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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 11,750 $ 12,332
(Accretion), amortization and depreciation    
Securities 1,082 807
Bank premises and equipment 1,202 1,142
Core deposit intangible 149 198
Modification fees on Federal Home Loan Bank of Boston advances 21 17
Subordinated debt issuance costs 43 159
Mortgage servicing rights 117 167
(Gains) and losses, including write-downs    
Sales and calls of securities available-for-sale, net (165) 2
CRA Mutual Fund 119 18
Sales of loans, excluding capitalized servicing rights (306) (653)
Loss on write-down of asset 3 144
Gain on sale of premises and equipment (73)
Gain on redemption of Bank Owen Life Insurance (89)
Provision (release) for loan losses 2,158 (517)
Proceeds from loans sold 11,343 30,364
Loans originated for sale (4,444) (27,615)
Increase in deferred loan origination costs, net (717) (58)
Mortgage servicing rights originated (72) (276)
Decrease in interest receivable 248 441
(Increase) decrease in deferred tax benefit (129) 87
Increase in prepaid expenses (71) (416)
Increase in cash surrender value of life insurance policies (526) (386)
Decrease (increase) in income tax receivable 452 (429)
Increase (decrease) in income tax payable 101 (320)
Increase in other assets (50) (509)
Decrease in accrued expenses (904) (290)
Decrease in interest payable (31) (9)
Increase in other liabilities 122 365
Stock based compensation-restricted stock awards 855 684
Net cash provided by operating activities 22,263 15,378
Investing Activities    
Net (purchases) redemption of Federal Home Loan Bank of Boston stock (90) 209
Maturity of Interest-Bearing Time Deposits with Financial Institutions 750 0
Purchases of securities available-for-sale (52,176) (107,811)
Proceeds from sales of securities available-for-sale 22,012 3,311
Proceeds from calls of securities available-for-sale 1,500 8,500
Proceeds from principal payments and maturities of securities available-for-sale 11,626 15,883
Reinvestment of CRA Mutual Fund (1,100) (8)
Loan originations and principal collections, net (115,135) (29,323)
Recoveries of loans previously charged off 42 185
Proceeds from sale/ disposal of premises and equipment 248
Capital expenditures (793) (1,889)
Purchase of life insurance policies (2,507) (3,500)
Proceeds from life insurance policy 672
Net cash used by investing activities (135,199) (114,195)
Financing Activities    
Increase in deposit transaction accounts, net (1,839) 167,973
Decrease in time deposits, net (9,150) (7,419)
(Decrease) increase in securities sold under agreements to repurchase, net (4,321) 3,334
Federal Home Loan Bank of Boston long-term maturities/payments (6,000)
Federal Home Loan Bank of Boston short-term advances, net change 20,000
Principal payments on Amortizing Federal Home Loan Bank of Boston advance (1,677) (3,751)
Issuance of Sub Debt, net of issuance costs 24,418
Repayment of Sub Debt (10,000)
Principal payments on note payable (31) (28)
Decrease in finance lease obligation (230) (42)
Stock options exercised 95 31
Net settlement of restricted stock units (183)
Common stock dividends paid (2,766) (2,566)
Net cash (used by) provided by financing activities (6,102) 171,950
Net (decrease) increase in cash and cash equivalents (119,038) 73,133
Cash and cash equivalents, beginning of period 175,335 93,162
Cash and cash equivalents, end of period 56,297 166,295
Supplemental Cash Flow Information:    
Cash paid for interest 2,801 2,472
Cash paid for income taxes 2,077 3,948
 Non cash investing and financing activities:    
Fixed Assets 419
Finance lease liability (419)
Transfers from Fixed Assets to Other Assets 727
Loans transferred to Loans Held for Sale $ 3,909