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## NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 

(Dollar Amounts in Thousands) 

## NOTE 17— Capital Securities and Subordinated Debentures (continued) 

Subordinated debentures outstanding at December 31, 2003 also include $8,292 previously issued by PFC to Pittsburgh Home Capital Trust I. These debentures were assumed by the Corporation when it acquired PFC in December 2003, and have since been called and paid by the Corporation in January 2004. 

The subordinated debentures issued to First Commonwealth Capital Trust I have the same economic terms as the capital securities issued by the trust. The trust will redeem all of the 

## NOTE 18— Other Long-term Debt 

Other long-term debt at December 31 follows: 

outstanding capital securities when the debentures are paid at maturity. Subject to regulatory approvals, the Corporation may redeem the debentures, in whole or in part, at any time on or after September 1, 2009 at a redemption price equal to 104.75% of the principal amount of the debentures on September 1, 2009, declining ratably on each September 1 thereafter to 100% on September 1, 2019, plus accrued and unpaid interest to the date of the redemption. The Corporation may also redeem the debentures prior to September 1, 2009, upon the occurrence of certain tax or bank regulatory events, subject to regulatory approval. 

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The weighted-average effective rates of long-term debt in the schedule above include the effects of the purchase accounting valuation adjustments that were recorded for the acquisition that was discussed in NOTE 5. 

All Federal Home Loan Bank stock, along with an interest in unspecified mortgage loans and mortgage-backed securities, with an aggregate statutory value equal to the amount of the above advances, have been pledged as collateral with the Federal Home Loan Bank of Pittsburgh. 

Capital securities included in total long-term debt on the Consolidated Balance Sheets are excluded from this NOTE, but are described in NOTE 17. 

Scheduled loan payments for other long-term debt are summarized as follows: 

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The amounts on the purchase valuation amortization row in the table above include fair market adjustments from the business combination, which is described in NOTE 5. 

## NOTE 19— Common Share Commitments 

At December 31, 2003 and 2002, the Corporation had 100,000,000 common shares authorized. 63,704,445 shares were issued at December 31, 2003, and 62,525,408 shares were issued at December 31, 2002. Issued shares were reduced by 2,992,425 shares of treasury stock at December 31, 2003 and 3,562,869 shares of treasury stock at December 31, 

