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Cash Flow Statement

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 2014 Y2015 Y2016 Y2017 Y2018 Q3 YTD
Source Document12/31/201612/31/201712/31/201712/31/20179/30/2018
(in thousands)     
Cash flows from operating activities 
Net income 6,78249,64049,66154,61847,741
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Amortization of premiums and discounts on investments, net 2,6805,0415,4104,0663,084
Amortization of intangible assets and purchase accounting marks, net (10,899)(10,835)(1,019)1,2921,161
Amortization of subordinated debt issuance costs 3412612612695
Stock-based compensation expense 3,9571,0762,2522,6992,160
ESOP expense 1,727299308400289
Loss on extinguishment of debt 28801,4540NA
Tax effects of share-based awards (820)317(486)0NA
Provision for loan losses 9,49613,00513,4379,3966,296
Gains on sales of securities, net (1,228)(939)(1,961)(782)(120)
Net unrealized gain on marketable equity securities NANANANA(19)
Loans originated for sale (145,124)(406,960)(422,183)(384,195)(271,783)
Principal balance of loans sold 137,326405,044369,802332,639298,908
Increase in mortgage servicing asset (138)(2,345)(3,030)(1,629)(2,667)
Gain on sales of other real estate owned (409)(218)(121)(409)(173)
Net change in mortgage banking fair value adjustments (356)39139(1,303)809
(Gain) loss on disposal of equipment 1,21019117836568
Write-downs of other real estate owned 213118126424362
Depreciation and amortization of premises and equipment 3,7625,3405,5165,9195,713
Net loss on limited partnership investments 4,2243,1363,9953,0231,771
Gain on lease terminations 1,888(195)00NA
Deferred income tax (benefit) expense 7,3613,582(4,352)12,338(1,262)
Increase in cash surrender value of bank-owned life insurance (3,042)(3,397)(3,324)(4,656)(4,342)
Income recognized from death benefits on bank-owned life insurance 0(219)(70)(806)(435)
Net change in 
Deferred loan fees and premiums (1,603)(3,013)(4,618)(3,158)(1,809)
Accrued interest receivable (2,237)(1,528)(3,031)(3,561)(3,153)
Other assets (33,243)(16,172)(4,327)(14,527)(17,526)
Accrued expenses and other liabilities 8,5529,637(4,195)86611,497
Net cash provided by operating activities (9,599)50,770(313)13,14576,665
Cash flows from investing activities 
Proceeds from sales of available-for-sale securities 511,044280,564268,162315,33958,653
Proceeds from calls and maturities of available-for-sale securities 21,22016,65527,076102,28935,790
Principal payments on available-for-sale securities 61,42586,12895,49076,67450,355
Principal payments on held-to-maturity securities 7837744964020
Purchases of available-for-sale securities (885,610)(398,794)(385,386)(501,803)(85,557)
Purchases of held to maturity securities (2,342)NANANANA
Cash acquired from Legacy United 25,410NANANANA
Redemption of FHLBB and other restricted stock 2,29703,39211,22312,413
Purchase of FHLBB stock (1,860)(19,246)(5,672)(6,324)(4,251)
Proceeds from sale of other real estate owned 3,8692,6832,1582,5692,232
Purchases of loans (16,310)(348,175)(176,301)(259,656)(206,217)
Loan originations, net of principal repayments (302,918)(366,495)(119,817)(186,957)10,657
Proceeds from bank-owned life insurance death benefits 01,1586891,8921,082
Surrender of bank-owned life insurance NA0033,075NA
Receivable of bank-owned life insurance NA00(26,713)NA
Purchases of bank-owned life insurance 00(40,000)(10,000)(30,000)
Proceeds from redemption of bank-owned life insurance NANANANA26,292
Purchases of premises and equipment (12,719)(3,593)(3,465)(23,131)(5,934)
Proceeds from sales of equipment 3273646861,0390
Net cash used in investing activities (595,384)(747,977)(332,492)(470,082)(134,485)
Cash flows from financing activities 
Net increase (decrease) in non-interest-bearing deposits 2,55069,64950,33270,526(19,366)
Net increase in interest-bearing deposits 357,800335,320225,103417,251321,690
Net increase (decrease) in mortgagors' and investors' escrow accounts 4,604522(172)(5,809)2,052
Net decrease in short-term FHLBB advances 275,77688,00041,800(52,500)(203,000)
Repayments of long-term FHLBB advances NA0(37,796)0(1,174)
Repayments of called FHLBB advances NA00(70,000)(30,000)
Proceeds from long-term FHLBB advances 10,000290,000105,000125,000950
Repayments of long-term FHLBB borrowings and penalty (18,542)(8,056)(10,989)(1,520)NA
Net change in other borrowings 4,860(46,491)(27,303)(4,519)(5,112)
Proceeds from issuance of subordinated debt, net of issuance costs 73,733NANANANA
Proceeds from exercise of stock options 2,2464,7656,2752,4601,737
Common stock repurchased (47,772)(5,171)0(1,312)(1,551)
Cancellation of shares for tax withholding (1,367)(311)(327)(805)(104)
Tax effects of share-based awards 820(317)4860NA
Cash dividend paid on common stock (18,008)(22,479)(23,836)(24,111)(18,375)
Net cash provided by financing activities 646,700705,431328,573454,66147,747
Net increase (decrease) in cash and cash equivalents 41,7178,224(4,232)(2,276)(10,073)
Cash and cash equivalents, beginning of period 45,23586,95295,17690,94488,668
Cash and cash equivalents, end of period 86,95295,17690,94488,66878,595
Supplemental Disclosures of Cash Flow Information 
Cash paid during the year for 
Interest 21,82436,53243,70953,01256,138
Income taxes, net 3,599(6,744)3,6554,5741,276
Transfer of loans to other real estate owned 2,3391,0993,2982,8482,075
Change in due to broker, investment purchases (4,855)(1,105)6(6)0
Decrease in due to broker, common stock buyback 523(523)00NA
Acquisition of non-cash assets and liabilities 
Fair value of assets acquired 2,396,937NANANANA
Fair value of liabilities assumed 2,154,713NANANANA

Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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