<html>

<head>
<title>FORM 10-Q</title>

<!--

-->

</head>

<body link=blue vlink=purple>



<p align=center><font size=3
face=Courier><br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier>UNITED STATES SECURITIES AND
  EXCHANGE COMMISSION<br>
  Washington, D.C.&nbsp; 20549<br>
  FORM 10-Q<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p><font size=3 face=Courier>&nbsp;</font></p>
  <p><font size=3 face=Courier>(X)</font></p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier>&nbsp;</font></p>
  <p><font size=3 face=Courier>QUARTERLY
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier>For
  the quarterly period ended September 30, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p align=center><font size=3
  face=Courier><br>
  or<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p><font size=3 face=Courier>(&nbsp;)</font></p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier>TRANSITION
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier>For
  the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier>Commission File Number <u>&nbsp;&nbsp;0-11242</u></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><u><font size=3
  face=Courier>First Commonwealth Financial
  Corporation</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier>(Exact name of registrant as
  specified in its charter)</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=355 valign=top>
  <p align=center><font size=3
  face=Courier><br>
  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
  <td width=348 valign=top>
  <p align=center><font size=3
  face=Courier><br>
  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25-1428528&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=top>
  <p align=center><font size=3
  face=Courier>(State or other jurisdiction of</font></p>
  </td>
  <td width=348 valign=top>
  <p align=center><font size=3
  face=Courier>(I.R.S. Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=top>
  <p align=center><font size=3
  face=Courier>incorporation or organization)</font></p>
  </td>
  <td width=348 valign=top>
  <p align=center><font size=3
  face=Courier>Identification No.)</font></p>
  </td>
 </tr>
</table>

<p align=center><font size=3
face=Courier><br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0 width=703>
 <tr>
  <td width=451 valign=top>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;22 North Sixth
  Street, Indiana, PA&nbsp;&nbsp;</font></u></p>
  </td>
  <td width=252 valign=top>
  <p align=center><u><font size=3
  face=Courier>&nbsp;
  15701&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=top>
  <p align=center><font size=3
  face=Courier>(Address of principal executive offices)</font></p>
  </td>
  <td width=252 valign=top>
  <p align=center><font size=3
  face=Courier>(Zip Code)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=top>
  <p align=center><font size=3
  face=Courier><br><br></font></p>
  </td>
  <td width=252 valign=top>
  <p align=center>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724-349-7220&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier>(Registrant's telephone number,
  including area code)</font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier>(Former name, former address and
  former fiscal year, <br>
  if changed since last report)</font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier><br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>Indicate
  a check mark whether the registrant (1) has filed all reports required to be
  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
  the preceding 12 months (or for such shorter period that the registrant was
  required to file such reports), and (2) has been subject to such filing
  requirements for the past 90 days.<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Yes
  <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u>&nbsp;
  No <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.</font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>Indicate
  by check mark whether the registrant is an accelerated filer (as defined in
  Rule 12b-2 of the Exchange Act). <br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Yes
  <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u>&nbsp;
  No <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>Indicate
  by check mark whether the registrant is a shell company (as defined in Rule
  12b-2 of the Exchange Act).<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Yes
  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp; No <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;</u>.<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>The
  number of shares outstanding of issuer's common stock, $1.00 Par Value as of
  October 31, 2005, was 70,307,392.</font></p>
  </td>
 </tr>
</table>


<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<p><font size=3 face=Courier><br>
<br clear=all>
FIRST COMMONWEALTH FINANCIAL CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
<br>
PART I - FINANCIAL INFORMATION</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=115 valign=top>
  <p><font size=3 face=Courier><br>
  <u>ITEM 1.</u></font></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier><br>
  FINANCIAL STATEMENTS</font></p>
  </td>
  <td width=55 valign=bottom>
  <p><font size=3 face=Courier><br>
  PAGE</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>Included in Part I of this report:</font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>First Commonwealth Financial Corporation and
  Subsidiaries</font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Consolidated Balance Sheets......................... </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier>3</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Consolidated Statements of Income................... </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier>4</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Consolidated Statements of Changes in</font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Equity.............................. </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier>5</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Consolidated Statements of Cash Flows............... </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier>7</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Notes to Consolidated Financial
  Statements.......... </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier>8</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 2.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL<br>
  &nbsp;&nbsp;&nbsp;&nbsp;CONDITION AND RESULTS OF OPERATIONS............... </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier><br>
  18</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 3.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>QUANTITATIVE AND QUALITATIVE DISCLOSURES <br>
  &nbsp;&nbsp;&nbsp;&nbsp;ABOUT MARKET RISK................................. </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier><br>
  43</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 4.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>CONTROLS AND PROCEDURES............................... </font></p>
  </td>
  <td width=55 valign=bottom>
  <p align=right><font
  size=3 face=Courier>44</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=55 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p align=center><font size=3
face=Courier>&nbsp;</font></p>

<p align=center><font size=3
face=Courier>PART II - OTHER INFORMATION</font></p>

<table border=0 cellspacing=0 cellpadding=0 width=732>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier><br>
  ITEM 1.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier><br>
  LEGAL PROCEEDINGS....................................... </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier><br>
  45</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 2.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>UNREGISTERED SALES OF EQUITY SECURITIES <br>
  &nbsp;&nbsp;&nbsp;&nbsp;AND USE OF PROCEEDS................................. </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier>45</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 3.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>DEFAULTS UPON SENIOR SECURITIES......................... </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier>45</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 4.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS..... </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier>45</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 5.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>OTHER INFORMATION....................................... </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier>45</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 6.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>EXHIBITS................................................ </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier>46</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>Signatures.............................................. </font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right><font
  size=3 face=Courier>47</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>Exhibits</font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier>&nbsp;</font></p>


<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
ITEM 1. CONSOLIDATED BALANCE SHEETS (Unaudited)<br>
(Dollars in thousands)</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=center><font
  size=1 face=Courier>September 30,<br>
  2005</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=center><font
  size=1 face=Courier>December 31, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>ASSETS</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash
  and due from banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>90,139&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>79,591&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest-bearing
  bank deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>87&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,403&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  available for sale, at market</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,990,929&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,162,313&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  held to maturity, at amortized cost,<br>
  &nbsp;&nbsp;&nbsp;(Market value $93,344 in 2005 and $81,886 in 2004)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>90,639&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>78,164&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Portfolio
  loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,611,535&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,512,774&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Loans
  held for sale</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,744&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,311&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unearned
  income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(142)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(252)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Allowance
  for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(41,537)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;(41,063)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,571,600&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,473,770&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Premises
  and equipment</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>62,185&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>56,965&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  real estate owned</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,520&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,814&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Goodwill</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>122,702&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>123,607&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Amortizing
  intangibles, net</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>15,817&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,513&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>215,423&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;202,338&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,161,041&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,198,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>LIABILITIES</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Deposits
  (all domestic):</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>500,834&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>480,843&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,558,849&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,363,632&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,059,683&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,844,475&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term
  borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>738,233&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>946,474&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>37,390&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>35,977&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Subordinated
  debentures</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>696,580&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;731,324&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>804,830&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;839,574&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom><a
  name="OLE_LINK1"></a>
  <div align=right><font size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,640,136&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,666,500&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>SHAREHOLDERS' EQUITY</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Preferred
  stock, $1 par value per share, 3,000,000 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares&nbsp;authorized, none issued</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Common
  stock $1 par value per share, 100,000,000 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares authorized; 71,978,568 shares issued at <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2005 and December 31, 2004;
  70,227,342 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 69,868,908 shares outstanding at September
  30,<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 and December 31, 2004, respectively</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Additional
  paid-in capital</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>174,015&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Retained
  earnings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>318,751&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Accumulated
  other comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(10,195)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Treasury
  stock (1,751,226 shares at September 30, 2005 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 2,109,660 shares at December 31, 2004, at
  cost)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(22,116)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(11,528)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;(6,175)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  shareholders' equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>520,905&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;531,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities and shareholders' equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,161,041&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,198,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=2 face=Courier>The accompanying notes are an integral part of these
consolidated financial statements.</font><br>
<br>
3</p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
ITEM 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)<br>
(Dollars in thousands, except per share data)</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr height=36>
  <td width=355 height=36 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 height=36 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=176 colspan=3 height=36 valign=bottom>
  <p align=center><font
  size=1 face=Courier>For
  the Quarter<br>
  Ended September 30,</font></p>
  </td>
  <td width=16 height=36 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=176 colspan=3 height=36 valign=bottom>
  <p align=center><font
  size=1 face=Courier>For
  the Nine Months<br>
  Ended September 30,</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=center><font
  size=1 face=Courier>2005</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=center><font
  size=1 face=Courier>2004</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=center><font
  size=1 face=Courier>2005</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=center><font
  size=1 face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Interest Income</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest and
  fees on loans</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>56,927&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>51,472&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>164,216&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>136,937&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest and
  dividends on investments:</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Taxable
  interest</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>18,559&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>20,019&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>56,908&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>55,853&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest
  exempt from Federal income taxes</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,244&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,048&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>9,426&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,421&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Dividends</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>498&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>391&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,717&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,172&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  Federal funds sold</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>12&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>136&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  bank deposits</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>22&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>23&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest income</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>79,248&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>74,940&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>232,425&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>202,410&nbsp;</font></p>
  </td>
 </tr>
 <tr height=5>
  <td width=355 height=5 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 height=5 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 height=5 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 height=5 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 height=5 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 height=5 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 height=5 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 height=5 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 height=5 valign=bottom>
  <div align=right><font
  size=3 face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Interest Expense</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  deposits</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>20,885&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>15,421&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>56,466&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>42,882&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  short-term borrowings</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,437&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,639&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,862&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,264&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  subordinated debentures</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,989&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,829&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,836&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,910&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  other long-term debt</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,903&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,992&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>20,655&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>26,053&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest on long-term debt</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,892&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>9,821&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>26,491&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>30,963&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr height=16>
  <td width=355 height=16 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest expense</font></p>
  </td>
  <td width=16 height=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 height=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>36,214&nbsp;</font></p>
  </td>
  <td width=16 height=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 height=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>28,881&nbsp;</font></p>
  </td>
  <td width=16 height=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 height=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>100,819&nbsp;</font></p>
  </td>
  <td width=19 height=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 height=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>81,109&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Net Interest Income</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>43,034&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>46,059&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>131,606&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>121,301&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Provision for
  credit losses</font></p>
  </td>
  <td width=16 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,850&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,675&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,594&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,295&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Net interest income after provision for credit losses</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>40,184&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>43,384&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>124,012&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>114,006&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Other Income</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net securities
  gains</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>34&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>51&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>519&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,046&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Trust income</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,417&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,413&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,198&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,123&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Service charges
  on deposit accounts</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,226&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,059&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,775&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,019&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Gain on sale of
  branch</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,090&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Gain on sale of
  merchant services business</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,991&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Insurance
  commissions</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,089&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,046&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,832&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,715&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Income from
  bank owned life insurance</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,359&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,333&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,035&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,847&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Merchant
  discount income</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>353&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>988&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,074&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,723&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Card related
  interchange income</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,265&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>986&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,568&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,496&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other income</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,817&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,927&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,067&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,514&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other income</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,560&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,803&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>40,149&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>36,483&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Other Expenses</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Salaries and
  employee benefits</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>18,320&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,303&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>54,482&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>51,147&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net occupancy
  expense</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,671&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,540&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,378&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,894&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Furniture and
  equipment expense</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,844&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,064&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,473&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,290&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Data processing
  expense</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>818&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,079&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,738&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,805&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Pennsylvania
  shares tax expense</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,236&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,140&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,739&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,414&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Intangible
  amortization</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>565&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>565&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,696&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>877&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Merger and
  integration charges</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(39)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,125&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Restructuring
  charges</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,704&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,704&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Debt prepayment
  fees</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>29,495&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>29,495&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other operating
  expenses</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,145&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,906&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>24,558&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>24,267&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other expenses</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>36,303&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>64,053&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>106,768&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>129,314&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Income (loss) before income taxes</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>15,441&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(8,866)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>57,393&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>21,175&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Applicable
  income taxes (benefit)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,445&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(6,071)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,340&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(913)</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Net income (Loss)</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>12,996&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(2,795)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>46,053&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>22,088&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>Average Shares Outstanding</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,242,056&nbsp;</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,077,293&nbsp;</font></p>
  </td>
  <td width=89 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,239,005&nbsp;</font></p>
  </td>
  <td width=103 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>64,784,404&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>Average Shares Outstanding
  Assuming Dilution</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,787,884&nbsp;</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,701,327&nbsp;</font></p>
  </td>
  <td width=89 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,834,460&nbsp;</font></p>
  </td>
  <td width=103 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>65,328,753&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><b><font size=1
  face=Courier>Per Share Data:</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=19 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Basic earnings
  per share</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(0.04)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.67&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Diluted
  earnings per share</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(0.04)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.66&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=355 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash dividends
  per share</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.165&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.160&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.495&nbsp;</font></p>
  </td>
  <td width=19 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.480&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=2 face=Courier><br>
The accompanying notes are an integral part of these consolidated financial
statements.<br></font>4</p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<p><font size=3 face=Courier><br><br></font></p>



<font size=3 face=Courier><br
clear=all>
</font>



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
ITEM 1. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br>
(Unaudited)<br>
(Dollars in thousands)<br>
<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Common<br>
  Stock</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Additional<br>
  Paid-in<br>
  Capital</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier><br>
  Retained<br>
  Earnings</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Accumulated<br>
  Other<br>
  Comprehensive<br>
  Income</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier><br>
  <br>
  Treasury<br>
  Stock</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Unearned<br>
  ESOP<br>&nbsp;Shares</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Total<br>
  Shareholders'<br>
  Equity</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Balance December 31, 2003</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>63,704&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>79,581&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>312,261&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>15,173&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(37,779)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,994)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>430,946&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1
  face=Courier>&nbsp;Comprehensive
  income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>22,088&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>22,088&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1
  face=Courier>&nbsp;&nbsp;Other
  comprehensive income, net of tax:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding gains on securities<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  2,048&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  2,048&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Less:&nbsp; reclassification adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on securities included in net income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  (2,613)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  (2,613)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding gains on derivatives<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used in cash flow hedging relationship<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  <br>
  298&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  <br>
  298&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total other
  comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(267)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(267)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Total comprehensive income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>22,088&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(267)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;21,821&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Cash dividends declared</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(32,022)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(32,022)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Net increase in unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(4,870)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(4,870)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Discount on dividend
  reinvestment plan purchases</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(601)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(601)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Treasury stock acquired</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(514)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(514)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,239)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,856&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,617&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Tax benefit of stock
  options</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>415&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>415&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Stock issued for
  acquisition</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,274&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>96,956&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>105,230&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Balance at September 30,
  2004</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>175,112&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>302,327&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>14,906&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(30,437)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(6,864)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>527,022&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
5</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
ITEM 1. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br>
(Unaudited)<br>
(Dollars in thousands)<br>
<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Common<br>
  Stock</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Additional<br>
  Paid-in<br>
  Capital</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier><br>
  Retained<br>
  Earnings</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Accumulated<br>
  Other<br>
  Comprehensive<br>
  Income (Loss)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier><br>
  <br>
  Treasury<br>
  Stock</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Unearned<br>
  ESOP<br>&nbsp;Shares</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Total<br>
  Shareholders'<br>
  Equity</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Balance December 31, 2004</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(6,175)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>531,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1
  face=Courier>&nbsp;Comprehensive
  income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>46,053&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>46,053&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1
  face=Courier>&nbsp;&nbsp;Other
  comprehensive income, net of tax:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding losses on securities<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(19,260)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(19,260)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Less:&nbsp; reclassification adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on securities included in net income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(317)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(317)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding losses on derivatives<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used in cash flow hedging relationship<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(620)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(620)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total other
  comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;(20,197)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;(20,197)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Total comprehensive income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>46,053&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;(20,197)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>25,856&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Cash dividends declared</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(34,665)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(34,665)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Net increase in unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(5,353)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(5,353)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Discount on dividend
  reinvestment plan purchases</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(672)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(672)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(776)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,527&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,751&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Tax benefit of stock
  options</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>10&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>10&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Balance at September 30,
  2005</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;71,978&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;174,015&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;318,751&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(10,195)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(22,116)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(11,528)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>520,905&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br></font><font size=2>The accompanying notes are an integral part of these consolidated
financial statements.<br></font><br>
<br>
<br>
<br>
<br>
<br>
6</p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>



<font size=3 face=Courier><br
clear=all>
</font>



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
ITEM 1. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)<br>
(Dollars in thousands)<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=3 valign=bottom>
  <p align=center><font
  size=1 face=Courier>For
  the Nine Months<br>
  Ended September 30,</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=3 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font
  size=1 face=Courier>2005</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font
  size=1 face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>Operating Activities</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income.................................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>46,053&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>22,088&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Adjustments to
  reconcile net income to net cash <br>
  &nbsp;&nbsp;provided by operating activities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Provision
  for credit losses&nbsp;................................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,594&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,295&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
  and amortization............................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,024&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,618&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  gains on sales of assets................................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,402)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(3,981)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  gain on sale of branch.................................. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(3,090)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  gain on sale of merchant services business.............. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,991)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Income
  from increase in cash surrender value of <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bank owned life insurance............................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(4,035)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(3,847)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Stock option
  tax benefit...................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>10&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>415&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Changes, net of
  acquisition:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)
  decrease in interest receivable................. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(27)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,307&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
  in interest payable............................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>740&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>403&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
  (decrease) in income taxes payable................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,546&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(9,070)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  decrease in loans held for sale........................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>568&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>160&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
  in deferred taxes................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(898)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(614)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other-net.................................................. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(233)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(6,810)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided by operating activities................. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>54,859&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>13,964&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>Investing Activities</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities held to maturity:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from sales......................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions.................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,086&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>30,367&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Purchases................................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(20,530)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities available for sale:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from sales......................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>92,861&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>102,018&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions.................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>319,300&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>624,137&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Purchases................................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(270,408)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(664,967)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sales of other assets........................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,088&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,430&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sale of merchant services business.............. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,000&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Acquisition of
  affiliate, net of cash received................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(70,872)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease
  (increase) in time deposits with banks........... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,315&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,016)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  loans......................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(112,824)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(192,845)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Purchases of
  premises and equipment........................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(11,753)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(9,032)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided (used) by investing activities............ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,135&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(173,780)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>Financing Activities</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Repayments of
  other long-term debt............................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(77,101)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(457,537)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  issuance of other long-term debt................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>37,005&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>283,486&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Repayments of
  subordinated debentures......................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(8,292)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  issuance of subordinated debentures............. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>41,238&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Discount on
  dividend reinvestment plan purchases.............. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(672)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(601)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Dividends paid................................................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(34,606)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(30,605)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  Federal funds purchased....................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>113,350&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>10,700&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net (decrease)
  increase in other short-term borrowings........ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(321,591)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>278,451&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Sale of branch
  and deposits, net of cash received............. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(14,204)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  deposits...................................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>232,825&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>33,885&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sale of treasury stock.......................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,548&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,414&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash (used) provided by financing activities............ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(61,446)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;157,139&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  increase (decrease) in cash and cash equivalents........ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>10,548&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(2,677)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash and cash
  equivalents at January 1........................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>79,591&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;82,510&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash and cash
  equivalents at September 30..................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>90,139&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;79,833&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier>The
accompanying notes are an integral part of these consolidated financial
statements.<br>
<br>
7</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 1 Management Representation</u><br>
<br>
The consolidated financial statements include the accounts of First
Commonwealth Financial Corporation and its subsidiaries (&quot;First
Commonwealth&quot;).&nbsp; All significant
intercompany transactions and balances have been eliminated.&nbsp; The accounting and reporting policies of
First Commonwealth conform with accounting principles generally accepted in the
United States of America.&nbsp; The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates, assumptions and
judgments that affect the amounts reported in the financial statements and
accompanying notes.&nbsp; Actual realized
amounts could differ from those estimates.&nbsp;
In the opinion of management, the unaudited interim consolidated
financial statements include all adjustments (consisting of only normal
recurring adjustments) necessary for a fair statement of financial position as
of September 30, 2005, and the results of operations for the three month and
nine month periods ended September 30, 2005 and 2004, and statements of cash
flows and changes in shareholders' equity for the nine month periods ended
September 30, 2005 and 2004.&nbsp; <br>
<br>
The results of operations for the three month and nine month periods ended
September 30, 2005 and 2004, are not necessarily indicative of the results that
may be expected for the full year or any other interim period.&nbsp; These interim financial statements should be
read in conjunction with First Commonwealth's 2004 Annual Report on Form 10-K
which is available on the First Commonwealth's website at
http://www.fcbanking.com.&nbsp; First
Commonwealth's website also provides additional information of interest to
investors and clients, including other regulatory filings made to the
Securities and Exchange Commission, press releases, historical stock prices,
dividend declarations and corporate governance, as well as information about
products and services offered through First Commonwealth's banking, insurance,
trust and financial management subsidiaries.<br>
<br>
<u>NOTE 2 Cash Flow Disclosures (Dollar amounts in thousands)</u><br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=112 colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Cash
  paid during the first nine months of the year for:</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=38 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Interest</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>100,078&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>80,706&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Income
  Taxes</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>9,040&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>8,528&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=38 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Noncash
  investing and financing activities:</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=38 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;ESOP
  loan reductions</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>643&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>643&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;ESOP borrowings</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>5,996&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>5,513&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Loans
  transferred to other real estate <br>
  &nbsp;&nbsp;&nbsp;owned and repossessed assets</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>4,111&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  3,521&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Gross
  increase (decrease) in market value<br>
  &nbsp;&nbsp;&nbsp;adjustment to securities available for sale</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>(30,119)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  (869)</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Gross
  increase (decrease) in market value<br>
  &nbsp;&nbsp;&nbsp;adjustment of derivative instruments</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>(954)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  458&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Treasury
  stock reissued for business <br>
  &nbsp;&nbsp;&nbsp;combination</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
8</font></p>


<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>



<font size=3 face=Courier><br
clear=all>
</font>



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 3 Comprehensive Income Disclosures</u><br>
<br>
The following table identifies the related tax effects allocated to each
component of other comprehensive income in the Statements of Changes in
Shareholders' Equity (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>September
  30, 2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>September
  30, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Pre-tax<br>
  Amount</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Tax<br>
  (Expense)<br>
  Benefit</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Net of<br>
  Tax<br>
  Amount</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Pre-tax<br>
  Amount</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Tax<br>
  (Expense)<br>
  Benefit</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Net of<br>
  Tax<br>
  Amount</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Unrealized gains (losses) on securities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr height=33>
  <td height=33 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Unrealized holding gains (losses)<br>
  &nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier>(29,631)</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier>10,371</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier>(19,260)</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  3,151&nbsp;</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier>(1,103)</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  2,048&nbsp;</font></p>
  </td>
 </tr>
 <tr height=48>
  <td height=48 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Less: reclassification<br>
  &nbsp;&nbsp;adjustment for gains realized<br>
  &nbsp;&nbsp;in net income</font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier><br><br></font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier>(488)</font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier>171</font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier>(317)</font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier><br><br></font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  (4,020)</font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;1,407&nbsp;</font></p>
  </td>
  <td height=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=48 valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  (2,613)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Unrealized gains (losses) on<br>
  &nbsp;derivatives used in cash flow<br>
  &nbsp;hedging relationships:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr height=34>
  <td height=34 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Unrealized holding gains (losses)<br>
  &nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td height=34 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=34 valign=bottom>
  <p align=right><font size=1
  face=Courier>(954)</font></p>
  </td>
  <td height=34 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=34 valign=bottom>
  <p align=right><font size=1
  face=Courier>334</font></p>
  </td>
  <td height=34 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=34 valign=bottom>
  <p align=right><font size=1
  face=Courier>(620)</font></p>
  </td>
  <td height=34 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=34 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;458&nbsp;</font></p>
  </td>
  <td height=34 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=34 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;(160)</font></p>
  </td>
  <td height=34 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td height=34 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;298&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Other comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(31,073)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>10,876</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(20,197)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;(411)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>144&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;(267)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
9</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>



<font size=3 face=Courier><br
clear=all>
</font>



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><u><font size=3 face=Courier><br>
NOTE 4 Accounting for Stock Options Granted</font></u></p>

<p><font size=3 face=Courier><br>
Prior accounting guidelines permit two alternate methods of accounting for
stock-based compensation, the intrinsic value method of APB Opinion No. 25
(&quot;APB 25&quot;), &quot;Accounting for Stock Issued to Employees,&quot; and
the fair value method of the Financial Accounting Standards Board
(&quot;FASB&quot;) Statement of Financial Accounting Standards No. 123
(&quot;FAS 123&quot;), &quot;Accounting for Stock-Based
Compensation.&quot;&nbsp; In December 2002,
the FASB issued Statement of Financial Accounting Standards No. 148 (&quot;FAS
148&quot;), &quot;Accounting for Stock-Based Compensation-Transition and
Disclosure.&quot;&nbsp; FAS 148 did not amend
FAS 123 to require companies to account for employee stock options using the
fair value method but required all companies with stock-based compensation to
provide additional disclosures, regardless of whether they account for that
compensation using the fair value method of FAS 123 or the intrinsic value
method of APB 25.&nbsp; As permitted under
FAS 123, First Commonwealth had elected to use the intrinsic value method to
measure stock-based compensation under APB 25 and to disclose in a footnote to
the financial statements, net income and earnings per share determined as if
the fair value methodology of FAS 123 had been implemented.<br>
<br>
No stock-based employee compensation expense is reflected in First
Commonwealth's net income as reported in the Consolidated Statements of Income
because all stock options granted under First Commonwealth's plan had an
exercise price equal to the market value of the underlying common stock on the
date of the grant.&nbsp;&nbsp; <br>
<br>
In December 2004, the FASB issued Statement of Financial Accounting Standards
No.123 (Revised) (&quot;FAS 123(R)&quot;), &quot;Share-Based
Payment.&quot;&nbsp; FAS 123(R) replaces FAS
123 and supersedes APB 25.&nbsp; FAS 123(R)
will require companies to measure compensation costs for all share-based
payments including employee stock options using the fair value method.&nbsp; FAS 123(R) applies to new awards and to
awards modified, repurchased or cancelled after the required effective
date.&nbsp; Public companies that used the
fair value method for either recognition or disclosure under FAS 123, will
apply FAS 123(R) using a modified prospective application.&nbsp; Under the modified prospective application,
compensation cost is recognized on or after the required effective date for the
portion of the outstanding awards for which the requisite service has not yet
been rendered, based on the grant-date fair value of those awards calculated under
FAS 123 for either recognition or pro forma disclosures.&nbsp; For periods before the required effective
date, those companies may elect to apply a modified retrospective application.&nbsp; Under the modified retrospective application
method, financial statements for prior periods are adjusted on a basis
consistent with the pro forma disclosures required for those periods by FAS
123.&nbsp; According to FAS 123(R), the
grant-date fair value of stock options will be recognized as compensation
expense in the company's income statement over the requisite service period or
the vesting period.&nbsp; FAS 123(R) will
become effective at the beginning of the next fiscal year that begins after
June 15, 2005, or beginning on January 1, 2006.&nbsp; The adoption of FAS 123(R) is not expected to have a material
impact on First Commonwealth's financial condition or results of
operations.&nbsp; <br>
<br>
<br>
<br>
10</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 4 Accounting for Stock Options Granted</u> (continued)<br>
<br>
The following tables illustrates the effect on net income and earnings per
share if First Commonwealth had applied the fair value recognition provisions
of FAS 123 to stock-based employee compensation (Dollar amounts in thousands,
except per share data):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=259 colspan=3 valign=bottom>
  <p align=center><font size=3
  face=Courier>Three months ended<br>
  September 30,</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=259 colspan=3 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=center><font size=3
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Net
  Income, as reported</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>12,996&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>(2,795)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Deduct:
  Total stock-based employee<br>
  &nbsp;compensation expense determined under fair<br>
  &nbsp;value method for all awards, net of<br>
  &nbsp;related tax effects</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  <br>
  <br><br></font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Pro
  forma net income</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>12,996&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>(2,795)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Earnings
  per share:</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Basic
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;(0.04)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Basic
  - pro forma</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;(0.04)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Diluted
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;(0.04)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Diluted
  - pro forma</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;(0.04)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Average
  shares outstanding</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>69,242,056&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>69,077,293&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Average
  shares outstanding assuming dilution</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>69,787,884&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>69,701,327&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=259 colspan=3 valign=bottom>
  <p align=center><font size=3
  face=Courier>Nine months ended<br>
  September 30,</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=259 colspan=3 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=center><font size=3
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Net
  Income, as reported</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>46,053&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>22,088&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Deduct:
  Total stock-based employee<br>
  &nbsp;compensation expense determined under fair<br>
  &nbsp;value method for all awards, net of<br>
  &nbsp;related tax effects</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  <br>
  <br><br></font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>(43)</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;(38)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Pro
  forma net income</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>46,010&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;22,050&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Earnings
  per share:</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Basic
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.67&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Basic
  - pro forma</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.66&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Diluted
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.66&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Diluted
  - pro forma</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.66&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Average
  shares outstanding</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>69,239,005&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>64,784,404&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Average
  shares outstanding assuming dilution</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>69,834,460&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>65,328,753&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
11</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 5 Variable Interest Entities</u></font></p>

<p><font size=3 face=Courier><br>
In January 2003, the FASB issued FASB Interpretation No. 46 (&quot;FIN
46&quot;), &quot;Consolidation of Variable Interest Entities,&quot; and in
December 2003, issued FIN 46 (Revised 2003) (&quot;FIN 46R&quot;).&nbsp; FIN 46R clarified some of the provisions of
FIN 46 and exempted certain entities from the original requirements of FIN
46.&nbsp; As defined by FIN 46, a variable
interest entity (&quot;VIE&quot;) is a corporation, partnership, trust or any
other legal structure used for business purposes that either (a) does not have
equity investors with voting rights or (b) has equity investors that do not
provide sufficient financial resources for the entity to support its
activities.&nbsp; Under FIN 46R, an entity
that holds a variable interest in a VIE is required to consolidate the VIE if
the entity is subject to a majority of the risk of loss from the VIE's
activities, is entitled to receive a majority of the entity's residual returns
or both.&nbsp; <br>
<br>
As part of its community reinvestment initiatives, First Commonwealth invests
in qualified affordable housing projects as a limited partner.&nbsp; First Commonwealth receives federal
affordable housing tax credits and rehabilitation tax credits for these limited
partnership investments.&nbsp; First
Commonwealth's maximum potential exposure to these partnerships is $5,169
thousand, which consists of the limited partnership investments as of September
30, 2005.&nbsp; Based on FIN 46R, First
Commonwealth has determined that these investments will not be consolidated but
continue to be accounted for under the equity method whereby First
Commonwealth's portion of partnership losses are recognized as incurred.&nbsp; <br>
<br>
<u>NOTE 6 Guarantees</u></font></p>

<p><font size=3 face=Courier><br>
Standby letters of credit are conditional commitments issued by First
Commonwealth to guarantee the performance of a customer to a third party.&nbsp; The contract or notional amount of these
instruments reflects the maximum amount of future payments that could be lost
under the guarantees if there were a total default by the guaranteed parties
without consideration of possible recoveries under recourse provisions or from
collateral held or pledged.&nbsp; In
addition, many of these commitments are expected to expire without being drawn
upon; therefore, the total commitment amounts do not necessarily represent
future cash requirements.&nbsp; <br>
<br>
The table below identifies the notional amounts of these guarantees at
September 30, 2005 (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Financial
  standby letters of credit</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>17,167</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Performance
  standby letters of credit</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,649</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
The current notional amounts outstanding above include financial standby
letters of credit of $5,357 thousand and performance standby letters of credit
of $3,828 thousand issued during the first nine months of 2005.&nbsp; There is currently no liability recorded on
First Commonwealth's balance sheet related to the above letters of credit.<br>
<br>
<br>
<br>
<br>
<br>
<br>
12</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 7 Other-Than-Temporary Impairment of Investments<br>
</u><br>
The following table presents the gross unrealized losses and fair values at
September 30, 2005 by investment category and time frame for which the loss has
been outstanding (Dollar amounts in thousands):<br>
<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0 width=761>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=190 colspan=4 valign=bottom>
  <p align=center><font size=1
  face=Courier>Less Than 12 Months</font></p>
  </td>
  <td width=186 colspan=4 valign=bottom>
  <p align=center><font size=1
  face=Courier>12 Months or More</font></p>
  </td>
  <td width=208 colspan=4 valign=bottom>
  <p align=center><font size=1
  face=Courier>Total</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=190 colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
  <td width=186 colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
  <td width=208 colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Description of<br>
  &nbsp;&nbsp;Securities&nbsp;&nbsp;</font></p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Fair<br>
  Value</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Unrealized<br>
  &nbsp;&nbsp;Losses&nbsp;&nbsp;</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Fair<br>
  Value</font></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Unrealized<br>
  &nbsp;&nbsp;Losses&nbsp;&nbsp;</font></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Fair<br>
  Value</font></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Unrealized<br>
  &nbsp;&nbsp;Losses&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>U.S. Treasury<br>
  &nbsp;&nbsp;Obligations</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>2,949&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(36)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>2,949&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(36)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>U.S. Government
  Agency<br>
  &nbsp;&nbsp;Obligations</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>180,449&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(2,246)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>159,126&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(3,989)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>339,575&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(6,235)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>U.S. Government
  Agency<br>
  &nbsp;&nbsp;CMO and MBS</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>284,372&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(2,577)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>727,086&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(22,368)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>1,011,458&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(24,945)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Corporate
  Securities</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>17,422&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(225)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>30,793&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(444)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>48,215&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(669)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Municipal
  Securities</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;16,887&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;(167)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;2,275&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;(37)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;19,162&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;(204)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Total Debt
  Securities</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>499,130&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(5,215)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>922,229&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(26,874)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>1,421,359&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(32,089)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Common Stock</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>5,016&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(503)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>5,016&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(503)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Total
  Securities</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>504,146&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(5,718)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>922,229&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(26,874)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>1,426,375&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(32,592)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<u>NOTE 8 Merger and Integration Charges</u><br>
<br>
In the first nine months of 2004, First Commonwealth recorded merger and
integration charges totaling $2,125 thousand ($1,381 thousand, net of
taxes).&nbsp; The merger and integration
charges related to the acquisition of Pittsburgh Financial Corp.
(&quot;PFC&quot;).&nbsp; The charges included
$485 thousand related to the write-off of the unamortized capitalized costs for
the subordinated debentures that were previously issued by PFC to Pittsburgh
Home Capital Trust I and were called and paid off in January of 2004.&nbsp; Also included in the merger and integration
charges were $1,640 thousand in salary and benefit severance expenses that were
accrued during the first nine months of 2004.&nbsp;
The severance costs were for 23 employees whose positions were
eliminated as part of the acquisition.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
13</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><u><font size=3 face=Courier><br>
NOTE 9 Branch Sale</font></u></p>

<p><font size=3 face=Courier><br>
In June 2005, First Commonwealth Bank, a wholly owned subsidiary of First
Commonwealth Financial Corporation, sold a branch office located in State
College, PA.&nbsp; Under the terms of the
purchase and assumption agreement, Clearfield Bank and Trust Company assumed
$17.6 million of deposit liabilities associated with the office.&nbsp; The transaction generated a pre-tax gain of
approximately $3.1 million that included the premium on deposits and the gain
on the sale of premises and equipment.&nbsp;
The gain was included in First Commonwealth's consolidated income
statement for the second quarter of 2005.<br>
<br>
<u>NOTE 10 Merchant Services Sale</u><br>
<br>
In April 2005, First Commonwealth completed an asset sale and merchant
processing alliance with First Data Corporation (&quot;First Data&quot;).&nbsp;&nbsp; Under the terms of the agreement, First
Data acquired certain assets of First Commonwealth's merchant processing
business and will provide merchant payment processing services on behalf of
First Commonwealth Bank.&nbsp; First
Commonwealth Bank will participate in future revenue related to both the
existing book of merchant business as well as new business.&nbsp; The transaction generated a pre-tax gain of
$2.0 million that was included in First Commonwealth's consolidated income
statement for the second quarter of 2005. <br>
<br>
<u>NOTE 11 Restructuring Charges<br>
</u><br>
In July 2005, Johnston A. Glass, an Executive Officer of First Commonwealth,
executed his rights under a previously disclosed employment contract.&nbsp; First Commonwealth accrued expenses of
$700.3 thousand during the third quarter of 2005 which are included as
restructuring charges in First Commonwealth's consolidated income
statement.&nbsp; In addition to payments to Mr.
Glass, this amount includes First Commonwealth's portion of hospitalization
costs and employer payroll taxes.&nbsp; Under
terms of the agreement, payments will begin within 90 days and will follow
First Commonwealth's normal payroll cycle for a period of 24 months.<br>
<br>
In September 2005, First Commonwealth announced that the Board of Directors
approved a plan to reorganize the operating affiliates of the company.&nbsp;&nbsp;&nbsp; As part of this reorganization, First
Commonwealth intends to streamline its organizational structure by merging its
wholly owned subsidiaries First Commonwealth Trust Company, First Commonwealth
Systems Corporation, and First Commonwealth Professional Resources, Inc. with
and into First Commonwealth Bank, its principal operating subsidiary.&nbsp; The reorganization initiative is an
extension of First Commonwealth's continuing effort to unify, streamline and
simplify its business structure and operations, which have been built
principally through 15 mergers and acquisitions during the past 23 years.&nbsp; The new structure will help expedite
strategic business and operational decisions and create a more nimble
organization capable of responding more rapidly to evolving and dynamic market
conditions.<br>
<br>
<br>
<br>
<br>
<br>
14</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<p><u><font size=3 face=Courier>NOTE
11 Restructuring Charges</font></u> (continued)</p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<p><font size=3 face=Courier>The
costs related to First Commonwealth's reorganization initiative were recorded
in accordance with FASB Statement of Financial Accounting Standards No. 146
&quot;Accounting for Costs Associated with Exit or Disposal
Activities.&quot;&nbsp; The third-quarter
results include one-time termination benefits of $2.0 million related to the
reorganization initiative which are included as restructuring charges in First
Commonwealth's consolidated income statement.&nbsp;
One-time termination benefits include severance payments,
hospitalization costs and payroll taxes.&nbsp;
First Commonwealth expects to record additional restructuring charges
related to the reorganization initiative during the fourth quarter of 2005 in
the amount of $2.2 million.&nbsp; The total
one-time termination benefits that are expected to be incurred in connection
with the reorganization initiative are $4.2 million.<br>
<br>
<u>NOTE 12 Pending Branch Sale</u><br>
<br>
On September 1, 2005, First Commonwealth Bank, a wholly owned subsidiary of
First Commonwealth Financial Corporation agreed to sell five of its branch
offices and one drive-thru location to Clearfield Bank and Trust.&nbsp; Under terms of the purchase and assumption
agreement, Clearfield Bank and Trust Company will acquire the First
Commonwealth Bank branch offices located in Huntingdon, Mount Union, Saxton,
Three Springs and Williamsburg, PA.&nbsp;
Clearfield Bank and Trust Company will assume approximately $112.2
million of deposit liabilities that are associated with these offices.&nbsp; The transaction is subject to regulatory
approvals and is expected to settle in November of 2005.&nbsp; The transaction represents a premium on
deposits and is expected to generate a pre-tax gain of approximately $9.2
million ($6.0 million after tax) that should be included in the Corporation's
fourth quarter 2005 financial results.&nbsp;
Subsequent to September 30, 2005, First Commonwealth decided that
investment securities will be sold to fund the pending branch sale
transaction.&nbsp; The sale of these
securities is expected to result in net securities losses.<br>
<br>
<u>NOTE 13 Post Retirement Benefit Plan of Acquired Company</u><br>
<br>
Employees of the former Southwest Bank and GA Financial, Inc. were covered by a
post retirement benefit plan.&nbsp; The net
periodic benefit cost of this plan for the quarter ended September 30 was as
follows (Dollar amounts in thousands):</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;2005&nbsp;&nbsp;</font></u></p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;2004&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr height=28>
  <td height=28 valign=bottom>
  <p><font size=3 face=Courier>Service
  cost</font></p>
  </td>
  <td height=28 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=28 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td height=28 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=28 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Interest
  cost on projected benefit <br>
  &nbsp;&nbsp;&nbsp;obligation</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>55&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>71&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Amortization
  of transition obligation&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>(Gain)
  Loss amortization</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;21&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  periodic benefit cost</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>56&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;93&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
15</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><u><font size=3 face=Courier><br>
NOTE 13 Post Retirement Benefit Plan of Acquired Company</font></u>
(continued)<br>
<br>
The net periodic benefit cost of this plan for the nine months ended September
30 was as follows (Dollar amounts in thousands):<br><br></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;2005&nbsp;&nbsp;</font></u></p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;2004&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr height=24>
  <td height=24 valign=bottom>
  <p><font size=3 face=Courier>Service
  cost</font></p>
  </td>
  <td height=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td height=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Interest
  cost on projected benefit <br>
  &nbsp;&nbsp;&nbsp;obligation</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>165&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>212&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Amortization
  of transition obligation&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>(Gain)
  Loss amortization</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(1)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;63&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  periodic benefit cost</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>166&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;277&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
This is an unfunded post retirement plan.&nbsp;
Future payments will only consist of benefit payments for life and
health insurance premiums for plan participants.<br>
<br>
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the
&quot;Act&quot;) introduced a prescription drug benefit under Medicare Part D.
The Act also introduced a federal subsidy to sponsors of retiree health care
benefit plans that provide a prescription drug benefit that is at least
actuarially equivalent to Medicare Part D.&nbsp;
The postretirement plans of First Commonwealth are provided through
insurance coverage; therefore, First Commonwealth will not receive a direct
federal subsidy.&nbsp; The preceding measure
of the net periodic postretirement benefit cost assumes that the insurer will
receive the subsidy and pass those savings onto First Commonwealth through
reduced insurance premiums.<br>
<br>
<u>NOTE 14 New Accounting Pronouncements</u> <br>
<br>
In March 2004, the Emerging Issues Task Force (&quot;EITF&quot;) reached a
consensus on the remaining issues related to Emerging Issues Task Force Issue
03-1 (&quot;EITF 03-1&quot;), &quot;The Meaning of Other-Than-Temporary
Impairment and Its Application to Certain Investments.&quot;&nbsp; This guidance is applicable to debt and
equity securities that are within the scope of the FASB Statement of Financial
Accounting Standards No. 115 (&quot;FAS 115&quot;) and certain other
investments.&nbsp; EITF 03-1 provides
clarification guidance to determine when an investment is considered impaired,
whether the impairment is other-than-temporary, and the measurement of an
impairment loss.&nbsp; The guidance also
includes accounting considerations subsequent to the recognition of an
other-than-temporary impairment and requires certain disclosures about
unrealized losses that have not been recognized as other-than-temporary
impairments.<br>&nbsp;<br>
In September 2004, the FASB issued FASB Staff Position No. EITF Issue 03-1-1
(&quot;FSP EITF 03-1-1&quot;), &quot;Effective Date of Paragraphs 10-20 of EITF
Issue No. 03-1, &quot;The Meaning of Other-Than-Temporary Impairment and Its
Application to Certain Investments&quot;.&quot;&nbsp; FSP EITF 03-1-1 delayed the<br>
<br>
<br>
<br>
<br>
<br>
16</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
September 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 14 New Accounting Pronouncements</u> (continued)<br>
<br>
effective date for the measurement and recognition guidance contained in
paragraphs 10-20 of EITF 03-1 from reporting periods beginning after June 15,
2004, until implementation guidance is issued.&nbsp;
This delay did not suspend the requirement to recognize
other-than-temporary impairments as required by existing authoritative
literature.&nbsp; Also in September 2004, the
FASB issued the proposed FASB Staff Position No. EITF Issue 03-1-a (&quot;FSP
EITF 03-1-a&quot;), &quot;Implementation Guidance for the Application of
Paragraph 16 of EITF Issue No. 03-1.&quot;&nbsp;
FSP EITF 03-1-a was intended to provide implementation guidance with
respect to all securities analyzed for impairment under paragraphs 10-20 of
EITF 03-1.&nbsp; On June 29, 2005, FASB gave
direction that the proposed FSP Issue 03-1-a be issued as final and renamed
FASB Staff Position FAS 115-1 (&quot;FSP FAS 115-1&quot;), &quot;The Meaning of
Other-Than-Temporary Impairment and Its Application to Certain
Investments,&quot; thus nullifying paragraphs 10-18 of EITF 03-1.&nbsp; Management continues to closely monitor and
evaluate how the provisions of EITF 03-1 and proposed FSP FAS 115-1 will affect
First Commonwealth.<br>
<br>
In December 2003, the American Institute of Certified Public Accountants issued
Statement of Position 03-3 (&quot;SOP 03-3&quot;), &quot;Accounting for Certain
Loans or Debt Securities Acquired in a Transfer.&quot;&nbsp; SOP 03-3 requires acquired loans, including
debt securities, to be recorded at the amount of the purchaser's initial
investment and prohibits carrying over valuation allowances from the seller for
those individually-evaluated loans that have evidence of deterioration in
credit quality since origination, where it is probable that all contractual
cash flows on the loan will be unable to be collected.&nbsp; SOP 03-3 also requires the excess of all
undiscounted cash flows expected to be collected at acquisition over the
purchaser's initial investment to be recognized as interest income on a
level-yield basis over the life of the loan.&nbsp;
Subsequent increases in cash flows expected to be collected are recognized
prospectively through an adjustment of the loan's yield over its remaining
life, while subsequent decreases are recognized as impairment.&nbsp; Loans carried at fair value, mortgage loans
held for sale, and loans to borrowers in good standing under revolving credit
agreements are excluded from the scope of SOP 03-3.&nbsp; This guidance was effective for loans acquired in fiscal years
beginning after December 15, 2004 and did not have a material impact on First
Commonwealth's financial condition or results of operations.<br>
<br>
In May 2005, the FASB issued Statement of Financial Accounting Standards No.
154 (&quot;FAS 154&quot;), &quot;Accounting Changes and Error Corrections - a
replacement of APB Opinion No. 20 and FASB Statement No.3.&quot;&nbsp; As it states in the title, FAS 154 replaces
APB Opinion No. 20, &quot;Accounting Changes,&quot; and FASB Statement No. 3,
&quot;Reporting Accounting Changes in Interim Financial Statements.&quot;&nbsp; FAS 154 applies to all voluntary changes in
accounting principle and changes the requirements for the accounting for and
reporting of a change in accounting principle.&nbsp;
Unlike APB Opinion No. 20, FAS 154 requires changes in accounting
principle to have retrospective application to the financial statements from
prior periods to which the change applies unless it is impracticable.&nbsp; FAS 154 will be effective for accounting
changes and corrections of errors that will be made in fiscal years beginning
after December 31, 2005.&nbsp; First
Commonwealth does not expect the implementation of FAS 154 to have a material
impact on its financial condition or results of operations.<br>
<br>
<br>
17</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>FORWARD-LOOKING STATEMENTS</u><br>&nbsp;<br>
This discussion and the related financial data are presented to assist in the
understanding and evaluation of the consolidated financial condition and
results of operations of First Commonwealth Financial Corporation including its
subsidiaries (&quot;First Commonwealth&quot;). &nbsp;In addition to historical information, this discussion and
analysis, as well as the notes to the consolidated financial statements,
contain forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995), which reflect management's beliefs and
expectations based on information currently available and may contain the words
&quot;expect,&quot; &quot;estimate,&quot; &quot;project,&quot;
&quot;anticipate,&quot; &quot;should,&quot; &quot;intend,&quot;
&quot;probability,&quot; &quot;risk,&quot; &quot;target,&quot; and similar
expressions.&nbsp; These forward-looking
statements are inherently subject to significant risks and uncertainties,
including but not limited to: anticipated cost savings resulting from the
proposed restructuring, the timing and magnitude of changes in interest rates,
changes in general economic and financial market conditions, First
Commonwealth's ability to effectively carry out its business plans, changes in
regulatory or legislative requirements, changes in competitive conditions and
continuing consolidation of the financial services industry.&nbsp; Although management believes the
expectations reflected in such forward-looking statements are reasonable,
actual results could differ materially.&nbsp;
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis only as of the
date hereof.&nbsp; First Commonwealth
undertakes no obligation to publicly revise or update these forward-looking
statements to reflect events or circumstances that arise after the date hereof.<br>
<br>
<u>RESULTS OF OPERATIONS<br>
</u><b><br>
First Nine Months of 2005 as Compared to the First Nine Months of 2004</b><br>
<br>
Net income for the nine months ended September 30, 2005 was $46.1 million
compared with $22.1 million in the corresponding period last year.&nbsp; Included in the nine month results for 2005
were restructuring charges in the amount of $2.7 million and for 2004 were debt
prepayment fees of $29.5 million and merger and integration charges of $2.1
million.&nbsp; Basic and diluted earnings per
share were $0.67 and $0.66, respectively, for the first nine months of 2005 and
$0.34 each for the same period of 2004.&nbsp;
</font></p>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
18</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>


<p align=center><font size=3
face=Courier>&nbsp;</font></p>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>
<br>
The following is an analysis of the impact of changes in net income on diluted
earnings per share:<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  income per share, first nine months of 2004</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Increase
  (decrease) from changes in components<br>
  of net income during 2005:<br><br></font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Net
  interest income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Security
  transactions</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.05)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Gain
  on sale of branch</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.04&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Gain
  on sale of merchant services business</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Merchant
  discount income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.01)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Card
  related interchange income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.01&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Net
  occupancy expense</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.01)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Furniture
  and equipment expense</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.01&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Intangible
  amortization</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.01)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Merger
  and integration charges</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Restructuring
  charges</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.04)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Debt
  prepayment fees</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.45&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Other
  operating expenses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.02&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Applicable
  income taxes</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.18)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  income per share, first nine months of 2005</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;0.66&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
Return on average equity for the nine-month period was 11.53% and return on
average assets was 0.99% compared with 6.14% and 0.52%, respectively for the
same period last year.<br>&nbsp;<br>
<i><u>Net Interest Income</u></i><br>
<br>
Net interest income, the most significant component of earnings, is the amount
by which interest income generated from earning assets exceeds interest expense
on liabilities.&nbsp; Net interest income
increased $10.3 million for the first nine months of 2005 compared to the first
nine months of 2004 as average interest-earning assets increased by $421.4
million or 7.9% compared to 2004 averages.&nbsp;
<br>
<br>
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.30% for the first nine months of
2005 compared to 3.27% for the same period of 2004.&nbsp; The yield on interest-earning assets (on a fully tax-equivalent
basis) increased 34 basis points to 5.64%, while the cost of funds increased 33
basis points to 2.61%. <br>
<br>
<br>
<br>
<br>
<br>
<br>
19</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>&nbsp;<br>
The following is an analysis of the average balance sheets and net interest
income for the nine months ended September 30 (Dollar amounts in
thousands):&nbsp; </font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=12 valign=bottom>
  <p align=center><font size=2
  face=Courier>Year-to-Date<br>
  Average Balance Sheets and Net Interest Analysis</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=12 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><b><font size=1 face=Courier>Assets</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>804&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>22</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.67%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,299&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>23</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.59%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Tax free investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>277,829&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>9,426</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.98&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>244,936&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8,421</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>7.07&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Taxable investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,875,527&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>58,625</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.18&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,918,570&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>57,025</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.97&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,964&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>136</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.05&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>498&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans, net of unearned <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income (b)(c)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,590,481&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>164,216</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.31&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,159,920&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>136,937</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.98&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,750,605&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>232,425</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.64&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,329,223&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>202,410</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.30&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Noninterest-earning assets:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>80,807&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>72,941&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Allowance for credit <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(41,826)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(40,440)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>428,829&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>343,876&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earning assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;467,810&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>376,377&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,218,415&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,705,600&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
20</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><b><font size=1 face=Courier>Liabilities and <br>
  &nbsp;&nbsp;Shareholders' Equity</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest-bearing demand<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposits (d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>564,832&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,554</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  0.84%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>533,762&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,442</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.36%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Savings deposits (d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,312,897&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>13,703</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.40&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,093,040&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>7,966</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.97&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,615,324&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>39,209</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.25&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,495,284&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>33,474</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.99&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>834,712&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>17,862</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.86&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>750,761&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>7,264</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.29&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>843,265&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>26,491</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.20&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>874,397&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>30,963</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.73&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,171,030&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>100,819</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.61&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4,747,244&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>81,109</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.28&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Noninterest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;liabilities and capital:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Noninterest-bearing <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;demand deposits (d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>488,113&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>443,456&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>25,406&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>34,501&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Shareholders' equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>533,866&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>480,399&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bearing funding <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sources</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;1,047,385&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;958,356&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Liabilities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Shareholders'<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,218,415&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,705,600&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Net Interest Income and <br>
  &nbsp;&nbsp;Net Yield on <br>
  &nbsp;&nbsp;Interest-Earning Assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>131,606</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  3.30%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>121,301</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.27%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr height=29>
  <td width=48 height=29 valign=top>
  <p><font size=1 face=Courier>(a)</font></p>
  </td>
  <td width=852 height=29 valign=top>
  <p><font size=1 face=Courier>Yields on interest-earning assets have been
  computed on a tax equivalent basis using the 35% Federal income tax statutory
  rate.<br><br></font></p>
  </td>
 </tr>
 <tr height=23>
  <td width=48 height=23 valign=top>
  <p><font size=1 face=Courier>(b)</font></p>
  </td>
  <td width=852 height=23 valign=top>
  <p><font size=1 face=Courier>Income on nonaccrual loans is accounted for on the
  cash basis, and the loan balances are included in interest-earning assets.<br><br></font></p>
  </td>
 </tr>
 <tr height=24>
  <td width=48 height=24 valign=top>
  <p><font size=1 face=Courier>(c)</font></p>
  </td>
  <td width=852 height=24 valign=top>
  <p><font size=1 face=Courier>Loan income includes net loan fees.<br><br></font></p>
  </td>
 </tr>
 <tr height=27>
  <td width=48 height=27 valign=top>
  <p><font size=1 face=Courier>(d)</font></p>
  </td>
  <td width=852 height=27 valign=top>
  <p><font size=1 face=Courier>Average balances do not include reallocations from
  noninterest-bearing demand deposits and interest-bearing demand deposits into
  savings deposits which were made for regulatory purposes.</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br><br>
<br>
<br>
<br>
<br>
<br>
21</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)</font></p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<p><font size=3 face=Courier>The
following table shows the effect of changes in volumes and rates on interest
income and interest expense (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=2
  face=Courier>Analysis
  of Changes in Net Interest Income</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=2
  face=Courier>2005
  Change From 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>Total<br>
  Change</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;Change
  Due<br>
  &nbsp;&nbsp;To Volume</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;Change
  Due<br>
  &nbsp;&nbsp;To Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(20)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>19&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Tax free investment securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,005&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,741&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(736)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Taxable investment securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,600&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,279)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,879&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>132&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>42&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>90&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>27,279&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>19,276&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>8,003&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;30,015&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>19,760&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>10,255&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;NOW and super NOW accounts</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,112&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>84&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,028&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Savings and MMDA accounts</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>5,737&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,602&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>4,135&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>5,735&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,687&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>3,048&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>10,598&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>812&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>9,786&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(4,472)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,102)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(3,370)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>19,710&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>4,083&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>15,627&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest
  income</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>10,305&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>15,677&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(5,372)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
(a)&nbsp; Changes in interest income
or expense not arising solely as a result of volume or rate variances are
allocated to rate variances due to interest sensitivity of consolidated assets
and liabilities.<br>
<br>
Interest and fees on loans increased $27.3 million for the first nine months of
2005 compared to 2004 levels as the average balance of loans increased by
$430.6 million or 13.6% between the two periods.&nbsp; This increase is due in large part to the inclusion of GA Financial,
Inc. assets for the entire 2005 period.&nbsp;
Loan yields increased 33 basis points (0.33%) for the first nine months
of 2005 compared to the same period of 2004.&nbsp;
<br>
<br>
<br>
<br>&nbsp; <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
22</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>
<br>
Interest income on investments increased $2.6 million for the first nine months
of 2005 compared to the same period of 2004.&nbsp;
While the average tax free investment securities increased and taxable
investment securities declined, total investment securities decreased $10.2
million for the first nine months of 2005 compared to the same periods of
2004.&nbsp; The decrease is largely due to
the decrease in the market value of securities available for sale.&nbsp; The total yield on investment securities was
4.54% for the first nine months of 2005 compared to 4.32% for the same period
of 2004.&nbsp;&nbsp;&nbsp; <br>
<br>
Interest expense on deposits increased $13.6 million for the first nine months
of 2005 compared to the same period of 2004.&nbsp;
Increases were recorded in average balances and interest rates for each
of the deposit categories.&nbsp; Average
deposits for the first nine months of 2005 compared to the same period of 2004
were up $415.6 million or 11.7%.&nbsp;
Deposit costs were 1.90% for the first nine months of 2005 compared to
1.61% for the first nine months of 2004, an increase of 29 basis points
(0.29%).&nbsp; During its management of
deposit levels and mix, First Commonwealth continues to evaluate the cost of
time deposits compared to alternative funding sources as it balances its goals
of providing clients with the competitive rates they are looking for while also
minimizing First Commonwealth's cost of funds. <br>
<br>
Interest expense on short-term borrowings increased $10.6 million for the first
nine months of 2005 compared to the same period of 2004.&nbsp; Increases in interest expense were due to increases
in average balances and increases in interest rates.&nbsp; The average balance of short-term borrowings for the first nine
months of 2005 increased $84.0 million over averages for the prior year.&nbsp; The 2005 period includes an increase due to
the inclusion of short-term borrowings that were acquired with the GA
Financial, Inc. acquisition on May 24, 2004.&nbsp;
The 2005 period also includes an increase in short-term borrowings which
were used to replace a portion of the $440 million of long-term FHLB advances that
were paid in the third quarter of 2004 prior to their maturity.&nbsp; The cost of short-term borrowings for the
2005 period increased by 157 basis points (1.57%) compared to 2004 costs of
1.29%.&nbsp; This rate increase accounted for
$9.8 million of the total increase of $10.6 million in interest expense on
short-term borrowings. <br>
<br>
Interest expense on long-term debt decreased $4.5 million for the first nine
months of 2005 compared to the corresponding period of 2004.&nbsp; The decrease was due in part to decreases in
average balances and was primarily a result of decreases in interest
rates.&nbsp; The rates on long-term debt were
favorably impacted by First Commonwealth's repositioning of borrowings after
the prepayment of Federal Home Loan Bank advances during the third quarter of
2004.&nbsp; Rates on long-term debt for the
first nine months of 2005 decreased by 53 basis points (0.53%) compared to the
first nine months of 2004.&nbsp; First
Commonwealth continues to analyze its exposure to any concentration of
maturities of long-term debt in any one year and the associated risks. <br>
<br>
<br>
<br>
23</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>
<br>
<i><u>Provision for Credit Losses</u></i></font></p>

<p><font size=3 face=Courier><br>
The provision for credit losses is an amount added to the allowance against
which credit losses are charged.&nbsp; The
amount of the provision is determined by management based upon its assessment
of the size and quality of the loan portfolio and the adequacy of the allowance
in relation to the risks inherent within the loan portfolio.&nbsp; The provision for credit losses was $7.6
million for the first nine months of 2005 compared to $7.3 million for the same
period of 2004.&nbsp; Net charge-offs against
the allowance for credit losses increased by $619 thousand for the first nine
months of 2005 compared to the same period of 2004.&nbsp; Increases in net charge-offs for commercial loans and real estate
secured loans in the 2005 period were partially offset by decreases in loans to
individuals and leases.&nbsp; The provision
for credit losses as a percentage of net charge-offs was 106.66% at September
30, 2005, compared to 112.21% at September 30, 2004.&nbsp; See the &quot;Credit Review&quot; section for any analysis of the
quality of the loan portfolio.<br>
<br>
Below is an analysis of the consolidated allowance for credit losses for the
nine month periods ended September 30, 2005 and 2004 (Dollar amounts in
thousands):</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Balance
  January 1,</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>41,063&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>37,385&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Addition
  as result of acquisition</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,983&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Loans
  charged off:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Commercial,
  financial and agricultural</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,409&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,228&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-construction</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>598&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-commercial</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>691&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>547&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-residential</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,686&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>996&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  to individuals</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,714&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,468&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Lease
  financing receivables</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>41&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>217&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  loans charged off</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>8,139&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,456&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Recoveries
  of previously charged off loans:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Commercial,
  financial and agricultural</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>498&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>611&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-construction</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-commercial</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-residential</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>90&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>67&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  to individuals</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>431&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>277&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Lease
  financing receivables</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  recoveries</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,019&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>955&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  charge offs</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,120&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>6,501&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Provision
  charged to operations</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,594&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,295&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Balance
  September 30,</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>41,537&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>43,162&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
24</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>
<br>
<i><u>Noninterest Income</u></i><br>
<br>
Net securities gains were $519 thousand during the first nine months of 2005
compared to $4.0 million during the first nine months of 2004, a decrease of
$3.5 million between the two periods.&nbsp;
Gains in both periods were largely due to sales of Pennsylvania bank
stocks.&nbsp; <br>
<br>
Service charges on deposits are First Commonwealth's most significant component
of noninterest fee income and increased $756 thousand for the first nine months
of 2005 compared to the corresponding period of 2004.&nbsp; Nonsufficient funds (or &quot;NSF&quot;) fees continue to be the
driver of the growth in service charges on deposits.&nbsp; NSF fees increased $972 thousand for the first nine months of
2005 as compared to the same period of 2004.&nbsp;
The increase in NSF fees is due to the continuing growth of the High
Performance Checking products for consumer and business clients as well as the
inclusion of GA Financial, Inc. accounts.&nbsp;
The increase in NSF fees was partially offset by decreases in account
analysis and account maintenance fees.&nbsp;
Management strives to implement reasonable fees for services and closely
monitors collection of those fees.<br>
<br>
The 2005 period included a $3.1 million pre-tax gain on the sale of a branch
office ($2.0 million after tax).&nbsp; The
gain occurred in the second quarter of 2005 as First Commonwealth Bank, a
wholly-owned subsidiary of First Commonwealth, sold a branch located in State
College, PA.&nbsp; The sale included $17.6
million in deposit liabilities associated with the office.&nbsp; The branch sale was part of First Commonwealth's
continuing branch optimization initiative to increase penetration in the higher
growth Pittsburgh regional markets.&nbsp;
First Commonwealth opened two de novo branch offices in Washington
County, one of the Pittsburgh region's fastest growing counties, late in the
first quarter of 2005.&nbsp; In addition,
First Commonwealth opened a new branch office in July 2005 at Pittsburgh Mills
in Tarentum, western Pennsylvania's newest and largest commercial retail real
estate development project.&nbsp; First
Commonwealth expects to construct or renovate a total of nine new branch
offices in 2005, as compared to four in 2004.&nbsp;
These new branch offices include three relocations, two renovations and
four de novo offices.&nbsp; In addition,
First Commonwealth agreed to sell five of its branch offices and one drive-thru
location to Clearfield Bank and Trust.&nbsp;
Under terms of the purchase and assumption agreement, Clearfield Bank
and Trust Company will assume approximately $112.2 million of deposit
liabilities that are associated with offices located in Huntingdon, Mount
Union, Saxton, Three Springs and Williamsburg, PA.&nbsp; The transaction is subject to regulatory approvals and is
expected to settle in November of 2005.&nbsp;
The transaction represents a premium on deposits and is expected to generate
a pre-tax gain of approximately $9.2 million ($6.0 million after tax) that
should be included in the Corporation's fourth quarter 2005 financial results.<br>&nbsp; <br>
The 2005 period also included a pre-tax gain of $2.0 million ($1.3 million
after tax) on the sale of First Commonwealth's merchant services business to
First Data Corporation (&quot;First Data&quot;).&nbsp; During the second quarter of 2005, First Commonwealth entered
into an asset sale and merchant processing <br>
<br>
25</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>&nbsp;<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>
<br>
alliance with First Data.&nbsp;&nbsp; Under the
terms of the agreement, First Data acquired certain assets of First
Commonwealth's merchant processing business and will provide merchant payment
processing services on behalf of First Commonwealth Bank.&nbsp; First Commonwealth Bank will participate in
future revenue related to both the existing book of merchant business as well
as new business.&nbsp; The decrease of $649
thousand in merchant discount income is due to this sale of the merchant
services business.<br>&nbsp;<br>
Card related interchange income increased $1.1 million during the first nine
months of 2005 compared to the same period of 2004.&nbsp; Card related interchange income includes income on debit, credit
and ATM cards that are issued to consumers and/or businesses.&nbsp; The increase was due in part to the
inclusion of GA Financial, Inc.&nbsp; The
card related interchange income growth was favorably affected by additional
volume related to card usage and the migration of business accounts from the
consumer debit card product.&nbsp; The
business debit card product pays a higher rate than the consumer debit
card.&nbsp; Increases in other income were
primarily related to gains on the sale of student loans and other real estate
owned.<br>
<br>
<i><u>Noninterest Expense</u></i><br>
<br>
Salaries and employee benefit costs increased $3.3 million or 6.5%.&nbsp; The increase was due in large part to an
increase in the number of employees as a result of the acquisition of GA
Financial, Inc.&nbsp; Full time equivalent
employees were 1,621 as of the end of the first quarter of 2005 compared to
1,460 for the same time in 2004 and 1,652 and 1,661 at the end of the second
quarter of 2005 and 2004, respectively.&nbsp;
This compares to full time equivalent employees of 1,641 at the end of
the third quarters of 2005 and 2004.&nbsp;
Salaries accounted for $2.8 million of the increase while employee
benefit costs rose $488 thousand for the first nine months of 2005.&nbsp; First Commonwealth continues to evaluate its
current menu of employee benefits to provide a competitive benefits package
while also managing costs.&nbsp; <br>
<br>
Net occupancy expense increased $1.5 million for the first nine months of 2005
over 2004 levels.&nbsp; The increase is due
in part to the inclusion of GA Financial, Inc.&nbsp;
The most significant increases were in building repairs and maintenance
and depreciation on leasehold improvements.&nbsp;
During the first nine months of 2005, First Commonwealth Bank opened two
new full-service community offices in Washington County and one in Allegheny
County.&nbsp; First Commonwealth continues to
actively evaluate its branch delivery network to optimize client service in
existing branches and to continue expansion into growth markets.&nbsp; The execution of these initiatives may
impact occupancy and other expenses in future periods.<br>
<br>
Increases in other noninterest expenses in the first nine months of 2005 were
in large part due to the addition of GA Financial, Inc.&nbsp; Increases were recorded for intangible
amortization ($819 thousand), PA shares tax expense ($325 thousand) and
furniture and equipment expense ($183 thousand).&nbsp; <br>
<br>
<br>
<br>
26</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Nine Months of 2005 as Compared to the
First Nine Months of 2004</b><br>
(continued)<br>
<br>
The merger and integration expenses that were incurred during the first nine
months of 2004 included $485 thousand related to the write-off of the
unamortized capitalized costs for the subordinated debentures that were
previously issued by PFC and were called and paid off in January of 2004.&nbsp; In addition, the merger related expenses
included $1.6 million of severance related salary and benefit expenses that
were accrued during the first nine months of 2004 and were due to the
integration of PFC into the Corporation.<br>
<br>
The first nine months of 2005 included a restructuring charge of $2.7 million
charge ($1.8 million after tax, or $0.03 per diluted share) related to the
previously disclosed restructuring of the Corporation's organizational
structure and related personnel changes.&nbsp;
The $2.7 million included $0.7 million in expenses related to the
accrual of severance in accordance with an employment contract, which was
previously disclosed.&nbsp; The $0.7 million
included severance payments as well as hospitalization and payroll tax
expenses.&nbsp; The Corporation expects to
record additional restructuring charges during the fourth quarter of 2005;
however, the amount of the additional restructuring charges has not yet been
quantified.&nbsp; The reorganization is
expected to result in prospective annual pretax cost savings of approximately
$2.8 million.&nbsp; <br>
<br>
As previously mentioned, noninterest expenses during the 2004 period included a
one-time penalty of $29.5 million for the prepayment of $440 million in
long-term FHLB advances.&nbsp; The FHLB
advances were replaced with other long-term debt with lower interest rates as
well as with short-term borrowings.&nbsp; The
transaction was expected to result in an increase in net interest income over
the remaining term of the original advances in excess of the prepayment
penalty.<br>
<br>
Other operating expenses for the first nine months of 2005 were $24.6 million
and were comparable to the $24.3 million recorded in the same period of
2004.&nbsp; The first nine months of 2005
included increases in other professional fees, loan processing fees and
telephone and dataline expenses, which were offset by decreases in charge card
interchange expenses and the loss on the sale of leased vehicle and other real
estate owned.&nbsp; The decrease in charge
card interchange expense was $571 thousand and was due to the sale of the
merchant services business.&nbsp;&nbsp;&nbsp; <br>
<br>
Income tax expense increased $12.3 million for the first nine months of 2005
compared to the first nine months of 2004.&nbsp;
This variance included the tax effect of $10.3 million on the previously
mentioned FHLB prepayment penalty.&nbsp;
First Commonwealth's effective tax rate was 19.8% for the first nine
months of 2005 compared to (4.3%) for the corresponding period of 2004.<br>
<br>&nbsp;<br>
<br>
<br>
<br>
<br>
<br>
27</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p>&nbsp;</p>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004</b><br>
<br>
Net income for the third quarter of 2005 was $13.0 million compared to a net
loss of $2.8 million for the same period in 2004.&nbsp; Basic and diluted earnings per share were $0.19 for the third
quarter of 2005 and ($0.04) for the same period of 2004. <br>
<br>
Return on average assets was 0.83% and return on average equity was 9.62% for
the third quarter of 2005 compared to (0.18%) and (2.13%), respectively, for
the third quarter of 2004.<br>
<br>
<i><u>Net Interest Income</u></i><br>
<br>
Net interest income, the most significant component of earnings, is the amount
by which interest income generated from earning assets exceeds interest expense
on liabilities.&nbsp; Net interest income
decreased $3.0 million for the third quarter of 2005 compared to the third quarter
of 2004 as average interest-earning assets for the quarter decreased by $52.6
million or 0.9% compared to 2004 averages.&nbsp;
The decrease in average interest-earning assets was largely due to
decreases in investment securities.<br>
<br>
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.22% for the third quarter of 2005
compared to 3.38% for the same period of 2004 as funding costs increased faster
than interest-earning asset yields.&nbsp; The
cost of funds increased 59 basis points (0.59%) to 2.78% while the yield on
interest-earning assets (on a fully tax-equivalent basis) increased 36 basis
points (0.36%) to 5.72%. <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
28</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004 </b>(continued)<br>
<br>
The following is an analysis of the average balance sheets and net interest
income for the three months ended September 30 (Dollar amounts in
thousands):&nbsp; </font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=12 valign=bottom>
  <p align=center><font size=2
  face=Courier>Quarter-to-Date<br>
  Average Balance Sheets and Net Interest Analysis</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=12 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><b><font size=1 face=Courier>Assets</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>706&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.70%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,822&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.46%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Tax free investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>284,993&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,244</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.95&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>267,378&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,048</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.98&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Taxable investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,830,229&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>19,057</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.13&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,020,448&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>20,410</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.02&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,456&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>12</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.41&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>421&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans, net of unearned <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income (b)(c)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,633,852&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>56,927</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.42&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,508,856&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>51,472</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.02&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,751,236&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>79,248</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.72&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,803,925&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>74,940</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.36&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Noninterest-earning assets:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>82,298&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>79,522&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Allowance for credit <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(42,036)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(43,239)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>429,738&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>430,004&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earning assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;470,000&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>466,287&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,221,236&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,270,212&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
29</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004 </b>(continued)<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><b><font size=1 face=Courier>Liabilities and <br>
  &nbsp;&nbsp;Shareholders' Equity</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest-bearing demand<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposits (d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>571,916&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,456</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  1.01%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>569,966&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>620</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.43%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Savings deposits (d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,334,392&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,164</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.54&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,256,362&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,265</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,656,868&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>14,265</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.42&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,572,795&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>11,536</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.92&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>768,281&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,437</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.32&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>936,304&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,639</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.55&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>831,864&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8,892</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.24&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>914,805&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>9,821</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.27&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,163,321&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>36,214</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.78&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5,250,232&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>28,881</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2.19&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Noninterest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;liabilities and capital:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Noninterest-bearing <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;demand deposits (d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>497,754&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>476,171&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>24,201&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>21,636&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Shareholders' equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>535,960&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>522,173&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bearing funding <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sources</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;1,057,915&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;1,019,980&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Liabilities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Shareholders'<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,221,236&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6,270,212&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p><font size=1 face=Courier>Net Interest Income and <br>
  &nbsp;&nbsp;Net Yield on <br>
  &nbsp;&nbsp;Interest-Earning Assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>43,034</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  3.22%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>46,059</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.38%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr height=29>
  <td width=48 height=29 valign=top>
  <p><font size=1 face=Courier>(a)</font></p>
  </td>
  <td width=852 height=29 valign=top>
  <p><font size=1 face=Courier>Yields on interest-earning assets have been
  computed on a tax equivalent basis using the 35% Federal income tax statutory
  rate.<br><br></font></p>
  </td>
 </tr>
 <tr height=23>
  <td width=48 height=23 valign=top>
  <p><font size=1 face=Courier>(b)</font></p>
  </td>
  <td width=852 height=23 valign=top>
  <p><font size=1 face=Courier>Income on nonaccrual loans is accounted for on the
  cash basis, and the loan balances are included in interest-earning assets.<br><br></font></p>
  </td>
 </tr>
 <tr height=24>
  <td width=48 height=24 valign=top>
  <p><font size=1 face=Courier>(c)</font></p>
  </td>
  <td width=852 height=24 valign=top>
  <p><font size=1 face=Courier>Loan income includes net loan fees.<br><br></font></p>
  </td>
 </tr>
 <tr height=27>
  <td width=48 height=27 valign=top>
  <p><font size=1 face=Courier>(d)</font></p>
  </td>
  <td width=852 height=27 valign=top>
  <p><font size=1 face=Courier>Average balances do not include reallocations from
  noninterest-bearing demand deposits and interest-bearing demand deposits into
  savings deposits which were made for regulatory purposes.</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br><br>
<br>
<br>
<br>
<br>
<br>
30</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004 </b>(continued)<br><br></font></p>

<p><font size=3 face=Courier>The
following table shows the effect of changes in volumes and rates on interest
income and interest expense (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=2
  face=Courier>Analysis
  of Changes in Net Interest Income</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=2
  face=Courier>2005
  Change From 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>Total<br>
  Change</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;Change
  Due<br>
  &nbsp;&nbsp;To Volume</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;Change
  Due<br>
  &nbsp;&nbsp;To Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(7)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>7&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Tax free investment securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>196&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>309&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(113)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Taxable investment securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,353)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,921)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>568&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>10&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>3&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>7&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>5,455&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,891&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>3,564&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;4,308&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>275&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>4,033&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;NOW and super NOW accounts</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>836&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>834&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Savings and MMDA accounts</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,899&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>202&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,697&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,729&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>617&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,112&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,798&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(653)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>3,451&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(929)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(890)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(39)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>7,333&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(722)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>8,055&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest
  income</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(3,025)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>997&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(4,022)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
(a)&nbsp; Changes in interest income
or expense not arising solely as a result of volume or rate variances are
allocated to rate variances due to interest sensitivity of consolidated assets
and liabilities.<br>
<br>
Interest and fees on loans increased $5.5 million for the third quarter of 2005
compared to 2004 levels as the quarter-to-date average balance of loans
increased by $125.0 million or 3.6%.&nbsp;
Loan yields increased 40 basis points (0.40%) for the third quarter of
2005 compared to the same period of 2004.&nbsp;
<br>
<br>
Interest income on investments decreased $1.2 million for the third quarter of
2005 compared to the same period of 2004. The decrease was due to a decrease in
the average balance of investment securities between the two periods.&nbsp; The quarter-to-date average balance of
investment securities decrease by $172.6 million for the third quarter of 2005
compared to the same period of 2004.&nbsp;
The total yield on investments was 4.51% for the third quarter of 2005
compared to 4.36% for the same period of 2004, an increase of 15 basis points
(0.15%).&nbsp;&nbsp;&nbsp; <br>
<br>
<br>
<br>
31</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004 </b>(continued)<br>
<br>
Interest expense on deposits increased $5.5 million for the third quarter of
2005 compared to the same period of 2004.&nbsp;
Increases were recorded in average balances and interest rates for each
of the deposit categories.&nbsp; Average
interest earning deposits increased $164.1 million for the third quarter of
2005 compared to the same period of 2004.&nbsp;&nbsp;
Deposit costs were 2.04% for the third quarter of 2005 compared to 1.58%
for the third quarter of 2004, an increase of 46 basis points (0.46%).&nbsp; <br>
<br>
Interest expense on short-term borrowings increased $2.8 million for the third
quarter of 2005 compared to the same period of 2004 as a result of increases
due to increasing interest rates.&nbsp; The
cost of short-term borrowings for the 2005 period increased by 177 basis points
(1.77%) compared to 2004 costs of 1.55%.&nbsp;
<br>
<br>
Interest expense on long-term debt decreased by $929 thousand for the third
quarter of 2005 compared to the corresponding period of 2004, due in large part
to decreases in average volumes.&nbsp;
Average long-term debt for the third quarter of 2005 decreased by $82.9
million compared to 2004 averages.&nbsp; <br>
<br>
<i><u>Provision for Credit Losses</u></i></font></p>

<p><font size=3 face=Courier><br>
The provision for credit losses is an amount added to the allowance against
which credit losses are charged.&nbsp; The
amount of the provision is determined by management based upon its assessment
of the size and quality of the loan portfolio and the adequacy of the allowance
in relation to the risks inherent within the loan portfolio.&nbsp; The provision for credit losses was $2.9
million for the third quarter of 2005 compared to $2.7 million for the same
period of 2004.&nbsp; Net charge-offs against
the allowance for credit losses increased by $540 thousand for the third
quarter of 2005 compared to the same period of 2004.&nbsp; See the &quot;Credit Review&quot; section for any analysis of the
quality of the loan portfolio.<br>
<br>
<i><u>Noninterest Income</u></i><br><br></font></p>

<p><font size=3 face=Courier>Service
charges on deposits continue to be First Commonwealth's most significant
component of noninterest fee income and increased $167 thousand for the third
quarter of 2005 compared to the corresponding period of 2004.&nbsp; An increase of $266 thousand in
nonsufficient funds (or &quot;NSF&quot;) fees was recorded for the third
quarter of 2005 as compared to the third quarter of 2004. <br>
<br>
Other changes in noninterest income during the third quarter of 2005 compared
to the same period of 2004 include an increase in card related interchange
income in the amount of $279 thousand and a decrease in merchant discount
income of $635 thousand.&nbsp; Card related
interchange income includes income on debit, credit and ATM cards that are
issued to consumers and/or businesses.&nbsp;
The card related interchange income growth was favorably affected by
additional volume related to card usage and the migration of business accounts
from the consumer debit card product.&nbsp;&nbsp;&nbsp;
<br>
<br>
<br>
<br>
32</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004 </b>(continued)<br>
<br>
<i><u>Noninterest Expense</u></i><br>
<br>
Total noninterest expense for the three months ended September 30, 2005, was
$36.3 million compared to $64.1 million reported for the same period of
2004.&nbsp; The decrease of $27.8 million
included the previously announced penalty for the prepayment of FHLB long-term
advances in the amount of $29.5 million that was recorded in the third quarter
of 2004.&nbsp; In addition, the 2005 period
included restructuring charges of $2.7 million related to the previously
disclosed restructuring of the Corporation's organizational structure and
related personnel changes<br>
<br>
Salaries and employee benefit costs increased $1.0 million or 5.9%.&nbsp; Salaries accounted for $884 thousand of the
increase while employee benefit costs rose $133 thousand.<br>
<br>
Other changes in other noninterest expenses in the third quarter of 2005
compared to the same period for 2004 were decreases in data processing expense
($261 thousand), decreases in furniture and equipment expense ($220 thousand),
increases net occupancy expense ($131 thousand) and increases in PA shares tax
expense ($96 thousand).&nbsp; The sale of the
merchant services business contributed to the decrease in data processing
expense.<br><br>
Other operating expenses for the third quarter of 2005 were $7.1 million
reflecting a decrease of $1.8 million from the 2004 amount of $8.9
million.&nbsp; The most significant decreases
were recorded in charge card interchange expenses, advertising, and PA sales
tax.&nbsp; The decrease in charge card
interchange expense was due to the sale of the merchant services business.&nbsp; <br>
<br>
Income tax expense increased $8.5 million for the third quarter of 2005
compared to the same period of 2004.&nbsp;
This variance included the tax effect of $10.3 million on the previously
mentioned FHLB prepayment penalty.&nbsp;
First Commonwealth's effective tax rate was 15.8% for the third quarter
of 2005 compared to 68.5% for the corresponding period of 2004.&nbsp; <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
33</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>LIQUIDITY</u><br>
<br>
Liquidity is a measure of First Commonwealth's ability to efficiently meet
normal cash flow requirements of both borrowers and depositors.&nbsp; In the ordinary course of business, funds
are generated from the banking subsidiary's core deposit base and the maturity
or repayment of earning assets, such as securities and loans.&nbsp; As an additional secondary source,
short-term liquidity needs may be provided through the use of overnight Federal
funds purchased, borrowings through the use of lines available for repurchase
agreements and borrowings from the Federal Reserve Bank.&nbsp; <br>
<br>
Additionally, First Commonwealth's banking subsidiary is a member of the
Federal Home Loan Bank and may borrow under overnight and term borrowing
arrangements.&nbsp; The sale of earning
assets may also provide a source of liquidity, and First Commonwealth has the
ability to access the capital markets.<br>
<br>
Liquidity risk stems from the possibility that First Commonwealth may not be
able to meet current or future financial obligations or may become overly
reliant on alternative funding sources.&nbsp;
First Commonwealth maintains a liquidity management policy to manage
this risk.&nbsp; This policy identifies the
primary sources of liquidity, establishes procedures for monitoring and
measuring liquidity and quantifies minimum liquidity requirements based on
board approved limits.&nbsp; The policy also
includes a liquidity contingency plan to address funding needs to maintain
liquidity under a variety of business conditions.&nbsp; First Commonwealth's liquidity position is monitored by the
Asset/Liability Management Committee.<br>
<br>
First Commonwealth's long-term liquidity source is a large core deposit base
and a strong capital position.&nbsp; Core deposits
are the most stable source of liquidity a bank can have due to the long-term
relationship with a deposit customer.&nbsp;
The following table shows a breakdown of the components of Fist
Commonwealth's interest-bearing deposits as of September 30, 2005 and December
31, 2004:<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=center><font size=3
  face=Courier>September 30,<br>
  2005</font></p>
  </td>
  <td width=24 valign=top>
  <p align=center>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=center>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=center><font size=3
  face=Courier>December 31,<br>
  2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=24 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>NOW
  and Super NOW accounts</font></p>
  </td>
  <td width=29 valign=top>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>102,115</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>92,168</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>Savings
  and MMDA accounts</font></p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>1,777,847</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>1,703,258</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>Time
  deposits</font></p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>1,678,887</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>1,568,206</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>Total
  interest-bearing deposits</font></p>
  </td>
  <td width=29 valign=top>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>3,558,849</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>3,363,632</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
34</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>


<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>LIQUIDITY</u> (continued)<br>
<br>
Total deposits increased $215.2 million or 5.6% for the first nine months of
2005.&nbsp; Noninterest-bearing deposits
increased $20.0 million, while interest-bearing deposits increased $195.2
million with the largest increases being recorded in the time deposit
category.&nbsp; Although the most significant
increase was recorded in total time deposits, $25 million in Brokered CD's
matured during March 2005 and an additional $25 million matured in September
2005, none of which were renewed.&nbsp; First
Commonwealth's deposit mix has started to shift as clients are registering a
preference for time deposits rather than savings deposits with the rising rate
environment.&nbsp; Time deposit increases
were due in large part to the continuation of higher rate products that were
advertised during the second quarter of 2005.&nbsp;
Savings deposit increases were due in large part to a First Commonwealth
promotion that ran from February through May of 2005 and offered clients a
specially priced savings account.&nbsp; <br>
<br>
At September 30, 2005, total interest-earning assets declined to $5,694.8
million, compared to $5,757.7 million recorded at December 31, 2004.&nbsp; Marketable securities that First
Commonwealth holds in its investment portfolio are an additional source of
liquidity.&nbsp; These securities are
classified as &quot;securities available for sale&quot; and while First
Commonwealth does not have specific intentions to sell these securities they
have been designated as &quot;available for sale&quot; because they may be sold
for the purpose of obtaining future liquidity, for management of interest rate
risk or as part of the implementation of tax management strategies.&nbsp; As of September 30, 2005, securities
available for sale had an amortized cost of $2,005.5 million and an approximate
fair value of $1,990.9 million.<br>
<br>
The following table shows a breakdown of loans by categories as of September
30, 2005 and December 31, 2004:</font></p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <p align=center><font size=2
  face=Courier>September
  30,<br>
  2005</font></p>
  </td>
  <td width=50 valign=top>
  <p align=center>&nbsp;</p>
  </td>
  <td width=122 valign=top>
  <p align=center><font size=2
  face=Courier>December
  31,<br>
  2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=50 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=122 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>Commercial, financial, agricultural <br>
  &nbsp;&nbsp;&nbsp;and other</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>755,812&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>715,280&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>Real estate loans:</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Construction and land development</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>81,168&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>71,351&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;1-4 family dwellings</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>1,207,669&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>1,164,707&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Other real estate</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>945,091&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>988,611&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>Loans to individuals for household,<br>
  &nbsp;&nbsp;&nbsp;family and other personal<br>
  &nbsp;&nbsp;&nbsp;expenditures</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>617,667&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>562,321&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>Leases, net of unearned income</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>5,872&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>12,815&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Subtotal</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,613,279&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,515,085&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Unearned income</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>(142)</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>(252)</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Totals loans and
  leases</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,613,137&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,514,833&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
First Commonwealth's auto lease portfolio continues to decline since the
discontinuation of its automobile leasing activities during 2003.&nbsp; <br>
<br>
<br>
35</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<b>Interest Sensitivity</b><br>
<br>
Market risk is the risk of loss arising from adverse changes in the fair value
of financial instruments due to changes in interest rates, currency exchange
rates or equity prices.&nbsp; First
Commonwealth's market risk is composed primarily of interest rate risk.&nbsp; Interest rate risk results principally from
timing differences in the repricing of assets and liabilities, changes in the
relationship of rate indices and the potential exercise of free standing or
embedded options.<br>
<br>
The objective of interest rate sensitivity management is to maintain an
appropriate balance between the stable growth of income and the risks
associated with maximizing income through interest sensitivity imbalances.&nbsp; While no single number can accurately describe
the impact of changes in interest rates on net interest income, interest rate
sensitivity positions, or &quot;gaps,&quot; when measured over a variety of
time periods, can be informative.<br>
<br>
An asset or liability is considered to be interest-sensitive if the rate it
yields or bears is subject to change within a predetermined time period.&nbsp; If interest-sensitive assets
(&quot;ISA&quot;) exceed interest-sensitive liabilities (&quot;ISL&quot;)
during the prescribed time period, a positive gap results.&nbsp; Conversely, when ISL exceed ISA during a
time period, a negative gap results.<br>
<br>
The cumulative gap at the 365 day repricing period was negative in the amount
of $1,287.1 million or 20.89% of total assets at September 30, 2005.&nbsp; A positive gap tends to indicate that
earnings will be impacted favorably if interest rates rise during the period
and negatively when interest rates fall during the time period.&nbsp; A negative gap tends to indicate that
earnings will be affected inversely to interest rate changes.&nbsp; In other words, as interest rates fall, a
negative gap should tend to produce a positive effect on earnings, and when
interest rates rise, a negative gap should tend to affect earnings negatively.<br>
<br>
The primary components of ISA include adjustable rate loans and investments,
loan repayments, investment maturities and money market investments.&nbsp; The primary components of ISL include
maturing certificates of deposit, money market deposits, savings deposits, NOW
accounts and short-term borrowings.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
36</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<b>Interest Sensitivity</b> (continued)<br>
<b>&nbsp;<br></b>The following table lists the amounts and ratios of assets and
liabilities with rates or yields subject to change within the periods indicated
as of September 30, 2005, and December 31, 2004 (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <p align=center><font size=1
  face=Courier>September
  30, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>0-90<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>91-180<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>181-365<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Cumulative<br>
  0-365 Days</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,256,468&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>184,171&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>389,038&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,829,677&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Investments</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>158,065&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>100,266&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>198,475&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>456,806&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>87&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>87&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total interest-sensitive<br>
  &nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,414,620&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>284,437&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>587,513&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,286,570&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>256,593&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>301,692&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>303,842&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>862,127&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Other deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,879,962&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,879,962&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>783,275&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4,617&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>43,655&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>831,547&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total interest-sensitive<br>
  &nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,919,830&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>306,309&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>347,497&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,573,636&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(1,505,210)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(21,872)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>240,016&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(1,287,066)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>ISA/ISL</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.48&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.93&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.69&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.64&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>24.43%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.36%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.90%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>20.89%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <p align=center><font size=1
  face=Courier>December
  31, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>0-90<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>91-180<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>181-365<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Cumulative<br>
  0-365 Days</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,300,777&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>185,633&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>333,978&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,820,388&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Investments</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>190,336&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>133,127&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>185,979&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>509,442&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;2,403&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,403&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total interest-sensitive<br>
  &nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,493,516&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>318,760&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>519,957&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;2,332,233&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>346,191&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>205,507&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>237,318&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>789,016&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Other deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,795,426&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,795,426&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;985,049&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;5,497&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;15,513&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;1,006,059&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total interest-sensitive <br>
  &nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,126,666&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>211,004&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>252,831&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font
  size=1 face=Courier>&nbsp;3,590,501&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,633,150)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>107,756&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>267,126&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,258,268)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>ISA/ISL</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.48&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;1.51</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2.06&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.65&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>26.35%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1.74%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>4.31%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>20.30%</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
Although the periodic gap analysis provides management with a method of
measuring current interest rate risk, it only measures rate sensitivity at a
specific point in time, and as a result may not accurately predict the impact
of changes in general levels of interest rates or net interest<br>
<br>
<br>
37</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<b>Interest Sensitivity</b> (continued)<br>
<br>
income.&nbsp; Therefore, to more precisely
measure the impact of interest rate changes on First Commonwealth's net
interest income, management simulates the potential effects of changing
interest rates through computer modeling.&nbsp;
The income simulation model used by First Commonwealth captures all
assets, liabilities, and off-balance sheet financial instruments, accounting
for significant variables that are believed to be affected by interest
rates.&nbsp; These variables include
prepayment speeds on mortgage loans and mortgage backed securities, cash flows
from loans, deposits and investments and balance sheet growth assumptions.&nbsp; The model also captures embedded options,
such as interest rate caps/floors or call options, and accounts for changes in
rate relationships as various rate indices lead or lag changes in market
rates.&nbsp; First Commonwealth is then
better able to implement strategies which would include an acceleration of a
deposit rate reduction or lag in a deposit rate increase.&nbsp; The repricing strategies for loans would be
inversely related.<br>
<br>
First Commonwealth's asset/liability management policy guidelines limit
interest rate risk exposure for the succeeding twelve-month period.&nbsp; Simulations are prepared under the base case
where interest rates remain flat and most likely case where interest rates are
defined using projections of economic factors.&nbsp;
Additional simulations are produced estimating the impact on net
interest income of a gradual 200 basis point (2.00%) movement upward or
downward over a 12 month time frame which cannot result in more than a 5.0%
decline in net interest income when compared to the base case.&nbsp; The analysis at June 30, 2005, indicated
that a 200 basis point (2.00%) increase in interest rates would decrease net
interest income 69 basis points (0.69%) below the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 160 basis points (1.60%) below the base case scenario, over the next
twelve months, both within policy limits.<br>
<br>
First Commonwealth's &quot;Asset/Liability Management Committee&quot;
(&quot;ALCO&quot;) is responsible for the identification, assessment and
management of interest rate risk exposure, liquidity, capital adequacy and
investment portfolio position.&nbsp; The
primary objective of the ALCO process is to ensure that First Commonwealth's
balance sheet structure maintains prudent levels of risk within the context of
currently known and forecasted economic conditions and to establish strategies
which provide First Commonwealth with appropriate compensation for the
assumption of those risks.&nbsp; The ALCO
strategies are established by First Commonwealth's senior management.&nbsp; <br>
<br>
First Commonwealth entered into an interest rate swap transaction during the
third quarter of 2003 and two additional interest rate swap transactions during
the second quarter of 2004.&nbsp; Each of the
swap transactions involved hedging adjustable LIBOR based commercial loans with
a receive-fixed and pay-floating interest rate swap of $25 million notional
amount, for a total of $75 million.&nbsp; The
original maturities of the swap transactions ranged from 2.5 to 3 years.&nbsp; The purpose of the swaps was to reduce First
Commonwealth's exposure to further declines in interest rates.&nbsp; The ALCO continues to evaluate the use of
additional derivative instruments to protect against the risk of adverse price
or interest rate movements on the value of certain assets and liabilities.<br>
<br>
<br>
<br>
38</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>


<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>CREDIT REVIEW</u><br>
<br>
The following table identifies amounts of loan losses and nonperforming
loans.&nbsp; A loan is placed in nonaccrual
status at the time when ultimate collectibility of principal or interest,
wholly or partially, is in doubt.&nbsp; Past
due loans are those which are contractually past due 90 days or more as to
interest or principal payments but are well secured and in the process of
collection.&nbsp; Renegotiated loans are
those loans which terms have been renegotiated to provide a reduction or
deferral of principal or interest as a result of the deteriorating financial
position of the borrower and are in compliance with the restructured terms.</font></p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>(Dollar
  amounts in thousands)</font></p>
  </td>
  <td colspan=4 valign=bottom>
  <p align=center><font size=3
  face=Courier>At September 30,</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><u><font size=3 face=Courier>Nonperforming
  Loans</font></u>:</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  on nonaccrual basis</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,039&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,784&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Past
  due loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>14,608&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>12,779&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Renegotiated
  loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>176&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>185&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  nonperforming loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>25,823&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;24,748&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Other
  real estate owned</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,520&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,295&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Loans
  outstanding at end of period</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,613,137&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,533,509&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Average
  loans outstanding (year-to-date)&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,590,481&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,159,920&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Nonperforming
  loans as a percentage of <br>
  &nbsp;&nbsp;&nbsp;total loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.71%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.70%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Provision
  for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,594&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,295&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  charge-offs</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>7,120&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>6,501&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  charge-offs as a percentage of average<br>
  &nbsp;&nbsp;&nbsp;loans outstanding (annualized)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  0.27%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.27%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Provision
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of net charge-offs</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  106.66%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>112.21%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Allowance
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of average loans outstanding</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  1.16%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1.37%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Allowance
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of end-of-period loans outstanding</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  1.15%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1.22%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Allowance
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of nonperforming loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  160.85%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>174.41%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
39</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>CREDIT REVIEW</u> (continued)<br>
<br>
First Commonwealth considers a loan to be impaired when, based on current
information and events, it is probable that the bank will be unable to collect
principal or interest due according to the contractual terms of the loan.&nbsp; Loan impairment is measured based on the
present value of expected cash flows discounted at the loan's effective
interest rate or, as a practical expedient, at the loan's observable market
price or the fair value of the collateral if the loan is collateral
dependent.&nbsp; Payments received on
impaired loans are applied against the recorded investment in the loan.&nbsp; For loans other than those that First
Commonwealth expects repayment through liquidation of the collateral, when the
remaining recorded investment in the impaired loan is less than or equal to the
present value of the expected cash flows, income is recorded on a cash
basis.&nbsp; Impaired loans include loans on
a nonaccrual basis and renegotiated loans.<br>
<br>
The following table identifies impaired loans, and information regarding the
relationship of impaired loans to the reserve for credit losses at September
30, 2005, and September 30, 2004 (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Recorded
  investment in impaired loans at end <br>
  &nbsp;of period</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,215</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,969</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Year
  to date average balance of impaired loans&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,790</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>13,023</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Allowance
  for credit losses related to <br>
  &nbsp;impaired loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,804</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,293</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Impaired
  loans with an allocation of the<br>
  &nbsp;allowance for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>5,638</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  7,296</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Impaired
  loans with no allocation of the&nbsp;<br>
  &nbsp;allowance for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>5,577</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  4,673</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Year
  to date income recorded on impaired loans <br>
  &nbsp;on a cash basis</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>476</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  191</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
Other than those described above, there are no material credits that management
has serious doubts as to the borrower's ability to comply with the present loan
repayment terms.&nbsp; Additionally, the
portfolio is well diversified and as of September 30, 2005, there were no
significant concentrations of credit.<br>
<br>
Nonperforming loans at September 30, 2005, increased $1.1 million compared to
2004 levels and included increases in loans past due 90 days but still accruing
of $1.8 million which were partially offset by decreases in nonaccrual
loans.&nbsp; Past due loans for the 2005
period included increases in commercials loans as well as residential loans
secured by real estate.&nbsp; Nonperforming
loans as a percentage of total loans were 0.71% at September 30, 2005 compared
to 0.70% at September 30, 2004.&nbsp; <br>
<br>
<br>
40</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>CREDIT REVIEW</u> (continued)<br>
<br>
First Commonwealth's loan portfolio continues to be monitored by senior
management to identify potential portfolio risks and detect potential credit
deterioration in the early stages.&nbsp; This
process includes close monitoring of watch list credits for workout progress or
deterioration, as well as evaluating the status of significant nonperforming
credits and loan loss adequacy.&nbsp; Credit
risk is mitigated during the loan origination process through the use of sound underwriting
policies and collateral requirements.&nbsp;
Management also attempts to minimize loan losses by analyzing and
modifying collection techniques on a periodic basis.&nbsp; Management believes that the allowance for credit losses and
nonperforming loans remained safely within acceptable levels.<br>
<br>
First Commonwealth maintains an allowance for credit losses at a level deemed
sufficient to absorb losses which are inherent in the loan and lease portfolios
at each balance sheet date.&nbsp; Management
reviews the adequacy of the allowance on a quarterly basis to ensure that the
provision for credit losses has been charged against earnings in an amount
necessary to maintain the allowance at a level that is appropriate based on
management's assessment of probable estimated losses.&nbsp; First Commonwealth's methodology for assessing the
appropriateness of the allowance for credit losses consists of several key
elements.&nbsp; These elements include an
assessment of individual problem loans, delinquency and loss experience trends,
and other relevant factors.&nbsp; While
allocations are made to specific loans and pools of loans, the total allowance
is available for all loan losses.<br>
<br>
While First Commonwealth consistently applies a comprehensive methodology and
procedure, allowance for credit loss methodologies incorporate management's
current judgments about the credit quality of the loan portfolio, as well as
collection probabilities for problem credits.&nbsp;
Although management considers the allowance for credit losses to be
adequate based on information currently available, additional allowance for
credit loss provisions may be necessary due to changes in management estimates
and assumptions about asset impairment, information about borrowers that
indicates changes in the expected future cash flows or changes in economic
conditions.&nbsp; The allowance for credit
losses and the provision for credit losses are significant elements of First
Commonwealth's financial statements, therefore management periodically reviews
the processes and procedures utilized in determining the allowance for credit
losses to identify potential enhancements to these processes, including
development of additional management information systems to ensure that all
relevant factors are appropriately considered in the allowance analysis.&nbsp; In addition, First Commonwealth maintains a
system of internal controls which are independently monitored and tested by
internal audit and loan review staff to ensure that the loss estimation model
is maintained in accordance with internal policies and procedures, as well as
generally accepted accounting principles. <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
41</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><font size=3 face=Courier><br>
<u>CAPITAL RESOURCES</u><br>
<br>
Equity capital stood at $520.9 million at September 30, 2005, a decrease of
$11.1 million compared to December 31, 2004. Dividends declared reduced equity
by $34.7 million during the first nine months of 2005.&nbsp; The retained net income of $11.4 million
remained in permanent capital to fund future growth and expansion.&nbsp; The change in the market value adjustment to
securities available for sale decreased equity by $19.6 million.&nbsp;&nbsp;&nbsp; Additional advances by First
Commonwealth's Employee Stock Ownership Plan (&quot;ESOP&quot;) to fund the
acquisition of First Commonwealth's common stock for future distribution as
employee compensation, net of long-term debt payments, decreased equity by $5.4
million.&nbsp; Amounts paid to fund the
discount on reinvested dividends reduced equity by $672 thousand during the
first nine months of 2005 while the market value adjustment on the interest
rate swap decreased equity by $620 thousand for the same period.&nbsp; Proceeds from the reissuance of treasury
shares to fund stock options exercised increased equity by $3.5 million during
2005.&nbsp; Equity capital was also impacted
during 2005 by an increase of $203 thousand from the reissuance of treasury
shares to fund contingent payments related to the acquisition of First
Commonwealth Financial Advisors, which consummated in 2002.&nbsp; This payment of First Commonwealth's common
stock was the third of four scheduled annual contingent payments.<br>
<br>
A strong capital base provides First Commonwealth with a foundation to expand
lending, to protect depositors and to provide for growth while protecting
against future uncertainties.&nbsp; The
evaluation of capital adequacy depends on a variety of factors, including asset
quality, liquidity, earnings history and prospects, internal controls and
management ability.&nbsp; In consideration of
these factors, management's primary emphasis with respect to First
Commonwealth's capital position is to maintain an adequate and stable ratio of
equity to assets.<br>
<br>
The Federal Reserve Board has issued risk-based capital adequacy guidelines
which are designed principally as a measure of credit risk.&nbsp; These guidelines require:&nbsp; (1) at least 50% of a banking organization's
total capital be common and other &quot;core&quot; equity capital (&quot;Tier I
Capital&quot;); (2) assets and off-balance-sheet items be weighted according to
risk; (3) the total capital to risk-weighted assets ratio be at least 8%; and
(4) a minimum leverage ratio of Tier I capital to average total assets.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
42</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><u><font size=3 face=Courier><br>
CAPITAL RESOURCES</font></u> (continued)</p>

<p><font size=3 face=Courier><br>
The minimum leverage ratio is not specifically defined, but is generally
expected to be 3-5 percent for all but the most highly rated banks, as
determined by a regulatory rating system.<br>
<br>
The table below presents First Commonwealth's capital position at September 30,
2005:</font></p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>Amount<br>
  (in thousands)</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>Percent of<br>
  Adjusted Assets</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Tier
  I Capital</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$&nbsp;&nbsp;497,579</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11.7%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Risk-Based
  Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>170,201</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4.0&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Total
  Capital</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>539,117</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>12.7&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Risk-Based
  Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>340,401</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>8.0&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Minimum
  Leverage Capital</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>497,579</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>8.2&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Minimum
  Leverage Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>182,481</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3.0&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
For an institution to qualify as well capitalized under regulatory guidelines,
Tier I, Total and Leverage Capital ratios must be at least 6.0%, 10.0%, and
5.0%, respectively.&nbsp; At September 30,
2005, First Commonwealth's banking and trust subsidiaries exceeded those
requirements.<br>
<br>
ITEM 3.&nbsp; QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK<br>
<br>
Information appearing in ITEM 2 of this report under the caption &quot;Interest
Sensitivity&quot; is incorporated herein by reference in response to this item.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
43</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES</font></p>

<p><font size=3 face=Courier><br>
ITEM 4. CONTROLS AND PROCEDURES<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=101 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=633 valign=top>
  <p><font size=3 face=Courier>First
  Commonwealth carried out an evaluation, under the supervision and with the
  participation of First Commonwealth's management, including the Chief
  Executive Officer and the Chief Financial Officer, of the effectiveness of
  the design and operation of First Commonwealth's disclosure controls and
  procedures as of the end of the period covered by this report pursuant to
  Exchange Act Rule 13a-15.&nbsp; Based upon
  that evaluation, the Corporation's Chief Executive Officer and Chief
  Financial Officer concluded that the Corporation's disclosure controls and
  procedures are effective.&nbsp; In
  addition, First Commonwealth's management, including the Chief Executive
  Officer and Chief Financial Officer, also conducted an evaluation of First
  Commonwealth's internal control over financial reporting to determine whether
  any changes occurred during the fiscal quarter that have materially affected,
  or are reasonably likely to materially affect, First Commonwealth's internal
  control over financial reporting.&nbsp; No
  such changes were identified in connection with this evaluation. </font></p>
  </td>
 </tr>
 <tr>
  <td width=101 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=633 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=101 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=633 valign=top>
  <p><font size=3 face=Courier>Disclosure
  controls and procedures are controls and other procedures that are designed
  to ensure that information required to be disclosed by First Commonwealth in
  the reports that First Commonwealth files or submits under the Exchange Act
  is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission's rules and forms.
  Disclosure controls and procedures include, without limitation, controls and
  procedures designed to ensure that information required to be disclosed by
  First Commonwealth in the reports that First Commonwealth files under the
  Exchange Act is accumulated and communicated to First Commonwealth's
  management, including the Chief Executive Officer and Chief Financial
  Officer, as appropriate to allow timely decisions regarding required
  disclosure.</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
44</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
PART II - OTHER INFORMATION</font></p>

<p><font size=3 face=Courier>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=103 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  1</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>LEGAL
  PROCEEDINGS</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>There
  were no material legal proceedings to which First Commonwealth or its
  subsidiaries are a party, or of which any of their property is the
  subject.&nbsp; All legal proceedings
  presently pending or threatened against First Commonwealth or its
  subsidiaries arose in the normal course of business and, in the opinion of
  management, will not have a material adverse effect on the consolidated
  operations or financial position of the Corporation and its subsidiaries.</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr height=20>
  <td width=103 height=20 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  2</font></u>.</p>
  </td>
  <td width=631 height=20 valign=top>
  <p><font size=3 face=Courier>UNREGISTERED
  SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0 width=739>
 <tr>
  <td width=739 colspan=5 valign=top>
  <p align=center><u><font size=3
  face=Courier>Purchases of Equity Securities</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=top>
  <p>&nbsp;</p>
  </td>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=126 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=150 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=170 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005 Period</font></p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>(a) Total<br>
  Number of<br>
  Shares<br>
  Purchased</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=center><font size=3
  face=Courier>(b) Average<br>
  Price Paid<br>
  &nbsp;Per Share&nbsp;</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=center><font size=3
  face=Courier>(c) Total<br>
  Number of<br>
  Shares<br>
  Purchased as<br>
  Part of<br>
  Publicly<br>
  Announced<br>
  Plans or<br>
  &nbsp;&nbsp;Programs&nbsp;&nbsp;</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=center><font size=3
  face=Courier>(d) Approximate<br>
  Dollar Value<br>
  of Shares that<br>
  May Yet Be<br>
  Purchased<br>
  Under the Plans<br>
  &nbsp;&nbsp;or Programs&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td width=126 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td width=150 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td width=170 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p><font size=3 face=Courier>July
  1 -&nbsp;31</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>n/a</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right><font size=3
  face=Courier>$3,289,344</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p><font size=3 face=Courier><br>
  August 1 - 31</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>59,300&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>$13.46</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>59,300&nbsp;</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right><font size=3
  face=Courier>$2,491,006</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p><font size=3 face=Courier><br>
  September 1 -&nbsp;30</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>n/a</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right><font size=3
  face=Courier>$2,491,006</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=126 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=150 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p><font size=3 face=Courier>Total</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>59,300&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>$13.46</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>59,300&nbsp;</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right><font size=3
  face=Courier>$2,491,006</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=126 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=150 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
All shares were acquired by First Commonwealth's Employee Stock Ownership Plan
(&quot;ESOP&quot;) through a publicly announced plan.&nbsp; The plan for the ESOP to acquire shares was announced through a
press release dated July 26, 2004, and a subsequent 8-K filing with the
Securities and Exchange Commission on July 27, 2004.&nbsp; The plan authorizes the ESOP to acquire up to $14 million of
First Commonwealth's common stock in the open market.&nbsp; The plan does not have an expiration date.<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  3</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>DEFAULTS
  UPON SENIOR SECURITIES</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>Not
  applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  4</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>SUBMISSION
  OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>Not
  applicable</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  5</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>OTHER
  INFORMATION</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>Not
  applicable</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
45</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL CORPORATION
AND CONSOLIDATED SUBSIDIARIES<br>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  6</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>EXHIBITS</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
  31.1 Chief Executive Officer Certification pursuant<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Section 302 of the Sarbanes-Oxley Act
  of 2002</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
  31.2 Chief Financial Officer Certification pursuant<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Section 302 of the Sarbanes-Oxley Act
  of 2002</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
  32.1 Chief Executive Officer Certification pursuant<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Section 906 of the Sarbanes-Oxley Act
  of 2002</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
  32.2 Chief Financial Officer Certification pursuant<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Section 906 of the Sarbanes-Oxley Act
  of 2002<br><br></font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
46</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p align=center><font size=3
face=Courier>SIGNATURES</font></p>

<p><font size=3 face=Courier><br>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.<br><br></font></p>

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION<br>
(Registrant)<br>
<br>
<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>DATED:&nbsp; November 4, 2005</font></p>
  </td>
  <td width=403 valign=top>
  <p><u><font size=3 face=Courier>/s/Joseph
  E.
  O'Dell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p><font size=3 face=Courier>Joseph
  E. O'Dell, President and Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>DATED:&nbsp; November 4, 2005</font></p>
  </td>
  <td width=403 valign=top>
  <p><u><font size=3 face=Courier>/s/John
  J.
  Dolan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p><font size=3 face=Courier>John
  J. Dolan, Executive Vice President and Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
47</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</font>

<p><font size=3 face=Courier>&nbsp;</font></p>

<p align=center><font size=3
face=Courier>&nbsp;</font></p>



</body>

</html>
[{"type": "10-Q", "sequence": "1", "filename": "fcfc10q.htm", "description": "FIRST COMMONWEALTH THIRD QUARTER 10-Q", "secsgml_size_bytes": 542332}]
{"company-data": {"conformed-name": "FIRST COMMONWEALTH FINANCIAL CORP /PA/", "cik": "0000712537", "assigned-sic": "6021", "irs-number": "251428528", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-11138", "film-number": "051180300"}, "business-address": {"street1": "OLD COURTHOUSE SQUARE", "street2": "22 N SIXTH ST", "city": "INDIANA", "state": "PA", "zip": "15701", "phone": "7243497220"}, "mail-address": {"street1": "22 NORTH SIXTH STREET", "street2": "P.O. BOX 400", "city": "INDIANA", "state": "PA", "zip": "15701"}}
FORM 10-Q
UNITED STATES SECURITIES AND
  EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(X)
QUARTERLY
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
  the quarterly period ended September 30, 2005
or
( )
TRANSITION
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
  the transition period from
to
Commission File Number
0-11242
First Commonwealth Financial
  Corporation
(Exact name of registrant as
  specified in its charter)
Pennsylvania
25-1428528
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
22 North Sixth
  Street, Indiana, PA
15701
(Address of principal executive offices)
(Zip Code)
724-349-7220
(Registrant's telephone number,
  including area code)
N/A
(Former name, former address and
  former fiscal year,
if changed since last report)
Indicate
  a check mark whether the registrant (1) has filed all reports required to be
  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
  the preceding 12 months (or for such shorter period that the registrant was
  required to file such reports), and (2) has been subject to such filing
  requirements for the past 90 days.
Yes
X
No
.
Indicate
  by check mark whether the registrant is an accelerated filer (as defined in
  Rule 12b-2 of the Exchange Act).
Yes
X
No
.
Indicate
  by check mark whether the registrant is a shell company (as defined in Rule
  12b-2 of the Exchange Act).
Yes
No
X
.
The
  number of shares outstanding of issuer's common stock, $1.00 Par Value as of
  October 31, 2005, was 70,307,392.
FIRST COMMONWEALTH FINANCIAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
PAGE
Included in Part I of this report:
First Commonwealth Financial Corporation and
  Subsidiaries
Consolidated Balance Sheets.........................
3
Consolidated Statements of Income...................
4
Consolidated Statements of Changes in
Shareholders' Equity..............................
5
Consolidated Statements of Cash Flows...............
7
Notes to Consolidated Financial
  Statements..........
8
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS...............
18
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.................................
43
ITEM 4.
CONTROLS AND PROCEDURES...............................
44
PART II - OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS.......................................
45
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.................................
45
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.........................
45
ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.....
45
ITEM 5.
OTHER INFORMATION.......................................
45
ITEM 6.
EXHIBITS................................................
46
Signatures..............................................
47
Exhibits
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
September 30,
2005
December 31, 2004
ASSETS
Cash
  and due from banks
$
90,139
$
79,591
Interest-bearing
  bank deposits
87
2,403
Securities
  available for sale, at market
1,990,929
2,162,313
Securities
  held to maturity, at amortized cost,
(Market value $93,344 in 2005 and $81,886 in 2004)
90,639
78,164
Loans:
Portfolio
  loans
3,611,535
3,512,774
Loans
  held for sale
1,744
2,311
Unearned
  income
(142)
(252)
Allowance
  for credit losses
(41,537)
(41,063)
Net
  loans
3,571,600
3,473,770
Premises
  and equipment
62,185
56,965
Other
  real estate owned
1,520
1,814
Goodwill
122,702
123,607
Amortizing
  intangibles, net
15,817
17,513
Other
  assets
215,423
202,338
Total
  assets
$
6,161,041
$
6,198,478
LIABILITIES
Deposits
  (all domestic):
Noninterest-bearing
$
500,834
$
480,843
Interest-bearing
3,558,849
3,363,632
Total
  deposits
4,059,683
3,844,475
Short-term
  borrowings
738,233
946,474
Other
  liabilities
37,390
35,977
Subordinated
  debentures
108,250
108,250
Other
  long-term debt
696,580
731,324
Total
  long-term debt
804,830
839,574
Total
  liabilities
5,640,136
5,666,500
SHAREHOLDERS' EQUITY
Preferred
  stock, $1 par value per share, 3,000,000
shares authorized, none issued
-0-
-0-
Common
  stock $1 par value per share, 100,000,000
shares authorized; 71,978,568 shares issued at
September 30, 2005 and December 31, 2004;
  70,227,342
and 69,868,908 shares outstanding at September
  30,
2005 and December 31, 2004, respectively
71,978
71,978
Additional
  paid-in capital
174,015
175,453
Retained
  earnings
318,751
307,363
Accumulated
  other comprehensive income (loss)
(10,195)
10,002
Treasury
  stock (1,751,226 shares at September 30, 2005
and 2,109,660 shares at December 31, 2004, at
  cost)
(22,116)
(26,643)
Unearned
  ESOP shares
(11,528)
(6,175)
Total
  shareholders' equity
520,905
531,978
Total
  liabilities and shareholders' equity
$
6,161,041
$
6,198,478
The accompanying notes are an integral part of these
consolidated financial statements.
3
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
For
  the Quarter
Ended September 30,
For
  the Nine Months
Ended September 30,
2005
2004
2005
2004
Interest Income
Interest and
  fees on loans
$
56,927
$
51,472
$
164,216
$
136,937
Interest and
  dividends on investments:
Taxable
  interest
18,559
20,019
56,908
55,853
Interest
  exempt from Federal income taxes
3,244
3,048
9,426
8,421
Dividends
498
391
1,717
1,172
Interest on
  Federal funds sold
12
2
136
4
Interest on
  bank deposits
8
8
22
23
Total
  interest income
79,248
74,940
232,425
202,410
Interest Expense
Interest on
  deposits
20,885
15,421
56,466
42,882
Interest on
  short-term borrowings
6,437
3,639
17,862
7,264
Interest on
  subordinated debentures
1,989
1,829
5,836
4,910
Interest on
  other long-term debt
6,903
7,992
20,655
26,053
Total
  interest on long-term debt
8,892
9,821
26,491
30,963
Total
  interest expense
36,214
28,881
100,819
81,109
Net Interest Income
43,034
46,059
131,606
121,301
Provision for
  credit losses
2,850
2,675
7,594
7,295
Net interest income after provision for credit losses
40,184
43,384
124,012
114,006
Other Income
Net securities
  gains
34
51
519
4,046
Trust income
1,417
1,413
4,198
4,123
Service charges
  on deposit accounts
4,226
4,059
11,775
11,019
Gain on sale of
  branch
-0-
-0-
3,090
-0-
Gain on sale of
  merchant services business
-0-
-0-
1,991
-0-
Insurance
  commissions
1,089
1,046
2,832
2,715
Income from
  bank owned life insurance
1,359
1,333
4,035
3,847
Merchant
  discount income
353
988
2,074
2,723
Card related
  interchange income
1,265
986
3,568
2,496
Other income
1,817
1,927
6,067
5,514
Total
  other income
11,560
11,803
40,149
36,483
Other Expenses
Salaries and
  employee benefits
18,320
17,303
54,482
51,147
Net occupancy
  expense
2,671
2,540
8,378
6,894
Furniture and
  equipment expense
2,844
3,064
8,473
8,290
Data processing
  expense
818
1,079
2,738
2,805
Pennsylvania
  shares tax expense
1,236
1,140
3,739
3,414
Intangible
  amortization
565
565
1,696
877
Merger and
  integration charges
-0-
(39)
-0-
2,125
Restructuring
  charges
2,704
-0-
2,704
-0-
Debt prepayment
  fees
-0-
29,495
-0-
29,495
Other operating
  expenses
7,145
8,906
24,558
24,267
Total
  other expenses
36,303
64,053
106,768
129,314
Income (loss) before income taxes
15,441
(8,866)
57,393
21,175
Applicable
  income taxes (benefit)
2,445
(6,071)
11,340
(913)
Net income (Loss)
$
12,996
$
(2,795)
$
46,053
$
22,088
Average Shares Outstanding
69,242,056
69,077,293
69,239,005
64,784,404
Average Shares Outstanding
  Assuming Dilution
69,787,884
69,701,327
69,834,460
65,328,753
Per Share Data:
Basic earnings
  per share
$
0.19
$
(0.04)
$
0.67
$
0.34
Diluted
  earnings per share
$
0.19
$
(0.04)
$
0.66
$
0.34
Cash dividends
  per share
$
0.165
$
0.160
$
0.495
$
0.480
The accompanying notes are an integral part of these consolidated financial
statements.
4
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Treasury
Stock
Unearned
ESOP
Shares
Total
Shareholders'
Equity
Balance December 31, 2003
$
63,704
$
79,581
$
312,261
$
15,173
$
(37,779)
$
(1,994)
$
430,946
Comprehensive
  income
Net income
-0-
-0-
22,088
-0-
-0-
-0-
22,088
Other
  comprehensive income, net of tax:
Unrealized
  holding gains on securities
arising during the period
-0-
-0-
-0-
2,048
-0-
-0-
2,048
Less:  reclassification adjustment for
gains on securities included in net income
-0-
-0-
-0-
(2,613)
-0-
-0-
(2,613)
Unrealized
  holding gains on derivatives
used in cash flow hedging relationship
arising during the period
-0-
-0-
-0-
298
-0-
-0-
298
Total other
  comprehensive income (loss)
-0-
-0-
-0-
(267)
-0-
-0-
(267)
Total comprehensive income
‑0-
-0-
22,088
(267)
-0-
-0-
21,821
Cash dividends declared
-0-
-0-
(32,022)
-0-
-0-
-0-
(32,022)
Net increase in unearned
  ESOP shares
-0-
-0-
-0-
-0-
-0-
(4,870)
(4,870)
Discount on dividend
  reinvestment plan purchases
-0-
(601)
-0-
-0-
-0-
-0-
(601)
Treasury stock acquired
-0-
-0-
-0-
-0-
(514)
-0-
(514)
Treasury stock reissued
-0-
(1,239)
-0-
-0-
7,856
-0-
6,617
Tax benefit of stock
  options
-0-
415
-0-
-0-
-0-
-0-
415
Stock issued for
  acquisition
8,274
96,956
-0-
-0-
-0-
-0-
105,230
Balance at September 30,
  2004
$
71,978
$
175,112
$
302,327
$
14,906
$
(30,437)
$
(6,864)
$
527,022
5
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Unearned
ESOP
Shares
Total
Shareholders'
Equity
Balance December 31, 2004
$
71,978
$
175,453
$
307,363
$
10,002
$
(26,643)
$
(6,175)
$
531,978
Comprehensive
  income
Net income
-0-
-0-
46,053
-0-
-0-
-0-
46,053
Other
  comprehensive income, net of tax:
Unrealized
  holding losses on securities
arising during the period
-0-
-0-
-0-
(19,260)
-0-
-0-
(19,260)
Less:  reclassification adjustment for
gains on securities included in net income
-0-
-0-
-0-
(317)
-0-
-0-
(317)
Unrealized
  holding losses on derivatives
used in cash flow hedging relationship
arising during the period
-0-
-0-
-0-
(620)
-0-
-0-
(620)
Total other
  comprehensive income (loss)
-0-
-0-
-0-
(20,197)
-0-
-0-
(20,197)
Total comprehensive income
‑0-
-0-
46,053
(20,197)
-0-
-0-
25,856
Cash dividends declared
-0-
-0-
(34,665)
-0-
-0-
-0-
(34,665)
Net increase in unearned
  ESOP shares
-0-
-0-
-0-
-0-
-0-
(5,353)
(5,353)
Discount on dividend
  reinvestment plan purchases
-0-
(672)
-0-
-0-
-0-
-0-
(672)
Treasury stock reissued
-0-
(776)
-0-
-0-
4,527
-0-
3,751
Tax benefit of stock
  options
-0-
10
-0-
-0-
-0-
-0-
10
Balance at September 30,
  2005
$
71,978
$
174,015
$
318,751
$
(10,195)
$
(22,116)
$
(11,528)
$
520,905
The accompanying notes are an integral part of these consolidated
financial statements.
6
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For
  the Nine Months
Ended September 30,
2005
2004
Operating Activities
Net income....................................................
$
46,053
$
22,088
Adjustments to
  reconcile net income to net cash
provided by operating activities:
Provision
  for credit losses ................................
7,594
7,295
Depreciation
  and amortization...............................
8,024
6,618
Net
  gains on sales of assets................................
(1,402)
(3,981)
Net
  gain on sale of branch..................................
(3,090)
-0-
Net
  gain on sale of merchant services business..............
(1,991)
-0-
Income
  from increase in cash surrender value of
bank owned life insurance...............................
(4,035)
(3,847)
Stock option
  tax benefit......................................
10
415
Changes, net of
  acquisition:
(Increase)
  decrease in interest receivable.................
(27)
1,307
Increase
  in interest payable...............................
740
403
Increase
  (decrease) in income taxes payable................
3,546
(9,070)
Net
  decrease in loans held for sale........................
568
160
Change
  in deferred taxes...................................
(898)
(614)
Other-net..................................................
(233)
(6,810)
Net
  cash provided by operating activities.................
54,859
13,964
Investing Activities
Transactions
  with securities held to maturity:
Proceeds
  from sales.........................................
-0-
-0-
Proceeds
  from maturities and redemptions....................
8,086
30,367
Purchases...................................................
(20,530)
-0-
Transactions
  with securities available for sale:
Proceeds
  from sales.........................................
92,861
102,018
Proceeds
  from maturities and redemptions....................
319,300
624,137
Purchases...................................................
(270,408)
(664,967)
Proceeds from
  sales of other assets...........................
8,088
8,430
Proceeds from
  sale of merchant services business..............
2,000
-0-
Acquisition of
  affiliate, net of cash received................
-0-
(70,872)
Net decrease
  (increase) in time deposits with banks...........
2,315
(1,016)
Net increase in
  loans.........................................
(112,824)
(192,845)
Purchases of
  premises and equipment...........................
(11,753)
(9,032)
Net
  cash provided (used) by investing activities............
17,135
(173,780)
Financing Activities
Repayments of
  other long-term debt............................
(77,101)
(457,537)
Proceeds from
  issuance of other long-term debt................
37,005
283,486
Repayments of
  subordinated debentures.........................
-0-
(8,292)
Proceeds from
  issuance of subordinated debentures.............
-0-
41,238
Discount on
  dividend reinvestment plan purchases..............
(672)
(601)
Dividends paid................................................
(34,606)
(30,605)
Net increase in
  Federal funds purchased.......................
113,350
10,700
Net (decrease)
  increase in other short-term borrowings........
(321,591)
278,451
Sale of branch
  and deposits, net of cash received.............
(14,204)
-0-
Net increase in
  deposits......................................
232,825
33,885
Proceeds from
  sale of treasury stock..........................
3,548
6,414
Net
  cash (used) provided by financing activities............
(61,446)
157,139
Net
  increase (decrease) in cash and cash equivalents........
10,548
(2,677)
Cash and cash
  equivalents at January 1........................
79,591
82,510
Cash and cash
  equivalents at September 30.....................
$
90,139
$
79,833
The
accompanying notes are an integral part of these consolidated financial
statements.
7
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 1 Management Representation
The consolidated financial statements include the accounts of First
Commonwealth Financial Corporation and its subsidiaries ("First
Commonwealth").  All significant
intercompany transactions and balances have been eliminated.  The accounting and reporting policies of
First Commonwealth conform with accounting principles generally accepted in the
United States of America.  The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates, assumptions and
judgments that affect the amounts reported in the financial statements and
accompanying notes.  Actual realized
amounts could differ from those estimates. 
In the opinion of management, the unaudited interim consolidated
financial statements include all adjustments (consisting of only normal
recurring adjustments) necessary for a fair statement of financial position as
of September 30, 2005, and the results of operations for the three month and
nine month periods ended September 30, 2005 and 2004, and statements of cash
flows and changes in shareholders' equity for the nine month periods ended
September 30, 2005 and 2004.
The results of operations for the three month and nine month periods ended
September 30, 2005 and 2004, are not necessarily indicative of the results that
may be expected for the full year or any other interim period.  These interim financial statements should be
read in conjunction with First Commonwealth's 2004 Annual Report on Form 10-K
which is available on the First Commonwealth's website at
http://www.fcbanking.com.  First
Commonwealth's website also provides additional information of interest to
investors and clients, including other regulatory filings made to the
Securities and Exchange Commission, press releases, historical stock prices,
dividend declarations and corporate governance, as well as information about
products and services offered through First Commonwealth's banking, insurance,
trust and financial management subsidiaries.
NOTE 2 Cash Flow Disclosures (Dollar amounts in thousands)
2005
2004
Cash
  paid during the first nine months of the year for:
Interest
$
100,078
$
80,706
Income
  Taxes
$
9,040
$
8,528
Noncash
  investing and financing activities:
ESOP
  loan reductions
$
643
$
643
ESOP borrowings
$
5,996
$
5,513
Loans
  transferred to other real estate
owned and repossessed assets
$
4,111
$
3,521
Gross
  increase (decrease) in market value
adjustment to securities available for sale
$
(30,119)
$
(869)
Gross
  increase (decrease) in market value
adjustment of derivative instruments
$
(954)
$
458
Treasury
  stock reissued for business
combination
$
203
$
203
8
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 3 Comprehensive Income Disclosures
The following table identifies the related tax effects allocated to each
component of other comprehensive income in the Statements of Changes in
Shareholders' Equity (Dollar amounts in thousands):
September
  30, 2005
September
  30, 2004
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Unrealized gains (losses) on securities:
Unrealized holding gains (losses)
arising during the period
$
(29,631)
$
10,371
$
(19,260)
$
3,151
$
(1,103)
$
2,048
Less: reclassification
adjustment for gains realized
in net income
(488)
171
(317)
(4,020)
1,407
(2,613)
Unrealized gains (losses) on
derivatives used in cash flow
hedging relationships:
Unrealized holding gains (losses)
arising during the period
(954)
334
(620)
458
(160)
298
Other comprehensive income (loss)
$
(31,073)
$
10,876
$
(20,197)
$
(411)
$
144
$
(267)
9
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 4 Accounting for Stock Options Granted
Prior accounting guidelines permit two alternate methods of accounting for
stock-based compensation, the intrinsic value method of APB Opinion No. 25
("APB 25"), "Accounting for Stock Issued to Employees," and
the fair value method of the Financial Accounting Standards Board
("FASB") Statement of Financial Accounting Standards No. 123
("FAS 123"), "Accounting for Stock-Based
Compensation."  In December 2002,
the FASB issued Statement of Financial Accounting Standards No. 148 ("FAS
148"), "Accounting for Stock-Based Compensation-Transition and
Disclosure."  FAS 148 did not amend
FAS 123 to require companies to account for employee stock options using the
fair value method but required all companies with stock-based compensation to
provide additional disclosures, regardless of whether they account for that
compensation using the fair value method of FAS 123 or the intrinsic value
method of APB 25.  As permitted under
FAS 123, First Commonwealth had elected to use the intrinsic value method to
measure stock-based compensation under APB 25 and to disclose in a footnote to
the financial statements, net income and earnings per share determined as if
the fair value methodology of FAS 123 had been implemented.
No stock-based employee compensation expense is reflected in First
Commonwealth's net income as reported in the Consolidated Statements of Income
because all stock options granted under First Commonwealth's plan had an
exercise price equal to the market value of the underlying common stock on the
date of the grant.
In December 2004, the FASB issued Statement of Financial Accounting Standards
No.123 (Revised) ("FAS 123(R)"), "Share-Based
Payment."  FAS 123(R) replaces FAS
123 and supersedes APB 25.  FAS 123(R)
will require companies to measure compensation costs for all share-based
payments including employee stock options using the fair value method.  FAS 123(R) applies to new awards and to
awards modified, repurchased or cancelled after the required effective
date.  Public companies that used the
fair value method for either recognition or disclosure under FAS 123, will
apply FAS 123(R) using a modified prospective application.  Under the modified prospective application,
compensation cost is recognized on or after the required effective date for the
portion of the outstanding awards for which the requisite service has not yet
been rendered, based on the grant-date fair value of those awards calculated under
FAS 123 for either recognition or pro forma disclosures.  For periods before the required effective
date, those companies may elect to apply a modified retrospective application.  Under the modified retrospective application
method, financial statements for prior periods are adjusted on a basis
consistent with the pro forma disclosures required for those periods by FAS
123.  According to FAS 123(R), the
grant-date fair value of stock options will be recognized as compensation
expense in the company's income statement over the requisite service period or
the vesting period.  FAS 123(R) will
become effective at the beginning of the next fiscal year that begins after
June 15, 2005, or beginning on January 1, 2006.  The adoption of FAS 123(R) is not expected to have a material
impact on First Commonwealth's financial condition or results of
operations.
10
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 4 Accounting for Stock Options Granted
(continued)
The following tables illustrates the effect on net income and earnings per
share if First Commonwealth had applied the fair value recognition provisions
of FAS 123 to stock-based employee compensation (Dollar amounts in thousands,
except per share data):
Three months ended
September 30,
2005
2004
Net
  Income, as reported
$
12,996
$
(2,795)
Deduct:
  Total stock-based employee
compensation expense determined under fair
value method for all awards, net of
related tax effects
-0-
-0-
Pro
  forma net income
$
12,996
$
(2,795)
Earnings
  per share:
Basic
  - as reported
$
0.19
$
(0.04)
Basic
  - pro forma
$
0.19
$
(0.04)
Diluted
  - as reported
$
0.19
$
(0.04)
Diluted
  - pro forma
$
0.19
$
(0.04)
Average
  shares outstanding
69,242,056
69,077,293
Average
  shares outstanding assuming dilution
69,787,884
69,701,327
Nine months ended
September 30,
2005
2004
Net
  Income, as reported
$
46,053
$
22,088
Deduct:
  Total stock-based employee
compensation expense determined under fair
value method for all awards, net of
related tax effects
(43)
(38)
Pro
  forma net income
$
46,010
$
22,050
Earnings
  per share:
Basic
  - as reported
$
0.67
$
0.34
Basic
  - pro forma
$
0.66
$
0.34
Diluted
  - as reported
$
0.66
$
0.34
Diluted
  - pro forma
$
0.66
$
0.34
Average
  shares outstanding
69,239,005
64,784,404
Average
  shares outstanding assuming dilution
69,834,460
65,328,753
11
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 5 Variable Interest Entities
In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN
46"), "Consolidation of Variable Interest Entities," and in
December 2003, issued FIN 46 (Revised 2003) ("FIN 46R").  FIN 46R clarified some of the provisions of
FIN 46 and exempted certain entities from the original requirements of FIN
46.  As defined by FIN 46, a variable
interest entity ("VIE") is a corporation, partnership, trust or any
other legal structure used for business purposes that either (a) does not have
equity investors with voting rights or (b) has equity investors that do not
provide sufficient financial resources for the entity to support its
activities.  Under FIN 46R, an entity
that holds a variable interest in a VIE is required to consolidate the VIE if
the entity is subject to a majority of the risk of loss from the VIE's
activities, is entitled to receive a majority of the entity's residual returns
or both.
As part of its community reinvestment initiatives, First Commonwealth invests
in qualified affordable housing projects as a limited partner.  First Commonwealth receives federal
affordable housing tax credits and rehabilitation tax credits for these limited
partnership investments.  First
Commonwealth's maximum potential exposure to these partnerships is $5,169
thousand, which consists of the limited partnership investments as of September
30, 2005.  Based on FIN 46R, First
Commonwealth has determined that these investments will not be consolidated but
continue to be accounted for under the equity method whereby First
Commonwealth's portion of partnership losses are recognized as incurred.
NOTE 6 Guarantees
Standby letters of credit are conditional commitments issued by First
Commonwealth to guarantee the performance of a customer to a third party.  The contract or notional amount of these
instruments reflects the maximum amount of future payments that could be lost
under the guarantees if there were a total default by the guaranteed parties
without consideration of possible recoveries under recourse provisions or from
collateral held or pledged.  In
addition, many of these commitments are expected to expire without being drawn
upon; therefore, the total commitment amounts do not necessarily represent
future cash requirements.
The table below identifies the notional amounts of these guarantees at
September 30, 2005 (Dollar amounts in thousands):
Financial
  standby letters of credit
$
17,167
Performance
  standby letters of credit
$
4,649
The current notional amounts outstanding above include financial standby
letters of credit of $5,357 thousand and performance standby letters of credit
of $3,828 thousand issued during the first nine months of 2005.  There is currently no liability recorded on
First Commonwealth's balance sheet related to the above letters of credit.
12
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 7 Other-Than-Temporary Impairment of Investments
The following table presents the gross unrealized losses and fair values at
September 30, 2005 by investment category and time frame for which the loss has
been outstanding (Dollar amounts in thousands):
Less Than 12 Months
12 Months or More
Total
Description of
Securities
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. Treasury
Obligations
$
-0-
$
-0-
$
2,949
$
(36)
$
2,949
$
(36)
U.S. Government
  Agency
Obligations
180,449
(2,246)
159,126
(3,989)
339,575
(6,235)
U.S. Government
  Agency
CMO and MBS
284,372
(2,577)
727,086
(22,368)
1,011,458
(24,945)
Corporate
  Securities
17,422
(225)
30,793
(444)
48,215
(669)
Municipal
  Securities
16,887
(167)
2,275
(37)
19,162
(204)
Total Debt
  Securities
499,130
(5,215)
922,229
(26,874)
1,421,359
(32,089)
Common Stock
5,016
(503)
-0-
-0-
5,016
(503)
Total
  Securities
$
504,146
$
(5,718)
$
922,229
$
(26,874)
$
1,426,375
$
(32,592)
NOTE 8 Merger and Integration Charges
In the first nine months of 2004, First Commonwealth recorded merger and
integration charges totaling $2,125 thousand ($1,381 thousand, net of
taxes).  The merger and integration
charges related to the acquisition of Pittsburgh Financial Corp.
("PFC").  The charges included
$485 thousand related to the write-off of the unamortized capitalized costs for
the subordinated debentures that were previously issued by PFC to Pittsburgh
Home Capital Trust I and were called and paid off in January of 2004.  Also included in the merger and integration
charges were $1,640 thousand in salary and benefit severance expenses that were
accrued during the first nine months of 2004. 
The severance costs were for 23 employees whose positions were
eliminated as part of the acquisition.
13
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 9 Branch Sale
In June 2005, First Commonwealth Bank, a wholly owned subsidiary of First
Commonwealth Financial Corporation, sold a branch office located in State
College, PA.  Under the terms of the
purchase and assumption agreement, Clearfield Bank and Trust Company assumed
$17.6 million of deposit liabilities associated with the office.  The transaction generated a pre-tax gain of
approximately $3.1 million that included the premium on deposits and the gain
on the sale of premises and equipment. 
The gain was included in First Commonwealth's consolidated income
statement for the second quarter of 2005.
NOTE 10 Merchant Services Sale
In April 2005, First Commonwealth completed an asset sale and merchant
processing alliance with First Data Corporation ("First Data").   Under the terms of the agreement, First
Data acquired certain assets of First Commonwealth's merchant processing
business and will provide merchant payment processing services on behalf of
First Commonwealth Bank.  First
Commonwealth Bank will participate in future revenue related to both the
existing book of merchant business as well as new business.  The transaction generated a pre-tax gain of
$2.0 million that was included in First Commonwealth's consolidated income
statement for the second quarter of 2005.
NOTE 11 Restructuring Charges
In July 2005, Johnston A. Glass, an Executive Officer of First Commonwealth,
executed his rights under a previously disclosed employment contract.  First Commonwealth accrued expenses of
$700.3 thousand during the third quarter of 2005 which are included as
restructuring charges in First Commonwealth's consolidated income
statement.  In addition to payments to Mr.
Glass, this amount includes First Commonwealth's portion of hospitalization
costs and employer payroll taxes.  Under
terms of the agreement, payments will begin within 90 days and will follow
First Commonwealth's normal payroll cycle for a period of 24 months.
In September 2005, First Commonwealth announced that the Board of Directors
approved a plan to reorganize the operating affiliates of the company.    As part of this reorganization, First
Commonwealth intends to streamline its organizational structure by merging its
wholly owned subsidiaries First Commonwealth Trust Company, First Commonwealth
Systems Corporation, and First Commonwealth Professional Resources, Inc. with
and into First Commonwealth Bank, its principal operating subsidiary.  The reorganization initiative is an
extension of First Commonwealth's continuing effort to unify, streamline and
simplify its business structure and operations, which have been built
principally through 15 mergers and acquisitions during the past 23 years.  The new structure will help expedite
strategic business and operational decisions and create a more nimble
organization capable of responding more rapidly to evolving and dynamic market
conditions.
14
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE
11 Restructuring Charges
(continued)
The
costs related to First Commonwealth's reorganization initiative were recorded
in accordance with FASB Statement of Financial Accounting Standards No. 146
"Accounting for Costs Associated with Exit or Disposal
Activities."  The third-quarter
results include one-time termination benefits of $2.0 million related to the
reorganization initiative which are included as restructuring charges in First
Commonwealth's consolidated income statement. 
One-time termination benefits include severance payments,
hospitalization costs and payroll taxes. 
First Commonwealth expects to record additional restructuring charges
related to the reorganization initiative during the fourth quarter of 2005 in
the amount of $2.2 million.  The total
one-time termination benefits that are expected to be incurred in connection
with the reorganization initiative are $4.2 million.
NOTE 12 Pending Branch Sale
On September 1, 2005, First Commonwealth Bank, a wholly owned subsidiary of
First Commonwealth Financial Corporation agreed to sell five of its branch
offices and one drive-thru location to Clearfield Bank and Trust.  Under terms of the purchase and assumption
agreement, Clearfield Bank and Trust Company will acquire the First
Commonwealth Bank branch offices located in Huntingdon, Mount Union, Saxton,
Three Springs and Williamsburg, PA. 
Clearfield Bank and Trust Company will assume approximately $112.2
million of deposit liabilities that are associated with these offices.  The transaction is subject to regulatory
approvals and is expected to settle in November of 2005.  The transaction represents a premium on
deposits and is expected to generate a pre-tax gain of approximately $9.2
million ($6.0 million after tax) that should be included in the Corporation's
fourth quarter 2005 financial results. 
Subsequent to September 30, 2005, First Commonwealth decided that
investment securities will be sold to fund the pending branch sale
transaction.  The sale of these
securities is expected to result in net securities losses.
NOTE 13 Post Retirement Benefit Plan of Acquired Company
Employees of the former Southwest Bank and GA Financial, Inc. were covered by a
post retirement benefit plan.  The net
periodic benefit cost of this plan for the quarter ended September 30 was as
follows (Dollar amounts in thousands):
2005
2004
Service
  cost
$
-0-
$
-0-
Interest
  cost on projected benefit
obligation
55
71
Amortization
  of transition obligation
1
1
(Gain)
  Loss amortization
-0-
21
Net
  periodic benefit cost
$
56
$
93
15
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 13 Post Retirement Benefit Plan of Acquired Company
(continued)
The net periodic benefit cost of this plan for the nine months ended September
30 was as follows (Dollar amounts in thousands):
2005
2004
Service
  cost
$
-0-
$
-0-
Interest
  cost on projected benefit
obligation
165
212
Amortization
  of transition obligation
2
2
(Gain)
  Loss amortization
(1)
63
Net
  periodic benefit cost
$
166
$
277
This is an unfunded post retirement plan. 
Future payments will only consist of benefit payments for life and
health insurance premiums for plan participants.
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the
"Act") introduced a prescription drug benefit under Medicare Part D.
The Act also introduced a federal subsidy to sponsors of retiree health care
benefit plans that provide a prescription drug benefit that is at least
actuarially equivalent to Medicare Part D. 
The postretirement plans of First Commonwealth are provided through
insurance coverage; therefore, First Commonwealth will not receive a direct
federal subsidy.  The preceding measure
of the net periodic postretirement benefit cost assumes that the insurer will
receive the subsidy and pass those savings onto First Commonwealth through
reduced insurance premiums.
NOTE 14 New Accounting Pronouncements
In March 2004, the Emerging Issues Task Force ("EITF") reached a
consensus on the remaining issues related to Emerging Issues Task Force Issue
03-1 ("EITF 03-1"), "The Meaning of Other-Than-Temporary
Impairment and Its Application to Certain Investments."  This guidance is applicable to debt and
equity securities that are within the scope of the FASB Statement of Financial
Accounting Standards No. 115 ("FAS 115") and certain other
investments.  EITF 03-1 provides
clarification guidance to determine when an investment is considered impaired,
whether the impairment is other-than-temporary, and the measurement of an
impairment loss.  The guidance also
includes accounting considerations subsequent to the recognition of an
other-than-temporary impairment and requires certain disclosures about
unrealized losses that have not been recognized as other-than-temporary
impairments.
In September 2004, the FASB issued FASB Staff Position No. EITF Issue 03-1-1
("FSP EITF 03-1-1"), "Effective Date of Paragraphs 10-20 of EITF
Issue No. 03-1, "The Meaning of Other-Than-Temporary Impairment and Its
Application to Certain Investments"."  FSP EITF 03-1-1 delayed the
16
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)
NOTE 14 New Accounting Pronouncements
(continued)
effective date for the measurement and recognition guidance contained in
paragraphs 10-20 of EITF 03-1 from reporting periods beginning after June 15,
2004, until implementation guidance is issued. 
This delay did not suspend the requirement to recognize
other-than-temporary impairments as required by existing authoritative
literature.  Also in September 2004, the
FASB issued the proposed FASB Staff Position No. EITF Issue 03-1-a ("FSP
EITF 03-1-a"), "Implementation Guidance for the Application of
Paragraph 16 of EITF Issue No. 03-1." 
FSP EITF 03-1-a was intended to provide implementation guidance with
respect to all securities analyzed for impairment under paragraphs 10-20 of
EITF 03-1.  On June 29, 2005, FASB gave
direction that the proposed FSP Issue 03-1-a be issued as final and renamed
FASB Staff Position FAS 115-1 ("FSP FAS 115-1"), "The Meaning of
Other-Than-Temporary Impairment and Its Application to Certain
Investments," thus nullifying paragraphs 10-18 of EITF 03-1.  Management continues to closely monitor and
evaluate how the provisions of EITF 03-1 and proposed FSP FAS 115-1 will affect
First Commonwealth.
In December 2003, the American Institute of Certified Public Accountants issued
Statement of Position 03-3 ("SOP 03-3"), "Accounting for Certain
Loans or Debt Securities Acquired in a Transfer."  SOP 03-3 requires acquired loans, including
debt securities, to be recorded at the amount of the purchaser's initial
investment and prohibits carrying over valuation allowances from the seller for
those individually-evaluated loans that have evidence of deterioration in
credit quality since origination, where it is probable that all contractual
cash flows on the loan will be unable to be collected.  SOP 03-3 also requires the excess of all
undiscounted cash flows expected to be collected at acquisition over the
purchaser's initial investment to be recognized as interest income on a
level-yield basis over the life of the loan. 
Subsequent increases in cash flows expected to be collected are recognized
prospectively through an adjustment of the loan's yield over its remaining
life, while subsequent decreases are recognized as impairment.  Loans carried at fair value, mortgage loans
held for sale, and loans to borrowers in good standing under revolving credit
agreements are excluded from the scope of SOP 03-3.  This guidance was effective for loans acquired in fiscal years
beginning after December 15, 2004 and did not have a material impact on First
Commonwealth's financial condition or results of operations.
In May 2005, the FASB issued Statement of Financial Accounting Standards No.
154 ("FAS 154"), "Accounting Changes and Error Corrections - a
replacement of APB Opinion No. 20 and FASB Statement No.3."  As it states in the title, FAS 154 replaces
APB Opinion No. 20, "Accounting Changes," and FASB Statement No. 3,
"Reporting Accounting Changes in Interim Financial Statements."  FAS 154 applies to all voluntary changes in
accounting principle and changes the requirements for the accounting for and
reporting of a change in accounting principle. 
Unlike APB Opinion No. 20, FAS 154 requires changes in accounting
principle to have retrospective application to the financial statements from
prior periods to which the change applies unless it is impracticable.  FAS 154 will be effective for accounting
changes and corrections of errors that will be made in fiscal years beginning
after December 31, 2005.  First
Commonwealth does not expect the implementation of FAS 154 to have a material
impact on its financial condition or results of operations.
17
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This discussion and the related financial data are presented to assist in the
understanding and evaluation of the consolidated financial condition and
results of operations of First Commonwealth Financial Corporation including its
subsidiaries ("First Commonwealth").  In addition to historical information, this discussion and
analysis, as well as the notes to the consolidated financial statements,
contain forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995), which reflect management's beliefs and
expectations based on information currently available and may contain the words
"expect," "estimate," "project,"
"anticipate," "should," "intend,"
"probability," "risk," "target," and similar
expressions.  These forward-looking
statements are inherently subject to significant risks and uncertainties,
including but not limited to: anticipated cost savings resulting from the
proposed restructuring, the timing and magnitude of changes in interest rates,
changes in general economic and financial market conditions, First
Commonwealth's ability to effectively carry out its business plans, changes in
regulatory or legislative requirements, changes in competitive conditions and
continuing consolidation of the financial services industry.  Although management believes the
expectations reflected in such forward-looking statements are reasonable,
actual results could differ materially. 
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis only as of the
date hereof.  First Commonwealth
undertakes no obligation to publicly revise or update these forward-looking
statements to reflect events or circumstances that arise after the date hereof.
RESULTS OF OPERATIONS
First Nine Months of 2005 as Compared to the First Nine Months of 2004
Net income for the nine months ended September 30, 2005 was $46.1 million
compared with $22.1 million in the corresponding period last year.  Included in the nine month results for 2005
were restructuring charges in the amount of $2.7 million and for 2004 were debt
prepayment fees of $29.5 million and merger and integration charges of $2.1
million.  Basic and diluted earnings per
share were $0.67 and $0.66, respectively, for the first nine months of 2005 and
$0.34 each for the same period of 2004.
18
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
The following is an analysis of the impact of changes in net income on diluted
earnings per share:
Net
  income per share, first nine months of 2004
$
0.34
Increase
  (decrease) from changes in components
of net income during 2005:
Net
  interest income
0.03
Security
  transactions
(0.05)
Gain
  on sale of branch
0.04
Gain
  on sale of merchant services business
0.03
Merchant
  discount income
(0.01)
Card
  related interchange income
0.01
Net
  occupancy expense
(0.01)
Furniture
  and equipment expense
0.01
Intangible
  amortization
(0.01)
Merger
  and integration charges
0.03
Restructuring
  charges
(0.04)
Debt
  prepayment fees
0.45
Other
  operating expenses
0.02
Applicable
  income taxes
(0.18)
Net
  income per share, first nine months of 2005
$
0.66
Return on average equity for the nine-month period was 11.53% and return on
average assets was 0.99% compared with 6.14% and 0.52%, respectively for the
same period last year.
Net Interest Income
Net interest income, the most significant component of earnings, is the amount
by which interest income generated from earning assets exceeds interest expense
on liabilities.  Net interest income
increased $10.3 million for the first nine months of 2005 compared to the first
nine months of 2004 as average interest-earning assets increased by $421.4
million or 7.9% compared to 2004 averages.
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.30% for the first nine months of
2005 compared to 3.27% for the same period of 2004.  The yield on interest-earning assets (on a fully tax-equivalent
basis) increased 34 basis points to 5.64%, while the cost of funds increased 33
basis points to 2.61%.
19
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
The following is an analysis of the average balance sheets and net interest
income for the nine months ended September 30 (Dollar amounts in
thousands):
Year-to-Date
Average Balance Sheets and Net Interest Analysis
2005
2004
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Assets
Interest-earning assets:
Time deposits with banks
$
804
$
22
3.67%
$
5,299
$
23
0.59%
Tax free investment
securities
277,829
9,426
6.98
244,936
8,421
7.07
Taxable investment
securities
1,875,527
58,625
4.18
1,918,570
57,025
3.97
Federal funds sold
5,964
136
3.05
498
4
1.03
Loans, net of unearned
income (b)(c)
3,590,481
164,216
6.31
3,159,920
136,937
5.98
Total interest-earning
assets
5,750,605
232,425
5.64
5,329,223
202,410
5.30
Noninterest-earning assets:
Cash
80,807
72,941
Allowance for credit
losses
(41,826)
(40,440)
Other assets
428,829
343,876
Total noninterest-
earning assets
467,810
376,377
Total
  Assets
$
6,218,415
$
5,705,600
20
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
2005
2004
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Liabilities and
Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand
deposits (d)
$
564,832
$
3,554
0.84%
$
533,762
$
1,442
0.36%
Savings deposits (d)
1,312,897
13,703
1.40
1,093,040
7,966
0.97
Time deposits
1,615,324
39,209
3.25
1,495,284
33,474
2.99
Short-term borrowings
834,712
17,862
2.86
750,761
7,264
1.29
Long-term debt
843,265
26,491
4.20
874,397
30,963
4.73
Total interest-bearing
liabilities
5,171,030
100,819
2.61
4,747,244
81,109
2.28
Noninterest-bearing
liabilities and capital:
Noninterest-bearing
demand deposits (d)
488,113
443,456
Other liabilities
25,406
34,501
Shareholders' equity
533,866
480,399
Total noninterest-
bearing funding
sources
1,047,385
958,356
Total
  Liabilities
and Shareholders'
Equity
$
6,218,415
$
5,705,600
Net Interest Income and
Net Yield on
Interest-Earning Assets
$
131,606
3.30%
$
121,301
3.27%
(a)
Yields on interest-earning assets have been
  computed on a tax equivalent basis using the 35% Federal income tax statutory
  rate.
(b)
Income on nonaccrual loans is accounted for on the
  cash basis, and the loan balances are included in interest-earning assets.
(c)
Loan income includes net loan fees.
(d)
Average balances do not include reallocations from
  noninterest-bearing demand deposits and interest-bearing demand deposits into
  savings deposits which were made for regulatory purposes.
21
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
The
following table shows the effect of changes in volumes and rates on interest
income and interest expense (Dollar amounts in thousands):
Analysis
  of Changes in Net Interest Income
2005
  Change From 2004
Total
Change
Change
  Due
To Volume
Change
  Due
To Rate (a)
Interest-earning assets:
Time deposits with banks
$
(1)
$
(20)
$
19
Tax free investment securities
1,005
1,741
(736)
Taxable investment securities
1,600
(1,279)
2,879
Federal funds sold
132
42
90
Loans
27,279
19,276
8,003
Total interest income
30,015
19,760
10,255
Interest-bearing liabilities:
NOW and super NOW accounts
2,112
84
2,028
Savings and MMDA accounts
5,737
1,602
4,135
Time deposits
5,735
2,687
3,048
Short-term borrowings
10,598
812
9,786
Long-term debt
(4,472)
(1,102)
(3,370)
Total interest expense
19,710
4,083
15,627
Net interest
  income
$
10,305
$
15,677
$
(5,372)
(a)  Changes in interest income
or expense not arising solely as a result of volume or rate variances are
allocated to rate variances due to interest sensitivity of consolidated assets
and liabilities.
Interest and fees on loans increased $27.3 million for the first nine months of
2005 compared to 2004 levels as the average balance of loans increased by
$430.6 million or 13.6% between the two periods.  This increase is due in large part to the inclusion of GA Financial,
Inc. assets for the entire 2005 period. 
Loan yields increased 33 basis points (0.33%) for the first nine months
of 2005 compared to the same period of 2004.
22
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
Interest income on investments increased $2.6 million for the first nine months
of 2005 compared to the same period of 2004. 
While the average tax free investment securities increased and taxable
investment securities declined, total investment securities decreased $10.2
million for the first nine months of 2005 compared to the same periods of
2004.  The decrease is largely due to
the decrease in the market value of securities available for sale.  The total yield on investment securities was
4.54% for the first nine months of 2005 compared to 4.32% for the same period
of 2004.
Interest expense on deposits increased $13.6 million for the first nine months
of 2005 compared to the same period of 2004. 
Increases were recorded in average balances and interest rates for each
of the deposit categories.  Average
deposits for the first nine months of 2005 compared to the same period of 2004
were up $415.6 million or 11.7%. 
Deposit costs were 1.90% for the first nine months of 2005 compared to
1.61% for the first nine months of 2004, an increase of 29 basis points
(0.29%).  During its management of
deposit levels and mix, First Commonwealth continues to evaluate the cost of
time deposits compared to alternative funding sources as it balances its goals
of providing clients with the competitive rates they are looking for while also
minimizing First Commonwealth's cost of funds.
Interest expense on short-term borrowings increased $10.6 million for the first
nine months of 2005 compared to the same period of 2004.  Increases in interest expense were due to increases
in average balances and increases in interest rates.  The average balance of short-term borrowings for the first nine
months of 2005 increased $84.0 million over averages for the prior year.  The 2005 period includes an increase due to
the inclusion of short-term borrowings that were acquired with the GA
Financial, Inc. acquisition on May 24, 2004. 
The 2005 period also includes an increase in short-term borrowings which
were used to replace a portion of the $440 million of long-term FHLB advances that
were paid in the third quarter of 2004 prior to their maturity.  The cost of short-term borrowings for the
2005 period increased by 157 basis points (1.57%) compared to 2004 costs of
1.29%.  This rate increase accounted for
$9.8 million of the total increase of $10.6 million in interest expense on
short-term borrowings.
Interest expense on long-term debt decreased $4.5 million for the first nine
months of 2005 compared to the corresponding period of 2004.  The decrease was due in part to decreases in
average balances and was primarily a result of decreases in interest
rates.  The rates on long-term debt were
favorably impacted by First Commonwealth's repositioning of borrowings after
the prepayment of Federal Home Loan Bank advances during the third quarter of
2004.  Rates on long-term debt for the
first nine months of 2005 decreased by 53 basis points (0.53%) compared to the
first nine months of 2004.  First
Commonwealth continues to analyze its exposure to any concentration of
maturities of long-term debt in any one year and the associated risks.
23
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
Provision for Credit Losses
The provision for credit losses is an amount added to the allowance against
which credit losses are charged.  The
amount of the provision is determined by management based upon its assessment
of the size and quality of the loan portfolio and the adequacy of the allowance
in relation to the risks inherent within the loan portfolio.  The provision for credit losses was $7.6
million for the first nine months of 2005 compared to $7.3 million for the same
period of 2004.  Net charge-offs against
the allowance for credit losses increased by $619 thousand for the first nine
months of 2005 compared to the same period of 2004.  Increases in net charge-offs for commercial loans and real estate
secured loans in the 2005 period were partially offset by decreases in loans to
individuals and leases.  The provision
for credit losses as a percentage of net charge-offs was 106.66% at September
30, 2005, compared to 112.21% at September 30, 2004.  See the "Credit Review" section for any analysis of the
quality of the loan portfolio.
Below is an analysis of the consolidated allowance for credit losses for the
nine month periods ended September 30, 2005 and 2004 (Dollar amounts in
thousands):
2005
2004
Balance
  January 1,
$
41,063
$
37,385
Addition
  as result of acquisition
-0-
4,983
Loans
  charged off:
Commercial,
  financial and agricultural
3,409
3,228
Real
  estate-construction
598
-0-
Real
  estate-commercial
691
547
Real
  estate-residential
1,686
996
Loans
  to individuals
1,714
2,468
Lease
  financing receivables
41
217
Total
  loans charged off
8,139
7,456
Recoveries
  of previously charged off loans:
Commercial,
  financial and agricultural
498
611
Real
  estate-construction
-0-
-0-
Real
  estate-commercial
-0-
-0-
Real
  estate-residential
90
67
Loans
  to individuals
431
277
Lease
  financing receivables
-0-
-0-
Total
  recoveries
1,019
955
Net
  charge offs
7,120
6,501
Provision
  charged to operations
7,594
7,295
Balance
  September 30,
$
41,537
$
43,162
24
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
Noninterest Income
Net securities gains were $519 thousand during the first nine months of 2005
compared to $4.0 million during the first nine months of 2004, a decrease of
$3.5 million between the two periods. 
Gains in both periods were largely due to sales of Pennsylvania bank
stocks.
Service charges on deposits are First Commonwealth's most significant component
of noninterest fee income and increased $756 thousand for the first nine months
of 2005 compared to the corresponding period of 2004.  Nonsufficient funds (or "NSF") fees continue to be the
driver of the growth in service charges on deposits.  NSF fees increased $972 thousand for the first nine months of
2005 as compared to the same period of 2004. 
The increase in NSF fees is due to the continuing growth of the High
Performance Checking products for consumer and business clients as well as the
inclusion of GA Financial, Inc. accounts. 
The increase in NSF fees was partially offset by decreases in account
analysis and account maintenance fees. 
Management strives to implement reasonable fees for services and closely
monitors collection of those fees.
The 2005 period included a $3.1 million pre-tax gain on the sale of a branch
office ($2.0 million after tax).  The
gain occurred in the second quarter of 2005 as First Commonwealth Bank, a
wholly-owned subsidiary of First Commonwealth, sold a branch located in State
College, PA.  The sale included $17.6
million in deposit liabilities associated with the office.  The branch sale was part of First Commonwealth's
continuing branch optimization initiative to increase penetration in the higher
growth Pittsburgh regional markets. 
First Commonwealth opened two de novo branch offices in Washington
County, one of the Pittsburgh region's fastest growing counties, late in the
first quarter of 2005.  In addition,
First Commonwealth opened a new branch office in July 2005 at Pittsburgh Mills
in Tarentum, western Pennsylvania's newest and largest commercial retail real
estate development project.  First
Commonwealth expects to construct or renovate a total of nine new branch
offices in 2005, as compared to four in 2004. 
These new branch offices include three relocations, two renovations and
four de novo offices.  In addition,
First Commonwealth agreed to sell five of its branch offices and one drive-thru
location to Clearfield Bank and Trust. 
Under terms of the purchase and assumption agreement, Clearfield Bank
and Trust Company will assume approximately $112.2 million of deposit
liabilities that are associated with offices located in Huntingdon, Mount
Union, Saxton, Three Springs and Williamsburg, PA.  The transaction is subject to regulatory approvals and is
expected to settle in November of 2005. 
The transaction represents a premium on deposits and is expected to generate
a pre-tax gain of approximately $9.2 million ($6.0 million after tax) that
should be included in the Corporation's fourth quarter 2005 financial results.
The 2005 period also included a pre-tax gain of $2.0 million ($1.3 million
after tax) on the sale of First Commonwealth's merchant services business to
First Data Corporation ("First Data").  During the second quarter of 2005, First Commonwealth entered
into an asset sale and merchant processing
25
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
alliance with First Data.   Under the
terms of the agreement, First Data acquired certain assets of First
Commonwealth's merchant processing business and will provide merchant payment
processing services on behalf of First Commonwealth Bank.  First Commonwealth Bank will participate in
future revenue related to both the existing book of merchant business as well
as new business.  The decrease of $649
thousand in merchant discount income is due to this sale of the merchant
services business.
Card related interchange income increased $1.1 million during the first nine
months of 2005 compared to the same period of 2004.  Card related interchange income includes income on debit, credit
and ATM cards that are issued to consumers and/or businesses.  The increase was due in part to the
inclusion of GA Financial, Inc.  The
card related interchange income growth was favorably affected by additional
volume related to card usage and the migration of business accounts from the
consumer debit card product.  The
business debit card product pays a higher rate than the consumer debit
card.  Increases in other income were
primarily related to gains on the sale of student loans and other real estate
owned.
Noninterest Expense
Salaries and employee benefit costs increased $3.3 million or 6.5%.  The increase was due in large part to an
increase in the number of employees as a result of the acquisition of GA
Financial, Inc.  Full time equivalent
employees were 1,621 as of the end of the first quarter of 2005 compared to
1,460 for the same time in 2004 and 1,652 and 1,661 at the end of the second
quarter of 2005 and 2004, respectively. 
This compares to full time equivalent employees of 1,641 at the end of
the third quarters of 2005 and 2004. 
Salaries accounted for $2.8 million of the increase while employee
benefit costs rose $488 thousand for the first nine months of 2005.  First Commonwealth continues to evaluate its
current menu of employee benefits to provide a competitive benefits package
while also managing costs.
Net occupancy expense increased $1.5 million for the first nine months of 2005
over 2004 levels.  The increase is due
in part to the inclusion of GA Financial, Inc. 
The most significant increases were in building repairs and maintenance
and depreciation on leasehold improvements. 
During the first nine months of 2005, First Commonwealth Bank opened two
new full-service community offices in Washington County and one in Allegheny
County.  First Commonwealth continues to
actively evaluate its branch delivery network to optimize client service in
existing branches and to continue expansion into growth markets.  The execution of these initiatives may
impact occupancy and other expenses in future periods.
Increases in other noninterest expenses in the first nine months of 2005 were
in large part due to the addition of GA Financial, Inc.  Increases were recorded for intangible
amortization ($819 thousand), PA shares tax expense ($325 thousand) and
furniture and equipment expense ($183 thousand).
26
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Nine Months of 2005 as Compared to the
First Nine Months of 2004
(continued)
The merger and integration expenses that were incurred during the first nine
months of 2004 included $485 thousand related to the write-off of the
unamortized capitalized costs for the subordinated debentures that were
previously issued by PFC and were called and paid off in January of 2004.  In addition, the merger related expenses
included $1.6 million of severance related salary and benefit expenses that
were accrued during the first nine months of 2004 and were due to the
integration of PFC into the Corporation.
The first nine months of 2005 included a restructuring charge of $2.7 million
charge ($1.8 million after tax, or $0.03 per diluted share) related to the
previously disclosed restructuring of the Corporation's organizational
structure and related personnel changes. 
The $2.7 million included $0.7 million in expenses related to the
accrual of severance in accordance with an employment contract, which was
previously disclosed.  The $0.7 million
included severance payments as well as hospitalization and payroll tax
expenses.  The Corporation expects to
record additional restructuring charges during the fourth quarter of 2005;
however, the amount of the additional restructuring charges has not yet been
quantified.  The reorganization is
expected to result in prospective annual pretax cost savings of approximately
$2.8 million.
As previously mentioned, noninterest expenses during the 2004 period included a
one-time penalty of $29.5 million for the prepayment of $440 million in
long-term FHLB advances.  The FHLB
advances were replaced with other long-term debt with lower interest rates as
well as with short-term borrowings.  The
transaction was expected to result in an increase in net interest income over
the remaining term of the original advances in excess of the prepayment
penalty.
Other operating expenses for the first nine months of 2005 were $24.6 million
and were comparable to the $24.3 million recorded in the same period of
2004.  The first nine months of 2005
included increases in other professional fees, loan processing fees and
telephone and dataline expenses, which were offset by decreases in charge card
interchange expenses and the loss on the sale of leased vehicle and other real
estate owned.  The decrease in charge
card interchange expense was $571 thousand and was due to the sale of the
merchant services business.
Income tax expense increased $12.3 million for the first nine months of 2005
compared to the first nine months of 2004. 
This variance included the tax effect of $10.3 million on the previously
mentioned FHLB prepayment penalty. 
First Commonwealth's effective tax rate was 19.8% for the first nine
months of 2005 compared to (4.3%) for the corresponding period of 2004.
27
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004
Net income for the third quarter of 2005 was $13.0 million compared to a net
loss of $2.8 million for the same period in 2004.  Basic and diluted earnings per share were $0.19 for the third
quarter of 2005 and ($0.04) for the same period of 2004.
Return on average assets was 0.83% and return on average equity was 9.62% for
the third quarter of 2005 compared to (0.18%) and (2.13%), respectively, for
the third quarter of 2004.
Net Interest Income
Net interest income, the most significant component of earnings, is the amount
by which interest income generated from earning assets exceeds interest expense
on liabilities.  Net interest income
decreased $3.0 million for the third quarter of 2005 compared to the third quarter
of 2004 as average interest-earning assets for the quarter decreased by $52.6
million or 0.9% compared to 2004 averages. 
The decrease in average interest-earning assets was largely due to
decreases in investment securities.
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.22% for the third quarter of 2005
compared to 3.38% for the same period of 2004 as funding costs increased faster
than interest-earning asset yields.  The
cost of funds increased 59 basis points (0.59%) to 2.78% while the yield on
interest-earning assets (on a fully tax-equivalent basis) increased 36 basis
points (0.36%) to 5.72%.
28
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004
(continued)
The following is an analysis of the average balance sheets and net interest
income for the three months ended September 30 (Dollar amounts in
thousands):
Quarter-to-Date
Average Balance Sheets and Net Interest Analysis
2005
2004
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Assets
Interest-earning assets:
Time deposits with banks
$
706
$
8
4.70%
$
6,822
$
8
0.46%
Tax free investment
securities
284,993
3,244
6.95
267,378
3,048
6.98
Taxable investment
securities
1,830,229
19,057
4.13
2,020,448
20,410
4.02
Federal funds sold
1,456
12
3.41
421
2
1.34
Loans, net of unearned
income (b)(c)
3,633,852
56,927
6.42
3,508,856
51,472
6.02
Total interest-earning
assets
5,751,236
79,248
5.72
5,803,925
74,940
5.36
Noninterest-earning assets:
Cash
82,298
79,522
Allowance for credit
losses
(42,036)
(43,239)
Other assets
429,738
430,004
Total noninterest-
earning assets
470,000
466,287
Total
  Assets
$
6,221,236
$
6,270,212
29
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004
(continued)
2005
2004
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Liabilities and
Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand
deposits (d)
$
571,916
$
1,456
1.01%
$
569,966
$
620
0.43%
Savings deposits (d)
1,334,392
5,164
1.54
1,256,362
3,265
1.03
Time deposits
1,656,868
14,265
3.42
1,572,795
11,536
2.92
Short-term borrowings
768,281
6,437
3.32
936,304
3,639
1.55
Long-term debt
831,864
8,892
4.24
914,805
9,821
4.27
Total interest-bearing
liabilities
5,163,321
36,214
2.78
5,250,232
28,881
2.19
Noninterest-bearing
liabilities and capital:
Noninterest-bearing
demand deposits (d)
497,754
476,171
Other liabilities
24,201
21,636
Shareholders' equity
535,960
522,173
Total noninterest-
bearing funding
sources
1,057,915
1,019,980
Total
  Liabilities
and Shareholders'
Equity
$
6,221,236
$
6,270,212
Net Interest Income and
Net Yield on
Interest-Earning Assets
$
43,034
3.22%
$
46,059
3.38%
(a)
Yields on interest-earning assets have been
  computed on a tax equivalent basis using the 35% Federal income tax statutory
  rate.
(b)
Income on nonaccrual loans is accounted for on the
  cash basis, and the loan balances are included in interest-earning assets.
(c)
Loan income includes net loan fees.
(d)
Average balances do not include reallocations from
  noninterest-bearing demand deposits and interest-bearing demand deposits into
  savings deposits which were made for regulatory purposes.
30
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004
(continued)
The
following table shows the effect of changes in volumes and rates on interest
income and interest expense (Dollar amounts in thousands):
Analysis
  of Changes in Net Interest Income
2005
  Change From 2004
Total
Change
Change
  Due
To Volume
Change
  Due
To Rate (a)
Interest-earning assets:
Time deposits with banks
$
-0-
$
(7)
$
7
Tax free investment securities
196
309
(113)
Taxable investment securities
(1,353)
(1,921)
568
Federal funds sold
10
3
7
Loans
5,455
1,891
3,564
Total interest income
4,308
275
4,033
Interest-bearing liabilities:
NOW and super NOW accounts
836
2
834
Savings and MMDA accounts
1,899
202
1,697
Time deposits
2,729
617
2,112
Short-term borrowings
2,798
(653)
3,451
Long-term debt
(929)
(890)
(39)
Total interest expense
7,333
(722)
8,055
Net interest
  income
$
(3,025)
$
997
$
(4,022)
(a)  Changes in interest income
or expense not arising solely as a result of volume or rate variances are
allocated to rate variances due to interest sensitivity of consolidated assets
and liabilities.
Interest and fees on loans increased $5.5 million for the third quarter of 2005
compared to 2004 levels as the quarter-to-date average balance of loans
increased by $125.0 million or 3.6%. 
Loan yields increased 40 basis points (0.40%) for the third quarter of
2005 compared to the same period of 2004.
Interest income on investments decreased $1.2 million for the third quarter of
2005 compared to the same period of 2004. The decrease was due to a decrease in
the average balance of investment securities between the two periods.  The quarter-to-date average balance of
investment securities decrease by $172.6 million for the third quarter of 2005
compared to the same period of 2004. 
The total yield on investments was 4.51% for the third quarter of 2005
compared to 4.36% for the same period of 2004, an increase of 15 basis points
(0.15%).
31
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004
(continued)
Interest expense on deposits increased $5.5 million for the third quarter of
2005 compared to the same period of 2004. 
Increases were recorded in average balances and interest rates for each
of the deposit categories.  Average
interest earning deposits increased $164.1 million for the third quarter of
2005 compared to the same period of 2004.  
Deposit costs were 2.04% for the third quarter of 2005 compared to 1.58%
for the third quarter of 2004, an increase of 46 basis points (0.46%).
Interest expense on short-term borrowings increased $2.8 million for the third
quarter of 2005 compared to the same period of 2004 as a result of increases
due to increasing interest rates.  The
cost of short-term borrowings for the 2005 period increased by 177 basis points
(1.77%) compared to 2004 costs of 1.55%.
Interest expense on long-term debt decreased by $929 thousand for the third
quarter of 2005 compared to the corresponding period of 2004, due in large part
to decreases in average volumes. 
Average long-term debt for the third quarter of 2005 decreased by $82.9
million compared to 2004 averages.
Provision for Credit Losses
The provision for credit losses is an amount added to the allowance against
which credit losses are charged.  The
amount of the provision is determined by management based upon its assessment
of the size and quality of the loan portfolio and the adequacy of the allowance
in relation to the risks inherent within the loan portfolio.  The provision for credit losses was $2.9
million for the third quarter of 2005 compared to $2.7 million for the same
period of 2004.  Net charge-offs against
the allowance for credit losses increased by $540 thousand for the third
quarter of 2005 compared to the same period of 2004.  See the "Credit Review" section for any analysis of the
quality of the loan portfolio.
Noninterest Income
Service
charges on deposits continue to be First Commonwealth's most significant
component of noninterest fee income and increased $167 thousand for the third
quarter of 2005 compared to the corresponding period of 2004.  An increase of $266 thousand in
nonsufficient funds (or "NSF") fees was recorded for the third
quarter of 2005 as compared to the third quarter of 2004.
Other changes in noninterest income during the third quarter of 2005 compared
to the same period of 2004 include an increase in card related interchange
income in the amount of $279 thousand and a decrease in merchant discount
income of $635 thousand.  Card related
interchange income includes income on debit, credit and ATM cards that are
issued to consumers and/or businesses. 
The card related interchange income growth was favorably affected by
additional volume related to card usage and the migration of business accounts
from the consumer debit card product.
32
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
Three Months Ended September 30, 2005 as
Compared to the Three Months Ended September 30, 2004
(continued)
Noninterest Expense
Total noninterest expense for the three months ended September 30, 2005, was
$36.3 million compared to $64.1 million reported for the same period of
2004.  The decrease of $27.8 million
included the previously announced penalty for the prepayment of FHLB long-term
advances in the amount of $29.5 million that was recorded in the third quarter
of 2004.  In addition, the 2005 period
included restructuring charges of $2.7 million related to the previously
disclosed restructuring of the Corporation's organizational structure and
related personnel changes
Salaries and employee benefit costs increased $1.0 million or 5.9%.  Salaries accounted for $884 thousand of the
increase while employee benefit costs rose $133 thousand.
Other changes in other noninterest expenses in the third quarter of 2005
compared to the same period for 2004 were decreases in data processing expense
($261 thousand), decreases in furniture and equipment expense ($220 thousand),
increases net occupancy expense ($131 thousand) and increases in PA shares tax
expense ($96 thousand).  The sale of the
merchant services business contributed to the decrease in data processing
expense.
Other operating expenses for the third quarter of 2005 were $7.1 million
reflecting a decrease of $1.8 million from the 2004 amount of $8.9
million.  The most significant decreases
were recorded in charge card interchange expenses, advertising, and PA sales
tax.  The decrease in charge card
interchange expense was due to the sale of the merchant services business.
Income tax expense increased $8.5 million for the third quarter of 2005
compared to the same period of 2004. 
This variance included the tax effect of $10.3 million on the previously
mentioned FHLB prepayment penalty. 
First Commonwealth's effective tax rate was 15.8% for the third quarter
of 2005 compared to 68.5% for the corresponding period of 2004.
33
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY
Liquidity is a measure of First Commonwealth's ability to efficiently meet
normal cash flow requirements of both borrowers and depositors.  In the ordinary course of business, funds
are generated from the banking subsidiary's core deposit base and the maturity
or repayment of earning assets, such as securities and loans.  As an additional secondary source,
short-term liquidity needs may be provided through the use of overnight Federal
funds purchased, borrowings through the use of lines available for repurchase
agreements and borrowings from the Federal Reserve Bank.
Additionally, First Commonwealth's banking subsidiary is a member of the
Federal Home Loan Bank and may borrow under overnight and term borrowing
arrangements.  The sale of earning
assets may also provide a source of liquidity, and First Commonwealth has the
ability to access the capital markets.
Liquidity risk stems from the possibility that First Commonwealth may not be
able to meet current or future financial obligations or may become overly
reliant on alternative funding sources. 
First Commonwealth maintains a liquidity management policy to manage
this risk.  This policy identifies the
primary sources of liquidity, establishes procedures for monitoring and
measuring liquidity and quantifies minimum liquidity requirements based on
board approved limits.  The policy also
includes a liquidity contingency plan to address funding needs to maintain
liquidity under a variety of business conditions.  First Commonwealth's liquidity position is monitored by the
Asset/Liability Management Committee.
First Commonwealth's long-term liquidity source is a large core deposit base
and a strong capital position.  Core deposits
are the most stable source of liquidity a bank can have due to the long-term
relationship with a deposit customer. 
The following table shows a breakdown of the components of Fist
Commonwealth's interest-bearing deposits as of September 30, 2005 and December
31, 2004:
September 30,
2005
December 31,
2004
NOW
  and Super NOW accounts
$
102,115
$
92,168
Savings
  and MMDA accounts
1,777,847
1,703,258
Time
  deposits
1,678,887
1,568,206
Total
  interest-bearing deposits
$
3,558,849
$
3,363,632
34
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY
(continued)
Total deposits increased $215.2 million or 5.6% for the first nine months of
2005.  Noninterest-bearing deposits
increased $20.0 million, while interest-bearing deposits increased $195.2
million with the largest increases being recorded in the time deposit
category.  Although the most significant
increase was recorded in total time deposits, $25 million in Brokered CD's
matured during March 2005 and an additional $25 million matured in September
2005, none of which were renewed.  First
Commonwealth's deposit mix has started to shift as clients are registering a
preference for time deposits rather than savings deposits with the rising rate
environment.  Time deposit increases
were due in large part to the continuation of higher rate products that were
advertised during the second quarter of 2005. 
Savings deposit increases were due in large part to a First Commonwealth
promotion that ran from February through May of 2005 and offered clients a
specially priced savings account.
At September 30, 2005, total interest-earning assets declined to $5,694.8
million, compared to $5,757.7 million recorded at December 31, 2004.  Marketable securities that First
Commonwealth holds in its investment portfolio are an additional source of
liquidity.  These securities are
classified as "securities available for sale" and while First
Commonwealth does not have specific intentions to sell these securities they
have been designated as "available for sale" because they may be sold
for the purpose of obtaining future liquidity, for management of interest rate
risk or as part of the implementation of tax management strategies.  As of September 30, 2005, securities
available for sale had an amortized cost of $2,005.5 million and an approximate
fair value of $1,990.9 million.
The following table shows a breakdown of loans by categories as of September
30, 2005 and December 31, 2004:
September
  30,
2005
December
  31,
2004
Commercial, financial, agricultural
and other
$
755,812
$
715,280
Real estate loans:
Construction and land development
81,168
71,351
1-4 family dwellings
1,207,669
1,164,707
Other real estate
945,091
988,611
Loans to individuals for household,
family and other personal
expenditures
617,667
562,321
Leases, net of unearned income
5,872
12,815
Subtotal
3,613,279
3,515,085
Unearned income
(142)
(252)
Totals loans and
  leases
$
3,613,137
$
3,514,833
First Commonwealth's auto lease portfolio continues to decline since the
discontinuation of its automobile leasing activities during 2003.
35
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Interest Sensitivity
Market risk is the risk of loss arising from adverse changes in the fair value
of financial instruments due to changes in interest rates, currency exchange
rates or equity prices.  First
Commonwealth's market risk is composed primarily of interest rate risk.  Interest rate risk results principally from
timing differences in the repricing of assets and liabilities, changes in the
relationship of rate indices and the potential exercise of free standing or
embedded options.
The objective of interest rate sensitivity management is to maintain an
appropriate balance between the stable growth of income and the risks
associated with maximizing income through interest sensitivity imbalances.  While no single number can accurately describe
the impact of changes in interest rates on net interest income, interest rate
sensitivity positions, or "gaps," when measured over a variety of
time periods, can be informative.
An asset or liability is considered to be interest-sensitive if the rate it
yields or bears is subject to change within a predetermined time period.  If interest-sensitive assets
("ISA") exceed interest-sensitive liabilities ("ISL")
during the prescribed time period, a positive gap results.  Conversely, when ISL exceed ISA during a
time period, a negative gap results.
The cumulative gap at the 365 day repricing period was negative in the amount
of $1,287.1 million or 20.89% of total assets at September 30, 2005.  A positive gap tends to indicate that
earnings will be impacted favorably if interest rates rise during the period
and negatively when interest rates fall during the time period.  A negative gap tends to indicate that
earnings will be affected inversely to interest rate changes.  In other words, as interest rates fall, a
negative gap should tend to produce a positive effect on earnings, and when
interest rates rise, a negative gap should tend to affect earnings negatively.
The primary components of ISA include adjustable rate loans and investments,
loan repayments, investment maturities and money market investments.  The primary components of ISL include
maturing certificates of deposit, money market deposits, savings deposits, NOW
accounts and short-term borrowings.
36
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Interest Sensitivity
(continued)
The following table lists the amounts and ratios of assets and
liabilities with rates or yields subject to change within the periods indicated
as of September 30, 2005, and December 31, 2004 (Dollar amounts in thousands):
September
  30, 2005
0-90
Days
91-180
Days
181-365
Days
Cumulative
0-365 Days
Loans
$
1,256,468
$
184,171
$
389,038
$
1,829,677
Investments
158,065
100,266
198,475
456,806
Other interest-earning assets
87
-0-
-0-
87
Total interest-sensitive
assets
1,414,620
284,437
587,513
2,286,570
Certificates of deposit
256,593
301,692
303,842
862,127
Other deposits
1,879,962
-0-
-0-
1,879,962
Borrowings
783,275
4,617
43,655
831,547
Total interest-sensitive
liabilities
2,919,830
306,309
347,497
3,573,636
Gap
$
(1,505,210)
$
(21,872)
$
240,016
$
(1,287,066)
ISA/ISL
0.48
0.93
1.69
0.64
Gap/Total assets
24.43%
0.36%
3.90%
20.89%
December
  31, 2004
0-90
Days
91-180
Days
181-365
Days
Cumulative
0-365 Days
Loans
$
1,300,777
$
185,633
$
333,978
$
1,820,388
Investments
190,336
133,127
185,979
509,442
Other interest-earning assets
2,403
-0-
-0-
2,403
Total interest-sensitive
assets
1,493,516
318,760
519,957
2,332,233
Certificates of deposit
346,191
205,507
237,318
789,016
Other deposits
1,795,426
-0-
-0-
1,795,426
Borrowings
985,049
5,497
15,513
1,006,059
Total interest-sensitive
liabilities
3,126,666
211,004
252,831
3,590,501
Gap
$
(1,633,150)
$
107,756
$
267,126
$
(1,258,268)
ISA/ISL
0.48
1.51
2.06
0.65
Gap/Total assets
26.35%
1.74%
4.31%
20.30%
Although the periodic gap analysis provides management with a method of
measuring current interest rate risk, it only measures rate sensitivity at a
specific point in time, and as a result may not accurately predict the impact
of changes in general levels of interest rates or net interest
37
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Interest Sensitivity
(continued)
income.  Therefore, to more precisely
measure the impact of interest rate changes on First Commonwealth's net
interest income, management simulates the potential effects of changing
interest rates through computer modeling. 
The income simulation model used by First Commonwealth captures all
assets, liabilities, and off-balance sheet financial instruments, accounting
for significant variables that are believed to be affected by interest
rates.  These variables include
prepayment speeds on mortgage loans and mortgage backed securities, cash flows
from loans, deposits and investments and balance sheet growth assumptions.  The model also captures embedded options,
such as interest rate caps/floors or call options, and accounts for changes in
rate relationships as various rate indices lead or lag changes in market
rates.  First Commonwealth is then
better able to implement strategies which would include an acceleration of a
deposit rate reduction or lag in a deposit rate increase.  The repricing strategies for loans would be
inversely related.
First Commonwealth's asset/liability management policy guidelines limit
interest rate risk exposure for the succeeding twelve-month period.  Simulations are prepared under the base case
where interest rates remain flat and most likely case where interest rates are
defined using projections of economic factors. 
Additional simulations are produced estimating the impact on net
interest income of a gradual 200 basis point (2.00%) movement upward or
downward over a 12 month time frame which cannot result in more than a 5.0%
decline in net interest income when compared to the base case.  The analysis at June 30, 2005, indicated
that a 200 basis point (2.00%) increase in interest rates would decrease net
interest income 69 basis points (0.69%) below the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 160 basis points (1.60%) below the base case scenario, over the next
twelve months, both within policy limits.
First Commonwealth's "Asset/Liability Management Committee"
("ALCO") is responsible for the identification, assessment and
management of interest rate risk exposure, liquidity, capital adequacy and
investment portfolio position.  The
primary objective of the ALCO process is to ensure that First Commonwealth's
balance sheet structure maintains prudent levels of risk within the context of
currently known and forecasted economic conditions and to establish strategies
which provide First Commonwealth with appropriate compensation for the
assumption of those risks.  The ALCO
strategies are established by First Commonwealth's senior management.
First Commonwealth entered into an interest rate swap transaction during the
third quarter of 2003 and two additional interest rate swap transactions during
the second quarter of 2004.  Each of the
swap transactions involved hedging adjustable LIBOR based commercial loans with
a receive-fixed and pay-floating interest rate swap of $25 million notional
amount, for a total of $75 million.  The
original maturities of the swap transactions ranged from 2.5 to 3 years.  The purpose of the swaps was to reduce First
Commonwealth's exposure to further declines in interest rates.  The ALCO continues to evaluate the use of
additional derivative instruments to protect against the risk of adverse price
or interest rate movements on the value of certain assets and liabilities.
38
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
The following table identifies amounts of loan losses and nonperforming
loans.  A loan is placed in nonaccrual
status at the time when ultimate collectibility of principal or interest,
wholly or partially, is in doubt.  Past
due loans are those which are contractually past due 90 days or more as to
interest or principal payments but are well secured and in the process of
collection.  Renegotiated loans are
those loans which terms have been renegotiated to provide a reduction or
deferral of principal or interest as a result of the deteriorating financial
position of the borrower and are in compliance with the restructured terms.
(Dollar
  amounts in thousands)
At September 30,
2005
2004
Nonperforming
  Loans
:
Loans
  on nonaccrual basis
$
11,039
$
11,784
Past
  due loans
14,608
12,779
Renegotiated
  loans
176
185
Total
  nonperforming loans
$
25,823
$
24,748
Other
  real estate owned
$
1,520
$
2,295
Loans
  outstanding at end of period
$
3,613,137
$
3,533,509
Average
  loans outstanding (year-to-date)
$
3,590,481
$
3,159,920
Nonperforming
  loans as a percentage of
total loans
0.71%
0.70%
Provision
  for credit losses
$
7,594
$
7,295
Net
  charge-offs
$
7,120
$
6,501
Net
  charge-offs as a percentage of average
loans outstanding (annualized)
0.27%
0.27%
Provision
  for credit losses as a percentage
of net charge-offs
106.66%
112.21%
Allowance
  for credit losses as a percentage
of average loans outstanding
1.16%
1.37%
Allowance
  for credit losses as a percentage
of end-of-period loans outstanding
1.15%
1.22%
Allowance
  for credit losses as a percentage
of nonperforming loans
160.85%
174.41%
39
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
(continued)
First Commonwealth considers a loan to be impaired when, based on current
information and events, it is probable that the bank will be unable to collect
principal or interest due according to the contractual terms of the loan.  Loan impairment is measured based on the
present value of expected cash flows discounted at the loan's effective
interest rate or, as a practical expedient, at the loan's observable market
price or the fair value of the collateral if the loan is collateral
dependent.  Payments received on
impaired loans are applied against the recorded investment in the loan.  For loans other than those that First
Commonwealth expects repayment through liquidation of the collateral, when the
remaining recorded investment in the impaired loan is less than or equal to the
present value of the expected cash flows, income is recorded on a cash
basis.  Impaired loans include loans on
a nonaccrual basis and renegotiated loans.
The following table identifies impaired loans, and information regarding the
relationship of impaired loans to the reserve for credit losses at September
30, 2005, and September 30, 2004 (Dollar amounts in thousands):
2005
2004
Recorded
  investment in impaired loans at end
of period
$
11,215
$
11,969
Year
  to date average balance of impaired loans
$
11,790
$
13,023
Allowance
  for credit losses related to
impaired loans
$
1,804
$
2,293
Impaired
  loans with an allocation of the
allowance for credit losses
$
5,638
$
7,296
Impaired
  loans with no allocation of the
allowance for credit losses
$
5,577
$
4,673
Year
  to date income recorded on impaired loans
on a cash basis
$
476
$
191
Other than those described above, there are no material credits that management
has serious doubts as to the borrower's ability to comply with the present loan
repayment terms.  Additionally, the
portfolio is well diversified and as of September 30, 2005, there were no
significant concentrations of credit.
Nonperforming loans at September 30, 2005, increased $1.1 million compared to
2004 levels and included increases in loans past due 90 days but still accruing
of $1.8 million which were partially offset by decreases in nonaccrual
loans.  Past due loans for the 2005
period included increases in commercials loans as well as residential loans
secured by real estate.  Nonperforming
loans as a percentage of total loans were 0.71% at September 30, 2005 compared
to 0.70% at September 30, 2004.
40
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
(continued)
First Commonwealth's loan portfolio continues to be monitored by senior
management to identify potential portfolio risks and detect potential credit
deterioration in the early stages.  This
process includes close monitoring of watch list credits for workout progress or
deterioration, as well as evaluating the status of significant nonperforming
credits and loan loss adequacy.  Credit
risk is mitigated during the loan origination process through the use of sound underwriting
policies and collateral requirements. 
Management also attempts to minimize loan losses by analyzing and
modifying collection techniques on a periodic basis.  Management believes that the allowance for credit losses and
nonperforming loans remained safely within acceptable levels.
First Commonwealth maintains an allowance for credit losses at a level deemed
sufficient to absorb losses which are inherent in the loan and lease portfolios
at each balance sheet date.  Management
reviews the adequacy of the allowance on a quarterly basis to ensure that the
provision for credit losses has been charged against earnings in an amount
necessary to maintain the allowance at a level that is appropriate based on
management's assessment of probable estimated losses.  First Commonwealth's methodology for assessing the
appropriateness of the allowance for credit losses consists of several key
elements.  These elements include an
assessment of individual problem loans, delinquency and loss experience trends,
and other relevant factors.  While
allocations are made to specific loans and pools of loans, the total allowance
is available for all loan losses.
While First Commonwealth consistently applies a comprehensive methodology and
procedure, allowance for credit loss methodologies incorporate management's
current judgments about the credit quality of the loan portfolio, as well as
collection probabilities for problem credits. 
Although management considers the allowance for credit losses to be
adequate based on information currently available, additional allowance for
credit loss provisions may be necessary due to changes in management estimates
and assumptions about asset impairment, information about borrowers that
indicates changes in the expected future cash flows or changes in economic
conditions.  The allowance for credit
losses and the provision for credit losses are significant elements of First
Commonwealth's financial statements, therefore management periodically reviews
the processes and procedures utilized in determining the allowance for credit
losses to identify potential enhancements to these processes, including
development of additional management information systems to ensure that all
relevant factors are appropriately considered in the allowance analysis.  In addition, First Commonwealth maintains a
system of internal controls which are independently monitored and tested by
internal audit and loan review staff to ensure that the loss estimation model
is maintained in accordance with internal policies and procedures, as well as
generally accepted accounting principles.
41
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CAPITAL RESOURCES
Equity capital stood at $520.9 million at September 30, 2005, a decrease of
$11.1 million compared to December 31, 2004. Dividends declared reduced equity
by $34.7 million during the first nine months of 2005.  The retained net income of $11.4 million
remained in permanent capital to fund future growth and expansion.  The change in the market value adjustment to
securities available for sale decreased equity by $19.6 million.    Additional advances by First
Commonwealth's Employee Stock Ownership Plan ("ESOP") to fund the
acquisition of First Commonwealth's common stock for future distribution as
employee compensation, net of long-term debt payments, decreased equity by $5.4
million.  Amounts paid to fund the
discount on reinvested dividends reduced equity by $672 thousand during the
first nine months of 2005 while the market value adjustment on the interest
rate swap decreased equity by $620 thousand for the same period.  Proceeds from the reissuance of treasury
shares to fund stock options exercised increased equity by $3.5 million during
2005.  Equity capital was also impacted
during 2005 by an increase of $203 thousand from the reissuance of treasury
shares to fund contingent payments related to the acquisition of First
Commonwealth Financial Advisors, which consummated in 2002.  This payment of First Commonwealth's common
stock was the third of four scheduled annual contingent payments.
A strong capital base provides First Commonwealth with a foundation to expand
lending, to protect depositors and to provide for growth while protecting
against future uncertainties.  The
evaluation of capital adequacy depends on a variety of factors, including asset
quality, liquidity, earnings history and prospects, internal controls and
management ability.  In consideration of
these factors, management's primary emphasis with respect to First
Commonwealth's capital position is to maintain an adequate and stable ratio of
equity to assets.
The Federal Reserve Board has issued risk-based capital adequacy guidelines
which are designed principally as a measure of credit risk.  These guidelines require:  (1) at least 50% of a banking organization's
total capital be common and other "core" equity capital ("Tier I
Capital"); (2) assets and off-balance-sheet items be weighted according to
risk; (3) the total capital to risk-weighted assets ratio be at least 8%; and
(4) a minimum leverage ratio of Tier I capital to average total assets.
42
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CAPITAL RESOURCES
(continued)
The minimum leverage ratio is not specifically defined, but is generally
expected to be 3-5 percent for all but the most highly rated banks, as
determined by a regulatory rating system.
The table below presents First Commonwealth's capital position at September 30,
2005:
Amount
(in thousands)
Percent of
Adjusted Assets
Tier
  I Capital
$  497,579
11.7%
Risk-Based
  Requirement
170,201
4.0
Total
  Capital
539,117
12.7
Risk-Based
  Requirement
340,401
8.0
Minimum
  Leverage Capital
497,579
8.2
Minimum
  Leverage Requirement
182,481
3.0
For an institution to qualify as well capitalized under regulatory guidelines,
Tier I, Total and Leverage Capital ratios must be at least 6.0%, 10.0%, and
5.0%, respectively.  At September 30,
2005, First Commonwealth's banking and trust subsidiaries exceeded those
requirements.
ITEM 3.  QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
Information appearing in ITEM 2 of this report under the caption "Interest
Sensitivity" is incorporated herein by reference in response to this item.
43
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 4. CONTROLS AND PROCEDURES
First
  Commonwealth carried out an evaluation, under the supervision and with the
  participation of First Commonwealth's management, including the Chief
  Executive Officer and the Chief Financial Officer, of the effectiveness of
  the design and operation of First Commonwealth's disclosure controls and
  procedures as of the end of the period covered by this report pursuant to
  Exchange Act Rule 13a-15.  Based upon
  that evaluation, the Corporation's Chief Executive Officer and Chief
  Financial Officer concluded that the Corporation's disclosure controls and
  procedures are effective.  In
  addition, First Commonwealth's management, including the Chief Executive
  Officer and Chief Financial Officer, also conducted an evaluation of First
  Commonwealth's internal control over financial reporting to determine whether
  any changes occurred during the fiscal quarter that have materially affected,
  or are reasonably likely to materially affect, First Commonwealth's internal
  control over financial reporting.  No
  such changes were identified in connection with this evaluation.
Disclosure
  controls and procedures are controls and other procedures that are designed
  to ensure that information required to be disclosed by First Commonwealth in
  the reports that First Commonwealth files or submits under the Exchange Act
  is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission's rules and forms.
  Disclosure controls and procedures include, without limitation, controls and
  procedures designed to ensure that information required to be disclosed by
  First Commonwealth in the reports that First Commonwealth files under the
  Exchange Act is accumulated and communicated to First Commonwealth's
  management, including the Chief Executive Officer and Chief Financial
  Officer, as appropriate to allow timely decisions regarding required
  disclosure.
44
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM
  1
.
LEGAL
  PROCEEDINGS
There
  were no material legal proceedings to which First Commonwealth or its
  subsidiaries are a party, or of which any of their property is the
  subject.  All legal proceedings
  presently pending or threatened against First Commonwealth or its
  subsidiaries arose in the normal course of business and, in the opinion of
  management, will not have a material adverse effect on the consolidated
  operations or financial position of the Corporation and its subsidiaries.
ITEM
  2
.
UNREGISTERED
  SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of Equity Securities
2005 Period
(a) Total
Number of
Shares
Purchased
(b) Average
Price Paid
Per Share
(c) Total
Number of
Shares
Purchased as
Part of
Publicly
Announced
Plans or
Programs
(d) Approximate
Dollar Value
of Shares that
May Yet Be
Purchased
Under the Plans
or Programs
July
  1 - 31
-0-
n/a
-0-
$3,289,344
August 1 - 31
59,300
$13.46
59,300
$2,491,006
September 1 - 30
-0-
n/a
-0-
$2,491,006
Total
59,300
$13.46
59,300
$2,491,006
All shares were acquired by First Commonwealth's Employee Stock Ownership Plan
("ESOP") through a publicly announced plan.  The plan for the ESOP to acquire shares was announced through a
press release dated July 26, 2004, and a subsequent 8-K filing with the
Securities and Exchange Commission on July 27, 2004.  The plan authorizes the ESOP to acquire up to $14 million of
First Commonwealth's common stock in the open market.  The plan does not have an expiration date.
ITEM
  3
.
DEFAULTS
  UPON SENIOR SECURITIES
Not
  applicable
ITEM
  4
.
SUBMISSION
  OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not
  applicable
ITEM
  5
.
OTHER
  INFORMATION
Not
  applicable
45
FIRST COMMONWEALTH FINANCIAL CORPORATION
AND CONSOLIDATED SUBSIDIARIES
ITEM
  6
.
EXHIBITS
Exhibit
  31.1 Chief Executive Officer Certification pursuant
to Section 302 of the Sarbanes-Oxley Act
  of 2002
Exhibit
  31.2 Chief Financial Officer Certification pursuant
to Section 302 of the Sarbanes-Oxley Act
  of 2002
Exhibit
  32.1 Chief Executive Officer Certification pursuant
to Section 906 of the Sarbanes-Oxley Act
  of 2002
Exhibit
  32.2 Chief Financial Officer Certification pursuant
to Section 906 of the Sarbanes-Oxley Act
  of 2002
46
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST COMMONWEALTH FINANCIAL
CORPORATION
(Registrant)
DATED:  November 4, 2005
/s/Joseph
  E.
  O'Dell
Joseph
  E. O'Dell, President and Chief Executive Officer
DATED:  November 4, 2005
/s/John
  J.
  Dolan
John
  J. Dolan, Executive Vice President and Chief Financial Officer
47