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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2023 |  | 2022
ASSETS: |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 35,114 | ​ | $ | 25,009
Securities available-for-sale, at fair value | ​ | ​ | 2,693 | ​ | ​ | 2,489
Investment in subsidiaries | ​ |  | 1,395,526 | ​ |  | 1,348,962
Other assets | ​ |  | 4,401 | ​ |  | 4,389
Total assets | ​ | $ | 1,437,734 | ​ | $ | 1,380,849
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ​ |  |  | ​ |  |
Subordinated debt, net | ​ | $ | 200,196 | ​ | $ | 200,283
Other liabilities | ​ |  | 11,313 | ​ |  | 10,983
Stockholders’ equity | ​ |  | 1,226,225 | ​ |  | 1,169,583
Total liabilities and stockholders’ equity | ​ | $ | 1,437,734 | ​ | $ | 1,380,849
Schedule of condensed statements of income and other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Net interest loss | ​ | $ | (9,942) | ​ | $ | (10,394) | ​ | $ | (8,427)
Dividends received from Bank | ​ |  | 60,000 | ​ |  | 95,000 | ​ |  | 20,000
Non-interest income | ​ |  | — | ​ |  | — | ​ |  | 136
Non-interest expense | ​ |  | (1,066) | ​ |  | (1,720) | ​ |  | (4,361)
Income before income taxes and equity in undistributed earnings of direct subsidiaries | ​ |  | 48,992 | ​ |  | 82,886 | ​ |  | 7,348
Income tax credit | ​ |  | 7,822 | ​ |  | 4,001 | ​ |  | 4,051
Income before equity in undistributed earnings of direct subsidiaries | ​ |  | 56,814 | ​ |  | 86,887 | ​ |  | 11,399
Equity in undistributed earnings of subsidiaries | ​ |  | 39,280 | ​ |  | 65,669 | ​ |  | 92,597
Net income | ​ | $ | 96,094 | ​ | $ | 152,556 | ​ | $ | 103,996
(1) | Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021.
Schedule of condensed statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 96,094 | ​ | $ | 152,556 | ​ | $ | 103,996
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  |  | ​ |  |
Equity in undistributed earnings of direct subsidiaries | ​ |  | (39,280) | ​ |  | (65,669) | ​ |  | (92,597)
Net gain on marketable equity securities | ​ |  | — | ​ |  | — | ​ |  | (131)
Net accretion | ​ |  | (87) | ​ |  | (111) | ​ |  | (157)
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | 740 | ​ | ​ | —
(Increase) decrease in other assets | ​ |  | (62) | ​ |  | (104) | ​ |  | 761
(Decrease) increase in other liabilities | ​ |  | (931) | ​ |  | (1,096) | ​ |  | 269
Net cash provided by operating activities | ​ |  | 55,734 | ​ |  | 86,316 | ​ |  | 12,141
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds sales of marketable equity securities | ​ |  | — | ​ |  | — | ​ |  | 6,101
Purchases of securities available-for-sale | ​ |  | — | ​ |  | — | ​ |  | (3,000)
Net cash received in business combination | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,545
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | 14,646
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from subordinated debentures issuance, net | ​ | ​ | — | ​ | ​ | 157,559 | ​ | ​ | —
Redemption of subordinated debentures | ​ | ​ | — | ​ | ​ | (155,000) | ​ | ​ | —
Proceeds from exercise of stock options | ​ |  | — | ​ |  | — | ​ |  | 431
Release of stock for benefit plan awards | ​ |  | 1,164 | ​ |  | 1,167 | ​ |  | 1,153
Payments related to tax withholding for equity awards | ​ |  | (1,258) | ​ |  | (1,558) | ​ |  | (111)
BMP ESOP shares received to satisfy distribution of retirement benefits | ​ |  | — | ​ |  | — | ​ |  | (993)
Treasury shares repurchased | ​ |  | (947) | ​ |  | (46,762) | ​ |  | (59,280)
Cash dividends paid to preferred stockholders | ​ |  | (7,286) | ​ |  | (7,286) | ​ |  | (7,286)
Cash dividends paid to common stockholders | ​ |  | (37,302) | ​ |  | (36,791) | ​ |  | (39,351)
Net cash used in financing activities | ​ |  | (45,629) | ​ |  | (88,671) | ​ |  | (105,437)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and due from banks | ​ |  | 10,105 | ​ |  | (2,355) | ​ |  | (78,650)
Cash and due from banks, beginning of period | ​ |  | 25,009 | ​ |  | 27,364 | ​ |  | 106,014
Cash and due from banks, end of period | ​ | $ | 35,114 | ​ | $ | 25,009 | ​ | $ | 27,364
​

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