Parent Company Statements

12 Months Ended

Dec. 31, 2021

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) partially offset by cash payments to government entities for income taxes of $4.3 million, $5.6 million and $5.3 million in 2021, 2020 and 2019, respectively.


Condensed Balance Sheets
December 31, 2021 and 2020
(In thousands)	2021		2020
Assets:
Cash	$	243,531	$	248,814
Investment in subsidiaries	1,020,556		969,054
Debentures receivable from PNB	25,000		25,000
Other receivables from subsidiaries	—		1,823
Other investments	3,327		5,375
Other assets	16,909		23,333
Total assets	$	1,309,323	$	1,273,399
Liabilities:
Long-term debt	$	—	$	32,500
Subordinated notes	188,210		187,774
Other payables to subsidiaries	—		132
Other liabilities	10,354		12,737
Total liabilities	$	198,564	$	233,143
Total shareholders’ equity	$	1,110,759	$	1,040,256
Total liabilities and shareholders’ equity	$	1,309,323	$	1,273,399


Condensed Statements of Income
for the years ended December 31, 2021, 2020 and 2019
(In thousands)	2021		2020		2019
Income:
Dividends from subsidiaries	$	115,500	$	97,000	$	97,500
Interest and dividends	1,250		1,250		1,250
Other	2,016		98		4,634
Total income	118,766		98,348		103,384
Expense:
Interest expense	8,887		4,311		1,950
Other, net	10,707		12,234		19,804
Total expense	19,594		16,545		21,754
Income before income taxes and equity in undistributed income of subsidiaries	$	99,172	$	81,803	$	81,630
Income tax benefit	4,897		4,390		4,242
Income before equity in undistributed income of subsidiaries	104,069		86,193		85,872
Equity in undistributed income of subsidiaries	49,876		41,730		16,828
Net income	$	153,945	$	127,923	$	102,700
Other comprehensive income (1)	9,584		15,160		40,199
Comprehensive income	$	163,529	$	143,083	$	142,899

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


Statements of Cash Flows
for the years ended December 31, 2021, 2020 and 2019
(In thousands)	2021		2020		2019
Operating activities:
Net income	$	153,945	$	127,923	$	102,700
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiaries	(49,876)		(41,730)		(16,828)
Compensation expense for issuance of treasury shares to directors	1,676		1,274		1,325
Share-based compensation expense	6,345		5,998		4,999
(Loss) gain on equity securities, net	(1,218)		245		(4,204)
Decrease (increase) in other assets	8,249		6,632		(8,544)
(Decrease) increase in other liabilities	(2,407)		(6,325)		10,006
Net cash provided by operating activities	116,714		94,017		89,454
Investing activities:
Proceeds from sales of securities	934		—		—
Outlays for business acquisitions	—		—		(28,630)
Other, net	2,332		(2,621)		5,723
Net cash provided by (used in) investing activities	3,266		(2,621)		(22,907)
Financing activities:
Cash dividends paid	(74,306)		(70,353)		(69,113)
Proceeds from issuance of long-term debt	—		172,620		50,000
Repayment of long-term debt	(32,500)		(10,000)		(7,500)
Repurchase of treasury shares	(16,048)		(7,507)		(40,535)
Cash payment for fractional shares	(6)		(3)		(3)
Value of common shares withheld to pay employee income taxes	(2,403)		(1,002)		(827)
Net cash (used in) provided by financing activities	(125,263)		83,755		(67,978)
(Decrease) increase in cash	(5,283)		175,151		(1,431)

Cash at beginning of year	248,814		73,663		75,094
Cash at end of year	$	243,531	$	248,814	$	73,663