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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2022
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 |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Assets: | ​ |  | ​ | ​ |  | ​
Cash and due from banks | ​ | $ | 22,723 | ​ | $ | 16,038
Securities available for sale: | ​ |  |  | ​ |  |
Other securities | ​ |  | 1,516 | ​ |  | 1,695
Investment in Bank | ​ |  | 890,828 | ​ |  | 843,866
Goodwill | ​ |  | 2,185 | ​ |  | 2,185
Other assets | ​ |  | 3,681 | ​ |  | 2,791
Total assets | ​ | $ | 920,933 | ​ | $ | 866,575
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |
Subordinated debentures | ​ | $ | 186,965 | ​ | $ | 122,885
Junior subordinated debentures, at fair value | ​ |  | 50,507 | ​ |  | 56,472
Other liabilities | ​ |  | 6,304 | ​ |  | 7,590
Total liabilities | ​ |  | 243,776 | ​ |  | 186,947
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 341 | ​ |  | 341
Additional paid-in capital | ​ |  | 264,332 | ​ |  | 263,375
Treasury stock, at average cost (4,611,232 shares and 3,561,270 at December 31, 2022 and 2021, respectively) | ​ |  | (98,535) | ​ |  | (75,293)
Retained earnings | ​ |  | 547,507 | ​ |  | 497,889
Accumulated other comprehensive loss, net of taxes | ​ |  | (36,488) | ​ |  | (6,684)
Total equity | ​ |  | 677,157 | ​ |  | 679,628
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and equity | ​ | $ | 920,933 | ​ | $ | 866,575
​ ​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Income |  | 2022 |  | 2021 |  | 2020
​ | ​ | (In thousands)
Dividends from the Bank | ​ | $ | 50,000 | ​ | $ | 5,000 | ​ | $ | 78,833
Interest income | ​ |  | 468 | ​ |  | 145 | ​ |  | 466
Interest expense | ​ |  | (7,771) | ​ |  | (6,215) | ​ |  | (5,858)
Net gain (loss) from fair value adjustments | ​ |  | 7,207 | ​ |  | (13,604) | ​ |  | (85)
Other operating expenses | ​ |  | (1,645) | ​ |  | (1,844) | ​ |  | (3,975)
Income (loss) before taxes and equity in undistributed earnings of subsidiary | ​ |  | 48,259 | ​ |  | (16,518) | ​ |  | 69,381
Income tax benefit | ​ |  | 2,684 | ​ |  | 5,403 | ​ |  | 2,274
Income (loss) before equity in undistributed earnings of subsidiary | ​ |  | 50,943 | ​ |  | (11,115) | ​ |  | 71,655
Equity (deficit) in undistributed earnings of the Bank | ​ |  | 26,002 | ​ |  | 92,908 | ​ |  | (36,981)
Net income | ​ |  | 76,945 | ​ |  | 81,793 | ​ |  | 34,674
Other comprehensive (loss) income, net of tax | ​ |  | (29,804) | ​ |  | 9,582 | ​ |  | (6,459)
Comprehensive net income | ​ | $ | 47,141 | ​ | $ | 91,375 | ​ | $ | 28,215
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Cash Flows |  | 2022 |  | 2021 |  | 2020
​ | ​ | (In thousands)
Operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net income | ​ | $ | 76,945 | ​ | $ | 81,793 | ​ | $ | 34,674
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
(Equity) deficit in undistributed earnings of the Bank | ​ |  | (26,002) | ​ |  | (92,908) | ​ |  | 36,981
Deferred income tax provision (benefit) | ​ |  | 2,111 | ​ |  | (3,939) | ​ |  | (291)
Net gain (loss) from fair value adjustments | ​ |  | (7,207) | ​ |  | 13,604 | ​ |  | 85
Stock-based compensation expense | ​ |  | 6,807 | ​ |  | 6,829 | ​ |  | 6,450
Net change in operating assets and liabilities | ​ |  | (2,866) | ​ |  | 2,927 | ​ |  | 3,490
Net cash provided by operating activities | ​ |  | 49,788 | ​ |  | 8,306 | ​ |  | 81,389
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Investment in Bank | ​ | ​ | (50,000) | ​ | ​ | (15,000) | ​ | ​ | —
Cash used in acquisition of Empire | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (54,836)
Cash provided by acquisition of Empire | ​ |  | — | ​ |  | — | ​ |  | 15,769
Net cash used in investing activities | ​ |  | (50,000) | ​ |  | (15,000) | ​ |  | (39,067)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from long-term borrowings | ​ |  | 63,603 | ​ |  | 122,843 | ​ |  | —
Repayment of long-term borrowings | ​ |  | — | ​ |  | (90,250) | ​ |  | —
Purchase of treasury stock | ​ |  | (29,675) | ​ |  | (11,370) | ​ |  | (3,877)
Cash dividends paid | ​ |  | (27,031) | ​ |  | (26,524) | ​ |  | (24,813)
Net cash provided by (used in) financing activities | ​ |  | 6,897 | ​ |  | (5,301) | ​ |  | (28,690)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and cash equivalents | ​ |  | 6,685 | ​ |  | (11,995) | ​ |  | 13,632
Cash and cash equivalents, beginning of year | ​ |  | 16,038 | ​ |  | 28,033 | ​ |  | 14,401
Cash and cash equivalents, end of year | ​ | $ | 22,723 | ​ | $ | 16,038 | ​ | $ | 28,033
​

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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