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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, 2020
Condensed Financial Information Disclosure [Abstract] |
Statements of Financial Condition |
Statements of Financial Condition | December 31,
| 2020 |  | 2019
| (dollars in thousands)
Assets |  |  |
Cash | $ | 34,427 |  |  | $ | 22,889 |
Loans | 11 |  |  | 13 |
Investment in subsidiaries | 1,108,801 |  |  | 1,086,844 |
Investment in unconsolidated subsidiary trusts | 2,182 |  |  | 2,190 |
Investment in jointly-owned company | 338 |  |  | 306 |
Premises and equipment, net | 3,476 |  |  | 3,801 |
Receivable from subsidiaries | — |  |  | 4,750 |
Dividends receivable from subsidiaries | 3,038 |  |  | 5,097 |
Other assets | 7,307 |  |  | 6,924 |
Total assets | $ | 1,159,580 |  |  | $ | 1,132,814 |
Liabilities and Shareholders’ Equity |  |  |
Accrued expenses and other liabilities | $ | 18,796 |  |  | $ | 4,983 |
Subordinated debentures payable | 72,167 |  |  | 72,167 |
Shareholders’ equity | 1,068,617 |  |  | 1,055,664 |
Total liabilities and shareholders’ equity | $ | 1,159,580 |  |  | $ | 1,132,814 |
Statements of Operations |
Statements of Income | For the years ended December 31,
| 2020 |  | 2019 |  | 2018
| (dollars in thousands)
Interest and dividends | $ | 8 |  |  | $ | 8 |  |  | $ | 1 |
Dividends from subsidiaries | 61,708 |  |  | 55,964 |  |  | 81,851 |
Interest expense | (3,229) |  |  | (3,735) |  |  | (3,722) |
Other income | 3 |  |  | 6 |  |  | 14 |
Operating expense | (4,687) |  |  | (4,525) |  |  | (4,047) |
Income before taxes and equity in undistributed earnings of subsidiaries | 53,803 |  |  | 47,718 |  |  | 74,097 |
Applicable income tax benefits | 1,648 |  |  | 1,720 |  |  | 1,324 |
Income before equity in undistributed earnings of subsidiaries | 55,451 |  |  | 49,438 |  |  | 75,421 |
Equity in undistributed earnings of subsidiaries | 17,996 |  |  | 55,895 |  |  | 32,077 |
Net income | $ | 73,447 |  |  | $ | 105,333 |  |  | $ | 107,498 |
Statements of Cash Flow |
| For the years ended December 31,
Statements of Cash Flow | 2020 |  | 2019 |  | 2018
| (dollars in thousands)
Operating Activities |  |  |  |  |
Net income | $ | 73,447 |  |  | $ | 105,333 |  |  | $ | 107,498 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 383 |  |  | 340 |  |  | 320 |
Net gains on sales of assets | — |  |  | (2) |  |  | (7) |
Decrease (increase) in prepaid income taxes | (317) |  |  | 629 |  |  | 37 |
Undistributed equity in subsidiaries | (17,996) |  |  | (55,895) |  |  | (32,077) |
Distribution from unconsolidated subsidiary | — |  |  | — |  |  | 9,000 |
Other net | 19,705 |  |  | (2,957) |  |  | (1,628) |
Net cash provided by operating activities | 75,222 |  |  | 47,448 |  |  | 83,143 |
Investing Activities |  |  |  |  |
Net change in loans | 1 |  |  | 1 |  |  | 3 |
Purchases of premises and equipment | (20) |  |  | (586) |  |  | (87) |
Proceeds from sale of other assets | — |  |  | 2 |  |  | 7 |
Investment in subsidiaries | — |  |  | — |  |  | (17,202) |
Net cash used in by investing activities | (19) |  |  | (583) |  |  | (17,279) |
Financing Activities |  |  |  |  |
Dividends paid | (42,982) |  |  | (39,394) |  |  | (34,849) |
Proceeds from reissuance of treasury stock | 222 |  |  | 211 |  |  | 208 |
Purchase of treasury stock | (20,905) |  |  | (6,259) |  |  | (26,189) |
Net cash used in financing activities | (63,665) |  |  | (45,442) |  |  | (60,830) |
Net increase (decrease) in cash | 11,538 |  |  | 1,423 |  |  | 5,034 |
Cash at beginning of year | 22,889 |  |  | 21,466 |  |  | 16,432 |
Cash at end of year | $ | 34,427 |  |  | $ | 22,889 |  |  | $ | 21,466 |

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