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Parent Company Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets |
Condensed Balance Sheets
December 31, 2022 and 2021
(In thousands) |  | 2022 |  | 2021
Assets: |  |  |  |
Cash |  | $ | 274,464 |  |  | $ | 243,531 |
Investment in subsidiaries |  | 941,826 |  |  | 1,020,556 |
Debentures receivable from PNB |  | 25,000 |  |  | 25,000 |
Other investments |  | 1,177 |  |  | 1,384 |
Other assets |  | 36,636 |  |  | 18,852 |
Total assets |  | $ | 1,279,103 |  |  | $ | 1,309,323 |
Liabilities: |  |  |  |
Subordinated notes |  | $ | 188,667 |  |  | $ | 188,210 |
Other payables to subsidiaries |  | 3,625 |  |  | — |
Other liabilities |  | 17,585 |  |  | 10,354 |
Total liabilities |  | $ | 209,877 |  |  | $ | 198,564 |
Total shareholders’ equity |  | $ | 1,069,226 |  |  | $ | 1,110,759 |
Total liabilities and shareholders’ equity |  | $ | 1,279,103 |  |  | $ | 1,309,323 |
Statements of Income |
Condensed Statements of Income
for the years ended December 31, 2022, 2021 and 2020
(In thousands) |  | 2022 |  | 2021 |  | 2020
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 120,000 |  |  | $ | 115,500 |  |  | $ | 97,000 |
Interest and dividends |  | 1,250 |  |  | 1,250 |  |  | 1,250 |
Other |  | 2,478 |  |  | 2,016 |  |  | 98 |
Total income |  | 123,728 |  |  | 118,766 |  |  | 98,348 |
Expense: |  |  |  |  |  |
Interest expense |  | $ | 8,833 |  |  | $ | 8,887 |  |  | $ | 4,311 |
Other, net |  | 10,504 |  |  | 10,707 |  |  | 12,234 |
Total expense |  | 19,337 |  |  | 19,594 |  |  | 16,545 |
Income before income taxes and equity in undistributed income of subsidiaries |  | $ | 104,391 |  |  | $ | 99,172 |  |  | $ | 81,803 |
Income tax benefit |  | 5,142 |  |  | 4,897 |  |  | 4,390 |
Income before equity in undistributed income of subsidiaries |  | 109,533 |  |  | 104,069 |  |  | 86,193 |
Equity in undistributed income of subsidiaries |  | 38,818 |  |  | 49,876 |  |  | 41,730 |
Net income |  | $ | 148,351 |  |  | $ | 153,945 |  |  | $ | 127,923 |
Other comprehensive (loss) income (1) |  | (117,549) |  |  | 9,584 |  |  | 15,160 |
Comprehensive income |  | $ | 30,802 |  |  | $ | 163,529 |  |  | $ | 143,083 |
(1) See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail.
Statements of Cash Flows |
Statements of Cash Flows
for the years ended December 31, 2022, 2021 and 2020
(In thousands) |  | 2022 |  | 2021 |  | 2020
Operating activities: |  |  |  |  |  |
Net income |  | $ | 148,351 |  |  | $ | 153,945 |  |  | $ | 127,923 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed income of subsidiaries |  | (38,818) |  |  | (49,876) |  |  | (41,730) |
Compensation expense for issuance of treasury shares to directors |  | 1,320 |  |  | 1,676 |  |  | 1,274 |
Share-based compensation expense |  | 5,879 |  |  | 6,345 |  |  | 5,998 |
Gain (loss) on equity securities, net |  | 207 |  |  | (1,218) |  |  | 245 |
(Increase) decrease in other assets |  | (2,514) |  |  | 8,249 |  |  | 6,632 |
Increase (decrease) in other liabilities |  | 4,896 |  |  | (2,407) |  |  | (6,325) |
Net cash provided by operating activities |  | 119,321 |  |  | 116,714 |  |  | 94,017 |
Investing activities: |  |  |  |  |  |
Proceeds from sales of securities |  | — |  |  | 934 |  |  | — |
Other, net |  | (9,021) |  |  | 2,332 |  |  | (2,621) |
Net cash (used in) provided by investing activities |  | (9,021) |  |  | 3,266 |  |  | (2,621) |
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (76,604) |  |  | (74,306) |  |  | (70,353) |
Proceeds from issuance of long-term debt |  | — |  |  | — |  |  | 172,620 |
Repayment of long-term debt |  | — |  |  | (32,500) |  |  | (10,000) |
Repurchase of treasury shares |  | — |  |  | (16,048) |  |  | (7,507) |
Cash payment for fractional shares |  | (2) |  |  | (6) |  |  | (3) |
Value of common shares withheld to pay employee income taxes |  | (2,761) |  |  | (2,403) |  |  | (1,002) |
Net cash (used in) provided by financing activities |  | (79,367) |  |  | (125,263) |  |  | 83,755 |
Increase (decrease) in cash |  | 30,933 |  |  | (5,283) |  |  | 175,151 |
Cash at beginning of year |  | 243,531 |  |  | 248,814 |  |  | 73,663 |
Cash at end of year |  | $ | 274,464 |  |  | $ | 243,531 |  |  | $ | 248,814 |

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