MARKET SUMMARY

NYSE: BHLB

$30.54

Change: $(0.02) (0.07)%

Volume: 170,776

As of March 18, 2019 3:58 PM ET

As Reported Financial Statements

As Reported Financials

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

Cash flows from operating activities

Net income 49,518 58,670 55,247 105,765

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

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

Cash flows from investing activities

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

Cash flows from financing activities

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

Supplemental cash flow information

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

Acquisition of non-cash assets and liabilities

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

Other non-cash changes

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