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

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

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


Statements of Financial Condition	December 31,
	2021		2020
	(dollars in thousands)
Assets
Cash	$	11,649	$	34,427
Loans	9		11
Investment in subsidiaries	1,152,580		1,108,801
Investment in unconsolidated subsidiary trusts	2,181		2,182
Investment in jointly-owned company	357		338
Premises and equipment, net	3,244		3,476

Dividends receivable from subsidiaries	7,762		3,038
Other assets	8,212		7,307
Total assets	$	1,185,994	$	1,159,580
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities	$	4,455	$	18,796

Subordinated debentures payable	72,167		72,167
Shareholders’ equity	1,109,372		1,068,617
Total liabilities and shareholders’ equity	$	1,185,994	$	1,159,580


Statements of Income	For the years ended December 31,
	2021		2020		2019
	(dollars in thousands)
Interest and dividends	$	4	$	8	$	8
Dividends from subsidiaries	72,202		61,708		55,964
Interest expense	(3,205)		(3,229)		(3,735)
Other income	—		3		6
Operating expense	(4,721)		(4,687)		(4,525)
Income before taxes and equity in undistributed earnings of subsidiaries	64,280		53,803		47,718
Applicable income tax benefits	1,646		1,648		1,720
Income before equity in undistributed earnings of subsidiaries	65,926		55,451		49,438
Equity in undistributed earnings of subsidiaries	72,331		17,996		55,895
Net income	$	138,257	$	73,447	$	105,333


	For the years ended December 31,
Statements of Cash Flow	2021		2020		2019
	(dollars in thousands)
Operating Activities
Net income	$	138,257	$	73,447	$	105,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	369		383		340
Net gains on sales of assets	228		—		(2)
Decrease (increase) in prepaid income taxes	317		(317)		629
Undistributed equity in subsidiaries	(72,330)		(17,996)		(55,895)

Other net	(14,830)		19,705		(2,957)
Net cash provided by operating activities	52,011		75,222		47,448
Investing Activities
Net change in loans	2		1		1
Purchases of premises and equipment	(101)		(20)		(586)
Proceeds from sale of other assets	—		—		2



Net cash used in investing activities	(99)		(19)		(583)
Financing Activities



Dividends paid	(43,611)		(42,982)		(39,394)
Proceeds from reissuance of treasury stock	222		222		211
Purchase of treasury stock	(31,301)		(20,905)		(6,259)

Net cash used in financing activities	(74,690)		(63,665)		(45,442)
Net increase (decrease) in cash	(22,778)		11,538		1,423
Cash at beginning of year	34,427		22,889		21,466
Cash at end of year	$	11,649	$	34,427	$	22,889

Cash dividends declared per common share were $0.455 for 2021, $0.440 in 2020 and $0.400 in 2019.

First Commonwealth Financial Corporation has an unsecured $20.0 million line of credit with another financial institution. As of December 31, 2021, there are no amounts outstanding on this line and we are in compliance with all debt covenants related to the line of credit.