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Cash Flow Statement

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 2014 Y2015 Y2016 Y2017 Y
Source Document12/31/201612/31/201712/31/201712/31/2017
(in thousands)    
Cash flows from operating activities 
Net income 6,78249,64049,66154,618
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Provision for loan losses 9,49613,00513,4379,396
Amortization of premiums and discounts on investments, net 2,6805,0415,4104,066
Amortization of intangible assets and purchase accounting marks, net (10,899)(10,835)(1,019)1,292
Amortization of subordinated debt issuance costs 34126126126
Share-based compensation expense 3,9571,0762,2522,699
ESOP expense 1,727299308400
Loss on extinguishment of debt 28801,4540
Tax effects of share-based awards (820)317(486)0
Gains on sales of securities, net (1,228)(939)(1,961)(782)
Loans originated for sale (145,124)(406,960)(422,183)(384,195)
Principal of balance of loan sold 137,326405,044369,802332,639
Increase in mortgage servicing asset (138)(2,345)(3,030)(1,629)
Gain on sales of other real estate owned (409)(218)(121)(409)
Net change in mortgage banking fair value adjustment (356)39139(1,303)
Loss on disposal of equipment 1,210191178365
Write-downs of other real estate owned 213118126424
Depreciation and amortization of premises and equipment 3,7625,3405,5165,919
Net loss on limited partnership investments 4,2243,1363,9953,023
Gain on lease terminations 1,888(195)00
Deferred income tax (benefit) expense 7,3613,582(4,352)12,338
Increase in cash surrender value of bank-owned life insurance (3,042)(3,397)(3,324)(4,656)
Income recognized from death benefit on bank-owned life insurance 0(219)(70)(806)
Net change in 
Deferred loan fees and premiums (1,603)(3,013)(4,618)(3,158)
Accrued interest receivable (2,237)(1,528)(3,031)(3,561)
Other assets (33,243)(16,172)(4,327)(14,527)
Accrued expenses and other liabilities 8,5529,637(4,195)866
Net cash provided by (used in) operating activities (9,599)50,770(313)13,145
Cash flows from investing activities 
Proceeds from sales of available for sale securities 511,044280,564268,162315,339
Proceeds from calls and maturities of available for sale securities 21,22016,65527,076102,289
Principal payments on available for sale securities 61,42586,12895,49076,674
Principal payments on held to maturity securities 783774496402
Purchases of available for sale securities (885,610)(398,794)(385,386)(501,803)
Purchases of held to maturity securities (2,342)NANANA
Cash acquired from Legacy United 25,410NANANA
Redemption of FHLBB and other restricted stock 2,29703,39211,223
Purchase of FHLBB stock (1,860)(19,246)(5,672)(6,324)
Proceeds from sale of other real estate owned 3,8692,6832,1582,569
Purchases of loans (16,310)(348,175)(176,301)(259,656)
Loan originations, net of principal repayments (302,918)(366,495)(119,817)(186,957)
Purchase of bank-owned life insurance 00(40,000)(10,000)
Proceeds from bank-owned life insurance death benefit 01,1586891,892
Surrender of bank-owned life insurance NA0033,075
Receivable of bank-owned life insurance NA00(26,713)
Proceeds from sales of equipment 3273646861,039
Purchases of premises and equipment (12,719)(3,593)(3,465)(23,131)
Net cash used in investing activities (595,384)(747,977)(332,492)(470,082)
Cash flows from financing activities 
Net increase in non-interest-bearing deposits 2,55069,64950,33270,526
Net increase in interest-bearing deposits 357,800335,320225,103417,251
Net increase (decrease) in mortgagors' and investors' escrow accounts 4,604522(172)(5,809)
Net change in short-term FHLBB advances 275,77688,00041,800(52,500)
Proceeds from long-term FHLBB advances 10,000290,000105,000125,000
Repayments of long-term FHLBB borrowings and penalty (18,542)(8,056)(10,989)(1,520)
Prepayments of FHLBB Advances NA0(37,796)0
Repayments of called FHLBB advances NA00(70,000)
Net decrease in other borrowings, excluding proceeds from subordinated debt issuance 4,860(46,491)(27,303)(4,519)
Proceeds from issuance of subordinated debt, net of issuance costs 73,733NANANA
Proceeds from exercise of stock options 2,2464,7656,2752,460
Common stock repurchased (47,772)(5,171)0(1,312)
Cancellation of shares for tax withholding (1,367)(311)(327)(805)
Tax effects of share-based awards 820(317)4860
Cash dividends paid on common stock (18,008)(22,479)(23,836)(24,111)
Net cash provided by financing activities 646,700705,431328,573454,661
Net (decrease) increase in cash and cash equivalents 41,7178,224(4,232)(2,276)
Cash and cash equivalents - beginning of year 45,23586,95295,17690,944
Cash and cash equivalents - end of year 86,95295,17690,94488,668
Supplemental disclosures of cash flow information 
Cash paid during the year for 
Interest 21,82436,53243,70953,012
Income taxes, net 3,599(6,744)3,6554,574
Transfer of loans to other real estate owned 2,3391,0993,2982,848
Increase (decrease) in due to broker, investment purchases (4,855)(1,105)6(6)
Decrease in due to broker, common stock buyback 523(523)00
Acquisition of non-cash assets and liabilities 
Fair value of assets acquired 2,396,937NANANA
Fair value of liabilities assumed 2,154,713NANANA

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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