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CONSOLIDATED STATEMENTS OF CASH FLOWS (Statements of Cash Flows, USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Statements of Cash Flows
   
Operating Activities    
Net income $ 2,285 $ 3,103
Amortization (accretion) and depreciation    
Securities 163 366
Bank premises and equipment 737 642
Core deposit intangible 193 167
Mortgage servicing rights 220 298
Fair value adjustment on loans 24 24
Fair value adjustment on deposits 53   
(Gains) and losses:    
Gains on sales of loans (39) (239)
Loss on sale of other real estate owned 4 9
Loss on sale/disposal of premises and equipment 5 34
Provision for loan losses 969 876
Proceeds from loans sold 3,536 15,670
Loans originated for sale (3,324) (14,260)
Increase in deferred loan origination fees and costs, net (21) (117)
Mortgage servicing rights originated (6) (261)
(Increase) decrease in mortgage servicing rights impairment reserve (14) 4
Increase in interest receivable (74) (5)
Deferred tax benefit (39) (37)
(Increase) decrease in prepaid expenses (81) 542
Increase in cash surrender value of life insurance policies (173) (185)
(Increase) decrease in income tax receivable (329) 352
(Increase) decrease in other assets (76) 63
(Decrease) increase in accrued expenses (144) 436
Decrease in interest payable (5) (29)
Increase in other liabilities 82 76
Issuance of shares for director fees 65 34
Compensation expense - restricted stock 112 103
Net cash provided by operating activities 4,123 7,666
Investing Activities    
Redemption of Federal Home Loan Bank stock 1,825 407
Maturities (purchases) of interest-bearing time deposits with other banks 738 (5,220)
Proceeds from calls of securities available-for-sale 4,115 1,650
Proceeds from maturities of securities available-for-sale 7,539 20,714
Loan originations and principle collections, net (24,694) (34,040)
Recoveries of loans previously charged-off 50 20
Proceeds from sale of other real estate owned 40 1,353
Capital expenditures (1,872) (409)
Premiums paid on bank-owned life insurance (1,100)   
Cash and cash equivalents acquired from Sharon, CT branch office of another institution 17,462   
Net cash provided (utilized) by investing activities 4,103 (15,525)
Financing Activities    
Increase (decrease) in deposit transaction accounts, net 24,527 (1,753)
Increase (decrease) in time deposits, net 2,174 (9,593)
Decrease in capital lease liability (1)   
Increase in securities sold under agreements to repurchase, net 3,946 2,086
Principal payments on Federal Home Loan Bank of Boston advances (1,193) (1,179)
Common stock dividends paid (1,439) (1,436)
Preferred stock dividends paid (126) (121)
Net cash provided by financing activities 27,888 (11,996)
Net increase (decrease) in cash and cash equivalents 36,114 (19,855)
Cash and cash equivalents, beginning of period 12,711 43,574
Cash and cash equivalents, end of period 48,825 23,719
Cash paid during year    
Interest 2,010 2,405
Income taxes 935 380
Non-cash transfers    
Transfer from loans to other real estate owned    1,689
Sharon branch acquisition    
Cash and cash equivalents acquired 17,462   
Net loans acquired 63   
Fixed assets acquired 158   
Core deposit intangible 489   
Deposits assumed 18,171   
Accrued interest payable assumed $ 1