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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net income $ 8,126 $ 6,259
(Accretion), amortization and depreciation    
Securities 238 32
Bank premises and equipment 1,210 1,249
Core deposit intangible 297 347
Modification fees on Federal Home Loan Bank of Boston advances 174 174
Subordinated debt issuance costs 18 18
Mortgage servicing rights 36 34
Fair value adjustment on loans (64) (658)
Fair value adjustment on deposits (6) (30)
(Gains) and losses, including write-downs on sales and calls of securities available-for-sale, net (263) (16)
(Gains) and losses, including write-downs on CRA Mutual Fund (29) 26
(Gains) and losses, including write-downs on sales of loans, excluding capitalized servicing rights (50) (28)
(Gains) and losses, including write-downs of other real estate owned 406 91
(Gains) and losses, including write-downs on sale/disposals of premises and equipment 1
Provision for loan losses 539 1,171
Proceeds from loans sold 6,107 1,946
Loans originated for sale (6,563) (1,838)
Decrease (increase) in deferred loan origination fees and costs, net 62 (179)
Mortgage servicing rights originated (25) (18)
Increase in interest receivable (277) (647)
Deferred tax benefit (176) (471)
Increase in prepaid expenses (147) (167)
Increase in cash surrender value of life insurance policies (253) (246)
Decrease in income tax receivable 137 839
Increase (decrease) in other assets 728 (48)
(Decrease) increase in accrued expenses (348) 496
Increase in interest payable 270 283
(Decrease) increase in other liabilities (147) 1,596
Stock based compensation - restricted stock awards 393 334
Net cash provided by operating activities 10,393 10,550
Investing Activities    
Purchase (purchase) of Federal Home Loan Bank of Boston stock, net of redemptions 1,921 (1,175)
Purchases of securities available-for-sale (51,931) (40,035)
Purchases of interest bearing time deposits with financial institutions (786)
Proceeds from sales of securities available-for-sale 41,802 8,410
Proceeds from calls of securities available-for-sale 75 995
Proceeds from principal payments and maturities of securities available-for-sale 9,523 11,554
Reinvestment of CRA Mutual Fund (16) (14)
Loan originations and principle collections, net (6,405) (89,457)
Recoveries of loans previously charged off 64 50
Proceeds from sales of other real estate owned 1,086 288
Capital expenditures (1,760) (1,209)
Purchase of life insurance policies (5,750)
Cash and cash equivalents paid for acquisition (298)
Net cash used by investing activities (12,177) (110,891)
Financing Activities    
Increase in deposit transaction accounts, net 47,642 57,502
(Decrease) increase in time deposits, net (23,193) 20,872
Increase in securities sold under agreements to repurchase, net 4,484 4,990
Federal Home Loan Bank of Boston short-term advances, net change 5,500 82,000
Principal payments on Federal Home Loan Bank of Boston advances (35,000) (69,000)
Principal payments on note payable (25) (24)
Decrease in capital lease obligation (194) (94)
Stock options exercised 34 175
Common stock dividends paid (2,361) (2,346)
Net cash (applied to) provided by financing activities (3,113) 94,075
Net decrease in cash and cash equivalents (4,897) (6,266)
Cash and cash equivalents, beginning of period 58,445 48,486
Cash and cash equivalents, end of period 53,548 42,220
Supplemental Cash Flow Information:    
Cash paid for interest 6,805 4,585
Cash paid for income taxes 1,593 665
Non-cash investing and financing activity    
Assets acquired under capital lease 1,373
Assets under capital lease paid off (1,158)  
Adoption of new accounting principle - Other assets 1,552
Adoption of new accounting principle - Other liabilities (1,552)
Adoption of new accounting principle 16
Other Assets – Receivable from Broker $ 14,996
Branch Acquisitions    
Cash and cash equivalents (paid) acquired   (298)
Net loans acquired   7,849
Fixed assets acquired (including capital leases)   761
Accrued interest receivable acquired   5
Other assets acquired   6
Deposits assumed   8,323
Capital lease assumed  
Other liabilities assumed