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Parent-Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition | Condensed Statement of Financial Condition (in thousands)
|  | December 31,
|  | 2020 |  | 2019
Assets: |  |  |  |
Cash and due from banks |  | $ | 7,187 |  |  | $ | 5,442 |
Advances to Bank |  | 101,304 |  |  | 27,878 |
Investment securities |  | 93,207 |  |  | 1,000 |
ESOP loan receivable |  | 8,071 |  |  | 9,271 |
Investment in subsidiaries |  | 1,502,867 |  |  | 1,206,479 |
Other assets |  | 10,180 |  |  | 327 |
Total assets |  | $ | 1,722,816 |  |  | $ | 1,250,397 |
Liabilities and Stockholders’ Equity: |  |  |  |
Borrowings |  | $ | 233,371 |  |  | $ | 94,848 |
Other liabilities |  | 5,315 |  |  | 2,430 |
Stockholders’ equity |  | 1,484,130 |  |  | 1,153,119 |
Total liabilities and stockholders’ equity |  | $ | 1,722,816 |  |  | $ | 1,250,397 |
Condensed Statements of Operations | Condensed Statements of Operations (in thousands)
|  | For the Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Dividend income – subsidiary Bank |  | $ | 54,000 |  |  | $ | 79,000 |  |  | $ | 32,000 |
Interest and dividend income – investment securities |  | 949 |  |  | 63 |  |  | 63 |
Interest income – advances to subsidiary Bank |  | 403 |  |  | 426 |  |  | 525 |
Interest income – ESOP loan receivable |  | 301 |  |  | 321 |  |  | 321 |
Net gain on equity investments |  | 20,460 |  |  | — |  |  | — |
Other income |  | — |  |  | — |  |  | 15 |
Total income |  | 76,113 |  |  | 79,810 |  |  | 32,924 |
Interest expense – borrowings |  | 10,592 |  |  | 5,402 |  |  | 4,997 |
Operating expenses |  | 3,382 |  |  | 2,686 |  |  | 2,397 |
Income before income taxes and undistributed earnings of subsidiary Bank |  | 62,139 |  |  | 71,722 |  |  | 25,530 |
(Provision) benefit for income taxes |  | (2,901) |  |  | 924 |  |  | 846 |
Income before undistributed earnings of subsidiary Bank |  | 59,238 |  |  | 72,646 |  |  | 26,376 |
Undistributed earnings of subsidiary Bank |  | 4,071 |  |  | 15,928 |  |  | 45,556 |
Net income |  | $ | 63,309 |  |  | $ | 88,574 |  |  | $ | 71,932 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (in thousands)
|  | For the Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 63,309 |  |  | $ | 88,574 |  |  | $ | 71,932 |
(Increase) decrease in advances to subsidiary Bank |  | (73,426) |  |  | (13,852) |  |  | 15,262 |
Undistributed earnings of subsidiary Bank |  | (4,071) |  |  | (15,928) |  |  | (45,556) |
Net gain on sales of investment securities |  | (20,460) |  |  | — |  |  | — |
Amortization of deferred costs on borrowings |  | 576 |  |  | 261 |  |  | 262 |
Net amortization of purchase accounting adjustments |  | 638 |  |  | 453 |  |  | 395 |
Change in other assets and other liabilities |  | 648 |  |  | (184) |  |  | 4,076 |
Net cash (used in) provided by operating activities |  | (32,786) |  |  | 59,324 |  |  | 46,371 |
Cash flows from investing activities: |  |  |  |  |  |
Proceeds from sale of investment securities |  | 15,339 |  |  | — |  |  | — |
Purchase of investment securities |  | (95,228) |  |  | — |  |  | — |
Increase in ESOP loan receivable |  | — |  |  | — |  |  | (8,400) |
Repayments on ESOP loan receivable |  | 1,200 |  |  | 1,160 |  |  | 1,020 |
Net cash (used in) provided by investing activities |  | (78,689) |  |  | 1,160 |  |  | (7,380) |
Cash flows from financing activities: |  |  |  |  |  |
Net proceeds from issuance of subordinated notes |  | 122,180 |  |  | — |  |  | — |
Repayment of borrowings |  | (7,999) |  |  | — |  |  | — |
Dividends paid |  | (42,917) |  |  | (34,241) |  |  | (29,564) |
Purchase of treasury stock |  | (14,814) |  |  | (26,066) |  |  | (10,837) |
Net proceeds from the issuance of preferred stock |  | 55,529 |  |  | — |  |  | — |
Exercise of stock options |  | 1,241 |  |  | 1,335 |  |  | 5,324 |
Net cash provided by (used in) financing activities |  | 113,220 |  |  | (58,972) |  |  | (35,077) |
Net increase in cash and due from banks |  | 1,745 |  |  | 1,512 |  |  | 3,914 |
Cash and due from banks at beginning of year |  | 5,442 |  |  | 3,930 |  |  | 16 |
Cash and due from banks at end of year |  | $ | 7,187 |  |  | $ | 5,442 |  |  | $ | 3,930 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |
Non-cash activities: |  |  |  |  |  |
Unsettled trades of equity securities |  | $ | 8,142 |  |  | $ | — |  |  | $ | — |

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