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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements. |
Parent Company Only Financial Information | 23. 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 |  | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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