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Investor Relations

As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD
Source Document Currency Code 2012 Y 12/31/2014 USD 2013 Y 12/31/2015 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2015 USD 2016 Q3 YTD 9/30/2016 USD

Cash flows from operating activities

Net income 3,707 3,704 9,335 12,579 11,029

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Provision for loan losses 1,380 1,530 2,588 2,440 1,716
(Reversal of) provision for off-balance sheet commitments 124 41 4 61 (415)
Depreciation and amortization 3,309 3,079 3,100 2,640 1,783
Amortization of ESOP expense 1,263 1,404 1,480 1,522 1,185
Share based compensation expense 4,011 3,576 2,923 3,118 1,776
Gain on sale of investments 0 (340) 0 (1,523) 0
Loans originated for sale (100,676) (173,160) (57,069) (209,997) (127,615)
Proceeds from the sale of loans held for sale 117,189 184,425 82,129 205,269 133,970
Loss on disposal of premises and equipment 371 76 6 62 71
Gain on fair value adjustment for mortgage banking derivatives (453) 441 33 (123) (146)
Impairment losses on alternative investments 58 0 52 144 219
Mortgage servicing rights impairment NA NA NA NA 283
Writedowns on foreclosed real estate NA 0 0 50 21
Loss (gain) on sale of foreclosed real estate 28 59 (81) (570) 71
Net gain on loans sold (3,151) (4,825) (1,419) (2,492) (2,180)
Accretion of investment security discounts and premuims, net (153) (51) (26) (65) (82)
Amortization and accretion of loan fees and discounts, net (825) 385 (850) (141) NA
Change in net deferred loan costs NA NA NA NA 42
Decrease (increase) in accrued income receivable (230) (502) (860) (970) 334
Deferred income tax (1,485) (313) (687) 1,763 (142)
Increase in cash surrender value of bank-owned life insurance (1,286) (1,207) (1,130) (1,293) (974)
Increase in prepaid expenses and other assets 1,791 3,486 (3,919) (5,562) (13,668)
Increase in accrued expenses and other liabilities 6,443 (10,475) 7,145 2,410 15,487
Net cash provided by operating activities 31,415 11,333 42,754 9,322 22,765

Cash flows from investing activities

Maturities, calls and principal payments of securities held-to-maturity 210 4 8,759 24,978 24,908
Maturities, calls and principal payments of securities available-for-sale 360,553 317,867 306,574 278,288 129,203
Purchases of securities held-to-maturity 0 (9,981) (12,000) (41,000) 0
Purchases of securities available-for-sale (363,991) (331,043) (341,867) (223,085) (130,015)
Loan originations, net of principal repayments (248,842) (283,130) (344,757) (226,267) (115,449)
Redemptions (purchases) of Federal Home Loan Bank of Boston stock, net (1,490) (4,197) (6,649) (1,944) 6,590
Purchase of bank-owned life insurance (6,000) 0 0 (10,000) NA
Proceeds from sale of premises and equipment 3,146 NA NA NA NA
Proceeds from (purchase of) bank-owned life insurance 219 100 0 361 228
Proceeds from sale of foreclosed real estate 1,070 495 1,296 2,928 375
Purchases of premises and equipment (5,414) (3,807) (1,360) (2,394) (1,672)
Net cash used in investing activities (260,539) (313,692) (390,004) (198,135) (85,832)

Cash flows from financing activities

Purchase of common stock for ESOP (5,376) NA NA NA NA
Net payments on Federal Home Loan Bank of Boston advances 65,000 131,000 142,700 (24,100) (157,000)
Decrease in repurchase agreement borrowings NA 0 0 (10,500) 0
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts 180,303 203,902 192,806 182,749 220,136
Net increase in time deposits (26,530) (20,856) 26,734 75,568 36,379
Net (decrease) increase in repurchase liabilities (10,279) (3,371) (1,829) (13,218) (733)
Stock options exercised 0 1,185 27 412 1,431
Excess tax expense from stock-based compensation 11 35 110 152 173
Cancellation of shares for tax withholding (407) (590) (440) (498) (516)
Repurchase of common stock (11,283) (18,910) (6,257) (2,200) (2,527)
Cash dividend paid (1,970) (1,878) (2,537) (3,276) (3,475)
Net cash provided by financing activities 189,469 290,517 351,314 205,089 93,868
Net increase in cash and cash equivalents (39,655) (11,842) 4,064 16,276 30,801
Cash and cash equivalents at beginning of period 90,296 50,641 38,799 42,863 59,139
Cash and cash equivalents at end of period 50,641 38,799 42,863 59,139 89,940

Supplemental disclosure of cash flow information

Cash paid for interest 6,712 9,785 9,977 13,270 11,683
Cash paid for income taxes 6 4,300 1,502 4,944 4,337
Loans transferred to other real estate owned 1,345 398 1,217 2,287 189
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.