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<title>FCFC 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>(X)</font></p>
  </td>
  <td width=624 valign=top>
  <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, 2006</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>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><u><font size=3
  face=Courier>First Commonwealth Financial
  Corporation</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p align=center><font size=3
  face=Courier>(Exact name of registrant as
  specified in its charter)</font></p>
  </td>
 </tr>
</table>

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

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

<p align=center><font size=3
face=Courier>&nbsp;</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>&nbsp;</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,<br>
  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>.<br><br></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier>Indicate
  by check mark whether the registrant is a large accelerated filer, an
  accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the
  Act). <br>
  <br>
  Large accelerated filer <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u>&nbsp; Accelerated filer <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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 a shell company (as defined in Rule
  12b-2 of the Exchange Act).&nbsp; Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp; No <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width=703 colspan=2 valign=top>
  <p><font size=3 face=Courier><br>
  The number of shares outstanding of issuer's common stock, $1.00 Par Value as
  of April 30, 2006, was 70,592,913.</font></p>
  </td>
 </tr>
</table>


<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
<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>
  15</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>
  33</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>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>
</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>
  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=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=115 valign=top>
  <p><u><font size=3
  face=Courier>ITEM 1A.</font></u></p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>RISK FACTORS............................................ </font></p>
  </td>
  <td width=53 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=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>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=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>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=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>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=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>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=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>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>&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>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=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=564 valign=bottom>
  <p><font size=3 face=Courier>Exhibits</font></p>
  </td>
  <td width=53 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

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


<font size=3
face=Courier>

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

</font>

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

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

<table border=0 cellspacing=0 cellpadding=0 width=734>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=center><font
  size=1 face=Courier>March 31, 2006</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=center><font
  size=1 face=Courier>December 31, 2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>ASSETS</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 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=110 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash
  and due from banks</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>84,627&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>84,555&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest-bearing
  bank deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>391&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>473&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal
  funds sold</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,575&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  available for sale, at market</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,737,899&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,851,986&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Securities
  held to maturity, at amortized cost,<br>
  &nbsp;&nbsp;&nbsp;(Market value $86,986 in 2006 and $89,804 in 2005)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>85,673&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>87,757&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans
  held for sale</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>553&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,276&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Loans:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Portfolio
  loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,651,632&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,623,102&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unearned
  income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(98)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(119)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Allowance
  for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(38,017)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(39,492)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,613,517&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,583,491&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Premises
  and equipment</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>61,230&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>60,860&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  real estate owned</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,499&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,655&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Goodwill</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>122,702&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>122,702&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Amortizing
  intangibles, net</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>14,686&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15,251&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>221,733&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>214,739&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,944,510&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,026,320&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>LIABILITIES</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Deposits
  (all domestic):</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>499,161&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>491,644&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,496,577&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,504,908&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,995,738&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,996,552&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term
  borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>601,426&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>665,665&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>37,952&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>43,314&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Subordinated
  debentures</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>108,250&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other
  long-term debt</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>685,395&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;691,494&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  long-term debt</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>793,645&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;799,744&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,428,761&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>5,505,275&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>SHAREHOLDERS' EQUITY</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Preferred
  stock, $1 par value per share, 3,000,000 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares&nbsp;authorized, none issued</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;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, 2006 and December 31, 2005;
  70,500,069 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 70,377,916 shares outstanding at March 31,
  2006 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and December 31, 2005, respectively</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 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=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Additional
  paid-in capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>173,369&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>173,967&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Retained
  earnings</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>319,523&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>318,569&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Accumulated
  other comprehensive loss</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(17,349)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(9,655)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Treasury
  stock (1,478,499 shares at March 31, 2006 <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 1,600,652 shares at December 31, 2005, at
  cost)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(18,672)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>(20,214)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(13,100)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;(13,600)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  shareholders' equity</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>515,749&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;521,045&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=bottom>
  <div 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  liabilities and shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,944,510&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td width=110 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,026,320&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 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=110 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
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>2006</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>2005</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>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest and
  fees on loans</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>58,314&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>52,591&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>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Taxable
  interest</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,585&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>19,273&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&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>
  <p align=right><font
  size=1 face=Courier>3,219&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>3,053&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Dividends</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>603&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>709&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>46&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>4&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  bank deposits</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>14&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>7&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>79,781&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>75,637&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="#99ccff">
  <p><b><font size=1
  face=Courier>Interest Expense</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest 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>23,384&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>16,502&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on
  short-term borrowings</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,364&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,558&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>2,054&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>1,902&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest on other
  long-term debt</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,532&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>6,743&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>8,586&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>8,645&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="#99ccff">
  <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="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>38,334&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>30,705&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>41,447&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>44,932&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Provision for
  credit losses</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>908&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,744&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 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>40,539&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>43,188&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="#99ccff">
  <p><b><font size=1
  face=Courier>Other Income</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;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>63&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>485&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Trust income</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,394&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,325&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>3,869&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>3,540&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Insurance
  commissions</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>719&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>840&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>1,375&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>1,321&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Merchant
  discount income</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>839&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>1,298&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>1,087&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other income</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,578&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,003&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>10,296&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>11,440&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="#99ccff">
  <p><b><font size=1
  face=Courier>Other Expenses</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;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>19,357&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>18,298&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net occupancy
  expense</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,402&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,992&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>2,767&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>2,870&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Data processing
  expense</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>795&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>939&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>1,350&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>1,266&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Intangible
  amortization</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>565&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>565&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other operating
  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>7,357&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>8,463&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="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  other expenses</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>35,593&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>35,393&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>Income before income taxes</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>15,242&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>19,235&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Applicable
  income taxes</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2,304&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>4,016&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 income</font></b></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>12,938&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>15,219&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 bgcolor="#99ccff">
  <p><font size=1 face=Courier>Average Shares Outstanding</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>69,469,709&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>69,346,722&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Average Shares Outstanding
  Assuming Dilution</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>69,918,151&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>70,024,400&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><b><font size=1
  face=Courier>Per Share Data:</font></b></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Basic earnings
  per share</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</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="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Diluted
  earnings per share</font></p>
  </td>
  <td width=23 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>0.19&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash dividends
  per share</font></p>
  </td>
  <td width=23 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.170&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.165&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=2 width="100%" align=center>

</font>

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



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



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

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Common<br>
  Stock</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Additional<br>
  Paid-in<br>
  Capital</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier><br>
  Retained<br>
  Earnings</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Accumulated<br>
  Other<br>
  Comprehensive<br>
  Income (Loss)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier><br>
  <br>
  Treasury<br>
  Stock</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Unearned<br>
  ESOP<br>&nbsp;Shares</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font
  size=1 face=Courier>Total<br>
  Shareholders'<br>
  Equity</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance December 31, 2004</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>175,453&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>307,363&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>10,002&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(26,643)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(6,175)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>531,978&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1
  face=Courier>&nbsp;Comprehensive
  income:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15,219&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;&nbsp;Other
  comprehensive loss, net of tax:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding losses on securities<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(17,961)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(17,961)</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;&nbsp;&nbsp;&nbsp;Less:&nbsp; reclassification adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on securities included in net <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(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>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(305)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding losses on derivatives<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used in cash flow hedging relationship<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(637)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(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
  loss</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(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>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;(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="#99ccff">
  <p><font size=1 face=Courier>Total comprehensive loss</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(18,903)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,684)</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="#99ccff">
  <p><font size=1 face=Courier>Net increase in unearned
  ESOP shares</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,786)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,786)</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 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="#99ccff">
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(130)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>550&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>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>-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>-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>(35)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance at March 31, 2005</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>175,067&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>311,047&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(8,901)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(26,093)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(9,961)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>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>
The accompanying notes are an integral part of these consolidated financial
statements.<br>
<br>
<br>
<br>
<br>
<br>
5</font></p>

<font size=3
face=Courier>

<hr size=2 width="100%" 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="#99ccff">
  <p><font size=1 face=Courier>Balance December 31, 2005</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>173,967&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>318,569&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(9,655)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(20,214)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(13,600)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>521,045&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1
  face=Courier>&nbsp;Comprehensive
  income:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>12,938&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>12,938&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;&nbsp;Other
  comprehensive loss, net of tax:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
  holding losses on securities<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;arising during the period</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(7,859)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  -0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(7,859)</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;&nbsp;&nbsp;&nbsp;Less:&nbsp; reclassification adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on securities included in net <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>(41)</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>(41)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Reclassification
  adjustment for<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;losses realized in net income as a result of <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the discontinuance of cash flow hedges</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>206&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier><br>
  &nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>206&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 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;(7,694)</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;(7,694)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Total comprehensive income
  (loss) </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&#8209;0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>12,938&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;(7,694)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>5,244&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>(11,984)</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>(11,984)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Decrease in unearned ESOP
  shares</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>500&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>500&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Discount on dividend
  reinvestment plan purchases</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(227)</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>(227)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Treasury stock reissued</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(367)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,542&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,175&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>(4)</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>(4)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=14 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Balance at March 31, 2006</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;71,978&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;173,369&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;319,523&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;(17,349)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(18,672)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(13,100)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>515,749&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>
The accompanying notes are an integral part of these consolidated financial
statements.<br>
<br>
<br>
<br>
<br>
<br>
<br>
6</font></p>

<font size=3
face=Courier>

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

</font>



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



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES<br>
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>2006</font></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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>Operating Activities</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net income.................................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>12,938&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>15,219&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Adjustments to
  reconcile net income to net cash <br>
  &nbsp;&nbsp;provided by operating activities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Provision
  for credit losses&nbsp;................................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>908&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,744&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>2,858&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,794&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  gains on sales of assets................................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(152)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(833)</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>(1,375)</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Decrease in
  interest receivable............................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,012&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>69&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Decrease in
  interest payable.................................. </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(466)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(807)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Increase
  (decrease) in income taxes payable................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,856)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>7,418&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease in
  loans held for sale........................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>723&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&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Change in
  deferred taxes...................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>532&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,366)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&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>(5,983)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(4,762)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided by operating activities................. </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>9,139&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>16,207&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1
  face=Courier>Investing Activities</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities held to maturity:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions.................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1,233&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>4,709&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Purchases................................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(9,948)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Transactions
  with securities available for sale:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from sales......................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,239&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>17,636&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
  from maturities and redemptions.................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>109,779&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>112,800&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Purchases................................................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(24,170)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(103,114)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Proceeds from
  sales of other assets........................... </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,160&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>3,421&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net decrease in
  interest-bearing bank deposits................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>82&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,668&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>(32,763)</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Purchases of
  premises and equipment........................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(3,330)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(4,119)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided (used) by investing activities............ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>71,230&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(21,228)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><b><font size=1
  face=Courier>Financing Activities</font></b></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Repayments of
  other long-term debt............................ </font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>(5,600)</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Discount on
  dividend reinvestment plan purchases.............. </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(227)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(221)</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>(11,964)</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase in
  Federal funds purchased....................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>93,075&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>52,750&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>(157,314)</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Net increase
  (decrease) in deposits........................... </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(814)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>47,207&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>972&nbsp;</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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  cash provided (used) by financing activities............ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(81,872)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3,339&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
  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>(1,503)</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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash and cash
  equivalents at January 1........................ </font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>86,130&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>79,591&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>84,627&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>77,909&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=2 width="100%" align=center>

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<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 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, 2006, and the results of
operations for the three month periods ended March 31, 2006 and 2005, and
statements of cash flows and changes in shareholders' equity for the three
month periods ended March 31, 2006 and 2005.&nbsp;
<br>
<br>
The results of operations for the three months ended March 31, 2006 and 2005,
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 2005 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 by First Commonwealth.<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>2006</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=126 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=35 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <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=35 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Interest</font></p>
  </td>
  <td width=35 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>38,800&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>31,513&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Income
  Taxes</font></p>
  </td>
  <td width=35 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=3
  face=Courier>3,750&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=35 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Noncash
  investing and financing activities:</font></p>
  </td>
  <td width=35 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=35 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <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=35 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=3
  face=Courier>500&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>214&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp; ESOP borrowings</font></p>
  </td>
  <td width=35 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,000&nbsp;</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=35 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=3
  face=Courier>1,205&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>1,405&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=483 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Gross
  decrease in market value<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjustment to securities available for sale</font></p>
  </td>
  <td width=35 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(12,154)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(28,101)</font></p>
  </td>
 </tr>
 <tr>
  <td width=483 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=35 valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=3
  face=Courier>317&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>(980)</font></p>
  </td>
 </tr>
 <tr>
  <td width=483 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Treasury
  stock reissued for business <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;combination</font></p>
  </td>
  <td width=35 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>203&nbsp;</font></p>
  </td>
 </tr>
</table>

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


<font size=3
face=Courier>

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

</font>



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



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<br>
(Unaudited)</font></p>

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

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>March
  31, 2006</font></p>
  </td>
  <td colspan=6 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=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Pre-tax<br>
  Amount</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Tax<br>
  (Expense)<br>
  Benefit</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Net of<br>
  Tax<br>
  Amount</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Pre-tax<br>
  Amount</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Tax<br>
  (Expense)<br>
  Benefit</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Net of<br>
  Tax<br>
  Amount</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Unrealized losses on<br>
  &nbsp;securities:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;Unrealized holding losses<br>
  &nbsp;&nbsp;arising during<br>
  &nbsp;&nbsp;the period</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(12,091)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,232&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(7,859)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(27,632)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>9,671&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(17,961)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Less: reclassification<br>
  &nbsp;&nbsp;adjustment for gains realized<br>
  &nbsp;&nbsp;in net income</font></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>(63)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>22&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)</font></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>(469)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>164&nbsp;</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>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Unrealized losses on<br>
  &nbsp;derivatives used in cash flow<br>
  &nbsp;hedging relationships:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;Unrealized holding <br>
  &nbsp;&nbsp;losses arising during <br>
  &nbsp;&nbsp;the period</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-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>(980)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>343&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(637)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;Less: reclassification<br>
  &nbsp;&nbsp;adjustment for losses realized<br>
  &nbsp;&nbsp;in net income as a result of the<br>
  &nbsp;&nbsp;discontinuance of cash flow hedges</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>317&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(111)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>206&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Other comprehensive loss</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(11,837)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4,143&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(7,694)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>10,178&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(18,903)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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

<p><font size=3 face=Courier>Prior
accounting guidelines permitted 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
accounted for<br>
<br>
9</font></p>

<font size=3
face=Courier>

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

</font>



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



<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<br>
(Unaudited)</font></p>

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

<p><font size=3 face=Courier><br>
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.&nbsp; No stock-based employee
compensation expense was 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.<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) requires 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 beginning on January 1, 2006.&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; 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.<br>
<br>
As of December 31, 2005, First Commonwealth did not have any outstanding
options for which the requisite service had not already been rendered.&nbsp; In addition, First Commonwealth's
stock-based compensation plan expired on October 15, 2005; therefore, no
additional options were granted during the first three months of 2006.<br>
<br>
A summary of the status of First Commonwealth's outstanding stock options as of
March 31, 2006 and changes for the years ending on that date is presented
below:</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=278 colspan=3 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;2006&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=278 colspan=3 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=132 valign=bottom>
  <p align=center><font size=2
  face=Courier><br>
  <br>
  <br>
  Shares</font></p>
  </td>
  <td width=146 colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>Weighted<br>
  Average<br>
  Exercise<br>
  Price</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=132 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
  <td width=146 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 width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>Outstanding at beginning of year</font></p>
  </td>
  <td width=132 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,164,421&nbsp;</font></p>
  </td>
  <td width=48 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=98 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>10.63&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>Granted</font></p>
  </td>
  <td width=132 valign=bottom>
  <p align=right><font size=2
  face=Courier>-0-</font></p>
  </td>
  <td width=48 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=98 valign=bottom>
  <p align=right><font size=2
  face=Courier>-0-&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>Exercised</font></p>
  </td>
  <td width=132 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(105,282)</font></p>
  </td>
  <td width=48 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=98 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>9.24&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>Forfeited</font></p>
  </td>
  <td width=132 valign=bottom>
  <p align=right><font size=2
  face=Courier>(24,882)</font></p>
  </td>
  <td width=48 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=98 valign=bottom>
  <p align=right><font size=2
  face=Courier>14.69&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=132 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td width=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=98 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>Outstanding at end of year</font></p>
  </td>
  <td width=132 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,034,257&nbsp;</font></p>
  </td>
  <td width=48 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=98 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>10.66&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=132 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=2 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td width=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=98 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>Exercisable at end of year</font></p>
  </td>
  <td width=132 valign=bottom>
  <p align=right><font size=2
  face=Courier>2,034,257&nbsp;</font></p>
  </td>
  <td width=48 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=98 valign=bottom>
  <p align=right><font size=2
  face=Courier>10.66&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=132 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=2 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td width=48 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=98 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 4 Accounting for Stock Options Granted</u> (continued)<br>
<br>
The weighted-average remaining contractual life on these options is 4.9 years.<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 for the three-month period ended
March 31, 2005(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=139 colspan=2 valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  Income, as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>15,219&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>Deduct:
  Total stock-based employee<br>
  &nbsp;compensation expense determined under fair<br>
  &nbsp;value based method for all awards, net of<br>
  &nbsp;related tax effects</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>(43)</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=115 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Pro
  forma net income</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>15,176&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=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=115 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Basic
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Basic
  - pro forma</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Diluted
  - as reported</font></p>
  </td>
  <td width=24 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.22&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Diluted
  - pro forma</font></p>
  </td>
  <td width=24 valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=115 valign=bottom>
  <p align=right><font size=3
  face=Courier>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=115 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=451 valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Average
  shares outstanding</font></p>
  </td>
  <td width=139 colspan=2 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>69,346,722&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=139 colspan=2 valign=bottom>
  <p align=right><font size=3
  face=Courier>70,024,400&nbsp;</font></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
<u>NOTE 5 Restructuring Charges<br>
</u><br>
During the third and fourth quarters of 2005, First Commonwealth recorded
restructuring charges of $5,437 thousand.&nbsp;
These charges included $700 thousand related to an Executive Officer who
executed his right to receive severance payments and benefits under a management
contract, as well as one-time termination benefits of $4,737 thousand in
connection with First Commonwealth's reorganization initiative.&nbsp; One-time termination benefits include
severance payments, hospitalization costs and payroll taxes.&nbsp; No additional charges related to this
reorganization plan are expected in future periods.&nbsp; The restructuring charges were for 72 employees whose positions
were eliminated as part of the reorganization initiative.<br>
<br>
The following is a summary of the restructuring liability (Dollar amounts in
thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=523 valign=top bgcolor="#99ccff">
  <p><font size=3 face=Courier>Restructuring
  liability as of January 1, 2005</font></p>
  </td>
  <td width=38 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=110 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top>
  <p><font size=3 face=Courier>Accrual
  related to management contract</font></p>
  </td>
  <td width=38 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top>
  <p align=right><font size=3
  face=Courier>700&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top bgcolor="#99ccff">
  <p><font size=3 face=Courier>Accrual
  related to reorganization initiative</font></p>
  </td>
  <td width=38 valign=top bgcolor="#99ccff">
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,737&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top>
  <p><font size=3 face=Courier>One-time
  benefit payments during 2005</font></p>
  </td>
  <td width=38 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top>
  <p align=right><font size=3
  face=Courier>(2,122)</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=38 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top>
  <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=523 valign=top bgcolor="#99ccff">
  <p><font size=3 face=Courier>Restructuring
  liability as of December 31, 2005</font></p>
  </td>
  <td width=38 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=110 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>3,315&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top>
  <p><font size=3 face=Courier>One-time
  benefit payments during 2006</font></p>
  </td>
  <td width=38 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top>
  <p align=right><font size=3
  face=Courier>(2,202)</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=38 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top>
  <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=523 valign=top bgcolor="#99ccff">
  <p><font size=3 face=Courier>Restructuring
  liability as of March 31, 2006</font></p>
  </td>
  <td width=38 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=110 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,113&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=523 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=38 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=110 valign=top>
  <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><u><font size=3 face=Courier><br></font></u>11</p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 6 Variable Interest Entities</u></font></p>

<p><font size=3 face=Courier><br>
In January 2003, the FASB issued FASB Interpretation No. 46 (&quot;FIN
46&quot;), &quot;Consolidation of Variable Interest Entities,&quot; and in
December 2003, issued FIN 46 (Revised 2003) (&quot;FIN 46R&quot;).&nbsp; FIN 46R clarified some of the provisions of
FIN 46 and exempted certain entities from the original requirements of FIN
46.&nbsp; As defined by FIN 46 a variable
interest entity (&quot;VIE&quot;) is a corporation, partnership, trust or any
other legal structure used for business purposes that either (a) does not have
equity investors with voting rights or (b) has equity investors that do not
provide sufficient financial resources for the entity to support its
activities.&nbsp; Under FIN 46R, an entity
that holds a variable interest in a VIE is required to consolidate the VIE if
the entity is subject to a majority of the risk of loss from the VIE's
activities, is entitled to receive a majority of the entity's residual returns
or both.&nbsp; <br>
<br>
As part of its community reinvestment initiatives, First Commonwealth invests
in qualified affordable housing projects as a limited partner.&nbsp; First Commonwealth receives federal
affordable housing tax credits and rehabilitation tax credits for these limited
partnership investments.&nbsp; First
Commonwealth's maximum potential exposure to these partnerships is $4,809
thousand, consisting of the limited partnership investments as of March 31,
2006.&nbsp; Based on FIN 46R, First
Commonwealth has determined that these investments will not be consolidated but
continue to be accounted for under the equity method whereby First
Commonwealth's portion of partnership losses are recognized as incurred.&nbsp; <br>
<br>
<u>NOTE 7 Guarantees</u></font></p>

<p><font size=3 face=Courier><br>
Standby letters of credit are conditional commitments issued by First
Commonwealth to guarantee the performance of a customer to a third party.&nbsp; The contract or notional amount of these
instruments reflects the maximum amount of future payments that could be lost
under the guarantees if there were a total default by the guaranteed parties without
consideration of possible recoveries under recourse provisions or from
collateral held or pledged.&nbsp; In
addition, many of these commitments are expected to expire without being drawn
upon; therefore, the total commitment amounts do not necessarily represent
future cash requirements.&nbsp; The table
below identifies the notional amounts of these guarantees at March 31, 2006
(Dollar amounts in thousands):<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Financial
  standby letters of credit</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>16,390</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Performance
  standby letters of credit</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4,451</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 $2,620 thousand and performance standby letters of credit
of $103 thousand issued during the first quarter of 2006.&nbsp; There is currently no liability recorded on
First Commonwealth's balance sheet related to the above letters of credit.<br>&nbsp;<br>
<br>
<br>
<br>
<br>
<br>&nbsp;<br>
12</font></p>

<font size=3
face=Courier>

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

</font>


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

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 8 Other-Than-Temporary Impairment of Investments<br>
</u><br>
The following table presents the gross unrealized losses and fair values at
March 31, 2006 by investment category and time frame for which the loss has
been outstanding (Dollar amounts in thousands):<br>
<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0 width=761>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=190 colspan=4 valign=bottom>
  <p align=center><font size=1
  face=Courier>Less Than 12 Months</font></p>
  </td>
  <td width=186 colspan=4 valign=bottom>
  <p align=center><font size=1
  face=Courier>12 Months or More</font></p>
  </td>
  <td width=208 colspan=4 valign=bottom>
  <p align=center><font size=1
  face=Courier>Total</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=190 colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
  <td width=186 colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
  <td width=208 colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Description of<br>
  &nbsp;&nbsp;Securities&nbsp;&nbsp;</font></p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Fair<br>
  Value</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Unrealized<br>
  &nbsp;&nbsp;Losses&nbsp;&nbsp;</font></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Fair<br>
  Value</font></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Unrealized<br>
  &nbsp;&nbsp;Losses&nbsp;&nbsp;</font></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Fair<br>
  Value</font></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Unrealized<br>
  &nbsp;&nbsp;Losses&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>U.S. Treasury<br>
  &nbsp;&nbsp;Obligations</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=79 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=75 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2,960&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(32)</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2,960&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(32)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>U.S. Government
  Agency<br>
  &nbsp;&nbsp;Obligations</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>44,500&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(678)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>197,074&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(3,509)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>241,574&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(4,187)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>U.S. Government
  Agency<br>
  &nbsp;&nbsp;CMO and MBS</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>419,705&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(8,105)</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>547,216&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(25,717)</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>966,921&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(33,822)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Corporate
  Securities</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>23,006&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(376)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>18,823&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>(223)</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>41,829&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(599)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Municipal
  Securities</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;48,607&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;(766)</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;672&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;(29)</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;49,279&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;(795)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Asset Backed<br>
  &nbsp;&nbsp;Securities</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>943&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(15)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>943&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(15)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Total Debt
  Securities</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>536,761&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(9,940)</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>766,745&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(29,510)</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,303,506&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(39,450)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p><font size=1 face=Courier>Common Stock</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=79 valign=bottom>
  <p align=right><font size=1
  face=Courier>150&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(6)</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=75 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=74 valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td width=16 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=91 valign=bottom>
  <p align=right><font size=1
  face=Courier>150&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=80 valign=bottom>
  <p align=right><font size=1
  face=Courier>(6)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Total
  Securities</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=79 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>536,911&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(9,946)</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=75 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>766,745&nbsp;</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=74 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(29,510)</font></p>
  </td>
  <td width=16 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=91 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,303,656&nbsp;</font></p>
  </td>
  <td width=21 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td width=80 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(39,456)</font></p>
  </td>
 </tr>
 <tr>
  <td width=177 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td width=94 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=96 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=90 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=107 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=101 colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
Management does not believe any individual loss as of March 31, 2006 represents
an other-than-temporary impairment.&nbsp; The
unrealized losses are predominantly attributable to changes in interest rates
and not from the deterioration of the creditworthiness of the issuer.&nbsp; Management has both the intent and ability
to hold the securities represented in the table for a time necessary to recover
the amortized cost.<br>
<br>
<u>NOTE 9 Subsequent Event</u><br>
<br>
On April 27, 2006, First Commonwealth announced the execution of a definitive
agreement to acquire Laurel Capital Group, Inc. (&quot;Laurel Capital&quot;),
headquartered in Allison Park, Pennsylvania.&nbsp;
Under the terms of the agreement, Laurel Capital shareholders will be
entitled to receive $28.25 in cash, an equivalent value of First Commonwealth
common stock or a combination of cash and First Commonwealth stock in exchange
for their shares of Laurel Capital common stock, subject to proration to ensure
that 70% of the aggregate merger consideration is paid in First Commonwealth
common stock and 30% in cash.&nbsp; The definitive
agreement was unanimously approved by the Boards of Directors of First
Commonwealth and Laurel Capital.&nbsp; The
merger is expected to be completed during the third quarter of 2006, subject to
customary conditions, including the receipt of regulatory approvals and the
approval of Laurel Capital shareholders.&nbsp;
<br>
<br>
<br>
13</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
March 31, 2006<br>
(Unaudited)</font></p>

<p><font size=3 face=Courier><br>
<u>NOTE 10 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>2006</font></p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Service
  cost</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Interest
  cost on projected benefit <br>
  &nbsp;&nbsp;&nbsp;obligation</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>61&nbsp;</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Amortization
  of transition obligation</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>(Gain)
  Loss amortization</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>15&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)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  periodic benefit cost</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>77&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>55&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 First Commonwealth
will not receive the subsidy due to the relatively small number of retirees. <br>
<br>
<u>NOTE 11 New Accounting Pronouncements</u> <br>
<br>
In May 2005, the FASB issued Statement of Financial Accounting Standards No.
154 (&quot;FAS 154&quot;), &quot;Accounting Changes and Error Corrections - a
replacement of APB Opinion No. 20 and FASB Statement No. 3.&quot;&nbsp; As it states in the title, FAS 154 replaces
APB Opinion No. 20, &quot;Accounting Changes,&quot; and FASB Statement No. 3,
&quot;Reporting Accounting Changes in Interim Financial Statements.&quot;&nbsp; FAS 154 applies to all voluntary changes in
accounting principle and changes the requirements for the accounting for and
reporting of a change in accounting principle.&nbsp;
Unlike APB Opinion No. 20, FAS 154 requires changes in accounting
principle to have retrospective application to the financial statements from
prior periods to which the change applies unless it is impracticable.&nbsp; FAS 154 was effective for accounting changes
and corrections of errors made in fiscal years beginning after December 31,
2005.&nbsp; The implementation of FAS 154 did
not have an impact on First Commonwealth's financial condition or results of
operations.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
14</font></p>

<font size=3
face=Courier>

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

</font>

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

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

<p><font size=3 face=Courier><br>
<u>FORWARD-LOOKING STATEMENTS</u></font></p>

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

<p><font size=3 face=Courier>This
discussion and the related financial data are presented to assist in the
understanding and evaluation of the consolidated financial condition and
results of operations of First Commonwealth Financial Corporation including its
subsidiaries (&quot;First Commonwealth&quot;).&nbsp;
In addition to historical information, this discussion and analysis, as
well as the notes to the consolidated financial statements, contain
forward-looking statements (as defined in the Private Securities Litigation
Reform Act of 1995), which reflect management's beliefs and expectations based
on information currently available and may contain the words
&quot;expect,&quot; &quot;estimate,&quot; &quot;project,&quot;
&quot;anticipate,&quot; &quot;should,&quot; &quot;intend,&quot;
&quot;probability,&quot; &quot;risk,&quot; &quot;target,&quot; and similar
expressions.&nbsp; These forward-looking
statements are inherently subject to significant risks and uncertainties,
including but not limited to: anticipated cost savings resulting from the
recent corporate restructuring initiative, the timing and magnitude of changes
in interest rates, changes in general economic and financial market conditions,
First Commonwealth's ability to effectively carry out its business plans,
changes in regulatory or legislative requirements, changes in competitive
conditions and continuing consolidation of the financial services industry.&nbsp; Although management believes the
expectations reflected in such forward-looking statements are reasonable,
actual results could differ materially.&nbsp;
Readers are cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date of this
report.&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 of this report.</font></p>

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

<p><u><font size=3 face=Courier>RESULTS
OF OPERATIONS<br><br></font></u></p>

<p><b><font size=3 face=Courier>First Three Months of 2006 as Compared to the First Three
Months of 2005</font></b></p>

<p><font size=3 face=Courier><br>
Net income for the first three months of 2006 was $12.9 million compared to
$15.2 million for the same period of 2005.&nbsp;
Basic and diluted earnings per share were $0.19 for the first quarter of
2006 and $0.22 for the first quarter of 2005.<br>
<br>
The following is an analysis of the impact of changes in net income on diluted
earnings per share:<br><br></font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  income per share, as of March 31, 2005</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.22&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>
  <p><font size=3 face=Courier>Increase
  (decrease) from changes in:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Net
  interest income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(0.05)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Provision
  for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.01&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Security
  transactions</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(0.01)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;Service
  charges on deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>0.01&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Merchant
  discount income</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(0.01)</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>(0.02)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Net
  occupancy expense</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>(0.01)</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>0.03&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;Applicable
  income taxes</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>0.02&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>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  income per share, as of March 31, 2006</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;0.19&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>
15</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>
<br>
Return on average assets was 0.88% and return on average equity was 9.95% for
the first quarter of 2006 compared to 1.00% and 11.48%, respectively, for the
first quarter of 2005.&nbsp; The decrease in
net income was primarily the result of the decrease in net interest income.<br>
<br>
<i><u>Net Interest Income</u></i><br>
<br>
Net interest income, the most significant component of earnings, is the amount
by which interest income generated from earning assets exceeds interest expense
on liabilities.&nbsp; Net interest income
decreased $3.5 million for the first quarter of 2006 compared to the first
quarter of 2005 as average earning assets decreased by $227.8 million or 4.0%
compared to 2005 averages.&nbsp; <br>
<br>
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.31% for the first three months of
2006 compared to 3.41% for the same period of 2005.&nbsp; The decline in net interest margin was due primarily to funding
costs increasing at a faster rate than yields on earning assets.&nbsp; The first quarter yield on earning assets
(on a fully tax-equivalent basis) increased 55 basis points to 6.13% from 5.58%
in the same period last year, while the cost of funds increased 74 basis points
to 3.15% from 2.41% in last year's first quarter.&nbsp; <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):<br><br></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>2006</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1 face=Courier>Assets</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,041&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>14</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>5.31%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>964&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;$</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;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.08%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Tax free investment<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>280,673&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3,219</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>7.16&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>270,945&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3,053</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>7.03&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>1,574,530&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>18,188</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.68&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,923,907&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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,162&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>46</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4.53&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>659&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.46&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)(d)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,650,953&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>58,314</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>6.68&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,542,655&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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,511,359&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>79,781</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6.13&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,739,130&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>75,637</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5.58&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Noninterest-earning assets:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Cash</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>77,807&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>78,997&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Allowance for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>(40,282)</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>(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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>426,722&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>422,736&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;464,247&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;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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,975,606&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,198,839&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier>16</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</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>2006</font></p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=1
  face=Courier>2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier><br>
  Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Average<br>
  Balance</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Income/<br>
  Expense</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Yield<br>
  or<br>
  Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><b><font size=1 face=Courier>Liabilities and <br>
  &nbsp;&nbsp;Shareholders' Equity</font></b></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Interest-bearing demand<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deposits (e)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>558,100&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,913</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  1.39%</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>562,152&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  &nbsp;$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>949</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  0.68%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Savings deposits (e)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,179,984&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,982</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1.71&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,261,576&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3,647</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1.17&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>1,773,440&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>16,489</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3.77&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,580,456&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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>630,035&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,364</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4.10&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>916,021&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,558</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.46&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>796,961&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>8,586</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>4.37&nbsp;</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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>4,938,520&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>38,334</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>3.15&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,158,583&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>30,705</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.41&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>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <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>Noninterest-bearing<br>
  &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="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Noninterest-bearing <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;demand deposits (e)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>480,733&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>478,653&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Other liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>28,770&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>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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;Shareholders' equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>527,583&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>537,445&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1,037,086&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;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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
  Liabilities <br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Shareholders'<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>5,975,606&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>6,198,839&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>Net Interest Income and <br>
  &nbsp;&nbsp;Net Yield on <br>
  &nbsp;&nbsp;Interest-Earning Assets</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  $</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>41,447</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier><br>
  <br>
  3.31%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>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>
 </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=29>
  <td width=48 height=29 valign=top>
  <p><font size=1 face=Courier>(b)</font></p>
  </td>
  <td width=852 height=29 valign=top>
  <p><font size=1 face=Courier>Average balances include loans held for sale.</font></p>
  </td>
 </tr>
 <tr height=23>
  <td width=48 height=23 valign=top>
  <p><font size=1 face=Courier>(c)</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>(d)</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>(e)</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>
17</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)</font></p>

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

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

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=2
  face=Courier>Analysis
  of Changes in Net Interest Income</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <p align=center><font size=2
  face=Courier>2006
  Change From 2005</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=6 valign=bottom>
  <font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>Total<br>
  Change</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;Change
  Due<br>
  &nbsp;&nbsp;To Volume</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=2
  face=Courier>&nbsp;&nbsp;Change
  Due<br>
  &nbsp;&nbsp;To Rate (a)</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>Interest-earning assets:</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Time deposits with banks</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>7&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>6&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Tax free investment securities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>166&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>169&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(3)</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Taxable investment securities</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(1,794)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(3,627)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,833&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Federal funds sold</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>42&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>21&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>21&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>5,723&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,658&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>4,065&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest income</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>&nbsp;4,144&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(1,778)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>5,922&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>Interest-bearing liabilities:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;Interest-bearing demand deposits</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>964&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(7)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>971&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Savings deposits</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,335&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(236)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>1,571&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 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>4,583&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>1,454&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>3,129&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;Short-term borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>806&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(1,735)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>2,541&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 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>(59)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(427)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>368&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>7,629&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(951)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>8,580&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=bottom>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest
  income</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(3,485)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(827)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=2
  face=Courier>(2,658)</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 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>
On a positive note, the net interest margin increased 11 basis point (0.11%) in
the first quarter of 2006 compared to the 3.20% reported in the fourth quarter
of 2005, due to the previously disclosed balance sheet changes that occurred
during the fourth quarter of 2005.<br>
<br>
Interest and fees on loans increased $5.7 million for the first quarter of 2006
compared to 2005 levels for the same period as the average balance of loans
increased by $108.3 million or 3.1%.&nbsp;
The first quarter yield on loans increased by 47 basis points (0.47%) to
6.68% from the 6.21% reported in 2005.&nbsp;
The increase in interest and fees on loans for the first quarter of 2006
was partially offset by a decrease in interest income on investment securities.<br>
<br>
<br>
<br>
<br>
<br>
<br>
18</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>
<br>
Interest and dividend income on investments decreased $1.6 million for the
first quarter of 2006 compared to the first quarter of 2005.&nbsp; The decrease was largely due to volume
decreases as average investments decreased $339.6 million or 15.5% for the
first quarter of 2006 compared to the same period of 2005.&nbsp; Due to the relatively flat yield curve,
First Commonwealth has limited the amount it has reinvested in investment
securities that have matured or have been paid down.&nbsp; Additionally, First Commonwealth liquidated $100 million
lower-yielding investment securities in the fourth quarter of 2005 to fund the
sale of branches.&nbsp; The total yield on
investments was 5.06% for the first three months of 2006 compared to 4.56% for
the same period of 2005.&nbsp; <br>
<br>
Interest on deposits increased $6.9 million for the first quarter of 2006
compared to the same period of 2005.&nbsp;
The increase was largely due to the increase in rates.&nbsp; Volumes were also slightly up over prior
year levels despite the reduction of $126.0 million in deposits related to
branch sales in 2005.&nbsp; Deposit costs
were 2.38% for the first quarter of 2006 compared to 1.72% for the first
quarter of 2005, an increase of 66 basis points (0.66%).&nbsp; Yields were up in all of the deposit
categories.&nbsp; Average total deposits
increased 2.8% in the first three months of 2006 when compared to the same
period of 2005.&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 $806 thousand for the first
three months of 2006 compared to the same period of 2005 as a result of increases
due to rate which were partially offset by decreases due to volume.&nbsp; The cost of short-term borrowings for the
2006 period increased by 164 basis points (1.64%) compared to 2005 costs of
2.46%.&nbsp; The average balance of
short-term borrowings for the first quarter of 2006 decreased $286.0 million or
31.2% over averages for the prior year.&nbsp;
<br>
<br>
Interest expense on long-term debt decreased $59 thousand for the first quarter
of 2006 compared to the corresponding period of 2005.&nbsp; Decreases due to volume were partially offset by increases due to
rate.&nbsp; Average long-term debt for the
first three months of 2006 decreased by $41.4 million or 4.9% compared to 2005
averages.&nbsp; Yields on long-term debt for
the first quarter of 2006 increased by 19 basis points (0.19%) compared to the
first quarter of 2005.&nbsp; First
Commonwealth continues to analyze its exposure to any concentration of
maturities of long-term debt in any one year and the associated risks.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
19</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>
<br>
<i><u>Provision for Credit Losses</u></i></font></p>

<p><font size=3 face=Courier><br>
The provision for credit losses is an amount added to the allowance against
which credit losses are charged.&nbsp; The
amount of the provision is determined by management based upon its assessment
of the size and quality of the loan portfolio and the adequacy of the allowance
in relation to the risks inherent within the loan portfolio.&nbsp; The provision for credit losses was $908
thousand for the first three months of 2006 compared to $1.7 million for the
first three months of 2005.&nbsp; The
analysis of the Adequacy for the Allowance of Loan Loss as of March 31, 2006,
showed continuing improvement in the credit quality of classified loans on the
primary watch list.&nbsp; First Commonwealth
believes that the allowance for credit losses is adequate at the present
time.&nbsp; <br>
<br>
Net charge-offs against the allowance for credit losses increased by $370
thousand for the first three months of 2006 compared to the same period of
2005.&nbsp; Increases in net charge-offs were
primarily in the commercial and commercial real estate loan categories. &nbsp;The provision for credit losses as a
percentage of net charge-offs was 38.10% at March 31, 2006, compared to 86.64%
at March 31, 2005.&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>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
20</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>
<br>
Below is an analysis of the consolidated allowance for credit losses for the
three month periods ended March 31, 2006 and 2005 (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>2006</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</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>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Balance
  January 1,</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>39,492&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>41,063&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Loans
  charged off:</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Commercial,
  financial and agricultural</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,618&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,254&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>226&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>56&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-residential</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>337&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>489&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>597&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>538&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Lease
  financing receivables</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>24&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>24&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  loans charged off</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>&nbsp;2,802&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;2,361&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Recoveries
  of previously charged off loans:</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=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>299&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>155&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-commercial</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Real
  estate-residential</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>1&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>35&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  to individuals</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>119&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>158&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Lease
  financing receivables</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>-0-</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Total
  recoveries</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;419&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;&nbsp;348&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;Net
  charge offs</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,383&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>2,013&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Provision
  charged to operations</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>908&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,744&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Balance
  March 31,</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>38,017&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>40,794&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 $63 thousand during the first three months of 2006
compared to $485 thousand during the first three months of 2005.&nbsp; <br>
<br>
Service charges on deposits, which continue to be First Commonwealth's most
significant component of noninterest fee income, increased $329 thousand for
the first three months of 2006 compared to the corresponding period of
2005.&nbsp; Increases in nonsufficient funds
(or &quot;NSF&quot;) fees continue to drive the increase in service charges on
deposits.&nbsp; NSF fees increased $395
thousand for the first quarter of 2006 as compared to the first quarter of
2005.&nbsp; The increase in NSF fees is due
to the continuing growth of the High Performance Checking products for consumer
and business clients.&nbsp; In addition,
First Commonwealth increased the NSF fee for 2006 from $25 an item to $29 per
item.&nbsp; Management strives to implement
reasonable fees for services and closely monitors collection of those fees.<br>
<br>
21</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>&nbsp;<br>
Other changes in noninterest income during the first three months of 2006
compared to the same period of 2005 included increases in card related
interchange income in the amount of $211 thousand.&nbsp; This increase was offset by decreases in merchant discount income
in the amount of $839 thousand and decreases in insurance commission in the
amount of $121 thousand.&nbsp; Card related
interchange income includes income on debit, credit and ATM cards that are
issued to consumers and/or businesses.&nbsp;
The card related interchange income growth was favorably affected by
additional volume related to card usage.&nbsp;
The decrease in merchant discount income was due to the sale of the
merchant services business in the second quarter of 2005.&nbsp;&nbsp;&nbsp;&nbsp; <br>
<br>
Other income for the first three months of 2006 decreased $425 thousand from
the $2.0 million reported for the first three months of 2005 primarily due to
losses on the sale of other assets, including loans and other real estate
owned, in the amount of $413 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>
22</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>
<br>
<i><u>Noninterest Expense</u></i><br>
<br>
Noninterest expense was $35.6 million for the first three months of 2006
reflecting an increase of $200 thousand from the 2005 level of $35.4
million.&nbsp; The most significant increase
during the 2006 period was salaries and employee benefit costs which increased
$1.1 million or 5.8%.&nbsp; Salaries
accounted for $322 thousand of the increase while employee benefits accounted
for $737 thousand.&nbsp; Salaries, adjusted
for $353 thousand in severance charges that were recorded in the first quarter
of 2006 were slightly less than the amount reported in the comparable period
last year.&nbsp; The most significant
employee benefit increase was unemployment compensation insurance which was
related to the organizational restructuring and related personnel changes.&nbsp; Unemployment compensation rates have been
affected by the large number of employees terminated during 2004 and 2005, as
part of First Commonwealth's organizational restructuring, realignment
initiatives and cost containment efforts.&nbsp;
Full time equivalent employees were 1,522 as of the end of the first
quarter of 2006 compared to 1,621 for the same time in 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 $410 thousand for the first quarter of 2006
over 2005 levels.&nbsp; The increase was
primarily the result of an adjustment to building rental expense due to an
ongoing monitoring of leases.&nbsp; First
Commonwealth continues to actively evaluate its branch delivery network to
optimize client service in existing branches and to continue expansion into
densely populated growth markets.&nbsp;
During the first quarter of 2006, First Commonwealth continued its
branch expansion plans as it began construction on two new branch offices in
the Pittsburgh-area market as well as completed two significant renovations on
existing branches.&nbsp; The execution of
these initiatives may impact occupancy and other expenses in future periods.<br>
<br>
Other expenses included decreases in data processing expense and furniture and
equipment expense in the amounts of $144 thousand and $103 thousand,
respectively.&nbsp; The decrease in data
processing expense was due in part to the sale of the merchant services
business.&nbsp; The decrease in furniture and
equipment expense was largely due to a decrease in depreciation expense on
furniture and equipment and computer software.<br>
<br>
Other operating expenses for the 2006 period were $7.4 million reflecting a
decrease of $1.1 million from the 2005 amount of $8.5 million.&nbsp; The most significant decreases were recorded
in plastic card interchange expenses ($697 thousand) and advertising expenses
($209 thousand).&nbsp; The plastic card
interchange expense was eliminated due to the 2005 sale of the merchant services
business.&nbsp; Advertising expenses were
higher in 2005 due in large part to new promotions for a variety of deposit and
loan products.&nbsp; <br>&nbsp;&nbsp;&nbsp; <br>
Income tax expense decreased $1.7 million for the first quarter of 2006
compared to the first quarter of 2005. &nbsp;First Commonwealth's effective tax<br>
<br>
<br>
23</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 2006 as Compared to the
First Three Months of 2005</b><br>
(continued)<br>
<br>
rate was 15.1% for the first three months of 2006 compared to 20.9% for the
corresponding period of 2005.&nbsp; Pretax
income for the first three months of 2006 period was $4.0 million less than it
was for the same period in 2005. This reduction in pretax income allowed the
effect of nontaxable income and tax credits to have a larger impact on the
effective tax rate in 2006.&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; 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 risk management policy to
manage this risk.&nbsp; This policy
identifies the primary sources of liquidity, establishes procedures for
monitoring and measuring liquidity and quantifies minimum liquidity
requirements based on board approved limits.&nbsp;
The policy also includes a liquidity contingency plan to address funding
needs to maintain liquidity under a variety of business conditions.&nbsp; First Commonwealth's liquidity position is
monitored by the Asset/Liability Management Committee.<br>
<br>
First Commonwealth's long-term liquidity source is a large core deposit base
and a strong capital position.&nbsp; Core
deposits are the most stable source of liquidity a bank can have due to the long-term
relationship with a deposit customer.&nbsp;
The following table shows a breakdown of the components of Fist
Commonwealth's interest-bearing deposits as of March 31, 2006 and December 31,
2005:</font></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <p align=center><font size=3
  face=Courier>March 31,<br>
  2006</font></p>
  </td>
  <td width=24 valign=top>
  <p align=center>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=center>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=center><font size=3
  face=Courier>December 31,<br>
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=24 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top bgcolor="#99ccff">
  <p><font size=3 face=Courier>NOW
  and Super NOW accounts</font></p>
  </td>
  <td width=29 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=139 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>98,998</font></p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>94,325</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>Savings
  and MMDA accounts</font></p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <p align=right><font size=3
  face=Courier>1,628,313</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>1,661,482</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top bgcolor="#99ccff">
  <p><font size=3 face=Courier>Time
  deposits</font></p>
  </td>
  <td width=29 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,769,266</font></p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,749,101</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>Total
  interest-bearing deposits</font></p>
  </td>
  <td width=29 valign=top>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=139 valign=top>
  <p align=right><font size=3
  face=Courier>3,496,577</font></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td width=134 valign=top>
  <p align=right><font size=3
  face=Courier>3,504,908</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=29 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=24 valign=top>
  <p align=right>&nbsp;</p>
  </td>
  <td width=134 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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>
At March 31, 2006, total interest-earning assets were $5,476.1 million, a
decrease of $90.0 million from the $5,566.1 million recorded at December 31,
2005.&nbsp; Total loans increased $27.8
million for the first three months of 2006 while investment securities
decreased $116.2 million for the same period.<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, 2006, securities available for sale had an amortized
cost of $1,763.8 million and an approximate fair value of $1,737.9 million.<br>
<br>
The following table shows a breakdown of loans by categories as of March 31,
2006 and December 31, 2005:</font></p>

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

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <p align=center><font size=2
  face=Courier>March
  31,<br>
  2006</font></p>
  </td>
  <td width=50 valign=top>
  <p align=center>&nbsp;</p>
  </td>
  <td width=122 valign=top>
  <p align=center><font size=2
  face=Courier>December
  31,<br>
  2005</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=139 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
  <td width=50 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=122 valign=top>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>Commercial, financial, agricultural <br>
  &nbsp;&nbsp;&nbsp;and other</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td width=139 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>763,405&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>729,962&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>Real estate loans:</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Construction and land
  development</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>74,145&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>78,279&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;1-4 family dwellings</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>1,207,583&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>1,213,223&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Other real estate</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>995,357&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>987,798&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>Loans to individuals for household,<br>
  &nbsp;&nbsp;&nbsp;family and other personal<br>
  &nbsp;&nbsp;&nbsp;expenditures</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>608,573&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>610,648&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>Leases, net of unearned income</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>3,122&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;4,468&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Subtotal</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,652,185&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,624,378&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top bgcolor="#99ccff">
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;Unearned income</font></p>
  </td>
  <td width=41 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>(98)</font></p>
  </td>
  <td width=50 valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom bgcolor="#99ccff">
  <p align=right><font size=2
  face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119)</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p><font size=2 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Totals loans and
  leases</font></p>
  </td>
  <td width=41 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=139 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,652,087&nbsp;</font></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right><font size=2
  face=Courier>$</font></p>
  </td>
  <td width=122 valign=bottom>
  <p align=right><font size=2
  face=Courier>3,624,259&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=367 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=41 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=139 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td width=50 valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td width=122 valign=bottom>
  <div align=right><font size=2
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
</table>

<p><font size=3 face=Courier><br>
The table above includes loans held for sale.&nbsp;
First Commonwealth's auto lease portfolio continues to decline since the
discontinuation of its automobile leasing activities during 2003.<br><br></font></p>

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

<font size=3
face=Courier>

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

</font>

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

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

<p><font size=3 face=Courier><br>
<b>Interest Sensitivity</b><br>
<br>
Market risk is the risk of loss arising from adverse changes in the fair value
of financial instruments due to changes in interest rates, currency exchange
rates or equity prices.&nbsp; First
Commonwealth's market risk is composed primarily of interest rate risk.&nbsp; Interest rate risk results principally from
timing differences in the repricing of assets and liabilities, changes in the
relationship of rate indices and the potential exercise of free standing or
embedded options.<br>
<br>
The objective of interest rate sensitivity management is to maintain an
appropriate balance between the stable growth of income and the risks
associated with maximizing income through interest sensitivity imbalances.&nbsp; While no single number can accurately
describe the impact of changes in interest rates on net interest income,
interest rate sensitivity positions, or &quot;gaps,&quot; when measured over a
variety of time periods, can be informative.<br>
<br>
An asset or liability is considered to be interest-sensitive if the rate it
yields or bears is subject to change within a predetermined time period.&nbsp; If interest-sensitive assets
(&quot;ISA&quot;) exceed interest-sensitive liabilities (&quot;ISL&quot;)
during the prescribed time period, a positive gap results.&nbsp; Conversely, when ISL exceed ISA during a
time period, a negative gap results.<br>
<br>
The cumulative gap at the 365-day repricing period was negative in the amount
of $1,257.5 million or 21.15% of total assets at March 31, 2006.&nbsp; A positive gap tends to indicate that
earnings will be impacted favorably if interest rates rise during the period
and negatively when interest rates fall during the time period.&nbsp; A negative gap tends to indicate that
earnings will be affected inversely to interest rate changes.&nbsp; In other words, as interest rates fall, a
negative gap should tend to produce a positive effect on earnings, and when
interest rates rise, a negative gap should tend to affect earnings negatively.<br>
<br>
The primary components of ISA include adjustable rate loans and investments,
loan repayments, investment maturities and money market investments.&nbsp; The primary components of ISL include
maturing certificates of deposit, money market deposits, savings deposits, NOW
accounts and short-term borrowings.<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
26</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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, 2006, and December 31, 2005 (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, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>0-90<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>91-180<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>181-365<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Cumulative<br>
  0-365 Days</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,234,540&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>192,372&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>370,738&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>1,797,650&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>177,365&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>69,920&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>159,155&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>406,440&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>391&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>391&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>1,412,296&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>262,292&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>529,893&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,204,481&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>346,825&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>220,868&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>362,687&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>930,380&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>1,727,311&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>-0-</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1,727,311&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>711,471&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>67,173&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>25,639&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>804,283&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total interest-sensitive<br>
  &nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>2,785,607&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>288,041&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>388,326&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>3,461,974&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(1,373,311)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(25,749)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>141,567&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>(1,257,493)</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>0.51&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.91&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>1.36&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=1
  face=Courier>0.64&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>23.10%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>0.43%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>2.38%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>21.15%</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, 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=center></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>0-90<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>91-180<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>181-365<br>
  &nbsp;&nbsp;Days&nbsp;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=1
  face=Courier>Cumulative<br>
  0-365 Days</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,223,588&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>204,682&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>359,406&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>1,787,676&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>179,227&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>115,495&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>159,963&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>454,685&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Other interest-earning assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;2,048&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,048&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>1,404,863&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>320,177&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>519,369&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;2,244,409&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Certificates of deposit</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>465,223&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>189,534&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>288,933&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>943,690&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>1,755,808&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>-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>1,755,808&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Borrowings</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;711,185&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;4,657&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;49,338&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;765,180&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>&nbsp;&nbsp;Total interest-sensitive <br>
  &nbsp;&nbsp;liabilities</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>2,932,216&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>194,191&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>338,271&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;3,464,678&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=1
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,527,353)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>125,986&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>181,098&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>(1,220,269)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=8 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=1 face=Courier>ISA/ISL</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.48&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>&nbsp;&nbsp;&nbsp;1.65&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>1.54&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font
  size=1 face=Courier>0.65&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=1 face=Courier>Gap/Total assets</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>25.34%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>2.09%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>3.01%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font
  size=1 face=Courier>20.25%</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=2 width="100%" align=center>

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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, 2006, indicated
that a 200 basis point (2.00%) increase in interest rates would decrease net
interest income 140 basis points (1.40%) below the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 86 basis points (0.86%) 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
attempts to mitigate interest rate risk through the use of strategies such as
asset sales, asset and liability pricing and matched maturity funding.&nbsp; First Commonwealth's senior management
establishes the ALCO strategies.&nbsp; <br>
<br>
First Commonwealth terminated its interest rate swaps during the fourth quarter
of 2005; however, the ALCO continues to evaluate the use of future derivative
instruments to protect against the risk of adverse price or interest rate
movements on the value of certain assets and liabilities.&nbsp; <br>
<br>
<br>
<br>
<br>
28</font></p>

<font size=3
face=Courier>

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

</font>

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

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

<p><font size=3 face=Courier><br>
<u>CREDIT REVIEW</u><br>
<br>
The following table identifies amounts of loan losses and nonperforming
loans.&nbsp; A loan is placed in nonaccrual
status at the time when ultimate collectibility of principal or interest,
wholly or partially, is in doubt.&nbsp; Past
due loans are those which are contractually past due 90 days or more as to
interest or principal payments but are well secured and in the process of
collection.&nbsp; Renegotiated loans are
those loans which terms have been renegotiated to provide a reduction or
deferral of principal or interest as a result of the deteriorating financial position
of the borrower and are in compliance with the restructured terms.<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>2006</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=center></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><u><font size=3 face=Courier>Nonperforming
  Loans</font></u>:</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Loans
  on nonaccrual basis</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>14,599&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11,200&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>&nbsp;&nbsp;Past
  due more than 90 days</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>14,305&nbsp;</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>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>&nbsp;&nbsp;Renegotiated
  loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;170&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;182&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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>29,074&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>28,228&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <div align=right><font size=3
  face=Courier>
  <hr size=3 width="100%" noshade color=black align=right>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Other
  real estate owned</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,499&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,463&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(a)</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,652,087&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>3,554,441&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Average
  loans outstanding (year-to-date)(a)</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>3,650,953&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>3,542,655&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>0.80%</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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Provision
  for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>908&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>1,744&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>Allowance
  for credit losses</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>38,017&nbsp;</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>40,794&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Net
  charge-offs</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,383&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,013&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Net
  charge-offs as a percentage of average<br>
  &nbsp;&nbsp;&nbsp;loans outstanding (annualized)</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  0.26%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  0.23%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Provision
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of net charge-offs</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  38.10%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  86.64%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Allowance
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of average loans outstanding</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  1.04%</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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Allowance
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of end-of-period loans outstanding</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  1.04%</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  1.15%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Allowance
  for credit losses as a percentage<br>
  &nbsp;&nbsp;&nbsp;of nonperforming loans</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  130.76%</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier><br>
  144.52%</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>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <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><font size=3 face=Courier>(a)
  includes loans held for sale</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>
</table>

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

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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,
2006, and March 31, 2005 (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>2006</font></p>
  </td>
  <td colspan=2 valign=bottom>
  <p align=center><font size=3
  face=Courier>2005</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td colspan=2 valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Recorded
  investment in impaired loans at end <br>
  &nbsp;of period</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>14,769</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11,382</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>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>12,754</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>11,899</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Allowance
  for credit losses related to <br>
  &nbsp;impaired loans</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,288</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>2,362</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>8,915</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>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Impaired
  loans with no allocation of the&nbsp;allowance<br>
  &nbsp;for credit losses</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>5,854</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier><br>
  $</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>4,138</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>36</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>
 </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, 2006, there were no
significant concentrations of credit.<br>
<br>
Nonperforming loans (including loans past due 90 days but still accruing) at
March 31, 2006, increased $846 thousand compared to 2005 levels.&nbsp; Past due loans declined $2.5 million, but
were offset by a $3.4 million increase in nonaccrual loans.&nbsp; The change in nonaccrual loans resulted
primarily from one commercial credit relationship.&nbsp; The remaining recorded balance of that relationship is believed
to be well secured, and includes a partial government agency guarantee.&nbsp; Nonperforming loans as a percent of total
loans increased only one basis point from 0.79% at March 31, 2005, to 0.80% at
March 31, 2006.<br>
<br>
30</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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>
The provision for credit losses for the first quarter of 2006 decreased to $908
thousand from $1,744 thousand in the same period last year.&nbsp; The analysis of the Adequacy for the
Allowance of Loan Loss as of March 31, 2006, showed continuing improvement in
the credit quality of classified loans on the primary watch list.&nbsp; First Commonwealth believes that the
allowance for credit losses is adequate at the present time.<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 judgment 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>
31</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES<br>
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 $515.7 million at March 31, 2006, a decrease of $5.3
million compared to December 31, 2005.&nbsp;
Dividends declared reduced equity by $12.0 million during the first
three months of 2006.&nbsp; The retained net
income of $954 thousand remained in permanent capital to fund future growth and
expansion.&nbsp; The market value adjustments
to securities available for sale and the terminated loan swaps decreased equity
by $7.7 million for the period.&nbsp; Payment
by First Commonwealth's Employee Stock Ownership Plan (&quot;ESOP&quot;) to
reduce debt it incurred to acquire the First Commonwealth's common stock for
future distribution as employee compensation increased equity by $500 thousand.&nbsp; Amounts paid to fund the discount on
reinvested dividends reduced equity by $227 thousand during the first three
months of 2006 while the proceeds from the reissuance of treasury shares to
fund stock options exercised increased equity by $972 thousand during
2006.&nbsp; Equity capital was also impacted
during 2006 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 final 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>
32</font></p>

<font size=3
face=Courier>

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

</font>

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

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

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

<p><font size=3 face=Courier><br>
The minimum leverage ratio is not specifically defined, but is generally
expected to be 3-5 percent for all but the most highly rated banks, as
determined by a regulatory rating system.<br>
<br>
The table below presents First Commonwealth's capital position at March 31,
2006:</font></p>

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

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>Amount<br>
  (in thousands)</font></p>
  </td>
  <td valign=bottom>
  <p align=center>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=center><font size=3
  face=Courier>Percent of<br>
  Adjusted Assets</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <font size=3
  face=Courier>
  <hr size=1 width="100%" noshade color=black align=center>
  </font>
  <p align=right></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Tier
  I Capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>$&nbsp;&nbsp;500,708</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>11.8%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Risk-Based
  Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>170,332</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>4.0&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Total
  Capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>538,725</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>12.7&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p><font size=3 face=Courier>Risk-Based
  Requirement</font></p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>340,665</font></p>
  </td>
  <td valign=bottom>
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p align=right><font size=3
  face=Courier>8.0&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
  <td valign=bottom>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom bgcolor="#99ccff">
  <p><font size=3 face=Courier>Minimum
  Leverage Capital</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>500,708</font></p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right>&nbsp;</p>
  </td>
  <td valign=bottom bgcolor="#99ccff">
  <p align=right><font size=3
  face=Courier>8.6&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>175,146</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, 2006,
First Commonwealth's banking subsidiary 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>
33</font></p>

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES</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 the company'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(e) and 15d-15(e).&nbsp; Based upon
  that evaluation, First Commonwealth's Chief Executive Officer and Chief
  Financial Officer concluded that First Commonwealth's disclosure controls and
  procedures are effective.&nbsp; In
  addition, First Commonwealth's management, including the Chief Executive
  Officer and Chief Financial Officer, also conducted an evaluation of the
  company'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>First
  Commonwealth's management is responsible for establishing and maintaining
  effective disclosure controls and procedures, including maintaining effective
  controls over financial reporting designed to produce reliable financial
  statements in accordance with generally accepted accounting principles.&nbsp; 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 the
  company 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 the company 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>
34</font></p>

<font size=3
face=Courier>

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

</font>

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

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

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

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=103 valign=top>
  <p><u><font size=3 face=Courier>ITEM
  1</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>LEGAL
  PROCEEDINGS</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>There
  were no material legal proceedings to which First Commonwealth or its
  subsidiaries are a party, or of which any of their property is the
  subject.&nbsp; All legal proceedings
  presently pending or threatened against First Commonwealth or its
  subsidiaries arose in the normal course of business and, in the opinion of
  management, are not expected to have a material adverse effect on the
  consolidated operations or financial position of First Commonwealth and its subsidiaries.</font></p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p align=center>&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
  1A</font></u>.</p>
  </td>
  <td width=631 valign=top>
  <p><font size=3 face=Courier>RISK
  FACTORS</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 changes to the Risk Factors described in Item 1A in First
  Commonwealth's Annual Report on Form 10-K for the period ended December 31,
  2005.</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>
 <tr height=20>
  <td width=103 height=20 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 height=20 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr height=20>
  <td width=103 height=20 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=631 height=20 valign=top>
  <p><font size=3 face=Courier>Not
  applicable</font></p>
  </td>
 </tr>
</table>

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

<p><font size=3 face=Courier><br>
<br>
<br>
<br>
<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=2 width="100%" align=center>

</font>

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

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

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

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

<font size=3
face=Courier>

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

</font>

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

<p align=center><font size=3
face=Courier>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 4, 2006</font></p>
  </td>
  <td width=403 valign=top>
  <p><u><font size=3 face=Courier>/s/Joseph
  E.
  O'Dell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p><font size=3 face=Courier>Joseph
  E. O'Dell, President and Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p><font size=3 face=Courier>DATED:&nbsp; May 4, 2006</font></p>
  </td>
  <td width=403 valign=top>
  <p><u><font size=3 face=Courier>/s/John
  J.
  Dolan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=331 valign=top>
  <p>&nbsp;</p>
  </td>
  <td width=403 valign=top>
  <p><font size=3 face=Courier>John
  J. Dolan, Executive Vice President and Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

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

<font size=3
face=Courier>

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

</font>


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



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{"company-data": {"conformed-name": "FIRST COMMONWEALTH FINANCIAL CORP /PA/", "cik": "0000712537", "assigned-sic": "6021", "irs-number": "251428528", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-11138", "film-number": "06811986"}, "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"}}
FCFC 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, 2006
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 a large accelerated filer, an
  accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the
  Act).
Large accelerated filer
X
Accelerated filer
Non-accelerated filer
Indicate
  by check mark whether the registrant is a shell company (as defined in Rule
  12b-2 of the Exchange Act).  Yes
No
X
The number of shares outstanding of issuer's common stock, $1.00 Par Value as
  of April 30, 2006, was 70,592,913.
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...............
15
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.................................
33
ITEM 4.
CONTROLS AND PROCEDURES...............................
34
PART II - OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS.......................................
35
ITEM 1A.
RISK FACTORS............................................
35
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.................................
35
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.........................
35
ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.....
35
ITEM 5.
OTHER INFORMATION.......................................
35
ITEM 6.
EXHIBITS................................................
36
Signatures..............................................
37
Exhibits
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
March 31, 2006
December 31, 2005
ASSETS
Cash
  and due from banks
$
84,627
$
84,555
Interest-bearing
  bank deposits
391
473
Federal
  funds sold
-0-
1,575
Securities
  available for sale, at market
1,737,899
1,851,986
Securities
  held to maturity, at amortized cost,
(Market value $86,986 in 2006 and $89,804 in 2005)
85,673
87,757
Loans
  held for sale
553
1,276
Loans:
Portfolio
  loans
3,651,632
3,623,102
Unearned
  income
(98)
(119)
Allowance
  for credit losses
(38,017)
(39,492)
Net
  loans
3,613,517
3,583,491
Premises
  and equipment
61,230
60,860
Other
  real estate owned
1,499
1,655
Goodwill
122,702
122,702
Amortizing
  intangibles, net
14,686
15,251
Other
  assets
221,733
214,739
Total
  assets
$
5,944,510
$
6,026,320
LIABILITIES
Deposits
  (all domestic):
Noninterest-bearing
$
499,161
$
491,644
Interest-bearing
3,496,577
3,504,908
Total
  deposits
3,995,738
3,996,552
Short-term
  borrowings
601,426
665,665
Other
  liabilities
37,952
43,314
Subordinated
  debentures
108,250
108,250
Other
  long-term debt
685,395
691,494
Total
  long-term debt
793,645
799,744
Total
  liabilities
5,428,761
5,505,275
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, 2006 and December 31, 2005;
  70,500,069
and 70,377,916 shares outstanding at March 31,
  2006
and December 31, 2005, respectively
71,978
71,978
Additional
  paid-in capital
173,369
173,967
Retained
  earnings
319,523
318,569
Accumulated
  other comprehensive loss
(17,349)
(9,655)
Treasury
  stock (1,478,499 shares at March 31, 2006
and 1,600,652 shares at December 31, 2005, at
  cost)
(18,672)
(20,214)
Unearned
  ESOP shares
(13,100)
(13,600)
Total
  shareholders' equity
515,749
521,045
Total
  liabilities and shareholders' equity
$
5,944,510
$
6,026,320
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,
2006
2005
Interest Income
Interest and
  fees on loans
$
58,314
$
52,591
Interest and
  dividends on investments:
Taxable
  interest
17,585
19,273
Interest
  exempt from Federal income
  taxes
3,219
3,053
Dividends
603
709
Interest on
  Federal funds sold
46
4
Interest on
  bank deposits
14
7
Total
  interest income
79,781
75,637
Interest Expense
Interest on
  deposits
23,384
16,502
Interest on
  short-term borrowings
6,364
5,558
Interest on
  subordinated debentures
2,054
1,902
Interest on other
  long-term debt
6,532
6,743
Total
  interest on long-term debt
8,586
8,645
Total
  interest expense
38,334
30,705
Net Interest Income
41,447
44,932
Provision for
  credit losses
908
1,744
Net interest income after provision for credit losses
40,539
43,188
Other Income
Net securities
  gains
63
485
Trust income
1,394
1,325
Service charges
  on deposit accounts
3,869
3,540
Insurance
  commissions
719
840
Income from
  bank owned life insurance
1,375
1,321
Merchant
  discount income
-0-
839
Card related
  interchange income
1,298
1,087
Other income
1,578
2,003
Total
  other income
10,296
11,440
Other Expenses
Salaries and
  employee benefits
19,357
18,298
Net occupancy
  expense
3,402
2,992
Furniture and
  equipment expense
2,767
2,870
Data processing
  expense
795
939
Pennsylvania
  shares tax expense
1,350
1,266
Intangible
  amortization
565
565
Other operating
  expenses
7,357
8,463
Total
  other expenses
35,593
35,393
Income before income taxes
15,242
19,235
Applicable
  income taxes
2,304
4,016
Net income
$
12,938
$
15,219
Average Shares Outstanding
69,469,709
69,346,722
Average Shares Outstanding
  Assuming Dilution
69,918,151
70,024,400
Per Share Data:
Basic earnings
  per share
$
0.19
$
0.22
Diluted
  earnings per share
$
0.19
$
0.22
Cash dividends
  per share
$
0.170
$
0.165
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 (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 loss, 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
  loss
-0-
-0-
-0-
(18,903)
-0-
-0-
(18,903)
Total comprehensive loss
‑0-
-0-
15,219
(18,903)
-0-
-0-
(3,684)
Cash dividends declared
-0-
-0-
(11,535)
-0-
-0-
-0-
(11,535)
Net increase 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
The accompanying notes are an integral part of these consolidated financial
statements.
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, 2005
$
71,978
$
173,967
$
318,569
$
(9,655)
$
(20,214)
$
(13,600)
$
521,045
Comprehensive
  income:
Net income
-0-
-0-
12,938
-0-
-0-
-0-
12,938
Other
  comprehensive loss, net of tax:
Unrealized
  holding losses on securities
arising during the period
-0-
-0-
-0-
(7,859)
-0-
-0-
(7,859)
Less:  reclassification adjustment for
gains on securities included in net
income
-0-
-0-
-0-
(41)
-0-
-0-
(41)
Reclassification
  adjustment for
losses realized in net income as a result of
the discontinuance of cash flow hedges
-0-
-0-
-0-
206
-0-
-0-
206
Total other
  comprehensive loss
-0-
-0-
-0-
(7,694)
-0-
-0-
(7,694)
Total comprehensive income
  (loss)
‑0-
-0-
12,938
(7,694)
-0-
-0-
5,244
Cash dividends declared
-0-
-0-
(11,984)
-0-
-0-
-0-
(11,984)
Decrease in unearned ESOP
  shares
-0-
-0-
-0-
-0-
-0-
500
500
Discount on dividend
  reinvestment plan purchases
-0-
(227)
-0-
-0-
-0-
-0-
(227)
Treasury stock reissued
-0-
(367)
-0-
-0-
1,542
-0-
1,175
Tax benefit of stock options
-0-
(4)
-0-
-0-
-0-
-0-
(4)
Balance at March 31, 2006
$
71,978
$
173,369
$
319,523
$
(17,349)
$
(18,672)
$
(13,100)
$
515,749
The accompanying notes are an integral part of these consolidated financial
statements.
6
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For
  the 3 Months
Ended March 31,
2006
2005
Operating Activities
Net income....................................................
$
12,938
$
15,219
Adjustments to
  reconcile net income to net cash
provided by operating activities:
Provision
  for credit losses ................................
908
1,744
Depreciation
  and amortization...............................
2,858
2,794
Net
  gains on sales of assets................................
(152)
(833)
Income
  from increase in cash surrender value of
bank owned life insurance...............................
(1,375)
(1,321)
Decrease in
  interest receivable...............................
1,012
69
Decrease in
  interest payable..................................
(466)
(807)
Increase
  (decrease) in income taxes payable...................
(1,856)
7,418
Net decrease in
  loans held for sale...........................
723
52
Change in
  deferred taxes......................................
532
(3,366)
Other-net.....................................................
(5,983)
(4,762)
Net
  cash provided by operating activities.................
9,139
16,207
Investing Activities
Transactions
  with securities held to maturity:
Proceeds
  from maturities and redemptions....................
1,233
4,709
Purchases...................................................
-0-
(9,948)
Transactions
  with securities available for sale:
Proceeds
  from sales.........................................
17,239
17,636
Proceeds
  from maturities and redemptions....................
109,779
112,800
Purchases...................................................
(24,170)
(103,114)
Proceeds from
  sales of other assets...........................
3,160
3,421
Net decrease in
  interest-bearing bank deposits................
82
1,668
Net increase in
  loans.........................................
(32,763)
(44,281)
Purchases of
  premises and equipment...........................
(3,330)
(4,119)
Net
  cash provided (used) by investing activities............
71,230
(21,228)
Financing Activities
Repayments of
  other long-term debt............................
(5,600)
(5,497)
Discount on
  dividend reinvestment plan purchases..............
(227)
(221)
Dividends paid................................................
(11,964)
(11,528)
Net increase in
  Federal funds purchased.......................
93,075
52,750
Net decrease in
  other short-term borrowings...................
(157,314)
(79,589)
Net increase
  (decrease) in deposits...........................
(814)
47,207
Proceeds from
  sale of treasury stock..........................
972
217
Net
  cash provided (used) by financing activities............
(81,872)
3,339
Net
  decrease in cash and cash equivalents...................
(1,503)
(1,682)
Cash and cash
  equivalents at January 1........................
86,130
79,591
Cash and cash
  equivalents at March 31.........................
$
84,627
$
77,909
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, 2006
(Unaudited)
NOTE 1 Management Representation
The consolidated financial statements include the accounts of First
Commonwealth Financial Corporation and its subsidiaries ("First
Commonwealth").  All 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, 2006, and the results of
operations for the three month periods ended March 31, 2006 and 2005, and
statements of cash flows and changes in shareholders' equity for the three
month periods ended March 31, 2006 and 2005.
The results of operations for the three months ended March 31, 2006 and 2005,
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 2005 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 by First Commonwealth.
NOTE 2 Cash Flow Disclosures (Dollar amounts in thousands)
2006
2005
Cash
  paid during the first three months of the year for:
Interest
$
38,800
$
31,513
Income
  Taxes
$
3,750
$
-0-
Noncash
  investing and financing activities:
ESOP
  loan reductions
$
500
$
214
ESOP borrowings
$
-0-
$
4,000
Loans
  transferred to other real estate
owned and repossessed assets
$
1,205
$
1,405
Gross
  decrease in market value
adjustment to securities available for sale
$
(12,154)
$
(28,101)
Gross
  increase (decrease) in market value
adjustment of derivatives instruments
$
317
$
(980)
Treasury
  stock reissued for business
combination
$
203
$
203
8
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(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, 2006
March
  31, 2005
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Pre-tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Unrealized losses on
securities:
Unrealized holding losses
arising during
the period
$
(12,091)
$
4,232
$
(7,859)
$
(27,632)
$
9,671
$
(17,961)
Less: reclassification
adjustment for gains realized
in net income
(63)
22
(41)
(469)
164
(305)
Unrealized losses on
derivatives used in cash flow
hedging relationships:
Unrealized holding
losses arising during
the period
-0-
-0-
-0-
(980)
343
(637)
Less: reclassification
adjustment for losses realized
in net income as a result of the
discontinuance of cash flow hedges
317
(111)
206
-0-
-0-
-0-
Other comprehensive loss
$
(11,837)
$
4,143
$
(7,694)
$
(29,081)
$
10,178
$
(18,903)
NOTE 4 Accounting for Stock Options Granted
Prior
accounting guidelines permitted 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
accounted for
9
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
NOTE 4 Accounting for Stock Options Granted
(continued)
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 was 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) requires 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 beginning on January 1, 2006. 
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.  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.
As of December 31, 2005, First Commonwealth did not have any outstanding
options for which the requisite service had not already been rendered.  In addition, First Commonwealth's
stock-based compensation plan expired on October 15, 2005; therefore, no
additional options were granted during the first three months of 2006.
A summary of the status of First Commonwealth's outstanding stock options as of
March 31, 2006 and changes for the years ending on that date is presented
below:
2006
Shares
Weighted
Average
Exercise
Price
Outstanding at beginning of year
2,164,421
$
10.63
Granted
-0-
$
-0-
Exercised
(105,282)
$
9.24
Forfeited
(24,882)
$
14.69
Outstanding at end of year
2,034,257
$
10.66
Exercisable at end of year
2,034,257
$
10.66
10
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
NOTE 4 Accounting for Stock Options Granted
(continued)
The weighted-average remaining contractual life on these options is 4.9 years.
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 for the three-month period ended
March 31, 2005(Dollar amounts in thousands, except per share data):
Net
  Income, as reported
$
15,219
Deduct:
  Total stock-based employee
compensation expense determined under fair
value based method for all awards, net of
related tax effects
(43)
Pro
  forma net income
$
15,176
Earnings
  per share:
Basic
  - as reported
$
0.22
Basic
  - pro forma
$
0.22
Diluted
  - as reported
$
0.22
Diluted
  - pro forma
$
0.22
Average
  shares outstanding
69,346,722
Average
  shares outstanding assuming dilution
70,024,400
NOTE 5 Restructuring Charges
During the third and fourth quarters of 2005, First Commonwealth recorded
restructuring charges of $5,437 thousand. 
These charges included $700 thousand related to an Executive Officer who
executed his right to receive severance payments and benefits under a management
contract, as well as one-time termination benefits of $4,737 thousand in
connection with First Commonwealth's reorganization initiative.  One-time termination benefits include
severance payments, hospitalization costs and payroll taxes.  No additional charges related to this
reorganization plan are expected in future periods.  The restructuring charges were for 72 employees whose positions
were eliminated as part of the reorganization initiative.
The following is a summary of the restructuring liability (Dollar amounts in
thousands):
Restructuring
  liability as of January 1, 2005
$
-0-
Accrual
  related to management contract
700
Accrual
  related to reorganization initiative
4,737
One-time
  benefit payments during 2005
(2,122)
Restructuring
  liability as of December 31, 2005
3,315
One-time
  benefit payments during 2006
(2,202)
Restructuring
  liability as of March 31, 2006
$
1,113
11
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
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 $4,809
thousand, consisting of the limited partnership investments as of March 31,
2006.  Based on FIN 46R, First
Commonwealth has determined that these investments will not be consolidated but
continue to be accounted for under the equity method whereby First
Commonwealth's portion of partnership losses are recognized as incurred.
NOTE 7 Guarantees
Standby letters of credit are conditional commitments issued by First
Commonwealth to guarantee the performance of a customer to a third party.  The contract or notional amount of these
instruments reflects the maximum amount of future payments that could be lost
under the guarantees if there were a total default by the guaranteed parties without
consideration of possible recoveries under recourse provisions or from
collateral held or pledged.  In
addition, many of these commitments are expected to expire without being drawn
upon; therefore, the total commitment amounts do not necessarily represent
future cash requirements.  The table
below identifies the notional amounts of these guarantees at March 31, 2006
(Dollar amounts in thousands):
Financial
  standby letters of credit
$
16,390
Performance
  standby letters of credit
$
4,451
The current notional amounts outstanding above include financial standby
letters of credit of $2,620 thousand and performance standby letters of credit
of $103 thousand issued during the first quarter of 2006.  There is currently no liability recorded on
First Commonwealth's balance sheet related to the above letters of credit.
12
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
NOTE 8 Other-Than-Temporary Impairment of Investments
The following table presents the gross unrealized losses and fair values at
March 31, 2006 by investment category and time frame for which the loss has
been outstanding (Dollar amounts in thousands):
Less Than 12 Months
12 Months or More
Total
Description of
Securities
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. Treasury
Obligations
$
-0-
$
-0-
$
2,960
$
(32)
$
2,960
$
(32)
U.S. Government
  Agency
Obligations
44,500
(678)
197,074
(3,509)
241,574
(4,187)
U.S. Government
  Agency
CMO and MBS
419,705
(8,105)
547,216
(25,717)
966,921
(33,822)
Corporate
  Securities
23,006
(376)
18,823
(223)
41,829
(599)
Municipal
  Securities
48,607
(766)
672
(29)
49,279
(795)
Asset Backed
Securities
943
(15)
-0-
-0-
943
(15)
Total Debt
  Securities
536,761
(9,940)
766,745
(29,510)
1,303,506
(39,450)
Common Stock
150
(6)
-0-
-0-
150
(6)
Total
  Securities
$
536,911
$
(9,946)
$
766,745
$
(29,510)
$
1,303,656
$
(39,456)
Management does not believe any individual loss as of March 31, 2006 represents
an other-than-temporary impairment.  The
unrealized losses are predominantly attributable to changes in interest rates
and not from the deterioration of the creditworthiness of the issuer.  Management has both the intent and ability
to hold the securities represented in the table for a time necessary to recover
the amortized cost.
NOTE 9 Subsequent Event
On April 27, 2006, First Commonwealth announced the execution of a definitive
agreement to acquire Laurel Capital Group, Inc. ("Laurel Capital"),
headquartered in Allison Park, Pennsylvania. 
Under the terms of the agreement, Laurel Capital shareholders will be
entitled to receive $28.25 in cash, an equivalent value of First Commonwealth
common stock or a combination of cash and First Commonwealth stock in exchange
for their shares of Laurel Capital common stock, subject to proration to ensure
that 70% of the aggregate merger consideration is paid in First Commonwealth
common stock and 30% in cash.  The definitive
agreement was unanimously approved by the Boards of Directors of First
Commonwealth and Laurel Capital.  The
merger is expected to be completed during the third quarter of 2006, subject to
customary conditions, including the receipt of regulatory approvals and the
approval of Laurel Capital shareholders.
13
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
NOTE 10 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):
2006
2005
Service
  cost
$
-0-
$
-0-
Interest
  cost on projected benefit
obligation
61
55
Amortization
  of transition obligation
1
1
(Gain)
  Loss amortization
15
(1)
Net
  periodic benefit cost
$
77
$
55
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 First Commonwealth
will not receive the subsidy due to the relatively small number of retirees.
NOTE 11 New Accounting Pronouncements
In May 2005, the FASB issued Statement of Financial Accounting Standards No.
154 ("FAS 154"), "Accounting Changes and Error Corrections - a
replacement of APB Opinion No. 20 and FASB Statement No. 3."  As it states in the title, FAS 154 replaces
APB Opinion No. 20, "Accounting Changes," and FASB Statement No. 3,
"Reporting Accounting Changes in Interim Financial Statements."  FAS 154 applies to all voluntary changes in
accounting principle and changes the requirements for the accounting for and
reporting of a change in accounting principle. 
Unlike APB Opinion No. 20, FAS 154 requires changes in accounting
principle to have retrospective application to the financial statements from
prior periods to which the change applies unless it is impracticable.  FAS 154 was effective for accounting changes
and corrections of errors made in fiscal years beginning after December 31,
2005.  The implementation of FAS 154 did
not have an impact on First Commonwealth's financial condition or results of
operations.
14
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This
discussion and the related financial data are presented to assist in the
understanding and evaluation of the consolidated financial condition and
results of operations of First Commonwealth Financial Corporation including its
subsidiaries ("First Commonwealth"). 
In addition to historical information, this discussion and analysis, as
well as the notes to the consolidated financial statements, contain
forward-looking statements (as defined in the Private Securities Litigation
Reform Act of 1995), which reflect management's beliefs and expectations based
on information currently available and may contain the words
"expect," "estimate," "project,"
"anticipate," "should," "intend,"
"probability," "risk," "target," and similar
expressions.  These forward-looking
statements are inherently subject to significant risks and uncertainties,
including but not limited to: anticipated cost savings resulting from the
recent corporate restructuring initiative, the timing and magnitude of changes
in interest rates, changes in general economic and financial market conditions,
First Commonwealth's ability to effectively carry out its business plans,
changes in regulatory or legislative requirements, changes in competitive
conditions and continuing consolidation of the financial services industry.  Although management believes the
expectations reflected in such forward-looking statements are reasonable,
actual results could differ materially. 
Readers are cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date of this
report.  First Commonwealth undertakes
no obligation to publicly revise or update these forward-looking statements to
reflect events or circumstances that arise after the date of this report.
RESULTS
OF OPERATIONS
First Three Months of 2006 as Compared to the First Three
Months of 2005
Net income for the first three months of 2006 was $12.9 million compared to
$15.2 million for the same period of 2005. 
Basic and diluted earnings per share were $0.19 for the first quarter of
2006 and $0.22 for the first quarter of 2005.
The following is an analysis of the impact of changes in net income on diluted
earnings per share:
Net
  income per share, as of March 31, 2005
$
0.22
Increase
  (decrease) from changes in:
Net
  interest income
(0.05)
Provision
  for credit losses
0.01
Security
  transactions
(0.01)
Service
  charges on deposits
0.01
Merchant
  discount income
(0.01)
Salaries
  and employee benefits
(0.02)
Net
  occupancy expense
(0.01)
Other
  operating expenses
0.03
Applicable
  income taxes
0.02
Net
  income per share, as of March 31, 2006
$
0.19
15
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 2006 as Compared to the
First Three Months of 2005
(continued)
Return on average assets was 0.88% and return on average equity was 9.95% for
the first quarter of 2006 compared to 1.00% and 11.48%, respectively, for the
first quarter of 2005.  The decrease in
net income was primarily the result of the decrease in net interest income.
Net Interest Income
Net interest income, the most significant component of earnings, is the amount
by which interest income generated from earning assets exceeds interest expense
on liabilities.  Net interest income
decreased $3.5 million for the first quarter of 2006 compared to the first
quarter of 2005 as average earning assets decreased by $227.8 million or 4.0%
compared to 2005 averages.
Net interest margin (net interest income, on a fully tax-equivalent basis, as a
percentage of average earning assets) was 3.31% for the first three months of
2006 compared to 3.41% for the same period of 2005.  The decline in net interest margin was due primarily to funding
costs increasing at a faster rate than yields on earning assets.  The first quarter yield on earning assets
(on a fully tax-equivalent basis) increased 55 basis points to 6.13% from 5.58%
in the same period last year, while the cost of funds increased 74 basis points
to 3.15% from 2.41% in last year's first quarter.
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
2006
2005
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Average
Balance
Income/
Expense
Yield
or
Rate (a)
Assets
Interest-earning assets:
Time deposits with banks
$
1,041
$
14
5.31%
$
964
$
7
3.08%
Tax free investment
securities
280,673
3,219
7.16
270,945
3,053
7.03
Taxable investment
securities
1,574,530
18,188
4.68
1,923,907
19,982
4.21
Federal funds sold
4,162
46
4.53
659
4
2.46
Loans, net of unearned
income (b)(c)(d)
3,650,953
58,314
6.68
3,542,655
52,591
6.21
Total interest-earning
assets
5,511,359
79,781
6.13
5,739,130
75,637
5.58
Noninterest-earning assets:
Cash
77,807
78,997
Allowance for credit losses
(40,282)
(42,024)
Other assets
426,722
422,736
Total noninterest-
earning assets
464,247
459,709
Total
  Assets
$
5,975,606
$
6,198,839
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 2006 as Compared to the
First Three Months of 2005
(continued)
2006
2005
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 (e)
$
558,100
$
1,913
1.39%
$
562,152
$
949
0.68%
Savings deposits (e)
1,179,984
4,982
1.71
1,261,576
3,647
1.17
Time deposits
1,773,440
16,489
3.77
1,580,456
11,906
3.06
Short-term borrowings
630,035
6,364
4.10
916,021
5,558
2.46
Long-term debt
796,961
8,586
4.37
838,378
8,645
4.18
Total interest-bearing
liabilities
4,938,520
38,334
3.15
5,158,583
30,705
2.41
Noninterest-bearing
liabilities and capital:
Noninterest-bearing
demand deposits (e)
480,733
478,653
Other liabilities
28,770
24,158
Shareholders' equity
527,583
537,445
Total noninterest-
bearing funding sources
1,037,086
1,040,256
Total
  Liabilities
and Shareholders'
Equity
$
5,975,606
$
6,198,839
Net Interest Income and
Net Yield on
Interest-Earning Assets
$
41,447
3.31%
$
44,932
3.41%
(a)
Yields on interest-earning assets have been computed
  on a tax equivalent basis using the 35% Federal income tax statutory rate.
(b)
Average balances include loans held for sale.
(c)
Income on nonaccrual loans is accounted for on the
  cash basis, and the loan balances are included in interest-earning assets.
(d)
Loan income includes net loan fees.
(e)
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.
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 2006 as Compared to the
First Three Months of 2005
(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
2006
  Change From 2005
Total
Change
Change
  Due
To Volume
Change
  Due
To Rate (a)
Interest-earning assets:
Time deposits with banks
$
7
$
1
$
6
Tax free investment securities
166
169
(3)
Taxable investment securities
(1,794)
(3,627)
1,833
Federal funds sold
42
21
21
Loans
5,723
1,658
4,065
Total interest income
4,144
(1,778)
5,922
Interest-bearing liabilities:
Interest-bearing demand deposits
964
(7)
971
Savings deposits
1,335
(236)
1,571
Time deposits
4,583
1,454
3,129
Short-term borrowings
806
(1,735)
2,541
Long-term debt
(59)
(427)
368
Total interest expense
7,629
(951)
8,580
Net interest
  income
$
(3,485)
$
(827)
$
(2,658)
(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.
On a positive note, the net interest margin increased 11 basis point (0.11%) in
the first quarter of 2006 compared to the 3.20% reported in the fourth quarter
of 2005, due to the previously disclosed balance sheet changes that occurred
during the fourth quarter of 2005.
Interest and fees on loans increased $5.7 million for the first quarter of 2006
compared to 2005 levels for the same period as the average balance of loans
increased by $108.3 million or 3.1%. 
The first quarter yield on loans increased by 47 basis points (0.47%) to
6.68% from the 6.21% reported in 2005. 
The increase in interest and fees on loans for the first quarter of 2006
was partially offset by a decrease in interest income on investment securities.
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 2006 as Compared to the
First Three Months of 2005
(continued)
Interest and dividend income on investments decreased $1.6 million for the
first quarter of 2006 compared to the first quarter of 2005.  The decrease was largely due to volume
decreases as average investments decreased $339.6 million or 15.5% for the
first quarter of 2006 compared to the same period of 2005.  Due to the relatively flat yield curve,
First Commonwealth has limited the amount it has reinvested in investment
securities that have matured or have been paid down.  Additionally, First Commonwealth liquidated $100 million
lower-yielding investment securities in the fourth quarter of 2005 to fund the
sale of branches.  The total yield on
investments was 5.06% for the first three months of 2006 compared to 4.56% for
the same period of 2005.
Interest on deposits increased $6.9 million for the first quarter of 2006
compared to the same period of 2005. 
The increase was largely due to the increase in rates.  Volumes were also slightly up over prior
year levels despite the reduction of $126.0 million in deposits related to
branch sales in 2005.  Deposit costs
were 2.38% for the first quarter of 2006 compared to 1.72% for the first
quarter of 2005, an increase of 66 basis points (0.66%).  Yields were up in all of the deposit
categories.  Average total deposits
increased 2.8% in the first three months of 2006 when compared to the same
period of 2005.  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 $806 thousand for the first
three months of 2006 compared to the same period of 2005 as a result of increases
due to rate which were partially offset by decreases due to volume.  The cost of short-term borrowings for the
2006 period increased by 164 basis points (1.64%) compared to 2005 costs of
2.46%.  The average balance of
short-term borrowings for the first quarter of 2006 decreased $286.0 million or
31.2% over averages for the prior year.
Interest expense on long-term debt decreased $59 thousand for the first quarter
of 2006 compared to the corresponding period of 2005.  Decreases due to volume were partially offset by increases due to
rate.  Average long-term debt for the
first three months of 2006 decreased by $41.4 million or 4.9% compared to 2005
averages.  Yields on long-term debt for
the first quarter of 2006 increased by 19 basis points (0.19%) compared to the
first quarter of 2005.  First
Commonwealth continues to analyze its exposure to any concentration of
maturities of long-term debt in any one year and the associated risks.
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 2006 as Compared to the
First Three Months of 2005
(continued)
Provision for Credit Losses
The provision for credit losses is an amount added to the allowance against
which credit losses are charged.  The
amount of the provision is determined by management based upon its assessment
of the size and quality of the loan portfolio and the adequacy of the allowance
in relation to the risks inherent within the loan portfolio.  The provision for credit losses was $908
thousand for the first three months of 2006 compared to $1.7 million for the
first three months of 2005.  The
analysis of the Adequacy for the Allowance of Loan Loss as of March 31, 2006,
showed continuing improvement in the credit quality of classified loans on the
primary watch list.  First Commonwealth
believes that the allowance for credit losses is adequate at the present
time.
Net charge-offs against the allowance for credit losses increased by $370
thousand for the first three months of 2006 compared to the same period of
2005.  Increases in net charge-offs were
primarily in the commercial and commercial real estate loan categories.  The provision for credit losses as a
percentage of net charge-offs was 38.10% at March 31, 2006, compared to 86.64%
at March 31, 2005.  See the "Credit
Review" section for any analysis of the quality of the loan portfolio.
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 2006 as Compared to the
First Three Months of 2005
(continued)
Below is an analysis of the consolidated allowance for credit losses for the
three month periods ended March 31, 2006 and 2005 (Dollar amounts in
thousands):
2006
2005
Balance
  January 1,
$
39,492
$
41,063
Loans
  charged off:
Commercial,
  financial and agricultural
1,618
1,254
Real
  estate-commercial
226
56
Real
  estate-residential
337
489
Loans
  to individuals
597
538
Lease
  financing receivables
24
24
Total
  loans charged off
2,802
2,361
Recoveries
  of previously charged off loans:
Commercial,
  financial and agricultural
299
155
Real
  estate-commercial
-0-
-0-
Real
  estate-residential
1
35
Loans
  to individuals
119
158
Lease
  financing receivables
-0-
-0-
Total
  recoveries
419
348
Net
  charge offs
2,383
2,013
Provision
  charged to operations
908
1,744
Balance
  March 31,
$
38,017
$
40,794
Noninterest Income
Net
securities gains were $63 thousand during the first three months of 2006
compared to $485 thousand during the first three months of 2005.
Service charges on deposits, which continue to be First Commonwealth's most
significant component of noninterest fee income, increased $329 thousand for
the first three months of 2006 compared to the corresponding period of
2005.  Increases in nonsufficient funds
(or "NSF") fees continue to drive the increase in service charges on
deposits.  NSF fees increased $395
thousand for the first quarter of 2006 as compared to the first quarter of
2005.  The increase in NSF fees is due
to the continuing growth of the High Performance Checking products for consumer
and business clients.  In addition,
First Commonwealth increased the NSF fee for 2006 from $25 an item to $29 per
item.  Management strives to implement
reasonable fees for services and closely monitors collection of those fees.
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 2006 as Compared to the
First Three Months of 2005
(continued)
Other changes in noninterest income during the first three months of 2006
compared to the same period of 2005 included increases in card related
interchange income in the amount of $211 thousand.  This increase was offset by decreases in merchant discount income
in the amount of $839 thousand and decreases in insurance commission in the
amount of $121 thousand.  Card related
interchange income includes income on debit, credit and ATM cards that are
issued to consumers and/or businesses. 
The card related interchange income growth was favorably affected by
additional volume related to card usage. 
The decrease in merchant discount income was due to the sale of the
merchant services business in the second quarter of 2005.
Other income for the first three months of 2006 decreased $425 thousand from
the $2.0 million reported for the first three months of 2005 primarily due to
losses on the sale of other assets, including loans and other real estate
owned, in the amount of $413 thousand.
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 2006 as Compared to the
First Three Months of 2005
(continued)
Noninterest Expense
Noninterest expense was $35.6 million for the first three months of 2006
reflecting an increase of $200 thousand from the 2005 level of $35.4
million.  The most significant increase
during the 2006 period was salaries and employee benefit costs which increased
$1.1 million or 5.8%.  Salaries
accounted for $322 thousand of the increase while employee benefits accounted
for $737 thousand.  Salaries, adjusted
for $353 thousand in severance charges that were recorded in the first quarter
of 2006 were slightly less than the amount reported in the comparable period
last year.  The most significant
employee benefit increase was unemployment compensation insurance which was
related to the organizational restructuring and related personnel changes.  Unemployment compensation rates have been
affected by the large number of employees terminated during 2004 and 2005, as
part of First Commonwealth's organizational restructuring, realignment
initiatives and cost containment efforts. 
Full time equivalent employees were 1,522 as of the end of the first
quarter of 2006 compared to 1,621 for the same time in 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 $410 thousand for the first quarter of 2006
over 2005 levels.  The increase was
primarily the result of an adjustment to building rental expense due to an
ongoing monitoring of leases.  First
Commonwealth continues to actively evaluate its branch delivery network to
optimize client service in existing branches and to continue expansion into
densely populated growth markets. 
During the first quarter of 2006, First Commonwealth continued its
branch expansion plans as it began construction on two new branch offices in
the Pittsburgh-area market as well as completed two significant renovations on
existing branches.  The execution of
these initiatives may impact occupancy and other expenses in future periods.
Other expenses included decreases in data processing expense and furniture and
equipment expense in the amounts of $144 thousand and $103 thousand,
respectively.  The decrease in data
processing expense was due in part to the sale of the merchant services
business.  The decrease in furniture and
equipment expense was largely due to a decrease in depreciation expense on
furniture and equipment and computer software.
Other operating expenses for the 2006 period were $7.4 million reflecting a
decrease of $1.1 million from the 2005 amount of $8.5 million.  The most significant decreases were recorded
in plastic card interchange expenses ($697 thousand) and advertising expenses
($209 thousand).  The plastic card
interchange expense was eliminated due to the 2005 sale of the merchant services
business.  Advertising expenses were
higher in 2005 due in large part to new promotions for a variety of deposit and
loan products.
Income tax expense decreased $1.7 million for the first quarter of 2006
compared to the first quarter of 2005.  First Commonwealth's effective tax
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 2006 as Compared to the
First Three Months of 2005
(continued)
rate was 15.1% for the first three months of 2006 compared to 20.9% for the
corresponding period of 2005.  Pretax
income for the first three months of 2006 period was $4.0 million less than it
was for the same period in 2005. This reduction in pretax income allowed the
effect of nontaxable income and tax credits to have a larger impact on the
effective tax rate in 2006.
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 risk management policy to
manage this risk.  This policy
identifies the primary sources of liquidity, establishes procedures for
monitoring and measuring liquidity and quantifies minimum liquidity
requirements based on board approved limits. 
The policy also includes a liquidity contingency plan to address funding
needs to maintain liquidity under a variety of business conditions.  First Commonwealth's liquidity position is
monitored by the Asset/Liability Management Committee.
First Commonwealth's long-term liquidity source is a large core deposit base
and a strong capital position.  Core
deposits are the most stable source of liquidity a bank can have due to the long-term
relationship with a deposit customer. 
The following table shows a breakdown of the components of Fist
Commonwealth's interest-bearing deposits as of March 31, 2006 and December 31,
2005:
March 31,
2006
December 31,
2005
NOW
  and Super NOW accounts
$
98,998
$
94,325
Savings
  and MMDA accounts
1,628,313
1,661,482
Time
  deposits
1,769,266
1,749,101
Total
  interest-bearing deposits
$
3,496,577
$
3,504,908
24
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY
(continued)
At March 31, 2006, total interest-earning assets were $5,476.1 million, a
decrease of $90.0 million from the $5,566.1 million recorded at December 31,
2005.  Total loans increased $27.8
million for the first three months of 2006 while investment securities
decreased $116.2 million for the same period.
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, 2006, securities available for sale had an amortized
cost of $1,763.8 million and an approximate fair value of $1,737.9 million.
The following table shows a breakdown of loans by categories as of March 31,
2006 and December 31, 2005:
March
  31,
2006
December
  31,
2005
Commercial, financial, agricultural
and other
$
763,405
$
729,962
Real estate loans:
Construction and land
  development
74,145
78,279
1-4 family dwellings
1,207,583
1,213,223
Other real estate
995,357
987,798
Loans to individuals for household,
family and other personal
expenditures
608,573
610,648
Leases, net of unearned income
3,122
4,468
Subtotal
3,652,185
3,624,378
Unearned income
(98)
(119)
Totals loans and
  leases
$
3,652,087
$
3,624,259
The table above includes loans held for sale. 
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
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 $1,257.5 million or 21.15% of total assets at March 31, 2006.  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, 2006, and December 31, 2005 (Dollar amounts in thousands):
March
  31, 2006
0-90
Days
91-180
Days
181-365
Days
Cumulative
0-365 Days
Loans
$
1,234,540
$
192,372
$
370,738
$
1,797,650
Investments
177,365
69,920
159,155
406,440
Other interest-earning assets
391
-0-
-0-
391
Total interest-sensitive
assets
1,412,296
262,292
529,893
2,204,481
Certificates of deposit
346,825
220,868
362,687
930,380
Other deposits
1,727,311
-0-
-0-
1,727,311
Borrowings
711,471
67,173
25,639
804,283
Total interest-sensitive
liabilities
2,785,607
288,041
388,326
3,461,974
Gap
$
(1,373,311)
$
(25,749)
$
141,567
$
(1,257,493)
ISA/ISL
0.51
0.91
1.36
0.64
Gap/Total assets
23.10%
0.43%
2.38%
21.15%
December
  31, 2005
0-90
Days
91-180
Days
181-365
Days
Cumulative
0-365 Days
Loans
$
1,223,588
$
204,682
$
359,406
$
1,787,676
Investments
179,227
115,495
159,963
454,685
Other interest-earning assets
2,048
-0-
-0-
2,048
Total interest-sensitive
assets
1,404,863
320,177
519,369
2,244,409
Certificates of deposit
465,223
189,534
288,933
943,690
Other deposits
1,755,808
-0-
-0-
1,755,808
Borrowings
711,185
4,657
49,338
765,180
Total interest-sensitive
liabilities
2,932,216
194,191
338,271
3,464,678
Gap
$
(1,527,353)
$
125,986
$
181,098
$
(1,220,269)
ISA/ISL
0.48
1.65
1.54
0.65
Gap/Total assets
25.34%
2.09%
3.01%
20.25%
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, 2006, indicated
that a 200 basis point (2.00%) increase in interest rates would decrease net
interest income 140 basis points (1.40%) below the base case scenario and a 200
basis point (2.00%) decrease in interest rates would decrease net interest
income by 86 basis points (0.86%) 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
attempts to mitigate interest rate risk through the use of strategies such as
asset sales, asset and liability pricing and matched maturity funding.  First Commonwealth's senior management
establishes the ALCO strategies.
First Commonwealth terminated its interest rate swaps during the fourth quarter
of 2005; however, the ALCO continues to evaluate the use of future derivative
instruments to protect against the risk of adverse price or interest rate
movements on the value of certain assets and liabilities.
28
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
The following table identifies amounts of loan losses and nonperforming
loans.  A loan is placed in nonaccrual
status at the time when ultimate collectibility of principal or interest,
wholly or partially, is in doubt.  Past
due loans are those which are contractually past due 90 days or more as to
interest or principal payments but are well secured and in the process of
collection.  Renegotiated loans are
those loans which terms have been renegotiated to provide a reduction or
deferral of principal or interest as a result of the deteriorating financial position
of the borrower and are in compliance with the restructured terms.
(Dollar
  amounts in thousands)
At March 31,
2006
2005
Nonperforming
  Loans
:
Loans
  on nonaccrual basis
$
14,599
$
11,200
Past
  due more than 90 days
14,305
16,846
Renegotiated
  loans
170
182
Total
  nonperforming loans
$
29,074
$
28,228
Other
  real estate owned
$
1,499
$
1,463
Loans
  outstanding at end of period(a)
$
3,652,087
$
3,554,441
Average
  loans outstanding (year-to-date)(a)
$
3,650,953
$
3,542,655
Nonperforming
  loans a as percentage of
total loans
0.80%
0.79%
Provision
  for credit losses
$
908
$
1,744
Allowance
  for credit losses
$
38,017
$
40,794
Net
  charge-offs
$
2,383
$
2,013
Net
  charge-offs as a percentage of average
loans outstanding (annualized)
0.26%
0.23%
Provision
  for credit losses as a percentage
of net charge-offs
38.10%
86.64%
Allowance
  for credit losses as a percentage
of average loans outstanding
1.04%
1.15%
Allowance
  for credit losses as a percentage
of end-of-period loans outstanding
1.04%
1.15%
Allowance
  for credit losses as a percentage
of nonperforming loans
130.76%
144.52%
(a)
  includes loans held for sale
29
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,
2006, and March 31, 2005 (Dollar amounts in thousands):
2006
2005
Recorded
  investment in impaired loans at end
of period
$
14,769
$
11,382
Year
  to date average balance of impaired loans
$
12,754
$
11,899
Allowance
  for credit losses related to
impaired loans
$
2,288
$
2,362
Impaired
  loans with an allocation of the
allowance for credit losses
$
8,915
$
7,244
Impaired
  loans with no allocation of the allowance
for credit losses
$
5,854
$
4,138
Year
  to date income recorded on impaired loans
on a cash basis
$
36
$
190
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, 2006, there were no
significant concentrations of credit.
Nonperforming loans (including loans past due 90 days but still accruing) at
March 31, 2006, increased $846 thousand compared to 2005 levels.  Past due loans declined $2.5 million, but
were offset by a $3.4 million increase in nonaccrual loans.  The change in nonaccrual loans resulted
primarily from one commercial credit relationship.  The remaining recorded balance of that relationship is believed
to be well secured, and includes a partial government agency guarantee.  Nonperforming loans as a percent of total
loans increased only one basis point from 0.79% at March 31, 2005, to 0.80% at
March 31, 2006.
30
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
CREDIT REVIEW
(continued)
The provision for credit losses for the first quarter of 2006 decreased to $908
thousand from $1,744 thousand in the same period last year.  The analysis of the Adequacy for the
Allowance of Loan Loss as of March 31, 2006, showed continuing improvement in
the credit quality of classified loans on the primary watch list.  First Commonwealth believes that the
allowance for credit losses is adequate at the present time.
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 judgment 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.
31
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 $515.7 million at March 31, 2006, a decrease of $5.3
million compared to December 31, 2005. 
Dividends declared reduced equity by $12.0 million during the first
three months of 2006.  The retained net
income of $954 thousand remained in permanent capital to fund future growth and
expansion.  The market value adjustments
to securities available for sale and the terminated loan swaps decreased equity
by $7.7 million for the period.  Payment
by First Commonwealth's Employee Stock Ownership Plan ("ESOP") to
reduce debt it incurred to acquire the First Commonwealth's common stock for
future distribution as employee compensation increased equity by $500 thousand.  Amounts paid to fund the discount on
reinvested dividends reduced equity by $227 thousand during the first three
months of 2006 while the proceeds from the reissuance of treasury shares to
fund stock options exercised increased equity by $972 thousand during
2006.  Equity capital was also impacted
during 2006 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 final 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.
32
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,
2006:
Amount
(in thousands)
Percent of
Adjusted Assets
Tier
  I Capital
$  500,708
11.8%
Risk-Based
  Requirement
170,332
4.0
Total
  Capital
538,725
12.7
Risk-Based
  Requirement
340,665
8.0
Minimum
  Leverage Capital
500,708
8.6
Minimum
  Leverage Requirement
175,146
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, 2006,
First Commonwealth's banking subsidiary 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.
33
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 the company'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(e) and 15d-15(e).  Based upon
  that evaluation, First Commonwealth's Chief Executive Officer and Chief
  Financial Officer concluded that First Commonwealth's disclosure controls and
  procedures are effective.  In
  addition, First Commonwealth's management, including the Chief Executive
  Officer and Chief Financial Officer, also conducted an evaluation of the
  company'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.
First
  Commonwealth's management is responsible for establishing and maintaining
  effective disclosure controls and procedures, including maintaining effective
  controls over financial reporting designed to produce reliable financial
  statements in accordance with generally accepted accounting principles.  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 the
  company 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 the company 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.
34
FIRST COMMONWEALTH FINANCIAL
CORPORATION AND CONSOLIDATED SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM
  1
.
LEGAL
  PROCEEDINGS
There
  were no material legal proceedings to which First Commonwealth or its
  subsidiaries are a party, or of which any of their property is the
  subject.  All legal proceedings
  presently pending or threatened against First Commonwealth or its
  subsidiaries arose in the normal course of business and, in the opinion of
  management, are not expected to have a material adverse effect on the
  consolidated operations or financial position of First Commonwealth and its subsidiaries.
ITEM
  1A
.
RISK
  FACTORS
There
  were no material changes to the Risk Factors described in Item 1A in First
  Commonwealth's Annual Report on Form 10-K for the period ended December 31,
  2005.
ITEM
  2
.
UNREGISTERED
  SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Not
  applicable
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
35
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
36
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 4, 2006
/s/Joseph
  E.
  O'Dell
Joseph
  E. O'Dell, President and Chief Executive Officer
DATED:  May 4, 2006
/s/John
  J.
  Dolan
John
  J. Dolan, Executive Vice President and Chief Financial Officer
37