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Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
 12 Months Ended
Dec. 31, 2017
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,
 
2017
 
2016
 
(dollars in thousands)
Assets
 
 
 
Cash
$
16,432

 
$
30,387

Loans
17

 
19

Investment in subsidiaries
927,765

 
770,214

Investment in unconsolidated subsidiary trusts
2,186

 
2,185

Investment in jointly-owned company
9,191

 
9,042

Premises and equipment, net
3,715

 
3,793

Receivable from subsidiaries
—

 
33

Dividends receivable from subsidiaries
—

 
4,662

Other assets
4,996

 
2,453

Total assets
$
964,302

 
$
822,788

Liabilities and Shareholders’ Equity
 
 
 
Accrued expenses and other liabilities
$
4,008

 
$
692

Subordinated debentures payable
72,167

 
72,167

Shareholders’ equity
888,127

 
749,929

Total liabilities and shareholders’ equity
$
964,302

 
$
822,788


Statements of Income
For the years ended December 31,
 
2017
 
2016
 
2015
 
(dollars in thousands)
Interest and dividends
$
1

 
$
1

 
$
1

Dividends from subsidiaries
52,586

 
55,510

 
49,917

Interest expense
(3,000
)
 
(2,635
)
 
(2,357
)
Other income
17

 
83

 
232

Operating expense
(4,767
)
 
(4,700
)
 
(4,989
)
Income (loss) before taxes and equity in undistributed (loss) earnings of subsidiaries
44,837

 
48,259

 
42,804

Applicable income tax benefits
2,557

 
2,515

 
2,528

Income before equity in undistributed (loss) earnings of subsidiaries
47,394

 
50,774

 
45,332

Equity in undistributed earnings (loss) of subsidiaries
7,771

 
8,816

 
4,811

Net income
$
55,165

 
$
59,590

 
$
50,143


 
For the years ended December 31,
Statements of Cash Flow
2017
 
2016
 
2015
 
(dollars in thousands)
Operating Activities
 
 
 
 
 
Net income
$
55,165

 
$
59,590

 
$
50,143

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
322

 
355

 
493

Net (gains) losses on sales of assets
(3
)
 
—

 
240

(Increase) decrease in prepaid income taxes
(550
)
 
7,380

 
(6,993
)
Undistributed equity in subsidiaries
(7,771
)
 
(8,816
)
 
(4,811
)
Other net
8,767

 
7,759

 
10,753

Net cash provided by operating activities
55,930

 
66,268

 
49,825

Investing Activities
 
 
 
 
 
Net change in loans
2

 
3

 
2

Purchases of premises and equipment
(207
)
 
—

 
54

Proceeds from sale of other assets
3

 
(332
)
 
—

Proceeds from dissolution of subsidiary
0

 
27,017

 
—

Acquisition of affiliate, net of cash received
(250
)
 
—

 
—

Investment in subsidiaries
(37,690
)
 
(47,017
)
 
—

Net cash (used in) provided by investing activities
(38,142
)
 
(20,329
)
 
56

Financing Activities
 
 
 
 
 
Dividends paid
(30,513
)
 
(24,907
)
 
(25,089
)
Proceeds from reissuance of treasury stock
228

 
216

 
192

Purchase of treasury stock
(1,458
)
 
(864
)
 
(25,383
)
Net cash used in financing activities
(31,743
)
 
(25,555
)
 
(50,280
)
Net (decrease) increase in cash
(13,955
)
 
20,384

 
(399
)
Cash at beginning of year
30,387

 
10,003

 
10,402

Cash at end of year
$
16,432

 
$
30,387

 
$
10,003


Cash dividends declared per common share were $0.32 for 2017 and $0.28 in 2016 and 2015.
First Commonwealth Financial Corporation has an unsecured $15.0 million line of credit with another financial institution. As of December 31, 2017, there are no amounts outstanding on this line and we are in compliance with all debt covenants related
to the line of credit.