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Parent Company Statements | 12 Months Ended
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Dec. 31, 2023
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) partially offset by cash payments to government entities for income taxes of $6.1 million, $2.2 million and $4.3 million in 2023, 2022 and 2021, respectively.
Condensed Balance Sheets
December 31, 2023 and 2022
(In thousands) |  | 2023 |  | 2022
Assets: |  |  |  |
Cash |  | $ | 282,151 |  |  | $ | 274,464 |
Investment in subsidiaries |  | 1,007,342 |  |  | 941,826 |
Debentures receivable from PNB |  | 25,000 |  |  | 25,000 |
Other receivables from subsidiaries |  | 1,160 |  |  | — |
Other investments |  | 1,170 |  |  | 1,177 |
Other assets |  | 35,610 |  |  | 36,636 |
Total assets |  | $ | 1,352,433 |  |  | $ | 1,279,103 |
Liabilities: |  |  |  |
Subordinated notes |  | $ | 189,147 |  |  | $ | 188,667 |
Other payables to subsidiaries |  | 455 |  |  | 3,625 |
Other liabilities |  | 17,538 |  |  | 17,585 |
Total liabilities |  | $ | 207,140 |  |  | $ | 209,877 |
Total shareholders’ equity |  | $ | 1,145,293 |  |  | $ | 1,069,226 |
Total liabilities and shareholders’ equity |  | $ | 1,352,433 |  |  | $ | 1,279,103 |
Condensed Statements of Income
for the years ended December 31, 2023, 2022 and 2021
(In thousands) |  | 2023 |  | 2022 |  | 2021
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 110,000 |  |  | $ | 120,000 |  |  | $ | 115,500 |
Interest and dividends |  | 1,678 |  |  | 1,250 |  |  | 1,250 |
Other |  | 163 |  |  | 2,478 |  |  | 2,016 |
Total income |  | 111,841 |  |  | 123,728 |  |  | 118,766 |
Expense: |  |  |  |  |  |
Interest expense |  | $ | 9,383 |  |  | $ | 8,833 |  |  | $ | 8,887 |
Other, net |  | 9,536 |  |  | 10,504 |  |  | 10,707 |
Total expense |  | 18,919 |  |  | 19,337 |  |  | 19,594 |
Income before income taxes and equity in undistributed income of subsidiaries |  | $ | 92,922 |  |  | $ | 104,391 |  |  | $ | 99,172 |
Income tax benefit |  | 4,196 |  |  | 5,142 |  |  | 4,897 |
Income before equity in undistributed income of subsidiaries |  | 97,118 |  |  | 109,533 |  |  | 104,069 |
Equity in undistributed income of subsidiaries |  | 29,616 |  |  | 38,818 |  |  | 49,876 |
Net income |  | $ | 126,734 |  |  | $ | 148,351 |  |  | $ | 153,945 |
Other comprehensive income (loss) (1) |  | 36,203 |  |  | (117,549) |  |  | 9,584 |
Comprehensive income |  | $ | 162,937 |  |  | $ | 30,802 |  |  | $ | 163,529 |
(1) See Consolidated Statements of Comprehensive Income for other comprehensive income (loss) detail.
Statements of Cash Flows
for the years ended December 31, 2023, 2022 and 2021
(In thousands) |  | 2023 |  | 2022 |  | 2021
Operating activities: |  |  |  |  |  |
Net income |  | $ | 126,734 |  |  | $ | 148,351 |  |  | $ | 153,945 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed income of subsidiaries |  | (29,616) |  |  | (38,818) |  |  | (49,876) |
Compensation expense for issuance of treasury shares to directors |  | 1,223 |  |  | 1,320 |  |  | 1,676 |
Share-based compensation expense |  | 6,787 |  |  | 5,879 |  |  | 6,345 |
Loss (gain) on equity securities, net |  | 151 |  |  | 207 |  |  | (1,218) |
Decrease (increase) in other assets |  | 828 |  |  | (2,514) |  |  | 8,249 |
(Decrease) increase in other liabilities |  | (2,752) |  |  | 4,896 |  |  | (2,407) |
Net cash provided by operating activities |  | 103,355 |  |  | 119,321 |  |  | 116,714 |
Investing activities: |  |  |  |  |  |
Proceeds from sales of securities |  | 1,370 |  |  | — |  |  | 934 |
Purchase of equity securities |  | (2,195) |  |  | (9,165) |  |  | — |
Other, net |  | (31) |  |  | 144 |  |  | 2,332 |
Net cash (used in) provided by investing activities |  | (856) |  |  | (9,021) |  |  | 3,266 |
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (68,951) |  |  | (76,604) |  |  | (74,306) |
Repayment of long-term debt |  | — |  |  | — |  |  | (32,500) |
Repurchase of common shares to be held as treasury shares |  | (23,017) |  |  | — |  |  | (16,048) |
Cash payment for fractional shares |  | — |  |  | (2) |  |  | (6) |
Value of common shares withheld to pay employee income taxes |  | (2,844) |  |  | (2,761) |  |  | (2,403) |
Net cash used in financing activities |  | (94,812) |  |  | (79,367) |  |  | (125,263) |
Increase (decrease) in cash |  | 7,687 |  |  | 30,933 |  |  | (5,283) |
Cash at beginning of year |  | 274,464 |  |  | 243,531 |  |  | 248,814 |
Cash at end of year |  | $ | 282,151 |  |  | $ | 274,464 |  |  | $ | 243,531 |

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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