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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Notes Tables |
Condensed Statements of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​
Condensed Statements of Income | ​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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