**PRESS RELEASE**

To:                  All Area News Agencies

From:                 FirstCommonwealth Financial Corporation

Date:                 April 17, 2003

For More Information Contact: John Dolan, Executive Vice President and Chief Financial Officer,First Commonwealth Financial Corporation, (724) 349-7220

# FIRST COMMONWEALTH ANNOUNCES FIRST QUARTER EARNINGS

INDIANA, PA – First Commonwealth Financial Corporation (NYSE:FCF) reported net income of $13.3million for the first quarter of 2003 which translates into $0.23 basic and diluted earnings per share compared to $7.6 million netincome and $0.13 basic and diluted earnings per share for the comparable period in 2002. 

The 2002 results included the effects of an $8.0 million (pre-tax) settlement of litigation and the2003 period reflects a partial recovery from insurance for that claim in the amount of $610 thousand (pre-tax).  These items,net of tax, increased net income in 2003 by $397 thousand and reduced net income by $5.2 million in the 2002 period.  Return on equity was 13.15% and return on assets was 1.19% for the first quarter of 2003 compared to 8.09% and 0.68%, respectivelyin the 2002 period.

### *Net Interest Income*

Net interest income declined $1.2 million in 2003, primarily as the earning asset yields declinedfaster than funding costs.  Net interest income, on a fully tax-equivalent basis, as a percentage of average earning assets(“net interest margin”) was 3.78% in the 2003 period compared to 3.82% in the 2002 quarter.  Continued low ordeclining interest rates would tend to continue to strain net interest income.

### *Noninterest income*

Net securities gains increased $2.2 million in the 2003 quarter when compared to the first quarterof 2002 through the sale of a combination of debt and equity securities.  The debt securities sold had an average remaininglife of one year and proceeds were reinvested in securities with an average life of three years to partially mitigate theCorporation’s exposure to low and declining interest rates. 

**MORE**

### *Noninterest Expense*

Noninterest expenses decreased $7.7 million during the 2003 quarter when compared to the firstquarter of 2002, primarily reflecting the effects of the above mentioned litigation settlement.  The most significant othernoninterest expense item that increased was employee benefit costs with hospitalization costs increasing 22%.

### *Provision for Credit Losses*

The provision for credit losses increased $543 thousand reflecting an increase in loan values andcontinued uncertainty in the economy.  The first quarter of 2003 reflected a $361 thousand improvement in net charge-offs whencompared to the 2002 quarter and was primarily due to increased recoveries of previously charged-off loans.

## ***Credit quality ***

Nonperforming loan levels continue to show improvement at March 31, 2003 when compared March 31,2002.  Nonaccrual loans contained two significant credits that were described in the 2002 Form 10K and Annual Report. The largest credit ($6.1million) carries an 80% guaranty of a U.S. government agency.  While a sale of the underlying assetsis pending, delays with the bankruptcy court would result in the final sale and resolution of the remaining balance occurring inthe third quarter 2003.  The second credit, which was $3.1 million at March 31, 2003, continues to be resolved through theliquidation of collateral and exercising other remedies.  While the final resolution of this credit is uncertain, thepotential loss on this credit is reserved.  The Corporation believes that the allowance for credit losses is adequate at thistime.  Other significant credits are monitored closely.  The uncertain economic conditions present a risk to the companyand the industry but management feels that its risk management process is thorough and serves as an early warning system so that anappropriate response will be promptly implemented.

First Commonwealth Financial Corporation is a $4.6 billion bank holding company headquartered inIndiana, PA.  It operates in 18 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvaniachartered bank.  Financial services and insurance products are also provided through First Commonwealth Trust Company, FirstCommonwealth Financial Advisors, Inc. and First Commonwealth Insurance Agency.  The Corporation also operates FirstCommonwealth Systems Corporation, a data processing subsidiary, First Commonwealth Professional Resources, Inc., a support servicessubsidiary, and jointly owns Commonwealth Trust Credit Life Insurance Company, a credit life reinsurance company.

*Statements contained in this press release that are not historical facts are forward lookingstatements as that item is defined in the Private Securities Litigation Reform Act of 1995.  Such forward-looking statementsare subject to risks and uncertainties that could cause actual results to differ materially from estimates results.  Suchrisks and uncertainties are detailed in the Corporation’s filings with the Securities and Exchange Commission.*

***MORE***
| FIRST COMMONWEALTH FINANCIAL CORPORATION                                                                               |                                                                                                                                                                                   |            |
|------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| CONSOLIDATED SELECTED FINANCIAL DATA                                                                                   |                                                                                                                                                                                   |            |
| (Dollar Amounts in Thousands, except per share data)                                                                   |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                           For the Quarter       |
|                                                                                                                        |                         Ended March 31,                   |
|                                                                                                                        | 2003                                                                                                                                                                              | 2002       |
| Interest income                                                                                                        | $62,317                                                                                                                                                                           | $70,523    |
| Interest expense                                                                                                       | 25,471                                                                                                                                                                            | 32,481     |
|       Net interest income                                                                          | 36,846                                                                                                                                                                            | 38,042     |
| Provision for credit losses                                                                                            | 3,460                                                                                                                                                                             | 2,917      |
|      Net interest income after provision for credit losses                                         | 33,386                                                                                                                                                                            | 35,125     |
|                                                                                                                        |                                                                                                                                                                                   |            |
| Securities gains                                                                                                       | 2,234                                                                                                                                                                             | 39         |
| Trust income                                                                                                           | 1,185                                                                                                                                                                             | 1,213      |
| Service charges on deposits                                                                                            | 2,849                                                                                                                                                                             | 2,693      |
| Insurance commissions                                                                                                  | 797                                                                                                                                                                               | 856        |
| Income from bank owned life insurance                                                                                  | 1,046                                                                                                                                                                             | 1,069      |
| Other income                                                                                                           | 2,960                                                                                                                                                                             | 2,519      |
|      Total other income                                                                            | 11,071                                                                                                                                                                            | 8,389      |
|                                                                                                                        |                                                                                                                                                                                   |            |
| Salaries and employee benefits                                                                                         | 15,335                                                                                                                                                                            | 14,643     |
| Net occupancy expense                                                                                                  | 1,974                                                                                                                                                                             | 1,686      |
| Furniture and equipment expense                                                                                        | 2,552                                                                                                                                                                             | 2,398      |
| Data processing expense                                                                                                | 527                                                                                                                                                                               | 442        |
| Pennsylvania shares tax expense                                                                                        | 1,060                                                                                                                                                                             | 995        |
| Intangible amortization                                                                                                | 7                                                                                                                                                                                 | 120        |
| Litigation settlement                                                                                                  | (610)                                                                                                                                                                             | 8,000      |
| Other operating expense                                                                                                | 6,927                                                                                                                                                                             | 7,159      |
|      Total other expenses                                                                          | 27,772                                                                                                                                                                            | 35,443     |
| Income before income taxes                                                                                             | 16,685                                                                                                                                                                            | 8,071      |
| Applicable income taxes                                                                                                | 3,381                                                                                                                                                                             | 433        |
|      Net income                                                                                    | $13,304                                                                                                                                                                           | $7,638     |
|                                                                                                                        |                                                                                                                                                                                   |            |
| Average shares outstanding                                                                                             | 58,707,803                                                                                                                                                                        | 58,142,359 |
| Average shares outstanding assuming dilution                                                                           | 58,938,791                                                                                                                                                                        | 58,484,806 |
|                                                                                                                        |                                                                                                                                                                                   |            |
| ***Per Share Data:***                                                                                                  |                                                                                                                                                                                   |            |
| Basic earnings per share                                                                                               | $0.23                                                                                                                                                                             | $0.13      |
| Diluted earnings per share                                                                                             | $0.23                                                                                                                                                                             | $0.13      |
| Cash dividends per share                                                                                               | $0.155                                                                                                                                                                            | $0.150     |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
| FIRST COMMONWEALTH FINANCIAL CORPORATION                                                                               |                                                                                                                                                                                   |            |
| CONSOLIDATED SELECTED FINANCIAL DATA                                                                                   |                                                                                                                                                                                   |            |
| (Dollar Amounts in Thousands, except per share data)                                                                   |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
| ***Asset Quality Data At  March 31,***                                                                            |                                                                                                                                                                                   |            |
|                                                                                                                        | 2003                                                                                                                                                                              | 2002       |
| Loans on nonaccrual basis                                                                                              | $22,982                                                                                                                                                                           | $24,589    |
| Past due loans                                                                                                         | 13,007                                                                                                                                                                            | 15,594     |
| Renegotiated loans                                                                                                     | 205                                                                                                                                                                               | 827        |
|      Total nonperforming loans                                                                     | $36,194                                                                                                                                                                           | $41,010    |
| Loans outstanding at end of period                                                                                     | $2,649,872                                                                                                                                                                        | $2,587,925 |
| Average loans outstanding(year-to-date)                                                                                | $2,633,040                                                                                                                                                                        | $2,568,911 |
| Allowance for credit losses                                                                                            | $35,321                                                                                                                                                                           | $34,078    |
| Nonperforming loans as percent of total loans                                                                          | 1.37%                                                                                                                                                                             | 1.58%      |
| Net charge-offs(year-to-date)                                                                                          | $2,635                                                                                                                                                                            | $2,996     |
| Net charge-offs as percent of average loans                                                                            | 0.10%                                                                                                                                                                             | 0.12%      |
| Allowance for credit losses as percent of average loans                                                                |                                                                                                                                                                                   |            |
|    outstanding                                                                                               | 1.34%                                                                                                                                                                             | 1.33%      |
| Allowance for  credit losses as percent of nonperforming                                                          |                                                                                                                                                                                   |            |
|    loans                                                                                                     | 97.59%                                                                                                                                                                            | 83.10%     |
| Other real estate owned                                                                                                | $1,862                                                                                                                                                                            | $2,106     |
|                                                                                                                        |                                                                                                                                                                                   |            |
| ***End of Period Data At  March 31,***                                                                            |                                                                                                                                                                                   |            |
|                                                                                                                        | 2003                                                                                                                                                                              | 2002       |
| Assets                                                                                                                 | $4,575,457                                                                                                                                                                        | $4,533,633 |
| Earning assets                                                                                                         | $4,340,376                                                                                                                                                                        | $4,308,255 |
| Securities                                                                                                             | $1,688,623                                                                                                                                                                        | $1,716,901 |
| Loans,net of unearned income                                                                                           | $2,649,872                                                                                                                                                                        | $2,587,925 |
| Total deposits                                                                                                         | $3,147,135                                                                                                                                                                        | $3,104,553 |
|      Non-interest bearing deposits                                                                 | $364,495                                                                                                                                                                          | $373,405   |
|      NOW, Moneymarket & Savings                                                                | $1,175,628                                                                                                                                                                        | $1,098,117 |
|     Time deposits                                                                                       | $1,607,012                                                                                                                                                                        | $1,633,031 |
| Short-term borrowings                                                                                                  | $408,725                                                                                                                                                                          | $341,985   |
| Long-term debt                                                                                                         | $579,230                                                                                                                                                                          | $681,858   |
| Other liabilities                                                                                                      | $33,698                                                                                                                                                                           | $36,989    |
| Shareholders' equity                                                                                                   | $406,668                                                                                                                                                                          | $368,248   |
| Shares outstanding                                                                                                     | 58,997,787                                                                                                                                                                        | 58,633,137 |
| Book value per share                                                                                                   | $6.89                                                                                                                                                                             | $6.28      |
| Market value per share                                                                                                 | $11.65                                                                                                                                                                            | $13.24     |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
| FIRST COMMONWEALTH FINANCIAL CORPORATION                                                                               |                                                                                                                                                                                   |            |
| CONSOLIDATED SELECTED FINANCIAL DATA                                                                                   |                                                                                                                                                                                   |            |
| (Dollar Amounts in Thousands, except per share data)                                                                   |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
| ***Quarter To Date Average Balances At  March 31,***                                                              |                                                                                                                                                                                   |            |
|                                                                                                                        | 2003                                                                                                                                                                              | 2002       |
| Assets                                                                                                                 | $4,529,375                                                                                                                                                                        | $4,540,251 |
| Earning assets                                                                                                         | $4,269,839                                                                                                                                                                        | $4,295,989 |
| Securities                                                                                                             | $1,635,064                                                                                                                                                                        | $1,724,562 |
| Loans,net of unearned income                                                                                           | $2,633,040                                                                                                                                                                        | $2,568,911 |
| Deposits                                                                                                               | $3,065,510                                                                                                                                                                        | $3,085,192 |
| Shareholders' Equity                                                                                                   | $410,180                                                                                                                                                                          | $382,950   |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
| ***Profitability Ratios***                                                                                             |                                                                                                                                                                                   |            |
|                                                                                                                        |                            For the Quarter |
|                                                                                                                        |                          Ended March 31,             |
|                                                                                                                        | 2003                                                                                                                                                                              | 2002       |
| Return on average assets                                                                                               | 1.19%                                                                                                                                                                             | 0.68%      |
| Return on average equity                                                                                               | 13.15%                                                                                                                                                                            | 8.09%      |
| Yield on earning assets (FTE)                                                                                          | 6.16%                                                                                                                                                                             | 6.84%      |
| Total cost of funds                                                                                                    | 2.77%                                                                                                                                                                             | 3.51%      |
| Net interest margin (FTE)                                                                                              | 3.78%                                                                                                                                                                             | 3.82%      |
| Efficiency ratio (FTE) (a)                                                                                             | 54.60%                                                                                                                                                                            | 72.52%     |
| Fully tax equivalent adjustment                                                                                        | $2,946                                                                                                                                                                            | $2,441     |
|                                                                                                                        |                                                                                                                                                                                   |            |
|                                                                                                                        |                                                                                                                                                                                   |            |
| (a) Efficiency ratio is "total other expenses" as a percentage of total revenue.  Totalrevenue                    |
|      consists of "net interest income, on a fully tax-equivalent basis", plus"total other income". |