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Parent Company Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets |
Condensed Balance Sheets
December 31, 2024 and 2023
(In thousands) |  | 2024 |  | 2023
Assets: |  |  |  |
Cash |  | $ | 277,808 |  |  | $ | 282,151 |
Investment in subsidiaries |  | 1,095,701 |  |  | 1,007,342 |
Debentures receivable from PNB |  | 25,000 |  |  | 25,000 |
Other receivables from subsidiaries |  | 1,261 |  |  | 1,160 |
Other investments |  | 10,523 |  |  | 1,170 |
Other assets |  | 41,363 |  |  | 35,610 |
Total assets |  | $ | 1,451,656 |  |  | $ | 1,352,433 |
Liabilities: |  |  |  |
Subordinated notes |  | $ | 189,651 |  |  | $ | 189,147 |
Other payables to subsidiaries |  | 1 |  |  | 455 |
Other liabilities |  | 18,156 |  |  | 17,538 |
Total liabilities |  | $ | 207,808 |  |  | $ | 207,140 |
Total shareholders’ equity |  | $ | 1,243,848 |  |  | $ | 1,145,293 |
Total liabilities and shareholders’ equity |  | $ | 1,451,656 |  |  | $ | 1,352,433 |
Statements of Income |
Condensed Statements of Income
for the years ended December 31, 2024, 2023 and 2022
(In thousands) |  | 2024 |  | 2023 |  | 2022
Income: |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 93,000 |  |  | $ | 110,000 |  |  | $ | 120,000 |
Interest and dividends |  | 2,188 |  |  | 1,678 |  |  | 1,250 |
Other |  | 2,418 |  |  | 163 |  |  | 2,478 |
Total income |  | 97,606 |  |  | 111,841 |  |  | 123,728 |
Expense: |  |  |  |  |  |
Interest expense |  | $ | 9,428 |  |  | $ | 9,383 |  |  | $ | 8,833 |
Other, net |  | 8,976 |  |  | 9,536 |  |  | 10,504 |
Total expense |  | 18,404 |  |  | 18,919 |  |  | 19,337 |
Income before income taxes and equity in undistributed income of subsidiaries |  | $ | 79,202 |  |  | $ | 92,922 |  |  | $ | 104,391 |
Income tax benefit |  | 3,876 |  |  | 4,196 |  |  | 5,142 |
Income before equity in undistributed income of subsidiaries |  | 83,078 |  |  | 97,118 |  |  | 109,533 |
Equity in undistributed income of subsidiaries |  | 68,342 |  |  | 29,616 |  |  | 38,818 |
Net income |  | $ | 151,420 |  |  | $ | 126,734 |  |  | $ | 148,351 |
Other comprehensive income (loss) (1) |  | 20,016 |  |  | 36,203 |  |  | (117,549) |
Comprehensive income |  | $ | 171,436 |  |  | $ | 162,937 |  |  | $ | 30,802 |
(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, 2024, 2023 and 2022
(In thousands) |  | 2024 |  | 2023 |  | 2022
Operating activities: |  |  |  |  |  |
Net income |  | $ | 151,420 |  |  | $ | 126,734 |  |  | $ | 148,351 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed income of subsidiaries |  | (68,342) |  |  | (29,616) |  |  | (38,818) |
Compensation expense for issuance of treasury shares to directors |  | 1,223 |  |  | 1,223 |  |  | 1,320 |
Share-based compensation expense |  | 6,446 |  |  | 6,787 |  |  | 5,879 |
(Gain) loss on equity securities, net |  | (1,872) |  |  | 151 |  |  | 207 |
(Increase) decrease in other assets |  | (23) |  |  | 828 |  |  | (2,514) |
(Decrease) increase in other liabilities |  | (1,770) |  |  | (2,752) |  |  | 4,896 |
Net cash provided by operating activities |  | 87,082 |  |  | 103,355 |  |  | 119,321 |
Investing activities: |  |  |  |  |  |
Proceeds from sales of securities |  | — |  |  | 1,370 |  |  | — |
Purchase of equity securities |  | (10,213) |  |  | (2,195) |  |  | (9,165) |
Other, net |  | (600) |  |  | (31) |  |  | 144 |
Net cash used in investing activities |  | (10,813) |  |  | (856) |  |  | (9,021) |
Financing activities: |  |  |  |  |  |
Cash dividends paid |  | (77,496) |  |  | (68,951) |  |  | (76,604) |
Repurchase of common shares to be held as treasury shares |  | — |  |  | (23,017) |  |  | — |
Cash payment for fractional shares |  | — |  |  | — |  |  | (2) |
Value of common shares withheld to pay employee income taxes |  | (3,116) |  |  | (2,844) |  |  | (2,761) |
Net cash used in financing activities |  | (80,612) |  |  | (94,812) |  |  | (79,367) |
(Decrease) increase in cash |  | (4,343) |  |  | 7,687 |  |  | 30,933 |
Cash at beginning of year |  | 282,151 |  |  | 274,464 |  |  | 243,531 |
Cash at end of year |  | $ | 277,808 |  |  | $ | 282,151 |  |  | $ | 274,464 |

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