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Cash Flow Statement

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 2015 Y2016 Y2017 Y2018 Y
Source Document12/31/201712/31/201812/31/201812/31/2018
(in thousands)    
Cash flows from operating activities 
Net income 49,64049,66154,61859,906
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Provision for loan losses 13,00513,4379,3968,914
Amortization of premiums and discounts on investments, net 5,0415,4104,0664,033
Amortization of intangible assets and purchase accounting marks, net (10,835)(1,019)1,2921,911
Amortization of subordinated debt issuance costs 126126126126
Share-based compensation expense 1,0762,2522,6992,481
ESOP expense 299308400378
Loss on extinguishment of debt 01,45400
Tax effects of share-based awards 317(486)00
Gains on sales of securities, net (939)(1,961)(782)(145)
Net unrealized loss on marketable equity securities NA0062
Loans originated for sale (406,960)(422,183)(384,195)(372,286)
Principal balance of loans sold 405,044369,802332,639407,571
Increase in mortgage servicing asset (2,345)(3,030)(1,629)(3,006)
Gain on sales of other real estate owned (218)(121)(409)(291)
Net change in mortgage banking fair value adjustment 39139(1,303)1,501
Loss on disposal of equipment 19117836568
Write-downs of other real estate owned 118126424362
Depreciation and amortization of premises and equipment 5,3405,5165,9198,370
Net loss on limited partnership investments 3,1363,9953,0232,176
Gain on lease terminations (195)NANANA
Deferred income tax (benefit) expense 3,582(4,352)12,338(2,464)
Increase in cash surrender value of bank-owned life insurance (3,397)(3,324)(4,656)(5,859)
Income recognized from death benefit on bank-owned life insurance (219)(70)(806)(435)
Net change in 
Deferred loan fees and premiums (3,013)(4,618)(3,158)(2,992)
Accrued interest receivable (1,528)(3,031)(3,561)(2,491)
Other assets (16,172)(4,327)(14,527)(18,857)
Accrued expenses and other liabilities 9,637(4,195)86619,157
Net cash provided by (used in) operating activities 50,770(313)13,145108,190
Cash flows from investing activities 
Proceeds from sales of available for sale securities 280,564268,162315,33959,761
Proceeds from calls and maturities of available for sale securities 16,65527,076102,28941,235
Principal payments on available for sale securities 86,12895,49076,67464,335
Principal payments on held to maturity securities 7744964020
Purchases of available for sale securities (398,794)(385,386)(501,803)(100,774)
Redemption of FHLBB and other restricted stock 03,39211,22316,950
Purchase of FHLBB stock (19,246)(5,672)(6,324)(8,163)
Proceeds from sale of other real estate owned 2,6832,1582,5692,792
Purchases of loans (348,175)(176,301)(259,656)(274,865)
Cash paid for acquisition net of cash acquired NA00(6,832)
Loan originations, net of principal repayments (366,495)(119,817)(186,957)(50,399)
Purchase of bank-owned life insurance 0(40,000)(10,000)(40,000)
Proceeds from bank-owned life insurance death benefit 1,1586891,8921,082
Surrender of bank-owned life insurance 0033,0750
Receivable of bank-owned life insurance 00(26,713)26,713
Proceeds from sales of equipment 3646861,0390
Purchases of premises and equipment (3,593)(3,465)(23,131)(7,359)
Net cash used in investing activities (747,977)(332,492)(470,082)(275,524)
Cash flows from financing activities 
Net increase in non-interest-bearing deposits 69,64950,33270,52621,209
Net increase in interest-bearing deposits 335,320225,103417,251451,370
Net decrease in mortgagors' and investors' escrow accounts 522(172)(5,809)(2,860)
Net change in short-term FHLBB advances 88,00041,800(52,500)(218,500)
Proceeds from long-term FHLBB advances 290,000105,000125,000950
Repayments of long-term FHLBB borrowings and penalty (8,056)(10,989)(1,520)(1,317)
Prepayments of FHLBB Advances 0(37,796)00
Repayments of called FHLBB advances 00(70,000)(30,000)
Net decrease in other borrowings (46,491)(27,303)(4,519)(16,454)
Proceeds from exercise of stock options 4,7656,2752,4602,247
Common stock repurchased (5,171)0(1,312)(5,157)
Cancellation of shares for tax withholding (311)(327)(805)(601)
Tax effects of share-based awards (317)48600
Cash dividends paid on common stock (22,479)(23,836)(24,111)(24,257)
Net cash provided by financing activities 705,431328,573454,661176,630
Net increase (decrease) in cash and cash equivalents 8,224(4,232)(2,276)9,296
Cash and cash equivalents - beginning of year 86,95295,17690,94488,668
Cash and cash equivalents - end of year 95,17690,94488,66897,964
Supplemental disclosures of cash flow information 
Cash paid during the year for 
Interest 36,53243,70953,01280,305
Income taxes, net (6,744)3,6554,5741,835
Transfer of loans to other real estate owned 1,0993,2982,8482,098
(Decrease) increase in due to broker, investment purchases (1,105)6(6)0
Decrease in due to broker, common stock buyback (523)NANANA
Acquisition of non-cash assets and liabilities 
Fair value of assets acquired NA002,292
Fair value of liabilities assumed NA00109,380

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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