FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES NOTESTO CONSOLIDATED FINANCIAL STATEMENTS (Dollar Amounts in Thousands) NOTE 8— Securities Available For Sale Below is an analysis of the amortized cost and approximate fair values of securities available for sale 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 U.S. Treasury Securities $ 24,301 $ 18 $ -0-  $ 24,319 $ 3,509 $ 87 $ -0-  $ 3,596 Obligations of U.S. Government  Corporation and Agencies: Mortgage Backed Securities 1,210,347  12,702  (8,298)  1,214,751 870,777  24,623  (39)  895,361 Other  Other 252,243  803  (1,008)  252,038 101,464  1,324  -0- 102,788 Obligations of States and  Political Subdivisions 156,790  4,650  (99)  161,341 115,936  2,800  (107)  118,629 Debt Securities Issued  by Foreign Governments 50  -0-  -0-  50 75  -0-  -0-  75 Corporate Securities 204,843  8,607  (216)  213,234 235,460  9,000  (472)  243,988 Other Mortgage Backed Securities  4,178 36   -0-   4,214  51,388   958   -0-   52,346 Total Debt Securities 1,852,752  26,816  (9,621)  1,869,947 1,378,609  38,792  (618)  1,416,783 Equities   93,103   6,126   -0-   99,229  64,392   2,978  (1,382)   65,988 Total Securities Available for Sale $1,945,855 $ 32,942 $ (9,621) $ 1,969,176 $ 1,443,001 $ 41,770 $ (2,000) $ 1,482,771 Amortized  Approximate  Cost Fair Value Due within 1 year $ 52,829 $ 53,199 Due after 1 but within 5 years 286,636 286,529 Due after 5 but within 10 years 15,600 16,212 Due after 10 years 283,162 295,042 638,227 650,982 Mortgage Backed Securities 1,214,525 1,218,965 Total Debt Securities $1,852,752 $ 1,869,947 contractual maturities because borrowers may have the right  to call or repay obligations with or without call or prepayment  penalties. Mortgage backed securities include mortgage backed  obligations of U.S. Government agencies and corporations,  mortgage backed securities issued by other organizations  and other asset backed securities. These obligations have  contractual maturities ranging from less than one year to  30 years and have an anticipated average life to maturity  ranging from less than one year to approximately 19 years. All  mortgage backed securities contain a certain amount of risk  related to the uncertainty of prepayments of the underlying  mortgages. Interest rate changes have a direct impact upon  prepayment speeds, therefore the Corporation uses computer  simulation models to test the average life and yield volatility  of all mortgage backed securities under various interest rate  scenarios to insure that volatility falls within acceptable limits.  At December 31, 2003 and 2002, the Corporation owned no  high risk mortgage backed securities as defined by the Federal  Financial Institutions Examination Council’s Supervisory  Policy Statement on Securities Activities. Proceeds from the sales of securities available for sale were  $62,941, $15,328 and $85,737 during 2003, 2002 and 2001,  respectively. Gross gains of $5,709, $609 and $3,419 and  gross losses of $-0-, $-0- and $224 were realized on those  sales during 2003, 2002 and 2001, respectively. Securities available for sale with an approximate fair value of  $949,602 and $712,827 were pledged at December 31, 2003  and 2002, respectively, to secure public deposits and for other  purposes required or permitted by law. 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  27