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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 7,414 $ 8,879
Amortization(accretion) and depreciation    
Securities 723 463
Bank premises and equipment 801 756
Core deposit intangible 104 136
Modification fees on Federal Home Loan Bank of Boston advances 21 11
Subordinated debt issuance costs 28 144
Mortgage servicing rights 78 131
(Gain) loss on sales and calls of securities available-for-sale, net (165) 9
Loss on mutual funds 72 14
Gain on sales of loans, excluding capitalized servicing rights (292) (621)
Loss (gain) on sale of disposed assets 3 (6)
Provision (release) for loan losses 1,463 (917)
Proceeds from loans sold 11,119 28,546
Loans originated for sale (4,459) (25,605)
(Increase) decrease in deferred loan origination fees and costs, net (733) 517
Increase in mortgage servicing rights originated (72) (258)
Decrease in mortgage impairment charge (9)
Decrease in interest receivable 137 16
Decrease in deferred tax benefit 224 219
Decrease (increase) in prepaid expenses 202 (97)
Increase in cash surrender value of life insurance policies (414) (251)
Decrease in income tax receivable 37
(Increase) decrease in other assets (52) 80
Increase in income taxes payable 631
Decrease in accrued expenses (1,442) (188)
Decrease in interest payable (5) (1,174)
Increase in other liabilities 19 80
Stock based compensation-restricted stock awards 624 474
Net cash provided by operating activities 15,435 11,982
Investing Activities    
Net redemptions of Federal Home Loan Bank of Boston stock 452 209
Purchases of securities available-for-sale (52,175) (72,654)
Proceeds from sales of securities available-for-sale 22,012 2,407
Proceeds from calls of securities available-for-sale 1,500
Proceeds from maturities of securities available-for-sale 9,389 14,306
Reinvestment/purchase of mutual funds (843) (6)
Loan originations and principal collections, net (73,434) (4,258)
Recoveries of loans previously charged off 12 51
Proceeds from life insurance 89
Proceeds from sales of disposed assets 18
Capital expenditures (601) (1,788)
Net cash utilized by investing activities (95,099) (60,215)
Financing Activities    
(Decrease) increase in deposit transaction accounts, net (53,997) 109,153
Increase in time deposits, net 34,343 5,142
Increase in securities sold under agreements to repurchase, net 5,144 10,376
Payments Federal Home Loan Bank of Boston advances (6,000)
Principal payments on amortizing FHLB advances (1,677) (2,498)
Issuance of Subordinated debt, net of issuance costs 24,418
Repayment of Subordinated debt (10,000)
Principal payments on note payable (21) (19)
Decrease in finance lease obligation (67) (27)
Stock options exercised 95 31
Net settlement of restricted stock units (183)
Common stock dividends paid (1,841) (1,679)
Net cash (utilized) provided by financing activities (24,204) 134,897
Net (decrease) increase in cash and cash equivalents (103,868) 86,664
Cash and cash equivalents, beginning of period 175,335 93,162
Cash and cash equivalents, end of period 71,467 179,826
Cash paid during period    
Interest 1,625 1,649
Income taxes 1,310 1,563
Non-cash supplemental    
Available for Sale Security Due from Broker 904
Fixed Asset 289
Finance lease liability (289)
Loans transferred to Loans Held for Sale $ 3,684