8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2008

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania	001-11138	25-1428528
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

22 N. Sixth Street, Indiana, PA	15701
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (724) 349-7220

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 23, 2008, First Commonwealth Financial Corporation issued a press release announcing its earnings for the three and twelve month periods ended December 31, 2007. A copy of this press release and the related earnings tables are furnished as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits

99.1 - Press Release dated January 23, 2008.

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 hereunto duly authorized.

Dated: January 23, 2008
	FIRST COMMONWEALTH FINANCIAL CORPORATION
	(Registrant)
	By:	/S/ EDWARD J. LIPKUS, III
		Edward J. Lipkus, III
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

*** NEWS RELEASE ***

TO:	All Area News Agencies	For More Information Contact:
		Edward J. Lipkus III,
FROM:	First Commonwealth	Executive Vice President and Chief Financial Officer
	Financial Corporation	First Commonwealth Financial Corporation
		(724) 349-7220
DATE:	January 23, 2008

First Commonwealth Announces Fourth Quarter and Year End 2007 Financial Results

Commercial Loans and Non-Interest Income Increase

Indiana, PA., January 23, 2008 - First Commonwealth Financial Corporation (NYSE: FCF), the holding company for First Commonwealth Bank, announced today the financial results for the fourth quarter and year ended December 31, 2007.

Fourth Quarter Results

First Commonwealth reported fourth quarter 2007 net income of $11.6 million or $0.16 per diluted share compared to $12.4 million or $0.17 per diluted share in the same period last year. The decrease of $750 thousand in net income was due to lower net interest income and higher income taxes, partly offset by a lower provision for credit losses and higher non-interest income. The return on average equity and average assets was 8.08% and 0.80%, respectively, compared to 8.50% and 0.81% for the prior year period.

Significant developments during the fourth quarter include:

• Net interest margin improved year over year.

• Mike Price joined First Commonwealth as President of First Commonwealth Bank to oversee all banking operations.

• A new location was opened in the Pittsburgh market (Cranberry Township), making this the 112^th office for First Commonwealth’s retail banking division.

Year to Date Results

First Commonwealth reported 2007 net income of $46.3 million or $0.63 per diluted share compared to $53.0 million or $0.74 per diluted share in 2006. The decrease in net income was due to a decline in net interest income and higher non-interest expense partly offset by an increase in non-interest income, a lower provision for credit losses and lower income taxes. The return on average equity and average assets was 8.08% and 0.80%, respectively, compared to 9.76% and 0.89% for the prior year period.

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“I am excited about the significant changes First Commonwealth experienced this quarter,” said John J. Dolan, President and CEO. “I am confident that the addition of a new bank president, Mike Price, to our team will facilitate our client-centric focus of becoming ‘First Choice’ in our market place. With the hiring of three additional qualified lenders and the opening of a Loan Production Office in State College earlier in the year, we are beginning to see strong improvements to our commercial loan balances. We have also seen an increase in the quality and size of our commercial loan pipeline.

“Our increase in non-accrual loans is due to a few large credit relationships and is not a result of substandard lending. We have been working aggressively with these borrowers to develop a winning resolution.”

Net Interest Income and Margin

Net interest income for the fourth quarter of 2007 decreased $1.7 million, or 4.3%, to $40.2 million from $41.9 million in the fourth quarter of 2006 due primarily to a lower level of interest-earning assets. The decrease in interest-earning assets accompanied by First Commonwealth’s reduction in higher cost wholesale borrowings resulted in a more stable margin.

Net interest margin on a tax equivalent basis for the fourth quarter 2007 increased four basis points or 0.04% to 3.32%, compared with 3.28% in the corresponding period last year. The ratio of noninterest-bearing funding sources as a percent of interest-earning assets increased over the prior period contributing to the increase in net interest margin. Average investment securities decreased $152.0 million, or 8.9%, and average borrowings declined $339.9 million, or 31.1%, in the fourth quarter of 2007 compared to the same period in 2006.

Net interest margin increased three basis points or 0.03% for the year ended December 31, 2007 compared to the prior year period primarily due to the reasons noted above.

Non-Interest Income

Non-interest income for the fourth quarter of 2007 increased $782 thousand, or 6.5%, from the fourth quarter of 2006. During the fourth quarter of 2007, service charges on deposit accounts increased $97 thousand or 2.1% and card related interchange income increased $295 thousand or 19.7% due to a larger customer base, higher volume and changes in fee structures. Insurance commissions increased $220 thousand or 31.9% due to higher sales.

For the year 2007, non-interest income increased $4.6 million or 10.4% mainly due to the reasons noted above for the three month period ended December 31, 2007 and the inclusion of a $550 thousand gain from the sale of First Commonwealth’s municipal bond servicing business during the second quarter of 2007. This business generated annual trust income of approximately $100 thousand, net of expenses.

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Non-Interest Expense

Non-interest expense for the fourth quarter of 2007 decreased $104 thousand compared to the corresponding quarter last year. The fourth quarter of 2006 included a $1.1 million loss on the extinguishment of debt. Net occupancy expense increased $439 thousand or 14.4% due to branch expansion and depreciation. Advertising expense increased $316 thousand due to increased branding efforts.

For the year 2007, non-interest expense increased $10.3 million or 7.5% compared to 2006. Salaries and employee benefits increased $3.1 million or 4.3% due to the acquisition of Laurel Savings Bank in August 2006, merit salary increases, and $1.0 million of expenses recorded in connection with separation agreements with former executives of First Commonwealth. Net occupancy expense increased $1.6 million or 13.5% due to branch expansion and building repairs and maintenance. Advertising expense increased $1.1 million due to increased branding efforts. Intangible amortization increased $821 thousand or 31.5% due to the acquisition of Laurel Savings Bank. Other expenses increased $2.2 million or 7.8% primarily due to costs associated with strategic marketing initiatives, other professional fees, contributions and public relations.

Income Tax

Income tax expense increased $797 thousand for the fourth quarter of 2007 compared to the same period in 2006. First Commonwealth’s effective tax rate was 15.4% in the fourth quarter of 2007 compared to 9.6% in the same period in 2006. Income tax expense increased $336 thousand in the fourth quarter of 2007 to record the tax effect of purchase accounting adjustments related to prior acquisitions. Also, income tax expense for the fourth quarter of 2006 included a tax benefit of $379 thousand recognized during management’s reassessment of required tax accruals.

For the year 2007, income tax expense decreased $3.1 million compared to 2006, primarily due to a decrease of $9.8 million in pretax income. The effective tax rate was 11.4% for 2007 compared to 14.6% for 2006, as items excluded from taxable income remained consistent but represented a larger portion of pretax earnings.

Credit Quality and Provision for Credit Losses

First Commonwealth is not a participant or underwriter in the sub-prime mortgage loan or collateralized debt marketplace and therefore does not have any exposure to risks associated with these activities. All mortgage backed securities in First Commonwealth’s investment portfolio are AAA rated and backed by U.S. Government agencies.

Non-accrual loans increased $42.1 million to $54.1 million at December 31, 2007 compared to $12.0 million at December 31, 2006, mainly due to two large credits. A $30.0 million commercial credit relationship was placed on non-accrual during the second quarter of 2007. This credit relationship had been monitored since the second quarter of 2006 when management disclosed that this credit had experienced deterioration. A $4.3 million commercial credit relationship was placed on non-accrual in the fourth quarter of 2007. These credits are collateralized by real estate or equipment and a reserve has been allocated, primarily during 2006, to cover the expected losses.

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As previously disclosed, First Commonwealth purchased $7.0 million in loans from Equipment Finance LLC (“EFI”), a division of Sterling Financial Corporation of Lancaster, Pennsylvania (“Sterling”), during 2006. Sterling subsequently disclosed an investigation, which is still ongoing, into financial irregularities related to certain financing contracts at EFI. Loans in this portfolio are collateralized by equipment and reserves were allocated in the second quarter of 2007 to cover the expected losses. At December 31, 2007, the remaining balance in this portfolio was $4.4 million, of which $3.2 million was classified as non-accrual. Loans in this portfolio totaling $202 thousand were classified by First Commonwealth as non-accrual during the fourth quarter of 2007.

Loans past due in excess of 90 days and still accruing decreased $198 thousand or 1.5% to $12.9 million compared to December 31, 2006. The provision for credit losses for the fourth quarter of 2007 decreased $948 thousand compared to the fourth quarter of 2006. For the year 2007, the provision for credit losses decreased $1.5 million compared to the same period in 2006. In 2006, management increased the provision for credit losses to reflect the deterioration in the $30.0 million credit described above. Furthermore, during the fourth quarter of 2007, First Commonwealth experienced pay-offs on loans that carried specific allocated reserves, which resulted in an improvement in the credit quality of the loan portfolio and a decline in the provision for credit losses.

Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at December 31, 2007.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation is a $5.9 billion bank holding company headquartered in Indiana, Pennsylvania. It operates 112 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvania chartered bank and trust company. Financial services and insurance products are also provided through First Commonwealth Insurance Agency and First Commonwealth Financial Advisors, Inc.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the adequacy of First Commonwealth’s allowance for credit losses, improvements in commercial loan balances and quality and the impact of recent organizational changes and strategic initiatives on future results. Forward-looking statements describe First Commonwealth’s future plans, strategies and expectations and are based on assumptions and involve risks and uncertainties, many of which are beyond the control of First Commonwealth and which may cause actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or

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future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements speak only as of the date they are made. Such risks and uncertainties include among other things:

• adverse changes in the economy or business conditions, either nationally or in First Commonwealth’s market areas, which could increase credit-related losses and expenses and/or limit growth;

• increases in defaults by borrowers and other delinquencies, which could result in an increased provision for credit losses on loans and related expenses;

• fluctuations in interest rates and market prices, which could reduce net interest margin and asset valuations and increase expenses;

• changes in legislative or regulatory requirements applicable to First Commonwealth and its subsidiaries, which could increase costs, limit certain operations and adversely affect results of operations;

• the inability to successfully execute First Commonwealth’s strategic growth initiatives, which could limit future revenue and earnings growth; and

• other risks and uncertainties described in First Commonwealth’s reports filed with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.

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FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	For the Quarter Ended								For the Quarter Ended										For the Year Ended December 31,
	March 31, 2007		June 30, 2007		September 30, 2007		December 31, 2007		March 31, 2006		June 30, 2006			September 30, 2006			December 31, 2006
																			2007		2006
Interest Income
Interest and fees on loans	$	63,913	$	62,813	$	63,737	$	63,488	$	58,314	$	60,487		$	64,575		$	65,362	$	253,951	$	248,738
Interest and dividends on investments:
Taxable interest		16,145		14,889		14,259		14,967		17,585		17,166			16,826			16,680		60,260		68,257
Interest exempt from Federal income taxes		3,371		3,427		3,424		3,510		3,219		3,230			3,215			3,212		13,732		12,876
Dividends		733		720		753		752		603		787			776			792		2,958		2,958
Interest on Federal funds sold		24		2		57		74		46		13			17			66		157		142
Interest on bank deposits		11		10		8		8		14		10			48			27		37		99
Total interest income		84,197		81,861		82,238		82,799		79,781		81,693			85,457			86,139		331,095		333,070
Interest Expense
Interest on deposits		31,585		32,872		33,786		34,527		23,384		25,182			28,254			31,634		132,770		108,454
Interest on short-term borrowings		4,946		2,700		1,977		1,819		6,364		6,622			7,338			5,124		11,442		25,448
Interest on subordinated debentures		2,117		2,123		2,130		2,156		2,054		2,097			2,134			2,134		8,526		8,419
Interest on other long-term debt		4,298		4,327		4,211		4,139		6,532		6,499			5,453			5,302		16,975		23,786
Total interest on long-term debt		6,415		6,450		6,341		6,295		8,586		8,596			7,587			7,436		25,501		32,205
Total interest expense		42,946		42,022		42,104		42,641		38,334		40,400			43,179			44,194		169,713		166,107
Net Interest Income		41,251		39,839		40,134		40,158		41,447		41,293			42,278			41,945		161,382		166,963
Provision for credit losses		2,979		2,415		2,296		2,352		908		4,298			3,038			3,300		10,042		11,544
Net Interest Income after provision for credit losses		38,272		37,424		37,838		37,806		40,539		36,995			39,240			38,645		151,340		155,419
Non-Interest Income
Net securities gains		605		150		16		403		63		19			5			610		1,174		697
Trust income		1,418		1,518		1,517		1,428		1,394		1,481			1,482			1,444		5,881		5,801
Service charges on deposit accounts		4,165		4,517		4,609		4,690		3,869		4,144			4,361			4,593		17,981		16,967
Insurance commissions		730		857		1,064		909		719		595			801			689		3,560		2,804
Income from bank owned life insurance		1,490		1,520		1,534		1,557		1,375		1,414			1,451			1,502		6,101		5,742
Card related interchange income		1,485		1,634		1,654		1,791		1,298		1,391			1,398			1,496		6,564		5,583
Other income		1,533		2,205		1,819		2,052		1,578		1,752			1,609			1,714		7,609		6,653
Total non-interest income		11,426		12,401		12,213		12,830		10,296		10,796			11,107			12,048		48,870		44,247
Non-Interest Expense
Salaries and employee benefits		20,284		18,588		18,401		18,859		19,357		17,235			17,690			18,706		76,132		72,988
Net occupancy expense		3,353		3,398		3,475		3,484		3,402		2,785			2,845			3,045		13,710		12,077
Furniture and equipment expense		2,717		2,914		3,243		3,126		2,767		2,915			2,998			3,023		12,000		11,703
Advertising expense		1,095		340		475		957		343		349			417			641		2,867		1,750
Data processing expense		954		925		942		987		795		820			903			938		3,808		3,456
Pennsylvania shares tax expense		1,469		1,415		1,439		1,446		1,350		1,358			1,349			1,363		5,769		5,420
Intangible amortization		870		870		857		831		565		566			658			818		3,428		2,607
Loss (Gain) on extinguishment of debt		0		0		0		0		0		(270	)		(1,283	)		1,143		0		(410	)
Other expenses		7,027		8,433		7,648		7,185		7,014		7,194			6,582			7,302		30,293		28,092
Total non-interest expense		37,769		36,883		36,480		36,875		35,593		32,952			32,159			36,979		148,007		137,683
Income before income taxes		11,929		12,942		13,571		13,761		15,242		14,839			18,188			13,714		52,203		61,983
Applicable income taxes		1,034		1,454		1,352		2,113		2,304		2,613			2,796			1,316		5,953		9,029
Net Income	$	10,895	$	11,488	$	12,219	$	11,648	$	12,938	$	12,226		$	15,392		$	12,398	$	46,250	$	52,954
Average Shares Outstanding		73,113,823		73,180,532		72,589,329		72,391,577		69,469,709		69,653,432			70,875,018			73,026,948		72,816,208		70,766,348
Average Shares Outstanding Assuming Dilution		73,370,678		73,314,997		72,705,753		72,513,962		69,918,151		70,037,609			71,177,930			73,362,224		72,973,259		71,133,562
Per Share Data:
Basic Earnings Per Share	$	0.15	$	0.16	$	0.17	$	0.16	$	0.19	$	0.18		$	0.22		$	0.17	$	0.64	$	0.75
Diluted Earnings Per Share	$	0.15	$	0.16	$	0.17	$	0.16	$	0.19	$	0.17		$	0.22		$	0.17	$	0.63	$	0.74
Cash Dividends Declared per Common Share	$	0.17	$	0.17	$	0.17	$	0.17	$	0.17	$	0.17		$	0.17		$	0.17	$	0.68	$	0.68

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	March 31, 2007			June 30, 2007			September 30, 2007			December 31, 2007			March 31, 2006			June 30, 2006			September 30, 2006			December 31, 2006
Assets
Cash and due from banks	$	84,137		$	92,407		$	86,499		$	100,791		$	84,627		$	89,688		$	95,151		$	95,134
Interest-bearing bank deposits		463			1,310			1,060			1,719			391			905			7,986			985
Securities available for sale, at market value		1,557,247			1,451,019			1,460,909			1,574,217			1,737,899			1,681,139			1,649,506			1,644,690
Securities held to maturity, at amortized cost, (Market value $72,928 at December 31, 2007 and $80,156 at December 31, 2006)		78,092			76,366			73,024			71,497			85,673			82,720			79,841			78,501
Loans held for sale		0			0			0			0			553			4,436			0			0
Loans:
Portfolio loans		3,703,545			3,674,725			3,660,153			3,697,843			3,651,632			3,680,070			3,818,846			3,783,874
Unearned income		(47	)		(37	)		(30	)		(24	)		(98	)		(83	)		(70	)		(57	)
Allowance for credit losses		(43,379	)		(43,968	)		(43,210	)		(42,396	)		(38,017	)		(39,020	)		(42,085	)		(42,648	)
Net loans		3,660,119			3,630,720			3,616,913			3,655,423			3,613,517			3,640,967			3,776,691			3,741,169
Premises and equipment, net		70,916			70,567			70,133			69,487			61,230			63,832			68,518			68,901
Other real estate owned		1,663			1,241			1,803			2,172			1,499			1,930			1,911			1,507
Goodwill		160,759			160,755			159,956			159,956			122,702			122,702			159,889			160,366
Amortizing intangibles, net		15,999			15,129			14,272			13,441			14,686			14,120			18,262			16,869
Other assets		231,817			235,674			237,527			234,915			221,733			222,947			234,784			235,794
Total assets	$	5,861,212		$	5,735,188		$	5,722,096		$	5,883,618		$	5,944,510		$	5,925,386		$	6,092,539		$	6,043,916
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	525,387		$	530,063		$	522,810		$	523,203		$	499,161		$	507,021		$	538,986		$	522,451
Interest-bearing		3,830,000			3,877,708			3,811,133			3,824,016			3,496,577			3,491,784			3,779,956			3,803,989
Total deposits		4,355,387			4,407,771			4,333,943			4,347,219			3,995,738			3,998,805			4,318,942			4,326,440
Short-term borrowings		309,895			147,346			237,734			354,201			601,426			654,315			494,877			500,014
Other liabilities		45,318			43,807			44,156			65,464			37,952			38,662			45,308			52,681
Subordinated debentures		108,250			108,250			108,250			105,750			108,250			108,250			108,250			108,250
Other long-term debt		470,032			467,856			435,781			442,196			685,395			613,991			556,194			485,170
Total long-term debt		578,282			576,106			544,031			547,946			793,645			722,241			664,444			593,420
Total liabilities		5,288,882			5,175,030			5,159,864			5,314,830			5,428,761			5,414,023			5,523,571			5,472,555
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued		0			0			0			0			0			0			0			0
Common stock, $1 par value per share, 100,000,000 shares authorized; 75,100,431 shares issued and 73,128,612 shares outstanding at December 31, 2007; 75,100,431 shares issued and 73,916,377 shares outstanding at December 31, 2006		75,100			75,100			75,100			75,100			71,978			71,978			75,100			75,100
Additional paid-in capital		207,958			207,553			207,310			206,889			173,369			172,707			208,621			208,313
Retained earnings		320,734			319,677			319,472			319,246			319,523			319,740			322,583			322,415
Accumulated other comprehensive loss, net		(6,224	)		(15,417	)		(6,736	)		(147	)		(17,349	)		(23,515	)		(9,065	)		(7,914	)
Treasury stock (1,971,819 and 1,184,054 shares at December 31, 2007 and December 31, 2006, respectively, at cost)		(14,138	)		(16,155	)		(22,814	)		(22,700	)		(18,672	)		(16,947	)		(16,171	)		(14,953	)
Unearned ESOP shares		(11,100	)		(10,600	)		(10,100	)		(9,600	)		(13,100	)		(12,600	)		(12,100	)		(11,600	)
Total shareholders’ equity		572,330			560,158			562,232			568,788			515,749			511,363			568,968			571,361
Total liabilities and shareholders’ equity	$	5,861,212		$	5,735,188		$	5,722,096		$	5,883,618		$	5,944,510		$	5,925,386		$	6,092,539		$	6,043,916
Book value per share	$	7.74		$	7.59		$	7.69		$	7.78		$	7.32		$	7.24		$	7.71		$	7.73
Market value per share	$	11.75		$	10.92		$	11.06		$	10.65		$	14.66		$	12.70		$	13.03		$	13.43

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

		Loans by Categories (dollars in thousands)
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Commercial, financial, agricultural and other	$	926,904		$	901,679		$	866,590		$	854,843		$	861,427
Real estate - construction		207,708			143,680			123,844			101,719			92,192
Real estate - residential		1,237,986			1,268,313			1,288,089			1,312,389			1,346,503
Real estate - commercial		861,077			865,389			899,669			914,389			935,635
Loans to individuals		464,106			480,956			496,228			519,711			547,253
Leases, net of unearned income		62			136			305			494			864
Gross loans and leases		3,697,843			3,660,153			3,674,725			3,703,545			3,783,874
Unearned income		(24	)		(30	)		(37	)		(47	)		(57	)
Total loans and leases net of unearned income	$	3,697,819		$	3,660,123		$	3,674,688		$	3,703,498		$	3,783,817

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

		Quarter To Date Average Balance Sheets and Net Interest Analysis at December 31, (dollars in thousands)
	2007							2006
	Average Balance			Income/Expense		Yield or Rate (a)		Average Balance			Income/Expense		Yield or Rate (a)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	848		$	8	4.11	%	$	1,944		$	27	5.59	%
Tax-free investment securities		313,165			3,510	6.84	%		283,970			3,212	6.90	%
Taxable investment securities		1,246,973			15,719	5.00	%		1,428,155			17,472	4.85	%
Federal funds sold		6,398			74	4.56	%		4,923			66	5.31	%
Loans, net of unearned income (b)(c)		3,666,006			63,488	7.06	%		3,795,900			65,362	7.04	%
Total interest-earning assets		5,233,390			82,799	6.55	%		5,514,892			86,139	6.46	%
Noninterest-earning assets:
Cash		75,184							83,224
Allowance for credit losses		(43,600	)						(42,611	)
Other assets		487,765							490,184
Total noninterest-earning assets		519,349							530,797
Total Assets	$	5,752,739						$	6,045,689
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	595,956		$	2,557	1.70	%	$	602,999		$	2,930	1.93	%
Savings deposits (d)		1,067,639			5,995	2.23	%		1,125,970			5,823	2.05	%
Time deposits		2,214,463			25,975	4.65	%		2,101,559			22,881	4.32	%
Short-term borrowings		209,726			1,819	3.44	%		444,028			5,124	4.58	%
Long-term debt		544,569			6,295	4.59	%		650,187			7,436	4.54	%
Total interest-bearing liabilities		4,632,353			42,641	3.65	%		4,924,743			44,194	3.56	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (d)		514,299							507,352
Other liabilities		34,163							35,004
Shareholders’ equity		571,924							578,590
Total noninterest-bearing funding sources		1,120,386							1,120,946
Total Liabilities and Shareholders’ Equity	$	5,752,739						$	6,045,689
Net Interest Income and Net Yield on Interest-Earning Assets				$	40,158	3.32	%				$	41,945	3.28	%

(a) Yields on interest-earning assets have been computed on a tax equivalent basis using the 35% Federal income tax statutory rate.

(b) Income on nonaccrual loans is accounted for on the cash basis, and the loan balances are included in interest-earning assets.

(c) Loan income includes loan fees.

(d) Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits which were made for regulatory purposes.

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

		Year To Date Average Balance Sheets and Net Interest Analysis at December 31, (dollars in thousands)
	2007							2006
	Average Balance			Income/Expense		Yield or Rate (a)		Average Balance			Income/Expense		Yield or Rate (a)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	639		$	37	5.82	%	$	1,878		$	99	5.27	%
Tax-free investment securities		304,842			13,732	6.93	%		281,823			12,876	7.03	%
Taxable investment securities		1,278,469			63,218	4.94	%		1,487,267			71,215	4.79	%
Federal funds sold		3,204			157	4.89	%		2,854			142	4.99	%
Loans, net of unearned income (b)(c)(d)		3,687,037			253,951	7.09	%		3,707,233			248,738	6.92	%
Total interest-earning assets		5,274,191			331,095	6.56	%		5,481,055			333,070	6.34	%
Noninterest-earning assets:
Cash		80,453							79,509
Allowance for credit losses		(43,811	)						(40,510	)
Other assets		489,502							452,915
Total noninterest-earning assets		526,144							491,914
Total Assets	$	5,800,335						$	5,972,969
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (e)	$	595,055		$	10,538	1.77	%	$	584,717		$	10,251	1.75	%
Savings deposits (e)		1,104,789			25,008	2.26	%		1,138,579			21,496	1.89	%
Time deposits		2,138,296			97,224	4.55	%		1,889,731			76,707	4.06	%
Short-term borrowings		279,045			11,442	4.10	%		568,327			25,448	4.48	%
Long-term debt		563,919			25,501	4.52	%		724,846			32,205	4.44	%
Total interest-bearing liabilities		4,681,104			169,713	3.63	%		4,906,200			166,107	3.39	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (e)		514,256							493,790
Other liabilities		32,335							30,526
Shareholders’ equity		572,640							542,453
Total noninterest-bearing funding sources		1,119,231							1,066,769
Total Liabilities and Shareholders’ Equity	$	5,800,335						$	5,972,969
Net Interest Income and Net Yield on Interest-Earning Assets				$	161,382	3.34	%				$	166,963	3.31	%

(a) Yields on interest-earning assets have been computed on a tax equivalent basis using the 35% Federal income tax statutory rate.

(b) Average balance includes loans held for sale in 2006.

(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 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.

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

		Asset Quality Data (dollars in thousands)
	For the Year Ended December 31,
	2007			2006
Loans on non-accrual basis	$	54,119		$	12,043
Troubled debt restructured loans		147			160
Total nonperforming loans	$	54,266		$	12,203
Loans past due in excess of 90 days and still accruing	$	12,853		$	13,051
Loans outstanding at end of period	$	3,697,819		$	3,783,817
Average loans outstanding (a)	$	3,687,037		$	3,707,233
Allowance for credit losses	$	42,396		$	42,648
Nonperforming loans as a percentage of total loans		1.47	%		0.32	%
Net charge offs	$	10,294		$	8,980
Reduction in allowance for credit losses due to transfer of credit to held for sale	$	0		$	1,387
Net credit losses	$	10,294		$	10,367
Net credit losses as a percentage of average loans outstanding		0.28	%		0.28	%
Allowance for credit losses as a percentage of average loans outstanding		1.15	%		1.15	%
Allowance for credit losses as a percentage of nonperforming loans		78.13	%		349.49	%
Other real estate owned	$	2,172		$	1,507

(a) Includes average loans held for sale in 2006.

		Profitability Ratios (dollars in thousands)
	For the Quarter Ended												For the Quarter Ended												For the Year Ended
	March 31, 2007			June 30, 2007			September 30, 2007			December 31, 2007			March 31, 2006			June 30, 2006			September 30, 2006			December 31, 2006			December 31,
																									2007			2006
Return on average assets		0.74	%		0.79	%		0.85	%		0.80	%		0.88	%		0.83	%		1.02	%		0.81	%		0.80	%		0.89	%
Return on average equity		7.64	%		8.00	%		8.59	%		8.08	%		9.95	%		9.39	%		11.29	%		8.50	%		8.08	%		9.76	%
Net interest margin		3.36	%		3.31	%		3.36	%		3.32	%		3.31	%		3.31	%		3.34	%		3.28	%		3.34	%		3.31	%
Efficiency ratio (b)		66.98	%		65.88	%		65.17	%		65.15	%		64.35	%		59.16	%		56.31	%		64.08	%		65.79	%		60.97	%
Fully tax equivalent adjustment	$	3,715		$	3,745		$	3,633		$	3,614		$	3,570		$	3,608		$	3,724		$	3,711		$	14,707		$	14,613

(b) Efficiency ratio is “total non-interest expense” as a percentage of total revenue.

Total revenue consists of “net interest income, on a fully tax-equivalent basis,” plus “total non-interest income.”