Exhibit 99.1

*** NEWS RELEASE ***

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

First Commonwealth Announces Third Quarter 2008 Financial Results

Core Net Income Increases 24.3%;

Growth in Loans and Net Interest Income/Margin Expansion Continues

Indiana, PA., October 23, 2008 - First Commonwealth Financial Corporation (NYSE: FCF), the holding company for First Commonwealth Bank, announced today financial results for the third quarter of 2008.

Third Quarter Results

First Commonwealth reported third quarter 2008 core net income, or net income excluding securities gains and losses and other-than-temporary impairment charges, of $15.2 million or $0.21 per diluted share, a 24.3% increase as compared to the same period in 2007. When compared to the second quarter of 2008, core net income increased $2.0 million or 14.9%.

GAAP net income for the third quarter 2008 was $10.2 million or $0.14 per diluted share compared to $12.2 million or $0.17 per diluted share in the same period last year and $12.9 million or $0.18 per diluted share for the second quarter of 2008.

Third quarter 2008 net income was impacted by non-cash charges of $8.6 million, $5.6 million after tax, or $0.08 per share, for other-than-temporary impairment charges. The charges included $7.7 million, $5.0 million after tax, for one trust preferred collateralized debt obligation and $947 thousand, $615 thousand after tax, for equity securities issued by two Pennsylvania-based financial institutions. Partially offsetting these charges were gains of $910 thousand, $592 thousand after tax, from the sale of equity securities.

Third quarter 2008 return on average equity and average assets was 7.38% and 0.65%, respectively, compared to 8.59% and 0.85% for the prior year period and 9.03% and 0.84% for the second quarter of 2008.

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Developments during the third quarter included:

• Total loans increased 14.3% and commercial loans increased 29.0% year over year.

• Net interest income increased 19.4% year over year.

• Net interest margin, on a tax equivalent basis, improved 22 basis points year over year.

• First Commonwealth Bank opened a new community banking office (McCandless Township), which was the second de novo office opened in the Pittsburgh market during 2008.

• Credit quality improved over second quarter.

“Our core operating results were solid across all lines of business despite challenging conditions, and I am pleased with the loan growth as well as the improvement in credit quality over the second quarter,” said John J. Dolan, President and CEO. “We remain a well-capitalized institution with significant liquidity and we are making loans in the communities we serve at a time when credit markets have seized up and the balance sheets of many of our larger competitors are shrinking.”

Net Interest Income and Margin

Net interest income increased $1.0 million, or 2.1% from the second quarter of 2008, representing five consecutive quarters of growth. Additionally, net interest income increased $7.8 million, or 19.4% compared to the third quarter of 2007. This improvement is primarily due to increased levels of interest earning assets, particularly in commercial loans. Total loans increased $524.5 million, or 14.3% year over year and increased $71.2 million, or 1.7% compared to the prior quarter. Investment securities decreased $74.6 million, or 4.9% year over year and decreased $123.9 million, or 7.8% compared to the prior quarter.

The net interest margin on a tax equivalent basis for the third quarter 2008 increased 22 basis points to 3.58% compared with 3.36% in the corresponding period last year and increased four basis points from the second quarter of 2008. In the second quarter, net loan prepayment fees of $1.6 million contributed 12 basis points to the net interest margin. The increase in our net interest margin for both periods can be attributed to increased loan volume and declines in the cost of interest-bearing liabilities exceeding the decrease in yields on total interest-earning assets. The decrease in the cost of interest-bearing liabilities can be attributed to lower interest rates as well as a change in the mix of our deposits. In the third quarter of 2008 compared to the same period last year, average noninterest-bearing demand deposits increased $36.4 million, or 7.0%, average interest-bearing demand deposits increased $25.1 million, or 4.2%, and average savings deposits increased $68.2 million, or 6.2%. Average higher costing time deposits decreased $182.6 million or 8.6%.

Average interest-earning assets were $505.7 million, or 9.8%, higher in the third quarter of 2008 compared to the third quarter of 2007 driven by an increase in average loans of $496.0 million. Average interest-earning assets remained stable from the second quarter of 2008 as the average loans increased $101.0 million but was offset by the $108.8 million decrease in average

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investment securities. Average borrowings increased $592.1 million in the third quarter of 2008 compared to the same period in 2007 and increased $57.4 million compared to the second quarter of 2008 primarily to fund the loan growth.

Non-Interest Income

Core non-interest income, or non-interest income excluding net securities gains (losses), in the third quarter of 2008 increased $1.8 million, or 14.6%, from the same period last year and $443 thousand, or 3.3%, from the second quarter of 2008. The increase in the year to year comparison was primarily due to higher insurance commissions, increased card related interchange income and greater letter of credit fees. Higher sales, additional producers and an enhanced calling program resulted in increased insurance commissions. Card related interchange income increased primarily due to growth in usage of debit cards and larger dollar transactions. The increase in core non-interest income for the third quarter of 2008 compared to the second quarter of 2008 can be attributed to higher letter of credit fees. GAAP non-interest income for the third quarter of 2008 decreased $5.9 million, or 48.6%, from the third quarter of 2007 and decreased $6.8 million, or 52.1%, from the second quarter of 2008.

During the third quarter of 2008, the company recorded other-than-temporary impairment charges of $7.7 million on a trust preferred collateralized debt obligation and $947 thousand on equity securities issued by two Pennsylvania-based financial institutions. These were partially offset by the $910 thousand in net securities gains recorded in the third quarter of 2008. In the second quarter of 2008, $541 thousand in other-than-temporary impairment charges were recorded on equity securities issued by two other local financial institutions.

Non-Interest Expense

Non-interest expense for the third quarter of 2008 increased $2.5 million, or 6.9%, compared to the third quarter of 2007 and remained relatively stable from the second quarter of 2008. This increase can be largely attributed to the rise in incentive compensation expense related to the growth in loans, insurance sales and core net income, as well as annual merit increases.

Income Tax

The provision for income taxes decreased $225 thousand for the third quarter of 2008 compared to the same period in 2007. First Commonwealth’s effective tax rate was 10.0% in both the third quarter of 2008 and 2007 and 18.1% in the second quarter of 2008. Nontaxable income and tax credits had a greater impact on the effective tax rate during both the third quarter of 2008 and 2007 due to lower pretax income in those periods compared to the second quarter of 2008.

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Credit Quality and Provision for Credit Losses

Credit quality has remained stable despite worsening economic conditions. Total nonperforming loans and the ratio of nonperforming loans as a percentage of total loans have declined in the third quarter of 2008 from both the comparable period last year and from the second quarter of 2008. First Commonwealth is not a participant or underwriter in the sub-prime mortgage loan or sub-prime collateralized debt marketplace and therefore does not have any direct 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 September 30, 2008, non-accrual loans decreased $1.2 million from the second quarter of 2008 due primarily to the successful settlement of the Equipment Finance, LLC loan portfolio. Non-accrual loans decreased slightly from the comparable period last year. Non-accrual loans at September 30, 2008 include a $31.2 million commercial credit relationship that has been monitored since the second quarter of 2006 and was placed on non-accrual during the second quarter of 2007. This credit is collateralized by real estate and equipment and a reserve has been allocated, primarily during 2006, to cover the expected losses. The payment of principal and interest on this credit has been deferred pursuant to a loan forbearance agreement that was extended to December 31, 2008. Management continues to monitor the borrower closely and is presently evaluating options with respect to the collection or resolution of this credit.

Loans past due in excess of 90 days and still accruing at September 30, 2008 were flat compared to September 30, 2007 and decreased $491 thousand from June 30, 2008. The provision for credit losses for the third quarter of 2008 increased $1.6 million compared to the third quarter of 2007 and decreased $1.4 million from the second quarter of 2008. The increase from the third quarter of 2007 was primarily attributable to growth in the portfolio as well as an additional provision for a $5.0 million construction loan collateralized with real estate that was placed on non-accrual during the second quarter of 2008.

Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at September 30, 2008.

Trust Preferred Collateralized Debt Obligations

First Commonwealth’s portfolio of trust preferred collateralized debt obligations and subordinated notes consists of 15 pooled issues and 21 single-issue securities. The single issues are primarily from money center and large regional banks. The pooled instruments consist of securities issued by 376 banks and other financial institutions. Two of our pooled securities are senior tranches and the remainder are mezzanine tranches. The senior and mezzanine tranches of trust preferred collateralized debt obligations generally are protected from defaults by over-collateralization and cash flow default protection provided by subordinated tranches, with senior tranches having the greatest protection and mezzanine tranches subordinated to the senior tranches. At the time of initial issue, the tranches subordinated to our senior and mezzanine tranches ranged in size from approximately 7.3% to 35.4% of the total principal amount of the respective securities and no single issuer comprised more than 5% of the principal of the total principal of the pool.

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As of September 30, 2008, our single issue securities had a book value of $24.0 million and an estimated fair value of $19.1 million, while the book value of the pooled securities totaled $98.7 million with an estimated fair value of $56.3 million. In the third quarter of 2008, a $7.7 million other-than-temporary impairment charge was recorded on a $13.0 million investment in one trust preferred collateralized debt obligation. This obligation, which includes 20 issuers, one of which is in default and two of which have deferred interest payments, is expected to experience a principal shortfall at maturity. Based on management’s analysis as of September 30, 2008, all of the single issues and the remainder of the trust preferred collateralized debt obligations are expected to return 100% of their principal and interest.

Year-to-Date Results

First Commonwealth recorded core net income year to date September 30, 2008 of $39.2 million, or $0.54 per diluted share. Return on average equity and average assets was 9.22% and 0.85%. Core net income year to date September 30, 2008 increased 14.9% from the comparable period in 2007.

For the nine months ended September 30, 2008, GAAP net income was $34.2 million, or $0.47 per diluted share, compared to the $34.6 million, or $0.47 per diluted share, reported for the same period of 2007. Year to date results for 2008 were unfavorably impacted by other-than-temporary impairment charges of $5.9 million after tax, or $0.08 per share, as described above. Return on average equity and average assets for the nine months ended September 30, 2008 was 8.05% and 0.74%, respectively, compared to 8.08% and 0.80% for the first nine months of 2007.

Net interest income for the nine months ended September 30, 2008 was 12.1% higher than the comparable period last year, reflecting growth in average loans of 8.6%. The net interest margin for the first nine months of 2008 increased to 3.47% from 3.35% for the same period in 2007 as the cost of interest-bearing liabilities declined faster than the yield on total interest-earning assets. Net loan prepayment fees of $1.6 million recorded in 2008 had a positive effect on the net interest margin of four basis points.

The provision for credit losses increased $4.8 million for the year to date ending September 30, 2008 compared to the same period last year primarily from the $524 million increase in loans as well as the addition of the aforementioned $5.0 million commercial construction loan to non-accrual.

Core non-interest income for the nine months ending September 30, 2008 increased $5.2 million, or 14.8%, from the same period last year due to a $712 thousand increase in service charges on deposit accounts, $1.4 million rise in insurance commissions, $880 thousand increase in card related interchange income, $1.3 million rise in letter of credit fees and the $1.0 million increase in other income. Service charges on deposit accounts increased as a result of increased activity and growth in accounts. The increase in insurance commissions was the result of higher sales driven by additional producers and an enhanced calling program. The increase in card related interchange income was due to more usage in debit cards. Other income increased due to higher interest rate swap fees.

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Non-interest expense year-to-date September 30, 2008 increased $5.6 million, or 5.0%, from the comparable period in 2007 due to the $4.6 million increase in salaries and employee benefits and the $1.0 million increase in net occupancy expense. Salaries and employee benefits increased primarily as a result of higher incentive compensation expense related to the loan growth, greater insurance sales and higher core net income, as well as annual merit increases. The increase in net occupancy expense was the result of higher rental expense, utilities and building repairs and maintenance.

The provision for income taxes for the nine months ended September 30, 2008 increased $1.5 million, to $5.4 million, from the same period last year due to the $1.1 million rise in income before income taxes and a decrease in tax-free income and tax credits. First Commonwealth’s effective tax rate was 13.6% for the first nine months of 2008 compared to 10.0% for the same period in 2007.

Use of Non-GAAP Financial Measure

This release includes core net income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure that is calculated by excluding securities gains and losses and other-than-temporary impairment charges from GAAP net income. Management believes that core net income is useful to the investment community in analyzing financial results and trends of First Commonwealth. This information facilitates comparisons with prior periods and reflects the principal basis on which our management internally monitors financial performance. The table in the financial section reconciles GAAP financial measures to non-GAAP financial measures for the periods presented.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation is a $6.2 billion bank holding company headquartered in Indiana, Pennsylvania. It operates 113 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, expectations of continued growth 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 future or conditional

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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;

• further declines in market value of investment securities that are considered to be other-than-temporary, which would negatively impact our earnings and capital levels;

• 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 Nine Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008		December 31, 2007		September 30, 2007		September 30, 2008			September 30, 2007
Interest Income
Interest and fees on loans	$	62,285		$	62,614		$	62,067	$	63,488	$	63,737	$	186,966		$	190,463
Interest and dividends on investments:
Taxable interest		15,013			15,578			15,531		14,967		14,259		46,122			45,293
Interest exempt from Federal income taxes		3,176			3,347			3,595		3,510		3,424		10,118			10,222
Dividends		663			678			609		752		753		1,950			2,206
Interest on Federal funds sold		0			2			0		74		57		2			83
Interest on bank deposits		2			2			5		8		8		9			29
Total interest income		81,139			82,221			81,807		82,799		82,238		245,167			248,296
Interest Expense
Interest on deposits		23,069			25,370			31,033		34,527		33,786		79,472			98,243
Interest on short-term borrowings		4,634			4,251			3,705		1,819		1,977		12,590			9,623
Interest on subordinated debentures		1,870			1,878			1,911		2,156		2,130		5,659			6,370
Interest on other long-term debt		3,639			3,791			4,074		4,139		4,211		11,504			12,836
Total interest on long-term debt		5,509			5,669			5,985		6,295		6,341		17,163			19,206
Total interest expense		33,212			35,290			40,723		42,641		42,104		109,225			127,072
Net Interest Income		47,927			46,931			41,084		40,158		40,134		135,942			121,224
Provision for credit losses		3,913			5,361			3,179		2,352		2,296		12,453			7,690
Net Interest Income after provision for credit losses		44,014			41,570			37,905		37,806		37,838		123,489			113,534
Non-Interest Income
Net securities (losses) gains		(7,709	)		(451	)		501		403		16		(7,659	)		771
Trust income		1,444			1,538			1,532		1,428		1,517		4,514			4,453
Service charges on deposit accounts		4,792			4,786			4,425		4,690		4,609		14,003			13,291
Insurance commissions		1,390			1,394			1,277		909		1,064		4,061			2,651
Income from bank owned life insurance		1,435			1,446			1,487		1,557		1,534		4,368			4,544
Card related interchange income		1,950			1,950			1,753		1,791		1,654		5,653			4,773
Letter of credit fees		982			337			230		207		149		1,549			260
Other income		1,990			2,089			2,251		1,845		1,670		6,330			5,297
Total non-interest income		6,274			13,089			13,456		12,830		12,213		32,819			36,040
Non-Interest Expense
Salaries and employee benefits		21,091			20,428			20,330		18,859		18,401		61,849			57,273
Net occupancy expense		3,613			3,728			3,907		3,484		3,475		11,248			10,226
Furniture and equipment expense		2,995			3,058			3,078		3,126		3,243		9,131			8,874
Advertising expense		550			401			628		957		475		1,579			1,910
Data processing expense		1,075			996			1,051		987		942		3,122			2,821
Pennsylvania shares tax expense		1,342			1,339			1,271		1,446		1,439		3,952			4,323
Intangible amortization		802			832			831		831		857		2,465			2,597
Other expenses		7,529			8,103			7,760		7,185		7,648		23,392			23,108
Total non-interest expense		38,997			38,885			38,856		36,875		36,480		116,738			111,132
Income before income taxes		11,291			15,774			12,505		13,761		13,571		39,570			38,442
Provision for income taxes		1,127			2,861			1,384		2,113		1,352		5,372			3,840
Net Income	$	10,164		$	12,913		$	11,121	$	11,648	$	12,219	$	34,198		$	34,602
Average Shares Outstanding		72,715,709			72,624,053			72,452,875		72,391,577		72,589,329		72,597,977			72,959,307
Average Shares Outstanding Assuming Dilution		72,817,216			72,734,711			72,559,668		72,513,962		72,705,753		72,704,279			73,128,040
Per Share Data:
Basic Earnings Per Share	$	0.14		$	0.18		$	0.15	$	0.16	$	0.17	$	0.47		$	0.47
Diluted Earnings Per Share	$	0.14		$	0.18		$	0.15	$	0.16	$	0.17	$	0.47		$	0.47
Cash Dividends Declared per Common Share	$	0.17		$	0.17		$	0.17	$	0.17	$	0.17	$	0.51		$	0.51

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Assets
Cash and due from banks	$	93,327		$	101,860		$	92,554		$	100,791		$	86,499
Interest-bearing bank deposits		267			347			219			1,719			1,060
Securities available for sale, at market value		1,402,528			1,524,106			1,623,788			1,574,217			1,460,909
Securities held to maturity, at amortized cost, (Market value $55,775 at September 30, 2008 and $72,928 at December 31, 2007)		56,839			59,200			65,935			71,497			73,024
Loans:
Portfolio loans, net of unearned income		4,184,600			4,113,423			3,893,183			3,697,819			3,660,123
Allowance for credit losses		(45,482	)		(44,505	)		(41,613	)		(42,396	)		(43,210	)
Net loans		4,139,118			4,068,918			3,851,570			3,655,423			3,616,913
Premises and equipment, net		71,141			69,890			69,191			69,487			70,133
Other real estate owned		3,718			3,271			3,280			2,172			1,803
Goodwill		159,956			159,956			159,956			159,956			159,956
Amortizing intangibles, net		10,976			11,778			12,609			13,441			14,272
Other assets		265,920			252,086			239,877			234,915			237,527
Total assets	$	6,203,790		$	6,251,412		$	6,118,979		$	5,883,618		$	5,722,096
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	564,443		$	568,158		$	542,331		$	523,203		$	522,810
Interest-bearing		3,696,687			3,744,311			3,778,337			3,824,016			3,811,133
Total deposits		4,261,130			4,312,469			4,320,668			4,347,219			4,333,943
Short-term borrowings		875,424			834,226			642,869			354,201			237,734
Other liabilities		43,385			47,805			48,259			65,464			44,156
Subordinated debentures		105,750			105,750			105,750			105,750			108,250
Other long-term debt		386,288			404,464			426,955			442,196			435,781
Total long-term debt		492,038			510,214			532,705			547,946			544,031
Total liabilities		5,671,977			5,704,714			5,544,501			5,314,830			5,159,864
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, 200,000,000 shares authorized, 75,100,431 shares issued and 73,509,724 shares outstanding at September 30, 2008; 100,000,000 shares authorized, 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		205,953			206,245			206,498			206,889			207,310
Retained earnings		315,404			317,611			317,058			319,246			319,472
Accumulated other comprehensive (loss) income, net		(38,133	)		(22,604	)		7,215			(147	)		(6,736	)
Treasury stock (1,590,707 and 1,971,819 shares at September 30, 2008 and December 31, 2007, respectively, at cost)		(18,411	)		(21,054	)		(22,293	)		(22,700	)		(22,814	)
Unearned ESOP shares		(8,100	)		(8,600	)		(9,100	)		(9,600	)		(10,100	)
Total shareholders’ equity		531,813			546,698			574,478			568,788			562,232
Total liabilities and shareholders’ equity	$	6,203,790		$	6,251,412		$	6,118,979		$	5,883,618		$	5,722,096
Book value per share	$	7.23		$	7.46		$	7.85		$	7.78		$	7.69
Market value per share	$	13.47		$	9.33		$	11.59		$	10.65		$	11.06

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

	Loans by Categories (dollars in thousands)
	September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007		September 30, 2007
Commercial, financial, agricultural and other	$	1,148,666	$	1,115,536	$	1,052,971	$	926,904	$	901,679
Real estate - construction		338,303		307,278		241,114		207,708		143,680
Real estate - residential		1,227,225		1,235,334		1,230,928		1,237,986		1,268,313
Real estate - commercial		978,287		988,186		909,613		861,077		865,389
Loans to individuals		492,119		467,089		458,557		464,082		480,926
Leases, net of unearned income		0		0		0		62		136
Total loans and leases, net of unearned income	$	4,184,600	$	4,113,423	$	3,893,183	$	3,697,819	$	3,660,123

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

	Quarter To Date Average Balance Sheets and Net Interest Analysis at September 30, (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	$	355		$	2	1.94	%	$	526		$	8	5.62	%
Tax-free investment securities		279,792			3,176	6.95	%		301,648			3,424	6.93	%
Taxable investment securities		1,246,144			15,676	5.01	%		1,210,048			15,012	4.92	%
Federal funds sold		48			0	1.90	%		4,412			57	5.20	%
Loans, net of unearned income (b)(c)		4,149,186			62,285	6.11	%		3,653,196			63,737	7.12	%
Total interest-earning assets		5,675,525			81,139	5.91	%		5,169,830			82,238	6.59	%
Noninterest-earning assets:
Cash		80,393							79,514
Allowance for credit losses		(44,621	)						(44,248	)
Other assets		512,996							492,612
Total noninterest-earning assets		548,768							527,878
Total Assets	$	6,224,293						$	5,697,708
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	623,686		$	1,225	0.78	%	$	598,571		$	2,705	1.79	%
Savings deposits (d)		1,165,568			4,348	1.48	%		1,097,321			6,459	2.34	%
Time deposits		1,938,709			17,496	3.59	%		2,121,318			24,622	4.61	%
Short-term borrowings		858,165			4,634	2.15	%		208,046			1,977	3.77	%
Long-term debt		495,170			5,509	4.43	%		553,158			6,341	4.55	%
Total interest-bearing liabilities		5,081,298			33,212	2.60	%		4,578,414			42,104	3.65	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (d)		558,373							521,935
Other liabilities		36,527							32,763
Shareholders’ equity		548,095							564,596
Total noninterest-bearing funding sources		1,142,995							1,119,294
Total Liabilities and Shareholders’ Equity	$	6,224,293						$	5,697,708
Net Interest Income and Net Yield on Interest-Earning Assets				$	47,927	3.58	%				$	40,134	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

	Year To Date Average Balance Sheets and Net Interest Analysis at September 30, (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	$	416		$	9	2.74	%	$	568		$	29	6.68	%
Tax-free investment securities		300,125			10,118	6.93	%		302,037			10,222	6.96	%
Taxable investment securities		1,300,267			48,072	4.94	%		1,289,083			47,499	4.93	%
Federal funds sold		125			2	2.49	%		2,128			83	5.23	%
Loans, net of unearned income (b)(c)		4,011,476			186,966	6.37	%		3,694,124			190,463	7.10	%
Total interest-earning assets		5,612,409			245,167	6.07	%		5,287,940			248,296	6.56	%
Noninterest-earning assets:
Cash		76,386							82,229
Allowance for credit losses		(43,003	)						(43,882	)
Other assets		499,632							490,087
Total noninterest-earning assets		533,015							528,434
Total Assets	$	6,145,424						$	5,816,374
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	602,340		$	4,213	0.93	%	$	594,752		$	7,980	1.79	%
Savings deposits (d)		1,128,539			13,845	1.64	%		1,117,308			19,013	2.28	%
Time deposits		2,043,109			61,414	4.02	%		2,112,628			71,250	4.51	%
Short-term borrowings		709,586			12,590	2.37	%		302,405			9,623	4.25	%
Long-term debt		521,543			17,163	4.40	%		570,439			19,206	4.50	%
Total interest-bearing liabilities		5,005,117			109,225	2.91	%		4,697,532			127,072	3.62	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (d)		536,837							514,242
Other liabilities		36,201							31,719
Shareholders’ equity		567,269							572,881
Total noninterest-bearing funding sources		1,140,307							1,118,842
Total Liabilities and Shareholders’ Equity	$	6,145,424						$	5,816,374
Net Interest Income and Net Yield on Interest-Earning Assets				$	135,942	3.47	%				$	121,224	3.35	%

(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)
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007
Loans on non-accrual basis	$	49,692		$	50,910		$	48,799		$	54,119		$	50,161
Troubled debt restructured loans		135			139			143			147			150
Total nonperforming loans	$	49,827		$	51,049		$	48,942		$	54,266		$	50,311
Loans past due in excess of 90 days and still accruing	$	13,719		$	14,210		$	20,066		$	12,853		$	13,677
Loans outstanding at end of period	$	4,184,600		$	4,113,423		$	3,893,183		$	3,697,819		$	3,660,123
Average loans outstanding	$	4,011,476		$	3,941,864		$	3,835,587		$	3,687,037		$	3,694,124
Allowance for credit losses	$	45,482		$	44,505		$	41,613		$	42,396		$	43,210
Nonperforming loans as a percentage of total loans		1.19	%		1.24	%		1.26	%		1.47	%		1.37	%
Provision for credit losses	$	12,453		$	8,540		$	3,179		$	10,042		$	7,690
Net credit losses	$	9,367		$	6,431		$	3,962		$	10,294		$	7,128
Net credit losses as a percentage of average loans outstanding (annualized)		0.31	%		0.33	%		0.42	%		0.28	%		0.26	%
Allowance for credit losses as a percentage of average loans outstanding		1.13	%		1.13	%		1.08	%		1.15	%		1.17	%
Allowance for credit losses as a percentage of nonperforming loans		91.28	%		87.18	%		85.03	%		78.13	%		85.89	%
Other real estate owned	$	3,718		$	3,271		$	3,280		$	2,172		$	1,803

	Profitability Ratios (dollars in thousands)
	For the Quarter Ended															For the Nine Months Ended
	September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			September 30, 2007			September 30, 2008			September 30, 2007
Return on average assets		0.65	%		0.84	%		0.75	%		0.80	%		0.85	%		0.74	%		0.80	%
Return on average equity		7.38	%		9.03	%		7.73	%		8.08	%		8.59	%		8.05	%		8.08	%
Net interest margin (a)		3.58	%		3.54	%		3.28	%		3.32	%		3.36	%		3.47	%		3.35	%
Efficiency ratio (b)		67.94	%		61.63	%		66.78	%		65.15	%		65.17	%		65.33	%		66.01	%
Fully tax equivalent adjustment	$	3,202		$	3,078		$	3,648		$	3,614		$	3,633		$	9,928		$	11,093

(a) Net interest margin has been computed on a tax equivalent basis using the 35% Federal income tax statutory rate.

(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.”

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

	Reconciliation of GAAP to Non-GAAP (a) (dollars in thousands, except share data)
	For the Quarter Ended									For the Nine Months Ended
	September 30, 2008			June 30, 2008			September 30, 2007			September 30, 2008			September 30, 2007
GAAP non-interest income	$	6,274		$	13,089		$	12,213		$	32,819		$	36,040
Less: net securities (losses) gains		(7,709	)		(451	)		16			(7,659	)		771
Core non-interest income	$	13,983		$	13,540		$	12,197		$	40,478		$	35,269
GAAP net income	$	10,164		$	12,913		$	12,219		$	34,198		$	34,602
Less: net securities (losses) gains, net of tax		(5,011	)		(293	)		10			(4,978	)		501
Core net income	$	15,175		$	13,206		$	12,209		$	39,176		$	34,101
GAAP diluted earnings per share	$	0.14		$	0.18		$	0.17		$	0.47		$	0.47
Less: net securities (losses) gains per diluted share	($	0.07	)	$	0.00		$	0.00		($	0.07	)	$	0.00
Core diluted earnings per share	$	0.21		$	0.18		$	0.17		$	0.54		$	0.47
GAAP return on average assets		0.65	%		0.84	%		0.85	%		0.74	%		0.80	%
Less: net securities (losses) gains as a percentage of average assets		-0.32	%		-0.01	%		0.00	%		-0.11	%		0.02	%
Core return on average assets		0.97	%		0.85	%		0.85	%		0.85	%		0.78	%
GAAP return on average equity		7.38	%		9.03	%		8.59	%		8.05	%		8.08	%
Less: net securities (losses) gains as a percentage of average equity		-3.63	%		-0.21	%		0.01	%		-1.17	%		0.12	%
Core return on average equity		11.01	%		9.24	%		8.58	%		9.22	%		7.96	%

(a) This release includes core net income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure that is calculated by excluding securities gains and losses and other-than-temporary impairment charges from GAAP net income. Management believes that core net income is useful to the investment community in analyzing financial results and trends of First Commonwealth. This information facilitates comparisons with prior periods and reflects the principal basis on which our management internally monitors financial performance. The table in the financial section reconciles GAAP financial measures to non-GAAP financial measures for the periods presented.

Pooled Trust Preferred Security Detail

(dollars in thousands)

Deal	Class	Book Value	Fair Value	Unrealized Loss	Moody’s/Fitch Ratings
Pre TSL I	Senior	$3,841	$2,350	$(1,491)	Aaa(n)/AAA
Pre TSL IV	Mezzanine	1,830	1,092	(738)	A3/A+(n)
Pre TSL V	Mezzanine	620	349	(271)	Aa3/A
Pre TSLVI	Mezzanine	418	290	(128)	A1/A+
Pre TSL VII	Mezzanine	5,327	5,327	—	Baa3(n)/A+(n)
Pre TSLVIII	Mezzanine	5,978	2,886	(3,092)	Baa3(n)/A(n)
Pre TSL IX	Mezzanine	3,000	1,544	(1,456)	A2(n)/A(n)
Pre TSL X	Mezzanine	4,000	2,026	(1,974)	A2(n)/A(n)
Pre TSL XII	Mezzanine	10,000	5,004	(4,996)	A2(n)/A(n)
Pre TSL XIII	Mezzanine	17,582	8,983	(8,599)	A2(n)/A(n)
Pre TSL XIV	Mezzanine	16,072	7,926	(8,146)	A2(n)/A(n)
MMCap I	Senior	8,939	7,604	(1,335)	Aaa(n)/AAA
MMCap I	Mezzanine	1,068	598	(470)	Baa2(n)/BBB(n)
MM Cap IX	Mezzanine	20,000	10,354	(9,646)	A2(n)/A-(n)
Total		$98,675	$56,333	$(42,342)