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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes Tables |
Condensed Statements of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
Condensed Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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