MARKET SUMMARY

NYSE: BHLB

$42.50

Change: $0.75 1.80%

Volume: 412,013

As of June 19, 2018 Close

As Reported Financial Statements

As Reported Financials

Currency Code (in thousands) 2014 Y USD 2015 Y USD 2016 Y USD 2017 Y USD 2018 Q1 YTD USD
Currency Code 2014 Y USD 2015 Y USD 2016 Y USD 2017 Y USD 2018 Q1 YTD USD

Cash flows from operating activities

Net income 33,744 49,518 58,670 55,247 25,248

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

Provision for loan losses 14,968 16,726 17,362 21,025 5,575
Net amortization of securities 2,447 3,010 4,052 1,678 743
Change in unamortized net loan costs and premiums (2,237) (961) (4,138) 2,232 577
Premises and equipment depreciation and amortization expense 8,292 8,594 8,393 9,916 2,556
Stock-based compensation expense 3,839 4,686 4,621 5,102 1,382
Accretion of purchase accounting entries, net (6,938) (10,074) (9,407) (18,189) (3,838)
Amortization of other intangibles 4,812 3,563 2,927 3,493 1,268
Write down of other real estate owned 196 480 395 10 NA
Excess tax loss from stock-based payment arrangements (102) (167) (105) 0 NA
Income from cash surrender value of bank-owned life insurance policies (3,058) (3,356) (3,913) (3,615) (1,158)
Securities losses (gains), net (482) (2,110) 551 (12,598) 1,502
Net (increase) decrease in loans held for sale (3,653) (3,212) 5,185 (32,947) NA
Originations of loans held for sale NA NA NA NA (479,692)
Proceeds from sale of loans held for sale NA NA NA NA 545,019
Net gain on sale of loans and other mortgage banking income NA NA NA NA (10,147)
Loss on disposition of assets 662 3,514 1,318 912 0
Loss on sale of real estate 231 191 40 (51) 0
Loss on termination of hedges 3,237 NA NA NA NA
Amortization of interest in tax-advantaged projects 1,668 11,428 8,882 8,477 506
Remeasurement of deferred tax asset NA 0 0 18,145 NA
Net change in other (1,803) 4,458 3,309 19,254 (3,908)
Net cash provided by operating activities 55,823 86,288 98,142 78,091 85,633

Cash flows from investing activities

Net decrease in trading security 541 570 599 632 165
Proceeds from sales of securities available for sale 143,488 41,169 421,843 188,921 0
Proceeds from maturities, calls, and prepayments of securities available for sale 131,202 184,753 166,736 206,648 44,069
Purchases of securities available for sale and other (575,504) (285,637) (400,053) (498,646) (116,423)
Purchases of marketable equity securities NA NA NA NA (12,688)
Proceeds from sales of marketable equity securities NA NA NA NA 26,096
Proceeds from maturities, calls, and prepayments of securities held to maturity 4,800 8,534 7,734 12,600 2,885
Purchases of securities held to maturity (3,227) (62,274) (7,115) (77,208) (1,618)
Net change in loans (481,846) (388,091) (334,347) (468,331) (149,774)
Acquisitions, net of cash paid 423,416 74,324 (48,180) 374,611 NA
Net cash used for branch sale 0 (11,715) 0 0 NA
Proceeds from surrender of bank-owned life insurance 0 554 258 310 0
Purchase of bank-owned life insurance NA 0 0 (20,000) NA
Proceeds from sale of Federal Home Loan Bank stock 5,340 2,357 19,461 96,378 16,661
Purchase of Federal Home Loan Bank stock (10,778) (10,706) (19,555) (88,351) (17,614)
Proceeds from premises and equipment 2,315 2,261 226 0 NA
Net investment in limited partnership tax credits (5,384) (5,105) (7,616) (5,102) 0
Purchase of premises and equipment, net (8,451) (7,340) (9,101) (12,528) (4,376)
Payment to terminate cash flow hedges NA 0 0 6,573 0
Proceeds from sale of other real estate 4,784 1,854 1,515 590 0
Net cash (used) by investing activities (369,304) (454,492) (207,595) (282,903) (212,617)

Cash flows from financing activities

Net (decrease) increase in deposits 340,856 475,823 140,730 418,550 (65,870)
Proceeds from Federal Home Loan Bank advances and other borrowings 5,432,069 8,566,300 9,364,599 5,978,358 1,235,892
Repayments of Federal Home Loan Bank advances and other borrowings (5,443,853) (8,620,064) (9,365,159) (6,174,781) (1,157,778)
Issuance of common stock, net of offering costs NA 0 0 152,985 NA
Purchase of treasury stock (2,467) (550) 0 0 NA
Exercise of stock options 1,064 239 3,712 329 76
Excess tax loss from stock-based payment arrangements 102 167 0 0 NA
Common and preferred stock cash dividends paid (18,075) (21,903) (24,916) (33,241) (10,212)
Acquisition contingent consideration paid NA 0 0 (1,700) 0
Net cash provided by financing activities 309,696 400,012 118,966 340,500 2,108
Net change in cash and cash equivalents (3,785) 31,808 9,513 135,688 (124,876)
Cash and cash equivalents at beginning of period 75,539 71,754 103,562 113,075 248,763
Cash and cash equivalents at end of period 71,754 103,562 113,075 248,763 123,887

Supplemental cash flow information

Interest paid on deposits 18,439 22,130 28,777 43,133 15,345
Interest paid on borrowed funds 9,988 9,974 16,674 21,336 6,725
Income taxes paid (refund), net 746 429 16,229 18,323 1,065

Acquisition of non-cash assets and liabilities

Assets acquired 18,064 948,796 1,169,086 1,584,786 NA
Liabilities assumed (441,550) (762,261) (965,529) (1,959,489) NA

Other non-cash changes

Other net comprehensive income 15,636 (9,884) 13,071 (5,605) (14,231)
Real estate owned acquired in settlement of loans 4,500 2,085 340 490 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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