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Cash Flow Statement

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 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Cash flows from operating activities 
Net income 14,2276,78249,64049,661
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Provision for loan losses 2,0469,49613,00513,437
Amortization of premiums and discounts on investments, net 4712,6805,0415,410
Accretion of intangible assets and purchase accounting marks, net 0(10,899)(10,835)(1,019)
Amortization of subordinated debt issuance costs 034126126
Share-based compensation expense 2,6653,9571,0762,252
ESOP expense 1,7071,727299308
FHLBB prepayment penalties 028801,454
Tax effects of share-based awards (65)(820)317(486)
Net gain from sales of securities (585)(1,228)(939)(1,961)
Loans originated for sale (144,597)(145,124)(406,960)(422,183)
Proceeds from sales of loans held for sale 149,467137,326405,044369,802
Increase in mortgage servicing asset 3,051(138)(2,345)(3,030)
Gain on sales of OREO 85(409)(218)(121)
Net change in mortgage banking fair value adjustment 439(356)39139
Loss on disposal of equipment 1131,210191178
Write-downs of other real estate owned 287213118126
Depreciation and amortization of premises and equipment 2,3833,7625,3405,516
Loss on limited partnerships 04,2243,1363,995
Loss (gain) on lease terminations 01,888(195)0
Deferred income tax (benefit) expense 4107,3613,582(4,352)
Increase in cash surrender value of bank-owned life insurance (2,092)(3,042)(3,397)(3,324)
Income recognized from death benefit on bank-owned life insurance 00(219)(70)
Net change in 
Deferred loan fees and premiums (1,632)(1,603)(3,013)(4,618)
Accrued interest receivable (844)(2,237)(1,528)(3,031)
Other assets (4,340)(33,243)(16,172)(4,327)
Accrued expenses and other liabilities 9468,5529,637(4,195)
Net cash provided by (used in) operating activities 24,142(9,599)50,770(313)
Cash flows from investing activities 
Proceeds from sales of available for sale securities 44,880511,044280,564268,162
Proceeds from calls and maturities of available for sale securities 021,22016,65527,076
Principal payments on available for sale securities 26,86261,42586,12895,490
Principal payments on held to maturity securities 2,373783774496
Purchases of available for sale securities (245,609)(885,610)(398,794)(385,386)
Purchases of held to maturity securities (10,093)(2,342)00
Cash acquired from Legacy United 025,41000
Redemption of FHLBB stock 8142,29703,392
Purchase of FHLBB stock 0(1,860)(19,246)(5,672)
Proceeds from sale of other real estate owned 4,0423,8692,6832,158
Proceeds from portfolio loan sales 70,715NANANA
Purchases of loans (14,142)(16,310)(348,175)(176,301)
Loan originations, net of principal repayments (170,550)(302,918)(366,495)(119,817)
Purchase of bank-owned life insurance (4,008)00(40,000)
Proceeds from bank-owned life insurance death benefit 001,158689
Proceeds from sale of equipment 0327364686
Purchases of premises and equipment (7,108)(12,719)(3,593)(3,465)
Net cash used in investing activities (301,824)(595,384)(747,977)(332,492)
Cash flows from financing activities 
Net increase in non-interest-bearing deposits 27,6852,55069,64950,332
Net increase in interest-bearing deposits 202,840357,800335,320225,103
Net increase (decrease) in mortgagors' and investors' escrow accounts (434)4,604522(172)
Net increase in short-term FHLBB advances 64,112275,776196,200174,800
Repayments of long-term FHLBB advances (15,182)NANANA
Proceeds from long-term FHLBB advances 010,000181,8000
Repayments of long-term FHLBB borrowings and penalty 0(18,542)(8,056)(76,785)
Net increase (decrease) in other borrowings, excluding proceeds from subordinated debt issuance 48,1924,860(46,491)(27,303)
Proceeds from issuance of subordinated debt, net of issuance costs 073,73300
Proceeds from exercise of stock options 8052,2464,7656,275
Common stock repurchased (30,028)(47,772)(5,171)0
Cancellation of shares for tax withholding (357)(1,367)(311)(327)
Tax effects of share-based awards 65820(317)486
Cash dividends paid on common stock (10,453)(18,008)(22,479)(23,836)
ESOP forfeiture 357NANANA
Net cash provided by financing activities 287,602646,700705,431328,573
Net (decrease) increase in cash and cash equivalents 9,92041,7178,224(4,232)
Cash and cash equivalents - beginning of year 35,31545,23586,95295,176
Cash and cash equivalents - end of year 45,23586,95295,17690,944
Supplemental disclosures of cash flow information 
Cash paid during the year 
Interest 10,46521,82436,53243,709
Income taxes, net 7,0173,599(6,744)3,655
Transfer of loans to other real estate owned 3,0972,3391,0993,298
Increase (decrease) in due to broker, investment purchases 1,758(4,855)(1,105)6
Increase (decrease) in due to broker, common stock buyback 0523(523)0
Acquisition of non-cash assets and liabilities 
Fair value of assets acquired 02,396,93700
Fair value of liabilities assumed 02,154,71300

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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