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Parent Company Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets |
Condensed Balance Sheets |  |  |  |
December 31, 2019 and 2018 |  |  |  |
(In thousands) |  | 2019 |  | 2018
Assets: |  |  |  |
Cash |  | $ | 73,663 |  |  | $ | 75,094 |
Investment in subsidiaries |  | 912,162 |  |  | 727,227 |
Debentures receivable from PNB |  | 25,000 |  |  | 25,000 |
Other receivables from subsidiaries |  | 9,168 |  |  | 546 |
Other investments |  | 5,001 |  |  | 6,619 |
Other assets |  | 20,620 |  |  | 20,518 |
Total assets |  | $ | 1,045,614 |  |  | $ | 855,004 |
Liabilities: |  |  |  |
Long-term debt |  | 42,500 |  |  | — |
Subordinated notes |  | 15,000 |  |  | 15,000 |
Other payables to subsidiaries |  | 10,092 |  |  | 101 |
Other liabilities |  | 9,008 |  |  | 7,397 |
Total liabilities |  | 76,600 |  |  | 22,498 |
Total shareholders’ equity |  | 969,014 |  |  | 832,506 |
Total liabilities and shareholders’ equity |  | $ | 1,045,614 |  |  | $ | 855,004 |
Statements of Income |
Condensed Statements of Income |  |  |  |  |  |
for the years ended December 31, 2019, 2018 and 2017 |  |  |  |  |  |
(In thousands) |  | 2019 |  | 2018 |  | 2017
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 97,500 |  |  | $ | 100,000 |  |  | $ | 60,000 |
Interest and dividends |  | 1,250 |  |  | 1,275 |  |  | 1,500 |
Gain on sale of investment securities |  | — |  |  | — |  |  | 1,821 |
Other |  | 4,634 |  |  | 6,068 |  |  | 1,405 |
Total income |  | 103,384 |  |  | 107,343 |  |  | 64,726 |
Expense: |  |  |  |  |  |
Interest expense |  | 1,950 |  |  | 617 |  |  | 1,073 |
Other, net |  | 19,804 |  |  | 14,619 |  |  | 8,805 |
Total expense |  | 21,754 |  |  | 15,236 |  |  | 9,878 |
Income before income taxes and equity in undistributed income of subsidiaries |  | 81,630 |  |  | 92,107 |  |  | 54,848 |
Income tax benefit |  | 4,242 |  |  | 4,010 |  |  | 2,695 |
Income before equity in undistributed income of subsidiaries |  | 85,872 |  |  | 96,117 |  |  | 57,543 |
Equity in undistributed income of subsidiaries |  | 16,828 |  |  | 14,270 |  |  | 26,699 |
Net income |  | $ | 102,700 |  |  | $ | 110,387 |  |  | $ | 84,242 |
Other comprehensive income (loss) (1) |  | 40,199 |  |  | (18,533) |  |  | (8,709) |
Comprehensive income |  | $ | 142,899 |  |  | $ | 91,854 |  |  | $ | 75,533 |
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
Statements of Cash Flows |
Statements of Cash Flows |  |  |  |  |  |
for the years ended December 31, 2019, 2018 and 2017 |  |  |  |  |  |
(In thousands) |  | 2019 |  | 2018 |  | 2017
Operating activities: |  |  |  |  |  |
Net income |  | $ | 102,700 |  |  | $ | 110,387 |  |  | $ | 84,242 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed income of subsidiaries |  | (16,828) |  |  | (14,270) |  |  | (26,699) |
Compensation expense for issuance of treasury shares to directors |  | 1,325 |  |  | 1,109 |  |  | 1,241 |
Share-based compensation expense |  | 4,999 |  |  | 3,954 |  |  | 2,701 |
Realized net investment security gains |  | — |  |  | — |  |  | (1,821) |
Gain on equity securities, net |  | (4,204) |  |  | (3,267) |  |  | — |
(Increase) decrease in other assets |  | (8,544) |  |  | (2,073) |  |  | 205 |
Increase (decrease) in other liabilities |  | 10,006 |  |  | (163) |  |  | 475 |
Net cash provided by operating activities |  | 89,454 |  |  | 95,677 |  |  | 60,344 |
Investing activities: |  |  |  |  |  |
Proceeds from sales of securities |  | — |  |  | — |  |  | 2,265 |
Outlays for business acquisitions |  | (28,630) |  |  | (30,684) |  |  | — |
Other, net |  | 5,723 |  |  | 60 |  |  | — |
Net cash (used in) provided by investing activities |  | (22,907) |  |  | (30,624) |  |  | 2,265 |
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (69,113) |  |  | (63,013) |  |  | (57,493) |
Repayment of subordinated notes |  | — |  |  | — |  |  | (30,000) |
Proceeds from issuance of long term debt |  | 50,000 |  |  | — |  |  | — |
Repayment of long term debt |  | (7,500) |  |  | — |  |  | — |
Repurchase of treasury shares |  | (40,535) |  |  | (5,784) |  |  | (7,378) |
Cash payment for fractional shares |  | (3) |  |  | (4) |  |  | (6) |
Value of common shares withheld to pay employee income taxes |  | (827) |  |  | (610) |  |  | (347) |
Net cash used in financing activities |  | (67,978) |  |  | (69,411) |  |  | (95,224) |
Decrease in cash |  | (1,431) |  |  | (4,358) |  |  | (32,615) |
Cash at beginning of year |  | 75,094 |  |  | 79,452 |  |  | 112,067 |
Cash at end of year |  | $ | 73,663 |  |  | $ | 75,094 |  |  | $ | 79,452 |

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