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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes Tables |
Condensed Statements of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
Condensed Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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