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Condensed Parent Company Statements (Tables)

12 Months Ended

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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Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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