FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES 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. 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. 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:  2003   2002 Weighted average  Weighted average Weighted average Weighted average Amount contractual rate   effective rate Amount contractual rate   effective rate ESOP loan due December 2005 $ 1,994 LIBOR +1% LIBOR +1% $ 3,055 LIBOR +1% LIBOR +1% ESOP loan due March 2006 620 8.50% 8.50% -0-  Repos due: 2008 22,522 5.51% 2.46% -0-  Borrowings from FHLB due: 2004 19,271 5.81% 1.38% -0-  2005 8,555 5.46% 2.05% 2006 6,104 6.01% 2.67% -0-  2007 21,319 5.20% 4.08% 5,000 6.94% 6.94% 2008 438,413 5.39% 5.26% 415,000 5.38% 5.38% 2009 11,557 6.49% 3.52% -0-  2010 140,025 5.70% 4.47% 80,000 5.14% 5.14% 2011 5,895 5.68% 5.68% 6,525 5.68% 5.68% 2014 17,964 5.40% 4.64% 10,000 5.40% 5.40% 2016 1,748 5.65% 5.65% 1,844 5.65% 5.65% 2017 6,271 6.17% 6.17% 6,542 6.17% 6.17% 2019 7,789 5.72% 5.72% 8,091 5.72% 5.72% 2020 817 7.37% 7.37% 842 7.37% 7.37% 2022  7,804 5.90% 5.90%  8,035 5.90% 5.90% $ 718,668 $ 544,934  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: 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,  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 2004 2005 2006 2007 2008 Thereafter Long-term debt  payments $23,629 $ 12,981 $ 9,547 $19,607 $459,279 $175,658 Purchase  valuation  amortization $ 3,920 $ 3,243 $ 3,096 $ 2,835 $ 2,201 $ 2,672 32