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CONSOLIDATED STATEMENTS OF CASH FLOWS - Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net income $ 5,165 $ 6,290
(Accretion), amortization and depreciation:    
Securities 204 178
Bank premises and equipment 889 917
Core deposit intangible 455 494
Mortgage servicing rights 182 282
Fair value adjustment on loans (1,429) (2,031)
Fair value adjustment on deposits (97) (355)
(Gains) and losses, including write-downs    
Gains on calls of securities available-for-sale, net (1) (40)
Gains on sales of securities, available-for-sale, net (156) (152)
Gains on sales of loans, excluding capitalized servicing rights (152) (102)
Write-downs of other real estate owned 238
Loss on sale/disposals of premises and equipment 13 45
Provision for loan losses 1,332 651
Proceeds from loans sold 6,814 4,897
Loans originated for sale (6,736) (4,800)
(Increase) decrease in deferred loan origination costs, net (91) 25
Mortgage servicing rights originated (71) (125)
Increase in mortgage servicing rights impairment reserve 13 3
Decrease in interest receivable 47 38
Deferred tax benefit (17)
Decrease (increase) in prepaid expenses 18 (409)
Increase in cash surrender value of life insurance policies (267) (277)
Decrease in income tax receivable 433
Increase in income tax payable 271
Increase (decrease) in other assets 218 (87)
Increase (decrease) in accrued expenses 1,079 (11)
Modification fees on Federal Home Loan Bank advances 173
Amortization of debt issuance costs 18
Decrease in interest payable (125) (45)
Increase in other liabilities 1,310 369
Stock based compensation - restricted stock awards 142 120
Net cash provided by operating activities 9,380 6,367
Investing Activities    
Purchase of Federal Home Loan Bank of Boston stock (319)
Redemption of Federal Home Loan Bank of Boston stock 558
Purchases of securities available-for-sale (45,317) (9,322)
Proceeds from sales of securities available-for-sale 3,860 3,861
Proceeds from calls of securities available-for-sale 11,811 7,995
Proceeds from maturities of securities available-for-sale 29,125 7,413
Loan originations and principle collections, net (57,351) (13,748)
Recoveries of loans previously charged off 111 613
Proceeds from sales of other real estate owned 698
Capital expenditures (1,168) (739)
Net cash used in investing activities (58,690) (3,229)
Financing Activities    
Increase in deposit transaction accounts, net 35,320 57,607
Decrease in time deposits, net (3,026) (11,199)
(Decrease) increase in securities sold under agreements to repurchase, net (333) 47
Principal payments on Federal Home Loan Bank of Boston advances (18) (786)
Modification payment on Federal Home Loan Bank of Boston advances (1,099)
Principal payments on note payable (25)
Decrease in capital lease obligation (3) (2)
Stock options exercised 87 183
Issuance of shares for director fees 142 81
Issuance of shares for executives 29
Common stock dividends paid (2,314) (2,289)
Series B preferred stock dividends paid (120)
Net cash provided by financing activities 29,830 42,452
Net (decrease) increase in cash and cash equivalents (19,480) 45,590
Cash and cash equivalents, beginning of period 62,118 36,105
Cash and cash equivalents, end of period 42,638 81,695
Cash paid during year    
Interest 2,714 2,650
Income taxes 842 2,409
Non-cash investing and financing activities    
Transfer from loans to other real estate owned 2,823 101
Note payable to fund building purchase $ 380