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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, 2021
Condensed Financial Information Disclosure [Abstract] |
Statements of Financial Condition |
Statements of Financial Condition | December 31,
| 2021 |  | 2020
| (dollars in thousands)
Assets |  |  |
Cash | $ | 11,649 |  |  | $ | 34,427 |
Loans | 9 |  |  | 11 |
Investment in subsidiaries | 1,152,580 |  |  | 1,108,801 |
Investment in unconsolidated subsidiary trusts | 2,181 |  |  | 2,182 |
Investment in jointly-owned company | 357 |  |  | 338 |
Premises and equipment, net | 3,244 |  |  | 3,476 |
Dividends receivable from subsidiaries | 7,762 |  |  | 3,038 |
Other assets | 8,212 |  |  | 7,307 |
Total assets | $ | 1,185,994 |  |  | $ | 1,159,580 |
Liabilities and Shareholders’ Equity |  |  |
Accrued expenses and other liabilities | $ | 4,455 |  |  | $ | 18,796 |
Subordinated debentures payable | 72,167 |  |  | 72,167 |
Shareholders’ equity | 1,109,372 |  |  | 1,068,617 |
Total liabilities and shareholders’ equity | $ | 1,185,994 |  |  | $ | 1,159,580 |
Statements of Operations |
Statements of Income | For the years ended December 31,
| 2021 |  | 2020 |  | 2019
| (dollars in thousands)
Interest and dividends | $ | 4 |  |  | $ | 8 |  |  | $ | 8 |
Dividends from subsidiaries | 72,202 |  |  | 61,708 |  |  | 55,964 |
Interest expense | (3,205) |  |  | (3,229) |  |  | (3,735) |
Other income | — |  |  | 3 |  |  | 6 |
Operating expense | (4,721) |  |  | (4,687) |  |  | (4,525) |
Income before taxes and equity in undistributed earnings of subsidiaries | 64,280 |  |  | 53,803 |  |  | 47,718 |
Applicable income tax benefits | 1,646 |  |  | 1,648 |  |  | 1,720 |
Income before equity in undistributed earnings of subsidiaries | 65,926 |  |  | 55,451 |  |  | 49,438 |
Equity in undistributed earnings of subsidiaries | 72,331 |  |  | 17,996 |  |  | 55,895 |
Net income | $ | 138,257 |  |  | $ | 73,447 |  |  | $ | 105,333 |
Statements of Cash Flow |
| For the years ended December 31,
Statements of Cash Flow | 2021 |  | 2020 |  | 2019
| (dollars in thousands)
Operating Activities |  |  |  |  |
Net income | $ | 138,257 |  |  | $ | 73,447 |  |  | $ | 105,333 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 369 |  |  | 383 |  |  | 340 |
Net gains on sales of assets | 228 |  |  | — |  |  | (2) |
Decrease (increase) in prepaid income taxes | 317 |  |  | (317) |  |  | 629 |
Undistributed equity in subsidiaries | (72,330) |  |  | (17,996) |  |  | (55,895) |
Other net | (14,830) |  |  | 19,705 |  |  | (2,957) |
Net cash provided by operating activities | 52,011 |  |  | 75,222 |  |  | 47,448 |
Investing Activities |  |  |  |  |
Net change in loans | 2 |  |  | 1 |  |  | 1 |
Purchases of premises and equipment | (101) |  |  | (20) |  |  | (586) |
Proceeds from sale of other assets | — |  |  | — |  |  | 2 |
Net cash used in investing activities | (99) |  |  | (19) |  |  | (583) |
Financing Activities |  |  |  |  |
Dividends paid | (43,611) |  |  | (42,982) |  |  | (39,394) |
Proceeds from reissuance of treasury stock | 222 |  |  | 222 |  |  | 211 |
Purchase of treasury stock | (31,301) |  |  | (20,905) |  |  | (6,259) |
Net cash used in financing activities | (74,690) |  |  | (63,665) |  |  | (45,442) |
Net increase (decrease) in cash | (22,778) |  |  | 11,538 |  |  | 1,423 |
Cash at beginning of year | 34,427 |  |  | 22,889 |  |  | 21,466 |
Cash at end of year | $ | 11,649 |  |  | $ | 34,427 |  |  | $ | 22,889 |

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