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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statements of Cash Flows      
Operating Activities      
Net income $ 6,685 $ 8,457 $ 2,521
(Accretion), amortization and depreciation      
Securities 241 240 198
Bank premises and equipment 1,181 1,234 1,031
Core deposit intangible 601 652 291
Modification fees on Federal Home Loan Bank of Boston advances 230
Subordinated debt issuance costs 24
Mortgage servicing rights 242 356 303
Fair value adjustment on loans (1,784) (2,725) (181)
Fair value adjustment on deposits (121) (417) (69)
(Gains) and losses, including write-downs      
Gains on sales and calls of securities available-for-sale, net (584) (192)
Gains on sales of loans, excluding capitalized servicing rights (171) (125) (54)
Loss on other real estate owned 435 81 99
Loss on sale/disposals of premises and equipment 13 45 6
Provision for loan losses 1,835 917 1,134
Proceeds from loans sold 10,505 8,549 4,449
Loans originated for sale (9,571) (8,619) (4,790)
Increase (decrease) in deferred loan origination fees and costs, net (58) 14 (21)
Mortgage servicing rights originated (95) (148) (17)
Increase (decrease) in mortgage servicing rights impairment reserve 20 3 (15)
(Increase) decrease in interest receivable (117) 27 (162)
Deferred tax expense (benefit) 957 945 (673)
Increase in prepaid expenses (296) (295) (57)
Increase in cash surrender value of life insurance policies (353) (371) (245)
Increase in income tax receivable (178) (512)
(Decrease) increase in income taxes payable (86) 64
(Increase) decrease in other assets (242) (103) 41
Increase (decrease) in accrued expenses 660 (155) 269
Decrease in interest payable (60) (16) (3)
Increase in other liabilities 1,086 107 80
Stock based compensation-restricted stock awards 221 227 216
Tax benefit from stock compensation (33)
Net cash provided by operating activities 11,273 8,090 4,415
Investing Activities      
Maturity (purchase) of interest-bearing time deposits with other banks 738
(Purchase) redemption of Federal Home Loan Bank of Boston stock (35) 339 1,825
Purchases of securities available-for-sale (56,229) (16,373) (502)
Proceeds from sale of securities available-for-sale 4,865 3,861
Proceeds from calls of securities available-for-sale 14,221 10,925 8,115
Proceeds from maturities of securities available-for-sale 33,574 14,668 9,644
Loan originations and principle collections, net (69,240) (24,481) (37,872)
Loans purchased (2,711)
Recoveries of loans previously charged off 126 653 101
Proceeds from sale of other real estate owned 855 40
Purchase of life insurance policies (1,100)
Capital expenditures (1,285) (779) (2,156)
Cash and cash equivalents acquired in acquisitions 36,112
Net cash (utilized) provided by investing activities (74,003) (10,332) 12,234
Financing Activities      
Increase in deposit transaction accounts, net 33,946 56,023 16,306
Decrease in time deposits, net (6,588) (16,499) (7,552)
Increase (decrease) in securities sold under agreements to repurchase, net 1,621 (249) 1,609
Short-term Federal Home Loan Bank of Boston advances 10,000
Long-term Federal Home Loan Bank of Boston advances (791) (1,598)
Principal payments on Federal Home Loan Bank of Boston advances (21)
Modification fees on Federal Home Loan Bank of Boston advances (1,043)
Principal payments on note payable (32)
Decrease in capital lease obligation (4) (2) (1)
Stock options exercised 87 183
Tax benefit from stock compensation 33
Issuance of shares for directors' fees 141 81 65
Payoff of preferred stock (16,000)
Issuance of subordinated debt, net of issuance costs 9,764
Common stock dividends paid (3,086) (3,054) (1,918)
Series B preferred stock dividends paid (158) (166)
Net cash provided (utilized) by financing activities 36,097 28,255 6,745
Net (decrease) increase in cash and cash equivalents (26,633) 26,013 23,394
Cash and cash equivalents, beginning of year 62,118 36,105 12,711
Cash and cash equivalents, end of year 35,485 62,118 36,105
Cash paid during year      
Interest 3,777 3,460 2,477
Income taxes 1,238 3,216 1,258
Non-cash transfers      
From other real estate owned to loans 167
Note payable to finance building purchase 376
From loans to other real estate owned 4,955 101 764
From other real estate owned to other assets $ 747
Union Savings Bank, N.A. branch acquisition 2014      
Acquisitions      
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      
Acquisitions      
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