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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statements of Cash Flows      
Operating Activities      
Net income $ 8,457 $ 2,521 $ 4,083
(Accretion), amortization and depreciation      
Securities 240 198 365
Bank premises and equipment 1,234 1,031 856
Core deposit intangible 652 291 222
Mortgage servicing rights 356 303 389
Fair value adjustment on loans (2,725) (181) $ 32
Fair value adjustment on deposits (417) $ (69)
(Gains) and losses, including write-downs      
Sales and calls of securities available-for-sale, net (192)
Gains on sales of loans, excluding capitalized servicing rights (125) $ (54) $ (285)
Loss on other real estate owned 81 99 133
Loss on sale/disposals of premises and equipment 45 6 34
Provision for loan losses 917 1,134 1,066
Proceeds from loans sold 8,549 4,449 18,693
Loans originated for sale (8,619) (4,790) (16,702)
Decrease (increase) in deferred loan origination fees and costs, net 14 (21) (150)
Mortgage servicing rights originated (148) (17) (294)
Increase (decrease) in mortgage servicing rights impairment reserve 3 (15) (23)
Decrease (increase) in interest receivable 27 (162) 58
Deferred tax expense (benefit) 945 (673) (134)
(Increase) decrease in prepaid expenses (295) (57) 706
Increase in cash surrender value of life insurance policies (371) $ (245) (234)
(Increase) decrease in income tax receivable (512) $ 311
(Decrease) increase in income taxes payable (86) $ 64
(Increase) decrease in other assets (103) 41 $ (637)
Decrease (increase) in accrued expenses (155) 269 734
Decrease in interest payable (16) (3) (55)
Increase in other liabilities 107 $ 80 $ 346
Stock options exercised 183
Issuance of shares for directors' fees 81 $ 65 $ 34
Stock based compensation - restricted stock awards 227 216 143
Net cash provided by operating activities $ 8,354 4,480 9,691
Investing Activities      
Maturity (purchase) of interest-bearing time deposits with other banks 738 (738)
Redemption of Federal Home Loan Bank of Boston stock $ 339 1,825 $ 407
Purchases of securities available-for-sale (16,373) $ (502)
Proceeds from sale of securities available-for-sale 3,861
Proceeds from calls of securities available-for-sale 10,925 $ 8,115 $ 3,800
Proceeds from maturities of securities available-for-sale 14,668 9,644 23,888
Loan originations and principle collections, net $ (24,481) (37,872) $ (52,088)
Loans purchased (2,711)
Recoveries of loans previously charged off $ 653 101 $ 31
Proceeds from sale of other real estate owned $ 855 40 $ 1,423
Purchase of life insurance policies (1,100)
Capital expenditures $ (779) (2,156) $ (556)
Cash and cash equivalents acquired in acquisitions 36,112
Net cash (utilized) provided by investing activities $ (10,332) 12,234 $ (23,833)
Financing Activities      
Increase (decrease) in deposit transaction accounts, net 56,023 16,306 (2,997)
Decrease in time deposits, net (16,499) (7,552) (10,849)
(Decrease) increase in securities sold under agreements to repurchase, net (249) 1,609 770
Principal payments on Federal Home Loan Bank of Boston advances (791) $ (1,598) $ (1,569)
Modification fees on Federal Home Loan Bank of Boston advances (1,043)
Decrease in capital lease obligation (2) $ (1)
Payoff of preferred stock (16,000)
Issuance of subordinated debt, net of issuance costs 9,764
Common stock dividends paid (3,054) $ (1,918) $ (1,915)
Series B preferred stock dividends paid (158) (166) (161)
Net cash provided (utilized) by financing activities 27,991 6,680 (16,721)
Net increase (decrease) in cash and cash equivalents 26,013 23,394 (30,863)
Cash and cash equivalents, beginning of year 36,105 12,711 43,574
Cash and cash equivalents, end of year 62,118 36,105 12,711
Cash paid during year      
Interest 3,460 2,477 3,117
Income taxes 3,216 1,258 732
Non-cash transfers      
Note payable to finance building purchase 376    
From loans to other real estate owned 101 $ 764 $ 1,689
From other real estate owned to loans $ 167
The Company recorded a capital lease asset and incurred a capital lease obligation in connection with the lease of a building $ 425
Union Savings Bank, N.A. branch acquisition 2014      
Non-cash transfers      
Cash and cash equivalents acquired   $ 17,462  
Net loans acquired   63  
Fixed assets acquired   158  
Core deposit intangible   490  
Deposits assumed   18,172  
Accrued interest payable assumed   1  
Riverside Bank acquisition 2014      
Non-cash transfers      
Cash and cash equivalents acquired   18,650  
Investments acquired   11,742  
Net loans acquired   196,305  
Fixed assets acquired   1,543  
Accrued interest receivable acquired   412  
Cash surrender value of life insurance policies acquired   4,440  
Other assets acquired   2,154  
Core deposit intangible   2,215  
Deposits assumed   211,200  
Accrued interest payable assumed   28  
Other liabilities assumed   $ 1,705