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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2021 |  | 2020
ASSETS: |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 27,364 | ​ | $ | 106,014
Securities available-for-sale, at fair value | ​ | ​ | 3,068 | ​ | ​ | —
Marketable equity securities, at fair value | ​ |  | — | ​ |  | 5,970
Investment in subsidiaries | ​ |  | 1,366,796 | ​ |  | 703,107
Other assets | ​ |  | 4,285 | ​ |  | 1,018
Total assets | ​ | $ | 1,401,513 | ​ | $ | 816,109
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ​ |  |  | ​ |  |
Subordinated debt, net | ​ | $ | 197,096 | ​ | $ | 114,052
Other liabilities | ​ |  | 11,797 | ​ |  | 961
Stockholders’ equity | ​ |  | 1,192,620 | ​ |  | 701,096
Total liabilities and stockholders’ equity | ​ | $ | 1,401,513 | ​ | $ | 816,109
Schedule of condensed statements of income and other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2021 |  | 2020 |  | 2019
Net interest loss | ​ | $ | (8,427) | ​ | $ | (5,147) | ​ | $ | (5,147)
Dividends received from Bank | ​ |  | 20,000 | ​ |  | 30,000 | ​ |  | 52,500
Non-interest income | ​ |  | 136 | ​ |  | 361 | ​ |  | 531
Non-interest expense | ​ |  | (4,361) | ​ |  | (1,176) | ​ |  | (1,003)
Income before income taxes and equity in undistributed earnings of direct subsidiaries | ​ |  | 7,348 | ​ |  | 24,038 | ​ |  | 46,881
Income tax credit | ​ |  | 4,051 | ​ |  | 1,819 | ​ |  | 1,785
Income before equity in undistributed earnings of direct subsidiaries | ​ |  | 11,399 | ​ |  | 25,857 | ​ |  | 48,666
Equity in undistributed earnings of subsidiaries | ​ |  | 92,597 | ​ |  | 16,461 | ​ |  | (12,480)
Net income | ​ | $ | 103,996 | ​ | $ | 42,318 | ​ | $ | 36,186
Schedule of condensed statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 103,996 | ​ | $ | 42,318 | ​ | $ | 36,186
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  |  | ​ |  |
Equity in undistributed earnings of direct subsidiaries | ​ |  | (92,597) | ​ |  | (16,461) | ​ |  | 12,480
Net gain on marketable equity securities | ​ |  | (131) | ​ |  | (361) | ​ |  | (531)
Net accretion | ​ |  | (157) | ​ |  | 146 | ​ |  | 147
Decrease (increase) in other assets | ​ |  | 761 | ​ |  | (502) | ​ |  | 26
Increase in other liabilities | ​ |  | 269 | ​ |  | 214 | ​ |  | 388
Net cash provided by operating activities | ​ |  | 12,141 | ​ |  | 25,354 | ​ |  | 48,696
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds sales of marketable equity securities | ​ |  | 6,101 | ​ |  | 546 | ​ |  | 570
Purchases of securities available-for-sale and marketable equity securities | ​ |  | (3,000) | ​ |  | (261) | ​ |  | (266)
Reimbursement from subsidiary, including purchases of securities available-for-sale | ​ |  | — | ​ |  | 2 | ​ |  | 26
Net cash received in business combination | ​ | ​ | 11,545 | ​ | ​ | — | ​ | ​ | —
Net cash provided by investing activities | ​ |  | 14,646 | ​ |  | 287 | ​ |  | 330
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Redemption of preferred stock | ​ |  | — | ​ |  | (3) | ​ |  | (1)
Proceeds from preferred stock issuance, net | ​ | ​ | — | ​ | ​ | 116,569 | ​ | ​ | —
Proceeds from exercise of stock options | ​ |  | 431 | ​ |  | 38 | ​ |  | 367
Release of stock for benefit plan awards | ​ |  | 1,153 | ​ |  | 84 | ​ |  | 131
Payments related to tax withholding for equity awards | ​ |  | (111) | ​ |  | (3,060) | ​ |  | (133)
BMP ESOP shares received to satisfy distribution of retirement benefits | ​ |  | (993) | ​ |  | — | ​ |  | (4)
Treasury shares repurchased | ​ |  | (59,280) | ​ |  | (35,356) | ​ |  | (24,191)
Cash dividends paid to preferred stockholders | ​ |  | (7,286) | ​ |  | (4,783) | ​ |  | —
Cash dividends paid to common stockholders | ​ |  | (39,351) | ​ |  | (18,696) | ​ |  | (20,082)
Net cash (used in) provided by financing activities | ​ |  | (105,437) | ​ |  | 54,793 | ​ |  | (43,913)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash and due from banks | ​ |  | (78,650) | ​ |  | 80,434 | ​ |  | 5,113
Cash and due from banks, beginning of period | ​ |  | 106,014 | ​ |  | 25,580 | ​ |  | 20,467
Cash and due from banks, end of period | ​ | $ | 27,364 | ​ | $ | 106,014 | ​ | $ | 25,580

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