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Investor Relations

As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q2 YTD 6/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q2 YTD 6/30/2017 USD

Cash flows from operating activities

Net income 3,704 9,335 12,579 15,215 10,095

Adjustments to reconcile net income to net cash provided by operating activities

Provision for loan losses 1,530 2,588 2,440 2,332 1,035
(Reversal of) provision for off-balance sheet commitments 41 4 61 (348) (92)
Depreciation and amortization 3,079 3,100 2,640 2,316 1,020
Amortization of ESOP expense 1,404 1,480 1,522 1,669 1,153
Share based compensation expense 3,576 2,923 3,118 1,795 184
Gain on sale of investments (340) 0 (1,523) 0 NA
Loans originated for sale (173,160) (57,069) (209,997) (167,377) (52,634)
Proceeds from the sale of loans held for sale 184,425 82,129 205,269 176,849 54,494
Loss on disposal of premises and equipment 76 6 62 82 0
Loss (gain) on fair value adjustment for mortgage banking derivatives 441 33 (123) (46) 51
Impairment losses on alternative investments 0 52 144 319 10
Mortgage servicing rights impairment NA NA NA NA 0
Writedowns on foreclosed real estate 0 0 50 21 0
Loss on sale of foreclosed real estate 59 (81) (570) (9) 0
Net gain on loans sold (4,825) (1,419) (2,492) (3,105) (1,127)
Net (accretion) amortization of investment security discounts and premiums (51) (26) (65) (104) (23)
Change in net deferred loan fees and costs 385 (850) (141) 140 (525)
(Increase) decrease in accrued income receivable (502) (860) (970) (685) (507)
Deferred income tax (313) (687) 1,763 410 647
Increase in cash surrender value of bank-owned life insurance (1,207) (1,130) (1,293) (1,336) (645)
Increase in prepaid expenses and other assets 3,486 (3,919) (5,562) 4,113 (3,749)
(Decrease) increase in accrued expenses and other liabilities (10,475) 7,145 2,410 (583) (3,287)
Net cash provided by operating activities 11,333 42,754 9,322 31,668 6,100

Cash flows from investing activities

Maturities, calls and principal payments of securities held-to-maturity 4 8,759 24,978 25,152 5,115
Maturities, calls and principal payments of securities available-for-sale 317,867 306,574 278,288 172,024 16,302
Purchases of securities held-to-maturity (9,981) (12,000) (41,000) (25,967) (22,709)
Purchases of securities available-for-sale (331,043) (341,867) (223,085) (143,038) (25,024)
Loan originations, net of principal repayments (283,130) (344,757) (226,267) (187,045) (119,145)
(Purchases) redemptions of Federal Home Loan Bank of Boston stock, net (4,197) (6,649) (1,944) 5,351 (3,205)
Purchase of bank-owned life insurance 0 0 (10,000) 0 (5,000)
Proceeds from sale of foreclosed real estate 495 1,296 2,928 455 0
Proceeds from bank-owned life insurance 100 0 361 228 569
Purchases of premises and equipment (3,807) (1,360) (2,394) (1,835) (627)
Net cash used in investing activities (313,692) (390,004) (198,135) (154,675) (153,724)

Cash flows from financing activities

Net proceeds from (payments on) Federal Home Loan Bank of Boston advances 131,000 142,700 (24,100) (90,543) 102,401
Decrease in repurchase agreement borrowings 0 0 (10,500) 0 NA
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts 203,902 192,806 182,749 199,952 6,365
Net increase in time deposits (20,856) 26,734 75,568 23,780 23,549
Net increase in repurchase liabilities (3,371) (1,829) (13,218) (16,902) 17,234
Stock options exercised 1,185 27 412 2,643 567
Excess tax expense from stock-based compensation 35 110 152 311 0
Cancellation of shares for tax withholding (590) (440) (498) (516) NA
Repurchase of common stock (18,910) (6,257) (2,200) (2,527) 0
Cash dividend paid (1,878) (2,537) (3,276) (4,607) (3,664)
Net cash provided by financing activities 290,517 351,314 205,089 111,591 146,452
Net (decrease) increase in cash and cash equivalents (11,842) 4,064 16,276 (11,416) (1,172)
Cash and cash equivalents at beginning of period 50,641 38,799 42,863 59,139 47,723
Cash and cash equivalents at end of period 38,799 42,863 59,139 47,723 46,551

Supplemental disclosure of cash flow information

Cash paid for interest 9,785 9,977 13,270 15,703 8,258
Cash paid for income taxes 4,300 1,502 4,944 5,399 3,602
Loans transferred to other real estate owned 398 1,217 2,287 188 0
Data shown on this page is extracted directly from the company’s documents. S&P 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, S&P, as always, stands by its commitment to the quality of the data.