Parent Company Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets

Condensed Balance Sheets
December 31, 2017 and 2016
(In thousands)	2017		2016
Assets:
Cash	$	79,452	$	112,067
Investment in subsidiaries	645,287		626,569
Debentures receivable from PNB	25,000		25,000
Other investments	1,398		2,962
Other assets	26,838		26,651
Total assets	$	777,975	$	793,249
Liabilities:
Subordinated notes	15,000		45,000
Other liabilities	6,874		6,009
Total liabilities	21,874		51,009
Total shareholders’ equity	756,101		742,240
Total liabilities and shareholders’ equity	$	777,975	$	793,249

Statements of Income

Condensed Statements of Income
for the years ended December 31, 2017, 2016 and 2015
(In thousands)	2017			2016			2015
Income:
Dividends from subsidiaries	$	60,000		$	60,000		$	60,000
Interest and dividends	1,500			2,164			2,561
Gain on sale of investment securities	1,821			—			—
Other	1,405			1,081			560
Total income	64,726			63,245			63,121
Expense:
Interest expense	1,073			2,429			2,369
Other, net	8,805			9,730			9,972
Total expense	9,878			12,159			12,341
Income before federal taxes and equity in undistributed income of subsidiaries	54,848			51,086			50,780
Federal income tax benefit	2,695			4,357			4,671
Income before equity in undistributed income of subsidiaries	57,543			55,443			55,451
Equity in undistributed income of subsidiaries	26,699			30,692			25,561
Net income	$	84,242		$	86,135		$	81,012
Other comprehensive loss (1)	(8,709		)	(2,102		)	(2,035		)
Comprehensive income	75,533			84,033			78,977

Statements of Cash Flows

Statements of Cash Flows
for the years ended December 31, 2017, 2016 and 2015
(In thousands)	2017			2016			2015
Operating activities:
Net income	$	84,242		$	86,135		$	81,012
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiaries	(26,699		)	(30,692		)	(25,561		)
Compensation expense for issuance of treasury stock to directors	1,241			950			963
Share-based compensation expense	2,701			1,864			865
Realized net investment security gains	(1,821		)	—			—
Decrease (increase) in other assets	205			(3,425		)	(182		)
Increase (decrease) in other liabilities	475			(2,524		)	485
Net cash provided by operating activities	60,344			52,308			57,582
Investing activities:
Proceeds from sales of securities	2,265			—			—
Repayment of investments in and advances to subsidiaries	—			15,000			10,000
Net cash provided by investing activities	2,265			15,000			10,000
Financing activities:
Cash dividends paid	(57,493		)	(57,653		)	(57,776		)
Repayment of subordinated notes	(30,000		)	—			—
Repurchase of treasury shares	(7,378		)	—			(6,058		)
Cash payment for fractional shares	(6		)	(4		)	(3		)
Value of common shares withheld to pay employee income taxes	(347		)	—			—
Net cash used in financing activities	(95,224		)	(57,657		)	(63,837		)
(Decrease) increase in cash	(32,615		)	9,651			3,745
Cash at beginning of year	112,067			102,416			98,671
Cash at end of year	$	79,452		$	112,067		$	102,416