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As Reported Financials

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD

Cash flows from operating activities

Net income 49,640 49,661 54,618 59,906 12,657

Adjustments to reconcile net income to net cash provided by operating activities

Amortization of premiums and discounts on investments, net 5,041 5,410 4,066 4,033 1,767
Amortization of intangible assets and purchase accounting marks, net (10,835) (1,019) 1,292 1,911 533
Amortization of subordinated debt issuance costs 126 126 126 126 32
Stock-based compensation expense 1,076 2,252 2,699 2,481 580
ESOP expense 299 308 400 378 86
Loss on extinguishment of debt 0 1,454 0 0 NA
Tax effects of share-based awards 317 (486) 0 0 NA
Provision for loan losses 13,005 13,437 9,396 8,914 2,043
Gains on sales of securities, net (939) (1,961) (782) (145) (737)
Net realized (gain) loss on marketable equity securities NA 0 0 62 (53)
Loans originated for sale (406,960) (422,183) (384,195) (372,286) (27,364)
Principal balance of loans sold 405,044 369,802 332,639 407,571 89,980
Decrease (increase) in mortgage servicing asset (2,345) (3,030) (1,629) (3,006) 48
Gain on sales of other real estate owned (218) (121) (409) (291) (26)
Net change in mortgage banking fair value adjustments 39 139 (1,303) 1,501 11
Loss on disposal of equipment 191 178 365 68 29
Write-downs of other real estate owned 118 126 424 362 21
Depreciation and amortization of premises and equipment 5,340 5,516 5,919 8,370 2,104
Net loss on limited partnership investments 3,136 3,995 3,023 2,176 603
Gain on lease terminations (195) NA NA NA NA
Deferred income tax expense (benefit) 3,582 (4,352) 12,338 (2,464) 1,057
Increase in cash surrender value of bank-owned life insurance (3,397) (3,324) (4,656) (5,859) (1,525)
Income recognized from death benefits on bank-owned life insurance (219) (70) (806) (435) (421)
Right-of-use asset depreciation NA NA NA NA 1,294
Amortization of lease liabilities NA NA NA NA (1,050)
Lease incentives received NA NA NA NA 117
Net change in
Deferred loan fees and premiums (3,013) (4,618) (3,158) (2,992) (115)
Accrued interest receivable (1,528) (3,031) (3,561) (2,491) (238)
Other assets (16,172) (4,327) (14,527) (18,857) (7,742)
Accrued expenses and other liabilities 9,637 (4,195) 866 19,157 (5,128)
Net cash provided by operating activities 50,770 (313) 13,145 108,190 68,563

Cash flows from investing activities

Proceeds from sales of available-for-sale securities 280,564 268,162 315,339 59,761 256,198
Proceeds from calls and maturities of available-for-sale securities 16,655 27,076 102,289 41,235 4,425
Principal payments on available-for-sale securities 86,128 95,490 76,674 64,335 13,809
Principal payments on held to maturity securities 774 496 402 0 NA
Purchases of available-for-sale securities (398,794) (385,386) (501,803) (100,774) (137,810)
Redemption of FHLBB and other restricted stock 0 3,392 11,223 16,950 5,635
Purchase of FHLBB stock (19,246) (5,672) (6,324) (8,163) (1,930)
Proceeds from sale of other real estate owned 2,683 2,158 2,569 2,792 267
Purchases of loans (348,175) (176,301) (259,656) (274,865) (53,383)
Cash paid for acquisition net of cash acquired NA 0 0 (6,832) NA
Loan originations, net of principal repayments (366,495) (119,817) (186,957) (50,399) (23,805)
Proceeds from bank-owned life insurance death benefits 1,158 689 1,892 1,082 854
Surrender of bank-owned life insurance 0 0 33,075 0 NA
Receivable of bank-owned life insurance 0 0 (26,713) 26,713 NA
Proceeds from sales of equipment 364 686 1,039 0 NA
Purchases of bank-owned life insurance 0 (40,000) (10,000) (40,000) 0
Proceeds from redemption of bank-owned life insurance NA NA NA NA 0
Purchases of premises and equipment (3,593) (3,465) (23,131) (7,359) (928)
Net cash provided by (used in) investing activities (747,977) (332,492) (470,082) (275,524) 63,332

Cash flows from financing activities

Net decrease in non-interest-bearing deposits 69,649 50,332 70,526 21,209 (21,816)
Net increase in interest-bearing deposits 335,320 225,103 417,251 451,370 15,469
Net increase in mortgagors' and investors' escrow accounts 522 (172) (5,809) (2,860) 6,825
Net decrease in short-term FHLBB advances 88,000 41,800 (52,500) (218,500) (75,000)
Repayments of long-term FHLBB advances 0 (37,796) 0 0 (144)
Repayments of called FHLBB advances 0 0 (70,000) (30,000) NA
Proceeds from long-term FHLBB advances 290,000 105,000 125,000 950 15,000
Repayments of long-term FHLBB borrowings and penalty (8,056) (10,989) (1,520) (1,317) NA
Net change in other borrowings (46,491) (27,303) (4,519) (16,454) (9,070)
Principal payments on finance leases NA NA NA NA (65)
Proceeds from exercise of stock options 4,765 6,275 2,460 2,247 468
Common stock repurchased (5,171) 0 (1,312) (5,157) 0
Cancellation of shares for tax withholding (311) (327) (805) (601) (278)
Tax effects of share-based awards (317) 486 0 0 NA
Cash dividend paid on common stock (22,479) (23,836) (24,111) (24,257) (6,075)
Net cash used in financing activities 705,431 328,573 454,661 176,630 (74,686)
Net increase (decrease) in cash and cash equivalents 8,224 (4,232) (2,276) 9,296 57,209
Cash and cash equivalents, beginning of period 86,952 95,176 90,944 88,668 97,964
Cash and cash equivalents, end of period 95,176 90,944 88,668 97,964 155,173

Supplemental Disclosures of Cash Flow Information

Cash paid during the year for

Interest 36,532 43,709 53,012 80,305 25,349
Income taxes, net (6,744) 3,655 4,574 1,835 783
Transfer of loans to other real estate owned 1,099 3,298 2,848 2,098 302
Change in due to broker, investment purchases (1,105) 6 (6) 0 0
Decrease in due to broker, common stock buyback (523) NA NA NA NA

Acquisition of non-cash assets and liabilities

Fair value of assets acquired NA 0 0 2,292 NA
Fair value of liabilities assumed NA 0 0 109,380 NA

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases NA NA NA NA 1,548
Operating cash flows from finance leases NA NA NA NA 63
Finance cash flows from finance leases NA NA NA NA 65

Right-of-use assets obtained in exchange for lease obligations

Operating leases NA NA NA NA 44,377
Finance leases NA NA NA NA 4,356
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.