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Condensed Financial Information Of First Commonwealth Financial Corporation (Parent Company Only) | 12 Months Ended
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Dec. 31, 2011
Condensed Financial Information Of First Commonwealth Financial Corporation (Parent Company Only) [Abstract] |
Condensed Financial Information Of First Commonwealth Financial Corporation (Parent Company Only) | Note 30—Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
Statements of Financial Condition |  | December 31, |
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 6,376 |  |  | $ | 20,871 |
Loans to affiliated parties |  |  | 34 |  |  |  | 39 |
Investment in subsidiaries |  |  | 751,702 |  |  |  | 730,066 |
Investment in unconsolidated subsidiary trusts |  |  | 3,291 |  |  |  | 3,291 |
Investment in jointly-owned company |  |  | 8,007 |  |  |  | 7,883 |
Premises and equipment, net |  |  | 14,196 |  |  |  | 12,225 |
Recievable from subsidiaries |  |  | 2,545 |  |  |  | 2,856 |
Other assets |  |  | 85,833 |  |  |  | 91,924 |
Total assets |  | $ | 871,984 |  |  | $ | 869,155 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 6,091 |  |  | $ | 10,028 |
Loans payable |  |  | 1,600 |  |  |  | 3,600 |
Subordinated debentures payable |  |  | 105,750 |  |  |  | 105,750 |
Shareholders' equity |  |  | 758,543 |  |  |  | 749,777 |
Total liabilities and shareholders' equity |  | $ | 871,984 |  |  | $ | 869,155 |
Statements of Operations |  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (dollars in thousands) |
Interest and dividends |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Dividends from subsidiaries |  |  | 10,321 |  |  |  | 3,190 |  |  |  | 31,048 |
Interest expense |  |  | (5,605 | ) |  |  | (5,658 | ) |  |  | (6,265 | )
Other income |  |  | 30,595 |  |  |  | 28,789 |  |  |  | 29,125 |
Operating expense |  |  | (44,057 | ) |  |  | (42,786 | ) |  |  | (42,916 | )
Income (loss) before taxes and equity in undistributed earnings of subsidiaries |  |  | (8,745 | ) |  |  | (16,464 | ) |  |  | 10,994 |
Applicable income tax benefits |  |  | 6,618 |  |  |  | 6,790 |  |  |  | 7,226 |
Income (loss) before equity in undistributed earnings of subsidiaries |  |  | (2,127 | ) |  |  | (9,674 | ) |  |  | 18,220 |
Equity in undistributed earnings of subsidiaries |  |  | 17,401 |  |  |  | 32,652 |  |  |  | (38,284 | )
Net income (loss) |  | $ | 15,274 |  |  | $ | 22,978 |  |  | $ | (20,064 | )
Statements of Cash Flow |  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (dollars in thousands) |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 15,274 |  |  | $ | 22,978 |  |  | $ | (20,064 | )
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,730 |  |  |  | 3,658 |  |  |  | 3,330 |
Net (gain) loss on sales of assets |  |  | (1,069 | ) |  |  | (3 | ) |  |  | 8 |
Decrease (increase) in prepaid income taxes |  |  | 0 |  |  |  | 23 |  |  |  | (23 | )
Undistributed equity in subsidiaries |  |  | (17,401 | ) |  |  | (32,652 | ) |  |  | 38,285 |
Other net |  |  | 1,649 |  |  |  | 9,029 |  |  |  | (3,819 | )
Net cash provided by operating activities |  |  | 2,183 |  |  |  | 3,033 |  |  |  | 17,717 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Net change in loans to affiliated parties |  |  | 5 |  |  |  | 7 |  |  |  | 8 |
Purchases of premises and equipment |  |  | (5,736 | ) |  |  | (3,026 | ) |  |  | (3,282 | )
Proceeds from sale of other assets |  |  | 1,461 |  |  |  | 15 |  |  |  | (6 | )
Additional investment in subsidiary |  |  | 0 |  |  |  | (70,000 | ) |  |  | 0 |
Net cash used by investing activities |  |  | (4,270 | ) |  |  | (73,004 | ) |  |  | (3,280 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock |  |  | 144 |  |  |  | 83,913 |  |  |  | 0 |
Discount on dividend reinvestment plan purchases |  |  | (63 | ) |  |  | (33 | ) |  |  | (369 | )
Dividends paid |  |  | (12,558 | ) |  |  | (5,306 | ) |  |  | (29,677 | )
Proceeds from reissuance of treasury stock |  |  | 72 |  |  |  | 4,248 |  |  |  | 484 |
Purchase of treasury stock |  |  | (9 | ) |  |  | (9 | ) |  |  | (18 | )
Stock option tax benefit |  |  | 6 |  |  |  | 0 |  |  |  | 149 |
Net cash (used in) provided by financing activities |  |  | (12,408 | ) |  |  | 82,813 |  |  |  | (29,431 | )
Net (decrease) increase in cash |  |  | (14,495 | ) |  |  | 12,842 |  |  |  | (14,994 | )
Cash at beginning of year |  |  | 20,871 |  |  |  | 8,029 |  |  |  | 23,023 |
Cash at end of year |  | $ | 6,376 |  |  | $ | 20,871 |  |  | $ | 8,029 |
Cash dividends declared per common share were $0.12 for 2011, $0.06 for 2010 and $0.18 for 2009. During 2004, the ESOP obtained a $14.0 million line of credit from an unrelated financial institution. The line of credit was used to purchase stock in 2005 for the ESOP and is guaranteed by First Commonwealth. During 2005, $8.5 million was borrowed on the line. There were no borrowings on the line during 2011, 2010 and 2009. The loan was recorded as long-term debt and the offset was recorded as a reduction of common shareholders' equity. Current balance of the ESOP loan is $1.6 million. See Note 24 "Unearned ESOP Shares." We are currently not meeting debt covenants on this loan related to Return on Average Assets and expect to either obtain a waiver or a modification from the lender for these covenants. First Commonwealth Financial Corporation has an unsecured $15.0 million line of credit with another financial institution. There are no amounts outstanding on this line as of December 31, 2011. As of December 31, 2011, we did not meet the debt covenants related to Return on Average Assets but have obtained a waiver from the lender for this covenant for the quarter ended December 31, 2011. Quarterly Summary of Financial Data—Unaudited The unaudited quarterly results of operations for the years ended December 31 are as follows:
|  | 2011 |
|  | Fourth Quarter |  |  | Third Quarter |  |  | Second Quarter |  |  | First Quarter |
|  | (dollars in thousands, except per share data) |
Interest income |  | $ | 56,487 |  |  | $ | 57,600 |  |  | $ | 57,989 |  |  | $ | 59,469 |
Interest expense |  |  | 8,854 |  |  |  | 10,120 |  |  |  | 11,104 |  |  |  | 11,600 |
Net interest income |  |  | 47,633 |  |  |  | 47,480 |  |  |  | 46,885 |  |  |  | 47,869 |
Provision for credit losses |  |  | 25,912 | (a) |  |  | 6,975 |  |  |  | 9,112 |  |  |  | 13,817 |
Net interest income after provision for credit losses |  |  | 21,721 |  |  |  | 40,505 |  |  |  | 37,773 |  |  |  | 34,052 |
Net impairment losses |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Net securities gains |  |  | 0 |  |  |  | 0 |  |  |  | 1,608 |  |  |  | 577 |
Other noninterest income |  |  | 15,478 |  |  |  | 10,799 |  |  |  | 15,456 |  |  |  | 13,751 |
Other expenses |  |  | 48,576 |  |  |  | 41,121 |  |  |  | 45,700 |  |  |  | 41,429 |
(Loss) income before income taxes |  |  | (11,377 | ) |  |  | 10,183 |  |  |  | 9,137 |  |  |  | 6,951 |
Income tax (benefit) provision |  |  | (5,660 | ) |  |  | 1,857 |  |  |  | 1,718 |  |  |  | 1,705 |
Net (loss) income |  | $ | (5,717 | ) |  | $ | 8,326 |  |  | $ | 7,419 |  |  | $ | 5,246 |
Basic (loss) earnings per share |  | $ | (0.05 | ) |  | $ | 0.08 |  |  | $ | 0.07 |  |  | $ | 0.05 |
Diluted (loss) earnings per share |  |  | (0.05 | ) |  |  | 0.08 |  |  |  | 0.07 |  |  |  | 0.05 |
Average shares outstanding |  |  | 104,765,492 |  |  |  | 104,728,915 |  |  |  | 104,686,072 |  |  |  | 104,618,499 |
Average shares outstanding assuming dilution |  |  | 104,765,492 |  |  |  | 104,728,915 |  |  |  | 104,686,072 |  |  |  | 104,623,518 |
(a) | The increase in the provision for credit losses during the fourth quarter can be attributed to revised collateral valuations on nine impaired commercial loan relationships, primarily secured by commercial real estate, the transfer of three loan relationships to held-for-sale and the restructuring of two commercial loans.
|  | 2010 |
|  | Fourth Quarter |  |  | Third Quarter |  |  | Second Quarter |  |  | First Quarter |
|  | (dollars in thousands, except per share data) |
Interest income |  | $ | 63,363 |  |  | $ | 65,982 |  |  | $ | 68,937 |  |  | $ | 70,078 |
Interest expense |  |  | 13,392 |  |  |  | 14,886 |  |  |  | 16,341 |  |  |  | 16,980 |
Net interest income |  |  | 49,971 |  |  |  | 51,096 |  |  |  | 52,596 |  |  |  | 53,098 |
Provision for credit losses |  |  | 8,000 |  |  |  | 4,522 |  |  |  | 4,010 |  |  |  | 45,020 |
Net interest income after provision for credit losses |  |  | 41,971 |  |  |  | 46,574 |  |  |  | 48,586 |  |  |  | 8,078 |
Net impairment losses |  |  | (43 | ) |  |  | (4,290 | ) |  |  | (2,110 | ) |  |  | (2,750 | )
Net securities gains |  |  | 10 |  |  |  | 1,430 |  |  |  | 562 |  |  |  | 420 |
Other noninterest income |  |  | 14,288 |  |  |  | 13,739 |  |  |  | 14,197 |  |  |  | 13,781 |
Other expenses |  |  | 43,378 |  |  |  | 40,931 |  |  |  | 43,678 |  |  |  | 43,239 |
Income (loss) before income taxes |  |  | 12,848 |  |  |  | 16,522 |  |  |  | 17,557 |  |  |  | (23,710 | )
Income tax provision (benefit) |  |  | 903 |  |  |  | 5,863 |  |  |  | 4,015 |  |  |  | (10,542 | )
Net income (loss) |  | $ | 11,945 |  |  | $ | 10,659 |  |  | $ | 13,542 |  |  | $ | (13,168 | )
Basic earnings (loss) per share |  | $ | 0.11 |  |  | $ | 0.11 |  |  | $ | 0.15 |  |  | $ | (0.15 | )
Diluted earnings (loss) per share |  |  | 0.11 |  |  |  | 0.11 |  |  |  | 0.15 |  |  |  | (0.15 | )
Average shares outstanding |  |  | 104,524,923 |  |  |  | 97,199,306 |  |  |  | 85,777,550 |  |  |  | 85,029,748 |
Average shares outstanding assuming dilution |  |  | 104,527,683 |  |  |  | 97,203,753 |  |  |  | 85,788,566 |  |  |  | 85,029,748 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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