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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ (235,000) $ 4,112,000
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Provision (credit) for loan losses 71,000 (213,000)
Loans originated for sale (109,270,000) (487,808,000)
Net gain on sales of mortgage loans (1,264,000) (10,993,000)
Proceeds from sales of mortgage loans 131,556,000 515,419,000
Net amortization of securities 58,000 95,000
Net change in deferred loan costs and fees, and purchase premiums (75,000) 339,000
Depreciation and amortization 181,000 182,000
Stock-based compensation 284,000 283,000
ESOP expense 112,000 94,000
Increase in cash surrender value of life insurance (40,000) (40,000)
Amortization of mortgage servicing rights 749,000 840,000
Increase (decrease) in valuation allowance of mortgage servicing rights (135,000) (421,000)
Other, net (3,215,000) 6,508,000
Net cash provided by operating activities 18,777,000 28,397,000
Securities available for sale:    
Purchases (1,796,000) (3,913,000)
Principal payments on mortgage-backed securities 2,205,000 4,119,000
Loan originations, net of principal repayments (34,054,000) (2,900,000)
Loan purchases (912,000)  
Redemptions of Federal Home Loan Bank of Boston stock 206,000  
Purchases of premises and equipment (216,000) (110,000)
Net cash used in investing activities (34,567,000) (2,804,000)
Cash flows from financing activities:    
Net increase (decrease) in non-interest bearing deposits (2,873,000) 21,892,000
Net increase (decrease) in interest bearing deposits (10,595,000) 10,059,000
Net decrease in Federal Reserve Bank borrowings   (11,431,000)
Repayments of long-term Federal Home Loan Bank of Boston advances (5,000,000) (1,871,000)
Net increase (decrease) in mortgagors' escrow accounts 645,000 (414,000)
Repurchases of common stock (1,327,000) (2,652,000)
Proceeds from exercise of stock options 1,810,000  
Common stock dividends paid (11,247,000)  
Net cash provided by (used in) financing activities (28,587,000) 15,583,000
Net change in cash and cash equivalents (44,377,000) 41,176,000
Cash and cash equivalents at beginning of period 115,449,000 13,774,000
Cash and cash equivalents at end of period 71,072,000 54,950,000
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 512,000 794,000
Income taxes paid $ 555,000 655,000
Non-cash item:    
Transfer of held for sale loans to portfolio   5,565,000
Initial recognition of operating lease at commencement   $ 1,310,000