XML 57 R37.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Parent Company Statements | 12 Months Ended
--- | ---
Dec. 31, 2016
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. Cash represents non-interest bearing deposits with PNB. Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $4.4 million, $4.1 million and $5.8 million in 2016, 2015 and 2014, respectively. At December 31, 2016 and 2015, shareholders’ equity reflected in the Parent Company balance sheet includes $259.7 million and $199.4 million, respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation.
Balance Sheets
December 31, 2016 and 2015
(In thousands) |  | 2016 |  | 2015
Assets: |  |  |  |
Cash |  | $ | 112,067 |  |  | $ | 102,416 |
Investment in subsidiaries |  | 626,569 |  |  | 613,383 |
Debentures receivable from PNB |  | 25,000 |  |  | 25,000 |
Other investments |  | 2,962 |  |  | 2,341 |
Other assets |  | 26,651 |  |  | 23,443 |
Total assets |  | $ | 793,249 |  |  | $ | 766,583 |
Liabilities: |  |  |  |
Subordinated notes |  | 45,000 |  |  | 45,000 |
Other liabilities |  | 6,009 |  |  | 8,228 |
Total liabilities |  | 51,009 |  |  | 53,228 |
Total shareholders’ equity |  | 742,240 |  |  | 713,355 |
Total liabilities and shareholders’ equity |  | $ | 793,249 |  |  | $ | 766,583 |
Statements of Income
for the years ended December 31, 2016, 2015 and 2014
(In thousands) |  | 2016 |  | 2015 |  | 2014
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 60,000 |  |  | $ | 60,000 |  |  | $ | 60,000 |
Interest and dividends |  | 2,164 |  |  | 2,561 |  |  | 3,708 |
Other |  | 1,081 |  |  | 560 |  |  | 262 |
Total income |  | 63,245 |  |  | 63,121 |  |  | 63,970 |
Expense: |  |  |  |  |  |
Other, net |  | 12,159 |  |  | 12,341 |  |  | 13,807 |
Total expense |  | 12,159 |  |  | 12,341 |  |  | 13,807 |
Income before federal taxes and equity in undistributed income of subsidiaries |  | 51,086 |  |  | 50,780 |  |  | 50,163 |
Federal income tax benefit |  | 4,357 |  |  | 4,671 |  |  | 4,787 |
Income before equity in undistributed income of subsidiaries |  | 55,443 |  |  | 55,451 |  |  | 54,950 |
Equity in undistributed income of subsidiaries |  | 30,692 |  |  | 25,561 |  |  | 29,007 |
Net income |  | $ | 86,135 |  |  | $ | 81,012 |  |  | $ | 83,957 |
Other comprehensive (loss) income (1) |  | (2,102 | ) |  | (2,035 | ) |  | 21,811 |
Comprehensive income |  | 84,033 |  |  | 78,977 |  |  | 105,768 |
(1) See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail
Statements of Cash Flows
for the years ended December 31, 2016, 2015 and 2014
(In thousands) |  | 2016 |  | 2015 |  | 2014
Operating activities: |  |  |  |  |  |
Net income |  | $ | 86,135 |  |  | $ | 81,012 |  |  | $ | 83,957 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed income of subsidiaries |  | (30,692 | ) |  | (25,561 | ) |  | (29,007 | )
Compensation expense for issuance of treasury stock to directors |  | 950 |  |  | 963 |  |  | 801 |
Share-based compensation expense |  | 1,864 |  |  | 865 |  |  | 458 |
Increase in other assets |  | (3,425 | ) |  | (182 | ) |  | (1,292 | )
(Decrease) increase in other liabilities |  | (2,524 | ) |  | 485 |  |  | 298 |
Net cash provided by operating activities |  | 52,308 |  |  | 57,582 |  |  | 55,215 |
Investing activities: |  |  |  |  |  |
Repayment of investments in and advances to subsidiaries |  | 15,000 |  |  | 10,000 |  |  | 32,000 |
Net cash provided by investing activities |  | 15,000 |  |  | 10,000 |  |  | 32,000 |
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (57,653 | ) |  | (57,776 | ) |  | (57,876 | )
Repayment of subordinated notes |  | — |  |  | — |  |  | (35,250 | )
Repurchase of treasury shares |  | — |  |  | (6,058 | ) |  | (2,355 | )
Cash payment for fractional shares |  | (4 | ) |  | (3 | ) |  | (5 | )
Net cash used in financing activities |  | (57,657 | ) |  | (63,837 | ) |  | (95,486 | )
Increase (decrease) in cash |  | 9,651 |  |  | 3,745 |  |  | (8,271 | )
Cash at beginning of year |  | 102,416 |  |  | 98,671 |  |  | 106,942 |
Cash at end of year |  | $ | 112,067 |  |  | $ | 102,416 |  |  | $ | 98,671 |

X
- References No definition available. + 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 FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: 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=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: 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 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration