Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of First Commonwealth Financial Corporation (parent company only)


Statements of Financial Condition	December 31,
	2020		2019
	(dollars in thousands)
Assets
Cash	$	34,427	$	22,889
Loans	11		13
Investment in subsidiaries	1,108,801		1,086,844
Investment in unconsolidated subsidiary trusts	2,182		2,190
Investment in jointly-owned company	338		306
Premises and equipment, net	3,476		3,801
Receivable from subsidiaries	—		4,750
Dividends receivable from subsidiaries	3,038		5,097
Other assets	7,307		6,924
Total assets	$	1,159,580	$	1,132,814
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities	$	18,796	$	4,983

Subordinated debentures payable	72,167		72,167
Shareholders’ equity	1,068,617		1,055,664
Total liabilities and shareholders’ equity	$	1,159,580	$	1,132,814


Statements of Income	For the years ended December 31,
	2020		2019		2018
	(dollars in thousands)
Interest and dividends	$	8	$	8	$	1
Dividends from subsidiaries	61,708		55,964		81,851
Interest expense	(3,229)		(3,735)		(3,722)
Other income	3		6		14
Operating expense	(4,687)		(4,525)		(4,047)
Income before taxes and equity in undistributed earnings of subsidiaries	53,803		47,718		74,097
Applicable income tax benefits	1,648		1,720		1,324
Income before equity in undistributed earnings of subsidiaries	55,451		49,438		75,421
Equity in undistributed earnings of subsidiaries	17,996		55,895		32,077
Net income	$	73,447	$	105,333	$	107,498


	For the years ended December 31,
Statements of Cash Flow	2020		2019		2018
	(dollars in thousands)
Operating Activities
Net income	$	73,447	$	105,333	$	107,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	383		340		320
Net gains on sales of assets	—		(2)		(7)
Decrease (increase) in prepaid income taxes	(317)		629		37
Undistributed equity in subsidiaries	(17,996)		(55,895)		(32,077)
Distribution from unconsolidated subsidiary	—		—		9,000
Other net	19,705		(2,957)		(1,628)
Net cash provided by operating activities	75,222		47,448		83,143
Investing Activities
Net change in loans	1		1		3
Purchases of premises and equipment	(20)		(586)		(87)
Proceeds from sale of other assets	—		2		7


Investment in subsidiaries	—		—		(17,202)
Net cash used in by investing activities	(19)		(583)		(17,279)
Financing Activities



Dividends paid	(42,982)		(39,394)		(34,849)
Proceeds from reissuance of treasury stock	222		211		208
Purchase of treasury stock	(20,905)		(6,259)		(26,189)

Net cash used in financing activities	(63,665)		(45,442)		(60,830)
Net increase (decrease) in cash	11,538		1,423		5,034
Cash at beginning of year	22,889		21,466		16,432
Cash at end of year	$	34,427	$	22,889	$	21,466

Cash dividends declared per common share were $0.44 for 2020, $0.40 in 2019 and $0.35 in 2018.

First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2020, there are no amounts outstanding on this line and we are in compliance with all debt covenants related

to the line of credit.