| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
11,394 | 10,379 | 5,931 | 5,768 | 2,570 | ||
Adjustments to reconcile net income to net cash used by operating activities: | ||||||
Provision for loan losses | ||||||
3,828 | 2,416 | 4,172 | 1,257 | 2,589 | ||
Net amortization of securities premiums/discounts | ||||||
-534 | -677 | -783 | -921 | -1,895 | ||
Net amortization of net deferred loan costs/fees and premiums | ||||||
-3,418 | -4,718 | -6,111 | -7,110 | -7,426 | ||
Depreciation and amortization of premises and equipment | ||||||
3,241 | 2,892 | 2,551 | 2,597 | 2,529 | ||
Change in mortgage servicing rights fair value | ||||||
1,396 | 2,056 | 1,130 | 480 | 601 | ||
Mortgage servicing rights capitalized | ||||||
2,521 | 2,844 | 8,561 | 3,522 | 526 | ||
Amortization of consumer servicing rights | ||||||
42 | 54 | 68 | 74 | 38 | ||
Accretion of fair value adjustment on loans and deposits, net | ||||||
-1,242 | -295 | -349 | -177 | -249 | ||
Amortization of other intangible assets | ||||||
706 | 88 | 89 | 182 | 185 | ||
Amortization of subordinated debt issuance costs | ||||||
79 | - | - | - | - | ||
Bank-owned life insurance income | ||||||
1,728 | 1,024 | 1,088 | 1,156 | 378 | ||
Gain on sale and call of securities, net | ||||||
5 | - | 283 | 295 | 483 | ||
Income on retirement plan annuities | ||||||
433 | 455 | 436 | 595 | 848 | ||
Gain on sale of portfolio loans | ||||||
395 | 36 | 365 | 151 | 331 | ||
Net (gain) loss on sale and write-down of other real estate owned and repossessed assets | ||||||
15 | -98 | 72 | 244 | -39 | ||
Deferred income tax expense | ||||||
-1,140 | -698 | -1,262 | 1,139 | 431 | ||
Issuance of common stock to The HarborOne Foundation | ||||||
- | - | 3,855 | - | - | ||
ESOP expense | ||||||
1,097 | 1,143 | 951 | - | - | ||
Share-based compensation expense | ||||||
4,593 | 2,096 | - | - | - | ||
Net change in: | ||||||
Loans held for sale | ||||||
-26,424 | -26,983 | 22,646 | -20,412 | 1,464 | ||
Other assets and liabilities, net | ||||||
-11,892 | 4,373 | -5,106 | 4,442 | -4,642 | ||
Net cash used by operating activities | ||||||
61,165 | 43,875 | -4,315 | 29,358 | 18,666 | ||
Cash flows from investing activities: | ||||||
Activity in securities available for sale: | ||||||
Maturities, prepayments and calls | ||||||
23,833 | 21,655 | 25,639 | 30,797 | 33,641 | ||
Purchases | ||||||
64,691 | 56,163 | 43,708 | 42,682 | 96,814 | ||
Sales | ||||||
- | - | 8,735 | 30,730 | 51,555 | ||
Activity in securities held to maturity: | ||||||
Maturities, prepayment and calls | ||||||
3,839 | 3,719 | 15,373 | 4,398 | 3,726 | ||
Purchases | ||||||
2,996 | 3,052 | - | 9,946 | 5,819 | ||
Sales | ||||||
1,015 | - | - | - | - | ||
Net redemption of FHLB stock | ||||||
9,437 | -217 | -2,986 | 104 | -3,498 | ||
Proceeds from life insurance policies | ||||||
2,215 | - | - | - | - | ||
Investment in bank-owned life insurance | ||||||
- | - | - | 513 | 35,000 | ||
Redemption of retirement plan annuities | ||||||
- | - | - | 11,802 | - | ||
Proceeds from sale of portfolio loans transferred to held for sale | ||||||
105,823 | 5,007 | 39,831 | 56,330 | 41,816 | ||
Participation-in loan purchases | ||||||
91,939 | 73,593 | 73,825 | 46,003 | - | ||
Loan originations, net of principal payments | ||||||
105,671 | 134,233 | 229,631 | 97,579 | 113,993 | ||
Proceeds from sale of other real estate owned and repossessed assets | ||||||
1,638 | 2,192 | 2,349 | 3,310 | 2,592 | ||
Additions to property and equipment | ||||||
5,545 | 3,186 | 2,138 | 1,486 | 1,252 | ||
Cash paid, net of cash acquired, in business combinations | ||||||
73,987 | - | - | 18,618 | - | ||
Net cash used by investing activities | ||||||
-215,903 | -237,437 | -254,389 | -79,564 | -116,050 | ||
Cash flows from financing activities: | ||||||
Net increase in deposits | ||||||
194,865 | 208,985 | 113,541 | 191,097 | 85,155 | ||
Net change in borrowed funds with maturities less than ninety days | ||||||
-29,000 | -36,000 | 80,000 | -70,000 | 25,000 | ||
Proceeds from other borrowed funds and subordinated debt | ||||||
131,795 | 91,250 | 20,025 | 45,000 | 30,000 | ||
Repayment of other borrowed funds | ||||||
116,254 | 40,004 | 74,504 | 55,004 | 65,004 | ||
Repayment of notes payable assumed in acquisition | ||||||
- | - | - | -73,657 | - | ||
Net change in mortgagors' escrow accounts | ||||||
-670 | 187 | 548 | 439 | -126 | ||
Issuance of common stock | ||||||
- | - | 140,529 | - | - | ||
Purchase of shares by the ESOP | ||||||
- | - | 11,872 | - | - | ||
Treasury stock purchased | ||||||
1,268 | 280 | - | - | - | ||
Net cash provided by financing activities | ||||||
179,468 | 224,138 | 268,267 | 37,875 | 75,025 | ||
Net change in cash and cash equivalents | ||||||
24,730 | 30,576 | 9,563 | -12,331 | -22,359 | ||
Supplemental cash flow information: | ||||||
Interest paid on deposits | ||||||
20,423 | 10,922 | 8,694 | 8,703 | 9,033 | ||
Interest paid on borrowed funds | ||||||
5,227 | 5,024 | 5,087 | 5,933 | 6,986 | ||
Income taxes paid, net | ||||||
2,834 | 5,561 | 3,700 | 1,094 | 953 | ||
Transfer of loans to other real estate owned and repossessed assets | ||||||
1,654 | 1,285 | 1,697 | 2,444 | 2,662 | ||
Transfer of loans to loans held for sale | ||||||
105,823 | 5,088 | - | - | - | ||
Increase in MSRs due to change in accounting principle | ||||||
- | - | - | 2,725 | - | ||
Transfer of retirement plan annuities to bank-owned life insurance | ||||||
- | - | - | 1,285 | - | ||
Fair value of non-cash tangible assets acquired | ||||||
771,993 | - | - | 89,926 | - | ||
Goodwill and intangible assets | ||||||
65,348 | - | - | - | - | ||
Goodwill and non-compete intangible asset | ||||||
- | - | - | 10,532 | - | ||
Fair value of liabilities assumed | ||||||
763,354 | - | - | 81,840 | - | ||