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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements. |
Stockholders' Equity | 14. Stockholders’ Equity Dividend Restrictions on the Bank: In connection with the Bank’s conversion from mutual to stock form in November 1995, a special liquidation account was established at the time of conversion, in accordance with the requirements of its primary regulator, which was equal to its capital as of June 30, 1995. The liquidation account is reduced as and to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases in deposits do not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the current adjusted qualifying balances for accounts then held. As of December 31, 2022 and 2021, the Bank’s liquidation account was $0.3 million and $0.4 million, respectively and was presented within retained earnings. In addition to the restriction described above, New York State and Federal banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. The total amount of dividends which may be paid at any date is generally limited to the net income of the Bank for the current year and prior two years, less any dividends previously paid from those earnings. As of December 31, 2022, the Bank had $81.9 million in retained earnings available to distribute to the Holding Company in the form of cash dividends. In addition, dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. As a bank holding company, the Holding Company is subject to similar dividend restrictions. Treasury Stock Transactions: The Holding Company repurchased 1,253,725 common shares at an average cost of $21.73 and 436,619 common shares at an average cost of $22.88 during the years ended December 31, 2022 and 2021, respectively. At December 31, 2022, 594,462 shares remained subject to repurchase under the authorized stock repurchase program. Stock will be purchased under the authorized stock repurchase program from time to time, in the open market or through private transactions, subject to market conditions and at the discretion of the management of the Company. There is no expiration or maximum dollar amount under this authorization. Accumulated Other Comprehensive Loss: The following are changes in accumulated other comprehensive loss by component, net of tax, for the years ended: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrealized Gains | ​ | Unrealized Gains | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (Losses) on | ​ | (Losses) on | ​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​
​ | ​ | Available for Sale | ​ | Cash flow | ​ | Defined Benefit | ​ | Option Elected | ​ | ​ | ​
December 31, 2022 |  | Securities |  | Hedges |  | Pension Items |  | on Liabilities |  | Total
​ |  | (In thousands)
Beginning balance, net of tax | ​ | $ | (6,272) | ​ | $ | (1,406) | ​ | $ | (1,282) | ​ | $ | 2,276 | ​ | $ | (6,684)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income before reclassifications, net of tax | ​ |  | (64,381) | ​ |  | 23,812 | ​ |  | 1,043 | ​ |  | (763) | ​ |  | (40,289)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ​ |  | 7,547 | ​ |  | 2,974 | ​ |  | (36) | ​ |  | — | ​ |  | 10,485
Net current period other comprehensive income, net of tax | ​ |  | (56,834) | ​ |  | 26,786 | ​ |  | 1,007 | ​ |  | (763) | ​ |  | (29,804)
Ending balance, net of tax | ​ | $ | (63,106) | ​ | $ | 25,380 | ​ | $ | (275) | ​ | $ | 1,513 | ​ | $ | (36,488)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrealized Gains | ​ | Unrealized Gains | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (Losses) on | ​ | (Losses) on | ​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​
​ | ​ | Available for Sale | ​ | Cash flow | ​ | Defined Benefit | ​ | Option Elected | ​ | ​ | ​
December 31, 2021 |  | Securities |  | Hedges |  | Pension Items |  | on Liabilities |  | Total
​ |  | (In thousands)
Beginning balance, net of tax | ​ | $ | 1,290 | ​ | $ | (17,521) | ​ | $ | (1,884) | ​ | $ | 1,849 | ​ | $ | (16,266)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income before reclassifications, net of tax | ​ |  | (7,484) | ​ |  | 8,819 | ​ |  | 319 | ​ |  | 427 | ​ |  | 2,081
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ​ |  | (78) | ​ |  | 7,296 | ​ |  | 283 | ​ |  | — | ​ |  | 7,501
Net current period other comprehensive income, net of tax | ​ |  | (7,562) | ​ |  | 16,115 | ​ |  | 602 | ​ |  | 427 | ​ |  | 9,582
Ending balance, net of tax | ​ | $ | (6,272) | ​ | $ | (1,406) | ​ | $ | (1,282) | ​ | $ | 2,276 | ​ | $ | (6,684)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Unrealized Gains |  | Unrealized Gains |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | (Losses) on | ​ | (Losses) on | ​ | ​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​
​ | ​ | Available for Sale | ​ | Cash flow | ​ | Defined Benefit | ​ | ​ | Option Elected | ​ | ​ | ​
December 31, 2020 |  | Securities |  | Hedges |  | Pension Items |  | ​ | on Liabilities | ​ | Total
​ |  | (In thousands)
Beginning balance, net of tax | ​ | $ | (3,982) | ​ | $ | (5,863) | ​ | $ | (983) | ​ | $ | 1,021 | ​ | $ | (9,807)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income before reclassifications, net of tax | ​ |  | 4,787 | ​ |  | (14,924) | ​ |  | (1,112) | ​ |  | 828 | ​ |  | (10,421)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ​ |  | 485 | ​ |  | 3,266 | ​ |  | 211 | ​ |  | — | ​ |  | 3,962
Net current period other comprehensive income, net of tax | ​ |  | 5,272 | ​ |  | (11,658) | ​ |  | (901) | ​ |  | 828 | ​ |  | (6,459)
Ending balance, net of tax | ​ | $ | 1,290 | ​ | $ | (17,521) | ​ | $ | (1,884) | ​ | $ | 1,849 | ​ | $ | (16,266)
​ ​ The following tables set forth significant amounts reclassified out of accumulated other comprehensive loss by component for the periods indicated: ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​
For the Year Ended December 31, 2022
​ | ​ | Amounts Reclassified from | ​ | ​
Details about Accumulated Other | ​ | Accumulated Other | ​ | Affected Line Item in the Statement
Comprehensive Income Components |  | Comprehensive Income |  | Where Net Income is Presented
(Dollars in thousands)
Unrealized gains losses on available for sale securities: | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (10,948) | ​ | Net gain (loss) on sale of securities
​ | ​ |  | 3,401 | ​ | Tax benefit
​ | ​ | $ | (7,547) | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ |  |  | ​ |
Interest rate swaps | ​ | $ | (4,341) |  | Interest (expense)
​ | ​ |  | 1,367 |  | Tax benefit
​ | ​ | $ | (2,974) |  | Net of tax
​ | ​ | ​ | ​ | ​ | ​
Amortization of defined benefit pension items: | ​ |  |  | ​ |
Actuarial losses | ​ | $ | 24 | ​ | Other operating expense
Prior service credits | ​ |  | 27 | ​ | Other operating expense
​ | ​ |  | 51 | ​ | Total before tax
​ | ​ |  | (15) |  | Tax expense
​ | ​ | $ | 36 |  | Net of tax
​
​ | ​ | ​ | ​ | ​ | ​
For the Year Ended December 31, 2021
​ | ​ | Amounts Reclassified from | ​ | ​
Details about Accumulated Other | ​ | Accumulated Other | ​ | Affected Line Item in the Statement
Comprehensive Income Components |  | Comprehensive Income |  | Where Net Income is Presented
(Dollars in thousands)
Unrealized gains (losses) on available for sale securities: | ​ | $ | 113 |  | Net gain (loss) on sale of securities
​ | ​ |  | (35) |  | Tax expense
​ | ​ | $ | 78 |  | Net of tax
​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ |  |  |  |
Interest rate swaps | ​ | $ | (10,623) |  | Interest (expense)
​ | ​ |  | 3,327 |  | Tax benefit
​ | ​ | $ | (7,296) |  | Net of tax
​ | ​ | ​ | ​ | ​ | ​
Amortization of defined benefit pension items: | ​ |  |  | ​ |
Actuarial losses | ​ | $ | (500) | ​ | Other operating expense
Prior service credits | ​ |  | 85 | ​ | Other operating expense
​ | ​ |  | (415) | ​ | Total before tax
​ | ​ |  | 132 | ​ | Tax benefit
​ | ​ | $ | (283) |  | Net of tax
​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​
For the Year Ended December 31, 2020
​ | ​ | Amounts Reclassified from | ​ | ​
Details about Accumulated Other | ​ | Accumulated Other | ​ | Affected Line Item in the Statement
Comprehensive Income Components |  | Comprehensive Income |  | Where Net Income is Presented
(Dollars in thousands)
Unrealized gains (losses) on available for sale securities: | ​ | $ | (701) |  | Net loss on sale of securities
​ | ​ |  | 216 |  | Tax benefit
​ | ​ | $ | (485) |  | Net of tax
​ | ​ | ​ | ​ | ​ | ​
Cash flow hedges: | ​ |  |  |  |
Interest rate swaps | ​ | $ | (4,732) |  | Interest expense
​ | ​ |  | 1,466 |  | Tax benefit
​ | ​ | $ | (3,266) | ​ | Net of tax
​ | ​ | ​ | ​ | ​ | ​
Amortization of defined benefit pension items: | ​ |  |  | ​ |
Actuarial losses | ​ | $ | (390) | ​ | Other operating expenses
Prior service credits | ​ |  | 85 | ​ | Other operating expenses
​ | ​ |  | (305) | ​ | Total before tax
​ | ​ |  | 94 |  | Tax benefit
​ | ​ | $ | (211) |  | Net of tax
​

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