| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income | ||||||
25,257 | 23,881 | 14,816 | 16,896 | - | ||
Net income | ||||||
- | - | - | - | 15,694 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for credit losses | ||||||
3,004 | 1,502 | 362 | 132 | - | ||
Provision for loan losses | ||||||
- | - | - | - | 1,075 | ||
Amortization of deferred charges and fees, net | ||||||
166 | 777 | 972 | 1,655 | 1,027 | ||
Net (Accretion)/Amortization of merger-related intangibles | ||||||
1,176 | - | - | - | - | ||
Depreciation and amortization | ||||||
2,004 | 1,888 | 1,948 | 2,107 | 1,935 | ||
Bank owned life insurance income | ||||||
612 | 526 | 584 | 612 | 667 | ||
Loss/(gain) on disposition of investment securities | ||||||
-79 | 2 | -3 | 438 | - | ||
Loss/(gain) on disposition of investment securities | ||||||
- | - | - | - | 690 | ||
Share based compensation | ||||||
2,170 | 2,633 | 2,052 | 1,593 | 498 | ||
Change in accrued interest receivable | ||||||
162 | 634 | 501 | 405 | 297 | ||
Deferred income tax expense/(benefit) | ||||||
-110 | 721 | -2,687 | 828 | -762 | ||
Change in other assets, net | ||||||
11,667 | 12,231 | 758 | 2,509 | -1,024 | ||
Change in other liabilities, net | ||||||
11,166 | 7,455 | 2,264 | 4,748 | 2,918 | ||
Change in loans held for sale | ||||||
1,546 | - | -6,506 | 6,506 | -284 | ||
Net cash provided by operating activities | ||||||
28,793 | 24,022 | 29,767 | 15,833 | - | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Other, net | ||||||
- | - | - | - | -25 | ||
Net cash provided by operating activities | ||||||
- | - | - | - | 20,016 | ||
Origination of loans | ||||||
790,097 | 596,259 | 354,657 | 275,866 | 260,020 | ||
Proceeds from principal payments of loans | ||||||
524,907 | 387,537 | 323,632 | 147,282 | 148,049 | ||
Proceeds from principal loan pool sales | ||||||
74,412 | - | - | - | - | ||
Purchase of securities available for sale | ||||||
23,450 | - | 5,091 | 154,719 | - | ||
Proceeds from calls/maturities of securities available for sale | ||||||
49,832 | 35,415 | 47,955 | 156,272 | 168,787 | ||
Proceeds from sales of securities available for sale and held to maturity | ||||||
26,552 | 702 | 77,369 | 18,070 | 47,625 | ||
Purchase of securities available for sale | ||||||
- | - | - | - | 225,912 | ||
Proceeds from calls/maturities of securities held to maturity | ||||||
72,655 | 33,064 | 34,488 | 11,450 | 6,206 | ||
Purchase of securities held to maturity | ||||||
48,906 | 84,261 | 184,505 | 11,238 | 9,691 | ||
Proceeds from settlement of bank owned life insurance policies | ||||||
- | 676 | - | - | - | ||
Redemption of FHLB of Boston stock | ||||||
-456 | 2,602 | 144 | -2,367 | -1,490 | ||
Purchase of banking premises and equipment | ||||||
1,896 | 1,155 | 807 | 1,187 | 4,939 | ||
Net cash acquired in business combinations | ||||||
2,063 | - | - | - | - | ||
Net cash (used in) provided by investing activities | ||||||
-113,472 | -226,883 | -61,760 | -107,569 | - | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net cash used by investing activities | ||||||
- | - | - | - | -128,405 | ||
Change in demand, interest bearing, money market and savings accounts | ||||||
171,961 | 74,421 | 100,694 | 136,042 | 131,193 | ||
Change in certificates of deposit | ||||||
-101,928 | -38,467 | -11,411 | -7,309 | 55,495 | ||
Change in borrowings | ||||||
28,823 | 89,830 | -167 | - | - | ||
Repurchase of common stock | ||||||
- | - | - | - | 667 | ||
Proceeds from common stock offering (net of underwriting fees) | ||||||
38,202 | - | - | - | 1,841 | ||
Change in short-term borrowings | ||||||
- | - | - | - | -69,000 | ||
Proceeds from long-term borrowings | ||||||
- | - | - | - | 3,950 | ||
Repayment of long-term borrowings | ||||||
- | - | - | 164 | 40 | ||
Cash dividends paid on common stock | ||||||
9,517 | 8,041 | 7,582 | 7,428 | 7,178 | ||
Net cash provided by (used in) financing activities | ||||||
127,541 | 117,743 | 81,534 | 121,141 | - | ||
Net (decrease)/increase in cash and cash equivalents | ||||||
42,862 | -85,118 | 49,541 | - | - | ||
Net cash provided by financing activities | ||||||
- | - | - | - | 115,594 | ||
Net (decrease)/increase in cash and cash equivalents | ||||||
- | - | - | 29,405 | 7,205 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||
Cash paid during the period for: | ||||||
Interest | ||||||
17,918 | 5,457 | 3,579 | 3,371 | - | ||
Interest | ||||||
- | - | - | - | 2,644 | ||
Income taxes | ||||||
7,770 | 8,330 | 10,100 | 9,205 | 8,220 | ||
Significant non-cash transactions | ||||||
Right-of-use assets for lessee operating leases | ||||||
33,587 | - | - | - | - | ||
Right-of-use liabilities for lessee operating leases | ||||||
35,054 | - | - | - | - | ||
Transfer of other real estate owned | ||||||
163 | - | - | - | - | ||
Common Stock issued to Optima shareholders | ||||||
59,417 | - | - | - | - | ||
Fair value of assets acquired, net of cash acquired | ||||||
548,801 | - | - | - | - | ||
Fair value of liabilities assumed | ||||||
491,447 | - | - | - | - | ||