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): April 17, 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 April 17, 2008, First Commonwealth Financial Corporation issued a press release announcing its earnings for the three month period ended March 31, 2008. 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 April 17, 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: April 17, 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:
FROM:	First Commonwealth	Edward J. Lipkus III, Executive Vice
	Financial Corporation	President and Chief Financial Officer
		First Commonwealth Financial Corporation (724) 349-7220
DATE:	April 17, 2008

First Commonwealth Announces First Quarter 2008 Financial Results

Net Income Increases;

Commercial Loans and Non-Interest Income Increase

Indiana, PA., April 17, 2008 - First Commonwealth Financial Corporation (NYSE: FCF), the holding company for First Commonwealth Bank, announced today the financial results for the first quarter of 2008.

First Quarter Results

First Commonwealth reported first quarter 2008 net income of $11.1 million or $0.15 per diluted share compared to $10.9 million or $0.15 per diluted share in the same period last year and $11.6 million or $0.16 per diluted share for the fourth quarter of 2007. Net income increased $226 thousand or 2.1% from the comparable period last year primarily due to an increase in non-interest income, partly offset by a decline in net interest income, a larger provision for credit losses and higher non-interest expense. Compared to the fourth quarter of 2007, net income decreased $527 thousand, or 4.5%, mainly due to higher non-interest expense and provision for credit losses partly offset by increased net interest income and a lower tax provision. First quarter return on average equity and average assets increased to 7.73% and 0.75%, respectively, compared to 7.64% and 0.74% for the prior year period and 8.08% and 0.80% for the fourth quarter of 2007.

Developments during the first quarter include:

• Total loan and significant commercial loan growth year over year.

• Significant non-interest income growth year over year.

• A new location opened in the Pittsburgh market (Squirrel Hill).

• Announced the hiring of J. Eric Renner as Executive Vice President / Consumer Services for First Commonwealth Bank.

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“I am excited about the positive financial results First Commonwealth experienced this quarter,” said John J. Dolan, President and CEO. “The effort expended in 2007 to align the structure of our organization and to re-commit the company to being responsive to our clients’ needs is beginning to produce favorable results. Our client-centric focus of becoming ‘First Choice’ in our marketplace has resulted in increased revenue growth.”

Net Interest Income and Margin

Net interest income was up $926 thousand, or 2.3%, from the fourth quarter of 2007 and has increased now for the last three quarters. This improvement in net interest income is primarily due to increased levels of interest earning assets during these periods. We experienced strong loan growth in the last two quarters, mainly in commercial loans. Total loans increased $189.7 million, or 5.1%, year over year and increased $195.4 million, or 5.3%, compared to the prior quarter. Investment securities increased $54.4 million, or 3.3%, year over year and increased $44.0 million, or 2.7%, compared to the prior quarter.

The Federal Reserve Bank cut short-term interest rates 100 basis points in 2007 and 200 basis points in the first quarter of 2008. Despite these reductions, net interest margin on a tax equivalent basis for the first quarter 2008 only decreased eight basis points, or 0.08%, to 3.28%, compared with 3.36% in the corresponding period last year and declined four basis points, or 0.04%, from the fourth quarter of 2007. Our yield on total interest-earning assets declined faster than the cost of our interest-bearing liabilities in the year-to-year comparison. For the first quarter of 2008, the ratio of noninterest-bearing funding sources as a percentage of interest-earning assets decreased over the fourth quarter of 2007 providing additional pressure on the net interest margin.

Average interest-earning assets were $56.6 million higher in the first quarter of 2008 compared to the first quarter of 2007 driven by an increase in average loans of $98.1 million, partly offset by a decrease in average investment securities of $39.6 million. Average interest-earning assets increased $244.1 million, or 4.7%, over the fourth quarter of 2007 due to an average increase of $169.6 million in loans and $81.2 million in investment securities. Average borrowings increased $23.4 million in the first quarter of 2008 compared to the same period in 2007 and increased $288.5 million compared to the fourth quarter of 2007 primarily to fund growth in interest-earning assets.

Non-Interest Income

Non-interest income for the first quarter of 2008 increased $2.0 million, or 17.8%, from the first quarter of 2007 and increased $626 thousand, or 4.9%, from the fourth quarter of 2007, primarily due to higher insurance commissions and increases in other income. Higher sales, additional producers and an enhanced calling program resulted in increased insurance commissions. Other income increased primarily due to increased letter of credit fees and swap fees.

2

Non-Interest Expense

Non-interest expense for the first quarter of 2008 increased $1.1 million, or 2.9%, compared to the first quarter of 2007 and increased $2.0 million, or 5.4%, from the fourth quarter of 2007.

During the first quarter of 2008, salaries and employee benefits remained flat compared to the first quarter of 2007. The first quarter of 2007 included expenses of $746 thousand relating to a separation agreement with the company’s former CEO. Net occupancy expense increased $554 thousand, or 16.5%, due to branch expansion and higher building repairs and maintenance costs. Advertising expense decreased $467 thousand, or 42.6%, due to increased branding efforts in the first quarter of 2007 while other expenses increased $733 thousand, or 10.4%, primarily due to increased contributions, professional fees, collection fees and operational losses.

When compared to the fourth quarter of 2007, salaries and employee benefits increased $1.5 million, or 7.8%, due to annual merit salary increases and lower employer-related costs in the fourth quarter due to the yearly cap on payroll taxes, principally unemployment insurance. The remainder of the increase in non-interest expense was the result of the changes mentioned above.

Income Tax

Income tax expense increased $350 thousand for the first quarter of 2008 compared to the same period in 2007. First Commonwealth’s effective tax rate was 11.1% in the first quarter of 2008 compared to 8.7% in the same period in 2007 and 15.4% in the fourth quarter of 2007. Nontaxable income and tax credits had a smaller impact on the effective tax rate in the first quarter of 2008 due to a $576 thousand increase in pretax income compared to the same period last year. The decrease in the effective tax rate from the fourth quarter of 2007 was the result of nontaxable income and tax credits having a larger impact in the first quarter of 2008 in addition to a $336 thousand charge in the fourth quarter of 2007 to record the tax effect of purchase accounting adjustments related to prior acquisitions.

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 portfolio are AAA rated and backed by U.S. Government agencies.

For the quarter ending March 31, 2008, non-accrual loans decreased approximately $5.3 million from the fourth quarter of 2007 due to the successful workout of commercial credits including the $4.3 million commercial credit relationship that was placed on non-accrual in the fourth quarter of 2007. Non-accrual loans increased $36.1 million to $48.8 million at March 31, 2008 compared to $12.7 million at March 31, 2007, mainly due to a $30.0 million commercial credit relationship placed on non-accrual during the second quarter of 2007. This credit relationship has been monitored since the second quarter of 2006 when management disclosed that this credit had experienced deterioration. This credit is collateralized by real estate and 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 March 31, 2008, the remaining balance in the portfolio was $4.1 million, of which $3.0 million was classified as non-accrual. No EFI loans were reclassified by First Commonwealth as non-accrual during the first quarter of 2008. PNC Financial Services Group, Inc. finalized the acquisition of Sterling on April 4, 2008.

Loans past due in excess of 90 days and still accruing increased $6.4 million to $20.1 million compared to March 31, 2007. The majority of this increase is related to one commercial loan that management believes is adequately collateralized by real estate. The provision for credit losses for the first quarter of 2008 increased $200 thousand compared to the first quarter of 2007. While First Commonwealth experienced payoffs on loans that carried specific allocated reserves that resulted in an improvement in credit quality, additional provisions were warranted due to the growth in the commercial portfolio.

Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at March 31, 2008.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation is a $6.1 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.

Earnings Conference Call to be Held Thursday, April 17, 2008

An earnings conference call will be held on Thursday, April 17, 2008 at 2:00 p.m. local time to discuss financial results for the quarter ended March 31, 2008. The call will be hosted by John J. Dolan, President and Chief Executive Officer. He will be joined by Edward J. Lipkus, Executive Vice President and Chief Financial Officer and T. Michael Price, President of First Commonwealth Bank.

To listen to the conference call, go to First Commonwealth’s webpage http://www.fcbanking.com, click on “Investor Relations” and then on the “Webcast” link and follow the instructions. After the live presentation, the webcast will be archived on this website for 30 days.

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

4

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 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.

5

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	For the Quarter Ended
	March 31, 2008		December 31, 2007		September 30, 2007		June 30, 2007		March 31, 2007
Interest Income
Interest and fees on loans	$	62,067	$	63,488	$	63,737	$	62,813	$	63,913
Interest and dividends on investments:
Taxable interest		15,531		14,967		14,259		14,889		16,145
Interest exempt from Federal income taxes		3,595		3,510		3,424		3,427		3,371
Dividends		609		752		753		720		733
Interest on Federal funds sold		0		74		57		2		24
Interest on bank deposits		5		8		8		10		11
Total interest income		81,807		82,799		82,238		81,861		84,197
Interest Expense
Interest on deposits		31,033		34,527		33,786		32,872		31,585
Interest on short-term borrowings		3,705		1,819		1,977		2,700		4,946
Interest on subordinated debentures		1,911		2,156		2,130		2,123		2,117
Interest on other long-term debt		4,074		4,139		4,211		4,327		4,298
Total interest on long-term debt		5,985		6,295		6,341		6,450		6,415
Total interest expense		40,723		42,641		42,104		42,022		42,946
Net Interest Income		41,084		40,158		40,134		39,839		41,251
Provision for credit losses		3,179		2,352		2,296		2,415		2,979
Net Interest Income after provision for credit losses		37,905		37,806		37,838		37,424		38,272
Non-Interest Income
Net securities gains		501		403		16		150		605
Trust income		1,532		1,428		1,517		1,518		1,418
Service charges on deposit accounts		4,425		4,690		4,609		4,517		4,165
Insurance commissions		1,277		909		1,064		857		730
Income from bank owned life insurance		1,487		1,557		1,534		1,520		1,490
Card related interchange income		1,753		1,791		1,654		1,634		1,485
Other income		2,481		2,052		1,819		2,205		1,533
Total non-interest income		13,456		12,830		12,213		12,401		11,426
Non-Interest Expense
Salaries and employee benefits		20,330		18,859		18,401		18,588		20,284
Net occupancy expense		3,907		3,484		3,475		3,398		3,353
Furniture and equipment expense		3,078		3,126		3,243		2,914		2,717
Advertising expense		628		957		475		340		1,095
Data processing expense		1,051		987		942		925		954
Pennsylvania shares tax expense		1,271		1,446		1,439		1,415		1,469
Intangible amortization		831		831		857		870		870
Other expenses		7,760		7,185		7,648		8,433		7,027
Total non-interest expense		38,856		36,875		36,480		36,883		37,769
Income before income taxes		12,505		13,761		13,571		12,942		11,929
Applicable income taxes		1,384		2,113		1,352		1,454		1,034
Net Income	$	11,121	$	11,648	$	12,219	$	11,488	$	10,895
Average Shares Outstanding		72,452,875		72,391,577		72,589,329		73,180,532		73,113,823
Average Shares Outstanding Assuming Dilution		72,559,668		72,513,962		72,705,753		73,314,997		73,370,678
Per Share Data:
Basic Earnings Per Share	$	0.15	$	0.16	$	0.17	$	0.16	$	0.15
Diluted Earnings Per Share	$	0.15	$	0.16	$	0.17	$	0.16	$	0.15
Cash Dividends Declared per Common Share	$	0.17	$	0.17	$	0.17	$	0.17	$	0.17

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Assets
Cash and due from banks	$	92,554		$	100,791		$	86,499		$	92,407		$	84,137
Interest-bearing bank deposits		219			1,719			1,060			1,310			463
Securities available for sale, at market value		1,623,788			1,574,217			1,460,909			1,451,019			1,557,247
Securities held to maturity, at amortized cost, (Market value $67,451 at March 31, 2008 and $72,928 at December 31, 2007)		65,935			71,497			73,024			76,366			78,092
Loans:
Portfolio loans		3,893,202			3,697,843			3,660,153			3,674,725			3,703,545
Unearned income		(19	)		(24	)		(30	)		(37	)		(47	)
Allowance for credit losses		(41,613	)		(42,396	)		(43,210	)		(43,968	)		(43,379	)
Net loans		3,851,570			3,655,423			3,616,913			3,630,720			3,660,119
Premises and equipment, net		69,191			69,487			70,133			70,567			70,916
Other real estate owned		3,280			2,172			1,803			1,241			1,663
Goodwill		159,956			159,956			159,956			160,755			160,759
Amortizing intangibles, net		12,609			13,441			14,272			15,129			15,999
Other assets		239,877			234,915			237,527			235,674			231,817
Total assets	$	6,118,979		$	5,883,618		$	5,722,096		$	5,735,188		$	5,861,212
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	542,331		$	523,203		$	522,810		$	530,063		$	525,387
Interest-bearing		3,778,337			3,824,016			3,811,133			3,877,708			3,830,000
Total deposits		4,320,668			4,347,219			4,333,943			4,407,771			4,355,387
Short-term borrowings		642,869			354,201			237,734			147,346			309,895
Other liabilities		48,259			65,464			44,156			43,807			45,318
Subordinated debentures		105,750			105,750			108,250			108,250			108,250
Other long-term debt		426,955			442,196			435,781			467,856			470,032
Total long-term debt		532,705			547,946			544,031			576,106			578,282
Total liabilities		5,544,501			5,314,830			5,159,864			5,175,030			5,288,882
Shareholders’ Equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued		0			0			0			0			0
Common stock, $1 par value per share, 100,000,000 shares authorized; 75,100,431 shares issued and 73,161,726 shares outstanding at March 31, 2008; 75,100,431 shares issued and 73,128,612 shares outstanding at December 31, 2007		75,100			75,100			75,100			75,100			75,100
Additional paid-in capital		206,498			206,889			207,310			207,553			207,958
Retained earnings		317,058			319,246			319,472			319,677			320,734
Accumulated other comprehensive income (loss), net		7,215			(147	)		(6,736	)		(15,417	)		(6,224	)
Treasury stock (1,938,705 and 1,971,819 shares at March 31, 2008 and December 31, 2007, respectively, at cost)		(22,293	)		(22,700	)		(22,814	)		(16,155	)		(14,138	)
Unearned ESOP shares		(9,100	)		(9,600	)		(10,100	)		(10,600	)		(11,100	)
Total shareholders’ equity		574,478			568,788			562,232			560,158			572,330
Total liabilities and shareholders’ equity	$	6,118,979		$	5,883,618		$	5,722,096		$	5,735,188		$	5,861,212
Book value per share	$	7.85		$	7.78		$	7.69		$	7.59		$	7.74
Market value per share	$	11.59		$	10.65		$	11.06		$	10.92		$	11.75

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

Loans by Categories

(dollars in thousands)

	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Commercial, financial, agricultural and other	$	1,052,971		$	926,904		$	901,679		$	866,590		$	854,843
Real estate - construction		241,114			207,708			143,680			123,844			101,719
Real estate - residential		1,230,928			1,237,986			1,268,313			1,288,089			1,312,389
Real estate - commercial		909,613			861,077			865,389			899,669			914,389
Loans to individuals		458,576			464,106			480,956			496,228			519,711
Leases, net of unearned income		0			62			136			305			494
Gross loans and leases		3,893,202			3,697,843			3,660,153			3,674,725			3,703,545
Unearned income		(19	)		(24	)		(30	)		(37	)		(47	)
Total loans and leases net of unearned income	$	3,893,183		$	3,697,819		$	3,660,123		$	3,674,688		$	3,703,498

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

Quarter To Date Average Balance Sheets and Net Interest Analysis at March 31,

(dollars in thousands)

	2008							2007
	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	$	546		$	5	3.71	%	$	622		$	11	6.75	%
Tax-free investment securities		320,191			3,595	6.95	%		300,025			3,371	7.01	%
Taxable investment securities		1,321,117			16,140	4.91	%		1,380,899			16,878	4.96	%
Federal funds sold		43			0	2.86	%		1,871			24	5.30	%
Loans, net of unearned income (b)(c)		3,835,587			62,067	6.69	%		3,737,477			63,913	7.14	%
Total interest-earning assets		5,477,484			81,807	6.27	%		5,420,894			84,197	6.58	%
Noninterest-earning assets:
Cash		73,860							83,093
Allowance for credit losses		(42,358	)						(43,321	)
Other assets		487,546							485,980
Total noninterest-earning assets		519,048							525,752
Total Assets	$	5,996,532						$	5,946,646
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	573,121		$	1,747	1.23	%	$	582,560		$	2,571	1.79	%
Savings deposits (d)		1,089,059			5,348	1.98	%		1,122,522			6,081	2.20	%
Time deposits		2,164,394			23,938	4.45	%		2,110,361			22,933	4.41	%
Short-term borrowings		493,776			3,705	3.02	%		438,139			4,946	4.58	%
Long-term debt		549,016			5,985	4.38	%		581,290			6,415	4.48	%
Total interest-bearing liabilities		4,869,366			40,723	3.36	%		4,834,872			42,946	3.60	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (d)		510,150							503,477
Other liabilities		38,054							30,027
Shareholders’ equity		578,962							578,270
Total noninterest-bearing funding sources		1,127,166							1,111,774
Total Liabilities and Shareholders’ Equity	$	5,996,532						$	5,946,646
Net Interest Income and Net Yield on Interest-Earning Assets				$	41,084	3.28	%				$	41,251	3.36	%

(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

Asset Quality Data

(dollars in thousands)

	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Loans on non-accrual basis	$	48,799		$	54,119		$	50,161		$	47,738		$	12,746
Troubled debt restructured loans		143			147			150			154			157
Total nonperforming loans	$	48,942		$	54,266		$	50,311		$	47,892		$	12,903
Loans past due in excess of 90 days and still accruing	$	20,066		$	12,853		$	13,677		$	13,858		$	13,644
Loans outstanding at end of period	$	3,893,183		$	3,697,819		$	3,660,123		$	3,674,688		$	3,703,498
Average loans outstanding	$	3,835,587		$	3,687,037		$	3,694,124		$	3,714,927		$	3,737,477
Allowance for credit losses	$	41,613		$	42,396		$	43,210		$	43,968		$	43,379
Nonperforming loans as a percentage of total loans		1.26	%		1.47	%		1.37	%		1.30	%		0.35	%
Provision for credit losses	$	3,179		$	10,042		$	7,690		$	5,394		$	2,979
Net credit losses	$	3,962		$	10,294		$	7,128		$	4,074		$	2,248
Net credit losses as a percentage of average loans outstanding (annualized)		0.42	%		0.28	%		0.26	%		0.22	%		0.24	%
Allowance for credit losses as a percentage of average loans outstanding		1.08	%		1.15	%		1.17	%		1.18	%		1.16	%
Allowance for credit losses as a percentage of nonperforming loans		85.03	%		78.13	%		85.89	%		91.81	%		336.19	%
Other real estate owned	$	3,280		$	2,172		$	1,803		$	1,241		$	1,663
Profitability Ratios (dollars in thousands)
	For the Quarter Ended
	March 31, 2008			December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007
Return on average assets		0.75	%		0.80	%		0.85	%		0.79	%		0.74	%
Return on average equity		7.73	%		8.08	%		8.59	%		8.00	%		7.64	%
Net interest margin		3.28	%		3.32	%		3.36	%		3.31	%		3.36	%
Efficiency ratio (a)		66.78	%		65.15	%		65.17	%		65.88	%		66.98	%
Fully tax equivalent adjustment	$	3,648		$	3,614		$	3,633		$	3,745		$	3,715

(a) 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.”