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

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Statements of Financial Condition

Statements of Financial Condition	December 31,
	2023		2022
	(dollars in thousands)
Assets
Cash	$	60,123	$	37,695
Loans	5		8
Investment in subsidiaries	1,292,666		1,061,285
Investment in unconsolidated subsidiary trusts	2,207		2,200
Investment in jointly-owned company	483		394
Premises and equipment, net	2,837		3,098
Receivable from subsidiaries	1		—
Dividends receivable from subsidiaries	8,769		5,428
Other assets	35,005		21,345
Total assets	$	1,402,096	$	1,131,453
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities	$	9,014	$	7,212
Subordinated debentures payable	78,808		72,167
Shareholders’ equity	1,314,274		1,052,074
Total liabilities and shareholders’ equity	$	1,402,096	$	1,131,453

Statements of Operations

Statements of Income	For the years ended December 31,
	2023		2022		2021
	(dollars in thousands)
Interest and dividends	$	234	$	78	$	4
Dividends from subsidiaries	107,683		92,082		72,202
Interest expense	(3,656)		(3,245)		(3,205)
Other income	—		112		—
Operating expense	(6,631)		(4,747)		(4,721)
Income before taxes and equity in undistributed earnings of subsidiaries	97,630		84,280		64,280
Applicable income tax benefits	2,087		1,625		1,646
Income before equity in undistributed earnings of subsidiaries	99,717		85,905		65,926
Equity in undistributed earnings of subsidiaries	57,346		42,276		72,331
Net income	$	157,063	$	128,181	$	138,257

Statements of Cash Flow

	For the years ended December 31,
Statements of Cash Flow	2023		2022		2021
	(dollars in thousands)
Operating Activities
Net income	$	157,063	$	128,181	$	138,257
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	320		335		369
Net gains (losses) on sales of assets	—		(113)		228
Decrease (increase) in prepaid income taxes	(20,307)		—		317
Undistributed equity in subsidiaries	(57,346)		(42,276)		(72,330)
Other net	7,151		—		(14,830)
Net cash provided by operating activities	86,881		86,127		52,011
Investing Activities
Net change in loans	2		2		2
Purchases of premises and equipment	(23)		(152)		(101)
Investment in subsidiaries	1,120		—		—
Investment in jointly-owned companies	(18)		—		—
Net cash provided by (used in) investing activities	1,081		(150)		(99)
Financing Activities
Dividends paid	(50,814)		(44,578)		(43,611)
Proceeds from reissuance of treasury stock	245		245		222
Purchase of treasury stock	(14,965)		(15,598)		(31,301)
Net cash used in financing activities	(65,534)		(59,931)		(74,690)
Net increase (decrease) in cash	22,428		26,046		(22,778)
Cash at beginning of year	37,695		11,649		34,427
Cash at end of year	$	60,123	$	37,695	$	11,649