Parent Company Statements

12 Months Ended

Dec. 31, 2023

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 $6.1 million, $2.2 million and $4.3 million in 2023, 2022 and 2021, respectively.


Condensed Balance Sheets
December 31, 2023 and 2022
(In thousands)	2023		2022
Assets:
Cash	$	282,151	$	274,464
Investment in subsidiaries	1,007,342		941,826
Debentures receivable from PNB	25,000		25,000
Other receivables from subsidiaries	1,160		—
Other investments	1,170		1,177
Other assets	35,610		36,636
Total assets	$	1,352,433	$	1,279,103
Liabilities:
Subordinated notes	$	189,147	$	188,667
Other payables to subsidiaries	455		3,625
Other liabilities	17,538		17,585
Total liabilities	$	207,140	$	209,877
Total shareholders’ equity	$	1,145,293	$	1,069,226
Total liabilities and shareholders’ equity	$	1,352,433	$	1,279,103


Condensed Statements of Income
for the years ended December 31, 2023, 2022 and 2021
(In thousands)	2023		2022		2021
Income:
Dividends from subsidiaries	$	110,000	$	120,000	$	115,500
Interest and dividends	1,678		1,250		1,250
Other	163		2,478		2,016
Total income	111,841		123,728		118,766
Expense:
Interest expense	$	9,383	$	8,833	$	8,887
Other, net	9,536		10,504		10,707
Total expense	18,919		19,337		19,594
Income before income taxes and equity in undistributed income of subsidiaries	$	92,922	$	104,391	$	99,172
Income tax benefit	4,196		5,142		4,897
Income before equity in undistributed income of subsidiaries	97,118		109,533		104,069
Equity in undistributed income of subsidiaries	29,616		38,818		49,876
Net income	$	126,734	$	148,351	$	153,945
Other comprehensive income (loss) (1)	36,203		(117,549)		9,584
Comprehensive income	$	162,937	$	30,802	$	163,529

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


Statements of Cash Flows
for the years ended December 31, 2023, 2022 and 2021
(In thousands)	2023		2022		2021
Operating activities:
Net income	$	126,734	$	148,351	$	153,945
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiaries	(29,616)		(38,818)		(49,876)
Compensation expense for issuance of treasury shares to directors	1,223		1,320		1,676
Share-based compensation expense	6,787		5,879		6,345
Loss (gain) on equity securities, net	151		207		(1,218)
Decrease (increase) in other assets	828		(2,514)		8,249
(Decrease) increase in other liabilities	(2,752)		4,896		(2,407)
Net cash provided by operating activities	103,355		119,321		116,714
Investing activities:
Proceeds from sales of securities	1,370		—		934
Purchase of equity securities	(2,195)		(9,165)		—
Other, net	(31)		144		2,332
Net cash (used in) provided by investing activities	(856)		(9,021)		3,266
Financing activities:
Cash dividends paid	(68,951)		(76,604)		(74,306)
Repayment of long-term debt	—		—		(32,500)
Repurchase of common shares to be held as treasury shares	(23,017)		—		(16,048)
Cash payment for fractional shares	—		(2)		(6)
Value of common shares withheld to pay employee income taxes	(2,844)		(2,761)		(2,403)
Net cash used in financing activities	(94,812)		(79,367)		(125,263)
Increase (decrease) in cash	7,687		30,933		(5,283)

Cash at beginning of year	274,464		243,531		248,814
Cash at end of year	$	282,151	$	274,464	$	243,531