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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, 2023
Condensed Financial Information Disclosure [Abstract] |
Statements of Financial Condition |
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 Operations |
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 |
Statements of Cash Flow |
| 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 |

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