Parent Company Statements

12 Months Ended

Dec. 31, 2022

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 $2.2 million, $4.3 million and $5.6 million in 2022, 2021 and 2020, respectively.


Condensed Balance Sheets
December 31, 2022 and 2021
(In thousands)	2022		2021
Assets:
Cash	$	274,464	$	243,531
Investment in subsidiaries	941,826		1,020,556
Debentures receivable from PNB	25,000		25,000
Other investments	1,177		1,384
Other assets	36,636		18,852
Total assets	$	1,279,103	$	1,309,323
Liabilities:
Subordinated notes	$	188,667	$	188,210
Other payables to subsidiaries	3,625		—
Other liabilities	17,585		10,354
Total liabilities	$	209,877	$	198,564
Total shareholders’ equity	$	1,069,226	$	1,110,759
Total liabilities and shareholders’ equity	$	1,279,103	$	1,309,323


Condensed Statements of Income
for the years ended December 31, 2022, 2021 and 2020
(In thousands)	2022		2021		2020
Income:
Dividends from subsidiaries	$	120,000	$	115,500	$	97,000
Interest and dividends	1,250		1,250		1,250
Other	2,478		2,016		98
Total income	123,728		118,766		98,348
Expense:
Interest expense	$	8,833	$	8,887	$	4,311
Other, net	10,504		10,707		12,234
Total expense	19,337		19,594		16,545
Income before income taxes and equity in undistributed income of subsidiaries	$	104,391	$	99,172	$	81,803
Income tax benefit	5,142		4,897		4,390
Income before equity in undistributed income of subsidiaries	109,533		104,069		86,193
Equity in undistributed income of subsidiaries	38,818		49,876		41,730
Net income	$	148,351	$	153,945	$	127,923
Other comprehensive (loss) income (1)	(117,549)		9,584		15,160
Comprehensive income	$	30,802	$	163,529	$	143,083

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


Statements of Cash Flows
for the years ended December 31, 2022, 2021 and 2020
(In thousands)	2022		2021		2020
Operating activities:
Net income	$	148,351	$	153,945	$	127,923
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiaries	(38,818)		(49,876)		(41,730)
Compensation expense for issuance of treasury shares to directors	1,320		1,676		1,274
Share-based compensation expense	5,879		6,345		5,998
Gain (loss) on equity securities, net	207		(1,218)		245
(Increase) decrease in other assets	(2,514)		8,249		6,632
Increase (decrease) in other liabilities	4,896		(2,407)		(6,325)
Net cash provided by operating activities	119,321		116,714		94,017
Investing activities:
Proceeds from sales of securities	—		934		—
Other, net	(9,021)		2,332		(2,621)
Net cash (used in) provided by investing activities	(9,021)		3,266		(2,621)
Financing activities:
Cash dividends paid	(76,604)		(74,306)		(70,353)
Proceeds from issuance of long-term debt	—		—		172,620
Repayment of long-term debt	—		(32,500)		(10,000)
Repurchase of treasury shares	—		(16,048)		(7,507)
Cash payment for fractional shares	(2)		(6)		(3)
Value of common shares withheld to pay employee income taxes	(2,761)		(2,403)		(1,002)
Net cash (used in) provided by financing activities	(79,367)		(125,263)		83,755
Increase (decrease) in cash	30,933		(5,283)		175,151

Cash at beginning of year	243,531		248,814		73,663
Cash at end of year	$	274,464	$	243,531	$	248,814