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Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information 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,
| 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 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 |
| 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 |
Cash dividends declared per common share were $0.40 for 2019, $0.35 in 2018 and $0.32 in 2017. First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2019, there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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