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CONSOLIDATED STATEMENTS OF CASH FLOWS - Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating Activities    
Net income $ 1,512 $ 2,234
(Accretion), amortization and depreciation:    
Securities 60 38
Bank premises and equipment 306 311
Core deposit intangible 155 169
Mortgage servicing rights 51 119
Fair value adjustment on loans (586) (650)
Fair value adjustment on deposits (38) $ (135)
Debt issuance costs 6
(Gains) and losses, including write-downs    
Gains on sales and calls of securities, available-for-sale, net (2) $ (175)
Gains on sales of loans, excluding capitalized servicing rights $ (19) (32)
Write-downs of other real estate owned 127
Loss on sale/disposals of premises and equipment $ 13 45
Provision (benefit) for loan losses 463 (200)
Proceeds from loans sold 1,787 2,134
Loans originated for sale (1,188) (1,862)
Increase in deferred loan origination fees and costs, net (44) (3)
Mortgage servicing rights originated (20) (62)
Increase in mortgage servicing rights impairment reserve 20 10
Increase in interest receivable $ (144) (22)
Deferred tax benefit (13)
Decrease (increase) in prepaid expenses $ 47 (126)
Increase in cash surrender value of life insurance policies (90) $ (92)
Decrease in income tax receivable $ 506
Increase in income tax payable $ 55
Decrease in other assets $ 125 64
Decrease in accrued expenses (113) $ (184)
Decrease in interest payable (30)
Increase in other liabilities 51 $ 161
Stock based compensation - restricted stock awards 47 71
Net cash provided by operating activities 2,875 $ 1,982
Investing Activities    
Redemption of Federal Home Loan Bank stock 59
Purchases of securities available-for-sale $ (10,072) $ (3)
Proceeds from sales of securities available-for-sale 3,861
Proceeds from calls of securities available-for-sale $ 5,351 3,740
Proceeds from maturities of securities available-for-sale 2,253 2,304
Loan originations and principle collections, net (29,674) (3,011)
Recoveries of loans previously charged off 14 460
Capital expenditures (644) (186)
Net cash (utilized) provided by investing activities (32,713) 7,165
Financing Activities    
Increase in deposit transaction accounts, net 3,330 9,556
(Decrease) increase in time deposits, net (2,167) 63
Decrease in securities sold under agreements to repurchase, net (1,294) (885)
Principal payments on Federal Home Loan Bank of Boston advances (6) $ (410)
Modification fees on Federal Home Loan Bank of Boston advances 58
Principal payments on note payable (11)
Decrease in capital lease obligation (2) $ (1)
Stock options exercised 87 126
Common stock dividends paid $ (772) (761)
Series B preferred stock dividends paid (40)
Net cash (utilized) provided by financing activities $ (777) 7,648
Net (decrease) increase in cash and cash equivalents (30,615) 16,795
Cash and cash equivalents, beginning of period 62,118 36,105
Cash and cash equivalents, end of period 31,503 52,900
Cash paid during year    
Interest 760 745
Income taxes $ 258 $ 911