Parent Company Statements

12 Months Ended

Dec. 31, 2020

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 $6.8 million, $4.1 million and $3.9 million in 2020, 2019 and 2018, respectively.


Condensed Balance Sheets
December 31, 2020 and 2019
(In thousands)	2020		2019
Assets:
Cash	$	248,814	$	73,663
Investment in subsidiaries	969,054		912,162
Debentures receivable from PNB	25,000		25,000
Other receivables from subsidiaries	1,823		9,168
Other investments	5,375		5,001
Other assets	23,333		20,620
Total assets	$	1,273,399	$	1,045,614
Liabilities:
Long-term debt	$	32,500	$	42,500
Subordinated notes	187,774		15,000
Other payables to subsidiaries	132		10,092
Other liabilities	12,737		9,008
Total liabilities	$	233,143	$	76,600
Total shareholders’ equity	$	1,040,256	$	969,014
Total liabilities and shareholders’ equity	$	1,273,399	$	1,045,614


Condensed Statements of Income
for the years ended December 31, 2020, 2019 and 2018
(In thousands)	2020		2019		2018
Income:
Dividends from subsidiaries	$	97,000	$	97,500	$	100,000
Interest and dividends	1,250		1,250		1,275
Other	98		4,634		6,068
Total income	98,348		103,384		107,343
Expense:
Interest expense	4,311		1,950		617
Other, net	12,234		19,804		14,619
Total expense	16,545		21,754		15,236
Income before income taxes and equity in undistributed income of subsidiaries	$	81,803	$	81,630	$	92,107
Income tax benefit	4,390		4,242		4,010
Income before equity in undistributed income of subsidiaries	86,193		85,872		96,117
Equity in undistributed income of subsidiaries	41,730		16,828		14,270
Net income	$	127,923	$	102,700	$	110,387
Other comprehensive income (loss) (1)	15,160		40,199		(18,533)
Comprehensive income	$	143,083	$	142,899	$	91,854

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


Statements of Cash Flows
for the years ended December 31, 2020, 2019 and 2018
(In thousands)	2020		2019		2018
Operating activities:
Net income	$	127,923	$	102,700	$	110,387
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiaries	(41,730)		(16,828)		(14,270)
Compensation expense for issuance of treasury shares to directors	1,274		1,325		1,109
Share-based compensation expense	5,998		4,999		3,954
Gain (loss) on equity securities, net	245		(4,204)		(3,267)
Decrease (increase) in other assets	6,632		(8,544)		(2,073)
(Decrease) increase in other liabilities	(6,325)		10,006		(163)
Net cash provided by operating activities	94,017		89,454		95,677
Investing activities:
Outlays for business acquisitions	—		(28,630)		(30,684)
Other, net	(2,621)		5,723		60
Net cash used in investing activities	(2,621)		(22,907)		(30,624)
Financing activities:
Cash dividends paid	(70,353)		(69,113)		(63,013)
Proceeds from issuance of long-term debt	172,620		50,000		—
Repayment of long-term debt	(10,000)		(7,500)		—
Repurchase of treasury shares	(7,507)		(40,535)		(5,784)
Cash payment for fractional shares	(3)		(3)		(4)
Value of common shares withheld to pay employee income taxes	(1,002)		(827)		(610)
Net cash provided by (used) in financing activities	83,755		(67,978)		(69,411)
Increase (decrease) in cash	175,151		(1,431)		(4,358)

Cash at beginning of year	73,663		75,094		79,452
Cash at end of year	$	248,814	$	73,663	$	75,094