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Parent Company Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets |
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 |
Statements of Income |
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 |
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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