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Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities    
Net income $ 1,825 $ 1,473
(Accretion), amortization and depreciation    
Securities 163 305
Bank premises and equipment 414 396
Core deposit intangible 111 111
Mortgage servicing rights 114 74
Fair value adjustment on loans 22 22
Gain of calls of securities available-for-sale (11) (1)
Write down of other real estate owned 163 0
Provision for loan losses 680 440
Decrease in loans held-for-sale 1,038 152
Increase in deferred loan origination fees and costs, net (116) (44)
Mortgage servicing rights originated (106) (112)
Decrease (increase) in mortgage servicing rights impairment reserve 15 (5)
Decrease (increase) in interest receivable 45 (74)
Deferred tax benefit (27) (42)
Decrease in prepaid expenses 391 415
Increase in cash surrender value of life insurance policies (80) (84)
Decrease (increase) in income tax receivable 715 (194)
Decrease in other assets 17 40
(Decrease) increase in accrued expenses (29) 46
Decrease in interest payable (128) (85)
(Decrease) increase in other liabilities (613) 130
Issuance of shares for directors' fee 27 23
Net cash provided by operating activities 4,631 2,986
Investing Activities    
Proceeds from maturities of interest-bearing time deposits 5,000 0
Purchases of securities available-for-sale (15,034) (37,987)
Proceeds from calls of securities available-for-sale 19,000 12,190
Proceeds from maturities of securities available-for-sale 7,507 17,645
Proceeds from maturities of securities held-to-maturity 3 3
Loan originations and principle collections, net (13,326) (15,029)
Recoveries of loans previously charged-off 22 14
Proceeds from sale of other real estate owned 308 0
Capital expenditures (467) (1,416)
Net cash provided (utilized) by investing activities 3,013 (24,580)
Financing Activities    
Increase in deposit transaction accounts, net 44,058 27,560
Decrease in time deposits, net (15,318) (21,772)
Decrease in securities sold under agreements to repurchase, net (831) (3,295)
Principal payments on Federal Home Loan Bank of Boston advances (17,352) (1,418)
Common stock dividends paid (945) (945)
Preferred stock dividends paid (220) (220)
Net cash provided (utilized) by financing activities 9,392 (90)
Net increase (decrease) in cash and cash equivalents 17,036 (21,684)
Cash and cash equivalents, beginning of period 26,908 43,298
Cash and cash equivalents, end of period 43,944 21,614
Cash paid during period    
Interest 3,062 3,973
Income taxes 449 79
Non-cash transfers    
Transfer from loans to other real estate owned $ 321 $ 0