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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