| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
24,556 | 16,489 | 8,653 | 7,227 | -183 | 2,663 | 7,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for Loan and Lease Losses | ||||||
-1,118 | 2,098 | 4,885 | 4,090 | 3,381 | 4,094 | 2,361 |
Net amortization of securities | ||||||
-740 | -1,650 | -2,924 | -3,710 | -2,184 | -14,112 | -2,167 |
Losses (gains) on sales and calls of securities, net | ||||||
0 | -94 | 1,280 | 1,968 | 2,822 | 5,091 | 11,931 |
Net unrealized gains on equity securities | ||||||
134 | 0 | 0 | - | - | - | - |
Net change in loans held for sale | ||||||
-4,624 | 6,231 | 1,106 | 374 | -765 | 25,050 | 24,957 |
Impairment losses on securities | ||||||
- | - | - | - | 307 | 92 | 0 |
Proceeds from sale of loans originated for sale | ||||||
- | - | - | - | - | 24,995 | 25,954 |
Losses (gains) on sales of residential portfolio loans, net | ||||||
-41 | 54 | 319 | -44 | 440 | - | - |
Loss on sale of purchased home equity portfolio | ||||||
0 | -118 | 0 | 0 | - | 1,246 | 997 |
Loss on sale of foreclosed property | ||||||
0 | -7 | 0 | 0 | - | - | - |
Loss on sale of jumbo residential portfolio loans | ||||||
- | - | - | - | - | - | 0 |
Net amortization of deferred loan origination costs and discounts | ||||||
520 | -11 | 374 | -100 | 336 | -595 | -505 |
Depreciation and amortization of premises and equipment | ||||||
2,040 | 2,120 | 2,011 | 1,824 | 1,475 | 1,449 | 1,231 |
Issuance of common stock to charitable foundation | ||||||
- | - | - | - | 6,943 | 0 | 0 |
Amortization of core deposit intangible | ||||||
462 | 843 | 1,225 | 1,607 | 1,808 | 0 | 0 |
Bank-owned life insurance income, including death benefit gains | ||||||
1,101 | 1,063 | 1,554 | 1,031 | 1,188 | 2,895 | 1,124 |
ESOP expense | ||||||
1,649 | 1,431 | 1,130 | 1,063 | 993 | 0 | 0 |
Pension curtailment gain | ||||||
- | - | - | - | 1,304 | 0 | 0 |
Deferred income tax provision (benefit) | ||||||
-839 | 2,691 | -118 | -302 | -3,557 | -1,416 | -689 |
Stock based compensation expense | ||||||
6,856 | 5,483 | 4,868 | 1,124 | 0 | 0 | - |
Excess tax benefit from deferred and stock based compensation | ||||||
0 | 0 | -105 | -166 | 0 | 0 | - |
Gain (Loss) on Conversion of Investments | ||||||
653 | 5,947 | 0 | 0 | - | - | - |
Gain on sale of premises and equipment | ||||||
271 | 0 | 0 | - | - | - | - |
Net change in: | ||||||
Trading assets | ||||||
- | - | - | - | -750 | 266 | 67 |
Accrued interest receivable | ||||||
749 | 381 | 713 | 911 | -161 | -1,131 | -470 |
Other assets | ||||||
8,858 | 2,545 | 3,477 | 1,153 | 7,033 | 824 | 937 |
Accrued expenses and other liabilities | ||||||
4,819 | 2,882 | 809 | -8,661 | 14,220 | 3,966 | 1,159 |
Net cash provided by operating activities | ||||||
31,544 | 19,696 | 17,669 | 6,555 | 16,124 | 16,309 | 999 |
Cash flows from investing activities: | ||||||
Activity in securities available for sale: | ||||||
Purchases | ||||||
0 | 13,951 | 76,512 | 153,222 | 367,511 | 335,943 | 493,272 |
Proceeds from Sale of Available-for-sale Securities | ||||||
0 | 213,084 | 97,800 | 99,522 | 362,941 | 314,900 | 343,825 |
Maturities/calls | ||||||
0 | 0 | 4,133 | 5,632 | 9,615 | 11,616 | 133,340 |
Principal paydowns | ||||||
0 | 5,049 | 3,497 | 24,487 | 22,572 | 78,442 | 48,226 |
Purchases | ||||||
43,699 | 167,591 | 59,939 | 23,361 | 0 | 0 | - |
Maturities/calls | ||||||
0 | 30,000 | 22,835 | 9,000 | 0 | 0 | - |
Principal paydowns | ||||||
38,826 | 33,595 | 34,866 | 10,421 | 0 | 0 | - |
Proceeds from sale of equity securities | ||||||
4,772 | 0 | 0 | - | - | - | - |
Loan originations and purchases, net of paydowns | ||||||
139,286 | 339,412 | 403,729 | 400,115 | 315,872 | 307,845 | 214,545 |
Proceeds from sales of portfolios | ||||||
- | - | - | - | 27,810 | 27,317 | 0 |
Proceeds from sale of foreclosed property | ||||||
0 | 195 | 0 | 0 | - | - | - |
Net disposals (purchases) of premises and equipment | ||||||
-292 | 1,659 | 4,030 | 3,051 | 2,023 | 1,050 | 934 |
Purchases of FHLBB stock | ||||||
15,457 | 9,353 | 5,487 | 3,296 | 936 | 1,481 | 5,823 |
Redemption of FHLBB stock | ||||||
13,997 | 10,600 | 5,702 | 1,431 | 0 | 384 | 0 |
Proceeds from exchange of investment in Northeast Retirement Services | ||||||
308 | 1,595 | 0 | 0 | - | - | - |
Proceeds from bank-owned life insurance death benefits | ||||||
0 | 0 | 1,165 | 0 | 424 | 6,408 | 0 |
Cash provided by business combination, net of purchase price | ||||||
- | - | - | - | 151,587 | 0 | 0 |
Net cash used in investing activities | ||||||
-133,040 | -174,087 | -358,512 | -424,944 | -111,393 | -207,205 | -189,183 |
Cash flows from financing activities: | ||||||
Net change in deposits, excluding brokered | ||||||
35,815 | 189,495 | 252,295 | 124,670 | 32,644 | 17,723 | 49,396 |
Net change in brokered deposits | ||||||
61,873 | 41,687 | 122,543 | 96,463 | -9,752 | 79,623 | 12,000 |
Net change in short-term borrowings | ||||||
53,000 | -46,000 | -59,000 | 165,000 | -130,000 | 60,576 | 109,424 |
Repayments of long-term debt | ||||||
35,000 | 45,000 | 20,000 | 0 | 10,000 | 0 | 0 |
Proceeds from long-term debt | ||||||
10,000 | 45,000 | 70,000 | 20,000 | 0 | 0 | 5,000 |
Net proceeds from issuance of common stock | ||||||
- | - | - | - | 274,143 | 0 | 0 |
Acquisition of common stock by ESOP | ||||||
- | - | - | - | 22,773 | 0 | 0 |
Redemption of SBLF preferred stock | ||||||
- | - | - | - | 18,724 | 0 | 0 |
Preferred stock dividends paid | ||||||
- | - | - | - | 439 | 529 | 1,148 |
Repurchase of common stock | ||||||
0 | 0 | 24,432 | 13,121 | 0 | 0 | - |
Share redemption for tax withholdings on deferred compensation obligation | ||||||
- | - | - | 439 | 0 | 0 | - |
Share redemption for tax withholdings for restricted stock vesting | ||||||
1,359 | 983 | 730 | 0 | 0 | - | - |
Share redemption for tax withholdings for stock options | ||||||
814 | 0 | 0 | - | - | - | - |
Proceeds from exercise of stock options | ||||||
741 | 243 | 40 | 0 | 0 | - | - |
Excess tax benefit from deferred and stock based compensation | ||||||
- | - | - | - | 0 | - | - |
Common stock dividends paid | ||||||
24,622 | 14,380 | 2,675 | 1,032 | 0 | 0 | - |
Net cash provided by financing activities | ||||||
99,634 | 170,062 | 338,041 | 391,541 | 115,099 | 157,393 | 174,672 |
Net change in cash and cash equivalents | ||||||
-1,862 | 15,671 | -2,802 | -26,848 | 19,830 | -33,503 | -13,512 |
Supplementary information: | ||||||
Interest paid | ||||||
25,918 | 17,358 | 12,378 | 8,700 | 6,921 | 7,923 | 8,335 |
Income taxes paid, net of refunds | ||||||
9,576 | 7,674 | 4,390 | 4,280 | 257 | 3,292 | 4,275 |
Other real estate owned acquired in settlement of loans | ||||||
3,649 | 0 | 0 | 196,958 | 0 | 0 | - |
Preferred stock dividends declared | ||||||
- | - | - | - | - | 529 | 925 |
Fair value of non-cash assets acquired | ||||||
- | - | - | - | 123,733 | 0 | 0 |
Fair value of liabilities assumed | ||||||
- | - | - | - | 275,320 | 0 | 0 |
Common stock dividends declared | ||||||
24,622 | 14,380 | 2,675 | 11,222 | 14,591 | 0 | 0 |
1-4 Family Residential | ||||||
Proceeds from sales of portfolios | ||||||
7,207 | 51,661 | 21,163 | - | - | - | - |
Home Equity | ||||||
Proceeds from sales of portfolios | ||||||
0 | 12,100 | 0 | - | - | - | - |