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Condensed Parent Company Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Parent Company Statements |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2023 |  | 2022
​ | ​ | (In Thousands)
Statements of Financial Condition | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 47,048 | ​ | $ | 29,097
Investment in subsidiary bank | ​ |  | 629,096 | ​ |  | 608,416
Deferred and accrued income taxes | ​ |  | 641 | ​ |  | 148
Prepaid expenses and other assets | ​ |  | 877 | ​ |  | 882
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 677,662 | ​ | $ | 638,543
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  | ​ | ​ |  | ​
Accounts payable and accrued expenses | ​ | $ | 5,480 | ​ | $ | 5,401
Subordinated debentures issued to capital trust | ​ |  | 25,774 | ​ |  | 25,774
Subordinated notes | ​ |  | 74,579 | ​ |  | 74,281
Common stock | ​ |  | 118 | ​ |  | 122
Additional paid-in capital | ​ |  | 44,320 | ​ |  | 42,445
Retained earnings | ​ |  | 569,872 | ​ |  | 543,875
Accumulated other comprehensive income (loss) | ​ |  | (42,481) | ​ |  | (53,355)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 677,662 | ​ | $ | 638,543
Schedule of condensed statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiary bank | ​ | $ | 65,000 | ​ | $ | 60,000 | ​ | $ | 74,000
Other income | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 65,000 | ​ |  | 60,000 | ​ |  | 74,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expense | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating expenses | ​ |  | 2,780 | ​ |  | 2,550 | ​ |  | 2,121
Interest expense | ​ |  | 6,158 | ​ |  | 5,298 | ​ |  | 7,613
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 8,938 | ​ |  | 7,848 | ​ |  | 9,734
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax and equity in undistributed earnings of subsidiaries | ​ |  | 56,062 | ​ |  | 52,152 | ​ |  | 64,266
Credit for income taxes | ​ |  | (1,932) | ​ |  | (1,608) | ​ |  | (1,850)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before equity in earnings of subsidiaries | ​ |  | 57,994 | ​ |  | 53,760 | ​ |  | 66,116
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed earnings of subsidiaries | ​ |  | 9,806 | ​ |  | 22,188 | ​ |  | 8,511
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 67,800 | ​ | $ | 75,948 | ​ | $ | 74,627
Schedule of condensed statements of cashflows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Cash Flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 67,800 | ​ | $ | 75,948 | ​ | $ | 74,627
Items not requiring (providing) cash | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiary | ​ |  | (9,806) | ​ |  | (22,188) | ​ |  | (8,511)
Compensation expense for stock option grants | ​ |  | 1,621 | ​ |  | 1,437 | ​ |  | 1,225
Amortization of interest rate derivative and deferred costs on subordinated notes | ​ |  | 298 | ​ |  | 297 | ​ |  | 587
Changes in | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Prepaid expenses and other assets | ​ |  | 5 | ​ |  | (14) | ​ |  | 15
Accounts payable and accrued expenses | ​ |  | 250 | ​ |  | 69 | ​ |  | (1,661)
Income taxes | ​ |  | (493) | ​ |  | (54) | ​ |  | 63
Net cash provided by operating activities | ​ |  | 59,675 | ​ |  | 55,495 | ​ |  | 66,345
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Purchases of the Company’s common stock | ​ |  | (23,326) | ​ |  | (61,847) | ​ |  | (39,123)
Redemption of subordinated notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (75,000)
Dividends paid | ​ |  | (19,282) | ​ |  | (19,181) | ​ |  | (18,800)
Stock options exercised | ​ |  | 884 | ​ |  | 6,258 | ​ |  | 3,700
Net cash used in financing activities | ​ |  | (41,724) | ​ |  | (74,770) | ​ |  | (129,223)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (Decrease) in Cash | ​ |  | 17,951 | ​ |  | (19,275) | ​ |  | (62,878)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, Beginning of Year | ​ |  | 29,097 | ​ |  | 48,372 | ​ |  | 111,250
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, End of Year | ​ | $ | 47,048 | ​ | $ | 29,097 | ​ | $ | 48,372
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Additional Cash Payment Information | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest paid | ​ | $ | 6,107 | ​ | $ | 5,115 | ​ | $ | 9,103
Schedule of condensed statements of comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 67,800 | ​ | $ | 75,948 | ​ | $ | 74,627
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income (loss) of subsidiaries | ​ |  | 10,874 | ​ |  | (86,114) | ​ |  | (20,392)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive Income | ​ | $ | 78,674 | ​ | $ | (10,166) | ​ | $ | 54,235
​

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