XML 88 R68.htm IDEA: XBRL DOCUMENT
v3.20.4

Parent Company Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets |
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 |
Statements of Income |
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 |
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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration