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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities    
Net income $ 5,137 $ 3,915
Amortization (accretion) and depreciation:    
Securities 137 29
Bank premises and equipment 813 820
Core deposit intangible 203 236
Modification fees on Federal Home Loan Bank of Boston advances 115 116
Subordinated debt issuance costs 12 12
Mortgage servicing rights 24 23
Fair value adjustment on loans (64) (462)
Fair value adjustment on deposits (4) (21)
Gain on sales and calls of securities available-for-sale, net 272 16
(Gain) losses on CRA mutual fund (23) 20
Gain on sales of loans, excluding capitalized servicing rights (7) (10)
OREO losses and write-downs 322 53
Loss on sale/disposals of premises and equipment 1
Provision for loan losses 445 793
Proceeds from loans sold 458 679
Loans originated for sale (854) (206)
Decrease (increase) in deferred loan origination fees and costs, net 92 (161)
Mortgage servicing rights originated (5) (7)
Increase in interest receivable (291) (355)
Decrease (increase) in deferred tax benefit 125 (152)
Increase in prepaid expenses 101 129
Increase in cash surrender value of life insurance policies (167) (163)
Decrease in income tax receivable 13 606
Decrease (increase) in other assets 694 (17)
Decrease in accrued expenses (1,072) (317)
Increase in interest payable 339 123
Decrease in other liabilities (378) (109)
Stock based compensation - restricted stock awards 215 208
Net cash provided by operating activities 6,108 5,767
Investing Activities    
Purchase of Federal Home Loan Bank of Boston stock, net of redemptions 1,657 (1,175)
Purchases of securities available-for-sale (41,255) (26,248)
Proceeds from sales of securities available-for-sale 28,170 8,410
Proceeds from calls of securities available-for-sale 25 945
Proceeds from maturities of securities available-for-sale 6,982 8,706
Reinvestment of CRA mutual fund (10) (10)
Loan originations and principle collections, net (1,813) (63,442)
Recoveries of loans previously charged off 46 27
Proceeds from sales of other real estate owned 1,087 188
Capital expenditures (247) (1,097)
Purchase of life insurance policies (750)
Cash and cash equivalents (paid) acquired from acquisition (298)
Net cash utilized by investing activities (6,108) (73,994)
Financing Activities    
Increase in deposit transaction accounts, net 13,442 56,901
Increase in time deposits, net 10,546 16,783
Increase in securities sold under agreements to repurchase, net 2,204 23
Federal Home Loan Bank of Boston short-term advances, net change (9,500) 52,000
Principal payments on Federal Home Loan Bank of Boston advances (25,000) (27,000)
Principal payments on note payable (17) (16)
Decrease in capital lease obligation (70) (61)
Stock options exercised 34 145
Common stock dividends paid (1,571) (1,561)
Net cash (utilized) provided by financing activities (9,932) 97,214
Net (decrease) increase in cash and cash equivalents (9,932) 28,987
Cash and cash equivalents, beginning of period 58,445 48,486
Cash and cash equivalents, end of period 48,513 77,473
Cash paid during period    
Interest 4,443 2,784
Income taxes 986 516
Non-cash transfers    
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 16
Branch Acquisitions    
Cash and cash equivalents paid (298)
Net loans acquired 7,849
Fixed assets acquired 761
Accrued interest receivable acquired 5
Other assets acquired 6
Deposits assumed $ 8,323