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Condensed Parent Company Statements (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Parent Company Statements |
Schedule of condensed financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2021 |  | 2020
​ | ​ | (In Thousands)
Statements of Financial Condition | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 48,372 | ​ | $ | 111,250
Investment in subsidiary bank | ​ |  | 672,342 | ​ |  | 698,398
Deferred and accrued income taxes | ​ |  | 94 | ​ |  | 157
Prepaid expenses and other assets | ​ |  | 868 | ​ |  | 883
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 721,676 | ​ | $ | 810,688
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  | ​ | ​ |  | ​
Accounts payable and accrued expenses | ​ | $ | 5,166 | ​ | $ | 6,776
Subordinated debentures issued to capital trust | ​ |  | 25,774 | ​ |  | 25,774
Subordinated notes | ​ |  | 73,984 | ​ |  | 148,397
Common stock | ​ |  | 131 | ​ |  | 138
Additional paid-in capital | ​ |  | 38,314 | ​ |  | 35,004
Retained earnings | ​ |  | 545,548 | ​ |  | 541,448
Accumulated other comprehensive income | ​ |  | 32,759 | ​ |  | 53,151
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 721,676 | ​ | $ | 810,688
Schedule of condensed statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiary bank | ​ | $ | 74,000 | ​ | $ | 40,000 | ​ | $ | 32,000
Other income | ​ |  | — | ​ |  | 5 | ​ |  | —
Loss on other investments | ​ |  | — | ​ |  | — | ​ |  | (23)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 74,000 | ​ |  | 40,005 | ​ |  | 31,977
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expense | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating expenses | ​ |  | 2,121 | ​ |  | 2,197 | ​ |  | 2,044
Interest expense | ​ |  | 7,613 | ​ |  | 7,459 | ​ |  | 5,397
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 9,734 | ​ |  | 9,656 | ​ |  | 7,441
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax and equity in undistributed earnings of subsidiaries | ​ |  | 64,266 | ​ |  | 30,349 | ​ |  | 24,536
Credit for income taxes | ​ |  | (1,850) | ​ |  | (1,800) | ​ |  | (1,381)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before equity in earnings of subsidiaries | ​ |  | 66,116 | ​ |  | 32,149 | ​ |  | 25,917
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed earnings of subsidiaries | ​ |  | 8,511 | ​ |  | 27,164 | ​ |  | 47,695
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 74,627 | ​ | $ | 59,313 | ​ | $ | 73,612
Schedule of condensed statements of cashflows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Cash Flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 74,627 | ​ | $ | 59,313 | ​ | $ | 73,612
Items not requiring (providing) cash | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiary | ​ |  | (8,511) | ​ |  | (27,164) | ​ |  | (47,695)
Compensation expense for stock option grants | ​ |  | 1,225 | ​ |  | 1,153 | ​ |  | 922
Amortization of interest rate derivative and deferred costs on subordinated notes | ​ |  | 587 | ​ |  | 608 | ​ |  | 434
Loss on other investments | ​ |  | — | ​ |  | — | ​ |  | 23
Changes in | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Prepaid expenses and other assets | ​ |  | 15 | ​ |  | (15) | ​ |  | (3)
Accounts payable and accrued expenses | ​ |  | (1,661) | ​ |  | 31 | ​ |  | 226
Income taxes | ​ |  | 63 | ​ |  | (46) | ​ |  | 300
Net cash provided by operating activities | ​ |  | 66,345 | ​ |  | 33,880 | ​ |  | 27,819
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Return of principal - other investments | ​ |  | — | ​ |  | — | ​ |  | 2
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | 2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Purchases of the Company’s common stock | ​ |  | (39,123) | ​ |  | (22,104) | ​ |  | (849)
Proceeds from issuance of subordinated notes | ​ | ​ | — | ​ | ​ | 73,513 | ​ | ​ | —
Redemption of subordinated notes | ​ | ​ | (75,000) | ​ | ​ | — | ​ | ​ | —
Dividends paid | ​ |  | (18,800) | ​ |  | (33,426) | ​ |  | (29,052)
Stock options exercised | ​ |  | 3,700 | ​ |  | 661 | ​ |  | 4,158
Net cash provided by (used in) financing activities | ​ |  | (129,223) | ​ |  | 18,644 | ​ |  | (25,743)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (Decrease) in Cash | ​ |  | (62,878) | ​ |  | 52,524 | ​ |  | 2,078
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, Beginning of Year | ​ |  | 111,250 | ​ |  | 58,726 | ​ |  | 56,648
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, End of Year | ​ | $ | 48,372 | ​ | $ | 111,250 | ​ | $ | 58,726
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Additional Cash Payment Information | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest paid | ​ | $ | 9,103 | ​ | $ | 7,349 | ​ | $ | 5,424
Schedule of condensed statements of comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 74,627 | ​ | $ | 59,313 | ​ | $ | 73,612
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income (loss) of subsidiaries | ​ |  | (20,392) | ​ |  | 20,905 | ​ |  | 22,619
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive Income | ​ | $ | 54,235 | ​ | $ | 80,218 | ​ | $ | 96,231

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