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

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Statements of Financial Condition

Statements of Financial Condition	December 31,
	2022		2021
	(dollars in thousands)
Assets
Cash	$	37,695	$	11,649
Loans	8		9
Investment in subsidiaries	1,061,285		1,152,580
Investment in unconsolidated subsidiary trusts	2,200		2,181
Investment in jointly-owned company	394		357
Premises and equipment, net	3,098		3,244
Dividends receivable from subsidiaries	5,428		7,762
Other assets	21,345		8,212
Total assets	$	1,131,453	$	1,185,994
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities	$	7,212	$	4,455
Subordinated debentures payable	72,167		72,167
Shareholders’ equity	1,052,074		1,109,372
Total liabilities and shareholders’ equity	$	1,131,453	$	1,185,994

Statements of Operations

Statements of Income	For the years ended December 31,
	2022		2021		2020
	(dollars in thousands)
Interest and dividends	$	78	$	4	$	8
Dividends from subsidiaries	92,082		72,202		61,708
Interest expense	(3,245)		(3,205)		(3,229)
Other income	112		—		3
Operating expense	(4,747)		(4,721)		(4,687)
Income before taxes and equity in undistributed earnings of subsidiaries	84,280		64,280		53,803
Applicable income tax benefits	1,625		1,646		1,648
Income before equity in undistributed earnings of subsidiaries	85,905		65,926		55,451
Equity in undistributed earnings of subsidiaries	42,276		72,331		17,996
Net income	$	128,181	$	138,257	$	73,447

Statements of Cash Flow

	For the years ended December 31,
Statements of Cash Flow	2022		2021		2020
	(dollars in thousands)
Operating Activities
Net income	$	128,181	$	138,257	$	73,447
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	335		369		383
Net gains on sales of assets	(113)		228		—
Decrease (increase) in prepaid income taxes	—		317		(317)
Undistributed equity in subsidiaries	(42,276)		(72,330)		(17,996)
Other net	—		(14,830)		19,705
Net cash provided by operating activities	86,127		52,011		75,222
Investing Activities
Net change in loans	2		2		1
Purchases of premises and equipment	(152)		(101)		(20)
Net cash used in investing activities	(150)		(99)		(19)
Financing Activities
Dividends paid	(44,578)		(43,611)		(42,982)
Proceeds from reissuance of treasury stock	245		222		222
Purchase of treasury stock	(15,598)		(31,301)		(20,905)
Net cash used in financing activities	(59,931)		(74,690)		(63,665)
Net increase (decrease) in cash	26,046		(22,778)		11,538
Cash at beginning of year	11,649		34,427		22,889
Cash at end of year	$	37,695	$	11,649	$	34,427