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CONSOLIDATED STATEMENTS OF CASH FLOWS - Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating Activities    
Net income $ 4,306 $ 1,517
(Accretion), amortization and depreciation:    
Securities 111 110
Bank premises and equipment 610 464
Core deposit intangible 333 118
Mortgage servicing rights 197 165
Fair value adjustment on loans (1,305) 13
Fair value adjustment on deposits (258) $ (4)
(Gains) and losses, including write-downs    
Gains on calls of securities available-for-sale, net (34)  
Gains on sales of securities, available-for-sale, net (152)  
Gains on sales of loans, excluding capitalized servicing rights (78) $ (22)
Write-downs of other real estate owned 230  
Loss on sale/disposals of premises and equipment 45 $ 2
(Benefit) provision for loan losses (4) 651
Proceeds from loans sold 5,146 2,146
Loans originated for sale (4,800) (1,951)
Increase in deferred loan origination fees and costs, net (13) (61)
Mortgage servicing rights originated (102) (22)
Increase (decrease) in mortgage servicing rights impairment reserve 3 (14)
Decrease in interest receivable 42 27
Deferred tax benefit (26) (27)
Decrease in prepaid expenses 116 20
Increase in cash surrender value of life insurance policies (185) (112)
Increase in income tax receivable (91) (88)
Decrease (increase) in other assets 129 (43)
Decrease in accrued expenses (146) (20)
Decrease in interest payable (8) (4)
Increase in other liabilities 103 651
Stock based compensation - restricted stock awards 84 70
Net cash provided by operating activities $ 4,253 3,586
Investing Activities    
Maturity of interest-bearing time deposits with other banks   738
Redemption of Federal Home Loan Bank stock   $ 912
Purchases of securities available-for-sale $ (4,319)  
Proceeds from sales of securities available-for-sale 3,861  
Proceeds from calls of securities available-for-sale 6,480 $ 3,595
Proceeds from maturities of securities available-for-sale 4,830 4,759
Loan originations and principle collections, net (3,652) (19,022)
Recoveries of loans previously charged off 477 $ 33
Proceeds from sale of other real estate owned $ 605  
Cash and cash equivalents acquired from Sharon, CT branch office of another institution   $ 17,462
Capital expenditures $ (244) (1,710)
Net cash provided by investing activities 8,038 6,767
Financing Activities    
Increase in deposit transaction accounts, net 12,284 12,897
Decrease in time deposits, net (6,718) (1,071)
(Decrease) increase in securities sold under agreements to repurchase, net (1,392) 1,790
Principal payments on Federal Home Loan Bank of Boston advances (780) $ (792)
Decrease in capital lease obligation (1)  
Stock options exercised 126  
Issuance of shares for director fees 81 $ 65
Issuance of shares for executives 29  
Common stock dividends paid (1,525) $ (959)
Series B preferred stock dividends paid (80) (86)
Net cash provided by financing activities 2,024 11,844
Net increase in cash and cash equivalents 14,315 22,197
Cash and cash equivalents, beginning of year 36,105 12,711
Cash and cash equivalents, end of period 50,420 34,908
Cash paid during year    
Interest 1,763 1,319
Income taxes 1,955 $ 569
Non-cash Investing and Financing Activities    
Transfer from loans to other real estate owned $ 101  
Sharon branch acquisition    
Cash and cash equivalents acquired   $ 17,462
Net loans acquired   63
Fixed assets acquired   158
Core deposit intangible   488
Deposits assumed   18,170
Accrued interest payable assumed   $ 1