8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2007

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania	0-11242	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:

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

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

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

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

Item 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 24, 2007, First Commonwealth Financial Corporation issued a press release announcing its earnings for the three and twelve month periods ended December 31, 2006.  A copy of this press release and the related earnings tables are furnished as Exhibit 99.1 to this report and is incorporated herein by reference. 

Item 9.01     FINANCIAL STATEMENTS AND EXHIBITS

(d)	Exhibits
	99.1 - Press Release dated January 24, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  January 26, 2007
	FIRST COMMONWEALTH FINANCIAL CORPORATION
	(Registrant)
	By:	/S/ JOHN J. DOLAN
		John J. Dolan
		Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

First Commonwealth Announces 2006 Fourth Quarter and Year-End Financial Results

Net Interest Margin Improves in 2006 over 2005

Expansion in Pittsburgh Region Continues

          INDIANA, Pa., Jan. 24 /PRNewswire-FirstCall/ -- First Commonwealth Financial Corporation (NYSE: FCF), the holding company for First Commonwealth Bank, announced today the financial results for the fourth quarter and year ended December 31, 2006.

          Fourth Quarter Results

          First Commonwealth reported fourth quarter 2006 net income of $12.4 million or $0.17 per diluted share compared to $11.8 million or $0.17 per diluted share in the same period last year.  Fourth quarter results were impacted by a $1.1 million loss on the extinguishment of debt and an increase of $2.3 million in the provision for credit losses compared to the corresponding period in 2005.  Return on average equity was 8.50% and return on average assets was 0.81% for the fourth quarter of 2006, compared to 8.93% and 0.77% respectively for the fourth quarter of 2005. 

          Full Year 2006 Results

          Net income for the twelve months ended December 31, 2006 was $53.0 million or $0.74 per diluted share, compared to $57.8 million or $0.83 per diluted share for the same period last year.  The 2006 results included an increase of $1.3 million in service charges on deposit accounts, a decrease of $1.1 million in other income, an increase of $1.1 million in net occupancy expense and a $1.9 million reduction in other expenses. Return on average equity and return on average assets for the twelve months ended December 31, 2006 was 9.76% and 0.89%, respectively compared to 10.89% and 0.94% for 2005.

          During 2006, First Commonwealth continued to make improvements that are expected to have a positive impact on future financial performance including:

*	Expanding its retail footprint into the Pittsburgh area. First Commonwealth Bank opened three new offices and acquired eight offices through its merger with Laurel Savings Bank, which represents a 10% growth in branch locations over 2005.
*	First Commonwealth Bank also made plans to construct up to six new branches in the Pittsburgh area in 2007.
*	First Commonwealth positioned its balance sheet in response to the flat and inverted yield curve environment. Total borrowings decreased $372 million primarily from cash flows received on the investment portfolio combined with deposit growth.
*	In the fourth quarter, $59 million of long-term debt was refinanced with short-term borrowings at lower rates.

          Net Interest Income

          Net interest income for the fourth quarter of 2006 increased $101 thousand to $41.9 million compared to the fourth quarter of 2005.  Fourth quarter 2006 net interest margin (net interest income as a percentage of average earning assets on a fully tax equivalent basis) increased eight basis points (0.08%) to 3.28%, compared to 3.20% in the corresponding period last year.  The improvement in net interest margin was primarily due to an increase in yields on interest-earning assets and a reduction in short-term borrowings and long-term debt offset by an increase in rates paid on interest-bearing liabilities. Due to the relatively flat yield curve First Commonwealth has limited the reinvestment of investment securities proceeds and reduced borrowings. Average investment securities decreased $264.4 million in the fourth quarter of 2006 compared to the same period in 2005.

          Net interest income for the year 2006 was $167.0 million compared to $173.5 million for 2005.  Net interest margin increased three basis points (0.03%) to 3.31% for 2006 compared to 3.28% in 2005.  Interest income increased $21.0 million for the year ended December 31, 2006 compared to the prior year period.  However, interest expense increased $27.5 million as rate increases on interest-bearing liabilities exceeded rate increases on interest-earning assets. The net interest margin improvement was primarily due to the balance sheet positioning discussed above. 

          Non-Interest Income

          Non-interest income for the fourth quarter of 2006 increased $1.9 million to $12.0 million from $10.1 million in the fourth quarter of 2005 and included a securities gain of $610 thousand and increased service charges on deposit accounts of $658 thousand.  The increased service charges are primarily due to the additional branch locations and increased fee structures.

          Year-to-date non-interest income decreased $6.0 million in 2006 compared to 2005.  For the twelve months of 2006, service charges on deposit accounts increased $1.3 million and card related interchange income (which includes income on debit, credit and ATM cards that are issued to consumers and/or businesses) increased $702 thousand mainly due to the additional branch locations, revised fee structures and increased volume. For 2006, other income decreased $1.1 million due to lower gains recorded on the sales of mortgage and student loans and other real estate owned.  In 2005, First Commonwealth recorded one time gains of $13.8 million from the sale of branches and sale of a merchant services business offset by losses on the sales of securities of $7.7 million.

          Non-Interest Expense

          Total non-interest expense for the fourth quarter of 2006 decreased $207 thousand to $37.0 million from $37.2 million in the corresponding quarter last year. The quarter ending December 31, 2006 included a $1.1 million loss on the extinguishment of debt.  Net occupancy expense increased $435 thousand for the three months ended December 31, 2006 compared to the same period in 2005 due to the additional retail branches. Salaries and employee benefits declined $334 thousand in the fourth quarter 2006 from the fourth quarter 2005 level, reflecting a previously planned reduction of the workforce which was offset by the inclusion of $343 thousand of salaries and employee benefit costs due to the Laurel acquisition.

          Total non-interest expense decreased $6.3 million in 2006 compared to 2005 largely as a result of a $5.4 million non-recurring restructuring charge recorded in 2005.  Salary expense decreased $1.8 million for the twelve month period ended December 31, 2006 but was offset by an $860 thousand increase in healthcare costs and a $644 thousand increase in retirement costs. Net occupancy expense increased $1.1 million due to the additional retail branches.  Other expenses decreased by $1.9 million primarily due to a reduction of $1.3 million in other professional fees and the elimination of plastic card interchange expense totaling $884 thousand.  Plastic card interchange expense is no longer incurred since the merchant services business was sold in 2005.  

          Income Tax

          Income tax expense decreased $4.2 million for 2006 compared to 2005.   First Commonwealth’s effective tax rate was 14.6% in 2006 compared to 18.6% in 2005.  This reduction was mainly due to a larger percentage of tax free income.  Pretax income for 2006 decreased $9.1 million compared to 2005.

          Credit Quality and Provision for Credit Losses

          As of December 31, 2006, total nonperforming loans (including loans past due 90 days but still accruing) decreased slightly to $25.3 million from $25.5 million at December 31, 2005. Management believes that the allowance for credit losses is at a level deemed sufficient to absorb losses inherent in the loan portfolio at December 31, 2006. 

          The provision for credit losses for the fourth quarter of 2006 increased $2.3 million to $3.3 million compared to the fourth quarter of 2005. This provision exceeded the net charge-offs for the fourth quarter of 2006 by $563 thousand.

          The $11.5 million provision for credit losses in 2006 reflects an increase of $2.9 million over 2005.  The provision for credit losses exceeded actual credit losses by $1.2 million.  In the fourth quarter of 2006, management continued to monitor the performance of a $29.0 million commercial credit relationship, which was previously disclosed to have deteriorated in the second quarter of 2006.  This credit was not 90 days past due or on a nonaccrual status at December 31, 2006.

          About First Commonwealth Financial Corporation

          First Commonwealth Financial Corporation is a $6.0 billion bank holding company headquartered in Indiana, Pennsylvania.  It operates 110 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 effects of actions taken during 2006 on First Commonwealth’s future financial performance.  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 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, could increase credit-related losses and expenses and/or limit growth.
*	Increases in defaults by borrowers and other delinquencies could result in increases in First Commonwealth’s provision for losses on loans and related expenses.
*	Fluctuations in interest rates and market prices could reduce net interest margin and asset valuations and increase expenses.
*	Changes in legislative or regulatory requirements applicable to First Commonwealth and its subsidiaries could increase costs, limit certain operations and adversely affect results of operations.
*	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.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands, except per share data)

	For the Quarter Ended December 31,					For the Year Ended December 31,
	2006		2005			2006			2005
Interest Income
Interest and fees on loans	$	65,362	$	57,874		$	248,738		$	222,090
Interest and dividends on investments:
Taxable interest		16,680		17,956			68,257			74,864
Interest exempt from Federal income taxes		3,212		3,273			12,876			12,699
Dividends		792		508			2,958			2,225
Interest on Federal funds sold		66		25			142			161
Interest on bank deposits		27		7			99			29
Total interest income		86,139		79,643			333,070			312,068
Interest Expense
Interest on deposits		31,634		22,604			108,454			79,070
Interest on short-term borrowings		5,124		6,443			25,448			24,305
Interest on subordinated debentures		2,134		2,031			8,419			7,867
Interest on other long-term debt		5,302		6,721			23,786			27,376
Total interest on long-term debt		7,436		8,752			32,205			35,243
Total interest expense		44,194		37,799			166,107			138,618
Net Interest Income		41,945		41,844			166,963			173,450
Provision for credit losses		3,300		1,034			11,544			8,628
Net interest income after provision for credit losses		38,645		40,810			155,419			164,822
Non-Interest Income
Net securities gains (losses)		610		(8,192	)		697			(7,673	)
Trust income		1,444		1,328			5,801			5,526
Service charges on deposit accounts		4,593		3,935			16,967			15,710
Gain on sale of branches		0		8,742			0			11,832
Gain on sale of merchant services business		0		0			0			1,991
Insurance commissions		689		591			2,804			3,423
Income from bank owned life insurance		1,502		1,356			5,742			5,391
Merchant discount income (loss)		0		(725	)		0			1,349
Card related interchange income		1,496		1,313			5,583			4,881
Other income		1,714		1,728			6,653			7,795
Total non-interest income		12,048		10,076			44,247			50,225
Non-Interest Expense
Salaries and employee benefits		18,706		19,040			72,988			73,522
Net occupancy expense		3,045		2,610			12,077			10,988
Furniture and equipment expense		3,023		3,105			11,703			11,578
Data processing expense		938		797			3,456			3,535
Pennsylvania shares tax expense		1,363		1,137			5,420			4,876
Intangible amortization		818		566			2,607			2,262
Restructuring charges		0		2,733			0			5,437
Loss (Gain) on extinguishment of debt		1,143		0			(410	)		0
Other expenses		7,943		7,198			29,842			31,756
Total non-interest expense		36,979		37,186			137,683			143,954
Income before income taxes		13,714		13,700			61,983			71,093
Applicable income taxes		1,316		1,917			9,029			13,257
Net Income	$	12,398	$	11,783		$	52,954		$	57,836
Average Shares Outstanding		73,026,948		69,386,338			70,766,348			69,276,141
Average Shares Outstanding Assuming Dilution		73,362,224		69,837,737			71,133,562			69,835,285
Per Share Data:
Basic earnings per share	$	0.17	$	0.17		$	0.75		$	0.83
Diluted earnings per share	$	0.17	$	0.17		$	0.74		$	0.83
Cash dividends per share	$	0.170	$	0.170		$	0.680		$	0.665

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands, except for share data)

	December 31, 2006			December 31, 2005
Assets
Cash and due from banks	$	95,134		$	84,555
Interest-bearing bank deposits		985			473
Federal funds sold		0			1,575
Securities available for sale, at market value		1,644,690			1,851,986
Securities held to maturity, at amortized cost  (Market value $80,156 in 2006 and $89,804 in 2005)		78,501			87,757
Loans held for sale		0			1,276
Loans:
Portfolio loans		3,783,874			3,623,102
Unearned income		(57	)		(119	)
Allowance for credit losses		(42,648	)		(39,492	)
Net loans		3,741,169			3,583,491
Premises and equipment		68,901			60,860
Other real estate owned		1,507			1,655
Goodwill		160,366			122,702
Amortizing intangibles, net		16,869			15,251
Other assets		235,794			214,739
Total assets	$	6,043,916		$	6,026,320
Liabilities
Deposits (all domestic):
Noninterest-bearing	$	522,451		$	491,644
Interest-bearing		3,803,989			3,504,908
Total deposits		4,326,440			3,996,552
Short-term borrowings		500,014			665,665
Other liabilities		52,681			43,314
Subordinated debentures		108,250			108,250
Other long-term debt		485,170			691,494
Total long-term debt		593,420			799,744
Total liabilities		5,472,555			5,505,275
Shareholders’ equity
Preferred stock, $1 par value per share, 3,000,000 shares authorized, none issued		0			0
Common stock $1 par value per share, 100,000,000 shares authorized:
75,100,431 shares issued and 73,916,377 shares outstanding in 2006;
71,978,568 shares issued and 70,377,916 shares outstanding in 2005		75,100			71,978
Additional paid-in capital		208,313			173,967
Retained earnings		322,415			318,569
Accumulated other comprehensive loss		(7,914	)		(9,655	)
Treasury stock (1,184,054 and 1,600,652 shares at December 31, 2006 and 2005, respectively,  at cost)		(14,953	)		(20,214	)
Unearned ESOP shares		(11,600	)		(13,600	)
Total shareholders’ equity		571,361			521,045
Total liabilities and shareholders’ equity	$	6,043,916		$	6,026,320
Book value per share	$	7.73		$	7.40
Market value per share	$	13.43		$	12.93

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands)

Quarter To Date Average Balance Sheets and Net Interest Analysis At December 31,

	2006
	Average Balance			Income/ Expense		Yield or Rate (a)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	1,944		$	27		5.59	%
Tax free investment securities		283,970			3,212		6.90	%
Taxable investment securities		1,428,155			17,472		4.85	%
Federal funds sold		4,923			66		5.31	%
Loans, net of unearned income (b)(c)(d)		3,795,900			65,362		7.04	%
Total interest-earning assets		5,514,892			86,139		6.46	%
Noninterest-earning assets:
Cash		83,224
Allowance for credit losses		(42,611	)
Other assets		490,184
Total noninterest-earning assets		530,797
Total Assets	$	6,045,689
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (e)	$	602,999		$	2,930		1.93	%
Savings deposits (e)		1,125,970			5,823		2.05	%
Time deposits		2,101,559			22,881		4.32	%
Short-term borrowings		444,028			5,124		4.58	%
Long-term debt		650,187			7,436		4.54	%
Total interest-bearing liabilities		4,924,743			44,194		3.56	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (e)		507,352
Other liabilities		35,004
Shareholders’ equity		578,590
Total noninterest-bearing funding sources		1,120,946
Total Liabilities and Shareholders’ Equity	$	6,045,689
Net Interest Income and Net Yield on Interest-Earning Assets				$	41,945		3.28	%

(a)	Yields on interest-earning assets have been computed on a tax equivalent basis using the 35% Federal income tax statutory rate.
(b)	Average balance includes loans held for sale.
(c)	Income on nonaccrual loans is accounted for on the cash basis, and the loan balances are included in interest-earning assets.
(d)	Loan income includes net loan fees.
(e)	Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits which were made for regulatory purposes.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands)

Quarter To Date Average Balance Sheets and Net Interest Analysis At December 31,

	2005
	Average Balance			Income/ Expense		Yield or Rate (a)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	817		$	7		3.42	%
Tax free investment securities		283,818			3,273		7.04	%
Taxable investment securities		1,692,717			18,464		4.33	%
Federal funds sold		2,377			25		4.12	%
Loans, net of unearned income (b)(c)(d)		3,619,142			57,874		6.52	%
Total interest-earning assets		5,598,871			79,643		5.88	%
Noninterest-earning assets:
Cash		80,444
Allowance for credit losses		(41,857	)
Other assets		434,187
Total noninterest-earning assets		472,774
Total Assets	$	6,071,645
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (e)	$	558,573		$	1,707		1.21	%
Savings deposits (e)		1,257,698			5,182		1.63	%
Time deposits		1,726,513			15,715		3.61	%
Short-term borrowings		685,683			6,443		3.73	%
Long-term debt		802,539			8,752		4.33	%
Total interest-bearing liabilities		5,031,006			37,799		2.98	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (e)		488,873
Other liabilities		28,012
Shareholders’ equity		523,754
Total noninterest-bearing funding sources		1,040,639
Total Liabilities and Shareholders’ Equity	$	6,071,645
Net Interest Income and Net Yield on Interest-Earning Assets				$	41,844		3.20	%

(a)	Yields on interest-earning assets have been computed on a tax equivalent basis using the 35% Federal income tax statutory rate.
(b)	Average balance includes loans held for sale.
(c)	Income on nonaccrual loans is accounted for on the cash basis, and the loan balances are included in interest-earning assets.
(d)	Loan income includes net loan fees.
(e)	Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits which were made for regulatory purposes.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands)

Year To Date Average Balance Sheets and Net Interest Analysis At December 31,

	2006
	Average Balance			Income/ Expense		Yield or  Rate (a)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	1,878		$	99		5.27	%
Tax free investment securities		281,823			12,876		7.03	%
Taxable investment securities		1,487,267			71,215		4.79	%
Federal funds sold		2,854			142		4.99	%
Loans, net of unearned income (b)(c)(d)		3,707,233			248,738		6.92	%
Total interest-earning assets		5,481,055			333,070		6.34	%
Noninterest-earning assets:
Cash		79,509
Allowance for credit losses		(40,510	)
Other assets		452,915
Total noninterest-earning assets		491,914
Total Assets	$	5,972,969
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (e)	$	584,717		$	10,251		1.75	%
Savings deposits (e)		1,138,579			21,496		1.89	%
Time deposits		1,889,731			76,707		4.06	%
Short-term borrowings		568,327			25,448		4.48	%
Long-term debt		724,846			32,205		4.44	%
Total interest-bearing liabilities		4,906,200			166,107		3.39	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (e)		493,790
Other liabilities		30,526
Shareholders’ equity		542,453
Total noninterest-bearing funding sources		1,066,769
Total Liabilities and Shareholders’ Equity	$	5,972,969
Net Interest Income and Net Yield on  Interest-Earning Assets				$	166,963		3.31	%

(a)	Yields on interest-earning assets have been computed on a tax equivalent basis using the 35% Federal income tax statutory rate.
(b)	Average balance includes loans held for sale.
(c)	Income on nonaccrual loans is accounted for on the cash basis, and the loan balances are included in interest-earning assets.
(d)	Loan income includes net loan fees.
(e)	Average balances do not include reallocations from noninterest-bearing demand deposits and interest-bearing demand deposits into savings deposits which were made for regulatory purposes.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands)

Year To Date Average Balance Sheets and Net Interest Analysis At December 31,

	2005
	Average Balance			Income/ Expense		Yield or  Rate (a)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	807		$	29		3.61	%
Tax free investment securities		279,339			12,699		6.99	%
Taxable investment securities		1,829,449			77,089		4.21	%
Federal funds sold		5,060			161		3.18	%
Loans, net of unearned income (b)(c)(d)		3,597,705			222,090		6.36	%
Total interest-earning assets		5,712,360			312,068		5.70	%
Noninterest-earning assets:
Cash		80,716
Allowance for credit losses		(41,834	)
Other assets		430,179
Total noninterest-earning assets		469,061
Total Assets	$	6,181,421
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand deposits (e)	$	563,254		$	5,262		0.93	%
Savings deposits (e)		1,298,984			18,885		1.45	%
Time deposits		1,643,350			54,923		3.34	%
Short-term borrowings		797,148			24,305		3.05	%
Long-term debt		833,000			35,243		4.23	%
Total interest-bearing liabilities		5,135,736			138,618		2.70	%
Noninterest-bearing liabilities and capital:
Noninterest-bearing demand deposits (e)		488,305
Other liabilities		26,062
Shareholders’ equity		531,318
Total noninterest-bearing funding sources		1,045,685
Total Liabilities and Shareholders’ Equity	$	6,181,421
Net Interest Income and Net Yield on Interest-Earning Assets				$	173,450		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)	Average balance includes loans held for sale.
(c)	Income on nonaccrual loans is accounted for on the cash basis, and the loan balances are included in interest-earning assets.
(d)	Loan income includes net loan fees.
(e)	Average balances do not include reallocations from noninterest- bearing demand deposits and interest-bearing demand deposits into savings deposits which were made for regulatory purposes.

FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar Amounts in Thousands)

Asset Quality Data At December 31,

	2006			2005
Loans on nonaccrual basis	$	12,043		$	11,391
Past due more than 90 days		13,051			13,977
Renegotiated loans		160			173
Total nonperforming loans	$	25,254		$	25,541
Loans outstanding at end of period (a)	$	3,783,817		$	3,624,259
Average loans outstanding (year-to- date) (a)	$	3,707,233		$	3,597,705
Allowance for credit losses	$	42,648		$	39,492
Nonperforming loans as a percent of total loans		0.67	%		0.70	%
Net charge-offs (year-to-date)	$	8,980		$	10,199
Credit losses on loans transferred to held for sale	$	1,387		$	0
Net charge-offs as a percent of average loans (annualized)		0.28	%		0.28	%
Allowance for credit losses as a percent of average loans outstanding		1.15	%		1.10	%
Allowance for  credit losses as a percent of nonperforming loans		168.88	%		154.62	%
Other real estate owned	$	1,507		$	1,655

(a) Includes loans held for sale.

Profitability Ratios

	For the Quarter Ended December 31,						For the Year Ended December 31,
	2006			2005			2006			2005
Return on average assets		0.81	%		0.77	%		0.89	%		0.94	%
Return on average equity		8.50	%		8.93	%		9.76	%		10.89	%
Efficiency ratio (FTE) (b)		64.08	%		67.29	%		60.97	%		60.66	%
Fully tax equivalent adjustment	$	3,711		$	3,343		$	14,613		$	13,649

(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.”

SOURCE  First Commonwealth Financial Corporation
          -0-                                                            01/24/2007
          /CONTACT: John Dolan, Executive Vice President and Chief Financial Officer of First Commonwealth Financial Corporation, +1-724- 349-7220 /
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          (FCF)

CO:   First Commonwealth Financial Corporation
ST:   Pennsylvania
IN:    FIN
SU:   ERN