Condensed Parent Company Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Parent Company Statements

Schedule of condensed statements of financial condition

	December 31,
	2022		2021
	(In Thousands)
Statements of Financial Condition
Assets
Cash	$	29,097	$	48,372
Investment in subsidiary bank		608,416		672,342
Deferred and accrued income taxes		148		94
Prepaid expenses and other assets		882		868
	$	638,543	$	721,676
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	$	5,401	$	5,166
Subordinated debentures issued to capital trust		25,774		25,774
Subordinated notes		74,281		73,984
Common stock		122		131
Additional paid-in capital		42,445		38,314
Retained earnings		543,875		545,548
Accumulated other comprehensive income (loss)		(53,355)		32,759
	$	638,543	$	721,676

Schedule of condensed statements of income

	2022		2021		2020
	(In Thousands)
Statements of Income
Income
Dividends from subsidiary bank	$	60,000	$	74,000	$	40,000
Other income		—		—		5
		60,000		74,000		40,005
Expense
Operating expenses		2,550		2,121		2,197
Interest expense		5,298		7,613		7,459
		7,848		9,734		9,656
Income before income tax and equity in undistributed earnings of subsidiaries		52,152		64,266		30,349
Credit for income taxes		(1,608)		(1,850)		(1,800)
Income before equity in earnings of subsidiaries		53,760		66,116		32,149
Equity in undistributed earnings of subsidiaries		22,188		8,511		27,164
Net income	$	75,948	$	74,627	$	59,313

Schedule of condensed statements of cashflows

	2022		2021		2020
	(In Thousands)
Statements of Cash Flows
Operating Activities
Net income	$	75,948	$	74,627	$	59,313
Items not requiring (providing) cash
Equity in undistributed earnings of subsidiary		(22,188)		(8,511)		(27,164)
Compensation expense for stock option grants		1,437		1,225		1,153
Amortization of interest rate derivative and deferred costs on subordinated notes		297		587		608
Changes in
Prepaid expenses and other assets		(14)		15		(15)
Accounts payable and accrued expenses		69		(1,661)		31
Income taxes		(54)		63		(46)
Net cash provided by operating activities		55,495		66,345		33,880
Investing Activities
Net cash provided by investing activities		—		—		—
Financing Activities
Purchases of the Company’s common stock		(61,847)		(39,123)		(22,104)
Proceeds from issuance of subordinated notes		—		—		73,513
Redemption of subordinated notes		—		(75,000)		—
Dividends paid		(19,181)		(18,800)		(33,426)
Stock options exercised		6,258		3,700		661
Net cash provided by (used in) financing activities		(74,770)		(129,223)		18,644
Increase (Decrease) in Cash		(19,275)		(62,878)		52,524
Cash, Beginning of Year		48,372		111,250		58,726
Cash, End of Year	$	29,097	$	48,372	$	111,250
Additional Cash Payment Information
Interest paid	$	5,115	$	9,103	$	7,349

Schedule of condensed statements of comprehensive income

	2022		2021		2020
	(In Thousands)
Statements of Comprehensive Income
Net Income	$	75,948	$	74,627	$	59,313
Comprehensive income (loss) of subsidiaries		(86,114)		(20,392)		20,905
Comprehensive Income	$	(10,166)	$	54,235	$	80,218