Capital

12 Months Ended

Dec. 31, 2020

Disclosure Capital Additional Information [Abstract]

Capital

Capital

At December 31, 2020, shareholders’ equity was $1.1 billion, an increase of $13.0 million from December 31, 2019. The

increase was primarily the result of $73.4 million in net income, $1.8 million in treasury stock sales and an increase of $11.7 million in the fair value of available for sale investments. These increases were partially offset by $43.0 million of dividends paid to shareholders, $20.9 million of common stock repurchases and an $11.2 million charge related to the adoption of CECL. Cash dividends declared per common share were $0.44 and $0.40 for the years ended December 31, 2020 and 2019, respectively.

As part of the Company's capital management, First Commonwealth's Board of Directors will periodically authorize stock repurchase plans. In 2018, First Commonwealth announced a $25.0 million common stock repurchase program. This program was completed prior to the end of 2018 and resulted in a total of 1,843,373 shares repurchased at an average price of $13.58. On March 4, 2019, a share repurchase program was authorized for up to $25.0 million in shares of the Company's common stock. This program completed prior to December 31, 2020, and resulted in the repurchase of 2,761,504 shares at an average price of $9.07. In January 2021, the Board of Directors authorized a new $25.0 million share repurchase program of the Company's common stock. First Commonwealth may suspend or discontinue the program at any time.