Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) (Tables)

12 Months Ended

Dec. 31, 2015



Statements of Financial Condition	December 31,
	2015		2014
	(dollars in thousands)
Assets
Cash	$	10,003	$	10,402
Loans	22		24
Investment in subsidiaries	719,073		712,610
Investment in unconsolidated subsidiary trusts	2,182		2,182
Investment in jointly-owned company	8,978		8,749
Premises and equipment, net	3,780		4,287
Receivable from subsidiaries	441		—
Dividends receivable from subsidiaries	714		—
Other assets	47,631		50,988
Total assets	$	792,824	$	789,242
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities	$	1,111	$	930
Subordinated debentures payable	72,167		72,167
Shareholders’ equity	719,546		716,145
Total liabilities and shareholders’ equity	$	792,824	$	789,242



Statements of Income	For the years ended December 31,
	2015			2014			2013
	(dollars in thousands)
Interest and dividends	$	1		$	1		$	1
Dividends from subsidiaries	49,917			49,207			65,140
Interest expense	(2,357		)	(2,335		)	(3,128		)
Other income	232			1,251			2,653
Operating expense	(4,989		)	(6,766		)	(8,820		)
Income (loss) before taxes and equity in undistributed (loss) earnings of subsidiaries	42,804			41,358			55,846
Applicable income tax benefits	2,528			2,968			3,384
Income before equity in undistributed (loss) earnings of subsidiaries	45,332			44,326			59,230
Equity in undistributed earnings (loss) of subsidiaries	4,811			127			(17,748		)
Net income	$	50,143		$	44,453		$	41,482



	For the years ended December 31,
Statements of Cash Flow	2015			2014			2013
	(dollars in thousands)
Operating Activities
Net income	$	50,143		$	44,453		$	41,482
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	493			2,150			3,030
Net gain (loss) on sales of assets	240			—			17
(Increase) decrease in prepaid income taxes	(6,993		)	(487		)	3,044
Undistributed equity in subsidiaries	(4,811		)	(127		)	17,748
Other net	10,753			13,077			12,964
Net cash provided by operating activities	49,825			59,066			78,285
Investing Activities
Net change in loans	2			3			4
Purchases of premises and equipment	54			(47		)	(123		)
Proceeds from sale of other assets	—			13			1,132
Net cash (used in) provided by investing activities	56			(31		)	1,013
Financing Activities
Repayments of subordinated debenture	—			—			(34,702		)
Discount on dividend reinvestment plan purchases	—			(65		)	(112		)
Dividends paid	(25,089		)	(26,174		)	(22,344		)
Proceeds from reissuance of treasury stock	192			192			176
Purchase of treasury stock	(25,383		)	(30,956		)	(33,439		)
Net cash used in financing activities	(50,280		)	(57,003		)	(90,421		)
Net increase (decrease) in cash	(399		)	2,032			(11,123		)
Cash at beginning of year	10,402			8,370			19,493
Cash at end of year	$	10,003		$	10,402		$	8,370