XML 48 R33.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Condensed Financial Information of First Commonwealth Financial Corporation (parent company only) | 12 Months Ended
--- | ---
Dec. 31, 2023
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,
| 2023 |  | 2022
| (dollars in thousands)
Assets |  |  |
Cash | $ | 60,123 |  |  | $ | 37,695 |
Loans | 5 |  |  | 8 |
Investment in subsidiaries | 1,292,666 |  |  | 1,061,285 |
Investment in unconsolidated subsidiary trusts | 2,207 |  |  | 2,200 |
Investment in jointly-owned company | 483 |  |  | 394 |
Premises and equipment, net | 2,837 |  |  | 3,098 |
Receivable from subsidiaries | 1 |  |  | — |
Dividends receivable from subsidiaries | 8,769 |  |  | 5,428 |
Other assets | 35,005 |  |  | 21,345 |
Total assets | $ | 1,402,096 |  |  | $ | 1,131,453 |
Liabilities and Shareholders’ Equity |  |  |
Accrued expenses and other liabilities | $ | 9,014 |  |  | $ | 7,212 |
Subordinated debentures payable | 78,808 |  |  | 72,167 |
Shareholders’ equity | 1,314,274 |  |  | 1,052,074 |
Total liabilities and shareholders’ equity | $ | 1,402,096 |  |  | $ | 1,131,453 |
Statements of Income | For the years ended December 31,
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Interest and dividends | $ | 234 |  |  | $ | 78 |  |  | $ | 4 |
Dividends from subsidiaries | 107,683 |  |  | 92,082 |  |  | 72,202 |
Interest expense | (3,656) |  |  | (3,245) |  |  | (3,205) |
Other income | — |  |  | 112 |  |  | — |
Operating expense | (6,631) |  |  | (4,747) |  |  | (4,721) |
Income before taxes and equity in undistributed earnings of subsidiaries | 97,630 |  |  | 84,280 |  |  | 64,280 |
Applicable income tax benefits | 2,087 |  |  | 1,625 |  |  | 1,646 |
Income before equity in undistributed earnings of subsidiaries | 99,717 |  |  | 85,905 |  |  | 65,926 |
Equity in undistributed earnings of subsidiaries | 57,346 |  |  | 42,276 |  |  | 72,331 |
Net income | $ | 157,063 |  |  | $ | 128,181 |  |  | $ | 138,257 |
| For the years ended December 31,
Statements of Cash Flow | 2023 |  | 2022 |  | 2021
| (dollars in thousands)
Operating Activities |  |  |  |  |
Net income | $ | 157,063 |  |  | $ | 128,181 |  |  | $ | 138,257 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 320 |  |  | 335 |  |  | 369 |
Net gains (losses) on sales of assets | — |  |  | (113) |  |  | 228 |
Decrease (increase) in prepaid income taxes | (20,307) |  |  | — |  |  | 317 |
Undistributed equity in subsidiaries | (57,346) |  |  | (42,276) |  |  | (72,330) |
Other net | 7,151 |  |  | — |  |  | (14,830) |
Net cash provided by operating activities | 86,881 |  |  | 86,127 |  |  | 52,011 |
Investing Activities |  |  |  |  |
Net change in loans | 2 |  |  | 2 |  |  | 2 |
Purchases of premises and equipment | (23) |  |  | (152) |  |  | (101) |
Investment in subsidiaries | 1,120 |  |  | — |  |  | — |
Investment in jointly-owned companies | (18) |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 1,081 |  |  | (150) |  |  | (99) |
Financing Activities |  |  |  |  |
Dividends paid | (50,814) |  |  | (44,578) |  |  | (43,611) |
Proceeds from reissuance of treasury stock | 245 |  |  | 245 |  |  | 222 |
Purchase of treasury stock | (14,965) |  |  | (15,598) |  |  | (31,301) |
Net cash used in financing activities | (65,534) |  |  | (59,931) |  |  | (74,690) |
Net increase (decrease) in cash | 22,428 |  |  | 26,046 |  |  | (22,778) |
Cash at beginning of year | 37,695 |  |  | 11,649 |  |  | 34,427 |
Cash at end of year | $ | 60,123 |  |  | $ | 37,695 |  |  | $ | 11,649 |
Cash dividends declared per common share were $0.495 for 2023, $0.475 in 2022 and $0.455 in 2021. First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2023, there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration