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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 25,257 $ 23,881 $ 14,816
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 3,004 1,502 362
Amortization of deferred charges and fees, net 166 777 972
Net (Accretion)/Amortization of merger-related intangibles (1,176)    
Depreciation and amortization 2,004 1,888 1,948
Bank owned life insurance income (612) (526) (584)
Loss/(gain) on disposition of investment securities 79 (2) 3
Share based compensation 2,170 2,633 2,052
Change in accrued interest receivable (162) (634) (501)
Deferred income tax expense/(benefit) 110 (721) 2,687
Change in other assets, net (11,667) (12,231) (758)
Change in other liabilities, net 11,166 7,455 2,264
Change in loans held for sale (1,546)   6,506
Net cash provided by operating activities 28,793 24,022 29,767
CASH FLOWS FROM INVESTING ACTIVITIES      
Origination of loans (790,097) (596,259) (354,657)
Proceeds from principal payments of loans 524,907 387,537 323,632
Proceeds from principal loan pool sales 74,412    
Purchase of securities available for sale (23,450)   (5,091)
Proceeds from calls/maturities of securities available for sale 49,832 35,415 47,955
Proceeds from sales of securities available for sale and held to maturity 26,552 702 77,369
Proceeds from calls/maturities of securities held to maturity 72,655 33,064 34,488
Purchase of securities held to maturity (48,906) (84,261) (184,505)
Proceeds from settlement of bank owned life insurance policies   676  
Redemption/(purchase) of FHLB of Boston stock 456 (2,602) (144)
Purchase of banking premises and equipment (1,896) (1,155) (807)
Net cash acquired in business combinations 2,063    
Net cash (used in) provided by investing activities (113,472) (226,883) (61,760)
CASH FLOWS FROM FINANCING ACTIVITIES      
Change in demand, interest bearing, money market and savings accounts 171,961 74,421 100,694
Change in certificates of deposit (101,928) (38,467) (11,411)
Change in borrowings 28,823 89,830 (167)
Proceeds from common stock offering (net of underwriting fees) 38,202    
Cash dividends paid on common stock (9,517) (8,041) (7,582)
Net cash provided by (used in) financing activities 127,541 117,743 81,534
Net (decrease)/increase in cash and cash equivalents 42,862 (85,118) 49,541
Cash and cash equivalents at beginning of period 18,473 103,591 54,050
Cash and cash equivalents at end of period 61,335 18,473 103,591
Cash paid during the period for:      
Interest 17,918 5,457 3,579
Income taxes 7,770 $ 8,330 $ 10,100
Significant non-cash transactions      
Right-of-use assets for lessee operating leases 33,587    
Right-of-use liabilities for lessee operating leases 35,054    
Transfer of other real estate owned 163    
Common Stock issued to Optima shareholders 59,417    
Fair value of assets acquired, net of cash acquired 548,801    
Fair value of liabilities assumed $ 491,447