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Cash Flow Statement

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 2013 Y2014 Y2015 Y2016 Y2017 Q3 YTD
Source Document12/31/201512/31/201612/31/201612/31/20169/30/2017
(in thousands)     
Cash flows from operating activities 
Net income 14,2276,78249,64049,66145,117
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Amortization of premiums and discounts on investments, net 4712,6805,0415,4103,059
Amortization (accretion) of intangible assets and purchase accounting marks, net 0(10,899)(10,835)(1,019)1,053
Amortization of subordinated debt issuance costs 03412612695
Stock-based compensation expense 2,6653,9571,0762,2522,052
ESOP expense 1,7071,727299308296
Loss on extinguishment of debt 028801,4540
Tax benefit from stock-based awards (65)(820)317(486)0
Provision for loan losses 2,0469,49613,00513,4377,146
Gain on sales of securities, net (585)(1,228)(939)(1,961)(710)
Loans originated for sale (144,597)(145,124)(406,960)(422,183)(292,973)
Principal balance of loans sold 149,467137,326405,044369,802266,071
Increase in mortgage servicing asset 3,051(138)(2,345)(3,030)(1,047)
Gain on sales of other real estate owned 85(409)(218)(121)(296)
Net gain in mortgage banking fair value adjustments 439(356)39139(2,336)
(Gain) loss on disposal of equipment 1131,210191178(42)
Write-downs of other real estate owned 287213118126342
Depreciation and amortization 2,3833,7625,3405,5164,206
Net loss on limited partnership investments 04,2243,1363,9951,582
Loss (gain) on lease terminations 01,888(195)0NA
Deferred income tax expense (benefit) 4107,3613,582(4,352)5,769
Increase in cash surrender value of bank-owned life insurance (2,092)(3,042)(3,397)(3,324)(3,515)
Income recognized from death benefit on BOLI 00(219)(70)(8)
Net change in 
Deferred loan fees and premiums (1,632)(1,603)(3,013)(4,618)(3,661)
Accrued interest receivable (844)(2,237)(1,528)(3,031)(2,122)
Other assets (4,340)(33,243)(16,172)(4,327)(17,644)
Accrued expenses and other liabilities 9468,5529,637(4,195)5,297
Net cash provided by (used in) operating activities 24,142(9,599)50,770(313)17,731
Cash flows from investing activities 
Proceeds from sales of available-for-sale securities 44,880511,044280,564268,162214,048
Proceeds from calls and maturities of available-for-sale securities 021,22016,65527,07686,859
Principal payments on available-for-sale securities 26,86261,42586,12895,49057,234
Principal payments on held-to-maturity securities 2,373783774496317
Purchases of available-for-sale securities (245,609)(885,610)(398,794)(385,386)(376,506)
Purchases of held to maturity securities (10,093)(2,342)00NA
Cash acquired from Legacy United 025,41000NA
Redemption of FHLBB and other restricted stock 8142,29703,39210,514
Purchase of FHLBB stock 0(1,860)(19,246)(5,672)(2,179)
Proceeds from sale of other real estate owned 4,0423,8692,6832,1581,475
Proceeds from portfolio loan sales 70,715NANANANA
Purchases of loans (14,142)(16,310)(348,175)(176,301)(173,356)
Loan originations, net of principal repayments (170,550)(302,918)(366,495)(119,817)(135,468)
Purchase of bank-owned life insurance (4,008)00(40,000)NA
Proceeds from BOLI death benefit 001,15868912
Purchases of premises and equipment (7,108)(12,719)(3,593)(3,465)(14,219)
Proceeds from sales of equipment 0327364686707
Net cash used in investing activities (301,824)(595,384)(747,977)(332,492)(330,562)
Cash flows from financing activities 
Net increase in non-interest-bearing deposits 27,6852,55069,64950,33217,080
Net increase in interest-bearing deposits 202,840357,800335,320225,103425,354
Net decrease in mortgagors' and investors' escrow accounts (434)4,604522(172)(3,713)
Net decrease in short-term FHLBB advances 64,112275,776196,200174,800(144,000)
Repayments of long-term FHLBB advances (15,182)NANANA(1,138)
Repayments of called FHLBB advances NANANANA(45,000)
Prepayments of long-term FHLBB borrowings and penalty 0(18,542)(8,056)(76,785)0
Proceeds from long-term FHLBB advances 010,000181,800095,000
Net change in other borrowings 48,1924,860(46,491)(27,303)(4,803)
Proceeds from issuance of subordinated debt, net of issuance costs 073,73300NA
Proceeds from exercise of stock options 8052,2464,7656,2751,546
Common stock repurchased (30,028)(47,772)(5,171)0(1,312)
Cancellation of shares for tax withholding (357)(1,367)(311)(327)(340)
Tax benefit from stock-based awards 65820(317)4860
Cash dividend paid on common stock (10,453)(18,008)(22,479)(23,836)(18,270)
ESOP forfeiture 357NANANANA
Net cash provided by financing activities 287,602646,700705,431328,573320,404
Net increase in cash and cash equivalents 9,92041,7178,224(4,232)7,573
Cash and cash equivalents, beginning of period 35,31545,23586,95295,17690,944
Cash and cash equivalents, end of period 45,23586,95295,17690,94498,517
Supplemental Disclosures of Cash Flow Information 
Cash paid during the year for 
Interest 10,46521,82436,53243,70937,084
Income taxes, net 7,0173,599(6,744)3,6555,159
Transfer of loans to other real estate owned 3,0972,3391,0993,2982,075
Change in due to broker, investment purchases 1,758(4,855)(1,105)6(6)
Increase (decrease) in due to broker, common stock buyback 0523(523)0NA
Acquisition of non-cash assets and liabilities 
Fair value of assets acquired 02,396,93700NA
Fair value of liabilities assumed 02,154,71300NA

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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