XML 181 R40.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Parent Company Statements | 12 Months Ended
--- | ---
Dec. 31, 2019
Condensed Financial Information 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 $4.1 million, $3.9 million and $3.3 million in 2019, 2018 and 2017, respectively.
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 |
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 |  |  |  |  |  |
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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
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/disclosureRef -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 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration