Parent Company Statements (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets

Balance Sheets
December 31, 2013 and 2012
(In thousands)	2013		2012
Assets:
Cash	$	106,942	$	98,726
Investment in subsidiaries	582,992		589,523
Debentures receivable from PNB	25,000		30,000
Other investments	2,297		2,133
Other assets	21,984		19,639
Total assets	$	739,215	$	740,021
Liabilities:
Subordinated notes	80,250		80,250
Other liabilities	7,218		9,405
Total liabilities	87,468		89,655
Total shareholders’ equity	651,747		650,366
Total liabilities and shareholders’ equity	$	739,215	$	740,021

Statements of Income

Statements of Income
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013		2012			2011
Income:
Dividends from subsidiaries	$	15,000	$	197,000		$	105,000
Interest and dividends	8,659		10,027			5,643
Other	531		232			385
Total income	24,190		207,259			111,028
Expense:
Other, net	13,413		11,869			10,639
Total expense	13,413		11,869			10,639
Income before federal taxes and equity in undistributed income (losses) of subsidiaries	10,777		195,390			100,389
Federal income tax benefit	2,826		1,806			3,016
Income before equity in undistributed income (losses) of subsidiaries	13,603		197,196			103,405
Equity in undistributed income (losses) of subsidiaries	63,624		(118,566		)	(21,265		)
Net income	$	77,227	$	78,630		$	82,140

Statements of Cash Flows

Statements of Cash Flows
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013			2012			2011
Operating activities:
Net income	$	77,227		$	78,630		$	82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (income)/losses of subsidiaries	(63,624		)	118,566			21,265
Compensation expense for issuance of treasury stock to directors	850			407			—
Decrease in other assets	(2,215		)	5,748			8,268
Increase (decrease) in other liabilities	(3,030		)	1,724			(7,875		)
Net cash provided by operating activities	9,208			205,075			103,798
Investing activities:
Purchase of investment securities	—			—			(250		)
Capital contribution to subsidiary	(45,000		)	(45,000		)	(36,000		)
Purchase of debentures receivable from subsidiaries	—			(115,000		)	(30,000		)
Repayment of debentures receivable from subsidiaries	101,960			52,000			—
Net cash provided by (used in) investing activities	56,960			(108,000		)	(66,250		)
Financing activities:
Cash dividends paid	(57,949		)	(60,154		)	(62,907		)
Payment to repurchase warrants	—			(2,843		)	—
Payment to repurchase preferred shares	—			(100,000		)	—
Proceeds from issuance of subordinated notes	—			30,000			—
Cash payment for fractional shares	(3		)	(2		)	(2		)
Net cash used in financing activities	(57,952		)	(132,999		)	(62,909		)
Increase/(decrease) in cash	8,216			(35,924		)	(25,361		)
Cash at beginning of year	98,726			134,650			160,011
Cash at end of year	$	106,942		$	98,726		$	134,650