortization of intangibles 2 2
Other special charges 9 9
Other expenses 44 49
Total noninterest expenses 171 177
4%
Income (loss) from cont ops before taxes 23 15
FIRST COMMONWEALTH FINANCIAL CORP (FCF) INCOME STATEMENT

2. Provision (benefit) for taxes 0 0
Effective Tax Rate 0% 0%
Net income 23 15
9% 6%
Net income available to common shareholders 23 15
Earnings per share
Diluted 0.25 0.15
EPS Growth -40%
Weighted average shares outstanding
Diluted 93 105
Dividened Discount Model
Net Income per share 0.25 0.15
Dividends 0.05 0.12
% Growth 130%
ROE 3.07% 1.98%
**Fiscal year ends in December. USD in millions except per share data.

3. 2012 2013 2014 2015 2016 2017 2018
187 176 171 175 182 189 198
-5% -6% -3% 2% 4% 4% 5%
32 30 29 30 30 31 32
-6% -6% -3% 2% 2% 3% 3%
219 206 202 204 212 220 230
21 16 12 7 15 26 35
1 1 2 5 4 4 3
8 5 4 3 3 2 1
30 22 19 16 22 32 39
-29% -27% -14% -18% 42% 44% 23%
189 185 184 188 190 189 191
40 42 42
15 16 16
0 -1 1
13 14 14
-4 -10 -12
65 60 61 61 65 70 73
12% -8% 2% 1% 6% 7% 4%
254 245 245 250 255 258 264
21 19 11 15 15 13 13
86 86 87 89
13 14 13 14
12 15 18 11
4 4 4 4
3 5
1 1 1 1
7 6 10
52 43 35 32
177 169 171 164 167 170 174
0% -5% 1% -4% 2% 2% 2%
56 57 62 71 73 75 77

4. 15 15 18 21 22 22 23
27% 26% 29% 29% 30% 30% 30%
42 41 44 50 51 52 54
17% 17% 18% 20%
42 41 44 50 51 52 54
0.4 0.43 0.48 0.56 0.59 0.61 0.63
167% 7% 12% 17% 6% 3% 3%
104 97 93 89 86 86 86
0.40 0.43 0.48 0.56 0.59 0.61 0.63
0.18 0.23 0.28 0.28 0.28 0.33 0.35
48% 24% 23% 0% 0% 17% 7%
5.63% 5.76% 6.15% 6.97% 6.13% 6.25% 6.37%

5. FIRST COMMONWEALTH FINANCIAL CORP 2010 2011 2012
DIVIDEND DISCOUNT MODEL
Net Income per share 0.25 0.15 0.4
% Growth -40% 167%
Dividends 0.05 0.12 0.18
% Growth 130.3% 47.6%
Payout Ratio 21.5% 82.5% 45.7%
PV of Dividends
Terminal Value
DDM VALUATION
PV of dividends 0.95
PV of Terminal Value 6.96
Target price 7.92
Current 8.92
Upside -11%
* in dollars
Bear
Base
Bull
Weighted average shares outstanding
Diluted 93 105 104

6. 2013 2014 2015 2016 2017 2018
0.43 0.48 0.56 0.59 0.61 0.63
7% 12% 17% 6% 3% 3%
0.23 0.28 0.28 0.28 0.33 0.35
24.1% 23.3% 0.1% -0.3% 16.7% 7.1%
52.7% 58.2% 49.9% 47.1% 53.4% 55.8%
0.28 0.33 0.35
5.20
P/E MULTIPLE VALUTATION P/B MULTIPLE VALUTATION
TV of P/E 10.63 TV of P/B 1033.16
PV of TV 14.23 PV of TV 943.14
Sum of PV of Div. 0.95 Per Share 10.97
Target Price 15.18 Target Price 11.92
Current 8.92 Current 8.92
Upside 70% Upside 34%
Implied P/B Implied P/E Price Upside
1 15 10 15%
1.2 16 11 25%
1.3 17 12 31%
97 93 89 86 86 86

7. ASSUMPTIONS
Cost of Equity 10.20%
Terminal Dividend Growth Rate 3.49%
Justified P/B 1.3
Justified P/E 17
FINAL
DDM VAL 33%
P/B VAL 33%
P/E VAL 33%
Intrinsic 12
Current 8.92
Upside 31%

8. P/E P/B NMI
FCF 16.0 1.08 3.2%
HTLF 10.4 1.21 3.7%
WIBC 12.8 1.5 3.7%
LKFN 16.6 1.9 3.1%
HAFC 12.6 1.4 3.8%
CHCO 15.0 1.67 3.6%
STBA 12.4 1.11 3.7%
Industry 13.7 1.2 3%

9. 0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
FCF HTLF WIBC LKFN HAFC
P/E P/B

10. 0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
HAFC CHCO STBA Industry
NMI

11. 2010 2011
Assets
Cash and due from banks 70 75
Deposits with banks 0 4
Debt securities 1017 1183
Loans 4218 4057
Allowance for loan losses -71 -61
Net loans 4147 3996
Premises and equipment 67 67
Goodwill 160 160
Other intangible assets 5 4
Other assets 347 354
Total assets 5813 5841
% Growth 0.5%
Liabilities and stockholders' equity
Liabilities
Deposits 4618 4505
Short-term borrowing 188 313
Long-term debt 204 207
Other liabilities 53 58
Total liabilities 5063 5083
% Growth 0.4%
Stockholders' equity
Common stock 106 106
Additional paid-in capital 366 366
Retained earnings 291 294
Treasury stock -8 -7
Accumulated other comprehensive income -2 2
Total stockholders' equity 750 759
Shares Outstanding 93 105
Stockholders Equity Per Share 8.06 7.23
Total liabilities and stockholders' equity 5813 5841
Tangible Stockholders Equity (**no prefered stock) 585 595
% Growth 2%
Tangible SE per share 6.29 5.67
**Fiscal year ends in December. USD in millions except per share data.
FIRST COMMONWEALTH FINANCIAL CORP (FCF) BALANCE SHEET

12. 2012 2013 2014 2015 2016 2017 2018
99 74 72 67
4 3 2 3
1200 1354 1354 950
4205 4284 4460 4684
-67 -54 -52 -51
4138 4230 4408 4624
69 68 65
160 160 161 166
2 1 2
324 325 296 359
5995 6215 6360 6567 6729 6896 7067
2.6% 3.7% 2.3% 3.3% 2.5% 2.5% 2.5%
4558 4604 4316 4196
356 627 1106 1511
280 217 162 81
55 56 61 59
5249 5503 5644 5847 6018 6195 6376
3.3% 4.8% 2.6% 3.6% 2.9% 2.9% 2.9%
106 106 106
365 365 366
316 335 353
-42 -73 -104
1 -21 -4
746 712 716 720 746 771 795
104 97 93 89 86 86 86
7.17 7.34 7.70 8.05 8.68 8.96 9.24
5995 6215 6360 6567
584 551 553 554 746 771 795
-2% -6% 0% 0% 35% 3% 3%
5.62 5.68 5.95 6.20 8.68 8.96 9.24

13. 2010 2011
Cash Flows From Operating Activities
Net income 23 15
Provision for credit losses 62 56
Depreciation & amortization 11 9
Depreciation/Amortization of Overall Revenue 3% 3%
Deferred tax (benefit) expense -5 -1
Investments (gains) losses 9 10
Receivable 4 1
Prepaid expenses 7 5
Payables 2 -5
Accrued liabilities -1 -1
Interest payable -1 -1
Income taxes payable 2 -5
Other assets and liabilities 4 8
Other operating activities -5 -6
Net cash provided by operating activities 111 84
Cash Flows From Investing Activities
Sales/maturity of investments 591 557
Purchases of investments -387 -724
Changes in loans, net 335 62
Acquisitions and dispositions
Property, and equipments, net -5 -8
Other investing activities 9 33
Net cash used for investing activities 543 -80
Cash Flows From Financing Activities
Change in deposits 82 -113
Change in federal funds purchased -92 62
Change in short-term borrowing -679 62
Long-term debt issued 50 30
Long-term debt repayment -117 -25
Common stock issued 88 0
Repurchases of treasury stock 0 0
Cash dividends paid -5 -13
Other financing activities 0 0
Net cash provided by (used for) financing activities -673 4
Net change in cash -20 9
Cash at beginning of period 90 70
Cash at end of period 70 78
FIRST COMMONWEALTH FINANCIAL CORP (FCF) Statement of CASH FLOW

14. **Fiscal year ends in December. USD in millions except per share data.

15. 2012 2013 2014 2015 2016 2017 2018
42 41 44 50
21 19 11 15
8 11 14 8 14 16 18
3% 4% 5% 3% 5% 6% 6%
3 13 5
2 0 3
3 1 1
9
6 -1 2
-1 -1 0
-1 -1 0
6 -1 2
-11 2 -1
1 -8 1
79 86 82
577 359 376
-605 -540 -340
-162 -123 -192
-3
-10 -10 -11
29 5 6
-171 -307 -164
53 46 -288
-41 -18 -7
85 288 486
100 5
-25 -65 -60 -80 -389 -407 -426
1 0 0
-36 -33 -31
-19 -22 -26 -25 -24 -28 -30
0 0 0
117 196 79
25 -26 -3
78 103 77
103 77 75

17. 2011 % Total
Commercial, financial, agricultural and other 996,739 25%
Real estate construction 76,564 2%
Residential real estate 1,137,059 28%
Commerical real estate 1,267,432 31%
Loans to individuals 565,849 14%
Total loans & leases net of unearned income 4,043,643
Loans and Leases Interest Income 197,000
Average Interest Rate 4.87%
2011
Total Securities 1,182,572
Total Securities Interest Income 34,000
Average Interest Rate 2.88%
2011
Total Interest Bearing Deposits 3,724,307
Total Interest Expense on Deposits 33,000
Average Interest Rate 0.89%
Average Interest Earning Assets 8,640
Interest-bearing deposits with banks 0% 40,459
Tax-free Investment securities 1% 1,248,689
Taxable Investment Securities 21% 4,553,634
Loans, net of unearned income 78% 5,851,422
FIRST COMMONWEALTH FINANCIAL CORP LOAN MIX
0%1%
21%
78%
Interest-
bearing
deposits with
banks
Tax-free
Investment
securities

18. securities

19. % Growth 2012 % Total % Growth 2013 % Total
1,019,822 24% 2% 1,021,056 24%
87,438 2% 14% 93,289 2%
1,241,565 30% 9% 1,262,718 29%
1,273,661 30% 0% 1,296,472 30%
582,218 14% 3% 610,298 14%
4,204,704 4% 4,283,833
187,000 -5% 176,000
4.45% 4.11%
2012 2013
1,199,531 1.43% 1,353,809
32,000 30,000
2.67% 2.22%
2012 2013
3,674,612 -1.33% 3,691,502
21,000 16,000
0.57% 0.43%

21. % Growth 2014 % Total % Growth 2015 % Total
0% 1,052,109 24% 3% 1,150,906 25%
7% 120,785 3% 29% 220,736 5%
2% 1,226,344 28% -3% 1,224,465 26%
2% 1,405,256 32% 8% 1,479,000 32%
5% 652,814 15% 7% 608,643 13%
2% 4,457,308 4% 4,683,750
-6% 171,000 -3% 175,000
3.84% 3.74%
2014 2015
12.86% 1,354,364 0.04% 1,333,836
29,000 30,000
2.14% 2.25%
2014 2015
0.46% 3,326,484 -10% 3,079,205
12,000 7,000
0.36% 0.23%
C
R
R
C
L

23. % Growth 2016 % Total %Growth 2017
9% 1,199,062 25% 4% 1,265,474
83% 308,233 6% 40% 464,265
0% 1,219,036 25% 0% 1,204,907
5% 1,555,067 32% 5% 1,652,423
-7% 618,834 13% 2% 622,701
5% 4,855,670 4% 5,062,851
2% 193,563 10.61% 217,010
3.99% 4.29%
2016 2017
-1.5% 1,384,463 4% 1,437,012
34,600 40,224
2.50% 2.80%
2016 2017
-7% 3,171,581 3% 3,330,160
15,139 25,886
0.48% 0.78%
2015
Commercial, financial, agricultural and other25%
Real estate construction 5%
Residential real estate 26%
Commerical real estate 32%
Loans to individuals 13%
32%

25. %Total %Growth 2018 % Total % Growth
25% 6% 1,346,098 25% 6%
9% 51% 732,009 14% 58%
24% -1% 1,197,855 23% -1%
33% 6% 1,744,141 33% 6%
12% 1% 613,429 12% -1%
4% 5,282,537 4%
12.11% 239,633 10.42%
4.54%
2018
4% 1,491,555 4%
45,480
3.05%
2018
5% 3,596,573 8%
35,150
0.98%
24%
5%
13%
Commercial, financial,
agricultural and other
Real estate
construction
Residential real estate

26. 26%
Commerical real estate
Loans to individuals

27. 2011 2012 2013 2014
Charge-offs as a % of total loans 1.51% 0.35% 0.76% 0.31%
Income Statement Highlights2014 Q4 2015 Q4 % Change
Net Interest Margin 3.27% 3.28% 0.3%
ROA 0.71% 0.78% 10%
ROE 6.18% 6.98% 13%
Net Income 44,453 50,143 13%
Diluted Earnings per Share 0.48 0.56 17%
Key Ratios 2011 2012 2013 2014
Return on average assets 0.27 0.71 0.68 0.71
Return on average equity 2 5.46 5.7 6.18
Net loans to deposits ratio 88.7 90.78 91.87 102.08
Dividends per share as a % of new income per share82.26 44.57 53.49 58.33
Average equity to avergae assets ratio 13.133 12.95 11.87 11.45

28. 2015
0.36%
2015
0.78
6.98
110.42
50
11.23
0.00%
0.50%
1.00%
1.50%
2.00%
2011 2012 2013 2014 2015

29. 2015

30. Company First Commonwealth Financial Corp. (FCF) Analyst Name Carrie Fisher
FYE = 12/31 ($in millions) 3 Yr 5 Yr Common Sized
Income Statement Summary 2009 2010 2011 2012 2013 2014 Growth Growth 2009 2010 2011 2012 2013 2014
Total Interest Income 293 268 232 219 206 202 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Interest Income Growth -8.5% -13.7% -5.4% -5.8% -2.0% -4.4% -7.2%
Total Interest Expense 87 62 42 30 22 19 29.6% 23.0% 18.0% 13.8% 10.5% 9.2%
Net Interest Income 207 207 190 189 185 184 70.4% 77.0% 82.0% 86.2% 89.5% 90.8%
Provision for Loan Losses 101 62 56 21 19 11 34.3% 22.9% 24.1% 9.4% 9.3% 5.5%
Net Interest Income After Provision 106 145 134 168 165 172 36.1% 54.1% 57.9% 76.9% 80.2% 85.3%
Net Interest Income Growth 37.1% -7.7% 25.6% -1.8% 4.3% 8.8% 10.2%
Non Interest Income 19 49 58 65 60 61 6.6% 18.3% 24.9% 29.9% 29.2% 30.1%
Non Interest Expense 171 171 177 177 169 171 58.4% 63.8% 76.3% 80.9% 81.8% 84.7%
Earnings Before Tax -46 23 15 57 57 62 -15.6% 8.7% 6.5% 25.8% 27.5% 30.7%
Pre-Tax Profit Growth -150.6% -35.0% 275.1% 0.3% 9.5% 60.3% -206.3%
Taxes -26 0 0 15 15 18 -8.8% 0.1% -0.2% 6.7% 7.4% 8.7%
Tax Rate 1% 26% 27% 28%
Net Income from Continuing Operations -20 23 15 42 41 44 -6.8% 8.6% 6.7% 19.2% 20.1% 22.0%
Profit Growth -214.5% -32.7% 171.1% -1.1% 7.2% 42.2% -217.2%
Extraordinary Income/(Expense) 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income -20 23 15 42 41 44 -6.8% 8.6% 6.7% 19.2% 20.1% 22.0%
Preferred Dividend 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income Attributable to Common -20 23 15 42 41 44 -6.8% 8.6% 6.7% 19.2% 20.1% 22.0%
Earnings Per Share (diluted) -0.24 0.25 0.15 0.40 0.43 0.48
EPS Growth -204.2% -40.0% 166.7% 7.5% 11.6% 47.4% -214.9% `
Dividend Per Share (diluted) 0.18 0.06 0.12 0.18 0.23 0.28
DPS Growth -66.7% 100.0% 50.0% 27.8% 21.7% 32.6% 9.2%
Dividend Payout -75.0% 24.0% 80.0% 45.0% 53.5% 58.3%
# diluted shares (in millions) 84.6 93.2 104.7 103.9 97.0 93.1
Balance Sheet Summary (Based on total assets)
Cash 89 70 75 99 74 72 1.4% 1.2% 1.3% 1.6% 1.2% 1.1%
Investment Securities 1,222 1,017 1,183 1,200 1,354 1,354 19.0% 17.5% 20.2% 20.0% 21.8% 21.3%
Loans Held For Sale 0 0 13 0 0 3 0.0% 0.0% 0.2% 0.0% 0.0% 0.0%
Loans-Commercial 1,208 914 997 1,020 1,021 1,052 18.7% 15.7% 17.1% 17.0% 16.4% 16.5%
Loans-Commercial Real Estate 387 1,354 1,267 1,274 1,296 1,405 6.0% 23.3% 21.7% 21.2% 20.9% 22.1%
Loans-Retail 557 561 566 582 610 653 8.6% 9.7% 9.7% 9.7% 9.8% 10.3%
Loans-Real Estate 1,209 1,127 1,137 1,242 1,263 1,226 18.8% 19.4% 19.5% 20.7% 20.3% 19.3%
Loans-Other 1,275 261 77 87 93 121 19.8% 4.5% 1.3% 1.5% 1.5% 1.9%
Total Loans 4,637 4,218 4,044 4,205 4,284 4,457 71.9% 72.6% 69.2% 70.1% 68.9% 70.1%
Allowance for Loan Losses 82 71 61 67 54 52 1.3% 1.2% 1.0% 1.1% 0.9% 0.8%
Net Loans 4,555 4,147 3,982 4,138 4,230 4,405 70.7% 71.3% 68.2% 69.0% 68.1% 69.3%
Loan Growth -9.0% -4.0% 3.9% 2.2% 4.2%
Allowance/Gross Loans 1.8% 1.7% 1.5% 1.6% 1.3% 1.2%
Fixed Assets 71 67 67 69 68 65 1.1% 1.2% 1.1% 1.2% 1.1% 1.0%
Intangibles 167 165 164 162 161 163 2.6% 2.8% 2.8% 2.7% 2.6% 2.6%
Total Assets 6,446 5,813 5,841 5,995 6,215 6,360 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Deposits 4,536 4,618 4,505 4,558 4,604 4,316 70.4% 79.4% 77.1% 76.0% 74.1% 67.9%
Fed Funds Purchased 1,678 105 41 128 43 42 26.0% 1.8% 0.7% 2.1% 0.7% 0.7%
Debt 1,233 392 520 636 843 1,268 19.1% 6.7% 8.9% 10.6% 13.6% 19.9%
Total Liabilities 5,807 5,063 5,083 5,249 5,503 5,644 90.1% 87.1% 87.0% 87.6% 88.5% 88.7%
Shareholders Equity 639 750 759 746 712 716 9.9% 12.9% 13.0% 12.4% 11.5% 11.3%
Total Liabilities and Equity 6,446 5,813 5,841 5,995 6,215 6,360 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Book Value per Share 7.55 8.04 7.24 7.18 7.34 7.69
Book Value Growth 6.5% -9.9% -0.9% 2.2% 4.8% 2.0% 0.4%
Cash Flow Summary (Based on revenue)
Operating Cash Flow 57 111 84 79 86 82 -0.8% 7.5% 19.5% 41.3% 36.3% 35.9% 41.5% 40.6%
OCF Growth 93.7% -24.1% -6.4% 8.9% -4.2%
OCF/Net Income -2.9 4.8 5.4 1.9 2.1 1.8
Amortization 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation+Amortization 10 11 9 8 11 14 3.3% 4.0% 3.9% 3.6% 5.4% 6.8%
Acquisitions Purchased with Cash 0 0 0 0 0 3
Dividends 30 5 13 19 22 26 Debt
Stock Repurchase 0 0 0 36 33 31 Maturities $ %
Stock Issuance 0 88 0 1 0 0 2015 1,258.15 99%
Net Charge-Offs (see notes) 72 72 66 15 32 13 2015 0.56 0%
Non-Performing Loans (see notes) 149 117 112 108 59 55 2016 0.59 0%
Ratios 2017 0.61 0%
ROA -0.3% 0.4% 0.3% 0.7% 0.7% 0.7% 2018 0.63 0%
ROE -3.1% 3.1% 2.0% 5.6% 5.8% 6.2% After 6.931 1%
Profit Margin (NI/S) -6.8% 8.6% 6.7% 19.2% 20.1% 22.0% Total Debt 1,267.46 100.0%
Asset Turnover (S/A) 0.0 0.0 0.0 0.0 0.0 0.0
Leverage (A/E) 10.1 7.8 7.7 8.0 8.7 8.9
Debt to Equity 9.1 6.8 6.7 7.0 7.7 7.9
Times Interest Earned -1.4 1.5 1.3 1.9 1.9 2.0
Loan/Deposit 1.00 0.90 0.88 0.91 0.92 1.02
Charge-Off/Allowance 87.8% 101.0% 107.5% 21.7% 59.4% 25.7%
NPL/Allowance 182.0% 164.9% 183.2% 160.1% 109.5% 106.1%
Tangible Common Equity 471 584 595 584 550 553
Tier 1 Capital 365 397 400 421 440 459 Version 3 (1/15/2016)