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Condensed Parent Company Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Parent Company Statements |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (In Thousands)
Statements of Financial Condition | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 87,621 | ​ | $ | 47,048
Investment in subsidiary bank | ​ |  | 616,340 | ​ |  | 629,096
Deferred and accrued income taxes | ​ |  | 618 | ​ |  | 641
Prepaid expenses and other assets | ​ |  | 898 | ​ |  | 877
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 705,477 | ​ | $ | 677,662
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  | ​ | ​ |  | ​
Accounts payable and accrued expenses | ​ | $ | 5,259 | ​ | $ | 5,480
Subordinated debentures issued to capital trust | ​ |  | 25,774 | ​ |  | 25,774
Subordinated notes | ​ |  | 74,876 | ​ |  | 74,579
Common stock | ​ |  | 117 | ​ |  | 118
Additional paid-in capital | ​ |  | 50,336 | ​ |  | 44,320
Retained earnings | ​ |  | 603,477 | ​ |  | 569,872
Accumulated other comprehensive income (loss) | ​ |  | (54,362) | ​ |  | (42,481)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 705,477 | ​ | $ | 677,662
Schedule of condensed statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income |  | ​ |  |  | ​ |  |  | ​ |
Dividends from subsidiary bank | ​ | $ | 70,000 | ​ | $ | 65,000 | ​ | $ | 60,000
Other income | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 70,000 | ​ |  | 65,000 | ​ |  | 60,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expense | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating expenses | ​ |  | 3,280 | ​ |  | 2,780 | ​ |  | 2,550
Interest expense | ​ |  | 6,221 | ​ |  | 6,158 | ​ |  | 5,298
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | 9,501 | ​ |  | 8,938 | ​ |  | 7,848
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax and equity in undistributed earnings of subsidiaries | ​ |  | 60,499 | ​ |  | 56,062 | ​ |  | 52,152
Credit for income taxes | ​ |  | (1,960) | ​ |  | (1,932) | ​ |  | (1,608)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before equity in earnings of subsidiaries | ​ |  | 62,459 | ​ |  | 57,994 | ​ |  | 53,760
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed earnings of subsidiaries | ​ |  | (652) | ​ |  | 9,806 | ​ |  | 22,188
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 61,807 | ​ | $ | 67,800 | ​ | $ | 75,948
Schedule of condensed statements of cashflows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Cash Flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 61,807 | ​ | $ | 67,800 | ​ | $ | 75,948
Items not requiring (providing) cash | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiary | ​ |  | 652 | ​ |  | (9,806) | ​ |  | (22,188)
Compensation expense for stock option grants | ​ |  | 1,770 | ​ |  | 1,621 | ​ |  | 1,437
Amortization of interest rate derivative and deferred costs on subordinated notes | ​ |  | 297 | ​ |  | 298 | ​ |  | 297
Changes in | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Prepaid expenses and other assets | ​ |  | (21) | ​ |  | 5 | ​ |  | (14)
Accounts payable and accrued expenses | ​ |  | (191) | ​ |  | 250 | ​ |  | 69
Income taxes | ​ |  | 23 | ​ |  | (493) | ​ |  | (54)
Net cash provided by operating activities | ​ |  | 64,337 | ​ |  | 59,675 | ​ |  | 55,495
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing Activities | ​ |  | ​ | ​ |  |  | ​ |  |
Net cash provided by investing activities | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Purchases of the Company’s common stock | ​ |  | (15,152) | ​ |  | (23,326) | ​ |  | (61,847)
Dividends paid | ​ |  | (18,708) | ​ |  | (19,282) | ​ |  | (19,181)
Stock options exercised | ​ |  | 10,096 | ​ | ​ | 884 | ​ | ​ | 6,258
Net cash used in financing activities | ​ |  | (23,764) | ​ |  | (41,724) | ​ |  | (74,770)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (Decrease) in Cash | ​ |  | 40,573 | ​ |  | 17,951 | ​ |  | (19,275)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, Beginning of Year | ​ |  | 47,048 | ​ |  | 29,097 | ​ |  | 48,372
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash, End of Year | ​ | $ | 87,621 | ​ | $ | 47,048 | ​ | $ | 29,097
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Additional Cash Payment Information | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest paid | ​ | $ | 6,247 | ​ | $ | 6,107 | ​ | $ | 5,115
Schedule of condensed statements of comprehensive income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 61,807 | ​ | $ | 67,800 | ​ | $ | 75,948
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income (loss) of subsidiaries | ​ |  | (11,881) | ​ |  | 10,874 | ​ |  | (86,114)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive Income (Loss) | ​ | $ | 49,926 | ​ | $ | 78,674 | ​ | $ | (10,166)
​

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