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v3.20.4

Condensed Parent Company Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Parent Company Statements |
Schedule of condensed financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | (In Thousands)
Statements of Financial Condition | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 111,250 | ​ | $ | 58,726
Investment in subsidiary bank | ​ |  | 698,398 | ​ |  | 650,329
Deferred and accrued income taxes | ​ |  | 157 | ​ |  | 111
Prepaid expenses and other assets | ​ |  | 883 | ​ |  | 868
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 810,688 | ​ | $ | 710,034
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  | ​ | ​ |  | ​
Accounts payable and accrued expenses | ​ | $ | 6,776 | ​ | $ | 6,918
Subordinated debentures issued to capital trust | ​ |  | 25,774 | ​ |  | 25,774
Subordinated notes | ​ |  | 148,397 | ​ |  | 74,276
Common stock | ​ |  | 138 | ​ |  | 143
Additional paid-in capital | ​ |  | 35,004 | ​ |  | 33,510
Retained earnings | ​ |  | 541,448 | ​ |  | 537,167
Accumulated other comprehensive income | ​ |  | 53,151 | ​ |  | 32,246
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 810,688 | ​ | $ | 710,034
Schedule of condensed statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiary bank | ​ | $ | 40,000 | ​ | $ | 32,000 | ​ | $ | 34,000
Other income | ​ |  | 5 | ​ |  | — | ​ |  | —
Loss on other investments | ​ |  | — | ​ |  | (23) | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 40,005 | ​ |  | 31,977 | ​ |  | 34,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expense | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating expenses | ​ |  | 2,197 | ​ |  | 2,044 | ​ |  | 1,793
Interest expense | ​ |  | 7,459 | ​ |  | 5,397 | ​ |  | 5,050
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 9,656 | ​ |  | 7,441 | ​ |  | 6,843
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax and equity in undistributed earnings of subsidiaries | ​ |  | 30,349 | ​ |  | 24,536 | ​ |  | 27,157
Credit for income taxes | ​ |  | (1,800) | ​ |  | (1,381) | ​ |  | (1,204)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before equity in earnings of subsidiaries | ​ |  | 32,149 | ​ |  | 25,917 | ​ |  | 28,361
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed earnings of subsidiaries | ​ |  | 27,164 | ​ |  | 47,695 | ​ |  | 38,748
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 59,313 | ​ | $ | 73,612 | ​ | $ | 67,109
Schedule of condensed statements of cashflows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Cash Flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 59,313 | ​ | $ | 73,612 | ​ | $ | 67,109
Items not requiring (providing) cash | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiary | ​ |  | (27,164) | ​ |  | (47,695) | ​ |  | (38,748)
Compensation expense for stock option grants | ​ |  | 1,153 | ​ |  | 922 | ​ |  | 737
Amortization of interest rate derivative and deferred costs on subordinated notes | ​ |  | 608 | ​ |  | 434 | ​ |  | 154
Loss on other investments | ​ |  | — | ​ |  | 23 | ​ |  | —
Changes in | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Prepaid expenses and other assets | ​ |  | (15) | ​ |  | (3) | ​ |  | 13
Accounts payable and accrued expenses | ​ |  | 31 | ​ |  | 226 | ​ |  | 182
Income taxes | ​ |  | (46) | ​ |  | 300 | ​ |  | (278)
Net cash provided by operating activities | ​ |  | 33,880 | ​ |  | 27,819 | ​ |  | 29,169
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Return of principal - other investments | ​ |  | — | ​ |  | 2 | ​ |  | —
Net cash provided by investing activities | ​ |  | — | ​ |  | 2 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Purchases of the Company’s common stock | ​ |  | (22,104) | ​ |  | (849) | ​ |  | (903)
Proceeds from issuance of subordinated notes | ​ | ​ | 73,513 | ​ | ​ | — | ​ | ​ | —
Dividends paid | ​ |  | (33,426) | ​ |  | (29,052) | ​ |  | (15,819)
Stock options exercised | ​ |  | 661 | ​ |  | 4,158 | ​ |  | 2,224
Net cash used in financing activities | ​ |  | 18,644 | ​ |  | (25,743) | ​ |  | (14,498)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase in Cash | ​ |  | 52,524 | ​ |  | 2,078 | ​ |  | 14,671
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, Beginning of Year | ​ |  | 58,726 | ​ |  | 56,648 | ​ |  | 41,977
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, End of Year | ​ | $ | 111,250 | ​ | $ | 58,726 | ​ | $ | 56,648
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Additional Cash Payment Information | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest paid | ​ | $ | 7,349 | ​ | $ | 5,424 | ​ | $ | 5,001
Schedule of condensed statements of comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 59,313 | ​ | $ | 73,612 | ​ | $ | 67,109
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income of subsidiaries | ​ |  | 20,905 | ​ |  | 22,619 | ​ |  | 8,114
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive Income | ​ | $ | 80,218 | ​ | $ | 96,231 | ​ | $ | 75,223

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