MARKET SUMMARY

NYSE: BHLB

$30.85

Change: $0.09 0.29%

Volume: 200,499

As of July 19, 2019 Close

As Reported Financial Statements

As Reported Financials

Currency Code (in thousands) 2015 Y USD 2016 Y USD 2017 Y USD 2018 Y USD 2019 Q1 YTD USD
Currency Code 2015 Y USD 2016 Y USD 2017 Y USD 2018 Y USD 2019 Q1 YTD USD

Cash flows from operating activities

Net income 49,518 58,670 55,247 105,765 23,635
Net (loss) from discontinued operations NA NA NA NA (637)
Net income from continuing operations NA NA NA NA 24,272

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

Provision for loan losses 16,726 17,362 21,025 25,451 4,001
Net amortization of securities 3,010 4,052 1,678 2,837 624
Change in unamortized net loan costs and premiums (961) (4,138) 2,232 (1,004) 2,161
Premises and equipment depreciation and amortization expense 8,594 8,393 9,916 10,795 2,184
Stock-based compensation expense 4,686 4,621 5,102 4,759 989
Accretion of purchase accounting entries, net (10,074) (9,407) (18,189) (24,000) (1,338)
Amortization of other intangibles 3,563 2,927 3,493 4,934 1,200
Write down of other real estate owned 480 395 10 0 NA
Excess tax loss from stock-based payment arrangements (167) (105) 0 0 NA
Income from cash surrender value of bank-owned life insurance policies (3,356) (3,913) (3,615) (6,232) (1,160)
Securities (gains) losses, net (2,110) 551 (12,598) 3,719 (2,551)
Net (decrease) in loans held-for-sale (3,212) 5,185 (32,947) 57,387 (2,590)
Change in right-of-use lease assets NA NA NA NA 3,815
Change in lease liabilities NA NA NA NA (3,981)
Loss on disposition of assets 3,514 1,318 912 152 1,615
(Gain) loss on sale of real estate 191 40 (51) 0 NA
Amortization of interest in tax-advantaged projects 11,428 8,882 8,477 4,618 579
Remeasurement of deferred tax asset 0 0 18,145 0 NA
Net change in other 4,458 3,309 19,254 33,073 (5,158)
Net cash provided by operating activities of continuing operations NA NA NA NA 24,662
Net cash (used) provided by operating activities of discontinued operations NA NA NA NA (44,911)
Net cash (used) provided by operating activities 86,288 98,142 78,091 222,254 (20,249)

Cash flows from investing activities

Net decrease in trading security 570 599 632 665 174
Purchases of marketable equity securities NA NA NA NA (11,900)
Proceeds from sales of marketable equity securities NA NA NA NA 11,896
Purchases of securities available for sale (285,637) (400,053) (498,646) (282,085) (15,180)
Proceeds from sales of securities available for sale 41,169 421,843 188,921 38,603 2,587
Proceeds from maturities, calls, and prepayments of securities available for sale 184,753 166,736 206,648 188,076 39,542
Purchases of securities held to maturity (62,274) (7,115) (77,208) (15,391) (159)
Proceeds from maturities, calls, and prepayments of securities held to maturity 8,534 7,734 12,600 36,746 4,111
Net change in loans (388,091) (334,347) (468,331) (801,876) 87,553
Acquisitions, net of cash paid 74,324 (48,180) 374,611 0 NA
Net cash used for branch sale (11,715) NA NA NA NA
Proceeds from surrender of bank-owned life insurance 554 258 310 854 NA
Purchase of bank-owned life insurance 0 0 (20,000) 0 NA
Purchase of Federal Home Loan Bank stock (10,706) (19,555) (88,351) (76,090) (15,930)
Proceeds from sale of Federal Home Loan Bank stock 2,357 19,461 96,378 61,831 38,650
Net investment in limited partnership tax credits (5,105) (7,616) (5,102) (4,724) 505
Proceeds from sale of premises and equipment 2,261 226 0 0 NA
Purchase of premises and equipment, net (7,340) (9,101) (12,528) (9,726) (2,382)
Payment to terminate cash flow hedges 0 0 6,573 0 NA
Proceeds from sale of other real estate owned 1,854 1,515 590 1,600 NA
Net cash provided (used) by investing activities (454,492) (207,595) (282,903) (861,517) 139,467

Cash flows from financing activities

Net increase in deposits 475,823 140,730 418,550 233,704 184,034
Proceeds from Federal Home Loan Bank advances and other borrowings 8,566,300 9,364,599 5,978,358 4,767,766 1,292,517
Repayments of Federal Home Loan Bank advances and other borrowings (8,620,064) (9,365,159) (6,174,781) (4,387,223) (1,600,624)
Issuance of common stock, net 0 0 152,985 0 NA
Purchase of treasury stock (550) NA NA NA NA
Exercise of stock options 239 3,712 329 326 0
Excess tax loss from stock-based payment arrangements 167 NA NA NA NA
Common and preferred stock cash dividends paid (21,903) (24,916) (33,241) (40,884) (10,715)
Acquisition contingent consideration paid 0 0 (1,700) 0 NA
Net cash (provided) used by financing activities 400,012 118,966 340,500 573,689 (134,788)
Net change in cash and cash equivalents 31,808 9,513 135,688 (65,574) (15,570)
Cash and cash equivalents at beginning of period 71,754 103,562 113,075 248,763 183,189
Cash and cash equivalents at end of period 103,562 113,075 248,763 183,189 167,619

Supplemental cash flow information

Interest paid on deposits 22,130 28,777 43,133 74,565 26,118
Interest paid on borrowed funds 9,974 16,674 21,336 32,274 10,656
Income taxes paid, net 429 16,229 18,323 3,029 794

Acquisition of non-cash assets and liabilities

Assets acquired 948,796 1,169,086 1,584,786 0 NA
Liabilities assumed (762,261) (965,529) (1,959,489) 0 NA

Other non-cash changes

Other net comprehensive income (9,884) 13,071 (5,605) (12,274) 10,564
Real estate owned acquired in settlement of loans 2,085 340 490 1,600 0
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.
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