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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes Tables |
Condensed Statements of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
Condensed Statements of Financial Condition |  | 2021 |  | 2020
​ | ​ | (Dollars in thousands)
Assets: | ​ |  | ​ | ​ |  | ​
Cash and due from banks | ​ | $ | 16,038 | ​ | $ | 28,033
Securities available for sale: | ​ |  |  | ​ |  |
Other securities | ​ |  | 1,695 | ​ |  | 1,295
Investment in Bank | ​ |  | 843,866 | ​ |  | 726,802
Goodwill | ​ |  | 2,185 | ​ |  | 2,185
Other assets | ​ |  | 2,791 | ​ |  | 839
Total assets | ​ | $ | 866,575 | ​ | $ | 759,154
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |
Subordinated debentures | ​ | $ | 122,885 | ​ | $ | 90,180
Junior subordinated debentures, at fair value | ​ |  | 56,472 | ​ |  | 43,136
Other liabilities | ​ |  | 7,590 | ​ |  | 6,841
Total liabilities | ​ |  | 186,947 | ​ |  | 140,157
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 341 | ​ |  | 341
Additional paid-in capital | ​ |  | 263,375 | ​ |  | 261,533
Treasury stock, at average cost (3,561,270 shares and 3,311,769 at December 31, 2021 and 2020, respectively) | ​ |  | (75,293) | ​ |  | (69,400)
Retained earnings | ​ |  | 497,889 | ​ |  | 442,789
Accumulated other comprehensive loss, net of taxes | ​ |  | (6,684) | ​ |  | (16,266)
Total equity | ​ |  | 679,628 | ​ |  | 618,997
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and equity | ​ | $ | 866,575 | ​ | $ | 759,154
Condensed Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Income |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In thousands)
Dividends from the Bank | ​ | $ | 5,000 | ​ | $ | 78,833 | ​ | $ | 32,000
Interest income | ​ |  | 145 | ​ |  | 466 | ​ |  | 250
Interest expense | ​ |  | (6,215) | ​ |  | (5,858) | ​ |  | (6,677)
Net loss from fair value adjustments | ​ |  | (13,604) | ​ |  | (85) | ​ |  | (2,725)
Other operating expenses | ​ |  | (1,844) | ​ |  | (3,975) | ​ |  | (2,833)
(Loss) income before taxes and equity in undistributed earnings of subsidiary | ​ |  | (16,518) | ​ |  | 69,381 | ​ |  | 20,015
Income tax benefit | ​ |  | 5,403 | ​ |  | 2,274 | ​ |  | 3,173
(Loss) income before equity in undistributed earnings of subsidiary | ​ |  | (11,115) | ​ |  | 71,655 | ​ |  | 23,188
Equity in undistributed earnings of the Bank | ​ |  | 92,908 | ​ |  | (36,981) | ​ |  | 18,091
Net income | ​ |  | 81,793 | ​ |  | 34,674 | ​ |  | 41,279
Other comprehensive income (loss), net of tax | ​ |  | 9,582 | ​ |  | (6,459) | ​ |  | 2,945
Comprehensive net income | ​ | $ | 91,375 | ​ | $ | 28,215 | ​ | $ | 44,224
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Cash Flows |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In thousands)
Operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net income | ​ | $ | 81,793 | ​ | $ | 34,674 | ​ | $ | 41,279
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed earnings of the Bank | ​ |  | (92,908) | ​ |  | 36,981 | ​ |  | (18,091)
Deferred income tax benefit | ​ |  | (3,939) | ​ |  | (291) | ​ |  | (769)
Fair value adjustments for financial assets and financial liabilities | ​ |  | 13,604 | ​ |  | 85 | ​ |  | 2,725
Stock-based compensation expense | ​ |  | 6,829 | ​ |  | 6,450 | ​ |  | 7,763
Net change in operating assets and liabilities | ​ |  | 2,927 | ​ |  | 3,490 | ​ |  | 3,945
Net cash provided by operating activities | ​ |  | 8,306 | ​ |  | 81,389 | ​ |  | 36,852
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Investment in Bank | ​ | ​ | (15,000) | ​ | ​ | — | ​ | ​ | —
Cash used in acquisition of Empire | ​ | ​ | — | ​ | ​ | (54,836) | ​ | ​ | —
Cash provided by acquisition of Empire | ​ |  | — | ​ |  | 15,769 | ​ |  | —
Net cash used in investing activities | ​ |  | (15,000) | ​ |  | (39,067) | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from long-term borrowings | ​ |  | 122,843 | ​ |  | — | ​ |  | —
Repayment of long-term borrowings | ​ |  | (90,250) | ​ |  | — | ​ |  | —
Purchase of treasury stock | ​ |  | (11,370) | ​ |  | (3,877) | ​ |  | (2,656)
Cash dividends paid | ​ |  | (26,524) | ​ |  | (24,813) | ​ |  | (24,149)
Stock options exercised | ​ |  | — | ​ |  | — | ​ |  | 3
Net cash used in financing activities | ​ |  | (5,301) | ​ |  | (28,690) | ​ |  | (26,802)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash and cash equivalents | ​ |  | (11,995) | ​ |  | 13,632 | ​ |  | 10,050
Cash and cash equivalents, beginning of year | ​ |  | 28,033 | ​ |  | 14,401 | ​ |  | 4,351
Cash and cash equivalents, end of year | ​ | $ | 16,038 | ​ | $ | 28,033 | ​ | $ | 14,401

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