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CONSOLIDATED STATEMENTS OF CASH FLOWS - Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating Activities    
Net income $ 6,290 $ 2,285
(Accretion), amortization and depreciation:    
Securities 178 163
Bank premises and equipment 917 737
Core deposit intangible 494 193
Mortgage servicing rights 282 220
(increase) decrease fair value adjustment on loans (2,031) 24
(Increase) decrease fair value adjustment on deposits (355) 53
(Gains) and losses, including write-downs    
Gains on calls of securities available-for-sale, net (40) $ (39)
Gains on sales of securities, available-for-sale, net (152)
Gains on sales of loans, excluding capitalized servicing rights (102)
Write-downs of other real estate owned 238 $ 4
Loss on sale/disposals of premises and equipment 45 5
Provision for loan losses 651 969
Proceeds from loans sold 4,897 3,536
Loans originated for sale (4,800) (3,324)
Decrease (increase) in deferred loan origination fees and costs, net 25 (21)
Mortgage servicing rights originated (125) (6)
Increase (decrease) in mortgage servicing rights impairment reserve 3 (14)
Decrease (increase) in interest receivable 38 (74)
Deferred tax benefit (17) (39)
Increase in prepaid expenses (409) (81)
Increase in cash surrender value of life insurance policies $ (277) (173)
Increase in income tax receivable $ (329)
Increase in income tax payable $ 271
Increase in other assets (87) $ (76)
Decrease in accrued expenses (11) (144)
Decrease in interest payable (45) (5)
Increase in other liabilities 369 82
Stock based compensation - restricted stock awards 120 112
Net cash provided by operating activities $ 6,367 4,058
Investing Activities    
Maturity of interest-bearing time deposits with other banks 738
Redemption of Federal Home Loan Bank stock $ 1,825
Purchases of securities available-for-sale $ (9,322)
Proceeds from sales of securities available-for-sale 3,861
Proceeds from calls of securities available-for-sale 7,995 $ 4,115
Proceeds from maturities of securities available-for-sale 7,413 7,539
Loan originations and principle collections, net (13,748) (24,694)
Recoveries of loans previously charged off 613 50
Proceeds from sale of other real estate owned $ 698 40
Premiums paid on bank-owned life insurance (1,100)
Cash and cash equivalents acquired from Sharon, CT branch office of another institution 17,462
Capital expenditures $ (739) (1,872)
Net cash (utilized) provided by investing activities (3,229) 4,103
Financing Activities    
Increase in deposit transaction accounts, net 57,607 24,527
(Decrease) increase in time deposits, net (11,199) 2,174
Increase in securities sold under agreements to repurchase, net 47 3,946
Principal payments on Federal Home Loan Bank of Boston advances (786) $ (1,193)
Modification payment on Federal Home Loan Bank of Boston advances (1,099)
Decrease in capital lease obligation (2) $ (1)
Stock options exercised 183
Issuance of shares for director fees 81 $ 65
Issuance of shares for executives 29
Common stock dividends paid (2,289) $ (1,439)
Series B preferred stock dividends paid (120) (126)
Net cash provided by financing activities 42,452 27,953
Net increase in cash and cash equivalents 45,590 36,114
Cash and cash equivalents, beginning of year 36,105 12,711
Cash and cash equivalents, end of period 81,695 48,825
Cash paid during year    
Interest 2,650 2,010
Income taxes 2,409 $ 935
Non-cash Investing and Financing Activities    
Transfer from loans to other real estate owned 101
Note payable to finance building purchase $ 380
Sharon branch acquisition    
Cash and cash equivalents acquired $ 17,462
Net loans acquired 63
Fixed assets acquired 158
Core deposit intangible 488
Deposits assumed 18,171
Accrued interest payable assumed $ 1