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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2024
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 |  | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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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- 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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