| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||
Net income | ||||||||
16,189 | 15,215 | 12,579 | 9,335 | 3,704 | 3,707 | -4,239 | 4,869 | 889 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for loan losses | ||||||||
1,551 | 2,332 | 2,440 | 2,588 | 1,530 | 1,380 | 4,090 | 6,694 | 7,896 |
Provision for (reversal of) off-balance sheet commitments | ||||||||
-151 | -348 | 61 | 4 | 41 | 124 | 28 | -16 | 74 |
Depreciation and amortization | ||||||||
1,998 | 2,316 | 2,640 | 3,100 | 3,079 | 3,309 | 3,108 | 3,014 | 2,029 |
Amortization of ESOP expense | ||||||||
2,399 | 1,669 | 1,522 | 1,480 | 1,404 | 1,263 | -1,102 | - | - |
Impairment losses on securities | ||||||||
- | - | - | - | - | - | - | - | 160 |
Share based compensation expense | ||||||||
408 | 1,795 | 3,118 | 2,923 | 3,576 | 4,011 | - | - | - |
Writedown on foreclosed real estate | ||||||||
- | 21 | 50 | - | - | - | - | - | - |
Gain on sale of investments | ||||||||
- | - | 1,523 | 0 | 340 | - | -89 | -1,686 | - |
Contribution of stock to Farmington Bank Community Foundation, Inc. | ||||||||
- | - | - | - | - | - | 6,877 | - | - |
Loans originated for sale | ||||||||
119,869 | 167,377 | 209,997 | 57,069 | 173,160 | 100,676 | 40,729 | 36,719 | - |
Proceeds from the sale of loans held for sale | ||||||||
119,914 | 176,849 | 205,269 | 82,129 | 184,425 | 117,189 | 41,223 | 36,679 | - |
Loss on disposal of premises and equipment | ||||||||
- | -82 | -62 | -6 | -76 | -371 | - | - | - |
(Gain) loss on fair value adjustment for mortgage banking derivatives | ||||||||
-113 | 46 | 123 | -33 | -441 | 453 | 35 | - | - |
Impairment losses on alternative investments | ||||||||
-10 | -319 | -144 | -52 | - | -58 | - | - | - |
Gain on sale of foreclosed real estate | ||||||||
- | 9 | 570 | 81 | -59 | -28 | - | 48 | - |
Net gain on loans sold | ||||||||
2,597 | 3,105 | 2,492 | 1,419 | 4,825 | 3,151 | 671 | 822 | 86 |
Net amortization (accretion) of investment security discounts and premiums | ||||||||
58 | 104 | 65 | 26 | 51 | 153 | 110 | -86 | -10 |
Change in net deferred loan fees and costs | ||||||||
-1,221 | 140 | -141 | -850 | 385 | -825 | -356 | -312 | -64 |
Increase in accrued income receivable | ||||||||
1,547 | 685 | 970 | 860 | 502 | 230 | -42 | 1,207 | -270 |
Deferred income tax | ||||||||
-6,897 | -410 | -1,763 | 687 | 313 | 1,485 | 804 | 4 | 908 |
Increase in cash surrender value of bank-owned life insurance | ||||||||
1,354 | 1,336 | 1,293 | 1,130 | 1,207 | 1,286 | 725 | 667 | -498 |
Increase in prepaid expenses and other assets | ||||||||
4,404 | -4,113 | 5,562 | 3,919 | -3,486 | -1,791 | 7,288 | -133 | 6,470 |
Increase (decrease) in accrued expenses and other liabilities | ||||||||
3,127 | -583 | 2,410 | 7,145 | -10,475 | 6,443 | 9,315 | -1,214 | 5,653 |
Cash flows from investing activities | ||||||||
Net cash provided by operating activities | ||||||||
21,405 | 31,668 | 9,322 | 42,754 | 11,333 | 31,415 | 10,739 | 8,876 | 8,955 |
Maturities, calls and principal payments of securities held-to-maturity | ||||||||
13,713 | 25,152 | 24,978 | 8,759 | 4 | 210 | 665 | - | - |
Maturities, calls and principal payments of securities available-for-sale | ||||||||
55,243 | 172,024 | 278,288 | 306,574 | 317,867 | 360,553 | 422,414 | 241,820 | - |
Sales of securities available-for-sale | ||||||||
- | - | - | - | - | - | 50 | 37,439 | 65,120 |
Purchases of debt securities held-to-maturity | ||||||||
55,635 | 25,967 | 41,000 | 12,000 | 9,981 | - | 209 | 662 | - |
Purchases of debt securities available-for-sale | ||||||||
39,081 | 143,038 | 223,085 | 341,867 | 331,043 | 363,991 | 395,126 | 321,725 | 5,070 |
Loan originations, net of principal repayments | ||||||||
229,323 | 187,045 | 226,267 | 344,757 | 283,130 | 248,842 | 141,202 | 124,542 | - |
Purchases of Federal Home Loan Bank of Boston stock, net | ||||||||
-841 | -5,351 | 1,944 | 6,649 | 4,197 | 1,490 | - | - | 29 |
Loan originations, net of principal repayments | ||||||||
- | - | - | - | - | - | - | - | -215,830 |
Purchase of bank-owned life insurance | ||||||||
5,000 | - | 10,000 | 0 | - | 6,000 | 10,000 | 5,007 | 6 |
Proceeds from sale of foreclosed real estate | ||||||||
- | 455 | 2,928 | 1,296 | 495 | 1,070 | 144 | 374 | - |
Proceeds from sale of premises and equipment | ||||||||
- | - | - | - | - | 3,146 | - | - | - |
Proceeds from bank-owned life insurance | ||||||||
569 | 228 | 361 | 0 | 100 | 219 | - | - | - |
Proceeds from loans not originated for sale | ||||||||
29,870 | - | - | - | - | - | - | - | - |
Purchases of premises and equipment | ||||||||
841 | 1,835 | 2,394 | 1,360 | 3,807 | 5,414 | 2,580 | 4,649 | 8,410 |
Cancellation of shares for tax withholding | ||||||||
- | - | - | - | 590 | 407 | - | - | - |
Cash flows from financing activities | ||||||||
Net cash used in investing activities | ||||||||
-229,644 | -154,675 | -198,135 | -390,004 | -313,692 | -260,539 | -125,844 | -176,952 | -164,225 |
Net proceeds from Federal Home Loan Bank of Boston advances | ||||||||
-31,599 | -90,543 | -24,100 | 142,700 | 131,000 | 65,000 | -8,000 | - | - |
Decrease in repurchase agreement borrowings | ||||||||
- | - | -10,500 | - | - | - | - | - | - |
Proceeds from common stock offering, net of offering cost | ||||||||
- | - | - | - | - | - | 167,977 | - | - |
Purchase of common stock for ESOP | ||||||||
- | - | - | - | - | 5,376 | 11,545 | - | - |
Net (decrease) increase in borrowings | ||||||||
- | - | - | - | - | - | - | 9,000 | -55,000 |
Net (decrease) increase in demand deposits, NOW accounts, savings accounts and money market accounts | ||||||||
142,720 | 199,952 | 182,749 | 192,806 | 203,902 | 180,303 | 126,263 | 108,470 | 192,525 |
Net increase in time deposits | ||||||||
76,290 | 23,780 | 75,568 | 26,734 | -20,856 | - | - | - | - |
Net increase in repurchase liabilities | ||||||||
-15,629 | 16,902 | 13,218 | 1,829 | 3,371 | 10,279 | 19,563 | -33,943 | -15,904 |
Net increase in time deposits | ||||||||
- | - | - | - | - | 26,530 | 67,803 | -6,972 | 2,723 |
Stock options exercised | ||||||||
669 | 2,643 | 412 | 27 | 1,185 | - | - | - | - |
Excess tax expense from stock-based compensation | ||||||||
- | 311 | 152 | 110 | 35 | 11 | - | - | - |
Cancellation of shares for tax withholding | ||||||||
- | 516 | 498 | 440 | - | - | - | - | - |
Repurchase of common stock | ||||||||
- | 2,527 | 2,200 | 6,257 | 18,910 | 11,283 | - | - | - |
Change in mortgagors' escrow accounts | ||||||||
- | - | - | - | - | - | - | - | -1,131 |
Cash dividend paid | ||||||||
7,843 | 4,607 | 3,276 | 2,537 | 1,878 | 1,970 | 536 | - | - |
Net cash provided by financing activities | ||||||||
195,866 | 111,591 | 205,089 | 351,314 | 290,517 | 189,469 | 186,793 | 158,385 | 151,837 |
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||||
-12,373 | -11,416 | 16,276 | 4,064 | -11,842 | -39,655 | 71,688 | -9,691 | -3,433 |
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest | ||||||||
17,851 | 15,703 | 13,270 | 9,977 | 9,785 | 6,712 | 10,825 | 11,611 | 17,889 |
Cash paid for income taxes | ||||||||
7,315 | 5,399 | 4,944 | 1,502 | 4,300 | 6 | 858 | 3,382 | 1,225 |
Transfer from loans to held for sale | ||||||||
29,343 | - | - | - | - | - | - | - | - |
Loans transferred to other real estate owned | ||||||||
- | 188 | 2,287 | 1,217 | 398 | 1,345 | 208 | 238 | - |
Loans transferred to other real estate owned | ||||||||
- | - | - | - | - | - | - | - | 1,387 |