XML 34 R33.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Parent Company Statements | 12 Months Ended
--- | ---
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Parent Company Statements | Parent Company Statements 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. The effective tax rate for the Parent Company is substantially less than the statutory rate due principally to tax-exempt dividends from subsidiaries. Cash represents non-interest bearing deposits with PNB. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $2.54 million, $4.54 million and $4.21 million in 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, shareholders’ equity reflected in the Parent Company balance sheet includes $196.0 million and $173.1 million, respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation.
Balance Sheets
December 31, 2013 and 2012
(In thousands) |  | 2013 |  | 2012
Assets: |  |  |  |
Cash |  | $ | 106,942 |  |  | $ | 98,726 |
Investment in subsidiaries |  | 582,992 |  |  | 589,523 |
Debentures receivable from PNB |  | 25,000 |  |  | 30,000 |
Other investments |  | 2,297 |  |  | 2,133 |
Other assets |  | 21,984 |  |  | 19,639 |
Total assets |  | $ | 739,215 |  |  | $ | 740,021 |
Liabilities: |  |  |  |
Subordinated notes |  | 80,250 |  |  | 80,250 |
Other liabilities |  | 7,218 |  |  | 9,405 |
Total liabilities |  | 87,468 |  |  | 89,655 |
Total shareholders’ equity |  | 651,747 |  |  | 650,366 |
Total liabilities and shareholders’ equity |  | $ | 739,215 |  |  | $ | 740,021 |
Statements of Income
for the years ended December 31, 2013, 2012 and 2011
(In thousands) |  | 2013 |  | 2012 |  | 2011
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 15,000 |  |  | $ | 197,000 |  |  | $ | 105,000 |
Interest and dividends |  | 8,659 |  |  | 10,027 |  |  | 5,643 |
Other |  | 531 |  |  | 232 |  |  | 385 |
Total income |  | 24,190 |  |  | 207,259 |  |  | 111,028 |
Expense: |  |  |  |  |  |
Other, net |  | 13,413 |  |  | 11,869 |  |  | 10,639 |
Total expense |  | 13,413 |  |  | 11,869 |  |  | 10,639 |
Income before federal taxes and equity in undistributed income (losses) of subsidiaries |  | 10,777 |  |  | 195,390 |  |  | 100,389 |
Federal income tax benefit |  | 2,826 |  |  | 1,806 |  |  | 3,016 |
Income before equity in undistributed income (losses) of subsidiaries |  | 13,603 |  |  | 197,196 |  |  | 103,405 |
Equity in undistributed income (losses) of subsidiaries |  | 63,624 |  |  | (118,566 | ) |  | (21,265 | )
Net income |  | $ | 77,227 |  |  | $ | 78,630 |  |  | $ | 82,140 |
Statements of Cash Flows
for the years ended December 31, 2013, 2012 and 2011
(In thousands) |  | 2013 |  | 2012 |  | 2011
Operating activities: |  |  |  |  |  |
Net income |  | $ | 77,227 |  |  | $ | 78,630 |  |  | $ | 82,140 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed (income)/losses of subsidiaries |  | (63,624 | ) |  | 118,566 |  |  | 21,265 |
Compensation expense for issuance of treasury stock to directors |  | 850 |  |  | 407 |  |  | — |
Decrease in other assets |  | (2,215 | ) |  | 5,748 |  |  | 8,268 |
Increase (decrease) in other liabilities |  | (3,030 | ) |  | 1,724 |  |  | (7,875 | )
Net cash provided by operating activities |  | 9,208 |  |  | 205,075 |  |  | 103,798 |
Investing activities: |  |  |  |  |  |
Purchase of investment securities |  | — |  |  | — |  |  | (250 | )
Capital contribution to subsidiary |  | (45,000 | ) |  | (45,000 | ) |  | (36,000 | )
Purchase of debentures receivable from subsidiaries |  | — |  |  | (115,000 | ) |  | (30,000 | )
Repayment of debentures receivable from subsidiaries |  | 101,960 |  |  | 52,000 |  |  | — |
Net cash provided by (used in) investing activities |  | 56,960 |  |  | (108,000 | ) |  | (66,250 | )
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (57,949 | ) |  | (60,154 | ) |  | (62,907 | )
Payment to repurchase warrants |  | — |  |  | (2,843 | ) |  | — |
Payment to repurchase preferred shares |  | — |  |  | (100,000 | ) |  | — |
Proceeds from issuance of subordinated notes |  | — |  |  | 30,000 |  |  | — |
Cash payment for fractional shares |  | (3 | ) |  | (2 | ) |  | (2 | )
Net cash used in financing activities |  | (57,952 | ) |  | (132,999 | ) |  | (62,909 | )
Increase/(decrease) in cash |  | 8,216 |  |  | (35,924 | ) |  | (25,361 | )
Cash at beginning of year |  | 98,726 |  |  | 134,650 |  |  | 160,011 |
Cash at end of year |  | $ | 106,942 |  |  | $ | 98,726 |  |  | $ | 134,650 |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration