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Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Statements of Financial Condition |
Statements of Financial Condition | December 31,
| 2019 |  | 2018
| (dollars in thousands)
Assets |  |  |
Cash | $ | 22,889 |  |  | $ | 21,466 |
Loans | 13 |  |  | 14 |
Investment in subsidiaries | 1,086,844 |  |  | 1,014,685 |
Investment in unconsolidated subsidiary trusts | 2,190 |  |  | 2,192 |
Investment in jointly-owned company | 306 |  |  | 280 |
Premises and equipment, net | 3,801 |  |  | 3,519 |
Receivable from subsidiaries | 4,750 |  |  | — |
Dividends receivable from subsidiaries | 5,097 |  |  | 5,444 |
Other assets | 6,924 |  |  | 5,402 |
Total assets | $ | 1,132,814 |  |  | $ | 1,053,002 |
Liabilities and Shareholders’ Equity |  |  |
Accrued expenses and other liabilities | $ | 4,983 |  |  | $ | 5,446 |
Subordinated debentures payable | 72,167 |  |  | 72,167 |
Shareholders’ equity | 1,055,664 |  |  | 975,389 |
Total liabilities and shareholders’ equity | $ | 1,132,814 |  |  | $ | 1,053,002 |
Statements of Operations |
Statements of Income | For the years ended December 31,
| 2019 |  | 2018 |  | 2017
| (dollars in thousands)
Interest and dividends | $ | 8 |  |  | $ | 1 |  |  | $ | 1 |
Dividends from subsidiaries | 55,964 |  |  | 81,851 |  |  | 52,586 |
Interest expense | (3,735 | ) |  | (3,722 | ) |  | (3,000 | )
Other income | 6 |  |  | 14 |  |  | 17 |
Operating expense | (4,525 | ) |  | (4,047 | ) |  | (4,767 | )
Income before taxes and equity in undistributed earnings of subsidiaries | 47,718 |  |  | 74,097 |  |  | 44,837 |
Applicable income tax benefits | 1,720 |  |  | 1,324 |  |  | 2,557 |
Income before equity in undistributed earnings of subsidiaries | 49,438 |  |  | 75,421 |  |  | 47,394 |
Equity in undistributed earnings of subsidiaries | 55,895 |  |  | 32,077 |  |  | 7,771 |
Net income | $ | 105,333 |  |  | $ | 107,498 |  |  | $ | 55,165 |
Statements of Cash Flow |
| For the years ended December 31,
Statements of Cash Flow | 2019 |  | 2018 |  | 2017
| (dollars in thousands)
Operating Activities |  |  |  |  |
Net income | $ | 105,333 |  |  | $ | 107,498 |  |  | $ | 55,165 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 340 |  |  | 320 |  |  | 322 |
Net gains on sales of assets | (2 | ) |  | (7 | ) |  | (3 | )
Decrease (increase) in prepaid income taxes | 629 |  |  | 37 |  |  | (550 | )
Undistributed equity in subsidiaries | (55,895 | ) |  | (32,077 | ) |  | (7,771 | )
Distribution from unconsolidated subsidiary | — |  |  | 9,000 |  |  | — |
Other net | (2,957 | ) |  | (1,628 | ) |  | 8,767 |
Net cash provided by operating activities | 47,448 |  |  | 83,143 |  |  | 55,930 |
Investing Activities |  |  |  |  |
Net change in loans | 1 |  |  | 3 |  |  | 2 |
Purchases of premises and equipment | (586 | ) |  | (87 | ) |  | (207 | )
Proceeds from sale of other assets | 2 |  |  | 7 |  |  | 3 |
Acquisition of affiliate, net of cash received | 0 |  |  | — |  |  | (250 | )
Investment in subsidiaries | 0 |  |  | (17,202 | ) |  | (37,690 | )
Net cash used in by investing activities | (583 | ) |  | (17,279 | ) |  | (38,142 | )
Financing Activities |  |  |  |  |
Dividends paid | (39,394 | ) |  | (34,849 | ) |  | (30,513 | )
Proceeds from reissuance of treasury stock | 211 |  |  | 208 |  |  | 228 |
Purchase of treasury stock | (6,259 | ) |  | (26,189 | ) |  | (1,458 | )
Net cash used in financing activities | (45,442 | ) |  | (60,830 | ) |  | (31,743 | )
Net increase (decrease) in cash | 1,423 |  |  | 5,034 |  |  | (13,955 | )
Cash at beginning of year | 21,466 |  |  | 16,432 |  |  | 30,387 |
Cash at end of year | $ | 22,889 |  |  | $ | 21,466 |  |  | $ | 16,432 |

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