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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2024 |  | 2023
ASSETS: |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 95,528 | ​ | $ | 35,114
Securities available-for-sale, at fair value | ​ | ​ | 2,850 | ​ | ​ | 2,693
Investment in subsidiaries | ​ |  | 1,578,643 | ​ |  | 1,395,526
Other assets | ​ |  | 6,180 | ​ |  | 4,401
Total assets | ​ | $ | 1,683,201 | ​ | $ | 1,437,734
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ​ |  |  | ​ |  |
Subordinated debt, net | ​ | $ | 272,325 | ​ | $ | 200,196
Other liabilities | ​ |  | 14,359 | ​ |  | 11,313
Stockholders’ equity | ​ |  | 1,396,517 | ​ |  | 1,226,225
Total liabilities and stockholders’ equity | ​ | $ | 1,683,201 | ​ | $ | 1,437,734
Schedule of condensed statements of income and other comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Net interest loss | ​ | $ | (13,501) | ​ | $ | (9,942) | ​ | $ | (10,394)
Dividends received from Bank | ​ |  | 50,000 | ​ |  | 60,000 | ​ |  | 95,000
Non-interest expense | ​ |  | (1,115) | ​ |  | (1,066) | ​ |  | (1,720)
Income before income taxes and equity in undistributed earnings of direct subsidiaries | ​ |  | 35,384 | ​ |  | 48,992 | ​ |  | 82,886
Income tax credit | ​ |  | 5,308 | ​ |  | 7,822 | ​ |  | 4,001
Income before equity in undistributed earnings of direct subsidiaries | ​ |  | 40,692 | ​ |  | 56,814 | ​ |  | 86,887
Equity in undistributed earnings of subsidiaries | ​ |  | (11,608) | ​ |  | 39,280 | ​ |  | 65,669
Net income | ​ | $ | 29,084 | ​ | $ | 96,094 | ​ | $ | 152,556
(1) | Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2024, 2023 and 2022.
Schedule of condensed statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Cash flows from operating activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 29,084 | ​ | $ | 96,094 | ​ | $ | 152,556
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  |  | ​ |  |
Equity in undistributed earnings of direct subsidiaries | ​ |  | 11,608 | ​ |  | (39,280) | ​ |  | (65,669)
Net amortization (accretion) | ​ |  | 45 | ​ |  | (87) | ​ |  | (111)
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 740
Increase in other assets | ​ |  | (1,863) | ​ |  | (62) | ​ |  | (104)
Increase (decrease) in other liabilities | ​ |  | 803 | ​ |  | (931) | ​ |  | (1,096)
Net cash provided by operating activities | ​ |  | 39,677 | ​ |  | 55,734 | ​ |  | 86,316
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from subordinated debentures issuance, net | ​ | ​ | 72,084 | ​ | ​ | — | ​ | ​ | 157,559
Redemption of subordinated debentures | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (155,000)
Proceeds from common stock issuance, net | ​ | ​ | 135,764 | ​ | ​ | — | ​ | ​ | —
Release of stock for benefit plan awards | ​ |  | 1,105 | ​ |  | 1,164 | ​ |  | 1,167
Payments related to tax withholding for equity awards | ​ |  | (1,347) | ​ |  | (1,258) | ​ |  | (1,558)
Treasury shares repurchased | ​ |  | — | ​ |  | (947) | ​ |  | (46,762)
Cash dividends paid to preferred stockholders | ​ |  | (7,286) | ​ |  | (7,286) | ​ |  | (7,286)
Cash dividends paid to common stockholders | ​ |  | (38,036) | ​ |  | (37,302) | ​ |  | (36,791)
Other, net | ​ | ​ | (141,547) | ​ | ​ | — | ​ | ​ | —
Net cash provided by (used in) financing activities | ​ |  | 20,737 | ​ |  | (45,629) | ​ |  | (88,671)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net increase (decrease) in cash and due from banks | ​ |  | 60,414 | ​ |  | 10,105 | ​ |  | (2,355)
Cash and due from banks, beginning of period | ​ |  | 35,114 | ​ |  | 25,009 | ​ |  | 27,364
Cash and due from banks, end of period | ​ | $ | 95,528 | ​ | $ | 35,114 | ​ | $ | 25,009
​

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