UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________________ to __________________
Commission File Number: 001-38184
CAMBRIDGE BANCORP
(Exact Name of Registrant as Specified in its Charter)
|
Massachusetts |
04-2777442 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
|
|
|
|
1336 Massachusetts Avenue Cambridge, MA |
02138 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (617) 876-5500
|
Common Stock |
CATC |
NASDAQ |
|
(Title of each class) |
(Trading symbol) |
(Name of each exchange on which registered) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
|
☐ |
|
|
|
Accelerated filer |
|
☒ |
|
Non-accelerated filer |
|
☐ |
|
|
|
Small reporting company |
|
☐ |
|
|
|
|
|
|
|
Emerging growth Company |
|
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2019, the registrant had 4,849,738 shares of common stock, $1.00 par value per share, outstanding.
CAMBRIDGE BANCORP AND SUBSIDIARIES
|
|
|
Page |
|
PART I. |
1 |
|
|
Item 1. |
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
Unaudited Consolidated Statements of Comprehensive Income (Loss) |
3 |
|
|
Unaudited Consolidated Statements of Changes in Shareholders’ Equity |
4 |
|
|
5 |
|
|
|
6 |
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
38 |
|
Item 3. |
61 |
|
|
Item 4. |
61 |
|
|
PART II. |
62 |
|
|
Item 1. |
62 |
|
|
Item 1A. |
62 |
|
|
Item 2. |
62 |
|
|
Item 3. |
62 |
|
|
Item 4. |
63 |
|
|
Item 5. |
63 |
|
|
Item 6. |
64 |
|
|
65 |
||
|
|
|
|
i
CAMBRIDGE BANCORP AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
|
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
||
|
|
|
(dollars in thousands, except par value) |
|
|||||
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
68,949 |
|
|
$ |
18,473 |
|
|
Investment securities |
|
|
|
|
|
|
|
|
|
Available for sale, at fair value (amortized cost $148,606 and $172,290, respectively) |
|
|
148,068 |
|
|
|
168,163 |
|
|
Held to maturity, at amortized cost (fair value $276,241 and $281,310, respectively) |
|
|
269,475 |
|
|
|
282,869 |
|
|
Total investment securities |
|
|
417,543 |
|
|
|
451,032 |
|
|
Loans held for sale, at lower of cost or fair value |
|
|
2,082 |
|
|
|
— |
|
|
Loans |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
909,822 |
|
|
|
604,331 |
|
|
Commercial mortgage |
|
|
1,016,772 |
|
|
|
757,957 |
|
|
Home equity |
|
|
82,713 |
|
|
|
69,336 |
|
|
Commercial & Industrial |
|
|
138,072 |
|
|
|
93,712 |
|
|
Consumer |
|
|
32,503 |
|
|
|
34,436 |
|
|
Total loans |
|
|
2,179,882 |
|
|
|
1,559,772 |
|
|
Less: allowance for loan losses |
|
|
(18,035 |
) |
|
|
(16,768 |
) |
|
Net loans |
|
|
2,161,847 |
|
|
|
1,543,004 |
|
|
Federal Home Loan Bank of Boston Stock, at cost |
|
|
9,159 |
|
|
|
6,844 |
|
|
Bank owned life insurance |
|
|
37,161 |
|
|
|
30,933 |
|
|
Banking premises and equipment, net |
|
|
14,954 |
|
|
|
8,578 |
|
|
Right-of-use asset operating leases |
|
|
34,553 |
|
|
|
— |
|
|
Deferred income taxes, net |
|
|
7,939 |
|
|
|
8,717 |
|
|
Accrued interest receivable |
|
|
6,959 |
|
|
|
5,762 |
|
|
Goodwill |
|
|
31,206 |
|
|
|
412 |
|
|
Merger related intangibles |
|
|
3,429 |
|
|
|
— |
|
|
Other assets |
|
|
46,087 |
|
|
|
27,629 |
|
|
Total assets |
|
$ |
2,841,868 |
|
|
$ |
2,101,384 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
654,133 |
|
|
$ |
494,492 |
|
|
Interest bearing checking |
|
|
429,755 |
|
|
|
431,702 |
|
|
Money market |
|
|
214,721 |
|
|
|
135,585 |
|
|
Savings |
|
|
876,392 |
|
|
|
628,212 |
|
|
Certificates of deposit |
|
|
232,858 |
|
|
|
121,419 |
|
|
Total deposits |
|
|
2,407,859 |
|
|
|
1,811,410 |
|
|
Short-term borrowings |
|
|
113,935 |
|
|
|
90,000 |
|
|
Long-term borrowings |
|
|
— |
|
|
|
3,409 |
|
|
Operating lease liabilities |
|
|
35,990 |
|
|
|
— |
|
|
Other liabilities |
|
|
40,739 |
|
|
|
29,539 |
|
|
Total liabilities |
|
|
2,598,523 |
|
|
|
1,934,358 |
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Common stock, par value $1.00; Authorized: 10,000,000 shares; Outstanding: 4,849,988 shares and 4,107,051 shares, respectively |
|
|
4,850 |
|
|
|
4,107 |
|
|
Additional paid-in capital |
|
|
98,256 |
|
|
|
38,271 |
|
|
Retained earnings |
|
|
142,237 |
|
|
|
131,135 |
|
|
Accumulated other comprehensive loss |
|
|
(1,998 |
) |
|
|
(6,487 |
) |
|
Total shareholders’ equity |
|
|
243,345 |
|
|
|
167,026 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
2,841,868 |
|
|
$ |
2,101,384 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
1
CAMBRIDGE BANCORP AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
|
|
(dollars in thousands, except share data) |
|
|||||||||||||
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on taxable loans |
|
$ |
23,280 |
|
|
$ |
14,808 |
|
|
$ |
60,919 |
|
|
$ |
42,318 |
|
|
Interest on tax-exempt loans |
|
|
172 |
|
|
|
91 |
|
|
|
385 |
|
|
|
279 |
|
|
Interest on taxable investment securities |
|
|
1,978 |
|
|
|
1,936 |
|
|
|
6,074 |
|
|
|
5,570 |
|
|
Interest on tax-exempt investment securities |
|
|
563 |
|
|
|
591 |
|
|
|
1,709 |
|
|
|
1,817 |
|
|
Dividends on FHLB of Boston stock |
|
|
124 |
|
|
|
93 |
|
|
|
281 |
|
|
|
202 |
|
|
Interest on overnight investments |
|
|
219 |
|
|
|
83 |
|
|
|
556 |
|
|
|
484 |
|
|
Total interest and dividend income |
|
|
26,336 |
|
|
|
17,602 |
|
|
|
69,924 |
|
|
|
50,670 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
4,609 |
|
|
|
1,275 |
|
|
|
11,489 |
|
|
|
3,290 |
|
|
Interest on borrowed funds |
|
|
676 |
|
|
|
156 |
|
|
|
1,347 |
|
|
|
202 |
|
|
Total interest expense |
|
|
5,285 |
|
|
|
1,431 |
|
|
|
12,836 |
|
|
|
3,492 |
|
|
Net interest and dividend income |
|
|
21,051 |
|
|
|
16,171 |
|
|
|
57,088 |
|
|
|
47,178 |
|
|
Provision for Loan Losses |
|
|
2,170 |
|
|
|
457 |
|
|
|
2,673 |
|
|
|
787 |
|
|
Net interest and dividend income after provision for loan losses |
|
|
18,881 |
|
|
|
15,714 |
|
|
|
54,415 |
|
|
|
46,391 |
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management revenue |
|
|
7,033 |
|
|
|
6,779 |
|
|
|
19,576 |
|
|
|
19,044 |
|
|
Deposit account fees |
|
|
814 |
|
|
|
782 |
|
|
|
2,395 |
|
|
|
2,306 |
|
|
ATM/Debit card income |
|
|
391 |
|
|
|
294 |
|
|
|
1,046 |
|
|
|
875 |
|
|
Bank owned life insurance income |
|
|
165 |
|
|
|
129 |
|
|
|
454 |
|
|
|
393 |
|
|
Gain (loss) on disposition of investment securities |
|
|
2 |
|
|
|
— |
|
|
|
(79 |
) |
|
|
2 |
|
|
Gain on loans held for sale |
|
|
460 |
|
|
|
37 |
|
|
|
491 |
|
|
|
82 |
|
|
Loan related derivative income |
|
|
1,130 |
|
|
|
636 |
|
|
|
1,571 |
|
|
|
1,220 |
|
|
Other income |
|
|
371 |
|
|
|
272 |
|
|
|
1,014 |
|
|
|
1,029 |
|
|
Total noninterest income |
|
|
10,366 |
|
|
|
8,929 |
|
|
|
26,468 |
|
|
|
24,951 |
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
12,067 |
|
|
|
10,326 |
|
|
|
34,353 |
|
|
|
30,842 |
|
|
Occupancy and equipment |
|
|
2,792 |
|
|
|
2,290 |
|
|
|
7,813 |
|
|
|
6,736 |
|
|
Data processing |
|
|
1,652 |
|
|
|
1,329 |
|
|
|
4,532 |
|
|
|
3,848 |
|
|
Professional services |
|
|
844 |
|
|
|
761 |
|
|
|
2,411 |
|
|
|
2,477 |
|
|
Marketing |
|
|
263 |
|
|
|
595 |
|
|
|
1,175 |
|
|
|
1,369 |
|
|
FDIC insurance |
|
|
91 |
|
|
|
151 |
|
|
|
369 |
|
|
|
437 |
|
|
Merger expenses |
|
|
339 |
|
|
|
— |
|
|
|
3,880 |
|
|
|
— |
|
|
Other expenses |
|
|
815 |
|
|
|
427 |
|
|
|
2,216 |
|
|
|
1,436 |
|
|
Total noninterest expense |
|
|
18,863 |
|
|
|
15,879 |
|
|
|
56,749 |
|
|
|
47,145 |
|
|
Income before income taxes |
|
|
10,384 |
|
|
|
8,764 |
|
|
|
24,134 |
|
|
|
24,197 |
|
|
Income tax expense |
|
|
2,708 |
|
|
|
2,105 |
|
|
|
5,988 |
|
|
|
5,622 |
|
|
Net income |
|
$ |
7,676 |
|
|
|
6,659 |
|
|
$ |
18,146 |
|
|
$ |
18,575 |
|
|
Share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding, basic |
|
|
4,815,020 |
|
|
|
4,064,620 |
|
|
|
4,525,178 |
|
|
|
4,059,608 |
|
|
Weighted average number of shares outstanding, diluted |
|
|
4,842,965 |
|
|
|
4,101,378 |
|
|
|
4,552,092 |
|
|
|
4,095,447 |
|
|
Basic earnings per share |
|
$ |
1.58 |
|
|
$ |
1.62 |
|
|
$ |
3.98 |
|
|
$ |
4.53 |
|
|
Diluted earnings per share |
|
$ |
1.57 |
|
|
$ |
1.61 |
|
|
$ |
3.95 |
|
|
$ |
4.49 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
CAMBRIDGE BANCORP AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
|
|
(dollars in thousands) |
|
|||||||||||||
|
Net income |
|
$ |
7,676 |
|
|
$ |
6,659 |
|
|
$ |
18,146 |
|
|
$ |
18,575 |
|
|
Other comprehensive income/(loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains/(losses) on available for sale securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains/(losses) arising during period |
|
|
141 |
|
|
|
(172 |
) |
|
|
2,689 |
|
|
|
(1,947 |
) |
|
Less: reclassification adjustment for losses/(gains) included in net income |
|
|
(1 |
) |
|
|
— |
|
|
|
61 |
|
|
|
(2 |
) |
|
Total unrealized gains/(losses) on securities |
|
|
140 |
|
|
|
(172 |
) |
|
|
2,750 |
|
|
|
(1,949 |
) |
|
Derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in interest rate contracts |
|
|
472 |
|
|
|
— |
|
|
|
1,661 |
|
|
|
— |
|
|
Defined benefit retirement plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in retirement liabilities |
|
|
26 |
|
|
|
10 |
|
|
|
78 |
|
|
|
30 |
|
|
Other comprehensive income/(loss) |
|
|
638 |
|
|
|
(162 |
) |
|
|
4,489 |
|
|
|
(1,919 |
) |
|
Comprehensive income |
|
$ |
8,314 |
|
|
$ |
6,497 |
|
|
$ |
22,635 |
|
|
$ |
16,656 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
CAMBRIDGE BANCORP AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
|
|
|
Three Months Ended September 30, |
|
|||||||||||||||||
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive (Loss ) / Income |
|
|
Total Shareholders’ Equity |
|
|||||
|
|
|
(dollars in thousands, except per share data) |
|
|||||||||||||||||
|
Balance at June 30, 2018 |
|
$ |
4,104 |
|
|
$ |
37,152 |
|
|
$ |
123,276 |
|
|
$ |
(8,840 |
) |
|
$ |
155,692 |
|
|
Cumulative effect of accounting changes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
6,659 |
|
|
|
— |
|
|
|
6,659 |
|
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(162 |
) |
|
|
(162 |
) |
|
Share based compensation |
|
|
2 |
|
|
|
637 |
|
|
|
— |
|
|
|
— |
|
|
|
639 |
|
|
Dividends declared ($0.50 per share) |
|
|
— |
|
|
|
— |
|
|
|
(2,052 |
) |
|
|
— |
|
|
|
(2,052 |
) |
|
Balance at September 30, 2018 |
|
$ |
4,106 |
|
|
$ |
37,789 |
|
|
$ |
127,883 |
|
|
$ |
(9,002 |
) |
|
$ |
160,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019 |
|
$ |
4,850 |
|
|
$ |
97,844 |
|
|
$ |
137,036 |
|
|
$ |
(2,636 |
) |
|
$ |
237,094 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
7,676 |
|
|
|
— |
|
|
|
7,676 |
|
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
638 |
|
|
|
638 |
|
|
Share based compensation |
|
|
— |
|
|
|
412 |
|
|
|
— |
|
|
|
— |
|
|
|
412 |
|
|
Dividends declared ($0.51 per share) |
|
|
— |
|
|
|
— |
|
|
|
(2,475 |
) |
|
|
— |
|
|
|
(2,475 |
) |
|
Common stock issued for merger |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Balance at September 30, 2019 |
|
$ |
4,850 |
|
|
$ |
98,256 |
|
|
$ |
142,237 |
|
|
$ |
(1,998 |
) |
|
$ |
243,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|||||||||||||||||
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive (Loss ) / Income |
|
|
Total Shareholders’ Equity |
|
|||||
|
|
|
(dollars in thousands, except per share data) |
|
|||||||||||||||||
|
Balance at December 31, 2017 |
|
$ |
4,082 |
|
|
$ |
35,663 |
|
|
$ |
114,093 |
|
|
$ |
(5,881 |
) |
|
$ |
147,957 |
|
|
Cumulative effect of accounting changes |
|
|
— |
|
|
|
— |
|
|
|
1,202 |
|
|
|
(1,202 |
) |
|
|
— |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
18,575 |
|
|
|
— |
|
|
|
18,575 |
|
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,919 |
) |
|
|
(1,919 |
) |
|
Share based compensation |
|
|
24 |
|
|
|
2,126 |
|
|
|
— |
|
|
|
— |
|
|
|
2,150 |
|
|
Dividends declared ($1.46 per share) |
|
|
— |
|
|
|
— |
|
|
|
(5,987 |
) |
|
|
— |
|
|
|
(5,987 |
) |
|
Balance at September 30, 2018 |
|
$ |
4,106 |
|
|
$ |
37,789 |
|
|
$ |
127,883 |
|
|
$ |
(9,002 |
) |
|
$ |
160,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018 |
|
$ |
4,107 |
|
|
$ |
38,271 |
|
|
$ |
131,135 |
|
|
$ |
(6,487 |
) |
|
$ |
167,026 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
18,146 |
|
|
|
— |
|
|
|
18,146 |
|
|
Other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,489 |
|
|
|
4,489 |
|
|
Share based compensation |
|
|
20 |
|
|
|
1,291 |
|
|
|
— |
|
|
|
— |
|
|
|
1,311 |
|
|
Dividends declared ($1.53 per share) |
|
|
— |
|
|
|
— |
|
|
|
(7,044 |
) |
|
|
— |
|
|
|
(7,044 |
) |
|
Common stock issued for merger |
|
|
723 |
|
|
|
58,694 |
|
|
|
— |
|
|
|
— |
|
|
|
59,417 |
|
|
Balance at September 30, 2019 |
|
$ |
4,850 |
|
|
$ |
98,256 |
|
|
$ |
142,237 |
|
|
$ |
(1,998 |
) |
|
$ |
243,345 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
CAMBRIDGE BANCORP AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Nine Months Ended September 30, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
|
|
(dollars in thousands) |
|
|||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
18,146 |
|
|
$ |
18,575 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
2,673 |
|
|
|
787 |
|
|
Amortization of deferred charges and fees, net |
|
|
378 |
|
|
|
676 |
|
|
Net (Accretion)/Amortization of merger-related intangibles |
|
|
(854 |
) |
|
|
— |
|
|
Depreciation and amortization |
|
|
1,403 |
|
|
|
1,454 |
|
|
Bank owned life insurance income |
|
|
(454 |
) |
|
|
(393 |
) |
|
Loss/(gain) on disposition of investment securities |
|
|
79 |
|
|
|
(2 |
) |
|
Share based compensation |
|
|
1,311 |
|
|
|
2,150 |
|
|
Change in accrued interest receivable |
|
|
(69 |
) |
|
|
(408 |
) |
|
Deferred income tax (benefit)/expense |
|
|
455 |
|
|
|
(156 |
) |
|
Change in other assets, net |
|
|
(15,500 |
) |
|
|
(9,702 |
) |
|
Change in other liabilities, net |
|
|
12,739 |
|
|
|
4,365 |
|
|
Change in loans held for sale |
|
|
(2,082 |
) |
|
|
— |
|
|
Net cash provided by operating activities |
|
|
18,225 |
|
|
|
17,346 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Origination of loans |
|
|
(563,239 |
) |
|
|
(393,864 |
) |
|
Proceeds from principal payments of loans |
|
|
381,597 |
|
|
|
293,091 |
|
|
Proceeds from principal loan pool sale |
|
|
36,971 |
|
|
|
— |
|
|
Purchase of securities available for sale |
|
|
(10,449 |
) |
|
|
— |
|
|
Proceeds from calls/maturities of securities available for sale |
|
|
29,405 |
|
|
|
21,084 |
|
|
Proceeds from sales of securities available for sale and held to maturity |
|
|
26,552 |
|
|
|
702 |
|
|
Proceeds from calls/maturities of securities held to maturity |
|
|
48,549 |
|
|
|
25,750 |
|
|
Purchase of securities held to maturity |
|
|
(35,958 |
) |
|
|
(64,960 |
) |
|
Proceeds from settlement of bank owned life insurance policies |
|
|
— |
|
|
|
676 |
|
|
Redemption (purchase) of FHLB of Boston stock |
|
|
(849 |
) |
|
|
(2,424 |
) |
|
Purchase of banking premises and equipment |
|
|
(1,494 |
) |
|
|
(980 |
) |
|
Net cash acquired in business combinations |
|
|
2,063 |
|
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
|
(86,852 |
) |
|
|
(120,925 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Change in demand, interest bearing, money market and savings accounts |
|
|
170,237 |
|
|
|
2,082 |
|
|
Change in certificates of deposit |
|
|
(51,157 |
) |
|
|
(46,249 |
) |
|
Change in borrowings |
|
|
7,067 |
|
|
|
66,573 |
|
|
Cash dividends paid on common stock |
|
|
(7,044 |
) |
|
|
(5,987 |
) |
|
Net cash provided by (used in) financing activities |
|
|
119,103 |
|
|
|
16,419 |
|
|
Net (decrease)/increase in cash and cash equivalents |
|
|
50,476 |
|
|
|
(87,160 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
18,473 |
|
|
|
103,591 |
|
|
Cash and cash equivalents at end of period |
|
$ |
68,949 |
|
|
|||