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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 16,473 $ 11,940 $ 11,136
(Accretion), amortization and depreciation      
Securities 1,125 548 332
Bank premises and equipment 1,515 1,426 1,591
Core deposit intangible 256 321 388
Amortization of modification fees on Federal Home Loan Bank of Boston advances 22 70 232
Subordinated debt issuance costs 173 24 24
Mortgage servicing rights 235 151 51
Fair value adjustment on loans (64)
Fair value adjustment on deposits (4) (8)
(Gains) and losses, including write-downs      
Sales and calls of securities available-for-sale, net 2 (196) (263)
Sales of loans, excluding capitalized servicing rights (697) (1,204) (82)
CRA Mutual Fund 26 (19) (25)
Other real estate owned 408
Disposals of premises and equipment 71
Gain on redemption of bank owned life insurance (601)
(Release) provision for loan losses (720) 5,038 955
Proceeds from loans sold 34,561 59,786 6,447
Loans originated for sale (33,813) (60,985) (6,697)
(Increase) decrease in deferred loan origination fees and costs, net (657) 1,734 59
Mortgage servicing rights originated (314) (534) (61)
(Decrease) increase in mortgage servicing rights impairment reserve (9) 9
Decrease (increase) in interest receivable 113 (2,958) (267)
Deferred tax expense (benefit) 389 (1,600) (391)
(Increase) decrease in prepaid expenses (337) 393 (174)
Increase in cash surrender value of life insurance policies (556) (495) (392)
(Increase) decrease in income tax receivable (450) 137
(Decrease) increase in income tax payable (320) 83 235
(Increase) decrease in other assets (529) (52) 846
Increase in accrued expenses 409 327 352
Increase (decrease) in interest payable 6 (35) (159)
Increase (decrease) in other liabilities 144 (107) (835)
Stock based compensation-restricted stock awards 930 743 556
Net cash provided by operating activities 18,048 13,803 14,330
Investing Activities      
Redemptions (purchases) of Federal Home Loan Bank of Boston stock, net 316 1,529 1,254
Purchases of securities available-for-sale (145,297) (37,392) (53,467)
Purchases of interest-bearing time deposits with financial institutions (750)
Proceeds from sales of securities available-for-sale 3,311 15,589 41,814
Proceeds from calls of securities available-for-sale 9,500 655 75
Proceeds from maturities of securities available-for-sale 24,675 16,270 13,521
Reinvestment of CRA Mutual Fund (10) (16) (21)
Loan originations and principal collections, net (37,844) (107,420) (19,172)
Recoveries of loans previously charged off 209 323 88
Proceeds from sale/ disposal of premises and equipment 248
Proceeds from sales of other real estate owned 314 1,088
Capital expenditures (2,314) (4,367) (2,055)
Purchase of bank owned life insurance (6,000) (3,500) (5,750)
Death benefit proceeds received 3,994
Net cash utilized by investing activities (153,206) (114,021) (23,375)
Financing Activities      
Increase in deposit transaction accounts, net 219,624 205,778 26,722
(Decrease) increase in time deposits, net (12,505) 3,794 (33,947)
(Increase) decrease in securities sold under agreements to repurchase, net 4,314 (1,414) 4,426
Short-term Federal Home Loan Bank of Boston advances, net (21,000) 20,500
Long-term Federal Home Loan Bank of Boston advances 6,000
Long-term Federal Home Loan Bank of Boston repayments (30,000) (37,000)
Amortizing Federal Home Loan Bank of Boston advances 10,000
Amortizing Federal Home Loan Bank of Boston repayments (5,005) (3,318)
Issuance of Sub Debt, net of issuance costs 24,418
Repayment of Sub Debt (10,000)
Principal payments on note payable (38) (38) (34)
Decrease in finance lease obligation (56) (74) (109)
Stock options exercised 31 53 82
Common stock dividends paid (3,452) (3,286) (3,155)
Net cash provided by (applied to) financing activities 217,331 166,495 (22,515)
Net increase (decrease) in cash and cash equivalents 82,173 66,277 (31,560)
Cash and cash equivalents, beginning of year 93,162 26,885 58,445
Cash and cash equivalents, end of year 175,335 93,162 26,885
Cash paid during year      
Interest 3,247 5,233 9,212
Income taxes 4,648 3,970 2,378
New Finance Lease      
Fixed Asset 2,490 (1,158)
Lease liability (2,490) 1,254
Deferred gain applied to bank premises and equipment (96)
Transfer of unearned credit-related discount to allowance for loan losses 663
Adoption of ASU 2016-02 - Other assets 1,552
Adoption of ASU 2016-02 - Other liabilities (1,552)
Transfers from Fixed Assets to Other Assets 700
Extension of operating lease-other assets 29
Extension of operating lease-other liabilities $ (29)