Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:


	March 31, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	2,543	$	20	$	(152)	$	2,411	$	2,638	$	23	$	(165)	$	2,496
Mortgage-Backed Securities – Commercial	709,359		1,647		(45,665)		665,341		701,572		3,788		(43,671)		661,689
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	367,198		679		(42,712)		325,165		336,493		1,087		(42,057)		295,523

Other Government-Sponsored Enterprises	1,000		—		(9)		991		1,000		—		(16)		984
Obligations of States and Political Subdivisions	7,560		—		(623)		6,937		7,560		1		(590)		6,971
Corporate Securities	42,250		534		(1,230)		41,554		46,969		782		(1,220)		46,531



Total Debt Securities Available for Sale	$	1,129,910	$	2,880	$	(90,391)	$	1,042,399	$	1,096,232	$	5,681	$	(87,719)	$	1,014,194

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 41 years, with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.

The amortized cost and estimated fair value of debt securities available for sale at March 31, 2026, by contractual maturity, are shown below.


	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	1,000	$	991
Due after 1 but within 5 years	30,298		29,805
Due after 5 but within 10 years	19,512		18,686
Due after 10 years	—		—
	50,810		49,482
Mortgage-Backed Securities (a)	1,079,100		992,917
Total Debt Securities	$	1,129,910	$	1,042,399

(a) Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $711.9 million and a fair value of $667.8 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $367.2 million and a fair value of $325.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Proceeds from sales, gross gains (losses) realized on sales, calls and maturities related to securities held to maturity and securities available for sale were as follows for the three months ended March 31:


	2026		2025
	(dollars in thousands)
Proceeds from sales	$	—	$	48,519
Gross gains (losses) realized:
Sales transactions:
Gross gains	$	—	$	—
Gross losses	—		(5,142)
	—		(5,142)
Maturities
Gross gains	229		—
Gross losses	—		—

	229		—
Net gains (losses)	$	229	$	(5,142)

For the three months ended March 31, 2025, proceeds from sales included in the above table are a result of management selling $53.7 million in available for sale investment securities yielding 2.61% and reinvesting the proceeds into securities yielding 5.41%.

Securities available for sale with an estimated fair value of $598.4 million and $624.0 million were pledged as of March 31, 2026 and December 31, 2025, respectively, to secure public deposits and for other purposes required or permitted by law.

During the second quarter of 2024, Visa commenced an exchange offer for any and all outstanding shares of its Class B-1 common stock for a combination of Visa's Class B-2 common stock, Class C common stock and, where applicable cash in lieu of fractional shares. As part of this exchange, each share of Class B-1 common stock would be exchanged for one half share of the newly issued Class B-2 common stock and Class C common stock would be issued in an amount equivalent to one half of a share of Class B-1 common stock. The Company opted to participate in this exchange offer prior to its expiration and received 13,340 Class B-2 shares and 5,294 Class C shares. In 2024, the Class C shares were sold at fair value resulting in a gain of $5.7

Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:


	March 31, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	1,324	$	—	$	(149)	$	1,175	$	1,379	$	—	$	(144)	$	1,235
Mortgage-Backed Securities- Commercial	155,846		311		(12,938)		143,219		163,625		606		(12,320)		151,911
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	373,294		161		(33,955)		339,500		307,676		485		(33,395)		274,766

Other Government-Sponsored Enterprises	23,283		—		(2,807)		20,476		23,199		—		(2,735)		20,464
Obligations of States and Political Subdivisions	22,739		—		(1,314)		21,425		22,743		—		(1,250)		21,493
Debt Securities Issued by Foreign Governments	800		—		(3)		797		800		—		(4)		796




Total Securities Held to Maturity	$	577,286	$	472	$	(51,166)	$	526,592	$	519,422	$	1,091	$	(49,848)	$	470,665

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.


	Amortized Cost		Estimated Fair Value
	(dollars in thousands)
Due within 1 year	$	2,005	$	1,996
Due after 1 but within 5 years	17,735		16,883
Due after 5 but within 10 years	26,518		23,365
Due after 10 years	564		454
	46,822		42,698
Mortgage-Backed Securities (a)	530,464		483,894
Total Debt Securities	$	577,286	$	526,592

(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $157.2 million and a fair value of $144.4 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $373.3 million and a fair value of $339.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.

Securities held to maturity with an amortized cost of $383.9 million and $349.2 million were pledged as of March 31, 2026 and December 31, 2025, respectively, to secure public deposits and for other purposes required or permitted by law.

As a member of the Federal Home Loan Bank ("FHLB"), First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. The level of stock required to be held is dependent on the amount of

First Commonwealth's mortgage-related assets and outstanding borrowings with the FHLB. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of March 31, 2026 and December 31, 2025, our FHLB stock totaled $23.2 million and $32.6 million, respectively, and is included in “Other investments” on the unaudited Consolidated Statements of Financial Condition.

FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly and has concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities during the three months ended March 31, 2026.

At March 31, 2026 and December 31, 2025, "Other investments" also includes $5.7 million in equity securities. These securities do not have a readily determinable fair value and are carried at cost. During the three-months ended March 31, 2026 and 2025, there were no gains or losses recognized through earnings on these equity securities. On a quarterly basis, management evaluates equity securities by reviewing the severity and duration of any decline in estimated fair value, research reports, analysts’ recommendations, credit rating changes, news stories, annual reports, regulatory filings, the impact of interest rate changes and other relevant information.

We review our investment portfolio on a quarterly basis for indications of impairment. For available for sale securities, the review includes analyzing the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and whether we are more likely than not to sell the security. We evaluate whether we are more likely than not to sell debt securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy, tax position and interest rate risk position. Held-to-maturity securities are evaluated for impairment on a quarterly basis using historical probability of default and loss given default information specific to the investment category. If this evaluation determines that credit losses exist, an allowance for credit loss is recorded and included in earnings as a component of credit loss expense.

The following table presents the gross unrealized losses and estimated fair values at March 31, 2026, for available for sale securities for which an allowance for credit losses has not been recorded and held to maturity securities by investment category and time frame for which securities have been in a continuous unrealized loss position:


	Less Than 12 Months				12 Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	—	$	—	$	2,720	$	(301)	$	2,720	$	(301)
Mortgage-Backed Securities – Commercial	227,955		(1,751)		244,929		(56,852)		472,884		(58,603)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	75,998		(896)		425,533		(75,771)		501,531		(76,667)

Other Government-Sponsored Enterprises	—		—		21,467		(2,816)		21,467		(2,816)
Obligations of States and Political Subdivisions	2,738		(11)		24,624		(1,926)		27,362		(1,937)
Debt Securities Issued by Foreign Governments	—		—		597		(3)		597		(3)
Corporate Securities	—		—		22,590		(1,230)		22,590		(1,230)



Total Securities	$	306,691	$	(2,658)	$	742,460	$	(138,899)	$	1,049,151	$	(141,557)

At March 31, 2026, fixed income securities issued by the U.S. Government and U.S. Government-sponsored enterprises comprised 95% of the estimated fair value for the total portfolio and 98% of total unrealized losses. All unrealized losses are the

The following table presents the gross unrealized losses and estimated fair values at December 31, 2025 by investment category and the time frame for which securities have been in a continuous unrealized loss position:


	Less Than 12 Months				12 Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential	$	—	$	—	$	2,789	$	(309)	$	2,789	$	(309)
Mortgage-Backed Securities - Commercial	77,195		(509)		270,142		(55,482)		347,337		(55,991)
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential	19,924		(95)		438,740		(75,357)		458,664		(75,452)

Other Government-Sponsored Enterprises	—		—		21,448		(2,751)		21,448		(2,751)
Obligation of States and Political Subdivisions	—		—		26,563		(1,840)		26,563		(1,840)
Debt Securities Issued by Foreign Governments	—		—		596		(4)		596		(4)
Corporate Securities	5,492		(3)		22,845		(1,217)		28,337		(1,220)

Total Securities	$	102,611	$	(607)	$	783,123	$	(136,960)	$	885,734	$	(137,567)

As of March 31, 2026, our corporate securities had an amortized cost and an estimated fair value of $42.3 million and $41.6 million, respectively. As of December 31, 2025, our corporate securities had an amortized cost and estimated fair value of $47.0 million and $46.5 million, respectively. Corporate securities are comprised of debt issued by large regional banks. There were five corporate securities out of a total of 11 that were in an unrealized loss position at March 31, 2026 and seven corporate securities out of a total of 12 that were in an unrealized loss position at December 31, 2025. When unrealized losses exist, management reviews each of the issuer’s asset quality, earnings trends and capital position to determine whether the unrealized loss position is a result of credit losses. All interest payments on the corporate securities are being made as contractually required.