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Parent-Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition | Condensed Statement of Financial Condition (in thousands)
|  | December 31,
|  | 2021 |  | 2020
Assets: |  |  |  |
Cash and due from banks |  | $ | 8,803 |  |  | $ | 7,187 |
Advances to Bank |  | 63,480 |  |  | 101,304 |
Equity securities |  | 87,622 |  |  | 93,207 |
ESOP loan receivable |  | 9,231 |  |  | 8,071 |
Investment in subsidiaries |  | 1,575,549 |  |  | 1,502,867 |
Other assets |  | 2,781 |  |  | 10,180 |
Total assets |  | $ | 1,747,466 |  |  | $ | 1,722,816 |
Liabilities and Stockholders’ Equity: |  |  |  |
Borrowings |  | $ | 227,237 |  |  | $ | 233,371 |
Other liabilities |  | 3,676 |  |  | 5,315 |
Stockholders’ equity |  | 1,516,553 |  |  | 1,484,130 |
Total liabilities and stockholders’ equity |  | $ | 1,747,466 |  |  | $ | 1,722,816 |
Condensed Statements of Operations | Condensed Statements of Operations (in thousands)
|  | For the Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Dividend income – subsidiary Bank |  | $ | 40,000 |  |  | $ | 54,000 |  |  | $ | 79,000 |
Interest and dividend income – debt and equity securities |  | 2,070 |  |  | 949 |  |  | 63 |
Interest income – advances to subsidiary Bank |  | 298 |  |  | 403 |  |  | 426 |
Interest income – ESOP loan receivable |  | 289 |  |  | 301 |  |  | 321 |
Net gain on equity investments |  | 7,499 |  |  | 20,460 |  |  | — |
Total income |  | 50,156 |  |  | 76,113 |  |  | 79,810 |
Interest expense – borrowings |  | 11,102 |  |  | 10,592 |  |  | 5,402 |
Operating expenses |  | 3,307 |  |  | 3,382 |  |  | 2,686 |
Income before income taxes and undistributed earnings of subsidiary Bank |  | 35,747 |  |  | 62,139 |  |  | 71,722 |
Benefit (Provision) for income taxes |  | 1,018 |  |  | (2,901) |  |  | 924 |
Income before undistributed earnings of subsidiary Bank |  | 36,765 |  |  | 59,238 |  |  | 72,646 |
Undistributed earnings of subsidiary Bank |  | 73,311 |  |  | 4,071 |  |  | 15,928 |
Net income |  | $ | 110,076 |  |  | $ | 63,309 |  |  | $ | 88,574 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (in thousands)
|  | For the Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 110,076 |  |  | $ | 63,309 |  |  | $ | 88,574 |
Decrease (increase) in advances to subsidiary Bank |  | 37,824 |  |  | (73,426) |  |  | (13,852) |
Undistributed earnings of subsidiary Bank |  | (73,311) |  |  | (4,071) |  |  | (15,928) |
Net gain on equity investments |  | (7,499) |  |  | (20,460) |  |  | — |
Net premium amortization in excess of discount accretion on securities |  | 755 |  |  | — |  |  | — |
Amortization of deferred costs on borrowings |  | 824 |  |  | 576 |  |  | 261 |
Net amortization of purchase accounting adjustments |  | 542 |  |  | 638 |  |  | 453 |
Change in other assets and other liabilities |  | 7,359 |  |  | 648 |  |  | (184) |
Net cash provided by (used in) operating activities |  | 76,570 |  |  | (32,786) |  |  | 59,324 |
Cash flows from investing activities: |  |  |  |  |  |
Proceeds from sales of equity investments |  | 98,791 |  |  | 15,339 |  |  | — |
Purchase of equity investments |  | (86,462) |  |  | (95,228) |  |  | — |
Increase in ESOP loan receivable |  | (3,200) |  |  | — |  |  | — |
Repayments on ESOP loan receivable |  | 2,040 |  |  | 1,200 |  |  | 1,160 |
Net cash provided by (used in) investing activities |  | 11,169 |  |  | (78,689) |  |  | 1,160 |
Cash flows from financing activities: |  |  |  |  |  |
Net proceeds from issuance of subordinated notes |  | — |  |  | 122,180 |  |  | — |
Repayments of other borrowings |  | (7,500) |  |  | (7,999) |  |  | — |
Dividends paid |  | (44,510) |  |  | (42,917) |  |  | (34,241) |
Purchase of treasury stock |  | (36,059) |  |  | (14,814) |  |  | (26,066) |
Net proceeds from the issuance of preferred stock |  | — |  |  | 55,529 |  |  | — |
Exercise of stock options |  | 1,946 |  |  | 1,241 |  |  | 1,335 |
Net cash provided by (used in) financing activities |  | (86,123) |  |  | 113,220 |  |  | (58,972) |
Net increase in cash and due from banks |  | 1,616 |  |  | 1,745 |  |  | 1,512 |
Cash and due from banks at beginning of year |  | 7,187 |  |  | 5,442 |  |  | 3,930 |
Cash and due from banks at end of year |  | $ | 8,803 |  |  | $ | 7,187 |  |  | $ | 5,442 |

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