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<title>FORM 10-Q</title>

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<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><br>
  (X)</font></p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier><br>
  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 June 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><font size=3 face=Courier><br><br></font></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><font size=3 face=Courier><br><br></font></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><font size=3
  face=Courier><br><br></font></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>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>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>The
  number of shares outstanding of issuer's common stock, $1.00 Par Value as of
  July 31, 2005, was 70,066,709.</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></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>
<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>
  17</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>
  42</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>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>
</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>
  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=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>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=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>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=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>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=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>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=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>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>&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>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=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><br></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 width=744>
 <tr>
  <td width=427 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>June 30,<br>
  2005</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=center><font
  size=1 face=Courier>December 31, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=126 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=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash
  and due from banks</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>82,872&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>79,591&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>1,188&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,403&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  available for sale, at market</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,041,415&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,162,313&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  held to maturity, at amortized cost,<br>
  &nbsp;&nbsp;&nbsp;(Market value $91,141 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>87,837&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>78,164&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=126 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 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>3,597,521&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,512,774&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Loans
  held for sale</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,956&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,311&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>(163)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(252)</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Allowance
  for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(41,404)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(41,063)</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&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>3,559,910&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,473,770&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Premises
  and equipment</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>60,864&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>56,965&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>1,226&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,814&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Goodwill</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>122,702&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>123,607&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>16,382&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,513&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>207,353&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>202,338&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&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>6,181,749&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,198,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><b><font size=1
  face=Courier>LIABILITIES</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Deposits
  (all domestic):</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>502,107&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>480,843&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,549,867&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,363,632&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&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>4,051,974&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,844,475&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=126 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term
  borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>694,830&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>946,474&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>35,709&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>35,977&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=126 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Subordinated
  debentures</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>761,853&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>731,324&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  long-term debt</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>870,103&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>839,574&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&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>5,652,616&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,666,500&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=126 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 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=126 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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;June 30, 2005 and December 31, 2004; 69,949,652
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 69,868,908 shares outstanding at June 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=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Additional
  paid-in capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>174,571&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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>317,342&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Accumulated
  other comprehensive income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,808&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Treasury
  stock (2,028,916 shares at June 30, 2005 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 2,109,660 shares at December 31, 2004, <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>(25,623)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(10,943)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(6,175)</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom>
  <p><font size=1 face=Courier>&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>529,133&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font
  size=1 face=Courier>531,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </tr>
 <tr>
  <td width=427 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities and shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,181,749&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,198,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=427 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=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>
 </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)<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0 width=739>
 <tr>
  <td width=331 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=185 colspan=3 valign=bottom>
  <p align=center><font
  size=1 face=Courier>For
  the Quarter<br>
  Ended June 30,</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=180 colspan=3 valign=bottom>
  <p align=center><font
  size=1 face=Courier>For
  the Six Months<br>
  Ended June 30,</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 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=24 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=28 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=23 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=331 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>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest and
  fees on loans</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>54,698&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>44,080&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>107,289&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>85,465&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Taxable
  interest</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>19,076&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>18,305&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>38,349&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>35,834&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest
  exempt from Federal <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>3,129&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,728&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,182&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,373&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Dividends</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>510&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>377&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,219&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>781&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>120&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>124&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  bank deposits</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>7&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>7&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>14&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 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>77,540&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>65,498&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>153,177&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>127,470&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 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=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  deposits</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>19,079&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>13,951&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>35,581&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>27,461&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>5,867&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,890&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,425&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,625&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  subordinated debentures</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,945&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,789&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,847&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,081&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>7,009&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>9,433&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>13,752&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>18,061&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest on long-term debt</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>8,954&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>11,222&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,599&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>21,142&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest 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>33,900&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>27,063&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>64,605&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>52,228&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Net Interest Income</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>43,640&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>38,435&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>88,572&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>75,242&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>3,000&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,520&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,744&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,620&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Net interest income after
  provision <br>
  &nbsp;&nbsp;&nbsp;for credit losses</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>40,640&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>35,915&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>83,828&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>70,622&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 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>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net securities
  gains</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>145&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>485&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,995&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>1,456&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,442&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,781&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,710&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Service charges
  on deposit accounts</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>4,009&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,760&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>7,549&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,960&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>3,090&nbsp;</font></p>
  </td>
  <td width=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Gain on sale of
  merchant services <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,991&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,991&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>903&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>865&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,743&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,669&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Income from
  bank owned life insurance</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,355&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,251&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,676&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,514&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>882&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>907&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,721&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,735&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Card related
  interchange income</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,216&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>890&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,303&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,510&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>2,247&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,837&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,250&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,587&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other income</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,149&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>11,097&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>28,589&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>24,680&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 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>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Salaries and
  employee benefits</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,864&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,141&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>36,162&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>33,844&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>2,715&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,165&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,707&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,354&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Furniture and
  equipment expense</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,759&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,705&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,629&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,226&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>981&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>913&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,920&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,726&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Pennsylvania
  shares tax expense</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,237&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,140&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,503&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,274&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>566&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>238&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,131&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>312&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Merger and
  integration charges</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>873&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,164&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>8,950&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,369&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,413&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>15,361&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other expenses</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>35,072&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>33,544&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>70,465&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>65,261&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom>
  <p><b><font size=1
  face=Courier>Income 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>22,717&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>13,468&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>41,952&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>30,041&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Applicable
  income taxes</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>4,879&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,908&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>8,895&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,158&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom>
  <p><b><font size=1
  face=Courier>Net income</font></b></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,838&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,560&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>33,057&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>24,883&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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=24 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=28 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=23 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=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Average Shares Outstanding</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>69,129,387&nbsp;</font></p>
  </td>
  <td width=104 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>64,455,920&nbsp;</font></p>
  </td>
  <td width=101 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>69,237,454&nbsp;</font></p>
  </td>
  <td width=107 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>62,614,372&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>69,693,693&nbsp;</font></p>
  </td>
  <td width=104 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>64,947,209&nbsp;</font></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,858,133&nbsp;</font></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <p align=right><font
  size=1 face=Courier>63,118,440&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><b><font size=1
  face=Courier>Per Share Data:</font></b></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 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>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.26&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.18&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.48&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.40&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Diluted
  earnings per share</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>0.26&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>0.18&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>0.47&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>0.39&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 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>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.165&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.160&nbsp;</font></p>
  </td>
  <td width=28 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=73 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.330&nbsp;</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=84 valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.320&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(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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance December 31, 2003</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>63,704&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>79,581&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>312,261&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15,173&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(37,779)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,994)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>24,883&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>24,883&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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  (18,414)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  (18,414)</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 <br>
  &nbsp;&nbsp;&nbsp;&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><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>
  (2,580)</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>
  (2,580)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  <br>
  (152)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  <br>
  (152)</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>(21,146)</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;(21,146)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Total comprehensive income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>24,883&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(21,146)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,737&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>(20,891)</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>(20,891)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Decrease in unearned ESOP
  shares</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>429&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>429&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>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>(393)</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>(393)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Treasury stock acquired</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(514)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>(973)</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>6,311&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>5,338&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Tax benefit of stock
  options</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>291&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>291&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance at June 30, 2004</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>175,462&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>316,253&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(5,973)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(31,982)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,565)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>524,173&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>
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</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance December 31, 2004</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(6,175)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>33,057&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>33,057&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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(7,479)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(7,479)</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 <br>
  &nbsp;&nbsp;&nbsp;&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><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>(305)</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>(305)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(410)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(410)</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;(8,194)</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;(8,194)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Total comprehensive income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>33,057&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;(8,194)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>24,863&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>(23,078)</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>(23,078)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Net increase in unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(4,768)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(4,768)</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>(447)</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>(447)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(400)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1020&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>620&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>(35)</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>(35)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance at June 30, 2005</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;174,571&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;317,342&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;1,808&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(25,623)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(10,943)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>529,133&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>
6</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 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 Six Months<br>
  Ended June 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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income.................................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>33,057&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>24,883&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Provision
  for credit losses&nbsp;................................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>4,744&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>4,620&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>5,394&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,006&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  gains on sales of assets................................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,296)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,961)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  gain on sale of merchant services business.............. </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,991)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>(2,676)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(2,514)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Stock option
  tax benefit...................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(35)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>291&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease
  in interest receivable............................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>166&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,205&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>1,334&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>623&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase
  (decrease) in income taxes payable................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,499&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,367)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  increase 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>(1,644)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(210)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
  in deferred taxes................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(2,068)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(294)</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>(2,881)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(7,647)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided by operating activities................. </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>34,513&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,635&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><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities held to maturity:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;</font></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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions.................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,519&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>19,565&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>(16,178)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities available for sale:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;</font></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>59,862&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>98,507&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions.................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>213,882&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>470,560&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>(164,351)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(592,462)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sales of other assets........................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,829&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,414&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Acquisition of
  affiliate, net of cash received................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(70,639)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease 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>1,215&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>38&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  loans......................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(93,598)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(122,168)</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>(8,347)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(3,837)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided (used) by investing activities............ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,833&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(195,022)</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>
 </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><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Repayments of
  other long-term debt............................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(12,042)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(8,952)</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>37,803&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>50,000&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Repayments of
  subordinated debentures......................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Discount on
  dividend reinvestment plan purchases.............. </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(447)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(393)</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>(23,064)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(19,493)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  Federal funds purchased....................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>88,475&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>60,900&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease 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>(342,181)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(20,925)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Sale of branch
  and deposits, net of cash received............. </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(12,143)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>225,117&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>76,608&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sale of treasury stock.......................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>417&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,135&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>(38,065)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;175,826&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  increase (decrease) in cash and cash equivalents........ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,281&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,561)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash and cash
  equivalents at June 30.......................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>82,872&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;80,949&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>
June 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 June 30, 2005, and
the results of operations for the three month and six month periods ended June
30, 2005 and 2004, and statements of cash flows and changes in shareholders'
equity for the six month periods ended June 30, 2005 and 2004.&nbsp; <br>
<br>
The results of operations for the three month and six month periods ended June 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 six 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Interest</font></p>
  </td>
  <td width=38 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>63,271&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>51,604&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>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>5,500&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Noncash
  investing and financing activities:</font></p>
  </td>
  <td width=38 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>429&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>429&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;ESOP borrowings</font></p>
  </td>
  <td width=38 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>5,197&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</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>2,432&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>
  2,215&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(11,975)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  (32,298)</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>(631)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  (234)</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Treasury
  stock reissued for business <br>
  &nbsp;&nbsp;&nbsp;combination</font></p>
  </td>
  <td width=38 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>
June 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 width=271 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>June 30,
  2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>June 30,
  2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=271 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=271 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 width=271 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=271 valign=bottom>
  <p><font size=1 face=Courier>Unrealized 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 width=271 height=33 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;Unrealized holding losses<br>
  &nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(11,506)</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,027</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(7,479)</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  (28,329)</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>9,915&nbsp;</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td height=33 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  (18,414)</font></p>
  </td>
 </tr>
 <tr height=48>
  <td width=271 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>(469)</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>164</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>(305)</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>
  (3,969)</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;1,389&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>
  (2,580)</font></p>
  </td>
 </tr>
 <tr>
  <td width=271 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 width=271 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Unrealized losses on<br>
  &nbsp;derivatives used in cash flow<br>
  &nbsp;hedging relationships:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr height=34>
  <td width=271 height=34 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Unrealized holding 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>(631)</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>221</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>(410)</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;(234)</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;82&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;(152)</font></p>
  </td>
 </tr>
 <tr>
  <td width=271 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=271 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Other comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(12,606)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,412</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(8,194)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;(32,532)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>11,386&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;(21,146)</font></p>
  </td>
 </tr>
 <tr>
  <td width=271 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>
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>
June 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 FASB Statement No. 123 (&quot;FAS No. 123&quot;),
&quot;Accounting for Stock-Based Compensation.&quot;&nbsp; In December 2002, the Financial Accounting Standards Board (&quot;FASB&quot;)
issued Statement of Financial Accounting Standards No. 148 (&quot;FAS No.
148&quot;), &quot;Accounting for Stock-Based Compensation-Transition and
Disclosure.&quot;&nbsp; FAS No. 148 did not
amend FAS No. 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 No. 123 or the intrinsic value
method of APB 25.&nbsp; As permitted under
FAS No. 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 No. 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 No. 123(R)&quot;), &quot;Share-Based
Payment.&quot;&nbsp; FAS No. 123(R) replaces
FAS No. 123 and supersedes APB 25.&nbsp; FAS
No. 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 No. 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 No.
123, will apply FAS No. 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 No. 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 No. 123.&nbsp; According to FAS No.
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 No. 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 No. 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>
June 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 No. 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>
  June 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  Income, as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>17,838&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11,560&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>&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Pro
  forma net income</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>17,838&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;11,560&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Basic
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.26&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.18&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>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.26&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.18&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Diluted
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.26&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.18&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>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.26&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.18&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Average
  shares outstanding</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>69,129,387&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>64,455,920&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>69,693,693&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>64,947,209&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<br>
<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>Six months ended<br>
  June 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  Income, as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>33,057&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>24,883&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Pro
  forma net income</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>33,014&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;24,845&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Basic
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.48&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.40&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>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.48&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.40&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Diluted
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.47&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;0.39&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>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.47&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.39&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Average
  shares outstanding</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>69,237,454&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>62,614,372&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>69,858,133&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>63,118,440&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><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>
June 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 5 Merger and Integration Charges</u><br>
<br>
In the first six months of 2004, First Commonwealth recorded merger and
integration charges totaling $2,164 thousand ($1,407 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 $1,679 thousand in salary and benefit severance expenses that were
accrued during the first six months of 2004.&nbsp;
The severance costs were for 25 employees whose positions were eliminated
as part of the acquisition.<br><br></font></p>

<p><u><font size=3 face=Courier>NOTE
6 Variable Interest Entities</font></u></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 $5,440
thousand, which consists of the limited partnership investments as of June 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 7 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>
<br>
<br>
12</font></p>

<font size=3
face=Courier>

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

</font>


<p><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 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
June 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 7 Guarantees</u> (continued)</font></p>

<p><font size=3 face=Courier><br>
The table below identifies the notional amounts of these guarantees at June 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;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>17,232</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Performance
  standby letters of credit</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,724</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 $507 thousand and performance standby letters of credit of
$1,377 thousand issued during the first six 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>
<u>NOTE 8 Branch Sale</u></font></p>

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

<p><font size=3 face=Courier>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 is included in First Commonwealth's consolidated income
statement for the second quarter of 2005.<br>
<br>
<u>NOTE 9 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 is included in First Commonwealth's consolidated income
statement for the second quarter of 2005. <br>
<br>
<u>NOTE 10 Subsequent Event</u><br>
<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 is expected to accrue
expenses of $700.3 thousand during the third quarter of 2005.&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>
<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>
June 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 11 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 June 30 was as follows
(Dollar amounts 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>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td valign=bottom>
  <p>&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 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Service
  cost</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>70&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Amortization
  of transition obligation&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  periodic benefit cost</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>55&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;91&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>&nbsp;</font></p>

<p><font size=3 face=Courier>The
net periodic benefit cost of this plan for the six months ended June 30 was as
follows (Dollar amounts 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>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
  <td valign=bottom>
  <p>&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 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Service
  cost</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>110&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>141&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Amortization
  of transition obligation&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>(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;42&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  periodic benefit cost</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>110&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;184&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>
<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>
June 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 12 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 No. 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 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 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 Issue 03-1-a 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>
<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>
June 30, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 12 New Accounting Pronouncements</u> (continued)<br><br></font></p>

<p><font size=3 face=Courier>In
May 2005, the FASB issued Statement of Financial Accounting Standards No. 154
(&quot;FAS No. 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 No. 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 No. 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 No. 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 No. 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 No.
154 to have a material impact on its financial condition and results of
operations.<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 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<br>
</u><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: 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>
<b><br>
First Six Months of 2005 as Compared to the First Six Months of 2004</b><br>
<br>
Net income for the first six months of 2005 and 2004 was $33.1 million and
$24.9 million, respectively.&nbsp; Basic and
diluted earnings per share were $0.48 and $0.47, respectively, for the first
six months of 2005 and $0.40 and $0.39, respectively, for the same period of
2004.&nbsp; <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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  income per share, prior year</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.39&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:</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Net
  interest income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.08&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Provision
  for credit losses</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Security
  transactions</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(0.06)</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Gain
  on sale of merchant services business</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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;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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Salaries
  and employee benefits</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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;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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Intangible
  amortization</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Other
  operating expenses</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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;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>(0.05)</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  income per share</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;0.47&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>
 <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>
</table>

<p><font size=3 face=Courier><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>RESULTS OF OPERATIONS</u> (continued)<br>
<br>
<b>First Six Months of 2005 as Compared to the
First Six Months of 2004</b><br>
(continued)<br>
<br>
Return on average assets was 1.07% and return on average equity was 12.51% for
the first six months of 2005 compared to 0.92% and 10.90%, respectively, for
the first six months 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
increased $13.3 million for the first six months of 2005 compared to the first
six months of 2004 as average interest-earning assets increased by $661.0
million or 13.0% 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 3.34% for the first six months of
2005 compared to 3.21% for the same period of 2004 as earning asset yields
increased faster than funding costs.&nbsp;
The yield on interest-earning assets (on a fully tax-equivalent basis)
increased 34 basis points to 5.61%, while the cost of funds increased 18 basis
points to 2.52%. <br>
<br>
The following is an analysis of the average balance sheets and net interest
income for the six months ended June 30 (Dollar amounts in thousands):&nbsp; </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 colspan=12 valign=bottom>
  <p align=center><font size=2
  face=Courier>Average
  Balance Sheets and Net Interest Analysis</font></p>
  </td>
 </tr>
 <tr>
  <td 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 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 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 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>
  &nbsp;&nbsp;Rate(a)&nbsp;</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>
  &nbsp;&nbsp;Rate(a)&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><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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits with banks&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>854&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>14</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>3.25%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4,530&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>15</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>0.68%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Tax free investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>274,188&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,182</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>7.00&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>233,591&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,373</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>7.12&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>1,898,552&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>39,568</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>1,867,073&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>36,615</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.94&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>8,255&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>124</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3.02&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>536&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>0.90&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>3,568,436&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>107,289</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.25&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,983,534&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>85,465</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.96&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,750,285&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>153,177</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5.61&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,089,264&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>127,470</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5.27&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>80,050&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>69,614&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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>(41,720)</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>(39,026)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>428,366&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>300,340&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &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;466,696&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>330,928&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 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,216,981&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,420,192&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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 align=center><font size=3
face=Courier>&nbsp;</font></p>

<p><font size=3 face=Courier><br>
<br>
<br>
18</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 Six Months of 2005 as Compared to the
First Six Months of 2004</b><br>
(continued)<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>2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>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>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>
  &nbsp;&nbsp;Rate(a)&nbsp;</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>
  &nbsp;&nbsp;Rate(a)&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><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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>561,231&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,099</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>
  0.75%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>515,461&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>821</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>0.32%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Savings deposits (d)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,301,972&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>8,538</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1.32&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,010,482&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,701</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>0.94&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>1,594,207&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>24,944</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.16&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,456,102&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>21,939</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>868,478&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>11,425</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.65&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>656,971&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3,625</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1.11&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>849,060&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>17,599</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>853,971&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>21,142</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.98&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,174,948&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>64,605</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.52&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,492,987&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>52,228</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.34&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 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 valign=bottom>
  <p><font size=1 face=Courier>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 valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>483,214&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>426,919&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</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 valign=bottom>
  <p align=right><font size=1
  face=Courier>26,017&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>41,004&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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>532,802&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>459,282&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bearing funding 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;1,042,033&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;927,205&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 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Liabilities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Shareholders'<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,216,981&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,420,192&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom>
  <p><font size=1 face=Courier>Net Interest Income and <br>
  &nbsp;Net Yield on <br>
  &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>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>88,572</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  3.34%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>75,242</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.21%</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 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>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 Six Months of 2005 as Compared to the
First Six 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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(1)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(12)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>11&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>809&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,437&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(628)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Taxable investment securities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,953&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>617&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,336&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>122&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>35&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>87&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>21,824&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>17,334&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>4,490&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;25,707&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>19,411&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>6,296&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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <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>1,278&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>73&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,205&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Savings and MMDA accounts</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>3,837&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,356&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,481&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>3,005&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,081&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>924&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>7,800&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,167&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>6,633&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>(3,543)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(122)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(3,421)</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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>12,377&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>4,555&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>7,822&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>13,330&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>14,856&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,526)</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 $21.8 million for the first six months of
2005 compared to 2004 levels as the average balance of loans increased by
$584.9 million or 19.6%.&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 29 basis points (0.29%) for the first six months of 2005 compared to
the same period of 2004.&nbsp; First
Commonwealth has continued to capitalize on lending opportunities with small to
mid-sized commercial borrowers, including loans generated through its preferred
Small Business Administration (&quot;SBA&quot;) lender status.&nbsp; First Commonwealth has consistently been one
of the top small business lenders in Pennsylvania.&nbsp; <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 Six Months of 2005 as Compared to the
First Six Months of 2004</b><br>
(continued)<br>
<br>
Interest income on investments increased $3.8 million for the first six months
of 2005 compared to the same period of 2004. The increase was due to volume
increases as well as increases in interest yields.&nbsp; Average investments increased $72.1 million for the first six
months of 2005 compared to the same period of 2004.&nbsp; The overall increase was due to the acquisition of GA Financial,
Inc.&nbsp; The most significant increase was
in U.S. government agency securities, which increased $60.6 million, and state
and municipal securities, which increased $38.6 million.&nbsp; These increases were slightly offset by
decreases in corporate bonds and equity securities.&nbsp; The total yield on investments was 4.56% for the first six months
of 2005 compared to 4.30% for the same period of 2004.&nbsp;&nbsp;&nbsp; <br>
<br>
Interest expense on deposits increased $8.1 million for the first six months of
2005 compared to the same period of 2004.&nbsp;
Deposit costs were 1.82% for the first six months of 2005 compared to
1.62% for the first six months of 2004, an increase of 20 basis points
(0.20%).&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 $7.8 million for the first
six months of 2005 compared to the same period of 2004 as a result of increases
due to volume and increasing interest rates.&nbsp;
The average balance of short-term borrowings for the first half of 2005
increased $211.5 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 154 basis points (1.54%) compared to 2004 costs of
1.11%.&nbsp; This rate increase accounted for
$6.6 million of the total increase of $7.8 million in interest expense on
short-term borrowings. <br>
<br>
Interest expense on long-term debt decreased $3.5 million for the first half of
2005 compared to the corresponding period of 2004, primarily as a result of
decreases in interest rates.&nbsp; The yields
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; Yields on
long-term debt for the first six months of 2005 decreased by 80 basis points
(0.80%) compared to the first six 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>
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 Six Months of 2005 as Compared to the
First Six 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 $4.7
million for the first six months of 2005 compared to $4.6 million for the same
period of 2004.&nbsp; Although net
charge-offs against the allowance for credit losses increased by $79 thousand
for the first six months of 2005 compared to the same period of 2004, net
charge-offs as a percentage of average loans (annualized) improved to 0.25% for
the 2005 period from 0.29% for 2004.&nbsp;
Increases in net charge-offs for commercial loans and residential 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 107.74% at
June 30, 2005, compared to 106.85% at June 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
six month periods ended June 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>&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 align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Balance
  January 1,</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>41,063&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Loans
  charged off:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>2,232&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,343&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-commercial</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>518&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>383&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>1,164&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>652&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  to individuals</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,086&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,456&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>40&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>141&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  loans charged off</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>5,040&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,975&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Commercial,
  financial and agricultural</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>301&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>432&nbsp;</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-residential</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>83&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>7&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>253&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Lease
  financing receivables</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>637&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>651&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  charge offs</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,403&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,324&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>4,744&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,620&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Balance
  June 30,</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>41,404&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>42,664&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>
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 Six Months of 2005 as Compared to the
First Six Months of 2004</b><br>
(continued)<br>
<br>
<i><u>Noninterest Income</u></i><br>
<br>
Net securities gains were $485 thousand during the first six months of 2005
compared to $4.0 million during the first six months of 2004, a decrease of
$3.5 million between the two periods.&nbsp;
Gains 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 $589 thousand for the first half 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 $706 thousand for the first half 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.&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; First
Commonwealth expects to construct or renovate a total of nine new branch
offices in 2005, as compared to the four in 2004.&nbsp; These new branch offices include three relocations, two
renovations and four de novo offices.&nbsp;
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; <br>
<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; First Commonwealth recently entered into an asset sale and
merchant processing 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; <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>&nbsp;<br>
<b>First Six Months of 2005 as Compared to the
First Six Months of 2004</b><br>
(continued)<br>&nbsp;<br>
Card related interchange income increased during the first six 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>
Noninterest expense was $70.5 million for the first six months of 2005
reflecting an increase of $5.2 million from the 2004 level of $65.3
million.&nbsp; The most significant component
of the increase during the 2005 period was salaries and employee benefit costs
which increased $2.3 million or 6.8%.&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.&nbsp; This compares to full time
equivalent employees of 1,652 and 1,661 at the end of the second quarter of
2005 and 2004, respectively.&nbsp; Salaries
accounted for $2.0 million of the increase while employee benefit costs rose $355
thousand for the first half 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 $1.4 million for the first six 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 quarter of 2005, First Commonwealth Bank opened two new
full-service community offices in Washington 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 half of 2005 were in large
part due to the addition of GA Financial, Inc.&nbsp;
Increases were recorded for intangible amortization ($819 thousand),
furniture and equipment expense ($403 thousand), PA shares tax expense ($229
thousand) and data processing expense ($194 thousand).&nbsp; <br>
<br>
<br>
<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 Six Months of 2005 as Compared to the
First Six Months of 2004</b><br>
(continued)<br>&nbsp;<br>
The merger and integration expenses that were incurred during the first six
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 to Pittsburgh Home Capital Trust I and were called and
paid off in January of 2004.&nbsp; In
addition, the merger related expenses included $1.7 million of severance
related salary and benefit expenses that were accrued during the first half of
2004 and were related to the integration of PFC into First Commonwealth.&nbsp;&nbsp;&nbsp; <br>
<br>
Other operating expenses for the 2005 period were $17.4 million reflecting an
increase of $2.1 million from the 2004 amount.&nbsp;
The first half of 2005 included increases in advertising costs, other
professional fees and telephone and data line expenses.&nbsp; The advertising expense increase was due in
large part to new promotions for a variety of deposit and loan products as well
as advertising related to branding efforts at the new and renovated offices.&nbsp; The increase in other professional services
is due in part to the use of a consultant to provide targeted marketing
services.&nbsp; The increase in telephone and
data line charges was largely due to the acquisition of GA Financial, Inc.&nbsp; <br>
<br>
Income tax expense increased $3.7 million for the first half of 2005 compared
to the first half of 2004.&nbsp; First
Commonwealth's effective tax rate was 21.2% for the first six months of 2005
compared to 17.2% for the corresponding period of 2004.&nbsp; Tax expense for the first half of 2004 was
positively impacted by higher tax-exempt income and tax credits as a percent of
pretax income as compared to the corresponding 2005 period.&nbsp; <br>
<br>
<br>
<b>Three Months Ended June 30, 2005 as Compared
to the Three Months Ended June 30, 2004</b><br>
<br>
Net income for the second quarter of 2005 and 2004 was $17.8 million and $11.6
million, respectively.&nbsp; Basic and
diluted earnings per share were $0.26 for the second quarter of 2005 and $0.18
for the same period of 2004. <br>
<br>
Return on average assets was 1.15% and return on average equity was 13.55% for
the second quarter of 2005 compared to 0.82% and 9.76%, respectively, for the
second quarter of 2004.<br>
<br>
<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>
<br>
<b>Three Months Ended June 30, 2005 as Compared
to the Three Months Ended June 30, 2004 </b>(continued)<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
increased $5.2 million for the second quarter of 2005 compared to the second
quarter of 2004 as average earning assets for the quarter increased by $469.8
million or 8.9% 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 3.28% for the second three months of
2005 compared to 3.15% for the same period of 2004 as earning asset yields
increased faster than funding costs.&nbsp;
The yield on interest-earning assets (on a fully tax-equivalent basis)
increased 43 basis points to 5.64%, while the cost of funds increased 30 basis
points to 2.62%. <br>
<br>
The following is an analysis of the average balance sheets and net interest
income for the three months ended June 30 (Dollar amounts in thousands):&nbsp; </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 colspan=12 valign=bottom>
  <p align=center><font size=2
  face=Courier>Average
  Balance Sheets and Net Interest Analysis</font></p>
  </td>
 </tr>
 <tr>
  <td 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 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 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 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>
  &nbsp;&nbsp;Rate(a)&nbsp;</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>
  &nbsp;&nbsp;Rate(a)&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><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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits with
  banks&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>746&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>7</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>3.46%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4,186&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>7</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>0.65%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Tax free investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>277,395&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3,129</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6.96&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>236,987&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2,728</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>7.12&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>1,873,475&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>19,586</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.19&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,926,412&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>18,682</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&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>15,768&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>120</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3.04&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>799&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>0.90&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>3,593,934&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>54,698</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.30&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,123,093&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>44,080</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.87&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,761,318&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>77,540</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5.64&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,291,477&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>65,498</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5.21&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>81,091&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>72,689&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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>(41,419)</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>(40,158)</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>433,934&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>343,857&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &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;473,606&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>376,388&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 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 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,234,924&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,667,865&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td 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 align=center><font size=3
face=Courier>&nbsp;</font></p>

<p><font size=3 face=Courier><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>Three Months Ended June 30, 2005 as Compared
to the Three Months Ended June 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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>560,321&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,150</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>
  0.82%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>528,701&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>422</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>0.32%</font></p>
  </td>
 </tr>
 <tr>
  <td width=211 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Savings deposits (d)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,341,923&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,892</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1.46&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,091,098&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2,606</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>0.96&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>1,607,808&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>13,037</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>1,469,796&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>10,923</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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>821,458&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,867</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.86&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>680,148&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,890</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1.12&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>859,624&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8,954</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>917,027&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>11,222</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.92&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,191,134&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>33,900</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.62&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,686,770&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>27,063</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.32&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>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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>487,724&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>447,765&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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>27,856&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>56,787&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>528,210&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>476,543&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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;bearing funding 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;1,043,790&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;981,095&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Liabilities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Shareholders'<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,234,924&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,667,865&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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;Net Yield on <br>
  &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>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>43,640</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  3.28%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>38,435</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.15%</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>
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 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 June 30, 2005 as Compared
to the Three Months Ended June 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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(6)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>6&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>401&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>715&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(314)</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Taxable investment securities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>904&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(513)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,417&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>119&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>33&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>86&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>10,618&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>6,873&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>3,745&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;12,042&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>7,102&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>4,940&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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <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>728&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>25&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>703&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Savings and MMDA accounts</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,286&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>599&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,687&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>2,114&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,026&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,088&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>3,977&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>393&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>3,584&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>(2,268)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(703)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,565)</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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>6,837&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,340&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>5,497&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>5,205&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>5,762&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(557)</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 $10.6 million for the second quarter of
2005 compared to 2004 levels as the quarter-to-date average balance of loans
increased by $470.8 million or 15.1%.&nbsp;
This increase is due in part to the inclusion of GA Financial, Inc.
assets for the full quarter of 2005 compared to part of the quarter for
2004.&nbsp; Loan yields increased 43 basis
points (0.43%) for the second quarter of 2005 compared to the same period of
2004.&nbsp; <br>
<br>
Interest income on investments increased $1.3 million for the second quarter of
2005 compared to the same period of 2004. The increase was due in large part to
increases in interest yields.&nbsp; The total
yield on investments was 4.55% for the second quarter of 2005 compared to 4.25%
for the same period of 2004, an increase of 30 basis points (0.30%).&nbsp;&nbsp;&nbsp; <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 June 30, 2005 as Compared
to the Three Months Ended June 30, 2004 </b>(continued)<br>
<br>
Interest expense on deposits increased $5.1 million for the second quarter of
2005 compared to the same period of 2004.&nbsp;
Deposit costs were 1.91% for the second quarter of 2005 compared to
1.59% for the second quarter of 2004, an increase of 32 basis points
(0.32%).&nbsp; Increases in volume were
recorded for all deposit categories for the second quarter of 2005 compared to
the same period of 2004.&nbsp; <br>
<br>
Interest expense on short-term borrowings increased $4.0 million for the second
quarter of 2005 compared to the same period of 2004 as a result of increases
due to volume and increasing interest rates.&nbsp;
The average balance of short-term borrowings for the second quarter of
2005 increased $141.3 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 174 basis points (1.74%) compared to 2004 costs of
1.12%.&nbsp; This rate increase accounted for
$3.6 million of the total increase of $4.0 million in interest expense on
short-term borrowings. <br>
<br>
Interest expense on long-term debt decreased $2.3 million for the second
quarter of 2005 compared to the corresponding period of 2004, due in large part
to decreases in interest rates.&nbsp; The
yields 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;
Yields on long-term debt for the second quarter of 2005 decreased by 74
basis points (0.74%) compared to the second quarter of 2004.&nbsp; Average long-term debt for the second quarter
of 2005 decreased by $57.4 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 $3.0
million for the second quarter of 2005 compared to $2.5 million for the same
period of 2004.&nbsp; Net charge-offs against
the allowance for credit losses increased by $39 thousand for the second
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>
<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 June 30, 2005 as Compared
to the Three Months Ended June 30, 2004 </b>(continued)<br>
<br>
<i><u>Noninterest Income</u></i><br><br></font></p>

<p><font size=3 face=Courier>There
were no securities gains or losses in the second quarter of 2005.&nbsp; The second quarter of 2004 included net
securities gains of $145 thousand. &nbsp;Gains were largely due to sales of Pennsylvania bank stocks, but
also included gains from the sale of tax-free municipal securities.<br>
<br>
Service charges on deposits continue to be First Commonwealth's most
significant component of noninterest fee income and increased $249 thousand for
the second quarter of 2005 compared to the corresponding period of 2004.&nbsp; An increase of $383 thousand in
nonsufficient funds (or &quot;NSF&quot;) fees was recorded for the second
quarter of 2005 as compared to the second quarter of 2004. <br>
<br>
The second quarter of 2005 included a $3.1 million pre-tax gain on the sale of
a branch office ($2.0 million after tax).&nbsp;
The gain occurred when 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;&nbsp;&nbsp; <br>
<br>
The second quarter of 2005 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; First Commonwealth recently entered into an asset sale and
merchant processing alliance with First Data.&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; <br>&nbsp;<br>
Other changes in noninterest income during the second quarter of 2005 compared
to the same period of 2004 include an increase in card related interchange
income in the amount of $326 thousand, an increase in gains on the sale of
student loans and an increase in the gain on the sale of other real estate
owned.&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>
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 June 30, 2005 as Compared
to the Three Months Ended June 30, 2004 </b>(continued)<br>
<br>
<i><u>Noninterest Expense</u></i><br>
<br>
Total noninterest expense for the three months ended June 30, 2005 was $35.1
million reflecting an increase of $1.5 million from the same period of
2004.&nbsp; The most significant increase
during the 2005 period was salaries and employee benefit costs which increased
$723 thousand or 4.2%.&nbsp; Salaries
accounted for $633 thousand of the increase while employee benefit costs rose
$90 thousand.&nbsp;&nbsp;&nbsp; <br>
<br>
Net occupancy expense increased $550 thousand for the second quarter of 2005
over 2004 levels.&nbsp; This increase was due
in part to the inclusion of GA Financial, Inc. for all of the 2005 period.&nbsp; The most significant increase was recorded
in building repairs and maintenance.<br>&nbsp;<br>
Increases in other noninterest expenses in the second quarter of 2005 compared
to the same period for 2004 were primarily due to the addition of GA Financial,
Inc.&nbsp; Increases were recorded for
intangible amortization ($328 thousand), PA shares tax expense ($97 thousand),
data processing expense ($68 thousand), and furniture and equipment expense
($54 thousand).&nbsp; <br>
<br>
Merger and integration charges were $873 thousand for the second quarter of
2004 and included severance related salary and benefit expenses that were
accrued during the second quarter of 2004 due to the integration of PFC into
the Corporation.&nbsp; <br>
<br>
Other operating expenses for the second quarter of 2005 were $9.0 million
reflecting an increase of $581 thousand from the 2004 amount of $8.4
million.&nbsp; The second quarter of 2005
included increases in advertising costs and other professional fees in the
amounts of $300 thousand and $242 thousand, respectively.&nbsp; Advertising expense increases are due in
large part to new promotions for a variety of deposit and loan products as well
as advertising related to branches that have been newly re-built, remodeled or
acquired.&nbsp; The increase in other
professional services is due in part to the use of a consultant to provide
targeted marketing services.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
<br>
Income tax expense increased $3.0 million for the second quarter of 2005
compared to the second quarter of 2004.&nbsp;
First Commonwealth's effective tax rate was 21.5% for the second quarter
of 2005 compared to 14.2% for the corresponding period of 2004.&nbsp; Tax expense for the second quarter of 2004
was positively impacted by an increase in tax-exempt income and tax credits.&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>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 (&quot;ALCO&quot;).<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 June 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>June 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>NOW
  and Super NOW accounts</font></p>
  </td>
  <td width=29 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>96,868</font></p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top bgcolor="#99ccff">
  <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>1,835,734</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Time
  deposits</font></p>
  </td>
  <td width=29 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,617,265</font></p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top bgcolor="#99ccff">
  <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>$</font></p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>3,549,867</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right><font size=3
  face=Courier>$</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>
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>LIQUIDITY</u> (continued)<br>
<br>
Total deposits increased $207.5 million for the first six months of 2005.&nbsp; Noninterest-bearing deposits increased $21.3
million, while interest-bearing deposits increased $186.2 million with the
largest increases being recorded in the savings deposit category.&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; Although an increase was recorded in total
time deposits, $25 million in Brokered CD's matured during March 2005 but were
not renewed.<br>
<br>
At June 30, 2005, total interest-earning assets were $5,731.8 million, compared
to $5,757.7 million recorded at December 31, 2004.&nbsp; The following table shows a breakdown of loans by categories as
of June 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=127 valign=top>
  <p align=center><font size=2
  face=Courier>June
  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=127 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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>Commercial, financial, agricultural <br>
  &nbsp;&nbsp;&nbsp;and other</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=127 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>751,592&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <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=127 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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Construction and land
  development</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>75,629&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <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=127 valign=bottom>
  <p align=right><font size=2
  face=Courier>1,188,996&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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Other real estate</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>986,507&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <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=127 valign=bottom>
  <p align=right><font size=2
  face=Courier>590,983&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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>Leases, net of unearned income</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>7,770&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <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=127 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=127 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,601,477&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 bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Unearned income</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(163)</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <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=127 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>$</font></p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,601,314&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</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=127 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>
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 June 30, 2005, securities available for sale had an amortized cost
of $2,042.5 million and an approximate fair value of $2,041.4 million.<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>
<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 $1,219.3 million or 19.72% of total assets at June 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>
34</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 June 30, 2005, and December 31, 2004 (Dollar amounts in thousands):<br>
<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>June 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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,257,387&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>198,608&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>358,208&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,814,203&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>164,988&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>84,773&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>208,359&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>458,120&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,188&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,188&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>1,423,563&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>283,381&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>566,567&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,273,511&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>241,054&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>129,138&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>394,291&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>764,483&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>1,932,602&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>1,932,602&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>780,945&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,176&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>8,574&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>795,695&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>2,954,601&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>135,314&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>402,865&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,492,780&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(1,531,038)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>148,067&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>163,702&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(1,219,269)</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>2.09&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.41&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.65&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>24.77%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.40%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.65%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>19.72%</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>&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,300,777&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>185,633&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>333,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;2,403&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>346,191&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>205,507&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>237,318&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;985,049&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;5,497&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;15,513&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,633,150)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>107,756&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>267,126&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>26.35%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1.74%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>4.31%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>20.30%</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><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> (continued)<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 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 increase net
interest income 10 basis points (0.10%) above the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 277 basis points (2.77%) 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>
<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>
<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>
<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><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>
<u>CREDIT REVIEW</u> (continued)<br><br></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 June 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  on nonaccrual basis</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11,149&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>13,285&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>15,258&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,085&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Renegotiated
  loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>179&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>189&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>26,586&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;24,559&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Other
  real estate owned</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,226&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,421&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,601,314&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,468,152&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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Average
  loans outstanding (year-to-date)&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>3,568,436&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,983,534&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>0.74%</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>
 </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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Provision
  for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,744&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,620&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,403&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,324&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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  0.25%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.29%</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>
  107.74%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>106.85%</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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  1.16%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1.43%</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>1.23%</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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  155.74%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>173.72%</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>
38</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 June 30,
2005, and June 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Recorded
  investment in impaired loans at end <br>
  &nbsp;of period</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11,328</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>13,474</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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,717</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>13,522</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Allowance
  for credit losses related to <br>
  &nbsp;impaired loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,792</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,488</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>6,424</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>
  7,493</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 bgcolor="#99ccff">
  <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 bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,904</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  5,981</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>334</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>
  144</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 June 30, 2005, there were no
significant concentrations of credit.<br>
<br>
Nonperforming loans at June 30, 2005, increased $2.0 million compared to 2004
levels and included increases in loans past due 90 days but still accruing of
$4.2 million which were partially offset by decreases in nonaccrual loans of
$2.1 million.&nbsp; Nonperforming loans as a
percentage of total loans were 0.74% at June 30, 2005 compared to 0.71% at June
30, 2004.&nbsp; Past due loans for the 2005
period included increases in residential loans secured by real estate as well
as increases in commercial loans.&nbsp; <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'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>
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>CAPITAL RESOURCES</u><br>
<br>
Equity capital stood at $529.1 million at June 30, 2005, a decrease of $2.8
million compared to December 31, 2004. Dividends declared reduced equity by
$23.1 million during the first six months of 2005.&nbsp; The retained net income of $10.0 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 $7.8 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 $4.8 million.&nbsp;
Amounts paid to fund the discount on reinvested dividends reduced equity
by $447 thousand during the first six months of 2005 while the market value
adjustment on the interest rate swap decreased equity by $410 thousand for the
same period.&nbsp; Proceeds from the
reissuance of treasury shares to fund stock options exercised increased equity
by $417 thousand 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>
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><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 June 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Tier
  I Capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$&nbsp;&nbsp;493,237</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11.6%</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>169,712</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Total
  Capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>534,642</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>12.6&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>339,425</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>Minimum
  Leverage Capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>493,237</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>8.1&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>182,875</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 June 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>
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</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>
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<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 the Corporation or its
  subsidiaries are a party, or of which any of their property is the subject,
  except proceedings which arise 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 bgcolor="#99ccff">
  <p><font size=3 face=Courier>April
  1 -&nbsp;30</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>n/a</font></p>
  </td>
  <td width=150 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=170 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$4,486,365</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p><font size=3 face=Courier><br>
  May 1 - 31</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>92,300&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>$12.97</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>92,300&nbsp;</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 bgcolor="#99ccff">
  <p><font size=3 face=Courier><br>
  June 1 -&nbsp;30</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=126 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>n/a</font></p>
  </td>
  <td width=150 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=170 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$3,289,344</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>92,300&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>$12.97</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>92,300&nbsp;</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>&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>
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>&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>
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>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; August 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; August 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>
46</font></p>

<font size=3
face=Courier>

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

</font>



</body>

</html>
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{"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": "05999562"}, "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 June 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
.
The
  number of shares outstanding of issuer's common stock, $1.00 Par Value as of
  July 31, 2005, was 70,066,709.
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...............
17
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.................................
42
ITEM 4.
CONTROLS AND PROCEDURES...............................
43
PART II - OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS.......................................
44
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.................................
44
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.........................
44
ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.....
44
ITEM 5.
OTHER INFORMATION.......................................
44
ITEM 6.
EXHIBITS................................................
45
Signatures..............................................
46
Exhibits
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
June 30,
2005
December 31, 2004
ASSETS
Cash
  and due from banks
$
82,872
$
79,591
Interest-bearing
  bank deposits
1,188
2,403
Securities
  available for sale, at market
2,041,415
2,162,313
Securities
  held to maturity, at amortized cost,
(Market value $91,141 in 2005 and $81,886 in 2004)
87,837
78,164
Loans:
Portfolio
  loans
3,597,521
3,512,774
Loans
  held for sale
3,956
2,311
Unearned
  income
(163)
(252)
Allowance
  for credit losses
(41,404)
(41,063)
Net
  loans
3,559,910
3,473,770
Premises
  and equipment
60,864
56,965
Other
  real estate owned
1,226
1,814
Goodwill
122,702
123,607
Amortizing
  intangibles, net
16,382
17,513
Other
  assets
207,353
202,338
Total
  assets
$
6,181,749
$
6,198,478
LIABILITIES
Deposits
  (all domestic):
Noninterest-bearing
$
502,107
$
480,843
Interest-bearing
3,549,867
3,363,632
Total
  deposits
4,051,974
3,844,475
Short-term
  borrowings
694,830
946,474
Other
  liabilities
35,709
35,977
Subordinated
  debentures
108,250
108,250
Other
  long-term debt
761,853
731,324
Total
  long-term debt
870,103
839,574
Total
  liabilities
5,652,616
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
June 30, 2005 and December 31, 2004; 69,949,652
and 69,868,908 shares outstanding at June 30,
2005 and December 31, 2004, respectively
71,978
71,978
Additional
  paid-in capital
174,571
175,453
Retained
  earnings
317,342
307,363
Accumulated
  other comprehensive income
1,808
10,002
Treasury
  stock (2,028,916 shares at June 30, 2005
and 2,109,660 shares at December 31, 2004,
at cost)
(25,623)
(26,643)
Unearned
  ESOP shares
(10,943)
(6,175)
Total
  shareholders' equity
529,133
531,978
Total
  liabilities and shareholders' equity
$
6,181,749
$
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 June 30,
For
  the Six Months
Ended June 30,
2005
2004
2005
2004
Interest Income
Interest and
  fees on loans
$
54,698
$
44,080
$
107,289
$
85,465
Interest and dividends
  on investments:
Taxable
  interest
19,076
18,305
38,349
35,834
Interest
  exempt from Federal
income taxes
3,129
2,728
6,182
5,373
Dividends
510
377
1,219
781
Interest on
  Federal funds sold
120
1
124
2
Interest on
  bank deposits
7
7
14
15
Total
  interest income
77,540
65,498
153,177
127,470
Interest Expense
Interest on
  deposits
19,079
13,951
35,581
27,461
Interest on short-term
  borrowings
5,867
1,890
11,425
3,625
Interest on
  subordinated debentures
1,945
1,789
3,847
3,081
Interest on
  other long-term debt
7,009
9,433
13,752
18,061
Total
  interest on long-term debt
8,954
11,222
17,599
21,142
Total
  interest expense
33,900
27,063
64,605
52,228
Net Interest Income
43,640
38,435
88,572
75,242
Provision for
  credit losses
3,000
2,520
4,744
4,620
Net interest income after
  provision
for credit losses
40,640
35,915
83,828
70,622
Other Income
Net securities
  gains
-0-
145
485
3,995
Trust income
1,456
1,442
2,781
2,710
Service charges
  on deposit accounts
4,009
3,760
7,549
6,960
Gain on sale of
  branch
3,090
-0-
3,090
-0-
Gain on sale of
  merchant services
business
1,991
-0-
1,991
-0-
Insurance
  commissions
903
865
1,743
1,669
Income from
  bank owned life insurance
1,355
1,251
2,676
2,514
Merchant
  discount income
882
907
1,721
1,735
Card related
  interchange income
1,216
890
2,303
1,510
Other income
2,247
1,837
4,250
3,587
Total
  other income
17,149
11,097
28,589
24,680
Other Expenses
Salaries and
  employee benefits
17,864
17,141
36,162
33,844
Net occupancy
  expense
2,715
2,165
5,707
4,354
Furniture and
  equipment expense
2,759
2,705
5,629
5,226
Data processing
  expense
981
913
1,920
1,726
Pennsylvania
  shares tax expense
1,237
1,140
2,503
2,274
Intangible
  amortization
566
238
1,131
312
Merger and
  integration charges
-0-
873
-0-
2,164
Other operating
  expenses
8,950
8,369
17,413
15,361
Total
  other expenses
35,072
33,544
70,465
65,261
Income before income taxes
22,717
13,468
41,952
30,041
Applicable
  income taxes
4,879
1,908
8,895
5,158
Net income
$
17,838
$
11,560
$
33,057
$
24,883
Average Shares Outstanding
69,129,387
64,455,920
69,237,454
62,614,372
Average Shares Outstanding
  Assuming Dilution
69,693,693
64,947,209
69,858,133
63,118,440
Per Share Data:
Basic earnings
  per share
$
0.26
$
0.18
$
0.48
$
0.40
Diluted
  earnings per share
$
0.26
$
0.18
$
0.47
$
0.39
Cash dividends
  per share
$
0.165
$
0.160
$
0.330
$
0.320
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(Loss)
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-
24,883
-0-
-0-
-0-
24,883
Other
  comprehensive income, net of tax:
Unrealized
  holding losses on securities
arising during the period
-0-
-0-
-0-
(18,414)
-0-
-0-
(18,414)
Less:  reclassification adjustment for
gains on securities included in
net income
-0-
-0-
-0-
(2,580)
-0-
-0-
(2,580)
Unrealized
  holding losses on derivatives
used in cash flow hedging relationship
arising during the period
-0-
-0-
-0-
(152)
-0-
-0-
(152)
Total other
  comprehensive income (loss)
-0-
-0-
-0-
(21,146)
-0-
-0-
(21,146)
Total comprehensive income
‑0-
-0-
24,883
(21,146)
-0-
-0-
3,737
Cash dividends declared
-0-
-0-
(20,891)
-0-
-0-
-0-
(20,891)
Decrease in unearned ESOP
  shares
-0-
-0-
-0-
-0-
-0-
429
429
Discount on dividend
  reinvestment plan purchases
-0-
(393)
-0-
-0-
-0-
-0-
(393)
Treasury stock acquired
-0-
-0-
-0-
-0-
(514)
-0-
(514)
Treasury stock reissued
-0-
(973)
-0-
-0-
6,311
-0-
5,338
Tax benefit of stock
  options
-0-
291
-0-
-0-
-0-
-0-
291
Stock issued for
  acquisition
8,274
96,956
-0-
-0-
-0-
-0-
105,230
Balance at June 30, 2004
$
71,978
$
175,462
$
316,253
$
(5,973)
$
(31,982)
$
(1,565)
$
524,173
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
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-
33,057
-0-
-0-
-0-
33,057
Other
  comprehensive income, net of tax:
Unrealized
  holding losses on securities
arising during the period
-0-
-0-
-0-
(7,479)
-0-
-0-
(7,479)
Less:  reclassification adjustment for
gains on securities included in
net income
-0-
-0-
-0-
(305)
-0-
-0-
(305)
Unrealized
  holding losses on derivatives
used in cash flow hedging relationship
arising during the period
-0-
-0-
-0-
(410)
-0-
-0-
(410)
Total other
  comprehensive income (loss)
-0-
-0-
-0-
(8,194)
-0-
-0-
(8,194)
Total comprehensive income
‑0-
-0-
33,057
(8,194)
-0-
-0-
24,863
Cash dividends declared
-0-
-0-
(23,078)
-0-
-0-
-0-
(23,078)
Net increase in unearned
  ESOP shares
-0-
-0-
-0-
-0-
-0-
(4,768)
(4,768)
Discount on dividend
  reinvestment plan purchases
-0-
(447)
-0-
-0-
-0-
-0-
(447)
Treasury stock reissued
-0-
(400)
-0-
-0-
1020
-0-
620
Tax benefit of stock
  options
-0-
(35)
-0-
-0-
-0-
-0-
(35)
Balance at June 30, 2005
$
71,978
$
174,571
$
317,342
$
1,808
$
(25,623)
$
(10,943)
$
529,133
6
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
ITEM 1. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For
  the Six Months
Ended June 30,
2005
2004
Operating Activities
Net income....................................................
$
33,057
$
24,883
Adjustments to
  reconcile net income to net cash
provided by operating activities:
Provision
  for credit losses ................................
4,744
4,620
Depreciation
  and amortization...............................
5,394
4,006
Net
  gains on sales of assets................................
(1,296)
(3,961)
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...............................
(2,676)
(2,514)
Stock option
  tax benefit......................................
(35)
291
Changes, net of
  acquisition:
Decrease
  in interest receivable............................
166
1,205
Increase
  in interest payable...............................
1,334
623
Increase
  (decrease) in income taxes payable................
5,499
(3,367)
Net
  increase in loans held for sale........................
(1,644)
(210)
Change
  in deferred taxes...................................
(2,068)
(294)
Other-net..................................................
(2,881)
(7,647)
Net
  cash provided by operating activities.................
34,513
17,635
Investing Activities
Transactions
  with securities held to maturity:
Proceeds
  from sales.........................................
-0-
-0-
Proceeds
  from maturities and redemptions....................
6,519
19,565
Purchases...................................................
(16,178)
-0-
Transactions
  with securities available for sale:
Proceeds
  from sales.........................................
59,862
98,507
Proceeds
  from maturities and redemptions....................
213,882
470,560
Purchases...................................................
(164,351)
(592,462)
Proceeds from
  sales of other assets...........................
5,829
5,414
Proceeds from
  sale of merchant services business..............
2,000
-0-
Acquisition of
  affiliate, net of cash received................
-0-
(70,639)
Net decrease in
  time deposits with banks......................
1,215
38
Net increase in
  loans.........................................
(93,598)
(122,168)
Purchases of
  premises and equipment...........................
(8,347)
(3,837)
Net
  cash provided (used) by investing activities............
6,833
(195,022)
Financing Activities
Repayments of
  other long-term debt............................
(12,042)
(8,952)
Proceeds from
  issuance of other long-term debt................
37,803
50,000
Repayments of
  subordinated debentures.........................
-0-
(8,292)
Proceeds from
  issuance of subordinated debentures.............
-0-
41,238
Discount on
  dividend reinvestment plan purchases..............
(447)
(393)
Dividends paid................................................
(23,064)
(19,493)
Net increase in
  Federal funds purchased.......................
88,475
60,900
Net decrease in
  other short-term borrowings...................
(342,181)
(20,925)
Sale of branch
  and deposits, net of cash received.............
(12,143)
-0-
Net increase in
  deposits......................................
225,117
76,608
Proceeds from
  sale of treasury stock..........................
417
5,135
Net
  cash (used) provided by financing activities............
(38,065)
175,826
Net
  increase (decrease) in cash and cash equivalents........
3,281
(1,561)
Cash and cash
  equivalents at January 1........................
79,591
82,510
Cash and cash
  equivalents at June 30..........................
$
82,872
$
80,949
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
June 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 June 30, 2005, and
the results of operations for the three month and six month periods ended June
30, 2005 and 2004, and statements of cash flows and changes in shareholders'
equity for the six month periods ended June 30, 2005 and 2004.
The results of operations for the three month and six month periods ended June 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 six months of the year for:
Interest
$
63,271
$
51,604
Income
  Taxes
$
5,500
$
8,528
Noncash
  investing and financing activities:
ESOP
  loan reductions
$
429
$
429
ESOP borrowings
$
5,197
$
-0-
Loans
  transferred to other real estate
owned and repossessed assets
$
2,432
$
2,215
Gross
  increase (decrease) in market value
adjustment to securities available for sale
$
(11,975)
$
(32,298)
Gross
  increase (decrease) in market value
adjustment of derivative instruments
$
(631)
$
(234)
Treasury
  stock reissued for business
combination
$
203
$
203
8
FIRST COMMONWEALTH FINANCIAL CORPORATION
AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 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):
June 30,
  2005
June 30,
  2004
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Unrealized losses on securities:
Unrealized holding losses
arising during the period
$
(11,506)
$
4,027
$
(7,479)
$
(28,329)
$
9,915
$
(18,414)
Less: reclassification
adjustment for gains realized
in net income
(469)
164
(305)
(3,969)
1,389
(2,580)
Unrealized losses on
derivatives used in cash flow
hedging relationships:
Unrealized holding losses
arising during the period
(631)
221
(410)
(234)
82
(152)
Other comprehensive income (loss)
$
(12,606)
$
4,412
$
(8,194)
$
(32,532)
$
11,386
$
(21,146)
9
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 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 FASB Statement No. 123 ("FAS No. 123"),
"Accounting for Stock-Based Compensation."  In December 2002, the Financial Accounting Standards Board ("FASB")
issued Statement of Financial Accounting Standards No. 148 ("FAS No.
148"), "Accounting for Stock-Based Compensation-Transition and
Disclosure."  FAS No. 148 did not
amend FAS No. 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 No. 123 or the intrinsic value
method of APB 25.  As permitted under
FAS No. 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 No. 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 No. 123(R)"), "Share-Based
Payment."  FAS No. 123(R) replaces
FAS No. 123 and supersedes APB 25.  FAS
No. 123(R) will require companies to measure compensation costs for all
share-based payments including employee stock options using the fair value
method.  FAS No. 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 No.
123, will apply FAS No. 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 No. 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 No. 123.  According to FAS No.
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 No. 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 No. 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
June 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 No. 123 to stock-based employee compensation (Dollar amounts in
thousands, except per share data):
Three months ended
June 30,
2005
2004
Net
  Income, as reported
$
17,838
$
11,560
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
$
17,838
$
11,560
Earnings
  per share:
Basic
  - as reported
$
0.26
$
0.18
Basic
  - pro forma
$
0.26
$
0.18
Diluted
  - as reported
$
0.26
$
0.18
Diluted
  - pro forma
$
0.26
$
0.18
Average
  shares outstanding
69,129,387
64,455,920
Average
  shares outstanding assuming dilution
69,693,693
64,947,209
Six months ended
June 30,
2005
2004
Net
  Income, as reported
$
33,057
$
24,883
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
$
33,014
$
24,845
Earnings
  per share:
Basic
  - as reported
$
0.48
$
0.40
Basic
  - pro forma
$
0.48
$
0.40
Diluted
  - as reported
$
0.47
$
0.39
Diluted
  - pro forma
$
0.47
$
0.39
Average
  shares outstanding
69,237,454
62,614,372
Average
  shares outstanding assuming dilution
69,858,133
63,118,440
11
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005
(Unaudited)
NOTE 5 Merger and Integration Charges
In the first six months of 2004, First Commonwealth recorded merger and
integration charges totaling $2,164 thousand ($1,407 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 $1,679 thousand in salary and benefit severance expenses that were
accrued during the first six months of 2004. 
The severance costs were for 25 employees whose positions were eliminated
as part of the acquisition.
NOTE
6 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 $5,440
thousand, which consists of the limited partnership investments as of June 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 7 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.
12
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005
(Unaudited)
NOTE 7 Guarantees
(continued)
The table below identifies the notional amounts of these guarantees at June 30,
2005 (Dollar amounts in thousands):
Financial
  standby letters of credit
$
17,232
Performance
  standby letters of credit
$
4,724
The current notional amounts outstanding above include financial standby
letters of credit of $507 thousand and performance standby letters of credit of
$1,377 thousand issued during the first six months of 2005.  There is currently no liability recorded on
First Commonwealth's balance sheet related to the above letters of credit.
NOTE 8 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 is included in First Commonwealth's consolidated income
statement for the second quarter of 2005.
NOTE 9 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 is included in First Commonwealth's consolidated income
statement for the second quarter of 2005.
NOTE 10 Subsequent Event
In July 2005, Johnston A. Glass, an Executive Officer of First Commonwealth,
executed his rights under a previously disclosed employment contract.  First Commonwealth is expected to accrue
expenses of $700.3 thousand during the third quarter of 2005.  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.
13
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005
(Unaudited)
NOTE 11 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 June 30 was as follows
(Dollar amounts in thousands):
2005
2004
Service
  cost
$
-0-
$
-0-
Interest
  cost on projected benefit
obligation
55
70
Amortization
  of transition obligation
-0-
-0-
(Gain)
  Loss amortization
-0-
21
Net
  periodic benefit cost
$
55
$
91
The
net periodic benefit cost of this plan for the six months ended June 30 was as
follows (Dollar amounts in thousands):
2005
2004
Service
  cost
$
-0-
$
-0-
Interest
  cost on projected benefit
obligation
110
141
Amortization
  of transition obligation
1
1
(Gain)
  Loss amortization
(1)
42
Net
  periodic benefit cost
$
110
$
184
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.
14
FIRST COMMONWEALTH FINANCIAL CORPORATION
AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005
(Unaudited)
NOTE 12 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 No. 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 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 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 Issue 03-1-a 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.
15
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 1. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2005
(Unaudited)
NOTE 12 New Accounting Pronouncements
(continued)
In
May 2005, the FASB issued Statement of Financial Accounting Standards No. 154
("FAS No. 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 No. 154
replaces APB Opinion No. 20, "Accounting Changes," and FASB Statement
No. 3, "Reporting Accounting Changes in Interim Financial
Statements."  FAS No. 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 No. 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 No. 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 No.
154 to have a material impact on its financial condition and results of
operations.
16
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
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: 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.
First Six Months of 2005 as Compared to the First Six Months of 2004
Net income for the first six months of 2005 and 2004 was $33.1 million and
$24.9 million, respectively.  Basic and
diluted earnings per share were $0.48 and $0.47, respectively, for the first
six months of 2005 and $0.40 and $0.39, respectively, for the same period of
2004.
The following is an analysis of the impact of changes in net income on diluted
earnings per share:
Net
  income per share, prior year
$
0.39
Increase
  (decrease) from changes in:
Net
  interest income
0.08
Provision
  for credit losses
0.01
Security
  transactions
(0.06)
Gain
  on sale of branch
0.04
Gain
  on sale of merchant services business
0.03
Card
  related interchange income
0.01
Salaries
  and employee benefits
0.02
Net
  occupancy expense
(0.01)
Intangible
  amortization
(0.01)
Merger
  and integration charges
0.03
Other
  operating expenses
(0.01)
Applicable
  income taxes
(0.05)
Net
  income per share
$
0.47
17
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 Six Months of 2005 as Compared to the
First Six Months of 2004
(continued)
Return on average assets was 1.07% and return on average equity was 12.51% for
the first six months of 2005 compared to 0.92% and 10.90%, respectively, for
the first six months 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
increased $13.3 million for the first six months of 2005 compared to the first
six months of 2004 as average interest-earning assets increased by $661.0
million or 13.0% compared to 2004 averages.
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.34% for the first six months of
2005 compared to 3.21% for the same period of 2004 as earning asset yields
increased faster than funding costs. 
The yield on interest-earning assets (on a fully tax-equivalent basis)
increased 34 basis points to 5.61%, while the cost of funds increased 18 basis
points to 2.52%.
The following is an analysis of the average balance sheets and net interest
income for the six months ended June 30 (Dollar amounts in thousands):
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
$
854
$
14
3.25%
$
4,530
$
15
0.68%
Tax free investment
securities
274,188
6,182
7.00
233,591
5,373
7.12
Taxable investment
securities
1,898,552
39,568
4.20
1,867,073
36,615
3.94
Federal funds sold
8,255
124
3.02
536
2
0.90
Loans, net of unearned
income (b)(c)
3,568,436
107,289
6.25
2,983,534
85,465
5.96
Total interest-earning
assets
5,750,285
153,177
5.61
5,089,264
127,470
5.27
Noninterest-earning assets:
Cash
80,050
69,614
Allowance for credit
losses
(41,720)
(39,026)
Other assets
428,366
300,340
Total noninterest-
earning assets
466,696
330,928
Total
  Assets
$
6,216,981
$
5,420,192
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 Six Months of 2005 as Compared to the
First Six 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)
$
561,231
$
2,099
0.75%
$
515,461
$
821
0.32%
Savings deposits (d)
1,301,972
8,538
1.32
1,010,482
4,701
0.94
Time deposits
1,594,207
24,944
3.16
1,456,102
21,939
3.03
Short-term borrowings
868,478
11,425
2.65
656,971
3,625
1.11
Long-term debt
849,060
17,599
4.18
853,971
21,142
4.98
Total interest-bearing
liabilities
5,174,948
64,605
2.52
4,492,987
52,228
2.34
Noninterest-bearing
liabilities and capital:
Noninterest-bearing
demand deposits (d)
483,214
426,919
Other liabilities
26,017
41,004
Shareholders' equity
532,802
459,282
Total noninterest-
bearing funding sources
1,042,033
927,205
Total
  Liabilities
and Shareholders'
Equity
$
6,216,981
$
5,420,192
Net Interest Income and
Net Yield on
Interest-Earning Assets
$
88,572
3.34%
$
75,242
3.21%
(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.
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 Six Months of 2005 as Compared to the
First Six 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)
$
(12)
$
11
Tax free investment securities
809
1,437
(628)
Taxable investment securities
2,953
617
2,336
Federal funds sold
122
35
87
Loans
21,824
17,334
4,490
Total interest income
25,707
19,411
6,296
Interest-bearing liabilities:
NOW and super NOW accounts
1,278
73
1,205
Savings and MMDA accounts
3,837
1,356
2,481
Time deposits
3,005
2,081
924
Short-term borrowings
7,800
1,167
6,633
Long-term debt
(3,543)
(122)
(3,421)
Total interest expense
12,377
4,555
7,822
Net interest
  income
$
13,330
$
14,856
$
(1,526)
(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 $21.8 million for the first six months of
2005 compared to 2004 levels as the average balance of loans increased by
$584.9 million or 19.6%.  This increase
is due in large part to the inclusion of GA Financial, Inc. assets for the
entire 2005 period.  Loan yields
increased 29 basis points (0.29%) for the first six months of 2005 compared to
the same period of 2004.  First
Commonwealth has continued to capitalize on lending opportunities with small to
mid-sized commercial borrowers, including loans generated through its preferred
Small Business Administration ("SBA") lender status.  First Commonwealth has consistently been one
of the top small business lenders in Pennsylvania.
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 Six Months of 2005 as Compared to the
First Six Months of 2004
(continued)
Interest income on investments increased $3.8 million for the first six months
of 2005 compared to the same period of 2004. The increase was due to volume
increases as well as increases in interest yields.  Average investments increased $72.1 million for the first six
months of 2005 compared to the same period of 2004.  The overall increase was due to the acquisition of GA Financial,
Inc.  The most significant increase was
in U.S. government agency securities, which increased $60.6 million, and state
and municipal securities, which increased $38.6 million.  These increases were slightly offset by
decreases in corporate bonds and equity securities.  The total yield on investments was 4.56% for the first six months
of 2005 compared to 4.30% for the same period of 2004.
Interest expense on deposits increased $8.1 million for the first six months of
2005 compared to the same period of 2004. 
Deposit costs were 1.82% for the first six months of 2005 compared to
1.62% for the first six months of 2004, an increase of 20 basis points
(0.20%).  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 $7.8 million for the first
six months of 2005 compared to the same period of 2004 as a result of increases
due to volume and increasing interest rates. 
The average balance of short-term borrowings for the first half of 2005
increased $211.5 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 154 basis points (1.54%) compared to 2004 costs of
1.11%.  This rate increase accounted for
$6.6 million of the total increase of $7.8 million in interest expense on
short-term borrowings.
Interest expense on long-term debt decreased $3.5 million for the first half of
2005 compared to the corresponding period of 2004, primarily as a result of
decreases in interest rates.  The yields
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.  Yields on
long-term debt for the first six months of 2005 decreased by 80 basis points
(0.80%) compared to the first six 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.
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 Six Months of 2005 as Compared to the
First Six 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 $4.7
million for the first six months of 2005 compared to $4.6 million for the same
period of 2004.  Although net
charge-offs against the allowance for credit losses increased by $79 thousand
for the first six months of 2005 compared to the same period of 2004, net
charge-offs as a percentage of average loans (annualized) improved to 0.25% for
the 2005 period from 0.29% for 2004. 
Increases in net charge-offs for commercial loans and residential 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 107.74% at
June 30, 2005, compared to 106.85% at June 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
six month periods ended June 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
2,232
2,343
Real
  estate-commercial
518
383
Real
  estate-residential
1,164
652
Loans
  to individuals
1,086
1,456
Lease
  financing receivables
40
141
Total
  loans charged off
5,040
4,975
Recoveries
  of previously charged off loans:
Commercial,
  financial and agricultural
301
432
Real
  estate-commercial
-0-
-0-
Real
  estate-residential
83
7
Loans
  to individuals
253
212
Lease
  financing receivables
-0-
-0-
Total
  recoveries
637
651
Net
  charge offs
4,403
4,324
Provision
  charged to operations
4,744
4,620
Balance
  June 30,
$
41,404
$
42,664
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 Six Months of 2005 as Compared to the
First Six Months of 2004
(continued)
Noninterest Income
Net securities gains were $485 thousand during the first six months of 2005
compared to $4.0 million during the first six months of 2004, a decrease of
$3.5 million between the two periods. 
Gains 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 $589 thousand for the first half 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 $706 thousand for the first half 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.  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.  First
Commonwealth expects to construct or renovate a total of nine new branch
offices in 2005, as compared to the four in 2004.  These new branch offices include three relocations, two
renovations and four de novo offices. 
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.
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").  First Commonwealth recently entered into an asset sale and
merchant processing 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.
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 Six Months of 2005 as Compared to the
First Six Months of 2004
(continued)
Card related interchange income increased during the first six 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
Noninterest expense was $70.5 million for the first six months of 2005
reflecting an increase of $5.2 million from the 2004 level of $65.3
million.  The most significant component
of the increase during the 2005 period was salaries and employee benefit costs
which increased $2.3 million or 6.8%. 
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.  This compares to full time
equivalent employees of 1,652 and 1,661 at the end of the second quarter of
2005 and 2004, respectively.  Salaries
accounted for $2.0 million of the increase while employee benefit costs rose $355
thousand for the first half 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 $1.4 million for the first six 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 quarter of 2005, First Commonwealth Bank opened two new
full-service community offices in Washington 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 half of 2005 were in large
part due to the addition of GA Financial, Inc. 
Increases were recorded for intangible amortization ($819 thousand),
furniture and equipment expense ($403 thousand), PA shares tax expense ($229
thousand) and data processing expense ($194 thousand).
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 Six Months of 2005 as Compared to the
First Six Months of 2004
(continued)
The merger and integration expenses that were incurred during the first six
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 to Pittsburgh Home Capital Trust I and were called and
paid off in January of 2004.  In
addition, the merger related expenses included $1.7 million of severance
related salary and benefit expenses that were accrued during the first half of
2004 and were related to the integration of PFC into First Commonwealth.
Other operating expenses for the 2005 period were $17.4 million reflecting an
increase of $2.1 million from the 2004 amount. 
The first half of 2005 included increases in advertising costs, other
professional fees and telephone and data line expenses.  The advertising expense increase was due in
large part to new promotions for a variety of deposit and loan products as well
as advertising related to branding efforts at the new and renovated offices.  The increase in other professional services
is due in part to the use of a consultant to provide targeted marketing
services.  The increase in telephone and
data line charges was largely due to the acquisition of GA Financial, Inc.
Income tax expense increased $3.7 million for the first half of 2005 compared
to the first half of 2004.  First
Commonwealth's effective tax rate was 21.2% for the first six months of 2005
compared to 17.2% for the corresponding period of 2004.  Tax expense for the first half of 2004 was
positively impacted by higher tax-exempt income and tax credits as a percent of
pretax income as compared to the corresponding 2005 period.
Three Months Ended June 30, 2005 as Compared
to the Three Months Ended June 30, 2004
Net income for the second quarter of 2005 and 2004 was $17.8 million and $11.6
million, respectively.  Basic and
diluted earnings per share were $0.26 for the second quarter of 2005 and $0.18
for the same period of 2004.
Return on average assets was 1.15% and return on average equity was 13.55% for
the second quarter of 2005 compared to 0.82% and 9.76%, respectively, for the
second quarter of 2004.
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)
Three Months Ended June 30, 2005 as Compared
to the Three Months Ended June 30, 2004
(continued)
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 $5.2 million for the second quarter of 2005 compared to the second
quarter of 2004 as average earning assets for the quarter increased by $469.8
million or 8.9% compared to 2004 averages.
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.28% for the second three months of
2005 compared to 3.15% for the same period of 2004 as earning asset yields
increased faster than funding costs. 
The yield on interest-earning assets (on a fully tax-equivalent basis)
increased 43 basis points to 5.64%, while the cost of funds increased 30 basis
points to 2.62%.
The following is an analysis of the average balance sheets and net interest
income for the three months ended June 30 (Dollar amounts in thousands):
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
$
746
$
7
3.46%
$
4,186
$
7
0.65%
Tax free investment
securities
277,395
3,129
6.96
236,987
2,728
7.12
Taxable investment
securities
1,873,475
19,586
4.19
1,926,412
18,682
3.90
Federal funds sold
15,768
120
3.04
799
1
0.90
Loans, net of unearned
income (b)(c)
3,593,934
54,698
6.30
3,123,093
44,080
5.87
Total interest-earning
assets
5,761,318
77,540
5.64
5,291,477
65,498
5.21
Noninterest-earning assets:
Cash
81,091
72,689
Allowance for credit
losses
(41,419)
(40,158)
Other assets
433,934
343,857
Total noninterest-
earning assets
473,606
376,388
Total
  Assets
$
6,234,924
$
5,667,865
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)
Three Months Ended June 30, 2005 as Compared
to the Three Months Ended June 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)
$
560,321
$
1,150
0.82%
$
528,701
$
422
0.32%
Savings deposits (d)
1,341,923
4,892
1.46
1,091,098
2,606
0.96
Time deposits
1,607,808
13,037
3.25
1,469,796
10,923
2.99
Short-term borrowings
821,458
5,867
2.86
680,148
1,890
1.12
Long-term debt
859,624
8,954
4.18
917,027
11,222
4.92
Total interest-bearing
liabilities
5,191,134
33,900
2.62
4,686,770
27,063
2.32
Noninterest-bearing
liabilities and capital:
Noninterest-bearing
demand deposits (d)
487,724
447,765
Other liabilities
27,856
56,787
Shareholders' equity
528,210
476,543
Total noninterest-
bearing funding sources
1,043,790
981,095
Total
  Liabilities
and Shareholders'
Equity
$
6,234,924
$
5,667,865
Net Interest Income and
Net Yield on
Interest-Earning Assets
$
43,640
3.28%
$
38,435
3.15%
(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.
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 June 30, 2005 as Compared
to the Three Months Ended June 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-
$
(6)
$
6
Tax free investment securities
401
715
(314)
Taxable investment securities
904
(513)
1,417
Federal funds sold
119
33
86
Loans
10,618
6,873
3,745
Total interest income
12,042
7,102
4,940
Interest-bearing liabilities:
NOW and super NOW accounts
728
25
703
Savings and MMDA accounts
2,286
599
1,687
Time deposits
2,114
1,026
1,088
Short-term borrowings
3,977
393
3,584
Long-term debt
(2,268)
(703)
(1,565)
Total interest expense
6,837
1,340
5,497
Net interest
  income
$
5,205
$
5,762
$
(557)
(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 $10.6 million for the second quarter of
2005 compared to 2004 levels as the quarter-to-date average balance of loans
increased by $470.8 million or 15.1%. 
This increase is due in part to the inclusion of GA Financial, Inc.
assets for the full quarter of 2005 compared to part of the quarter for
2004.  Loan yields increased 43 basis
points (0.43%) for the second quarter of 2005 compared to the same period of
2004.
Interest income on investments increased $1.3 million for the second quarter of
2005 compared to the same period of 2004. The increase was due in large part to
increases in interest yields.  The total
yield on investments was 4.55% for the second quarter of 2005 compared to 4.25%
for the same period of 2004, an increase of 30 basis points (0.30%).
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 June 30, 2005 as Compared
to the Three Months Ended June 30, 2004
(continued)
Interest expense on deposits increased $5.1 million for the second quarter of
2005 compared to the same period of 2004. 
Deposit costs were 1.91% for the second quarter of 2005 compared to
1.59% for the second quarter of 2004, an increase of 32 basis points
(0.32%).  Increases in volume were
recorded for all deposit categories for the second quarter of 2005 compared to
the same period of 2004.
Interest expense on short-term borrowings increased $4.0 million for the second
quarter of 2005 compared to the same period of 2004 as a result of increases
due to volume and increasing interest rates. 
The average balance of short-term borrowings for the second quarter of
2005 increased $141.3 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 174 basis points (1.74%) compared to 2004 costs of
1.12%.  This rate increase accounted for
$3.6 million of the total increase of $4.0 million in interest expense on
short-term borrowings.
Interest expense on long-term debt decreased $2.3 million for the second
quarter of 2005 compared to the corresponding period of 2004, due in large part
to decreases in interest rates.  The
yields 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. 
Yields on long-term debt for the second quarter of 2005 decreased by 74
basis points (0.74%) compared to the second quarter of 2004.  Average long-term debt for the second quarter
of 2005 decreased by $57.4 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 $3.0
million for the second quarter of 2005 compared to $2.5 million for the same
period of 2004.  Net charge-offs against
the allowance for credit losses increased by $39 thousand for the second
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.
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 June 30, 2005 as Compared
to the Three Months Ended June 30, 2004
(continued)
Noninterest Income
There
were no securities gains or losses in the second quarter of 2005.  The second quarter of 2004 included net
securities gains of $145 thousand.  Gains were largely due to sales of Pennsylvania bank stocks, but
also included gains from the sale of tax-free municipal securities.
Service charges on deposits continue to be First Commonwealth's most
significant component of noninterest fee income and increased $249 thousand for
the second quarter of 2005 compared to the corresponding period of 2004.  An increase of $383 thousand in
nonsufficient funds (or "NSF") fees was recorded for the second
quarter of 2005 as compared to the second quarter of 2004.
The second quarter of 2005 included a $3.1 million pre-tax gain on the sale of
a branch office ($2.0 million after tax). 
The gain occurred when 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 second quarter of 2005 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").  First Commonwealth recently entered into an asset sale and
merchant processing 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.
Other changes in noninterest income during the second quarter of 2005 compared
to the same period of 2004 include an increase in card related interchange
income in the amount of $326 thousand, an increase in gains on the sale of
student loans and an increase in the gain on the sale of other real estate
owned.  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.
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 June 30, 2005 as Compared
to the Three Months Ended June 30, 2004
(continued)
Noninterest Expense
Total noninterest expense for the three months ended June 30, 2005 was $35.1
million reflecting an increase of $1.5 million from the same period of
2004.  The most significant increase
during the 2005 period was salaries and employee benefit costs which increased
$723 thousand or 4.2%.  Salaries
accounted for $633 thousand of the increase while employee benefit costs rose
$90 thousand.
Net occupancy expense increased $550 thousand for the second quarter of 2005
over 2004 levels.  This increase was due
in part to the inclusion of GA Financial, Inc. for all of the 2005 period.  The most significant increase was recorded
in building repairs and maintenance.
Increases in other noninterest expenses in the second quarter of 2005 compared
to the same period for 2004 were primarily due to the addition of GA Financial,
Inc.  Increases were recorded for
intangible amortization ($328 thousand), PA shares tax expense ($97 thousand),
data processing expense ($68 thousand), and furniture and equipment expense
($54 thousand).
Merger and integration charges were $873 thousand for the second quarter of
2004 and included severance related salary and benefit expenses that were
accrued during the second quarter of 2004 due to the integration of PFC into
the Corporation.
Other operating expenses for the second quarter of 2005 were $9.0 million
reflecting an increase of $581 thousand from the 2004 amount of $8.4
million.  The second quarter of 2005
included increases in advertising costs and other professional fees in the
amounts of $300 thousand and $242 thousand, respectively.  Advertising expense increases are due in
large part to new promotions for a variety of deposit and loan products as well
as advertising related to branches that have been newly re-built, remodeled or
acquired.  The increase in other
professional services is due in part to the use of a consultant to provide
targeted marketing services.
Income tax expense increased $3.0 million for the second quarter of 2005
compared to the second quarter of 2004. 
First Commonwealth's effective tax rate was 21.5% for the second quarter
of 2005 compared to 14.2% for the corresponding period of 2004.  Tax expense for the second quarter of 2004
was positively impacted by an increase in tax-exempt income and tax credits.
31
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 ("ALCO").
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 June 30, 2005 and December 31,
2004:
June 30,
2005
December 31,
2004
NOW
  and Super NOW accounts
$
96,868
$
92,168
Savings
  and MMDA accounts
1,835,734
1,703,258
Time
  deposits
1,617,265
1,568,206
Total
  interest-bearing deposits
$
3,549,867
$
3,363,632
32
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 $207.5 million for the first six months of 2005.  Noninterest-bearing deposits increased $21.3
million, while interest-bearing deposits increased $186.2 million with the
largest increases being recorded in the savings deposit category.  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.  Although an increase was recorded in total
time deposits, $25 million in Brokered CD's matured during March 2005 but were
not renewed.
At June 30, 2005, total interest-earning assets were $5,731.8 million, compared
to $5,757.7 million recorded at December 31, 2004.  The following table shows a breakdown of loans by categories as
of June 30, 2005 and December 31, 2004:
June
  30,
2005
December
  31,
2004
Commercial, financial, agricultural
and other
$
751,592
$
715,280
Real estate loans:
Construction and land
  development
75,629
71,351
1-4 family dwellings
1,188,996
1,164,707
Other real estate
986,507
988,611
Loans to individuals for household,
family and other personal
expenditures
590,983
562,321
Leases, net of unearned income
7,770
12,815
Subtotal
3,601,477
3,515,085
Unearned income
(163)
(252)
Totals loans and
  leases
$
3,601,314
$
3,514,833
First Commonwealth's auto lease portfolio continues to decline since the
discontinuation of its automobile leasing activities during 2003.
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 June 30, 2005, securities available for sale had an amortized cost
of $2,042.5 million and an approximate fair value of $2,041.4 million.
33
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 $1,219.3 million or 19.72% of total assets at June 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.
34
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 June 30, 2005, and December 31, 2004 (Dollar amounts in thousands):
June 30,
  2005
0-90
Days
91-180
Days
181-365
Days
Cumulative
0-365 Days
Loans
$
1,257,387
$
198,608
$
358,208
$
1,814,203
Investments
164,988
84,773
208,359
458,120
Other interest-earning assets
1,188
-0-
-0-
1,188
Total interest-sensitive
assets
1,423,563
283,381
566,567
2,273,511
Certificates of deposit
241,054
129,138
394,291
764,483
Other deposits
1,932,602
-0-
-0-
1,932,602
Borrowings
780,945
6,176
8,574
795,695
Total interest-sensitive
liabilities
2,954,601
135,314
402,865
3,492,780
Gap
$
(1,531,038)
$
148,067
$
163,702
$
(1,219,269)
ISA/ISL
0.48
2.09
1.41
0.65
Gap/Total assets
24.77%
2.40%
2.65%
19.72%
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%
35
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Interest Sensitivity
(continued)
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 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 increase net
interest income 10 basis points (0.10%) above the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 277 basis points (2.77%) 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.
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)
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.
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.
37
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
(continued)
(Dollar
  amounts in thousands)
At June 30,
2005
2004
Nonperforming
  Loans
:
Loans
  on nonaccrual basis
$
11,149
$
13,285
Past
  due loans
15,258
11,085
Renegotiated
  loans
179
189
Total
  nonperforming loans
$
26,586
$
24,559
Other
  real estate owned
$
1,226
$
2,421
Loans
  outstanding at end of period
$
3,601,314
$
3,468,152
Average
  loans outstanding (year-to-date)
$
3,568,436
$
2,983,534
Nonperforming
  loans as a percentage of
total loans
0.74%
0.71%
Provision
  for credit losses
$
4,744
$
4,620
Net
  charge-offs
$
4,403
$
4,324
Net
  charge-offs as a percentage of average
loans outstanding (annualized)
0.25%
0.29%
Provision
  for credit losses as a percentage
of net charge-offs
107.74%
106.85%
Allowance
  for credit losses as a percentage
of average loans outstanding
1.16%
1.43%
Allowance
  for credit losses as a percentage
of end-of-period loans outstanding
1.15%
1.23%
Allowance
  for credit losses as a percentage
of nonperforming loans
155.74%
173.72%
38
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 June 30,
2005, and June 30, 2004 (Dollar amounts in thousands):
2005
2004
Recorded
  investment in impaired loans at end
of period
$
11,328
$
13,474
Year
  to date average balance of impaired loans
$
11,717
$
13,522
Allowance
  for credit losses related to
impaired loans
$
1,792
$
2,488
Impaired
  loans with an allocation of the
allowance for credit losses
$
6,424
$
7,493
Impaired
  loans with no allocation of the
allowance for credit losses
$
4,904
$
5,981
Year
  to date income recorded on impaired loans
on a cash basis
$
334
$
144
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 June 30, 2005, there were no
significant concentrations of credit.
Nonperforming loans at June 30, 2005, increased $2.0 million compared to 2004
levels and included increases in loans past due 90 days but still accruing of
$4.2 million which were partially offset by decreases in nonaccrual loans of
$2.1 million.  Nonperforming loans as a
percentage of total loans were 0.74% at June 30, 2005 compared to 0.71% at June
30, 2004.  Past due loans for the 2005
period included increases in residential loans secured by real estate as well
as increases in commercial loans.
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'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.
40
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 $529.1 million at June 30, 2005, a decrease of $2.8
million compared to December 31, 2004. Dividends declared reduced equity by
$23.1 million during the first six months of 2005.  The retained net income of $10.0 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 $7.8 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 $4.8 million. 
Amounts paid to fund the discount on reinvested dividends reduced equity
by $447 thousand during the first six months of 2005 while the market value
adjustment on the interest rate swap decreased equity by $410 thousand for the
same period.  Proceeds from the
reissuance of treasury shares to fund stock options exercised increased equity
by $417 thousand 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.
41
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 June 30,
2005:
Amount
(in thousands)
Percent of
Adjusted Assets
Tier
  I Capital
$  493,237
11.6%
Risk-Based
  Requirement
169,712
4.0
Total
  Capital
534,642
12.6
Risk-Based
  Requirement
339,425
8.0
Minimum
  Leverage Capital
493,237
8.1
Minimum
  Leverage Requirement
182,875
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 June 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.
42
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.
43
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM
  1
.
LEGAL
  PROCEEDINGS
There
  were no material legal proceedings to which the Corporation or its
  subsidiaries are a party, or of which any of their property is the subject,
  except proceedings which arise 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
April
  1 - 30
-0-
n/a
-0-
$4,486,365
May 1 - 31
92,300
$12.97
92,300
$3,289,344
June 1 - 30
-0-
n/a
-0-
$3,289,344
Total
92,300
$12.97
92,300
$3,289,344
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
44
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
45
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:  August 4, 2005
/s/Joseph
  E.
  O'Dell
Joseph
  E. O'Dell, President and Chief Executive Officer
DATED:  August 4, 2005
/s/John
  J.
  Dolan
John
  J. Dolan, Executive Vice President and Chief Financial Officer
46