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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 Q1 YTD 3/31/2018 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 Q1 YTD 3/31/2018 USD

Cash flows from operating activities

Net income 9,335 12,579 15,215 16,189 6,011

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

Provision for loan losses 2,588 2,440 2,332 1,551 465
Provision for (reversal of) off-balance sheet commitments 4 61 (348) (151) 82
Depreciation and amortization 3,100 2,640 2,316 1,998 460
Amortization of ESOP expense 1,480 1,522 1,669 2,399 613
Share based compensation expense 2,923 3,118 1,795 408 236
Gain on sale of investments 0 (1,523) 0 0 NA
Amortization of mortgage servicing rights NA NA NA NA 223
Loans originated for sale (57,069) (209,997) (167,377) (119,869) (21,886)
Proceeds from the sale of loans held for sale 82,129 205,269 176,849 119,914 21,489
Loss on disposal of premises and equipment 6 62 82 0 NA
Impairment losses on alternative investments 52 144 319 10 0
Writedowns on foreclosed real estate 0 50 21 0 NA
Gain on sale of foreclosed real estate (81) (570) (9) 0 NA
Loss on fair value adjustment for mortgage banking derivatives 33 (123) (46) 113 18
Loss on fair value adjustment for equity securities NA NA NA NA 88
Net gain on loans sold (1,419) (2,492) (3,105) (2,597) (288)
Net amortization (accretion) of investment security discounts and premiums (26) (65) (104) (58) 80
Change in net deferred loan fees and costs (850) (141) 140 (1,221) (742)
(Increase) decrease in accrued income receivable (860) (970) (685) (1,547) (64)
Deferred income tax (687) 1,763 410 6,897 (44)
Increase in cash surrender value of bank-owned life insurance (1,130) (1,293) (1,336) (1,354) (341)
(Increase) decrease in prepaid expenses and other assets (3,919) (5,562) 4,113 (4,404) (2,809)
Decrease in accrued expenses and other liabilities 7,145 2,410 (583) 3,127 (2,891)
Net cash provided by operating activities 42,754 9,322 31,668 21,405 700

Cash flows from investing activities

Maturities, calls and principal payments of debt securities held-to-maturity 8,759 24,978 25,152 13,713 1,009
Maturities, calls and principal payments of debt securities available-for-sale 306,574 278,288 172,024 55,243 28,271
Purchases of debt securities held-to-maturity (12,000) (41,000) (25,967) (55,635) (7,000)
Purchases of debt securities available-for-sale (341,867) (223,085) (143,038) (39,081) (37,549)
Loan originations, net of principal repayments (344,757) (226,267) (187,045) (229,323) (70,441)
(Purchases) redemptions of Federal Home Loan Bank of Boston stock, net (6,649) (1,944) 5,351 841 (2,128)
Purchase of bank-owned life insurance 0 (10,000) 0 (5,000) NA
Proceeds from sale of foreclosed real estate 1,296 2,928 455 0 NA
Proceeds from bank-owned life insurance 0 361 228 569 NA
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) (622)
Net cash used in investing activities (390,004) (198,135) (154,675) (229,644) (88,460)

Cash flows from financing activities

Net proceeds from (payments on) Federal Home Loan Bank of Boston advances 142,700 (24,100) (90,543) (31,599) 99,999
Decrease in repurchase agreement borrowings 0 (10,500) 0 0 (10,500)
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts 192,806 182,749 199,952 142,720 5,443
Net increase in time deposits 26,734 75,568 23,780 76,290 3,814
Net (decrease) increase in repurchase liabilities (1,829) (13,218) (16,902) 15,629 (17,645)
Stock options exercised 27 412 2,643 669 344
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) (2,555)
Net cash provided by financing activities 351,314 205,089 111,591 195,866 78,862
Net decrease in cash, cash equivalents and restricted cash 4,064 16,276 (11,416) (12,373) (8,898)
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 26,452

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.