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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Summary of Significant Accounting Policies |
Condensed Statements of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
Condensed Statements of Financial Condition |  | 2024 |  | 2023
​ | ​ | (Dollars in thousands)
Assets: | ​ |  | ​ | ​ |  | ​
Cash and due from banks | ​ | $ | 89,636 | ​ | $ | 103,919
Securities available for sale: | ​ |  |  | ​ |  |
Other securities | ​ |  | 1,465 | ​ |  | 1,437
Investment in Bank | ​ |  | 883,354 | ​ |  | 799,324
Goodwill | ​ |  | 2,185 | ​ |  | 2,185
Other assets | ​ |  | 1,728 | ​ |  | 5,395
Total assets | ​ | $ | 978,368 | ​ | $ | 912,260
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ |  |  | ​ |  |
Subordinated debentures | ​ | $ | 188,326 | ​ | $ | 187,630
Junior subordinated debentures, at fair value | ​ |  | 48,795 | ​ |  | 47,850
Due to Bank | ​ |  | 10,242 | ​ |  | 119
Other liabilities | ​ |  | 6,466 | ​ |  | 6,824
Total liabilities | ​ |  | 253,829 | ​ |  | 242,423
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 387 | ​ |  | 341
Additional paid-in capital | ​ |  | 326,671 | ​ |  | 264,534
Treasury stock, at average cost (5,018,720 shares and 5,221,813 shares, respectively) | ​ |  | (101,655) | ​ |  | (106,070)
Retained earnings | ​ |  | 492,003 | ​ |  | 549,683
Accumulated other comprehensive income (loss), net of taxes | ​ |  | 7,133 | ​ |  | (38,651)
Total equity | ​ |  | 724,539 | ​ |  | 669,837
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and equity | ​ | $ | 978,368 | ​ | $ | 912,260
Condensed Statements of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Operations and Comprehensive Income |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In thousands)
Dividends from the Bank | ​ | $ | — | ​ | $ | 125,000 | ​ | $ | 50,000
Interest income | ​ |  | 3,240 | ​ |  | 767 | ​ |  | 468
Interest expense | ​ |  | (12,829) | ​ |  | (12,668) | ​ |  | (7,771)
Net gain (loss) from fair value adjustments | ​ |  | (834) | ​ |  | 2,405 | ​ |  | 7,207
Other operating expenses | ​ |  | (2,954) | ​ |  | (2,483) | ​ |  | (1,645)
Income (loss) before taxes and equity in undistributed earnings (losses) of subsidiary | ​ |  | (13,377) | ​ |  | 113,021 | ​ |  | 48,259
Income tax benefit | ​ |  | 219 | ​ |  | 4,816 | ​ |  | 2,684
Income (loss) before equity in undistributed earnings (losses) of subsidiary | ​ |  | (13,158) | ​ |  | 117,837 | ​ |  | 50,943
Equity in undistributed earnings (losses) of the Bank | ​ |  | (18,175) | ​ |  | (89,173) | ​ |  | 26,002
Net income (loss) | ​ |  | (31,333) | ​ |  | 28,664 | ​ |  | 76,945
Other comprehensive (loss) income, net of tax | ​ |  | 45,784 | ​ |  | (2,163) | ​ |  | (29,804)
Comprehensive net income (loss) | ​ | $ | 14,451 | ​ | $ | 26,501 | ​ | $ | 47,141
Condensed Statements of Cash Flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the years ended December 31,
Condensed Statements of Cash Flows |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In thousands)
Operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net income (loss) | ​ | $ | (31,333) | ​ | $ | 28,664 | ​ | $ | 76,945
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed (earnings) losses of the Bank | ​ |  | 18,175 | ​ |  | 89,173 | ​ |  | (26,002)
Deferred income tax provision (benefit) | ​ |  | (218) | ​ |  | 774 | ​ |  | 2,111
Net (gain) loss from fair value adjustments | ​ |  | 834 | ​ |  | (2,405) | ​ |  | (7,207)
Stock-based compensation expense | ​ |  | 2,461 | ​ |  | 5,604 | ​ |  | 6,807
Net change in operating assets and liabilities | ​ |  | 4,333 | ​ |  | (1,189) | ​ |  | (2,866)
Net cash provided by (used in) operating activities | ​ |  | (5,748) | ​ |  | 120,621 | ​ |  | 49,788
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Investment in Bank | ​ | ​ | (46,325) | ​ | ​ | — | ​ | ​ | (50,000)
Net cash provided by (used in) investing activities | ​ |  | (46,325) | ​ |  | — | ​ |  | (50,000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from long-term borrowings | ​ |  | — | ​ |  | — | ​ |  | 63,603
Net proceeds received in common stock offering | ​ |  | 65,540 | ​ |  | — | ​ |  | —
Purchase of treasury stock | ​ |  | — | ​ |  | (11,473) | ​ |  | (27,246)
Repurchase of shares to satisfy tax obligations | ​ |  | (1,707) | ​ |  | (1,692) | ​ |  | (2,429)
Cash dividends paid | ​ |  | (26,043) | ​ |  | (26,260) | ​ |  | (27,031)
Net cash provided by (used in) financing activities | ​ |  | 37,790 | ​ |  | (39,425) | ​ |  | 6,897
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and cash equivalents | ​ |  | (14,283) | ​ |  | 81,196 | ​ |  | 6,685
Cash and cash equivalents, beginning of year | ​ |  | 103,919 | ​ |  | 22,723 | ​ |  | 16,038
Cash and cash equivalents, end of year | ​ | $ | 89,636 | ​ | $ | 103,919 | ​ | $ | 22,723
​

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