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Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
 12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
Statements of Financial Condition
December 31,
 
2013
 
2012
 
(dollars in thousands)
Assets
 
 
 
Cash
$
8,370

 
$
19,493

Loans
27

 
30

Investment in subsidiaries
696,438

 
736,165

Investment in unconsolidated subsidiary trusts
2,182

 
3,291

Investment in jointly-owned company
8,559

 
8,347

Premises and equipment, net
6,376

 
9,347

Receivable from subsidiaries
267

 
1,583

Dividends receivable from subsidiaries
1,319

 
1,205

Other assets
62,633

 
76,715

Total assets
$
786,171

 
$
856,176

Liabilities and Shareholders’ Equity
 
 
 
Accrued expenses and other liabilities
$
2,307

 
$
4,419

Subordinated debentures payable
72,167

 
105,750

Shareholders’ equity
711,697

 
746,007

Total liabilities and shareholders’ equity
$
786,171

 
$
856,176


Statements of Income
For the years ended December 31,
 
2013
 
2012
 
2011
 
(dollars in thousands)
Interest and dividends
$
1

 
$
1

 
$
1

Dividends from subsidiaries
65,140

 
64,342

 
10,321

Interest expense
(3,128
)
 
(5,711
)
 
(5,605
)
Other income
2,653

 
12,581

 
30,595

Operating expense
(8,820
)
 
(19,061
)
 
(44,057
)
Income (loss) before taxes and equity in undistributed (loss) earnings of subsidiaries
55,846

 
52,152

 
(8,745
)
Applicable income tax benefits
3,384

 
4,364

 
6,618

Income (loss) before equity in undistributed (loss) earnings of subsidiaries
59,230

 
56,516

 
(2,127
)
Equity in undistributed (loss) earnings of subsidiaries
(17,748
)
 
(14,562
)
 
17,401

Net income
$
41,482

 
$
41,954

 
$
15,274


 
For the years ended December 31,
Statements of Cash Flow
2013
 
2012
 
2011
 
(dollars in thousands)
Operating Activities
 
 
 
 
 
Net income
$
41,482

 
$
41,954

 
$
15,274

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
3,030

 
3,719

 
3,730

Net gain (loss) on sales of assets
17

 
(107
)
 
(1,069
)
Decrease (increase) in prepaid income taxes
3,044

 
(3,044
)
 
—

Undistributed equity in subsidiaries
17,748

 
14,562

 
(17,401
)
Other net
12,964

 
8,789

 
1,649

Net cash provided by operating activities
78,285

 
65,873

 
2,183

Investing Activities
 
 
 
 
 
Net change in loans
4

 
4

 
5

Purchases of premises and equipment
(123
)
 
(3,005
)
 
(5,736
)
Proceeds from sale of other assets
1,132

 
4,309

 
1,461

Net cash provided by (used in) investing activities
1,013

 
1,308

 
(4,270
)
Financing Activities
 
 
 
 
 
Repayments of subordinated debenture
(34,702
)
 
—

 
—

Proceeds from issuance of common stock
—

 
—

 
144

Discount on dividend reinvestment plan purchases
(112
)
 
(92
)
 
(63
)
Dividends paid
(22,344
)
 
(18,759
)
 
(12,558
)
Proceeds from reissuance of treasury stock
176

 
1,028

 
72

Purchase of treasury stock
(33,439
)
 
(36,242
)
 
(9
)
Stock option tax benefit
—

 
1

 
6

Net cash used in financing activities
(90,421
)
 
(54,064
)
 
(12,408
)
Net (decrease) increase in cash
(11,123
)
 
13,117

 
(14,495
)
Cash at beginning of year
19,493

 
6,376

 
20,871

Cash at end of year
$
8,370

 
$
19,493

 
$
6,376


Cash dividends declared per common share were $0.23 for 2013, $0.18 for 2012 and $0.12 for 2011.
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 was guaranteed by First Commonwealth. During 2005, $8.5 million was borrowed on the line. There were no additional borrowings on the line during 2013, 2012 and 2011. 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 22 “Unearned ESOP Shares.”
First Commonwealth Financial Corporation has an unsecured $15.0 million line of credit with another financial institution. As of December 31, 2013, there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit.