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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>&nbsp;</font></p>
  <p><font size=3 face=Courier>(X)</font></p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier>&nbsp;</font></p>
  <p><font size=3 face=Courier>QUARTERLY
  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=79 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=624 valign=top>
  <p><font size=3 face=Courier>For
  the quarterly period ended March 31, 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;<br></font></u>(Registrant's telephone number, including area code)<br><br></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><u><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br></font></u>(Former name, former address and former fiscal year,if
  changed since last report)</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center>&nbsp;</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
  April 30, 2005, was 69,918,955.</font></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color="#aca899" align=center>

</font>

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

<p><font size=3 face=Courier>FIRST
COMMONWEALTH FINANCIAL CORPORATION AND 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</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;Subsidiaries 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>
  16</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>
  34</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>35</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>
  36</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>36</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>36</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>36</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>36</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>37</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>38</font></p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>Exhibits</font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

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


<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
CONSOLIDATED BALANCE SHEETS (Unaudited)<br>
(Dollars in thousands)</font></p>

<table border=0 cellspacing=0 cellpadding=0 width=734>
 <tr>
  <td width=442 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>March 31, 2005</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=center><font
  size=1 face=Courier>December 31, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><b><font size=1
  face=Courier>ASSETS</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash
  and due from banks</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>77,909&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>79,591&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 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>735&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,403&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  available for sale, at market</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,107,360&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,162,313&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  held to maturity, at amortized cost,<br>
  &nbsp;&nbsp;&nbsp;(Market value $85,894 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>83,418&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>78,164&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 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>3,552,374&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,512,774&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Loans
  held for sale</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,259&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,311&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 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>(192)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(252)</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Allowance
  for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(40,794)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;(41,063)</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,513,647&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,473,770&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Premises
  and equipment</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>58,854&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>56,965&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 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>1,463&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,814&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Goodwill</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>123,551&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>123,607&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 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>16,948&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>17,513&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>216,705&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;202,338&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,200,590&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>6,198,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><b><font size=1
  face=Courier>LIABILITIES</font></b></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Deposits
  (all domestic):</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>486,158&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>480,843&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,405,524&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,363,632&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  deposits</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>3,891,682&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>3,844,475&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term
  borrowings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>919,636&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>946,474&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  liabilities</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>38,272&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>35,977&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Subordinated
  debentures</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  long-term debt</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>729,613&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;731,324&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>837,863&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;839,574&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>5,687,453&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>5,666,500&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><b><font size=1
  face=Courier>SHAREHOLDERS' EQUITY</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 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;March 31, 2005 and December 31, 2004;
  69,912,501 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 69,868,908 shares outstanding at March 31,<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 and December 31, 2004, respectively</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Additional
  paid-in capital</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>175,067&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 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>311,047&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Accumulated
  other comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(8,901)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Treasury
  stock (2,066,067 shares at March 31, 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>(26,093)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(9,961)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;(6,175)</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  shareholders' equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font
  size=1 face=Courier>513,137&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;531,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities and shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>6,200,590&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=127 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>6,198,478&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=442 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=120 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=127 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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


<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)<br>
(Dollars in thousands, except per share data)</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=245 colspan=3 valign=bottom>
  <p align=center><font
  size=1 face=Courier>For
  the Quarter<br>
  Ended March 31,</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td 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 valign=bottom>
  <p align=center><font
  size=1 face=Courier>2004</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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><b><font size=1
  face=Courier>Interest Income</font></b></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest and
  fees on loans</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>52,591&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>41,385&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest and
  dividends on investments:</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Taxable
  interest</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>19,273&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>17,529&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest
  exempt from Federal income taxes</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,053&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,645&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Dividends</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>709&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>404&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  Federal funds sold</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>4&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  bank deposits</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>7&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td width=23 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 width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest income</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>75,637&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>61,972&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><b><font size=1
  face=Courier>Interest Expense</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  deposits</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>16,502&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>13,510&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  short-term borrowings</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>5,558&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,735&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 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;Interest on
  subordinated debentures</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,902&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,292&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  other long-term debt</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>6,743&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,628&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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;Total
  interest on long-term debt</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>8,645&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,920&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  interest expense</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>30,705&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;25,165&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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><b><font size=1
  face=Courier>Net Interest Income</font></b></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>44,932&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>36,807&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Provision for
  credit losses</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,744&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,100&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td width=23 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 width=24 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><b><font size=1
  face=Courier>Net interest income after provision for credit losses</font></b></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>43,188&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;34,707&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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=aqua>
  <p><b><font size=1
  face=Courier>Other Income</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;Net securities
  gains</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>485&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,850&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Trust income</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,325&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,268&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Service charges
  on deposit accounts</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,540&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,200&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Insurance
  commissions</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>840&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>804&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Income from
  bank owned life insurance</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,321&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,263&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Merchant
  discount income</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>839&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>828&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Card related
  interchange income</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,087&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>620&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other income</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,003&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,750&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other income</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>11,440&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;13,583&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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=aqua>
  <p><b><font size=1
  face=Courier>Other Expenses</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Salaries and
  employee benefits</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>18,298&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>16,703&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net occupancy
  expense</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,992&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,189&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Furniture and
  equipment expense</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,870&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,521&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Data processing
  expense</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>939&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>813&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Pennsylvania
  shares tax expense</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,266&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,134&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Intangible
  amortization</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>565&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>74&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Merger and
  integration charges</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,291&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other operating
  expenses</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>8,463&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,992&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other expenses</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>35,393&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;31,717&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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=aqua>
  <p><b><font size=1
  face=Courier>Income before income taxes</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>19,235&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>16,573&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Applicable
  income taxes</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,016&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,250&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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=aqua>
  <p><b><font size=1
  face=Courier>Net income</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;13,323&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=23 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 width=24 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><font size=1 face=Courier>Average Shares Outstanding</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>69,346,722&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>60,772,824&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>Average Shares Outstanding
  Assuming Dilution</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>70,024,400&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>61,289,672&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>Per Share Data:</font></b></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Basic earnings
  per share</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>0.22&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Diluted
  earnings per share</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.22&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash dividends
  per share</font></p>
  </td>
  <td width=23 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>0.165&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>0.160&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=23 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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=aqua>
  <p><font size=1 face=Courier>Balance December 31, 2003</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>63,704&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>79,581&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>312,261&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>15,173&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(37,779)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(1,994)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>13,323&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>13,323&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=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding gains on securities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  7,637&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>&nbsp;7,637&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Less:&nbsp; reclassification adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on securities included in net income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &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><br>
  (2,486)</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><br>
  &nbsp;(2,486)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding gains on derivatives<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used in cash flow hedging relationship <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  <br>
  &nbsp;&nbsp;&nbsp;171&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  <br>
  &nbsp;&nbsp;&nbsp;&nbsp;171&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total other
  comprehensive income</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;5,322&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;5,322&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=aqua>
  <p><font size=1 face=Courier>Total comprehensive income</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>13,323&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>5,322&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>18,645&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>(9,780)</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>(9,780)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <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=aqua>
  <p><font size=1 face=Courier>Decrease in unearned ESOP
  shares</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>215&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>215&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 <br>
  &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>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(194)</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>(194)</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=aqua>
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(790)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;5,160&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;4,370&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>&nbsp;&nbsp;&nbsp;186&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;186&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=aqua>
  <p><font size=1 face=Courier>Balance at March 31, 2004</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>63,704&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>78,783&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>315,804&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>20,495&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(32,619)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(1,779)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>444,388&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray align=center>

</font>


<p align=center><font size=3
face=Courier><br>
<br clear=all>
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES<br>
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=aqua>
  <p><font size=1 face=Courier>Balance December 31, 2004</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(6,175)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>15,219&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=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(17,961)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(17,961)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Less:&nbsp; reclassification adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on securities included in net income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(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=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(637)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(637)</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;(18,903)</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;(18,903)</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=aqua>
  <p><font size=1 face=Courier>Total comprehensive income
  (loss) </font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;(18,903)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(3,684)</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>(11,535)</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>(11,535)</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=aqua>
  <p><font size=1 face=Courier>Decrease in unearned ESOP
  shares</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(3,786)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(3,786)</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<br>
  &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>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(221)</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>(221)</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=aqua>
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(130)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>550&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>420&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=aqua>
  <p><font size=1 face=Courier>Balance at March 31, 2005</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;175,067&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;311,047&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;(8,901)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(26,093)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(9,961)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>513,137&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 3 Months<br>
  Ended March 31,</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><b><font size=1
  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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>13,323&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><font
  size=1 face=Courier>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Provision
  for credit losses&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,744&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>2,100&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>2,794&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,877&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  losses (gains) on sales of assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(833)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(3,981)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;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>(1,321)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,263)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Stock option
  tax benefit</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(35)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>186&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Decrease in
  interest receivable</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>69&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,002&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Decrease in
  interest payable</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(807)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(1,126)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Increase in
  income taxes payable</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>7,418&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,371&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease
  (increase) in loans held for sale</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>52&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,656&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
  in deferred taxes</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(3,366)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(600)</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>(4,727)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;(3,975)</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=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>16,207&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>12,570&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities held to maturity:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>4,709&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>5,675&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>(9,948)</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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities available for sale:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>17,636&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>28,919&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>112,800&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>193,649&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>(103,114)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(201,538)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sales of other assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>3,421&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>3,003&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Acquisition of
  affiliate, net of cash received</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(11,052)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease in
  time deposits with banks</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,668&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>4,453&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(44,281)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(70,049)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Purchases of
  premises and equipment</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(4,119)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;(1,247)</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 by investing activities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(21,228)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(48,187)</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=aqua>
  <p><b><font size=1
  face=Courier>Financing Activities</font></b></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;Repayments of
  other long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(5,497)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,879)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Repayments of
  subordinated debentures</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>41,328&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Discount on
  dividend reinvestment plan purchases</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(221)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(194)</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>(11,528)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(9,714)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  Federal funds purchased</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>52,750&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>33,850&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>(79,589)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(51,829)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  deposits</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>47,207&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>17,118&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sale of treasury stock</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>217&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;4,167&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided by financing activities</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>3,339&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;24,555&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  increase (decrease) in cash and cash equivalents</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(1,682)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(11,062)</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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash and cash
  equivalents at January 1</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>79,591&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;82,510&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash and cash
  equivalents at March 31</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>77,909&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;71,448&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>&nbsp;&nbsp;<br>
The accompanying notes are an integral part of these consolidated financial
statements.<br>
<br>
<br>
<br>
<br>
7</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 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 March 31, 2005, and the results of operations for the three month periods
ended March 31, 2005 and 2004, and statements of cash flows and changes in
shareholders' equity for the three month periods ended March 31, 2005 and
2004.&nbsp; <br>
<br>
The results of operations for the three months ended March 31, 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 three 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=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Interest</font></p>
  </td>
  <td width=38 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>31,513&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>26,290&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Income
  Taxes</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>293&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=aqua>
  <p><font size=3 face=Courier>Noncash
  investing and financing activities:</font></p>
  </td>
  <td width=38 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;&nbsp;ESOP
  loan reductions</font></p>
  </td>
  <td width=38 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=3
  face=Courier>214&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>214&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp; ESOP borrowings</font></p>
  </td>
  <td width=38 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>4,000&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  transferred to other real estate <br>
  &nbsp;&nbsp;&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>1,405&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>
  1,224&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Gross
  increase (decrease) in market value<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment to securities available for sale</font></p>
  </td>
  <td width=38 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=74 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>(28,101)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  7,924&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Gross
  increase (decrease) in market value<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment of derivatives 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>(980)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  263&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=498 valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Treasury
  stock reissued for business <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;combination</font></p>
  </td>
  <td width=38 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
 </tr>
</table>

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


<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 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>March
  31, 2005</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>March
  31, 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 bgcolor=aqua>
  <p><font size=1 face=Courier>Unrealized gains (losses) on<br>
  &nbsp;securities:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=271 valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Unrealized holding gains<br>
  &nbsp;&nbsp;(losses) arising during<br>
  &nbsp;&nbsp;the period</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(27,632)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>9,671</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(17,961)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  11,749&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  (4,112)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  7,637&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=271 valign=bottom bgcolor=aqua>
  <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 valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier><br><br></font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>(469)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>164</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>(305)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier><br><br></font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier><br>
  (3,825)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;1,339&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier><br>
  (2,486)</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>
  <p><font size=1 face=Courier>Unrealized gains (losses) on<br>
  &nbsp;derivatives used in cash flow<br>
  &nbsp;hedging relationships:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=271 valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;Unrealized holding gains<br>
  &nbsp;&nbsp;(losses) arising during <br>
  &nbsp;&nbsp;the period</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>(980)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>343</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>(637)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;263&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;(92)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;171&nbsp;</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>Other comprehensive income (loss)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(29,081)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>10,178</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(18,903)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;8,187&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(2,865)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;5,322&nbsp;</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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
9</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 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 FASB issued Statement 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 FASB Statement 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 based 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=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 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 table 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=283 colspan=4 valign=bottom>
  <p align=center><font size=3
  face=Courier>Three months ended<br>
  March 31,</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=144 colspan=2 valign=bottom>
  <p align=center><u><font size=3
  face=Courier>2005</font></u></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=center><u><font size=3
  face=Courier>2004</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=144 colspan=2 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>Net
  Income, as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>15,219&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>13,323&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 based 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=aqua>
  <p><font size=3 face=Courier>Pro
  forma net income</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>15,176&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;13,285&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=aqua>
  <p><font size=3 face=Courier>&nbsp;Basic
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.22&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>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;Diluted
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=120 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;0.22&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>$</font></p>
  </td>
  <td width=120 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;0.22&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=aqua>
  <p><font size=3 face=Courier>Average
  shares outstanding</font></p>
  </td>
  <td width=144 colspan=2 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>69,346,722&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>60,772,824&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>70,024,400&nbsp;</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>61,289,672&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 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 quarter of 2004, First Commonwealth recorded merger and
integration charges totaling $1,291 thousand ($839 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 $806 thousand in salary and benefit severance expenses that were
accrued during the first quarter of 2004.&nbsp;
The severance costs were for 22 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 $5,644
thousand, consisting of the limited partnership investments as of March 31,
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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>&nbsp;<br>
12</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><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; The table
below identifies the notional amounts of these guarantees at March 31, 2005
(Dollar amounts in thousands):<br>
<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;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>17,718</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Performance
  standby letters of credit</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>5,211</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 $361 thousand and performance standby letters of credit of
$556 thousand issued during the first quarter 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 Recent Developments<br>
</u><br>
<i>Pending Branch Sale<br>
<br></i>On March 8, 2005, First Commonwealth Bank, a wholly owned subsidiary
of First Commonwealth Financial Corporation agreed to sell one of its branch
offices located in State College, PA.&nbsp;
Under terms of the purchase and assumption agreement, Clearfield Bank
and Trust Company will assume approximately $16.5 million of deposit
liabilities that are associated with the office.&nbsp; The transaction is subject to regulatory approvals and is expected
to settle in June of 2005.&nbsp; The transaction
is expected to generate a pre-tax gain of approximately $2.8 million that
includes the premium on deposits and the gain on the sale of premises and
equipment.<br>
<br>
<i>Merchant Processing Alliance<br>
<br></i>First Commonwealth recently entered into an asset sale and merchant
processing alliance with First Data Corp.&nbsp;&nbsp;
Under the terms of the agreement, First Data Corp. will acquire certain
assets of First Commonwealth's merchant processing business and 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; First Commonwealth is
expected to share in approximately fourteen percent of the future revenue stream.&nbsp; The transaction is expected to generate a
pre-tax gain of approximately $2.0 million that will increase second quarter
2005 after-tax earnings by approximately $1.3 million.&nbsp; Merchant discount and other related merchant
income for the full year of 2004 was $4.0 million while associated costs were
$3.3 million.&nbsp; <br>
<br>
<br>
<br>
13</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 9 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 as of March 31 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=aqua>
  <p><font size=3 face=Courier>Service
  cost</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Interest
  cost on projected benefit <br>
  &nbsp;&nbsp;&nbsp;obligation</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>55&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>71&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>Amortization
  of transition obligation</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;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=aqua>
  <p><font size=3 face=Courier>Net
  periodic benefit cost</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>55&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;93&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
This is an unfunded post retirement plan.&nbsp;
Future payments will only consist of benefit payments for life and
health insurance premiums for plan participants.<br>
<br>
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the
&quot;Act&quot;) introduced a prescription drug benefit under Medicare Part D.
The Act also introduced a federal subsidy to sponsors of retiree health care
benefit plans that provide a prescription drug benefit that is at least
actuarially equivalent to Medicare Part D.&nbsp;
The postretirement plans of First Commonwealth are provided through
insurance coverage; therefore, First Commonwealth will not receive a direct
federal subsidy.&nbsp; The preceding measure
of the net periodic postretirement benefit cost assumes that the insurer will
receive the subsidy and pass those savings onto First Commonwealth through
reduced insurance premiums.<br>
<br>
<u>NOTE 10 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 FASB Statement 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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
14</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2005<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 10 New Accounting Pronouncements</u> (continued)<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 delays 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 does not suspend the
requirement to recognize other-than-temporary impairments as required by
existing authoritative literature. &nbsp;Once
additional guidance has been released, the impact of implementation on First
Commonwealth's financial condition and results of operations will be evaluated.
<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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
15</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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:&nbsp; 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 Three Months of 2005 as Compared to the First Three Months of 2004</b></font></p>

<p><font size=3 face=Courier><br>
Net income for the first three months of 2005 and 2004 was $15.2 million and $13.3
million, respectively.&nbsp; Basic and
diluted earnings were $0.22 for the first quarter of 2005 and 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>
  <p><font size=3 face=Courier>Net
  income per share, prior year</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.22&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 bgcolor=aqua>
  <p><font size=3 face=Courier>Increase
  (decrease) from changes in:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Net
  interest income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.04&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;Provision
  for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>0.01&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Security
  transactions</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.06)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;Card
  related interchange income</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>0.01&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Salaries
  and employee benefits</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=aqua>
  <p><font size=3 face=Courier>&nbsp;Net
  occupancy expense</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;Intangible
  amortization</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.01)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;Merger
  and integration charges</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;Other
  operating expenses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(0.01)</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=aqua>
  <p><font size=3 face=Courier>Net
  income per share</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;0.22&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>
Return on average assets was 1.00% and return on average equity was 11.48% for
the first quarter of 2005 compared to 1.04% and 12.12%, respectively, for the
first quarter of 2004.<br>
<br>
<br>
16</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(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 $8.1 million for the first quarter of 2005 compared to the first
quarter of 2004 as average earning assets increased by $852.1 million or 17.4%
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 3.41% for the three months of 2005
compared to 3.27% for the same period of 2004 as earning asset yields increased
faster than funding costs. <br>
<br>
The following is an analysis of the average balance sheets and net interest
income for the three months ended March 31 (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>
  &nbsp;&nbsp;Income/<br>
  &nbsp;&nbsp;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>&nbsp;&nbsp;Income/<br>
  &nbsp;&nbsp;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 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=aqua>
  <p><font size=1 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>964&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>7</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.08%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4,874&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.71%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>270,945&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>3,053</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>7.03&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>230,195&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2,645</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>7.11&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>1,923,907&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>19,982</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.21&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,807,732&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>17,933</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.99&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>659&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>4</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2.46&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>274&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>3,542,655&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>52,591</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.21&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,843,976&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>41,385</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.06&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5,739,130&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>75,637</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5.58&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>4,887,051&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>61,972</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5.34&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-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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>78,997&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>66,539&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>(42,024)</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>(37,894)</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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>422,736&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>256,823&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;&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;459,709&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>285,468&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>6,198,839&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5,172,519&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>
<br>
<br>
<br>
<br>
17</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three 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>
  &nbsp;&nbsp;Income/<br>
  &nbsp;&nbsp;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>&nbsp;&nbsp;Income/<br>
  &nbsp;&nbsp;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 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=aqua>
  <p><font size=1 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>562,152&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>949</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  0.68%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>502,220&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>399</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.32%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Savings deposits (d)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1,261,576&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>3,647</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1.17&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>929,866&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2,096</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>0.91&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>1,580,456&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>11,906</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.06&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,442,409&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>11,015</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.07&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>916,021&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5,558</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2.46&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>633,794&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1,735</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1.10&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>838,378&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8,645</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>790,915&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>9,920</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.04&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5,158,583&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>30,705</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2.41&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>4,299,204&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>25,165</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2.35&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>&nbsp;&nbsp;liabilities and capital:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>478,653&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>406,072&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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>24,158&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>25,222&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>537,445&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>442,021&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;&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;1,040,256&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;873,315&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=aqua>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Liabilities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Shareholders'<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>6,198,839&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5,172,519&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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;&nbsp;Net Yield on <br>
  &nbsp;&nbsp;Interest-Earning
  Assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><font size=1
  face=Courier><br>
  <br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>44,932</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  3.41%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>36,807</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.27%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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

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

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray align=center>

</font>

<font size=3 face=Courier><br
clear=all>
</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>
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 Three Months of 2005 as Compared to the
First Three 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 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 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 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 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 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 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 valign=bottom bgcolor=aqua>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>(1)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>(7)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>6&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>2,457&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,873&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>584&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>3&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>2&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>11,206&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>10,527&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>679&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom bgcolor=aqua>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest income</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>&nbsp;13,665&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>12,394&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>1,271&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom>
  <p><font size=2 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Total savings deposits</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>2,101&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>798&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>1,303&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>891&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,054&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(163)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>3,823&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>772&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>3,051&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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>(1,275)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>595&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,870)</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom bgcolor=aqua>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>5,540&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>3,219&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=2
  face=Courier>2,321&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td 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 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest
  income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>8,125&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>9,175&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,050)</font></p>
  </td>
 </tr>
 <tr>
  <td 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.</font></p>

<p><font size=3 face=Courier><br>
Interest and fees on loans increased $11.2 million for the first quarter of
2005 compared to 2004 levels as the average balance of loans increased by
$698.7 million or 24.6%.&nbsp; This increase
is due in large part to the inclusion of GA Financial, Inc. assets for the
first quarter of 2005.&nbsp; Loan yields
increased 15 basis points (0.15%) for the first quarter 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; Total loans increased 4.9% on an annualized basis during 2005,
unrelated to acquired assets.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
19</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(continued)<br>
<br>
Interest income on investments increased $2.5 million for the first quarter of
2005 compared to the first quarter of 2004. Increases were due to volume
increases as well as increases in interest yields.&nbsp; Average investments increased $156.9 million for the first
quarter of 2005 compared to the same period of 2004.&nbsp; The increase was due to the acquisition of GA Financial,
Inc.&nbsp; The biggest increase was in U.S.
government agency securities, which increased by $130.2 million.&nbsp; The increases in U.S. government agency
securities were slightly offset by decreases in corporate bonds and equity
securities.&nbsp; The total yield on
investments was 4.56% for the first three months of 2005 compared to 4.34% for
the same period of 2004.&nbsp;&nbsp;&nbsp; <br>
<br>
Interest on deposits increased $3.0 million for the first quarter of 2005
compared to the same period of 2004.&nbsp;
Deposit costs were 1.72% for the first quarter of 2005 compared to 1.66%
for the first quarter of 2004, an increase of 6 basis points (0.06%).&nbsp; While the yields on interest-bearing demand
deposits and savings deposits increased between these two periods, the yield on
time deposits recorded a slight decrease.&nbsp;
Increases in volume were recorded for all deposit categories for the
first quarter of 2005 compared to the same period of 2004.&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 $3.8 million for the first
three 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 quarter of 2005 increased $282.2 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 136 basis points (1.36%) compared
to 2004 costs of 1.10%.&nbsp; This rate
increase accounted for $3.1 million of the total increase of $3.8 million in
interest expense on short-term borrowings. <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br><br>
20</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(continued)<br>
<br>
Interest expense on long-term debt decreased $1.3 million for the first quarter
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 quarter of 2005 decreased by 86 basis points
(0.86%) compared to the first quarter of 2004.&nbsp;
Average long-term debt for the first three months of 2005 increased by
$47.5 million compared to 2004 averages.&nbsp;
$35.0 million of the increase in average long-term debt is due to
additional debt in the form of subordinated debentures.&nbsp; Subordinated debentures in the amount of
$41.2 million were issued during March 2004.&nbsp;
This debt was issued to fund the acquisition of GA Financial, Inc. in
May 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>
<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 $1.7
million for the first three months of 2005 compared to $2.1 million for the
first three months of 2004.&nbsp; The decrease
in the provision for credit losses reflects the favorable charge-off trends and
improved quality of primary watch list credits.&nbsp; Although net charge-offs against the allowance for credit losses
increased by $40 thousand for the first three months of 2005 compared to the
same period of 2004, net charge-offs as a percentage of average loans
(annualized) improved to 0.23% for the 2005 period from 0.28% for 2004.&nbsp; Increases in net charge-offs for commercial
loans in the 2005 period were partially offset by decreases in all other loans
categories.&nbsp; The provision for credit
losses as a percentage of net charge-offs was 86.64% at March 31, 2005,
compared to 106.44% at March 31, 2004.&nbsp;
See the &quot;Credit Review&quot; section for any analysis of the
quality of the loan portfolio.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
21</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(continued)<br>
<br>
Below is an analysis of the consolidated allowance for credit losses for the
three month periods ended March 31, 2005 and 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 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>
  <p><font size=3 face=Courier>Balance
  January 1,</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>41,063&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>37,385&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>Loans
  charged off:</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Commercial,
  financial and agricultural</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,254&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,180&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-commercial</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>56&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>12&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>489&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>506&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  to individuals</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>538&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>617&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>24&nbsp;</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;&nbsp;109&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=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  loans charged off</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;2,361&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;2,424&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=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Commercial,
  financial and agricultural</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>155&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>309&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=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-residential</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>35&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>6&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>158&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>136&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Lease
  financing receivables</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-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>&nbsp;&nbsp;&nbsp;348&nbsp;</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;&nbsp;451&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=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  charge offs</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>2,013&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;1,973&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>1,744&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;2,100&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=aqua>
  <p><font size=3 face=Courier>Balance
  March 31,</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>40,794&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>37,512&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><i><u><font size=3 face=Courier>Noninterest Income</font></u></i><br><br></p>

<p><font size=3 face=Courier>Net
securities gains were $485 thousand during the first three months of 2005
compared to $3.9 million during the first three months of 2004.&nbsp; Gains were largely due to sales of
Pennsylvania bank stocks.&nbsp; <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
22</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(continued)<br>
<br>
Service charges on deposits continue to be First Commonwealth's most
significant component of noninterest fee income and increased $340 thousand for
the first three months of 2005 compared to the corresponding period of
2004.&nbsp; Increases in nonsufficient funds
(or &quot;NSF&quot;) fees of $323 thousand were recorded for the first quarter
of 2005 as compared to the first quarter 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;
Management strives to implement reasonable fees for services and closely
monitors collection of those fees.<br>&nbsp;<br>Other changes in noninterest income during the first three months of
2005 compared to the same period of 2004 included increases in card related
interchange income in the amount of $467 thousand.&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; <br><br>
Other income for the first three months of 2005 rose $253 thousand from the
$1.8 million reported for the first three months of 2004.&nbsp; The largest driver of the increase in other
income for the first quarter of 2005 was gains on the sale of other assets in
the amount of $168 thousand.&nbsp; <br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
23</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(continued)<br>
<br>
<i><u>Noninterest Expense</u></i><br>
<br>
Noninterest expense was $35.4 million for the first three months of 2005
reflecting an increase of $3.7 million from the 2004 level of $31.7
million.&nbsp; The most significant increase
during the 2005 period was salaries and employee benefit costs which increased
$1.6 million or 9.5%.&nbsp; The increase was
due in large part to the increase in the number of employees due to 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;
Salaries accounted for $1.3 million of the increase while employee
benefit costs rose $264 thousand for the first quarter 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 $803 thousand for the first quarter of 2005
over 2004 levels.&nbsp; Approximately $390
thousand of the increase was due to the inclusion of GA Financial, Inc. and
$194 thousand was due to depreciation on leasehold improvements.&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; During the first quarter of 2005, First
Commonwealth Bank opened two new full-service community offices in Washington
County.&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 quarter of 2005 were
primarily due to the addition of GA Financial, Inc.&nbsp; Increases were recorded for intangible amortization ($491
thousand), furniture and equipment expense ($349 thousand), PA shares tax
expense ($132 thousand) and data processing expense ($126 thousand).&nbsp; <br>
<br>The merger and integration expenses that were incurred during the first
quarter 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 $806 thousand of severance
related salary and benefit expenses that were accrued during the first quarter
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 $8.5 million reflecting an
increase of $1.5 million from the 2004 amount of $7.0 million.&nbsp; The first three months of 2005 included
increases in telephone and dataline expenses, advertising costs, other
professional fees and operational losses and charge-offs.&nbsp; The increase in telephone and data line
charges was largely due to the acquisition of GA Financial, Inc.&nbsp; The increase in other professional services
is due in part to the use of a consultant to provide targeted marketing
services.&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;&nbsp;&nbsp;&nbsp;&nbsp; <br>
<br>
24</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 Three Months of 2005 as Compared to the
First Three Months of 2004</b><br>
(continued)<br>
<br>
Income tax expense increased $766 thousand for the first quarter of 2005
compared to the first quarter of 2004.&nbsp;
First Commonwealth's effective tax rate was 20.9% for the first three
months of 2005 compared to 19.6% for the corresponding period of 2004.&nbsp; <br>
<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 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 an additional source of liquidity.&nbsp; In addition to the previously described
funding sources, First Commonwealth also 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; Total deposits increased $47.2 million for the first three months
of 2005 with the largest increases being recorded in the savings deposit category.&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 March 31, 2005, total interest-earning assets were $5,746.0 million, up from
the $5,757.7 million recorded at December 31, 2004.&nbsp; Total loans increased $39.6 million for the first three months of
2004 as commercial and agricultural loans increased by $19.4 million, loans to
individuals increased by $13.7 million and residential loans secured by real
estate increased by $8.5 million compared to year-end 2004.&nbsp; First Commonwealth's auto lease portfolio
continues to decline since the discontinuation of its automobile leasing
activities during 2003.&nbsp; <br>
<br>
25</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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>
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 March 31, 2005, securities available for sale had an amortized
cost of $2,119.9 million and an approximate fair value of $2,107.4 million.<br>
<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 $1,384.7 million or 22.33% of total assets at March 31, 2005.&nbsp; A positive gap tends to indicate that
earnings will be impacted favorably if interest rates rise during the period
and negatively when interest rates fall during the time period.&nbsp; A negative gap tends to indicate that
earnings will be affected inversely to interest rate changes.&nbsp; In other words, as interest rates fall, a
negative gap should tend to produce a positive effect on earnings, and when
interest rates rise, a negative gap should tend to affect earnings negatively.<br>
<br>
The primary components of ISA include adjustable rate loans and investments,
loan repayments, investment maturities and money market investments.&nbsp; The primary components of ISL include
maturing certificates of deposit, money market deposits, savings deposits, NOW
accounts and short-term borrowings.<br>
<br>
<br>
<br>
<br>
<br>
26</font></p>


<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 March 31, 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>March
  31, 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=aqua>
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1,281,687&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>184,076&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>356,216&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1,821,979&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>160,775&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>74,223&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>152,449&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>387,447&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>Other interest-earning assets&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>735&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>735&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>1,443,197&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>258,299&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>508,665&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,210,161&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=aqua>
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>277,024&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>172,881&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>334,181&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>784,086&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>1,827,625&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>1,827,625&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>961,825&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>5,737&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>15,593&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>983,155&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>3,066,474&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>178,618&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>349,774&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,594,866&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=aqua>
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>(1,623,277)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>79,681&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>158,891&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>(1,384,705)</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>0.47&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.45&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.45&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.61&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>26.18%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>1.29%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>2.56%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>22.33%</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=aqua>
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1,300,777&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>185,633&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>333,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;2,403&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>346,191&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>205,507&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>237,318&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;985,049&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;5,497&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>&nbsp;15,513&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>(1,633,150)</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>107,756&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>267,126&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <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=aqua>
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>26.35%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>1.74%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>4.31%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font
  size=1 face=Courier>20.30%</font></p>
  </td>
 </tr>
</table>

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

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 March 31, 2005, indicated that
a 200 basis point (2.00%) increase in interest rates would decrease net
interest income 99 basis points (0.99%) below the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 223 basis points (2.23%) 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>
<br>
<br>
<br>
28</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
29</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 March 31,</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=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  on nonaccrual basis</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>11,200&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>12,292&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>16,846&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,627&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Renegotiated
  loans</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;182&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>28,228&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;24,111&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=aqua>
  <p><font size=3 face=Courier>Other
  real estate owned</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>1,463&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>2,233&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,554,441&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,888,349&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=aqua>
  <p><font size=3 face=Courier>Average
  loans outstanding (year-to-date)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>3,542,655&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>2,843,976&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 a as 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>0.79%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.83%</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=aqua>
  <p><font size=3 face=Courier>Provision
  for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>1,744&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>2,100&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,013&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1,973&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=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  0.23%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  0.28%</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>
  86.64%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  106.44%</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=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  1.15%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  1.32%</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><br>
  1.30%</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=aqua>
  <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=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  144.52%</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  155.58%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 March 31,
2005, and March 31, 2004 (Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=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>&nbsp;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=aqua>
  <p><font size=3 face=Courier>Recorded
  investment in impaired loans at end <br>
  &nbsp;of period</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>11,382</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>12,484</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</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,899</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>12,813</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=aqua>
  <p><font size=3 face=Courier>Allowance
  for credit losses related to <br>
  &nbsp;impaired loans</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>2,362</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>2,437</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>7,244</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>
  6,454</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=aqua>
  <p><font size=3 face=Courier>Impaired
  loans with no allocation of the&nbsp;allowance<br>
  &nbsp;for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>4,138</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier><br>
  6,030</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>190</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>
  112</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 March 31, 2005, there were no
significant concentrations of credit.<br>
<br>
Nonperforming loans at March 31, 2005, increased $4.1 million compared to 2004
levels and included increases in loans past due 90 days but still accruing of
$5.2 million which were partially offset by decreases in nonaccrual loans of
$1.1 million.&nbsp; Nonperforming loans as a
percentage of total loans were 0.79% at March 31, 2005 compared to 0.83% at
March 31, 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>
31</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
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 $513.1 million at March 31, 2005, a decrease of $18.8
million compared to December 31, 2004.&nbsp;
The most significant decrease was the market value adjustment to
securities available for sale, which decreased equity by $18.3 million.&nbsp; Dividends declared reduced equity by $11.5
million during the first three months of 2005.&nbsp;
The retained net income of $3.7 million remained in permanent capital to
fund future growth and expansion.&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 $3.8 million.&nbsp;
Amounts paid to fund the discount on reinvested dividends reduced equity
by $221 thousand during the first three months of 2005 while the market value
adjustment on the interest rate swap decreased equity by $637 thousand for the
same period.&nbsp; Proceeds from the
reissuance of treasury shares to fund stock options exercised increased equity
by $217 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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
33</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
AND RESULTS OF OPERATIONS</font></p>

<p><u><font size=3 face=Courier><br></font></u>CAPITAL RESOURCES (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 March 31,
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=aqua>
  <p><font size=3 face=Courier>Tier
  I Capital</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$&nbsp;&nbsp;486,536</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>11.7%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Risk-Based
  Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>166,453</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=aqua>
  <p><font size=3 face=Courier>Total
  Capital</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>527,330</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>12.7&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Risk-Based
  Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>332,905</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=aqua>
  <p><font size=3 face=Courier>Minimum
  Leverage Capital</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>486,536</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>8.0&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>181,750</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 March 31, 2005,
First Commonwealth's banking and trust subsidiaries exceeded those
requirements.<br>
<br>
ITEM 3.&nbsp; QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK<br>
<br>
Information appearing in Item 2 of this report under the caption &quot;Interest
Sensitivity&quot; is incorporated herein by reference in response to this item.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
34</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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; In
  addition, First Commonwealth's management, including the Chief Executive
  Officer and Chief Financial Officer, also conducted an evaluation of First
  Commonwealth's internal control over financial reporting to determine whether
  any changes occurred during the fiscal quarter that have materially affected,
  or are reasonably likely to materially affect, First Commonwealth's internal
  control over financial reporting.&nbsp; No
  such changes were identified in connection with this evaluation.</font></p>
  </td>
 </tr>
 <tr>
  <td width=101 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=633 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=101 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=633 valign=top>
  <p><font size=3 face=Courier>Disclosure
  controls and procedures are controls and other procedures that are designed
  to ensure that information required to be disclosed by First Commonwealth in
  the reports that First Commonwealth files or submits under the Exchange Act
  is recorded, processed, summarized and reported, within the time periods
  specified in the Securities and Exchange Commission's rules and forms.
  Disclosure controls and procedures include, without limitation, controls and
  procedures designed to ensure that information required to be disclosed by
  First Commonwealth in the reports that First Commonwealth files under the
  Exchange Act is accumulated and communicated to First Commonwealth's
  management, including the Chief Executive Officer and Chief Financial
  Officer, as appropriate to allow timely decisions regarding required
  disclosure.</font></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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=aqua>
  <p><font size=3 face=Courier>January
  1 -<br>
  January 31</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=126 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>n/a</font></p>
  </td>
  <td width=150 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td width=170 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$8,486,285</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom>
  <p><font size=3 face=Courier><br>
  February 1 - February 28</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>93,400&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>$14.02</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>93,400&nbsp;</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right><font size=3
  face=Courier>$7,176,364</font></p>
  </td>
 </tr>
 <tr>
  <td width=183 valign=bottom bgcolor=aqua>
  <p><font size=3 face=Courier><br>
  March 1 - <br>
  March 31</font></p>
  </td>
  <td valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>191,120&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$14.07</font></p>
  </td>
  <td width=150 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>191,120&nbsp;</font></p>
  </td>
  <td width=170 valign=bottom bgcolor=aqua>
  <p align=right><font size=3
  face=Courier>$4,486,365</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>
  <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=183 valign=bottom>
  <p><font size=3 face=Courier>Total</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>284,520&nbsp;</font></p>
  </td>
  <td width=126 valign=bottom>
  <p align=right><font size=3
  face=Courier>$14.06</font></p>
  </td>
  <td width=150 valign=bottom>
  <p align=right><font size=3
  face=Courier>284,520&nbsp;</font></p>
  </td>
  <td width=170 valign=bottom>
  <p align=right><font size=3
  face=Courier>$4,486,365</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>
  <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>
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>
36</font></p>

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray align=center>

</font>

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

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

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

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

<font size=3
face=Courier>

<hr size=3 width="100%" noshade color=gray 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; May 5, 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>
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  <td width=403 valign=top>
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  <p>&nbsp;</p>
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  <p>&nbsp;</p>
  </td>
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  <td width=331 valign=top>
  <p><font size=3 face=Courier>DATED:&nbsp; May 5, 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>
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  <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>

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[{"type": "10-Q", "sequence": "1", "filename": "fcfc10q0305.htm", "description": "FIRST COMMONWEALTH 1ST QUARTER 2005 FORM 10-Q", "secsgml_size_bytes": 396981}]
{"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": "05804100"}, "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 March 31, 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
  April 30, 2005, was 69,918,955.
FIRST
COMMONWEALTH FINANCIAL CORPORATION AND 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...............
16
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.................................
34
ITEM 4.
CONTROLS AND PROCEDURES...............................
35
PART II - OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS.......................................
36
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.................................
36
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.........................
36
ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.....
36
ITEM 5.
OTHER INFORMATION.......................................
36
ITEM 6.
EXHIBITS................................................
37
Signatures..............................................
38
Exhibits
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
March 31, 2005
December 31, 2004
ASSETS
Cash
  and due from banks
$
77,909
$
79,591
Interest-bearing
  bank deposits
735
2,403
Securities
  available for sale, at market
2,107,360
2,162,313
Securities
  held to maturity, at amortized cost,
(Market value $85,894 in 2005 and $81,886 in 2004)
83,418
78,164
Loans:
Portfolio
  loans
3,552,374
3,512,774
Loans
  held for sale
2,259
2,311
Unearned
  income
(192)
(252)
Allowance
  for credit losses
(40,794)
(41,063)
Net
  loans
3,513,647
3,473,770
Premises
  and equipment
58,854
56,965
Other
  real estate owned
1,463
1,814
Goodwill
123,551
123,607
Amortizing
  intangibles, net
16,948
17,513
Other
  assets
216,705
202,338
Total
  assets
$
6,200,590
$
6,198,478
LIABILITIES
Deposits
  (all domestic):
Noninterest-bearing
$
486,158
$
480,843
Interest-bearing
3,405,524
3,363,632
Total
  deposits
3,891,682
3,844,475
Short-term
  borrowings
919,636
946,474
Other
  liabilities
38,272
35,977
Subordinated
  debentures
108,250
108,250
Other
  long-term debt
729,613
731,324
Total
  long-term debt
837,863
839,574
Total
  liabilities
5,687,453
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
March 31, 2005 and December 31, 2004;
  69,912,501
and 69,868,908 shares outstanding at March 31,
2005 and December 31, 2004, respectively
71,978
71,978
Additional
  paid-in capital
175,067
175,453
Retained
  earnings
311,047
307,363
Accumulated
  other comprehensive income (loss)
(8,901)
10,002
Treasury
  stock (2,066,067 shares at March 31, 2005
and 2,109,660 shares at December 31, 2004,
at cost)
(26,093)
(26,643)
Unearned
  ESOP shares
(9,961)
(6,175)
Total
  shareholders' equity
513,137
531,978
Total
  liabilities and shareholders' equity
$
6,200,590
$
6,198,478
The accompanying notes are an integral part of these
consolidated financial statements.
3
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
For
  the Quarter
Ended March 31,
2005
2004
Interest Income
Interest and
  fees on loans
$
52,591
$
41,385
Interest and
  dividends on investments:
Taxable
  interest
19,273
17,529
Interest
  exempt from Federal income taxes
3,053
2,645
Dividends
709
404
Interest on
  Federal funds sold
4
1
Interest on
  bank deposits
7
8
Total
  interest income
75,637
61,972
Interest Expense
Interest on
  deposits
16,502
13,510
Interest on
  short-term borrowings
5,558
1,735
Interest on
  subordinated debentures
1,902
1,292
Interest on
  other long-term debt
6,743
8,628
Total
  interest on long-term debt
8,645
9,920
Total
  interest expense
30,705
25,165
Net Interest Income
44,932
36,807
Provision for
  credit losses
1,744
2,100
Net interest income after provision for credit losses
43,188
34,707
Other Income
Net securities
  gains
485
3,850
Trust income
1,325
1,268
Service charges
  on deposit accounts
3,540
3,200
Insurance
  commissions
840
804
Income from
  bank owned life insurance
1,321
1,263
Merchant
  discount income
839
828
Card related
  interchange income
1,087
620
Other income
2,003
1,750
Total
  other income
11,440
13,583
Other Expenses
Salaries and
  employee benefits
18,298
16,703
Net occupancy
  expense
2,992
2,189
Furniture and
  equipment expense
2,870
2,521
Data processing
  expense
939
813
Pennsylvania
  shares tax expense
1,266
1,134
Intangible
  amortization
565
74
Merger and
  integration charges
-0-
1,291
Other operating
  expenses
8,463
6,992
Total
  other expenses
35,393
31,717
Income before income taxes
19,235
16,573
Applicable
  income taxes
4,016
3,250
Net income
$
15,219
$
13,323
Average Shares Outstanding
69,346,722
60,772,824
Average Shares Outstanding
  Assuming Dilution
70,024,400
61,289,672
Per Share Data:
Basic earnings
  per share
$
0.22
$
0.22
Diluted
  earnings per share
$
0.22
$
0.22
Cash dividends
  per share
$
0.165
$
0.160
The accompanying notes are an integral part of these
consolidated financial statements.
4
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Treasury
Stock
Unearned
ESOP
Shares
Total
Shareholders'
Equity
Balance December 31, 2003
$
63,704
$
79,581
$
312,261
$
15,173
$
(37,779)
$
(1,994)
$
430,946
Comprehensive
  income
Net income
-0-
-0-
13,323
-0-
-0-
-0-
13,323
Other
  comprehensive income, net of tax:
Unrealized
  holding gains on securities
arising during the period
-0-
-0-
-0-
7,637
-0-
-0-
7,637
Less:  reclassification adjustment for
gains on securities included in net income
-0-
-0-
-0-
(2,486)
-0-
-0-
(2,486)
Unrealized
  holding gains on derivatives
used in cash flow hedging relationship
arising during the period
-0-
-0-
-0-
171
-0-
-0-
171
Total other
  comprehensive income
-0-
-0-
-0-
5,322
-0-
-0-
5,322
Total comprehensive income
‑0-
-0-
13,323
5,322
-0-
-0-
18,645
Cash dividends declared
-0-
-0-
(9,780)
-0-
-0-
-0-
(9,780)
Decrease in unearned ESOP
  shares
-0-
-0-
-0-
-0-
-0-
215
215
Discount on dividend
  reinvestment plan
purchases
-0-
(194)
-0-
-0-
-0-
-0-
(194)
Treasury stock reissued
-0-
(790)
-0-
-0-
5,160
-0-
4,370
Tax benefit of stock
  options
-0-
186
-0-
-0-
-0-
-0-
186
Balance at March 31, 2004
$
63,704
$
78,783
$
315,804
$
20,495
$
(32,619)
$
(1,779)
$
444,388
5
FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Unearned
ESOP
Shares
Total
Shareholders'
Equity
Balance December 31, 2004
$
71,978
$
175,453
$
307,363
$
10,002
$
(26,643)
$
(6,175)
$
531,978
Comprehensive
  income
Net income
-0-
-0-
15,219
-0-
-0-
-0-
15,219
Other
  comprehensive income, net of tax:
Unrealized
  holding losses on securities
arising during the period
-0-
-0-
-0-
(17,961)
-0-
-0-
(17,961)
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-
(637)
-0-
-0-
(637)
Total other
  comprehensive income (loss)
-0-
-0-
-0-
(18,903)
-0-
-0-
(18,903)
Total comprehensive income
  (loss)
‑0-
-0-
15,219
(18,903)
-0-
-0-
(3,684)
Cash dividends declared
-0-
-0-
(11,535)
-0-
-0-
-0-
(11,535)
Decrease in unearned ESOP
  shares
-0-
-0-
-0-
-0-
-0-
(3,786)
(3,786)
Discount on dividend
  reinvestment plan
purchases
-0-
(221)
-0-
-0-
-0-
-0-
(221)
Treasury stock reissued
-0-
(130)
-0-
-0-
550
-0-
420
Tax benefit of stock
  options
-0-
(35)
-0-
-0-
-0-
-0-
(35)
Balance at March 31, 2005
$
71,978
$
175,067
$
311,047
$
(8,901)
$
(26,093)
$
(9,961)
$
513,137
6
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For
  the 3 Months
Ended March 31,
2005
2004
Operating Activities
Net income
$
15,219
$
13,323
Adjustments to
  reconcile net income to net cash
provided by operating activities:
Provision
  for credit losses
1,744
2,100
Depreciation
  and amortization
2,794
1,877
Net
  losses (gains) on sales of assets
(833)
(3,981)
Income
  from increase in cash surrender value of
bank owned life insurance
(1,321)
(1,263)
Stock option
  tax benefit
(35)
186
Decrease in
  interest receivable
69
1,002
Decrease in
  interest payable
(807)
(1,126)
Increase in
  income taxes payable
7,418
3,371
Net decrease
  (increase) in loans held for sale
52
1,656
Changes, net of
  acquisition:
Change
  in deferred taxes
(3,366)
(600)
Other-net
(4,727)
(3,975)
Net
  cash provided by operating activities
16,207
12,570
Investing Activities
Transactions
  with securities held to maturity:
Proceeds
  from sales
-0-
-0-
Proceeds
  from maturities and redemptions
4,709
5,675
Purchases
(9,948)
-0-
Transactions
  with securities available for sale:
Proceeds
  from sales
17,636
28,919
Proceeds
  from maturities and redemptions
112,800
193,649
Purchases
(103,114)
(201,538)
Proceeds from
  sales of other assets
3,421
3,003
Acquisition of
  affiliate, net of cash received
-0-
(11,052)
Net decrease in
  time deposits with banks
1,668
4,453
Net increase in
  loans
(44,281)
(70,049)
Purchases of
  premises and equipment
(4,119)
(1,247)
Net
  cash used by investing activities
(21,228)
(48,187)
Financing Activities
Repayments of
  other long-term debt
(5,497)
(1,879)
Repayments of
  subordinated debentures
-0-
(8,292)
Proceeds from
  issuance of subordinated debentures
-0-
41,328
Discount on
  dividend reinvestment plan purchases
(221)
(194)
Dividends paid
(11,528)
(9,714)
Net increase in
  Federal funds purchased
52,750
33,850
Net decrease in
  other short-term borrowings
(79,589)
(51,829)
Net increase in
  deposits
47,207
17,118
Proceeds from
  sale of treasury stock
217
4,167
Net
  cash provided by financing activities
3,339
24,555
Net
  increase (decrease) in cash and cash equivalents
(1,682)
(11,062)
Cash and cash
  equivalents at January 1
79,591
82,510
Cash and cash
  equivalents at March 31
$
77,909
$
71,448
The accompanying notes are an integral part of these consolidated financial
statements.
7
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 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 March 31, 2005, and the results of operations for the three month periods
ended March 31, 2005 and 2004, and statements of cash flows and changes in
shareholders' equity for the three month periods ended March 31, 2005 and
2004.
The results of operations for the three months ended March 31, 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 three months of the year for:
Interest
$
31,513
$
26,290
Income
  Taxes
$
-0-
$
293
Noncash
  investing and financing activities:
ESOP
  loan reductions
$
214
$
214
ESOP borrowings
$
4,000
$
-0-
Loans
  transferred to other real estate
owned and repossessed assets
$
1,405
$
1,224
Gross
  increase (decrease) in market value
adjustment to securities available for sale
$
(28,101)
$
7,924
Gross
  increase (decrease) in market value
adjustment of derivatives instruments
$
(980)
$
263
Treasury
  stock reissued for business
combination
$
203
$
203
8
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 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):
March
  31, 2005
March
  31, 2004
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Unrealized gains (losses) on
securities:
Unrealized holding gains
(losses) arising during
the period
$
(27,632)
$
9,671
$
(17,961)
$
11,749
$
(4,112)
$
7,637
Less: reclassification
adjustment for gains realized
in net income
(469)
164
(305)
(3,825)
1,339
(2,486)
Unrealized gains (losses) on
derivatives used in cash flow
hedging relationships:
Unrealized holding gains
(losses) arising during
the period
(980)
343
(637)
263
(92)
171
Other comprehensive income (loss)
$
(29,081)
$
10,178
$
(18,903)
$
8,187
$
(2,865)
$
5,322
9
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 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 FASB issued Statement 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 FASB Statement 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 based 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
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2005
(Unaudited)
NOTE 4 Accounting for Stock Options Granted
(continued)
The following table 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
March 31,
2005
2004
Net
  Income, as reported
$
15,219
$
13,323
Deduct:
  Total stock-based employee
compensation expense determined under fair
value based method for all awards, net of
related tax effects
(43)
(38)
Pro
  forma net income
$
15,176
$
13,285
Earnings
  per share:
Basic
  - as reported
$
0.22
$
0.22
Basic
  - pro forma
$
0.22
$
0.22
Diluted
  - as reported
$
0.22
$
0.22
Diluted
  - pro forma
$
0.22
$
0.22
Average
  shares outstanding
69,346,722
60,772,824
Average
  shares outstanding assuming dilution
70,024,400
61,289,672
11
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2005
(Unaudited)
NOTE 5 Merger and Integration Charges
In the first quarter of 2004, First Commonwealth recorded merger and
integration charges totaling $1,291 thousand ($839 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 $806 thousand in salary and benefit severance expenses that were
accrued during the first quarter of 2004. 
The severance costs were for 22 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 $5,644
thousand, consisting of the limited partnership investments as of March 31,
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.
12
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2005
(Unaudited)
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.  The table
below identifies the notional amounts of these guarantees at March 31, 2005
(Dollar amounts in thousands):
Financial
  standby letters of credit
$
17,718
Performance
  standby letters of credit
$
5,211
The current notional amounts outstanding above include financial standby
letters of credit of $361 thousand and performance standby letters of credit of
$556 thousand issued during the first quarter of 2005.  There is currently no liability recorded on
First Commonwealth's balance sheet related to the above letters of credit.
NOTE 8 Recent Developments
Pending Branch Sale
On March 8, 2005, First Commonwealth Bank, a wholly owned subsidiary
of First Commonwealth Financial Corporation agreed to sell one of its branch
offices located in State College, PA. 
Under terms of the purchase and assumption agreement, Clearfield Bank
and Trust Company will assume approximately $16.5 million of deposit
liabilities that are associated with the office.  The transaction is subject to regulatory approvals and is expected
to settle in June of 2005.  The transaction
is expected to generate a pre-tax gain of approximately $2.8 million that
includes the premium on deposits and the gain on the sale of premises and
equipment.
Merchant Processing Alliance
First Commonwealth recently entered into an asset sale and merchant
processing alliance with First Data Corp.  
Under the terms of the agreement, First Data Corp. will acquire certain
assets of First Commonwealth's merchant processing business and 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.  First Commonwealth is
expected to share in approximately fourteen percent of the future revenue stream.  The transaction is expected to generate a
pre-tax gain of approximately $2.0 million that will increase second quarter
2005 after-tax earnings by approximately $1.3 million.  Merchant discount and other related merchant
income for the full year of 2004 was $4.0 million while associated costs were
$3.3 million.
13
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2005
(Unaudited)
NOTE 9 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 as of March 31 was as follows (Dollar
amounts in thousands):
2005
2004
Service
  cost
$
-0-
$
-0-
Interest
  cost on projected benefit
obligation
55
71
Amortization
  of transition obligation
1
1
(Gain)
  Loss amortization
(1)
21
Net
  periodic benefit cost
$
55
$
93
This is an unfunded post retirement plan. 
Future payments will only consist of benefit payments for life and
health insurance premiums for plan participants.
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the
"Act") introduced a prescription drug benefit under Medicare Part D.
The Act also introduced a federal subsidy to sponsors of retiree health care
benefit plans that provide a prescription drug benefit that is at least
actuarially equivalent to Medicare Part D. 
The postretirement plans of First Commonwealth are provided through
insurance coverage; therefore, First Commonwealth will not receive a direct
federal subsidy.  The preceding measure
of the net periodic postretirement benefit cost assumes that the insurer will
receive the subsidy and pass those savings onto First Commonwealth through
reduced insurance premiums.
NOTE 10 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 FASB Statement 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.
14
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2005
(Unaudited)
NOTE 10 New Accounting Pronouncements
(continued)
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 delays 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 does not suspend the
requirement to recognize other-than-temporary impairments as required by
existing authoritative literature.  Once
additional guidance has been released, the impact of implementation on First
Commonwealth's financial condition and results of operations will be evaluated.
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
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 Three Months of 2005 as Compared to the First Three Months of 2004
Net income for the first three months of 2005 and 2004 was $15.2 million and $13.3
million, respectively.  Basic and
diluted earnings were $0.22 for the first quarter of 2005 and 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
$
0.22
Increase
  (decrease) from changes in:
Net
  interest income
0.04
Provision
  for credit losses
0.01
Security
  transactions
(0.06)
Card
  related interchange income
0.01
Salaries
  and employee benefits
0.01
Net
  occupancy expense
(0.01)
Intangible
  amortization
(0.01)
Merger
  and integration charges
0.02
Other
  operating expenses
(0.01)
Net
  income per share
$
0.22
Return on average assets was 1.00% and return on average equity was 11.48% for
the first quarter of 2005 compared to 1.04% and 12.12%, respectively, for the
first quarter of 2004.
16
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 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 $8.1 million for the first quarter of 2005 compared to the first
quarter of 2004 as average earning assets increased by $852.1 million or 17.4%
compared to 2004 averages.
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.41% for the three months of 2005
compared to 3.27% for the same period of 2004 as earning asset yields increased
faster than funding costs.
The following is an analysis of the average balance sheets and net interest
income for the three months ended March 31 (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
$
964
$
7
3.08%
$
4,874
$
8
0.71%
Tax free investment
securities
270,945
3,053
7.03
230,195
2,645
7.11
Taxable investment
securities
1,923,907
19,982
4.21
1,807,732
17,933
3.99
Federal funds sold
659
4
2.46
274
1
0.90
Loans, net of unearned
income (b)(c)
3,542,655
52,591
6.21
2,843,976
41,385
6.06
Total interest-earning
assets
5,739,130
75,637
5.58
4,887,051
61,972
5.34
Noninterest-earning assets:
Cash
78,997
66,539
Allowance for credit
losses
(42,024)
(37,894)
Other assets
422,736
256,823
Total noninterest-
earning assets
459,709
285,468
Total
  Assets
$
6,198,839
$
5,172,519
17
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three 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)
$
562,152
$
949
0.68%
$
502,220
$
399
0.32%
Savings deposits (d)
1,261,576
3,647
1.17
929,866
2,096
0.91
Time deposits
1,580,456
11,906
3.06
1,442,409
11,015
3.07
Short-term borrowings
916,021
5,558
2.46
633,794
1,735
1.10
Long-term debt
838,378
8,645
4.18
790,915
9,920
5.04
Total interest-bearing
liabilities
5,158,583
30,705
2.41
4,299,204
25,165
2.35
Noninterest-bearing
liabilities and capital:
Noninterest-bearing
demand deposits (d)
478,653
406,072
Other liabilities
24,158
25,222
Shareholders' equity
537,445
442,021
Total noninterest-
bearing funding sources
1,040,256
873,315
Total
  Liabilities
and Shareholders'
Equity
$
6,198,839
$
5,172,519
Net Interest Income and
Net Yield on
Interest-Earning
  Assets
$
44,932
3.41%
$
36,807
3.27%
(a)
Yields on interest-earning assets have been
  computed on a tax equivalent basis using the 35% Federal income tax statutory
  rate.
(b)
Income on nonaccrual loans is accounted for on the
  cash basis, and the loan balances are included in interest-earning assets.
(c)
Loan income includes net loan fees.
(d)
Average balances do not include reallocations from
  noninterest-bearing demand deposits and interest-bearing demand deposits into
  savings deposits which were made for regulatory purposes.
18
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three 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)
$
(7)
$
6
Securities
2,457
1,873
584
Federal funds sold
3
1
2
Loans
11,206
10,527
679
Total interest income
13,665
12,394
1,271
Interest-bearing liabilities:
Total savings deposits
2,101
798
1,303
Time deposits
891
1,054
(163)
Short-term borrowings
3,823
772
3,051
Long-term debt
(1,275)
595
(1,870)
Total interest expense
5,540
3,219
2,321
Net interest
  income
$
8,125
$
9,175
$
(1,050)
(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 $11.2 million for the first quarter of
2005 compared to 2004 levels as the average balance of loans increased by
$698.7 million or 24.6%.  This increase
is due in large part to the inclusion of GA Financial, Inc. assets for the
first quarter of 2005.  Loan yields
increased 15 basis points (0.15%) for the first quarter 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.  Total loans increased 4.9% on an annualized basis during 2005,
unrelated to acquired assets.
19
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 2004
(continued)
Interest income on investments increased $2.5 million for the first quarter of
2005 compared to the first quarter of 2004. Increases were due to volume
increases as well as increases in interest yields.  Average investments increased $156.9 million for the first
quarter of 2005 compared to the same period of 2004.  The increase was due to the acquisition of GA Financial,
Inc.  The biggest increase was in U.S.
government agency securities, which increased by $130.2 million.  The increases in U.S. government agency
securities were slightly offset by decreases in corporate bonds and equity
securities.  The total yield on
investments was 4.56% for the first three months of 2005 compared to 4.34% for
the same period of 2004.
Interest on deposits increased $3.0 million for the first quarter of 2005
compared to the same period of 2004. 
Deposit costs were 1.72% for the first quarter of 2005 compared to 1.66%
for the first quarter of 2004, an increase of 6 basis points (0.06%).  While the yields on interest-bearing demand
deposits and savings deposits increased between these two periods, the yield on
time deposits recorded a slight decrease. 
Increases in volume were recorded for all deposit categories for the
first quarter of 2005 compared to the same period of 2004.  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 $3.8 million for the first
three 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 quarter of 2005 increased $282.2 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 136 basis points (1.36%) compared
to 2004 costs of 1.10%.  This rate
increase accounted for $3.1 million of the total increase of $3.8 million in
interest expense on short-term borrowings.
20
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 2004
(continued)
Interest expense on long-term debt decreased $1.3 million for the first quarter
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 quarter of 2005 decreased by 86 basis points
(0.86%) compared to the first quarter of 2004. 
Average long-term debt for the first three months of 2005 increased by
$47.5 million compared to 2004 averages. 
$35.0 million of the increase in average long-term debt is due to
additional debt in the form of subordinated debentures.  Subordinated debentures in the amount of
$41.2 million were issued during March 2004. 
This debt was issued to fund the acquisition of GA Financial, Inc. in
May 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.
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 $1.7
million for the first three months of 2005 compared to $2.1 million for the
first three months of 2004.  The decrease
in the provision for credit losses reflects the favorable charge-off trends and
improved quality of primary watch list credits.  Although net charge-offs against the allowance for credit losses
increased by $40 thousand for the first three months of 2005 compared to the
same period of 2004, net charge-offs as a percentage of average loans
(annualized) improved to 0.23% for the 2005 period from 0.28% for 2004.  Increases in net charge-offs for commercial
loans in the 2005 period were partially offset by decreases in all other loans
categories.  The provision for credit
losses as a percentage of net charge-offs was 86.64% at March 31, 2005,
compared to 106.44% at March 31, 2004. 
See the "Credit Review" section for any analysis of the
quality of the loan portfolio.
21
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 2004
(continued)
Below is an analysis of the consolidated allowance for credit losses for the
three month periods ended March 31, 2005 and 2004 (Dollar amounts in
thousands):
2005
2004
Balance
  January 1,
$
41,063
$
37,385
Loans
  charged off:
Commercial,
  financial and agricultural
1,254
1,180
Real
  estate-commercial
56
12
Real
  estate-residential
489
506
Loans
  to individuals
538
617
Lease
  financing receivables
24
109
Total
  loans charged off
2,361
2,424
Recoveries
  of previously charged off loans:
Commercial,
  financial and agricultural
155
309
Real
  estate-commercial
-0-
-0-
Real
  estate-residential
35
6
Loans
  to individuals
158
136
Lease
  financing receivables
-0-
-0-
Total
  recoveries
348
451
Net
  charge offs
2,013
1,973
Provision
  charged to operations
1,744
2,100
Balance
  March 31,
$
40,794
$
37,512
Noninterest Income
Net
securities gains were $485 thousand during the first three months of 2005
compared to $3.9 million during the first three months of 2004.  Gains were largely due to sales of
Pennsylvania bank stocks.
22
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 2004
(continued)
Service charges on deposits continue to be First Commonwealth's most
significant component of noninterest fee income and increased $340 thousand for
the first three months of 2005 compared to the corresponding period of
2004.  Increases in nonsufficient funds
(or "NSF") fees of $323 thousand were recorded for the first quarter
of 2005 as compared to the first quarter 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. 
Management strives to implement reasonable fees for services and closely
monitors collection of those fees.
Other changes in noninterest income during the first three months of
2005 compared to the same period of 2004 included increases in card related
interchange income in the amount of $467 thousand.  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.
Other income for the first three months of 2005 rose $253 thousand from the
$1.8 million reported for the first three months of 2004.  The largest driver of the increase in other
income for the first quarter of 2005 was gains on the sale of other assets in
the amount of $168 thousand.
23
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 2004
(continued)
Noninterest Expense
Noninterest expense was $35.4 million for the first three months of 2005
reflecting an increase of $3.7 million from the 2004 level of $31.7
million.  The most significant increase
during the 2005 period was salaries and employee benefit costs which increased
$1.6 million or 9.5%.  The increase was
due in large part to the increase in the number of employees due to 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. 
Salaries accounted for $1.3 million of the increase while employee
benefit costs rose $264 thousand for the first quarter 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 $803 thousand for the first quarter of 2005
over 2004 levels.  Approximately $390
thousand of the increase was due to the inclusion of GA Financial, Inc. and
$194 thousand was due to depreciation on leasehold improvements.  First Commonwealth continues to actively
evaluate its branch delivery network to optimize client service in existing
branches and to continue expansion into growth markets.  During the first quarter of 2005, First
Commonwealth Bank opened two new full-service community offices in Washington
County.  The execution of these
initiatives may impact occupancy and other expenses in future periods.
Increases in other noninterest expenses in the first quarter of 2005 were
primarily due to the addition of GA Financial, Inc.  Increases were recorded for intangible amortization ($491
thousand), furniture and equipment expense ($349 thousand), PA shares tax
expense ($132 thousand) and data processing expense ($126 thousand).
The merger and integration expenses that were incurred during the first
quarter 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 $806 thousand of severance
related salary and benefit expenses that were accrued during the first quarter
of 2004 and were related to the integration of PFC into First
Commonwealth.
Other operating expenses for the 2005 period were $8.5 million reflecting an
increase of $1.5 million from the 2004 amount of $7.0 million.  The first three months of 2005 included
increases in telephone and dataline expenses, advertising costs, other
professional fees and operational losses and charge-offs.  The increase in telephone and data line
charges was largely due to the acquisition of GA Financial, Inc.  The increase in other professional services
is due in part to the use of a consultant to provide targeted marketing
services.  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.
24
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
(continued)
First Three Months of 2005 as Compared to the
First Three Months of 2004
(continued)
Income tax expense increased $766 thousand for the first quarter of 2005
compared to the first quarter of 2004. 
First Commonwealth's effective tax rate was 20.9% for the first three
months of 2005 compared to 19.6% for the corresponding period of 2004.
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 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 an additional source of liquidity.  In addition to the previously described
funding sources, First Commonwealth also 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.  Total deposits increased $47.2 million for the first three months
of 2005 with the largest increases being recorded in the savings deposit category.  Although an increase was recorded in total
time deposits, $25 million in Brokered CD's matured during March 2005 but were
not renewed.
At March 31, 2005, total interest-earning assets were $5,746.0 million, up from
the $5,757.7 million recorded at December 31, 2004.  Total loans increased $39.6 million for the first three months of
2004 as commercial and agricultural loans increased by $19.4 million, loans to
individuals increased by $13.7 million and residential loans secured by real
estate increased by $8.5 million compared to year-end 2004.  First Commonwealth's auto lease portfolio
continues to decline since the discontinuation of its automobile leasing
activities during 2003.
25
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY
(continued)
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 March 31, 2005, securities available for sale had an amortized
cost of $2,119.9 million and an approximate fair value of $2,107.4 million.
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 $1,384.7 million or 22.33% of total assets at March 31, 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.
26
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
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 March 31, 2005, and December 31, 2004 (Dollar amounts in thousands):
March
  31, 2005
0-90
Days
91-180
Days
181-365
Days
Cumulative
0-365 Days
Loans
$
1,281,687
$
184,076
$
356,216
$
1,821,979
Investments
160,775
74,223
152,449
387,447
Other interest-earning assets
735
-0-
-0-
735
Total interest-sensitive
assets
1,443,197
258,299
508,665
2,210,161
Certificates of deposit
277,024
172,881
334,181
784,086
Other deposits
1,827,625
-0-
-0-
1,827,625
Borrowings
961,825
5,737
15,593
983,155
Total interest-sensitive
liabilities
3,066,474
178,618
349,774
3,594,866
Gap
$
(1,623,277)
$
79,681
$
158,891
$
(1,384,705)
ISA/ISL
0.47
1.45
1.45
0.61
Gap/Total assets
26.18%
1.29%
2.56%
22.33%
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%
27
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
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 March 31, 2005, indicated that
a 200 basis point (2.00%) increase in interest rates would decrease net
interest income 99 basis points (0.99%) below the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 223 basis points (2.23%) 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.
28
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
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.
29
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
(continued)
(Dollar
  amounts in thousands)
At March 31,
2005
2004
Nonperforming
  Loans
:
Loans
  on nonaccrual basis
$
11,200
$
12,292
Past
  due loans
16,846
11,627
Renegotiated
  loans
182
192
Total
  nonperforming loans
$
28,228
$
24,111
Other
  real estate owned
$
1,463
$
2,233
Loans
  outstanding at end of period
$
3,554,441
$
2,888,349
Average
  loans outstanding (year-to-date)
$
3,542,655
$
2,843,976
Nonperforming
  loans a as percentage of
total loans
0.79%
0.83%
Provision
  for credit losses
$
1,744
$
2,100
Net
  charge-offs
$
2,013
$
1,973
Net
  charge-offs as a percentage of average
loans outstanding (annualized)
0.23%
0.28%
Provision
  for credit losses as a percentage
of net charge-offs
86.64%
106.44%
Allowance
  for credit losses as a percentage
of average loans outstanding
1.15%
1.32%
Allowance
  for credit losses as a percentage
of end-of-period loans outstanding
1.15%
1.30%
Allowance
  for credit losses as a percentage
of nonperforming loans
144.52%
155.58%
30
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
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 March 31,
2005, and March 31, 2004 (Dollar amounts in thousands):
2005
2004
Recorded
  investment in impaired loans at end
of period
$
11,382
$
12,484
Year
  to date average balance of impaired loans
$
11,899
$
12,813
Allowance
  for credit losses related to
impaired loans
$
2,362
$
2,437
Impaired
  loans with an allocation of the
allowance for credit losses
$
7,244
$
6,454
Impaired
  loans with no allocation of the allowance
for credit losses
$
4,138
$
6,030
Year
  to date income recorded on impaired loans
on a cash basis
$
190
$
112
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 March 31, 2005, there were no
significant concentrations of credit.
Nonperforming loans at March 31, 2005, increased $4.1 million compared to 2004
levels and included increases in loans past due 90 days but still accruing of
$5.2 million which were partially offset by decreases in nonaccrual loans of
$1.1 million.  Nonperforming loans as a
percentage of total loans were 0.79% at March 31, 2005 compared to 0.83% at
March 31, 2004.  Past due loans for the
2005 period included increases in residential loans secured by real estate as
well as increases in commercial loans.
31
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
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.
32
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CAPITAL RESOURCES
Equity capital stood at $513.1 million at March 31, 2005, a decrease of $18.8
million compared to December 31, 2004. 
The most significant decrease was the market value adjustment to
securities available for sale, which decreased equity by $18.3 million.  Dividends declared reduced equity by $11.5
million during the first three months of 2005. 
The retained net income of $3.7 million remained in permanent capital to
fund future growth and expansion. 
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 $3.8 million. 
Amounts paid to fund the discount on reinvested dividends reduced equity
by $221 thousand during the first three months of 2005 while the market value
adjustment on the interest rate swap decreased equity by $637 thousand for the
same period.  Proceeds from the
reissuance of treasury shares to fund stock options exercised increased equity
by $217 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.
33
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
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 March 31,
2005:
Amount
(in thousands)
Percent of
Adjusted Assets
Tier
  I Capital
$  486,536
11.7%
Risk-Based
  Requirement
166,453
4.0
Total
  Capital
527,330
12.7
Risk-Based
  Requirement
332,905
8.0
Minimum
  Leverage Capital
486,536
8.0
Minimum
  Leverage Requirement
181,750
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 March 31, 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.
34
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.  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.
35
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
January
  1 -
January 31
-0-
n/a
-0-
$8,486,285
February 1 - February 28
93,400
$14.02
93,400
$7,176,364
March 1 -
March 31
191,120
$14.07
191,120
$4,486,365
Total
284,520
$14.06
284,520
$4,486,365
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
36
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
37
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:  May 5, 2005
/s/Joseph
  E.
  O'Dell
Joseph
  E. O'Dell, President and Chief Executive Officer
DATED:  May 5, 2005
/s/John
  J.
  Dolan
John
  J. Dolan, Executive Vice President and Chief Financial Officer
38