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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements. |
Parent Company Only Financial Information | 22. 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 |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Assets: | ​ |  | ​ | ​ |  | ​
Cash and due from banks | ​ | $ | 103,919 | ​ | $ | 22,723
Securities available for sale: | ​ |  |  | ​ |  |
Other securities | ​ |  | 1,437 | ​ |  | 1,516
Investment in Bank | ​ |  | 799,324 | ​ |  | 890,828
Goodwill | ​ |  | 2,185 | ​ |  | 2,185
Other assets | ​ |  | 5,395 | ​ |  | 3,681
Total assets | ​ | $ | 912,260 | ​ | $ | 920,933
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |
Subordinated debentures | ​ | $ | 187,630 | ​ | $ | 186,965
Junior subordinated debentures, at fair value | ​ |  | 47,850 | ​ |  | 50,507
Other liabilities | ​ |  | 6,943 | ​ |  | 6,304
Total liabilities | ​ |  | 242,423 | ​ |  | 243,776
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 341 | ​ |  | 341
Additional paid-in capital | ​ |  | 264,534 | ​ |  | 264,332
Treasury stock, at average cost (5,221,813 shares and 4,611,232, respectively) | ​ |  | (106,070) | ​ |  | (98,535)
Retained earnings | ​ |  | 549,683 | ​ |  | 547,507
Accumulated other comprehensive loss, net of taxes | ​ |  | (38,651) | ​ |  | (36,488)
Total equity | ​ |  | 669,837 | ​ |  | 677,157
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and equity | ​ | $ | 912,260 | ​ | $ | 920,933
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Income (Loss) |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In thousands)
Dividends from the Bank | ​ | $ | 125,000 | ​ | $ | 50,000 | ​ | $ | 5,000
Interest income | ​ |  | 767 | ​ |  | 468 | ​ |  | 145
Interest expense | ​ |  | (12,668) | ​ |  | (7,771) | ​ |  | (6,215)
Net gain (loss) from fair value adjustments | ​ |  | 2,405 | ​ |  | 7,207 | ​ |  | (13,604)
Other operating expenses | ​ |  | (2,483) | ​ |  | (1,645) | ​ |  | (1,844)
Income (loss) before taxes and equity (deficit) in undistributed earnings of subsidiary | ​ |  | 113,021 | ​ |  | 48,259 | ​ |  | (16,518)
Income tax benefit | ​ |  | 4,816 | ​ |  | 2,684 | ​ |  | 5,403
Income (loss) before equity (deficit) in undistributed earnings of subsidiary | ​ |  | 117,837 | ​ |  | 50,943 | ​ |  | (11,115)
Equity (deficit) in undistributed earnings of the Bank | ​ |  | (89,173) | ​ |  | 26,002 | ​ |  | 92,908
Net income (loss) | ​ |  | 28,664 | ​ |  | 76,945 | ​ |  | 81,793
Other comprehensive income (loss), net of tax | ​ |  | (2,163) | ​ |  | (29,804) | ​ |  | 9,582
Comprehensive net income (loss) | ​ | $ | 26,501 | ​ | $ | 47,141 | ​ | $ | 91,375
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Cash Flows |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In thousands)
Operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net income (loss) | ​ | $ | 28,664 | ​ | $ | 76,945 | ​ | $ | 81,793
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
(Equity) deficit in undistributed earnings of the Bank | ​ |  | 89,173 | ​ |  | (26,002) | ​ |  | (92,908)
Deferred income tax provision (benefit) | ​ |  | 774 | ​ |  | 2,111 | ​ |  | (3,939)
Net gain (loss) from fair value adjustments | ​ |  | (2,405) | ​ |  | (7,207) | ​ |  | 13,604
Stock-based compensation expense | ​ |  | 5,604 | ​ |  | 6,807 | ​ |  | 6,829
Net change in operating assets and liabilities | ​ |  | (1,189) | ​ |  | (2,866) | ​ |  | 2,927
Net cash provided by (used in) operating activities | ​ |  | 120,621 | ​ |  | 49,788 | ​ |  | 8,306
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Investment in Bank | ​ | ​ | — | ​ | ​ | (50,000) | ​ | ​ | (15,000)
Net cash provided by (used in) investing activities | ​ |  | — | ​ |  | (50,000) | ​ |  | (15,000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from long-term borrowings | ​ |  | — | ​ |  | 63,603 | ​ |  | 122,843
Repayment of long-term borrowings | ​ |  | — | ​ |  | — | ​ |  | (90,250)
Purchase of treasury stock | ​ |  | (13,165) | ​ |  | (29,675) | ​ |  | (11,370)
Cash dividends paid | ​ |  | (26,260) | ​ |  | (27,031) | ​ |  | (26,524)
Net cash provided by (used in) financing activities | ​ |  | (39,425) | ​ |  | 6,897 | ​ |  | (5,301)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and cash equivalents | ​ |  | 81,196 | ​ |  | 6,685 | ​ |  | (11,995)
Cash and cash equivalents, beginning of year | ​ |  | 22,723 | ​ |  | 16,038 | ​ |  | 28,033
Cash and cash equivalents, end of year | ​ | $ | 103,919 | ​ | $ | 22,723 | ​ | $ | 16,038
​

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
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