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Parent Company Statements | 12 Months Ended
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Dec. 31, 2020
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 $6.8 million, $4.1 million and $3.9 million in 2020, 2019 and 2018, respectively.
Condensed Balance Sheets
December 31, 2020 and 2019
(In thousands) |  | 2020 |  | 2019
Assets: |  |  |  |
Cash |  | $ | 248,814 |  |  | $ | 73,663 |
Investment in subsidiaries |  | 969,054 |  |  | 912,162 |
Debentures receivable from PNB |  | 25,000 |  |  | 25,000 |
Other receivables from subsidiaries |  | 1,823 |  |  | 9,168 |
Other investments |  | 5,375 |  |  | 5,001 |
Other assets |  | 23,333 |  |  | 20,620 |
Total assets |  | $ | 1,273,399 |  |  | $ | 1,045,614 |
Liabilities: |  |  |  |
Long-term debt |  | $ | 32,500 |  |  | $ | 42,500 |
Subordinated notes |  | 187,774 |  |  | 15,000 |
Other payables to subsidiaries |  | 132 |  |  | 10,092 |
Other liabilities |  | 12,737 |  |  | 9,008 |
Total liabilities |  | $ | 233,143 |  |  | $ | 76,600 |
Total shareholders’ equity |  | $ | 1,040,256 |  |  | $ | 969,014 |
Total liabilities and shareholders’ equity |  | $ | 1,273,399 |  |  | $ | 1,045,614 |
Condensed Statements of Income
for the years ended December 31, 2020, 2019 and 2018
(In thousands) |  | 2020 |  | 2019 |  | 2018
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 97,000 |  |  | $ | 97,500 |  |  | $ | 100,000 |
Interest and dividends |  | 1,250 |  |  | 1,250 |  |  | 1,275 |
Other |  | 98 |  |  | 4,634 |  |  | 6,068 |
Total income |  | 98,348 |  |  | 103,384 |  |  | 107,343 |
Expense: |  |  |  |  |  |
Interest expense |  | 4,311 |  |  | 1,950 |  |  | 617 |
Other, net |  | 12,234 |  |  | 19,804 |  |  | 14,619 |
Total expense |  | 16,545 |  |  | 21,754 |  |  | 15,236 |
Income before income taxes and equity in undistributed income of subsidiaries |  | $ | 81,803 |  |  | $ | 81,630 |  |  | $ | 92,107 |
Income tax benefit |  | 4,390 |  |  | 4,242 |  |  | 4,010 |
Income before equity in undistributed income of subsidiaries |  | 86,193 |  |  | 85,872 |  |  | 96,117 |
Equity in undistributed income of subsidiaries |  | 41,730 |  |  | 16,828 |  |  | 14,270 |
Net income |  | $ | 127,923 |  |  | $ | 102,700 |  |  | $ | 110,387 |
Other comprehensive income (loss) (1) |  | 15,160 |  |  | 40,199 |  |  | (18,533) |
Comprehensive income |  | $ | 143,083 |  |  | $ | 142,899 |  |  | $ | 91,854 |
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
Statements of Cash Flows
for the years ended December 31, 2020, 2019 and 2018
(In thousands) |  | 2020 |  | 2019 |  | 2018
Operating activities: |  |  |  |  |  |
Net income |  | $ | 127,923 |  |  | $ | 102,700 |  |  | $ | 110,387 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed income of subsidiaries |  | (41,730) |  |  | (16,828) |  |  | (14,270) |
Compensation expense for issuance of treasury shares to directors |  | 1,274 |  |  | 1,325 |  |  | 1,109 |
Share-based compensation expense |  | 5,998 |  |  | 4,999 |  |  | 3,954 |
Gain (loss) on equity securities, net |  | 245 |  |  | (4,204) |  |  | (3,267) |
Decrease (increase) in other assets |  | 6,632 |  |  | (8,544) |  |  | (2,073) |
(Decrease) increase in other liabilities |  | (6,325) |  |  | 10,006 |  |  | (163) |
Net cash provided by operating activities |  | 94,017 |  |  | 89,454 |  |  | 95,677 |
Investing activities: |  |  |  |  |  |
Outlays for business acquisitions |  | — |  |  | (28,630) |  |  | (30,684) |
Other, net |  | (2,621) |  |  | 5,723 |  |  | 60 |
Net cash used in investing activities |  | (2,621) |  |  | (22,907) |  |  | (30,624) |
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (70,353) |  |  | (69,113) |  |  | (63,013) |
Proceeds from issuance of long-term debt |  | 172,620 |  |  | 50,000 |  |  | — |
Repayment of long-term debt |  | (10,000) |  |  | (7,500) |  |  | — |
Repurchase of treasury shares |  | (7,507) |  |  | (40,535) |  |  | (5,784) |
Cash payment for fractional shares |  | (3) |  |  | (3) |  |  | (4) |
Value of common shares withheld to pay employee income taxes |  | (1,002) |  |  | (827) |  |  | (610) |
Net cash provided by (used) in financing activities |  | 83,755 |  |  | (67,978) |  |  | (69,411) |
Increase (decrease) in cash |  | 175,151 |  |  | (1,431) |  |  | (4,358) |
Cash at beginning of year |  | 73,663 |  |  | 75,094 |  |  | 79,452 |
Cash at end of year |  | $ | 248,814 |  |  | $ | 73,663 |  |  | $ | 75,094 |

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- 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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 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 Reference 3: 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(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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