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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2022 |  | 2021
ASSETS: |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 25,009 | ​ | $ | 27,364
Securities available-for-sale, at fair value | ​ | ​ | 2,489 | ​ | ​ | 3,068
Marketable equity securities, at fair value | ​ |  | — | ​ |  | —
Investment in subsidiaries | ​ |  | 1,348,962 | ​ |  | 1,366,796
Other assets | ​ |  | 4,389 | ​ |  | 4,285
Total assets | ​ | $ | 1,380,849 | ​ | $ | 1,401,513
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ​ |  |  | ​ |  |
Subordinated debt, net | ​ | $ | 200,283 | ​ | $ | 197,096
Other liabilities | ​ |  | 10,983 | ​ |  | 11,797
Stockholders’ equity | ​ |  | 1,169,583 | ​ |  | 1,192,620
Total liabilities and stockholders’ equity | ​ | $ | 1,380,849 | ​ | $ | 1,401,513
​
Schedule of condensed statements of income and other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Net interest loss | ​ | $ | (10,394) | ​ | $ | (8,427) | ​ | $ | (5,147)
Dividends received from Bank | ​ |  | 95,000 | ​ |  | 20,000 | ​ |  | 30,000
Non-interest income | ​ |  | — | ​ |  | 136 | ​ |  | 361
Non-interest expense | ​ |  | (1,720) | ​ |  | (4,361) | ​ |  | (1,176)
Income before income taxes and equity in undistributed earnings of direct subsidiaries | ​ |  | 82,886 | ​ |  | 7,348 | ​ |  | 24,038
Income tax credit | ​ |  | 4,001 | ​ |  | 4,051 | ​ |  | 1,819
Income before equity in undistributed earnings of direct subsidiaries | ​ |  | 86,887 | ​ |  | 11,399 | ​ |  | 25,857
Equity in undistributed earnings of subsidiaries | ​ |  | 65,669 | ​ |  | 92,597 | ​ |  | 16,461
Net income | ​ | $ | 152,556 | ​ | $ | 103,996 | ​ | $ | 42,318
Schedule of condensed statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 152,556 | ​ | $ | 103,996 | ​ | $ | 42,318
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  |  | ​ |  |
Equity in undistributed earnings of direct subsidiaries | ​ |  | (65,669) | ​ |  | (92,597) | ​ |  | (16,461)
Net gain on marketable equity securities | ​ |  | — | ​ |  | (131) | ​ |  | (361)
Net accretion | ​ |  | (111) | ​ |  | (157) | ​ |  | 146
Loss on extinguishment of debt | ​ | ​ | 740 | ​ | ​ | — | ​ | ​ | —
(Increase) decrease in other assets | ​ |  | (104) | ​ |  | 761 | ​ |  | (502)
(Decrease) increase in other liabilities | ​ |  | (1,096) | ​ |  | 269 | ​ |  | 214
Net cash provided by operating activities | ​ |  | 86,316 | ​ |  | 12,141 | ​ |  | 25,354
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds sales of marketable equity securities | ​ |  | — | ​ |  | 6,101 | ​ |  | 546
Purchases of securities available-for-sale and marketable equity securities | ​ |  | — | ​ |  | (3,000) | ​ |  | (261)
Reimbursement from subsidiary, including purchases of securities available-for-sale | ​ |  | — | ​ |  | — | ​ |  | 2
Net cash received in business combination | ​ | ​ | — | ​ | ​ | 11,545 | ​ | ​ | —
Net cash provided by investing activities | ​ |  | — | ​ |  | 14,646 | ​ |  | 287
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from subordinated debentures issuance, net | ​ | ​ | 157,559 | ​ | ​ | — | ​ | ​ | —
Redemption of subordinated debentures | ​ | ​ | (155,000) | ​ | ​ | — | ​ | ​ | —
Redemption of preferred stock | ​ |  | — | ​ |  | — | ​ |  | (3)
Proceeds from preferred stock issuance, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 116,569
Proceeds from exercise of stock options | ​ |  | — | ​ |  | 431 | ​ |  | 38
Release of stock for benefit plan awards | ​ |  | 1,167 | ​ |  | 1,153 | ​ |  | 84
Payments related to tax withholding for equity awards | ​ |  | (1,558) | ​ |  | (111) | ​ |  | (3,060)
BMP ESOP shares received to satisfy distribution of retirement benefits | ​ |  | — | ​ |  | (993) | ​ |  | —
Treasury shares repurchased | ​ |  | (46,762) | ​ |  | (59,280) | ​ |  | (35,356)
Cash dividends paid to preferred stockholders | ​ |  | (7,286) | ​ |  | (7,286) | ​ |  | (4,783)
Cash dividends paid to common stockholders | ​ |  | (36,791) | ​ |  | (39,351) | ​ |  | (18,696)
Net cash (used in) provided by financing activities | ​ |  | (88,671) | ​ |  | (105,437) | ​ |  | 54,793
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash and due from banks | ​ |  | (2,355) | ​ |  | (78,650) | ​ |  | 80,434
Cash and due from banks, beginning of period | ​ |  | 27,364 | ​ |  | 106,014 | ​ |  | 25,580
Cash and due from banks, end of period | ​ | $ | 25,009 | ​ | $ | 27,364 | ​ | $ | 106,014

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