At a glance
First Commonwealth Financial is worth $2.10B, about 14 times its fiscal 2025 earnings. Revenue grew 9.4% to $522.9M in fiscal 2025, with 29.1% kept as profit; over 5 years it has grown 7.6% a year. It pays a 2.69% dividend yield, raised every year for at least 9 years, and returned $357.4M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +31.0% over the past year with dividends reinvested and +10.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.2% in the 2020 crash (S&P 500: 33.7%) and 25.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 22 months after the lows.
The business in plain English
First Commonwealth Financial is a bank holding company based in Indiana, Pennsylvania. Its main business, First Commonwealth Bank, dates to 1934. As of December 31, 2025, the bank ran 126 community banking offices in 30 counties across western and central Pennsylvania and Ohio. It also had business lending centers in Pittsburgh, Berwyn and several Ohio cities. It offers trust and wealth management too, and sells insurance through its own agency.
Like most banks, it earns the bulk of its money from net interest income. That is the gap between the interest it collects on loans and securities and the interest it pays on deposits. In fiscal 2025, net interest income was $426 million of $523 million in total revenue. The other $97 million came from fees and other noninterest income. Its loans go to businesses, commercial real estate (about 33% of loans as of December 31, 2025), builders, home buyers and home equity borrowers. It also makes consumer loans such as credit cards and auto and RV loans.
The company has grown largely by acquiring smaller banks. The latest deals were Centric Financial (Harrisburg and Lancaster) in January 2023 and CenterGroup Financial (Cincinnati) in April 2025. At year-end 2025, it had $12.3 billion in assets, $9.8 billion in loans and $10.3 billion in deposits. The 10-K does not split revenue by region or product.
Price history
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FCF +31.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $139.4M, up 6.5% from a year earlier, and net income was $44.6M (+33.5%).
- For fiscal 2025, revenue was $522.9M (+9.4% year over year; +7.6% a year from FY2020 to FY2025) with a 29.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.6% good |
|---|---|
| Return on equity | 9.8% watch |
| Net income / revenue | 29.1% good |
| Deposits | $10.26B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $362.7M | $73.4M | — |
| FY2021 | $385.3M | $138.3M | — |
| FY2022 | $410.9M | $128.2M | — |
| FY2023 | $482.3M | $157.1M | — |
| FY2024 | $478.1M | $142.6M | — |
| FY2025 | $522.9M | $152.3M | — |
Valuation snapshot
| Market value | $2.10B |
|---|---|
| P/E ratio | 14.2 |
| Dividend yield | 2.69% |
Rank among 1514 US companies
Market value at each year end
First Commonwealth Financial’s market value went from $1.26B at the end of 2016 to $2.10B on Oct 28, 2026, up 67%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.10B | +20.3% |
| 2025 | $1.75B | +1.6% |
| 2024 | $1.72B | +9.2% |
| 2023 | $1.58B | +20.9% |
| 2022 | $1.30B | -14.6% |
| 2021 | $1.53B | +45.2% |
| 2020 | $1.05B | -26.3% |
| 2019 | $1.43B | +18.8% |
| 2018 | $1.20B | -13.9% |
| 2017 | $1.40B | +10.6% |
| 2016 | $1.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FCF price data to Oct 28, 2026 | +26.2% | +31.0% | +24.3% | +10.1% | +11.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.2% |
| 2025 | +3.1% |
| 2024 | +13.4% |
| 2023 | +14.8% |
| 2022 | -10.3% |
| 2021 | +52.1% |
| 2020 | -20.9% |
| 2019 | +23.7% |
| 2018 | -13.6% |
| 2017 | +3.4% |
| 2016 | +61.2% |
| 2015 | +1.4% |
| 2014 | +8.0% |
| 2013 | +33.3% |
| 2012 | +33.3% |
| 2011 | -24.1% |
| 2010 | +53.8% |
| 2009 | -61.6% |
| 2008 | +23.3% |
| 2007 | -15.8% |
| 2006 | +9.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41% over that stretch · deepest drop along the way 55.9%, back to its old high 92.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.9% over that stretch · deepest drop along the way 40.2%, back to its old high 10.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.9% over that stretch · deepest drop along the way 25%, back to its old high 21.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($19K) and 116 sales ($2.7M), 87 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 6, 2026 | Jane Grebenc Director | sell | $211K |
| May 18, 2026 | Lee E II Lyon EVP / Chief Audit Executive | sell | $197K |
| May 18, 2026 | Lee E II Lyon EVP / Chief Audit Executive | sell | $155K |
| Apr 30, 2026 | Norman J Montgomery EVP/Business Integration | sell | $138K |
| Apr 30, 2026 | Norman J Montgomery EVP/Business Integration | sell | $132K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.14% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
ETFs with the most weight in FCF
| JPSV JPMorgan Active Small Cap Value ETF | 0.89% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.82% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.69% |
| SEIS SEI Select Small Cap ETF | 0.55% |
| SVAL iShares US Small Cap Value Factor ETF | 0.51% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.46% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.4% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.38% |
What could go wrong
- Big exposure to commercial real estate. Commercial real estate made up about 33% of loans as of December 31, 2025. These loans tend to be larger and depend on income from the property, so a slump or rising vacancies could hurt repayment.
- Acquisitions can dilute existing shareholders. It acquires banks regularly, usually paying more than book value (assets minus liabilities). That can dilute book value and earnings per share. Deals can also disrupt the business and need regulators' approval.
- Loan losses could exceed its reserves. The bank's reserve for bad loans is an estimate made by management. A weaker economy or a regulator review could force it to add more, which cuts earnings. It set aside $36.7 million for expected loan losses in fiscal 2025.
- Interest rate moves can squeeze profits. Earnings depend mostly on net interest income. Profits shrink if the rates it pays depositors rise faster than what it earns on loans. They also shrink if loan rates fall faster than deposit costs.
- Paper losses on its bond holdings. When interest rates rise, the bonds a bank owns lose value. If it had to cash them in to raise money, it would lock in those losses. That could make it harder and costlier to cover withdrawals.
- Deposits could drift to rivals or stablecoins. Other banks and financial firms compete for customers' cash. So do stablecoins, which are digital tokens tied to the dollar. If deposits leave, the bank may have to pay more for funding, which squeezes its lending profits.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
First Commonwealth has raised its regular dividend at least nine years in a row, based on SEC data for fiscal 2016 to 2025. The true streak may be longer. Dividends per share grew from $0.44 in 2020 to $0.535 in 2025, about 4% a year. The 2025 dividend used 36.4% of earnings, a figure known as the payout ratio. The dividend yield was 2.69% as of October 28, 2026. The company spent $110.3 million on buybacks from fiscal 2021 to 2025. Even so, the share count rose 6.5% between November 2021 and August 2026.
In the 2008 financial crisis, the stock fell 55.9% and took about 92 months to get back to its peak. It fell 40.2% in the 2020 COVID crash and recovered in about 11 months. It fell 25% in the 2022 bear market and took about 21.5 months to recover. Single stocks carry more risk than diversified funds, since one company's setbacks can hit both the share price and the dividend.
Questions investors ask
How does First Commonwealth Financial make money?
Mostly from lending. Net interest income is the interest a bank earns on loans and securities, minus what it pays on deposits and borrowings. In fiscal 2025, it was $426 million of First Commonwealth's $523 million in total revenue. The other $97 million was noninterest income, such as fees. The bank lends to businesses, commercial property owners, builders, home buyers and consumers in Pennsylvania and Ohio. It also offers trust, wealth management and insurance services.
Does First Commonwealth Financial raise its dividend every year?
Yes, so far. SEC data show an increase in every fiscal year from 2016 through 2025. That is a streak of at least nine years, and it may be longer. The regular dividend rose from $0.44 per share in 2020 to $0.535 in 2025, about 4% a year. The 10-K warns that future dividends are not guaranteed. It also notes that the holding company relies on dividends from its bank for most of its revenue.
What is First Commonwealth Financial's dividend yield?
It was 2.69% as of October 28, 2026. In fiscal 2025, the company paid $0.535 per share in regular dividends against diluted earnings of $1.47 per share. That is a payout ratio of 36.4%. On October 28, 2026, the stock traded at 14.2 times its 2025 earnings. Paying out well under half of earnings leaves profit to absorb loan losses or fund growth. The yield changes whenever the share price moves.
Where does First Commonwealth Bank have branches?
In Pennsylvania and Ohio. As of December 31, 2025, it ran 126 community banking offices in 30 counties across western and central Pennsylvania and throughout Ohio, plus 132 ATMs. It also has business lending centers in Pittsburgh and Berwyn, Pennsylvania, and in Canfield, Canton, Hudson, Independence and Lewis Center, Ohio. Buying CenterGroup Financial in April 2025 added three branches in Cincinnati. The company is based in Indiana, Pennsylvania.
How did First Commonwealth stock do in the 2008 financial crisis?
It fell sharply. The share price dropped 55.9% from September 18, 2008, to March 9, 2009. It did not get back to that peak until November 17, 2016, about 92 months later. Later drops were shorter. It fell 40.2% in the 2020 COVID crash and recovered in about 11 months. It fell 25% in the 2022 bear market and recovered in about 21.5 months. Its largest decline in about 21 years of price history was 74.5%.