FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTESTO CONSOLIDATED FINANCIAL STATEMENTS (Dollar Amounts in Thousands) NOTE 9— Securities Held to Maturity Below is an analysis of the amortized cost and approximate fair values of debt securities held to maturity at December 31, 2003  and 2002: 2003 2002 Gross Gross Approximate Gross Gross Approximate Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Obligation of U.S. Government  Corporation and Agencies: Mortgage Backed Securities $ 8,143 $ 444 $ -0- $ 8,587 $ 63,535 $ 1,713 $ -0- $ 65,248 Other 10,000  366  -0-  10,366 15,000  934  -0-  15,934 Obligations of States and  Political Subdivisions 76,716  4,322  -0-  81,038 96,869  3,685  -0-  100,554 Debt Securities Issued By  Foreign Governments  408  -0-  -0-  408 408  -0-  -0-  408 Corporate Securities  8,987   223  -0-   9,210  22,026   725  (8)   22,743 Total Securities Held to Maturity $ 104,254 $ 5,355 $ -0- $ 109,609 $ 197,838 $ 7,057 $ (8) $ 204,887 The amortized cost and estimated market value of debt  securities at December 31, 2003, by contractual maturity,  are shown below. Expected maturities will differ from  contractual maturities because borrowers may have the  right to call or repay obligations with or without call or  prepayment penalties. Amortized  Approximate  Cost Fair Value Due within 1 year $ 23,025 $ 23,646 Due after 1 but within 5 years 13,734 14,465 Due after 5 but within 10 years 29,362 31,683 Due after 10 years 29,990 31,228 96,111 101,022 Mortgage Backed Securities 8,143 8,587 Total Debt Securities $ 104,254 $ 109,609 There were no sales of securities held to maturity in 2003,  2002 or 2001. Securities held to maturity with an amortized cost of $98,173  and $149,119 were pledged at December 31, 2003 and 2002,  respectively, to secure public deposits and for other purposes  required or permitted by law. NOTE 10— Other Than Temporary Impairment of Investments The following table presents the gross unrealized losses and  fair values at December 31, 2003 by investment category and  time frame for which the loss has been outstanding: There were no unrealized losses in the investment portfolio  that were outstanding for twelve months or more. In addition,  there were no unrealized losses on equity securities. Management does not believe any individual unrealized loss  as of December 31, 2003 represents an other-than-temporary  impairment. The unrealized losses are primarily attributed to  changes in interest rates. Finally, the Corporation has both  the intent and the ability to hold the securities contained  in the previous table for a time necessary to recover the  amortized cost. Less Than 12 Months Unrealized  Description of Securities Fair Value  Losses  U.S. Treasury Obligations $  -0- $ -0-  U.S. Government  Agency Obligations  101,423 (1,008) U.S. Government Agency  CMO and MBS  687,974 (8,298) Corporate Securities  21,448 (216) Municipal Securities  10,286 (99) Total Securities  $  821,131 $ (9,621) 28