Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Condensed Statements of Financial Condition

	December 31,		December 31,
Condensed Statements of Financial Condition	2023		2022
	(Dollars in thousands)
Assets:
Cash and due from banks	$	103,919	$	22,723
Securities available for sale:
Other securities		1,437		1,516
Investment in Bank		799,324		890,828
Goodwill		2,185		2,185
Other assets		5,395		3,681
Total assets	$	912,260	$	920,933
Liabilities:
Subordinated debentures	$	187,630	$	186,965
Junior subordinated debentures, at fair value		47,850		50,507
Other liabilities		6,943		6,304
Total liabilities		242,423		243,776
Stockholders' Equity:
Common stock		341		341
Additional paid-in capital		264,534		264,332
Treasury stock, at average cost (5,221,813 shares and 4,611,232, respectively)		(106,070)		(98,535)
Retained earnings		549,683		547,507
Accumulated other comprehensive loss, net of taxes		(38,651)		(36,488)
Total equity		669,837		677,157
Total liabilities and equity	$	912,260	$	920,933

Condensed Statements of Income

	For the years ended December 31,
Condensed Statements of Income (Loss)	2023		2022		2021
	(In thousands)
Dividends from the Bank	$	125,000	$	50,000	$	5,000
Interest income		767		468		145
Interest expense		(12,668)		(7,771)		(6,215)
Net gain (loss) from fair value adjustments		2,405		7,207		(13,604)
Other operating expenses		(2,483)		(1,645)		(1,844)
Income (loss) before taxes and equity (deficit) in undistributed earnings of subsidiary		113,021		48,259		(16,518)
Income tax benefit		4,816		2,684		5,403
Income (loss) before equity (deficit) in undistributed earnings of subsidiary		117,837		50,943		(11,115)
Equity (deficit) in undistributed earnings of the Bank		(89,173)		26,002		92,908
Net income (loss)		28,664		76,945		81,793
Other comprehensive income (loss), net of tax		(2,163)		(29,804)		9,582
Comprehensive net income (loss)	$	26,501	$	47,141	$	91,375

Condensed Statements of Cash Flows

	For the years ended December 31,
Condensed Statements of Cash Flows	2023		2022		2021
	(In thousands)
Operating activities:
Net income (loss)	$	28,664	$	76,945	$	81,793
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity) deficit in undistributed earnings of the Bank		89,173		(26,002)		(92,908)
Deferred income tax provision (benefit)		774		2,111		(3,939)
Net gain (loss) from fair value adjustments		(2,405)		(7,207)		13,604
Stock-based compensation expense		5,604		6,807		6,829
Net change in operating assets and liabilities		(1,189)		(2,866)		2,927
Net cash provided by (used in) operating activities		120,621		49,788		8,306
Investing activities:
Investment in Bank		—		(50,000)		(15,000)
Net cash provided by (used in) investing activities		—		(50,000)		(15,000)
Financing activities:
Proceeds from long-term borrowings		—		63,603		122,843
Repayment of long-term borrowings		—		—		(90,250)
Purchase of treasury stock		(13,165)		(29,675)		(11,370)
Cash dividends paid		(26,260)		(27,031)		(26,524)
Net cash provided by (used in) financing activities		(39,425)		6,897		(5,301)
Net increase (decrease) in cash and cash equivalents		81,196		6,685		(11,995)
Cash and cash equivalents, beginning of year		22,723		16,038		28,033
Cash and cash equivalents, end of year	$	103,919	$	22,723	$	16,038