Component: (Network and Table)
Network
00500 - Statement - Consolidated Statements of Cash Flows
(http://www.mbvt.com/20160406/role/StatementConsolidatedStatementsOfCashFlows)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000726517 (http://www.sec.gov/CIK)
Consolidated Statements of Cash FlowsPeriod [Axis]
2016-01-01 - 2016-12-31
2015-01-01 - 2015-12-31
2014-01-01 - 2014-12-31
Consolidated Statements of Cash Flows
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
14,883,000  
12,618,000  
12,125,000  
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for credit losses
1,105,000  
250,000  
150,000  
Deferred tax expense (benefit)
3,981,000  
1,799,000  
(175,000) 
Depreciation and amortization
2,081,000  
2,110,000  
2,452,000  
Amortization of investment security premiums and accretion of discounts, net
1,281,000  
1,244,000  
707,000  
Amortization of deferred loan costs
670,000  
486,000  
580,000  
Amortization of core deposit intangible
204,000  
17,000  
 
Accretion of unfavorable lease liability
(67,000) 
(6,000) 
 
Stock based compensation
374,000  
36,000  
119,000  
Net gains on sales of investment securities
  
(107,000) 
Net losses on sale of premises, equipment and other assets
56,000  
 
104,000  
Deferred gain on sale of premises
(517,000) 
(517,000) 
(517,000) 
(Gain) loss on sale of other real estate owned
(20,000) 
 
35,000  
Equity in losses of real estate limited partnerships, net
1,664,000  
1,104,000  
1,257,000  
Increase in cash surrender value of bank owned life insurance
(207,000) 
(240,000) 
(311,000) 
Changes in assets and liabilities:
 
 
 
Net change in interest receivable
(348,000) 
(219,000) 
195,000  
Net change in other assets
3,294,000  
146,000  
790,000  
Net change in interest payable
(42,000) 
(54,000) 
(49,000) 
Net change in other liabilities
(6,192,000) 
1,792,000  
(860,000) 
Net cash provided by operating activities
22,200,000  
 
20,566,000  
 
16,495,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from sales of investment securities available for sale
 
4,263,000  
56,889,000  
Proceeds from maturities of investment securities available for sale
42,736,000  
50,171,000  
37,235,000  
Proceeds from maturities of investment securities held to maturity
35,084,000  
19,244,000  
15,486,000  
Net (purchases) redemptions of Federal Home Loan Bank stock
(1,179,000) 
957,000  
3,118,000  
Purchases of investment securities available for sale
(95,401,000) 
(133,137,000) 
(55,495,000) 
Loan originations in excess of principal payments
(101,116,000) 
(83,666,000) 
(16,844,000) 
Proceeds from sales of other real estate owned
92,000  
 
68,000  
Real estate limited partnership investments
(2,333,000) 
(1,595,000) 
(1,822,000) 
Purchases of bank premises and equipment
(185,000) 
(1,206,000) 
(2,477,000) 
Cash and cash equivalents acquired in acquisition of NUVO Bank
 
7,070,000  
 
Cash consideration paid in acquisition of NUVO Bank
 
(5,988,000) 
 
Net cash (used in) provided by investing activities
(122,302,000) 
 
(143,887,000) 
 
36,158,000  
 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net change in deposits
(23,969,000) 
98,186,000  
(14,804,000) 
Net increase in short-term borrowings
40,000,000  
  
Net increase in securities sold under agreement to repurchase
25,479,000  
28,175,000  
8,150,000  
Principal payments on long-term debt
(1,587,000) 
(1,083,000) 
(83,000) 
Cash dividends paid
(7,695,000) 
(7,096,000) 
(7,085,000) 
Purchase of Treasury Stock
(155,000) 
(41,000) 
(82,000) 
Proceeds from the exercise of stock warrants
324,000  
  
Increase in deferred compensation arrangements
281,000  
461,000  
 
Proceeds from exercise of stock options, net of withholding taxes
144,000  
328,000  
225,000  
Tax benefit from exercise of stock options and distribution of shares in deferred compensation arrangements
50,000  
115,000  
14,000  
Net cash provided by (used in) provided by financing activities
32,872,000  
 
119,045,000  
 
(13,665,000) 
 
(Decrease) increase in cash and cash equivalents
(67,230,000) 
 
(4,276,000) 
 
38,988,000  
 
Cash and cash equivalents beginning of period
150,183,000  
154,459,000  
115,471,000  
Cash and cash equivalents end of period
82,953,000  
 
150,183,000  
 
154,459,000  
 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
Total interest payments
4,542,000  
4,065,000  
4,457,000  
Total income tax payments
1,797,000  
  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
Distribution of stock under deferred compensation arrangements
559,000  
514,000  
553,000  
Non-cash exercise of stock options and warrants
161,000  
 
124,000  
Transfer of loans to other real estate owned
136,000  
  
Transfer of securities from available for sale to held to maturity
  
12,626,000  
Acquisition of NUVO Bank:
 
 
 
Non-cash assets acquired:
 
 
 
Interest bearing time deposits with banks
 
110,000  
 
Investment securities
 
4,344,000  
 
Restricted investment in bank stock
 
376,000  
 
Loans
 
149,360,000  
 
Premises and equipment , net
 
580,000  
 
Accrued interest receivable
 
369,000  
 
Deferred tax asset
 
1,993,000  
 
Other assets
 
356,000  
 
Total non- cash assets acquired
 
157,488,000  
 
Liabilities assumed:
 
 
 
Deposits
 
144,482,000  
 
Federal Home Loan Bank advances
 
4,001,000  
 
Accrued interest payable
 
42,000  
 
Other liabilities
 
183,000  
 
Total liabilities assumed
 
148,708,000  
 
Net non-cash assets acquired
 
8,780,000  
 
Net cash and cash equivalents acquired
 
7,070,000  
 
Goodwill
 
7,011,000  
 
Core deposit intangible
 
1,377,000  
 
Tax effect of acquisition fair value adjustments
 
(705,000) 
 
Value of shares of common stock issued in acquisition
 
17,545,000  
 
Cash consideration paid in acquisition
 
5,988,000