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Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) | 12 Months Ended
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Dec. 31, 2012
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, |
|  | 2012 |  |  | 2011 |
|  | (dollars in thousands) |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 19,493 |  |  | $ | 6,376 |
Loans to affiliated parties |  |  | 30 |  |  |  | 34 |
Investment in subsidiaries |  |  | 736,165 |  |  |  | 751,702 |
Investment in unconsolidated subsidiary trusts |  |  | 3,291 |  |  |  | 3,291 |
Investment in jointly-owned company |  |  | 8,347 |  |  |  | 8,007 |
Premises and equipment, net |  |  | 9,347 |  |  |  | 14,196 |
Recievable from subsidiaries |  |  | 1,583 |  |  |  | 2,545 |
Dividends receivable |  |  | 1,205 |  |  |  | 0 |
Other assets |  |  | 76,715 |  |  |  | 85,833 |
Total assets |  | $ | 856,176 |  |  | $ | 871,984 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 4,419 |  |  | $ | 6,091 |
Loans payable |  |  | 0 |  |  |  | 1,600 |
Subordinated debentures payable |  |  | 105,750 |  |  |  | 105,750 |
Shareholders’ equity |  |  | 746,007 |  |  |  | 758,543 |
Total liabilities and shareholders’ equity |  | $ | 856,176 |  |  | $ | 871,984 |
Statements of Operations |  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Interest and dividends |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Dividends from subsidiaries |  |  | 64,342 |  |  |  | 10,321 |  |  |  | 3,190 |
Interest expense |  |  | (5,711 | ) |  |  | (5,605 | ) |  |  | (5,658 | )
Other income |  |  | 12,581 |  |  |  | 30,595 |  |  |  | 28,789 |
Operating expense |  |  | (19,061 | ) |  |  | (44,057 | ) |  |  | (42,786 | )
Income (loss) before taxes and equity in undistributed earnings of subsidiaries |  |  | 52,152 |  |  |  | (8,745 | ) |  |  | (16,464 | )
Applicable income tax benefits |  |  | 4,364 |  |  |  | 6,618 |  |  |  | 6,790 |
Income (loss) before equity in undistributed earnings of subsidiaries |  |  | 56,516 |  |  |  | (2,127 | ) |  |  | (9,674 | )
Equity in undistributed (loss) earnings of subsidiaries |  |  | (14,562 | ) |  |  | 17,401 |  |  |  | 32,652 |
Net income |  | $ | 41,954 |  |  | $ | 15,274 |  |  | $ | 22,978 |
Statements of Cash Flow |  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 41,954 |  |  | $ | 15,274 |  |  | $ | 22,978 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,719 |  |  |  | 3,730 |  |  |  | 3,658 |
Net gain on sales of assets |  |  | (107 | ) |  |  | (1,069 | ) |  |  | (3 | )
(Increase) decrease in prepaid income taxes |  |  | (3,044 | ) |  |  | 0 |  |  |  | 23 |
Undistributed equity in subsidiaries |  |  | 14,562 |  |  |  | (17,401 | ) |  |  | (32,652 | )
Other net |  |  | 8,789 |  |  |  | 1,649 |  |  |  | 9,029 |
Net cash provided by operating activities |  |  | 65,873 |  |  |  | 2,183 |  |  |  | 3,033 |
Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Net change in loans to affiliated parties |  |  | 4 |  |  |  | 5 |  |  |  | 7 |
Purchases of premises and equipment |  |  | (3,005 | ) |  |  | (5,736 | ) |  |  | (3,026 | )
Proceeds from sale of other assets |  |  | 4,309 |  |  |  | 1,461 |  |  |  | 15 |
Additional investment in subsidiary |  |  | 0 |  |  |  | 0 |  |  |  | (70,000 | )
Net cash provided by (used in) investing activities |  |  | 1,308 |  |  |  | (4,270 | ) |  |  | (73,004 | )
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock |  |  | 0 |  |  |  | 144 |  |  |  | 83,913 |
Discount on dividend reinvestment plan purchases |  |  | (92 | ) |  |  | (63 | ) |  |  | (33 | )
Dividends paid |  |  | (18,759 | ) |  |  | (12,558 | ) |  |  | (5,306 | )
Proceeds from reissuance of treasury stock |  |  | 1,028 |  |  |  | 72 |  |  |  | 4,248 |
Purchase of treasury stock |  |  | (36,242 | ) |  |  | (9 | ) |  |  | (9 | )
Stock option tax benefit |  |  | 1 |  |  |  | 6 |  |  |  | 0 |
Net cash (used in) provided by financing activities |  |  | (54,064 | ) |  |  | (12,408 | ) |  |  | 82,813 |
Net increase (decrease) in cash |  |  | 13,117 |  |  |  | (14,495 | ) |  |  | 12,842 |
Cash at beginning of year |  |  | 6,376 |  |  |  | 20,871 |  |  |  | 8,029 |
Cash at end of year |  | $ | 19,493 |  |  | $ | 6,376 |  |  | $ | 20,871 |
Cash dividends declared per common share were $0.18 for 2012, $0.12 for 2011 and $0.6 for 2010. 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 2012, 2011 and 2010. The loan was recorded as long-term debt and the offset was recorded as a reduction of common shareholders’ equity. The final payment on the ESOP was made in November 2012 eliminating the outstanding debt. See Note 24 “Unearned ESOP Shares.” 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, 2012. As of December 31, 2012, we are in compliance with all debt covenants related to the line of credit.

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