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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 15,874 $ 16,473 $ 11,940
(Accretion), amortization and depreciation      
Securities 1,429 1,125 548
Bank premises and equipment 1,612 1,515 1,426
Core deposit intangible 191 256 321
Amortization of modification fees on Federal Home Loan Bank of Boston advances 21 22 70
Subordinated debt issuance costs 57 173 24
Mortgage servicing rights 140 235 151
Fair value adjustment on deposits (4)
(Gains) and losses, including write-downs      
Sales and calls of securities available-for-sale, net (165) 2 (196)
Sales of loans, excluding capitalized servicing rights (304) (697) (1,204)
Mutual Funds 120 26 (19)
Other real estate owned
Disposals of premises and equipment 3 71
Gain on redemption of bank owned life insurance (89) (601)
Provision (release) for loan losses 2,683 (720) 5,038
Proceeds from loans sold 11,382 34,561 59,786
Loans originated for sale (5,135) (33,813) (60,985)
(Increase) decrease in deferred loan origination fees and costs, net (716) (657) 1,734
Mortgage servicing rights originated (70) (314) (534)
(Decrease) increase in mortgage servicing rights impairment reserve (9) 9
(Increase) decrease in interest receivable (537) 113 (2,958)
Deferred tax (benefit) expense (163) 389 (1,600)
Decrease (increase) in prepaid expenses 254 (337) 393
Increase in cash surrender value of life insurance policies (717) (556) (495)
Decrease (increase) in income tax receivable 452 (450)
Increase (decrease) in income tax payable 37 (320) 83
Increase in other assets (135) (529) (52)
Increase in accrued expenses 99 409 327
Increase (decrease) in interest payable 161 6 (35)
(Decrease) increase in other liabilities (166) 144 (107)
Stock based compensation-restricted stock awards 1,128 930 743
Net cash provided by operating activities 27,446 18,048 13,803
Investing Activities      
Redemptions of Federal Home Loan Bank of Boston stock, net 112 316 1,529
Purchases of securities available-for-sale (54,176) (145,297) (37,392)
Maturity of interest-bearing time deposits with financial institutions 750
Proceeds from sales of securities available-for-sale 21,716 3,311 15,589
Proceeds from calls of securities available-for-sale 1,500 9,500 655
Proceeds from maturities of securities available-for-sale 17,346 24,675 16,270
Investment and reinvestment - Mutual Funds (1,152) (10) (16)
Loan originations and principal collections, net (152,194) (37,844) (107,420)
Recoveries of loans previously charged off 47 209 323
Proceeds from sale/ disposal of premises and equipment 248
Proceeds from sales of other real estate owned 314
Capital expenditures (849) (2,314) (4,367)
Purchase of bank owned life insurance (2,507) (6,000) (3,500)
Death benefit proceeds received 672 3,994
Net cash utilized by investing activities (168,735) (153,206) (114,021)
Financing Activities      
(Decrease) increase in deposit transaction accounts, net (12,161) 219,624 205,778
Increase (decrease) in time deposits, net 34,361 (12,505) 3,794
(Decrease) increase in securities sold under agreements to repurchase, net (4,202) 4,314 (1,414)
Short-term Federal Home Loan Bank of Boston advances, net 10,000 (21,000)
Long-term Federal Home Loan Bank of Boston advances 6,000
Long-term Federal Home Loan Bank of Boston repayments (6,000) (30,000)
Amortizing Federal Home Loan Bank of Boston advances 10,000
Amortizing Federal Home Loan Bank of Boston repayments (1,677) (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 (42) (38) (38)
Decrease in finance lease obligation (134) (56) (74)
Stock options exercised 222 31 53
Net settlement of restricted stock units (183)
Common stock dividends paid (3,691) (3,452) (3,286)
Net cash provided by financing activities 16,493 217,331 166,495
Net (decrease) increase in cash and cash equivalents (124,796) 82,173 66,277
Cash and cash equivalents, beginning of year 175,335 93,162 26,885
Cash and cash equivalents, end of year 50,539 175,335 93,162
Cash paid during year      
Interest 4,733 3,247 5,233
Income taxes 3,213 4,648 3,970
New Finance Lease or amendments to Finance Lease      
Fixed Asset 289 2,490
Lease liability (289) (2,490)
Transfers from Fixed Assets to Other Assets 700
Loan transfers to Held for Sale 3,909
Loans transferred from Held for Sale to loans Held for Investment (650)
Extension of operating lease-other assets 29
Extension of operating lease-other liabilities $ (29)