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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 9,137 $ 8,126
(Accretion), amortization and depreciation    
Securities 388 238
Bank premises and equipment 1,071 1,210
Core deposit intangible 247 297
Modification fees on Federal Home Loan Bank of Boston advances 64 174
Subordinated debt issuance costs 18 18
Mortgage servicing rights 84 36
Fair value adjustment on loans (64)
Fair value adjustment on deposits (4) (6)
(Gains) and losses, including write-downs    
Sales and calls of securities available-for-sale, net (216) (263)
CRA Mutual Fund (22) (29)
Sales of loans, excluding capitalized servicing rights (843) (50)
Other real estate owned 406
Provision for loan losses 4,198 539
Proceeds from loans sold 45,246 6,107
Loans originated for sale (46,832) (6,563)
Increase in deferred loan origination fees and costs, net 2,321 62
Mortgage servicing rights originated (413) (25)
Increase in interest receivable (2,640) (277)
Deferred tax benefit (1,359) (176)
Decrease (increase) in prepaid expenses 295 (147)
Increase in cash surrender value of life insurance policies (986) (253)
Decrease in income tax receivable 137
Increase in income tax payable 1,412
Decrease in other assets 42 728
Decrease in accrued expenses (584) (348)
Increase in interest payable 132 270
Decrease in other liabilities (144) (147)
Stock based compensation-restricted stock awards 518 393
Net cash provided by operating activities 11,130 10,393
Investing Activities    
Redemption (purchase) of Federal Home Loan Bank of Boston stock, net of redemptions 84 1,921
Purchases of securities available-for-sale (27,802) (51,931)
Purchases of interest-bearing time deposits with financial institutions (786)
Proceeds from sales of securities available-for-sale 12,526 41,802
Proceeds from calls of securities available-for-sale 655 75
Proceeds from principal payments and maturities of securities available-for-sale 12,226 9,523
Reinvestment of CRA Mutual Fund (12) (16)
Loan originations and principal collections, net (110,743) (6,405)
Recoveries of loans previously charged off 44 64
Proceeds from sales of other real estate owned 314 1,086
Capital expenditures (2,384) (1,760)
Purchase of life insurance policies (5,750)
Proceeds from life insurance policy 3,994
Net cash used by investing activities (111,098) (12,177)
Financing Activities    
Increase in deposit transaction accounts, net 175,508 47,642
Increase (decrease) in time deposits, net 131 (23,193)
Increase in securities sold under agreements to repurchase, net 2,355 4,484
Federal Home Loan Bank of Boston long term advances 46,001
Federal Home Loan Bank of Boston long-term maturities/payments (21,000) (35,000)
Federal Home Loan Bank of Boston short-term advances, net change (30,000) 5,500
Principal payments on Amortizing FHLB Advance (2,072)
Principal payments on note payable (28) (25)
Decrease in finance lease obligation (62) (194)
Stock options exercised 53 34
Common stock dividends paid (2,462) (2,361)
Net cash provided by (applied to) by financing activities 168,424 (3,113)
Net increase (decrease) in cash and cash equivalents 68,456 (4,897)
Cash and cash equivalents, beginning of period 26,885 58,445
Cash and cash equivalents, end of period 95,341 53,548
Cash paid for interest 4,124 6,805
Cash paid for income taxes 1,805 1,593
Non-cash transfers:    
Adoption of ASU 2016-02 - Other assets 1,552
Adoption of ASU 2016-02 - Other liabilities $ (1,552)