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Parent Company Statements
 12 Months Ended
Dec. 31, 2024
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 $3.0 million, $6.1 million and $2.2 million in 2024, 2023 and 2022, respectively.
 
Condensed Balance Sheets
December 31, 2024 and 2023
(In thousands)20242023
Assets:
Cash$277,808 $282,151 
Investment in subsidiaries1,095,701 1,007,342 
Debentures receivable from PNB25,000 25,000 
Other receivables from subsidiaries1,261 1,160 
Other investments10,523 1,170 
Other assets41,363 35,610 
Total assets$1,451,656 $1,352,433 
Liabilities:
Subordinated notes$189,651 $189,147 
Other payables to subsidiaries1 455 
Other liabilities18,156 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 
Condensed Statements of Income
for the years ended December 31, 2024, 2023 and 2022
(In thousands)202420232022
Income:
Dividends from subsidiaries$93,000 $110,000 $120,000 
Interest and dividends2,188 1,678 1,250 
Other2,418 163 2,478 
Total income97,606 111,841 123,728 
Expense:
Interest expense$9,428 $9,383 $8,833 
Other, net8,976 9,536 10,504 
Total expense18,404 18,919 19,337 
Income before income taxes and equity in undistributed income of subsidiaries$79,202 $92,922 $104,391 
Income tax benefit3,876 4,196 5,142 
Income before equity in undistributed income of subsidiaries83,078 97,118 109,533 
Equity in undistributed income of subsidiaries68,342 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
for the years ended December 31, 2024, 2023 and 2022
(In thousands)202420232022
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 directors1,223 1,223 1,320 
   Share-based compensation expense6,446 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 activities87,082 103,355 119,321 
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 year282,151 274,464 243,531 
Cash at end of year$277,808 $282,151 $274,464