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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities    
Net income $ 2,434 $ 2,015
(Accretion), amortization and depreciation:    
Securities 12 19
Bank premises and equipment 410 371
Core deposit intangible 104 120
Modification fees on Federal Home Loan Bank of Boston advances 58 58
Subordinated debt issuance costs 6 6
Mortgage servicing rights 11 11
Fair value adjustment on loans (64) (285)
Fair value adjustment on deposits (2) (11)
(Gains) and losses, including write-downs    
(Gain) loss on CRA mutual fund (11) 13
Loss on securities available-for-sale, net 9 2
Gain on sales of loans, excluding capitalized servicing rights (5) (10)
Write-downs of other real estate owned 52 52
Provision for loan losses 294 326
Proceeds from loans sold 368 679
Loans originated for sale (363)
Decrease (increase) in deferred loan origination fees and costs, net 88 (92)
Mortgage servicing rights originated (4) (6)
Increase in interest receivable (263) (39)
Deferred tax expense (benefit) 271 (18)
Increase in prepaid expenses (143) (170)
Increase in cash surrender value of life insurance policies (79) (81)
Decrease in income tax receivable 137 625
Decrease in other assets 649 70
Decrease in accrued expenses (1,628) (821)
Increase in interest payable 341 208
Decrease in other liabilities (142) (55)
Stock based compensation - restricted stock awards 100 113
Net cash provided by operating activities 2,640 3,100
Investing Activities    
Redemption (purchase) of Federal Home Loan Bank of Boston stock 1,124 (333)
Purchases of securities available-for-sale (9,391) (7,999)
Proceeds from sales of securities 965
Reinvestment of CRA mutual fund (5) (4)
Proceeds from calls of securities available-for-sale 500
Proceeds from maturities/principal payments of securities available-for-sale 3,107 4,767
Loan originations and principle collections, net (2,235) (28,630)
Recoveries of loans previously charged off 7 14
Proceeds from sales of OREO 1,017
Purchase of life insurance (BOLI) (750)
Capital expenditures (47) (794)
Net cash utilized provided by investing activities (6,208) (32,479)
Financing Activities    
Increase in deposit transaction accounts, net 4,551 10,029
Increase in time deposits, net 10,681 6,324
(Decrease) increase in securities sold under agreements to repurchase, net (1,153) 2,294
Federal Home Loan Bank of Boston advances, net change in advances with maturity dates less than three months (9,500) 35,000
Principal payments on Federal Home Loan Bank of Boston long term advances (10,000) (27,000)
Principal payments on note payable (8) (8)
Principal payments on finance lease obligations (35) (29)
Stock options exercised 42
Common stock dividends paid (784) (780)
Net cash (utilized) provided by financing activities (6,248) 25,872
Net decrease in cash and cash equivalents (9,816) (3,507)
Cash and cash equivalents, beginning of period 58,445 48,486
Cash and cash equivalents, end of period 48,629 44,979
Cash paid (received) during year    
Interest 2,014 1,045
Income taxes 81 (162)
Non-cash investing and financing activities    
Finance lease obligation 1,373
Adoption of new accounting principle - Other assets 1,552
Adoption of new accounting principle - Other liabilities (1,552)
Adoption of new accounting principle - Recognition and measurement of financial assets and liabilities $ 16