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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 3,018,000 $ 3,568,000
(Accretion), amortization and depreciation:    
Securities 311,000 361,000
Bank premises and equipment 396,000 392,000
Core deposit intangible 39,000 53,000
Modification fees on Federal Home Loan Bank of Boston advances 21,000
Subordinated debt issuance costs 14,000 14,000
Mortgage servicing rights 26,000 39,000
(Gains) and losses, including write-downs    
(Gain) loss on mutual funds (20,000) 42,000
Gain on sales of securities available-for-sale, net (210,000)
Gain on sales of loans, excluding capitalized servicing rights (275,000)
Sales/disposals of premises and equipment 158,000 9,000
Provision for credit losses 1,016,000 363,000
Proceeds from loans sold 8,852,000
Loans originated for sale (6,963,000)
Decrease (increase) in deferred loan origination fees and costs, net 126,000 (476,000)
Mortgage servicing rights originated (55,000)
Decrease in interest receivable 414,000 365,000
Deferred tax (benefit) expense (172,000) 467,000
Increase in prepaid expenses (119,000) (111,000)
Increase in cash surrender value of life insurance policies (192,000) (162,000)
(Increase) decrease in other assets (395,000) 403,000
Decrease in income tax receivable 79,000
Decrease in accrued expenses (2,598,000) (1,537,000)
Increase in income tax payable 702,000
Decrease in interest payable (230,000) (12,000)
Increase (decrease) in other liabilities 256,000 (53,000)
Stock based compensation-restricted stock awards 225,000 285,000
Net cash provided by operating activities 2,975,000 5,459,000
Investing Activities    
Net redemptions of Federal Home Loan Bank of Boston stock (3,745,000) 320,000
Purchases of securities available-for-sale (145,297,000)
Purchase/reinvestment of mutual funds (115,000) (3,000)
Proceeds from sales of securities available-for-sale 17,718,000
Proceeds from maturities/principal payments of securities available-for-sale 2,910,000 102,413,000
Loan originations and principal collections, net (22,285,000) 641,000
Recoveries of loans previously charged off 3,000 6,000
Capital expenditures (3,000) (343,000)
Net cash utilized by investing activities (23,235,000) (24,545,000)
Financing Activities    
Decrease in deposit transaction accounts, net (82,343,000) (54,923,000)
Increase in time deposits, net 16,992,000 9,204,000
Decrease in securities sold under agreements to repurchase, net (3,998,000) (3,269,000)
Repayments of Federal Home Loan Bank of Boston long term advances (6,000,000)
Federal Home Loan Bank of Boston short term advances(net) 90,000,000
Principal payments on amortizing FHLB Advances (1,258,000)
Principal payments on note payable (11,000) (11,000)
Principal payments on finance lease obligations (37,000) (33,000)
Net settlement of restricted stock units (111,000) (183,000)
Common stock dividends paid (927,000) (915,000)
Net cash provided (utilized) by financing activities 19,565,000 (57,388,000)
Net decrease in cash and cash equivalents (695,000) (76,474,000)
Cash and cash equivalents, beginning of period 50,539,000 175,335,000
Cash and cash equivalents, end of period 49,844,000 98,861,000
 Cash paid during period    
Interest 3,567,000 789,000
Income taxes 221,000 270,000
Non cash investing and financing activities:    
Fixed Asset 65,000 289,000
Finance lease liability (65,000) (289,000)
Loans transferred to Loans Held for Sale $ 3,389,000