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Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)
 12 Months Ended
Dec. 31, 2019
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,
 
2019
 
2018
 
(dollars in thousands)
Assets
 
 
 
Cash
$
22,889

 
$
21,466

Loans
13

 
14

Investment in subsidiaries
1,086,844

 
1,014,685

Investment in unconsolidated subsidiary trusts
2,190

 
2,192

Investment in jointly-owned company
306

 
280

Premises and equipment, net
3,801

 
3,519

Receivable from subsidiaries
4,750

 
—

Dividends receivable from subsidiaries
5,097

 
5,444

Other assets
6,924

 
5,402

Total assets
$
1,132,814

 
$
1,053,002

Liabilities and Shareholders’ Equity
 
 
 
Accrued expenses and other liabilities
$
4,983

 
$
5,446

Subordinated debentures payable
72,167

 
72,167

Shareholders’ equity
1,055,664

 
975,389

Total liabilities and shareholders’ equity
$
1,132,814

 
$
1,053,002


Statements of Income
For the years ended December 31,
 
2019
 
2018
 
2017
 
(dollars in thousands)
Interest and dividends
$
8

 
$
1

 
$
1

Dividends from subsidiaries
55,964

 
81,851

 
52,586

Interest expense
(3,735
)
 
(3,722
)
 
(3,000
)
Other income
6

 
14

 
17

Operating expense
(4,525
)
 
(4,047
)
 
(4,767
)
Income before taxes and equity in undistributed earnings of subsidiaries
47,718

 
74,097

 
44,837

Applicable income tax benefits
1,720

 
1,324

 
2,557

Income before equity in undistributed earnings of subsidiaries
49,438

 
75,421

 
47,394

Equity in undistributed earnings of subsidiaries
55,895

 
32,077

 
7,771

Net income
$
105,333

 
$
107,498

 
$
55,165

 
For the years ended December 31,
Statements of Cash Flow
2019
 
2018
 
2017
 
(dollars in thousands)
Operating Activities
 
 
 
 
 
Net income
$
105,333

 
$
107,498

 
$
55,165

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
340

 
320

 
322

Net gains on sales of assets
(2
)
 
(7
)
 
(3
)
Decrease (increase) in prepaid income taxes
629

 
37

 
(550
)
Undistributed equity in subsidiaries
(55,895
)
 
(32,077
)
 
(7,771
)
Distribution from unconsolidated subsidiary
—

 
9,000

 
—

Other net
(2,957
)
 
(1,628
)
 
8,767

Net cash provided by operating activities
47,448

 
83,143

 
55,930

Investing Activities
 
 
 
 
 
Net change in loans
1

 
3

 
2

Purchases of premises and equipment
(586
)
 
(87
)
 
(207
)
Proceeds from sale of other assets
2

 
7

 
3

Acquisition of affiliate, net of cash received
0

 
—

 
(250
)
Investment in subsidiaries
0

 
(17,202
)
 
(37,690
)
Net cash used in by investing activities
(583
)
 
(17,279
)
 
(38,142
)
Financing Activities
 
 
 
 
 
Dividends paid
(39,394
)
 
(34,849
)
 
(30,513
)
Proceeds from reissuance of treasury stock
211

 
208

 
228

Purchase of treasury stock
(6,259
)
 
(26,189
)
 
(1,458
)
Net cash used in financing activities
(45,442
)
 
(60,830
)
 
(31,743
)
Net increase (decrease) in cash
1,423

 
5,034

 
(13,955
)
Cash at beginning of year
21,466

 
16,432

 
30,387

Cash at end of year
$
22,889

 
$
21,466

 
$
16,432


Cash dividends declared per common share were $0.40 for 2019, $0.35 in 2018 and $0.32 in 2017.
First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2019, there are no amounts outstanding on this line and we are in compliance with all debt covenants related
to the line of credit.