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 23, 2009

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 23, 2009, First Commonwealth Financial Corporation issued a press release announcing its earnings for the three month period ended March 31, 2009. 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 23, 2009.

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 23, 2009

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
FROM:	First Commonwealth
	Financial Corporation
DATE:	April 23, 2009

First Commonwealth Announces First Quarter 2009 Financial Results

Growth in Loans and Low Cost Deposits Continues

Indiana, PA., April 23, 2009 - First Commonwealth Financial Corporation (NYSE: FCF), the holding company for First Commonwealth Bank, announced today financial results for the first quarter ended March 31, 2009.

First Quarter Results

First Commonwealth reported first quarter 2009 core net income, or net income excluding impairment losses and securities gains and losses, of $8.1 million or $0.10 per diluted share. Core net income decreased $2.7 million, or 25.1%, from the first quarter of 2008 primarily due to the increase in the provision for credit losses and higher non-interest expenses, partly offset by an increase in net interest income and lower income taxes.

First quarter of 2009 annualized core return on average equity and average assets was 4.95% and 0.51%, respectively, compared to 7.50% and 0.72% for the same period last year.

Developments during the first quarter included:

• Total loans increased $39.0 million.

• Non-accrual loans decreased $26.9 million.

• Net charge-offs increased to $19.5 million.

• The company recorded impairment losses of $9.9 million ($6.4 million after tax) relating to trust preferred collateralized debt obligations and bank equity securities.

• First Commonwealth Bank opened a new community banking office in Butler and relocated its New Alexandria office to a more visible, high traffic location.

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GAAP net income for the first quarter 2009 was $1.7 million or $0.02 per diluted share, as compared to $11.1 million or $0.15 per diluted share for the same period in 2008. The decrease in GAAP net income was primarily the result of non-cash charges of $9.9 million ($6.4 million after tax) for other-than-temporary impairment recorded on four trust preferred collateralized debt obligations and four bank equity securities in addition to the $5.1 million ($3.2 million after tax) increase in the provision for credit losses.

Average diluted shares in the first quarter 2009 were 16.6% greater than the comparable quarter in 2008 primarily due to the issuance of 11.5 million shares of common stock from our capital raise completed on November 5, 2008. First quarter 2009 annualized GAAP return on average equity and average assets was 1.03% and 0.11%, respectively, compared to 7.73% and 0.75% for the prior year period.

“We continue to experience growth in loans, low-cost deposits, and client households, although external factors have impeded our earnings. We are capitalizing on the opportunities that have arisen from the market disruptions within our competitive footprint,” said John J. Dolan, President and CEO. Dolan added “We recognized $19.5 million in net charge-offs in the first quarter, which reduced non-accrual loans resulting in an improvement in credit quality. We also minimized some of the uncertainties in the loan portfolio by taking possession of properties securing two large credits. Our loan participation portfolio continues to perform well both in and out of Pennsylvania.”

Net Interest Income and Margin

Net interest income increased $9.5 million, or 23.2%, in the first quarter of 2009 from the first quarter of 2008. The increase was a result of both growth in earning assets and a decline in the cost of interest-bearing liabilities.

The net interest margin on a tax equivalent basis for the first quarter 2009 increased 44 basis points to 3.72% compared with 3.28% in the corresponding period last year. The increase in our net interest margin can be attributed to increased loan volume and declines in the cost of interest-bearing liabilities exceeding the declines in yields on total interest-earning assets. The decrease in the cost of interest-bearing liabilities can be attributed to lower interest rates, combined with a shift in the mix of our liabilities to low cost deposits and short-term borrowings from time deposits and long-term debt.

Management continued to supplement deposit growth with wholesale borrowing due to the significant spread between wholesale borrowing costs and rates paid on time deposits. In the first quarter of 2009 compared to the first quarter of 2008, average time deposits decreased $337.8 million or 15.6% which were mostly offset with increases in lower costing transaction and savings deposits. Average noninterest-bearing demand deposits increased $50.4 million, or 9.9%, average interest-bearing demand deposits increased $12.1 million, or 2.1%, and average savings deposits increased $226.3 million, or 20.8%.

Average interest-earning assets were $392.2 million, or 7.2%, higher in the first quarter of 2009 compared to the first quarter of 2008, driven by an increase in average loans of $624.8 million, or 16.3%. This loan growth was partially funded by investment run-off and short-term

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borrowings. Average investment securities decreased $232.8 million, and a portion of the increase in average short-term borrowings was also due to refinancing $190.0 million of longer term FHLB advances in the fourth quarter of 2008. These advances were due to mature in the first seven months of 2009 and were replaced with lower costing overnight borrowings.

Non-Interest Income

Core non-interest income, or non-interest income excluding impairment losses and securities gains and losses, decreased $373 thousand, or 2.9%, in the first quarter of 2009 compared to the same period last year. This decrease was primarily due to the decline in service charges on deposit accounts of $588 thousand as a result of lower overdraft activity. GAAP non-interest income for the first quarter of 2009 decreased $10.7 million from the first quarter of 2008 primarily due to credit related other-than-temporary impairment losses of $8.4 million on trust preferred collateralized debt obligations and $1.5 million on bank equity securities.

During the first quarter, First Commonwealth early adopted FSP FAS 115-2 and FAS 124-2 which requires that $9.9 million in credit related other-than-temporary impairment be recognized in earnings while noncredit-related other-than-temporary impairment on securities not expected to be sold be recognized in other comprehensive income (“OCI”).

In accordance with the new accounting guidance, the noncredit-related portion of other-than-temporary impairment losses previously recognized in earnings during 2008 was reclassified as a cumulative effect adjustment that increased retained earnings and decreased accumulated OCI. Of the $13.0 million in other-than-temporary impairment charges recognized in 2008, $6.5 million related to noncredit-related impairment. Therefore, the cumulative effect adjustment to retained earnings totaled $6.5 million or $4.2 million, net of tax.

Non-Interest Expense

Non-interest expense for the first quarter of 2009 increased $4.5 million, or 11.6%, from the first quarter of 2008 primarily due to higher FDIC costs, employee benefits and salaries. FDIC insurance costs rose $1.4 million primarily from premium increases. Employee benefits increased $1.2 million due to higher health and 401(k) expenses. Salaries increased $924 thousand, or 6.1%, as a result of annual merit increases and a 3.9% increase in the number of employees. The increase in the number of employees was due to new branch offices and enhancing the consumer infrastructure for small business banking and retail brokerage.

“We have started an initiative to hold our non-interest expenses flat compared to 2008, excluding the impact of increased FDIC deposit insurance premiums and special assessments,” said Mr. Dolan. “We expect that this initiative will save us approximately $3.0 million in 2009. We are employing a disciplined approach to cost management that will not impede our ability to grow.”

Income Tax

The provision for income taxes for the first quarter of 2009 decreased $1.3 million from the same period in 2008 primarily due to the decrease in income before taxes offset by a decline in nontaxable income and tax credits. First Commonwealth’s effective tax rate was 3.5% in the first

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quarter of 2009 compared to 11.1% in the comparable quarter in 2008. Nontaxable income and tax credits had a greater impact on the effective tax rate during the first quarter of 2009 due to lower pretax income compared to the first quarter of 2008.

Credit Quality and Provision for Credit Losses

For the quarter ending March 31, 2009, nonperforming loans decreased $26.9 million, or 47.9%, to $29.0 million from December 31, 2008. Net charge-offs were $19.5 million in the first quarter 2009, primarily due to three commercial credit relationships totaling $39.5 million. These relationships were mainly collateralized by equipment and real estate. Two properties were transferred to Other Real Estate Owned (OREO). We believe that the two properties transferred to OREO have strong market interest and expect a favorable outcome. The aforementioned three loans accounted for $16.3 million, or 84%, of the net credit losses in the first quarter of 2009. These three loans had $14.8 million allocated to the allowance for credit losses at December 31, 2008. Nonperforming loans as a percent of total loans decreased from 1.27% at December 31, 2008 to 0.65% at March 31, 2009 primarily as a result of these transfers. Net credit losses for the first quarter of 2008, totaled $4.0 million.

Loans past due in excess of 90 days and still accruing at March 31, 2009 increased $1.3 million to $17.5 million compared to December 31, 2008 primarily due to an increase in commercial loans.

The provision for credit losses for the first quarter of 2009 increased $5.1 million compared to the first quarter of 2008. The year over year increase is attributed to loan growth, trends in losses and increased allocations for new nonperforming loans.

Participation loans outside of Pennsylvania totaled $376.4 million at March 31, 2009, an increase of $3.1 million, or 0.8%, compared to December 31, 2008. Nonperforming participation loans outside of Pennsylvania totaled $8.9 million with a reserve allocation of approximately $4.5 million. The allocation remained unchanged from December 31, 2008 for these credits. There were no participation loans past due in excess of 90 days at March 31, 2009.

Single Issue Trust Preferred Securities and Trust Preferred Collateralized Debt Obligations

First Commonwealth’s portfolio of single issue trust preferred securities and trust preferred collateralized debt obligations 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 5.0% of the total principal of the pool.

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As of March 31, 2009, our single issue securities had a book value of $24.0 million and an estimated fair value of $14.2 million, while the book value of the pooled securities totaled $95.0 million with an estimated fair value of $36.7 million. Additional detail related to our pooled trust preferred securities is provided in the Consolidated Selected Financial Data portion of this press release. During the first quarter, all of the pooled instruments were downgraded by Moody’s Investor Services. Two of the fifteen pooled issues, representing $12.5 million of the $95.0 million book value, remain above investment grade. In the first quarter of 2009, an $8.4 million other-than-temporary impairment charge was recorded on four trust preferred collateralized debt obligations that are expected to experience a principal shortfall. These obligations include Pre-TSL VI, Pre TSL VII, Pre TSL VIII and MM Comm IX. The amount of impairment charge recognized represents the expected credit loss on these securities. Based on management’s analysis as of March 31, 2009, 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.

Use of Non-GAAP Financial Measure

This release includes core net income, core non-interest income and core non-interest expense which are non-GAAP (Generally Accepted Accounting Principles) financial measures that are calculated by excluding impairment losses, securities gains and losses and asset impairment charges from GAAP net income, GAAP non-interest income and GAAP non-interest expenses. Management believes that these core measures are 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 $6.4 billion bank holding company headquartered in Indiana, Pennsylvania. It operates 115 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, liquidity and capital; expectations regarding the sale of properties held as other real estate owned, and expected future cash flows from investments in trust preferred collateralized debt obligations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and 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 describe First Commonwealth’s future plans, strategies and expectations. These plans, strategies and expectations are based on assumptions and involve risks

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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. Such risks and uncertainties include, among other things:

• Deepened or prolonged weakness in economic and business conditions, nationally and in First Commonwealth’s market areas, which could increase credit-related losses and expenses and limit growth;

• Further declines in the market value of investment securities that are considered to be other-than-temporary, which would negatively impact First Commonwealth’s 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;

• Reduced wholesale funding capacity or higher borrowing costs due to capital constraints at the Federal Home Loan Bank, which would reduce First Commonwealth’s liquidity and negatively impact earnings and net interest margin;

• 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.

Forward-looking statements speak only as of the date on which they are made. First Commonwealth undertakes no obligation to update any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONTACT: First Commonwealth Financial Corporation

Investor Relations: Edward J. Lipkus III, Executive Vice President and Chief Financial Officer 724-349-7220

Media: Susie Barbour, Communications & Media Relations Supervisor 724-463-5618

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FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	For the Quarter Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Interest Income
Interest and fees on loans	$	58,275		$	64,580		$	62,285		$	62,614		$	62,067
Interest and dividends on investments:
Taxable interest		13,708			14,434			15,013			15,578			15,531
Interest exempt from Federal income taxes		2,894			3,025			3,176			3,347			3,595
Dividends		63			389			663			678			609
Interest on Federal funds sold		0			0			0			2			0
Interest on bank deposits		1			1			2			2			5
Total interest income		74,941			82,429			81,139			82,221			81,807
Interest Expense
Interest on deposits		19,576			22,045			23,069			25,370			31,033
Interest on short-term borrowings		1,890			2,238			4,634			4,251			3,705
Interest on subordinated debentures		1,766			1,908			1,870			1,878			1,911
Interest on other long-term debt		1,110			3,582			3,639			3,791			4,074
Total interest on long-term debt		2,876			5,490			5,509			5,669			5,985
Total interest expense		24,342			29,773			33,212			35,290			40,723
Net Interest Income		50,599			52,656			47,927			46,931			41,084
Provision for credit losses		8,242			10,642			3,913			5,361			3,179
Net Interest Income after provision for credit losses		42,357			42,014			44,014			41,570			37,905
Non-Interest Income
Impairment (losses) on securities		(28,589	)		(3,850	)		(8,619	)		(541	)		0
Noncredit-related losses on securities not expected to be sold (recognized in other comprehensive income)		18,723			0			0			0			0
Net impairment (losses) (a)		(9,866	)		(3,850	)		(8,619	)		(541	)		0
Net securities gains		24			15			910			90			501
Trust income		1,087			1,125			1,444			1,538			1,532
Service charges on deposit accounts		3,837			4,555			4,792			4,786			4,425
Insurance and retail brokerage commissions		1,616			1,236			1,390			1,394			1,277
Income from bank owned life insurance		1,138			1,155			1,435			1,446			1,487
Card related interchange income		1,896			1,956			1,950			1,950			1,753
Other operating income		3,008			3,820			2,972			2,426			2,481
Total non-interest income		2,740			10,012			6,274			13,089			13,456
Non-Interest Expense
Salaries and employee benefits		22,500			21,658			21,091			20,428			20,330
Net occupancy expense		4,000			3,807			3,613			3,728			3,907
Furniture and equipment expense		2,975			2,845			2,995			3,058			3,078
Data processing expense		1,132			1,161			1,075			996			1,051
Pennsylvania shares tax expense		1,331			1,357			1,342			1,339			1,271
Intangible amortization		743			743			802			832			831
FDIC insurance		1,521			182			179			125			123
Other operating expenses		9,146			10,124			7,900			8,379			8,265
Total non-interest expense		43,348			41,877			38,997			38,885			38,856
Income before income taxes		1,749			10,149			11,291			15,774			12,505
Provision for income taxes		62			1,260			1,127			2,861			1,384
Net Income	$	1,687		$	8,889		$	10,164		$	12,913		$	11,121
Average Shares Outstanding		84,521,266			80,076,383			72,715,709			72,624,053			72,452,875
Average Shares Outstanding Assuming Dilution		84,594,211			80,179,260			72,817,216			72,734,711			72,559,668
Per Share Data:
Basic Earnings Per Share	$	0.02		$	0.11		$	0.14		$	0.18		$	0.15
Diluted Earnings Per Share	$	0.02		$	0.11		$	0.14		$	0.18		$	0.15
Cash Dividends Declared per Common Share	$	0.12		$	0.17		$	0.17		$	0.17		$	0.17

(a) In accordance with the early adoption of FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-than-Temporary Impairment, as of January 1, 2009, prior period net impairment losses are not restated; but rather reflect both credit and non-credit related impairment.

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

(dollars in thousands, except share data)

	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Assets
Cash and due from banks	$	93,259		$	88,277		$	93,327		$	101,860		$	92,554
Interest-bearing bank deposits		392			289			267			347			219
Securities available for sale, at market value		1,271,925			1,349,920			1,349,561			1,476,994			1,576,934
Securities held to maturity, at amortized cost, (Market value $46,951 at March 31, 2009 and $50,558 at December 31, 2008)		46,433			50,840			56,839			59,200			65,935
Other Investments		51,431			51,431			52,967			47,112			46,854
Loans:
Portfolio loans, net of unearned income		4,457,358			4,418,377			4,184,600			4,113,423			3,893,183
Allowance for credit losses		(41,549	)		(52,759	)		(45,482	)		(44,505	)		(41,613	)
Net loans		4,415,809			4,365,618			4,139,118			4,068,918			3,851,570
Premises and equipment, net		73,376			72,636			71,141			69,890			69,191
Other real estate owned		25,936			3,262			3,718			3,271			3,280
Goodwill		159,956			159,956			159,956			159,956			159,956
Amortizing intangibles, net		9,490			10,233			10,976			11,778			12,609
Other assets		274,567			273,418			265,920			252,086			239,877
Total assets	$	6,422,574		$	6,425,880		$	6,203,790		$	6,251,412		$	6,118,979
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	573,573		$	566,845		$	564,443		$	568,158		$	542,331
Interest-bearing		3,744,855			3,713,498			3,696,687			3,744,311			3,778,337
Total deposits		4,318,428			4,280,343			4,261,130			4,312,469			4,320,668
Short-term borrowings		1,172,104			1,152,700			875,424			834,226			642,869
Other liabilities		56,255			63,778			43,385			47,805			48,259
Subordinated debentures		105,750			105,750			105,750			105,750			105,750
Other long-term debt		122,537			170,530			386,288			404,464			426,955
Total long-term debt		228,287			276,280			492,038			510,214			532,705
Total liabilities		5,775,074			5,773,101			5,671,977			5,704,714			5,544,501
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; 86,600,461 shares issued and 85,055,220 shares outstanding at March 31, 2009; 86,600,431 shares issued and 85,050,744 shares outstanding at December 31, 2008		86,600			86,600			75,100			75,100			75,100
Additional paid-in capital		302,862			303,008			205,953			206,245			206,498
Retained earnings		305,712			309,947			315,404			317,611			317,058
Accumulated other comprehensive (loss) income, net		(22,763	)		(21,269	)		(38,133	)		(22,604	)		7,215
Treasury stock (1,545,211 and 1,549,687 shares at March 31, 2009 and December 31, 2008, respectively, at cost)		(17,811	)		(17,907	)		(18,411	)		(21,054	)		(22,293	)
Unearned ESOP shares		(7,100	)		(7,600	)		(8,100	)		(8,600	)		(9,100	)
Total shareholders’ equity		647,500			652,779			531,813			546,698			574,478
Total liabilities and shareholders’ equity	$	6,422,574		$	6,425,880		$	6,203,790		$	6,251,412		$	6,118,979
Book value per share	$	7.61		$	7.68		$	7.23		$	7.46		$	7.85
Market value per share	$	8.87		$	12.38		$	13.47		$	9.33		$	11.59

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

	Loans by Categories
	(dollars in thousands)
	March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
Commercial, financial, agricultural and other	$	1,259,597	$	1,272,094	$	1,148,666	$	1,115,536	$	1,052,971
Real estate - construction		402,569		418,639		338,303		307,278		241,114
Real estate - residential		1,203,917		1,215,193		1,227,225		1,235,334		1,230,928
Real estate - commercial		1,089,989		1,016,651		978,287		988,186		909,613
Loans to individuals		501,286		495,800		492,119		467,089		458,557
Total loans and leases, net of unearned income	$	4,457,358	$	4,418,377	$	4,184,600	$	4,113,423	$	3,893,183

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

	Quarter To Date Average Balance Sheets and Net Interest Analysis at March 31,
	(dollars in thousands)
	2009							2008
	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	$	813		$	1	0.50	%	$	546		$	5	3.71	%
Tax-free investment securities		258,227			2,894	6.99	%		320,191			3,595	6.95	%
Taxable investment securities		1,150,320			13,771	4.86	%		1,321,117			16,140	4.91	%
Federal funds sold		0			0	0.00	%		43			0	2.86	%
Loans, net of unearned income (b)(c)		4,460,337			58,275	5.45	%		3,835,587			62,067	6.69	%
Total interest-earning assets		5,869,697			74,941	5.40	%		5,477,484			81,807	6.27	%
Noninterest-earning assets:
Cash		74,117							73,860
Allowance for credit losses		(53,392	)						(42,358	)
Other assets		528,270							487,546
Total noninterest-earning assets		548,995							519,048
Total Assets	$	6,418,692						$	5,996,532
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (d)	$	585,270		$	549	0.38	%	$	573,121		$	1,747	1.23	%
Savings deposits (d)		1,315,349			4,411	1.36	%		1,089,059			5,348	1.98	%
Time deposits		1,826,609			14,616	3.25	%		2,164,394			23,938	4.45	%
Short-term borrowings		1,192,817			1,890	0.64	%		493,776			3,705	3.02	%
Long-term debt		230,693			2,876	5.06	%		549,016			5,985	4.38	%
Total interest-bearing liabilities		5,150,738			24,342	1.92	%		4,869,366			40,723	3.36	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (d)		560,577							510,150
Other liabilities		45,381							38,054
Shareholders’ equity		661,996							578,962
Total noninterest-bearing funding sources		1,267,954							1,127,166
Total Liabilities and Shareholders’ Equity	$	6,418,692						$	5,996,532
Net Interest Income and Net Yield on Interest-Earning Assets				$	50,599	3.72	%				$	41,084	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

	Asset Quality Data
	(dollars in thousands)
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Loans on non-accrual basis	$	29,049		$	55,922		$	49,692		$	50,910		$	48,799
Troubled debt restructured loans		128			132			135			139			143
Total nonperforming loans	$	29,177		$	56,054		$	49,827		$	51,049		$	48,942
Loans past due in excess of 90 days and still accruing	$	17,532		$	16,189		$	13,719		$	14,210		$	20,066
Loans outstanding at end of period	$	4,457,358		$	4,418,377		$	4,184,600		$	4,113,423		$	3,893,183
Average loans outstanding	$	4,460,337		$	4,084,506		$	4,011,476		$	3,941,864		$	3,835,587
Allowance for credit losses	$	41,549		$	52,759		$	45,482		$	44,505		$	41,613
Nonperforming loans as a percentage of total loans		0.65	%		1.27	%		1.19	%		1.24	%		1.26	%
Provision for credit losses	$	8,242		$	23,095		$	12,453		$	8,540		$	3,179
Net credit losses	$	19,451		$	12,732		$	9,367		$	6,431		$	3,962
Net credit losses as a percentage of average loans outstanding (annualized)		1.77	%		0.31	%		0.31	%		0.33	%		0.42	%
Allowance for credit losses as a percentage of average loans outstanding		0.93	%		1.29	%		1.13	%		1.13	%		1.08	%
Allowance for credit losses as a percentage of nonperforming loans		142.40	%		94.12	%		91.28	%		87.18	%		85.03	%
Other real estate owned	$	25,936		$	3,262		$	3,718		$	3,271		$	3,280
	Profitability Ratios
	(dollars in thousands)
	For the Quarter Ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Return on average assets		0.11	%		0.56	%		0.65	%		0.84	%		0.75	%
Return on average equity		1.03	%		5.79	%		7.38	%		9.03	%		7.73	%
Net interest margin (a)		3.72	%		3.87	%		3.58	%		3.54	%		3.28	%
Efficiency ratio (b)		65.29	%		60.10	%		59.07	%		61.10	%		66.78	%
Fully tax equivalent adjustment	$	3,185		$	3,166		$	3,202		$	3,078		$	3,648

(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,” excluding “net impairment losses.”

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
	March 31, 2009			December 31, 2008			March 31, 2008
GAAP non-interest income	$	2,740		$	10,012		$	13,456
Less: net securities (losses) gains		(9,842	)		(3,835	)		501
Core non-interest income	$	12,582		$	13,847		$	12,955
GAAP non-interest expense	$	43,348		$	41,877		$	38,856
Less: low income housing partnership impairment		0			1,206			0
Core non-interest expense	$	43,348		$	40,671		$	38,856
GAAP net income	$	1,687		$	8,889		$	11,121
Less: net securities (losses) gains, net of tax		(6,397	)		(2,493	)		326
Plus: low income housing partnership impairment, net of tax		0			784			0
Core net income	$	8,084		$	12,166		$	10,795
GAAP diluted earnings per share	$	0.02		$	0.11		$	0.15
Less: net securities (losses) gains per diluted share	$	(0.08	)	$	(0.03	)	$	0.00
Plus: low income housing partnership impairment per diluted share	$	0.00		$	0.01		$	0.00
Core diluted earnings per share	$	0.10		$	0.15		$	0.15
GAAP return on average assets		0.11	%		0.56	%		0.75	%
Less: net securities (losses) gains as a percentage of average assets		-0.40	%		-0.16	%		0.03	%
Plus: low income housing partnership impairment as a percentage of average assets		0.00	%		0.05	%		0.00	%
Core return on average assets		0.51	%		0.77	%		0.72	%
GAAP return on average equity		1.03	%		5.79	%		7.73	%
Less: net securities (losses) gains as a percentage of average equity		-3.92	%		-1.62	%		0.23	%
Plus: low income housing partnership impairment as a percentage of average equity		0.00	%		0.52	%		0.00	%
Core return on average equity		4.95	%		7.93	%		7.50	%

(a) This release includes core net income, core non-interest income and core non-interest expense which are non-GAAP (Generally Accepted Accounting Principles) financial measures that are calculated by excluding impairment losses, securities gains and losses and asset impairment charges from GAAP net income, GAAP non-interest income and GAAP non-interest expenses. Management believes that these core measures are 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.

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

Pooled Trust Preferred Security Detail
(dollars in thousands)
Deal	Class	Book Value		Fair Value		Unrealized Gain (Loss)			Moody’s/Fitch Ratings	Number of Banks	Deferrals and Defaults as a % of Current Collateral		Excess Subordination as a % of Current Performing Collateral
Pre TSL I	Senior	$	3,706	$	3,009	$	(697	)	A1/A	32	15.86	%	116.27	%
Pre TSL IV	Mezzanine		1,830		730		(1,100	)	Ca/B	6	18.05	%	51.03	%
Pre TSL V	Mezzanine		620		242		(378	)	Ba3/A	4	0.00	%	73.54	%
Pre TSL VI	Mezzanine		369		175		(194	)	Caa1/CCC	5	61.35	%	0.00	%
Pre TSL VII	Mezzanine		7,856		2,465		(5,391	)	Ca/CC	20	46.89	%	0.00	%
Pre TSL VIII	Mezzanine		3,723		1,237		(2,486	)	Ca/CC	36	28.01	%	0.00	%
Pre TSL IX	Mezzanine		3,000		932		(2,068	)	Ca/CC	49	12.85	%	11.19	%
Pre TSL X	Mezzanine		4,000		1,218		(2,782	)	Ca/CC	58	17.92	%	4.28	%
Pre TSL XII	Mezzanine		10,000		3,133		(6,867	)	Ca/CC	79	9.06	%	12.43	%
Pre TSL XIII	Mezzanine		17,500		5,357		(12,143	)	Ca/CC	65	12.11	%	12.36	%
Pre TSL XIV	Mezzanine		16,023		5,112		(10,911	)	Ca/CC	64	9.01	%	19.67	%
MMCap I	Senior		8,838		6,703		(2,135	)	A3/A	29	9.15	%	96.39	%
MMCap I	Mezzanine		1,063		508		(555	)	Ca/CCC	29	9.15	%	12.05	%
MM Comm IX	Mezzanine		16,510		5,858		(10,652	)	Caa3/CC	34	16.65	%	0.00	%
Total		$	95,038	$	36,679	$	(58,359	)

FIRST COMMONWEALTH FINANCIAL CORPORATION

CONSOLIDATED SELECTED FINANCIAL DATA

Participation Loans

(dollars in thousands)

	Commercial, Financial Agricultural and Other		Real Estate Construction		Real Estate Commercial		Total		Loans Past Due 90 Days and Still Accruing		Nonaccrual
Pennsylvania	$	343,663	$	36,595	$	7,676	$	387,934	$	0	$	0
Ohio		58,844		8,489		29,696		97,029		0		0
Maryland		57,966		0		0		57,966		0		0
West Virginia		27,455		0		0		27,455		0		0
Virginia		16,965		0		0		16,965		0		0
New York		3,521		7,027		1,831		12,379		0		0
Subtotal		508,414		52,111		39,203		599,728		0		0
Florida		18,868		43,552		0		62,420		0		2,500
Utah		0		5,015		0		5,015		0		5,015
Oregon		0		1,471		0		1,471		0		1,471
Other		66,093		29,597		0		95,690		0		0
Total	$	593,375	$	131,746	$	39,203	$	764,324	$	0	$	8,986