Parent Company Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below. Investments in subsidiaries are accounted for using the equity method of accounting.

Cash represents non-interest bearing deposits with PNB. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $4.1 million, $3.9 million and $3.3 million in 2019, 2018 and 2017, respectively.


Condensed Balance Sheets
December 31, 2019 and 2018
(In thousands)	2019		2018
Assets:
Cash	$	73,663	$	75,094
Investment in subsidiaries	912,162		727,227
Debentures receivable from PNB	25,000		25,000
Other receivables from subsidiaries	9,168		546
Other investments	5,001		6,619
Other assets	20,620		20,518
Total assets	$	1,045,614	$	855,004
Liabilities:
Long-term debt	42,500		—
Subordinated notes	15,000		15,000
Other payables to subsidiaries	10,092		101
Other liabilities	9,008		7,397
Total liabilities	76,600		22,498
Total shareholders’ equity	969,014		832,506
Total liabilities and shareholders’ equity	$	1,045,614	$	855,004


Condensed Statements of Income
for the years ended December 31, 2019, 2018 and 2017
(In thousands)	2019		2018		2017
Income:
Dividends from subsidiaries	$	97,500	$	100,000	$	60,000
Interest and dividends	1,250		1,275		1,500
Gain on sale of investment securities	—		—		1,821
Other	4,634		6,068		1,405
Total income	103,384		107,343		64,726
Expense:
Interest expense	1,950		617		1,073
Other, net	19,804		14,619		8,805
Total expense	21,754		15,236		9,878
Income before income taxes and equity in undistributed income of subsidiaries	81,630		92,107		54,848
Income tax benefit	4,242		4,010		2,695
Income before equity in undistributed income of subsidiaries	85,872		96,117		57,543
Equity in undistributed income of subsidiaries	16,828		14,270		26,699
Net income	$	102,700	$	110,387	$	84,242
Other comprehensive income (loss) ⁽¹⁾	40,199		(18,533)		(8,709)
Comprehensive income	$	142,899	$	91,854	$	75,533

⁽¹⁾ See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.


Statements of Cash Flows
for the years ended December 31, 2019, 2018 and 2017
(In thousands)	2019		2018		2017
Operating activities:
Net income	$	102,700	$	110,387	$	84,242
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiaries	(16,828)		(14,270)		(26,699)
Compensation expense for issuance of treasury shares to directors	1,325		1,109		1,241
Share-based compensation expense	4,999		3,954		2,701
Realized net investment security gains	—		—		(1,821)
Gain on equity securities, net	(4,204)		(3,267)		—
(Increase) decrease in other assets	(8,544)		(2,073)		205
Increase (decrease) in other liabilities	10,006		(163)		475
Net cash provided by operating activities	89,454		95,677		60,344
Investing activities:
Proceeds from sales of securities	—		—		2,265
Outlays for business acquisitions	(28,630)		(30,684)		—
Other, net	5,723		60		—
Net cash (used in) provided by investing activities	(22,907)		(30,624)		2,265
Financing activities:
Cash dividends paid	(69,113)		(63,013)		(57,493)
Repayment of subordinated notes	—		—		(30,000)
Proceeds from issuance of long term debt	50,000		—		—
Repayment of long term debt	(7,500)		—		—
Repurchase of treasury shares	(40,535)		(5,784)		(7,378)
Cash payment for fractional shares	(3)		(4)		(6)
Value of common shares withheld to pay employee income taxes	(827)		(610)		(347)
Net cash used in financing activities	(67,978)		(69,411)		(95,224)
Decrease in cash	(1,431)		(4,358)		(32,615)

Cash at beginning of year	75,094		79,452		112,067
Cash at end of year	$	73,663	$	75,094	$	79,452