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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, 2022
Condensed Financial Information Disclosure [Abstract] |
Statements of Financial Condition |
Statements of Financial Condition | December 31,
| 2022 |  | 2021
| (dollars in thousands)
Assets |  |  |
Cash | $ | 37,695 |  |  | $ | 11,649 |
Loans | 8 |  |  | 9 |
Investment in subsidiaries | 1,061,285 |  |  | 1,152,580 |
Investment in unconsolidated subsidiary trusts | 2,200 |  |  | 2,181 |
Investment in jointly-owned company | 394 |  |  | 357 |
Premises and equipment, net | 3,098 |  |  | 3,244 |
Dividends receivable from subsidiaries | 5,428 |  |  | 7,762 |
Other assets | 21,345 |  |  | 8,212 |
Total assets | $ | 1,131,453 |  |  | $ | 1,185,994 |
Liabilities and Shareholders’ Equity |  |  |
Accrued expenses and other liabilities | $ | 7,212 |  |  | $ | 4,455 |
Subordinated debentures payable | 72,167 |  |  | 72,167 |
Shareholders’ equity | 1,052,074 |  |  | 1,109,372 |
Total liabilities and shareholders’ equity | $ | 1,131,453 |  |  | $ | 1,185,994 |
Statements of Operations |
Statements of Income | For the years ended December 31,
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Interest and dividends | $ | 78 |  |  | $ | 4 |  |  | $ | 8 |
Dividends from subsidiaries | 92,082 |  |  | 72,202 |  |  | 61,708 |
Interest expense | (3,245) |  |  | (3,205) |  |  | (3,229) |
Other income | 112 |  |  | — |  |  | 3 |
Operating expense | (4,747) |  |  | (4,721) |  |  | (4,687) |
Income before taxes and equity in undistributed earnings of subsidiaries | 84,280 |  |  | 64,280 |  |  | 53,803 |
Applicable income tax benefits | 1,625 |  |  | 1,646 |  |  | 1,648 |
Income before equity in undistributed earnings of subsidiaries | 85,905 |  |  | 65,926 |  |  | 55,451 |
Equity in undistributed earnings of subsidiaries | 42,276 |  |  | 72,331 |  |  | 17,996 |
Net income | $ | 128,181 |  |  | $ | 138,257 |  |  | $ | 73,447 |
Statements of Cash Flow |
| For the years ended December 31,
Statements of Cash Flow | 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Operating Activities |  |  |  |  |
Net income | $ | 128,181 |  |  | $ | 138,257 |  |  | $ | 73,447 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 335 |  |  | 369 |  |  | 383 |
Net gains on sales of assets | (113) |  |  | 228 |  |  | — |
Decrease (increase) in prepaid income taxes | — |  |  | 317 |  |  | (317) |
Undistributed equity in subsidiaries | (42,276) |  |  | (72,330) |  |  | (17,996) |
Other net | — |  |  | (14,830) |  |  | 19,705 |
Net cash provided by operating activities | 86,127 |  |  | 52,011 |  |  | 75,222 |
Investing Activities |  |  |  |  |
Net change in loans | 2 |  |  | 2 |  |  | 1 |
Purchases of premises and equipment | (152) |  |  | (101) |  |  | (20) |
Net cash used in investing activities | (150) |  |  | (99) |  |  | (19) |
Financing Activities |  |  |  |  |
Dividends paid | (44,578) |  |  | (43,611) |  |  | (42,982) |
Proceeds from reissuance of treasury stock | 245 |  |  | 222 |  |  | 222 |
Purchase of treasury stock | (15,598) |  |  | (31,301) |  |  | (20,905) |
Net cash used in financing activities | (59,931) |  |  | (74,690) |  |  | (63,665) |
Net increase (decrease) in cash | 26,046 |  |  | (22,778) |  |  | 11,538 |
Cash at beginning of year | 11,649 |  |  | 34,427 |  |  | 22,889 |
Cash at end of year | $ | 37,695 |  |  | $ | 11,649 |  |  | $ | 34,427 |

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