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Investor Relations

As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD

Cash flows from operating activities

Net income 9,335 12,579 15,215 16,189 12,741

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

Provision for loan losses 2,588 2,440 2,332 1,551 534
Provision for (reversal of) off-balance sheet commitments 4 61 (348) (151) 58
Depreciation and amortization 3,100 2,640 2,316 1,998 927
Amortization of ESOP expense 1,480 1,522 1,669 2,399 1,242
Share based compensation expense 2,923 3,118 1,795 408 397
Gain on sale of investments 0 (1,523) 0 0 NA
Amortization of mortgage servicing rights NA NA NA NA 464
Writedown on foreclosed real estate 0 50 21 0 451
Gain on sale of foreclosed real estate (81) (570) (9) 0 NA
Loans originated for sale (57,069) (209,997) (167,377) (119,869) (55,181)
Proceeds from the sale of loans held for sale 82,129 205,269 176,849 119,914 55,774
Loss on disposal of premises and equipment 6 62 82 0 NA
(Gain) loss on fair value adjustment for mortgage banking derivatives 33 (123) (46) 113 (3)
Impairment losses on alternative investments 52 144 319 10 0
Loss on fair value adjustment for equity securities NA NA NA NA 94
Net gain on loans sold (1,419) (2,492) (3,105) (2,597) (629)
Net amortization (accretion) of investment security discounts and premiums (26) (65) (104) (58) 78
Change in net deferred loan fees and costs (850) (141) 140 (1,221) (862)
Increase in accrued income receivable (860) (970) (685) (1,547) (934)
Deferred income tax (687) 1,763 410 6,897 (47)
Increase in cash surrender value of bank-owned life insurance (1,130) (1,293) (1,336) (1,354) (682)
Increase in prepaid expenses and other assets (3,919) (5,562) 4,113 (4,404) (4,755)
Increase (decrease) in accrued expenses and other liabilities 7,145 2,410 (583) 3,127 4,504
Net cash provided by operating activities 42,754 9,322 31,668 21,405 14,171

Cash flows from investing activities

Maturities, calls and principal payments of debt securities held-to-maturity 8,759 24,978 25,152 13,713 1,979
Maturities, calls and principal payments of debt securities available-for-sale 306,574 278,288 172,024 55,243 28,993
Purchases of debt securities held-to-maturity (12,000) (41,000) (25,967) (55,635) (13,972)
Purchases of debt securities available-for-sale (341,867) (223,085) (143,038) (39,081) (47,412)
Loan originations, net of principal repayments (344,757) (226,267) (187,045) (229,323) (176,917)
Purchases of Federal Home Loan Bank of Boston stock, net (6,649) (1,944) 5,351 841 (6,658)
Purchase of bank-owned life insurance 0 (10,000) 0 (5,000) 0
Proceeds from sale of foreclosed real estate 1,296 2,928 455 0 NA
Proceeds from bank-owned life insurance 0 361 228 569 0
Proceeds from loans not originated for sale NA 0 0 29,870 NA
Purchases of premises and equipment (1,360) (2,394) (1,835) (841) (1,047)
Net cash used in investing activities (390,004) (198,135) (154,675) (229,644) (215,034)

Cash flows from financing activities

Net proceeds from Federal Home Loan Bank of Boston advances 142,700 (24,100) (90,543) (31,599) 201,999
Decrease in repurchase agreement borrowings 0 (10,500) 0 0 (10,500)
Net (decrease) increase in demand deposits, NOW accounts, savings accounts and money market accounts 192,806 182,749 199,952 142,720 (28,965)
Net increase in time deposits 26,734 75,568 23,780 76,290 38,671
Net increase in repurchase liabilities (1,829) (13,218) (16,902) 15,629 5,878
Stock options exercised 27 412 2,643 669 710
Excess tax expense from stock-based compensation 110 152 311 0 NA
Cancellation of shares for tax withholding (440) (498) (516) 0 (38)
Repurchase of common stock (6,257) (2,200) (2,527) 0 NA
Cash dividend paid (2,537) (3,276) (4,607) (7,843) (5,274)
Net cash provided by financing activities 351,314 205,089 111,591 195,866 202,481
Net increase (decrease) in cash, cash equivalents and restricted cash 4,064 16,276 (11,416) (12,373) 1,618
Cash, cash equivalents and restricted cash at beginning of period 38,799 42,863 59,139 47,723 35,350
Cash, cash equivalents and restricted cash at end of period 42,863 59,139 47,723 35,350 36,968

Supplemental disclosure of cash flow information

Cash paid for interest 9,977 13,270 15,703 17,851 NA
Cash paid for income taxes 1,502 4,944 5,399 7,315 NA
Transfer from loans to held for sale NA 0 0 29,343 NA
Loans transferred to other real estate owned 1,217 2,287 188 0 2,164
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.