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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements. |
Parent Company Only Financial Information | 24. Parent Company Only Financial Information Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank. The condensed financial statements for the Holding Company are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
Condensed Statements of Financial Condition |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Assets: | ​ |  | ​ | ​ |  | ​
Cash and due from banks | ​ | $ | 28,033 | ​ | $ | 14,401
Securities available for sale: | ​ |  |  | ​ |  |
Other securities | ​ |  | 1,295 | ​ |  | 1,332
Investment in Bank | ​ |  | 726,802 | ​ |  | 684,643
Goodwill | ​ |  | 2,185 | ​ |  | 2,185
Other assets | ​ |  | 839 | ​ |  | 1,897
Total assets | ​ | $ | 759,154 | ​ | $ | 704,458
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |
Subordinated debentures | ​ | $ | 90,180 | ​ | $ | 74,319
Junior subordinated debentures, at fair value | ​ |  | 43,136 | ​ |  | 44,384
Other liabilities | ​ |  | 6,841 | ​ |  | 6,083
Total liabilities | ​ |  | 140,157 | ​ |  | 124,786
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 341 | ​ |  | 315
Additional paid-in capital | ​ |  | 261,533 | ​ |  | 226,691
Treasury stock, at average cost (3,311,769 shares and 3,373,389 at December 31, 2020 and 2019, respectively) | ​ |  | (69,400) | ​ |  | (71,487)
Retained earnings | ​ |  | 442,789 | ​ |  | 433,960
Accumulated other comprehensive loss, net of taxes | ​ |  | (16,266) | ​ |  | (9,807)
Total equity | ​ |  | 618,997 | ​ |  | 579,672
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and equity | ​ | $ | 759,154 | ​ | $ | 704,458
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Income |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In thousands)
Dividends from the Bank | ​ | $ | 78,833 | ​ | $ | 32,000 | ​ | $ | 34,000
Interest income | ​ |  | 466 | ​ |  | 250 | ​ |  | 275
Interest expense | ​ |  | (5,858) | ​ |  | (6,677) | ​ |  | (6,479)
Net loss from fair value adjustments | ​ |  | (85) | ​ |  | (2,725) | ​ |  | (4,769)
Other operating expenses | ​ |  | (3,975) | ​ |  | (2,833) | ​ |  | (1,391)
Income before taxes and equity in undistributed earnings of subsidiary | ​ |  | 69,381 | ​ |  | 20,015 | ​ |  | 21,636
Income tax benefit | ​ |  | 2,274 | ​ |  | 3,173 | ​ |  | 3,907
Income before equity in undistributed earnings of subsidiary | ​ |  | 71,655 | ​ |  | 23,188 | ​ |  | 25,543
Equity in undistributed earnings of the Bank | ​ |  | (36,981) | ​ |  | 18,091 | ​ |  | 29,547
Net income | ​ |  | 34,674 | ​ |  | 41,279 | ​ |  | 55,090
Other comprehensive gain (loss), net of tax | ​ |  | (6,459) | ​ |  | 2,945 | ​ |  | (2,472)
Comprehensive net income | ​ | $ | 28,215 | ​ | $ | 44,224 | ​ | $ | 52,618
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Cash Flows |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In thousands)
Operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net income | ​ | $ | 34,674 | ​ | $ | 41,279 | ​ | $ | 55,090
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed earnings of the Bank | ​ |  | 36,981 | ​ |  | (18,091) | ​ |  | (29,547)
Deferred income tax benefit | ​ |  | (291) | ​ |  | (769) | ​ |  | (1,915)
Fair value adjustments for financial assets and financial liabilities | ​ |  | 85 | ​ |  | 2,725 | ​ |  | 4,769
Stock-based compensation expense | ​ |  | 6,450 | ​ |  | 7,763 | ​ |  | 7,016
Net change in operating assets and liabilities | ​ |  | 3,490 | ​ |  | 3,945 | ​ |  | 4,246
Net cash provided by operating activities | ​ |  | 81,389 | ​ |  | 36,852 | ​ |  | 39,659
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Cash used in acquisition of Empire | ​ | ​ | (54,836) | ​ | ​ | ​ | ​ | ​ | ​
Cash provided by acquisition of Empire | ​ |  | 15,769 | ​ |  | — | ​ |  | —
Net cash used in investing activities | ​ |  | (39,067) | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Purchase of treasury stock | ​ |  | (3,877) | ​ |  | (2,656) | ​ |  | (22,585)
Cash dividends paid | ​ |  | (24,813) | ​ |  | (24,149) | ​ |  | (22,927)
Stock options exercised | ​ |  | — | ​ |  | 3 | ​ |  | 6
Net cash used in financing activities | ​ |  | (28,690) | ​ |  | (26,802) | ​ |  | (45,506)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and cash equivalents | ​ |  | 13,632 | ​ |  | 10,050 | ​ |  | (5,847)
Cash and cash equivalents, beginning of year | ​ |  | 14,401 | ​ |  | 4,351 | ​ |  | 10,198
Cash and cash equivalents, end of year | ​ | $ | 28,033 | ​ | $ | 14,401 | ​ | $ | 4,351
​

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