CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

Schedule of condensed statements of financial condition

	December 31,
(In thousands)	2022		2021
ASSETS:
Cash and due from banks	$	25,009	$	27,364
Securities available-for-sale, at fair value		2,489		3,068
Marketable equity securities, at fair value		—		—
Investment in subsidiaries		1,348,962		1,366,796
Other assets		4,389		4,285
Total assets	$	1,380,849	$	1,401,513
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Subordinated debt, net	$	200,283	$	197,096
Other liabilities		10,983		11,797
Stockholders’ equity		1,169,583		1,192,620
Total liabilities and stockholders’ equity	$	1,380,849	$	1,401,513

Schedule of condensed statements of income and other comprehensive income

	Year Ended December 31,
(In thousands)	2022		2021		2020
Net interest loss	$	(10,394)	$	(8,427)	$	(5,147)
Dividends received from Bank		95,000		20,000		30,000
Non-interest income		—		136		361
Non-interest expense		(1,720)		(4,361)		(1,176)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		82,886		7,348		24,038
Income tax credit		4,001		4,051		1,819
Income before equity in undistributed earnings of direct subsidiaries		86,887		11,399		25,857
Equity in undistributed earnings of subsidiaries		65,669		92,597		16,461
Net income	$	152,556	$	103,996	$	42,318

Schedule of condensed statements of cash flows

	Year Ended December 31,
	2022		2021		2020
Cash flows from operating activities:
Net income	$	152,556	$	103,996	$	42,318
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of direct subsidiaries		(65,669)		(92,597)		(16,461)
Net gain on marketable equity securities		—		(131)		(361)
Net accretion		(111)		(157)		146
Loss on extinguishment of debt		740		—		—
(Increase) decrease in other assets		(104)		761		(502)
(Decrease) increase in other liabilities		(1,096)		269		214
Net cash provided by operating activities		86,316		12,141		25,354
Cash flows from investing activities:
Proceeds sales of marketable equity securities		—		6,101		546
Purchases of securities available-for-sale and marketable equity securities		—		(3,000)		(261)
Reimbursement from subsidiary, including purchases of securities available-for-sale		—		—		2
Net cash received in business combination		—		11,545		—
Net cash provided by investing activities		—		14,646		287
Cash flows from financing activities:
Proceeds from subordinated debentures issuance, net		157,559		—		—
Redemption of subordinated debentures		(155,000)		—		—
Redemption of preferred stock		—		—		(3)
Proceeds from preferred stock issuance, net		—		—		116,569
Proceeds from exercise of stock options		—		431		38
Release of stock for benefit plan awards		1,167		1,153		84
Payments related to tax withholding for equity awards		(1,558)		(111)		(3,060)
BMP ESOP shares received to satisfy distribution of retirement benefits		—		(993)		—
Treasury shares repurchased		(46,762)		(59,280)		(35,356)
Cash dividends paid to preferred stockholders		(7,286)		(7,286)		(4,783)
Cash dividends paid to common stockholders		(36,791)		(39,351)		(18,696)
Net cash (used in) provided by financing activities		(88,671)		(105,437)		54,793
Net (decrease) increase in cash and due from banks		(2,355)		(78,650)		80,434
Cash and due from banks, beginning of period		27,364		106,014		25,580
Cash and due from banks, end of period	$	25,009	$	27,364	$	106,014