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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income $ 12,332,000 $ 9,137,000
(Accretion), amortization and depreciation    
Securities 807,000 388,000
Bank premises and equipment 1,142,000 1,071,000
Core deposit intangible 198,000 247,000
Modification fees on Federal Home Loan Bank of Boston advances 17,000 64,000
Subordinated debt issuance costs 159,000 18,000
Mortgage servicing rights 167,000 84,000
Fair value adjustment on deposits (4,000)
(Gains) and losses, including write-downs    
Sales and calls of securities available-for-sale, net 2,000 (216,000)
CRA Mutual Fund 18,000 (22,000)
Sales of loans, excluding capitalized servicing rights (653,000) (843,000)
Loss on write-down of asset 144,000
Gain on sale of premises and equipment (73,000)
(Release) provision for loan losses (517,000) 4,198,000
Proceeds from loans sold 30,364,000 45,246,000
Loans originated for sale (27,615,000) (46,832,000)
(Decrease) increase in deferred loan origination fees and costs, net (58,000) 2,321,000
Mortgage servicing rights originated (276,000) (413,000)
Decrease (increase) in interest receivable 441,000 (2,640,000)
Decrease (increase) in deferred tax benefit 87,000 (1,359,000)
(Increase) decrease in prepaid expenses (416,000) 295,000
Increase in cash surrender value of life insurance policies (386,000) (986,000)
Increase in income tax receivable (429,000)
(Decrease) increase in income tax payable (320,000) 1,412,000
(Increase) decrease in other assets (509,000) 42,000
Decrease in accrued expenses (290,000) (584,000)
(Decrease) increase in interest payable (9,000) 132,000
Increase (decrease) in other liabilities 366,000 (144,000)
Stock based compensation-restricted stock awards 684,000 518,000
Net cash provided by operating activities 15,378,000 11,130,000
Investing Activities    
Net redemption of Federal Home Loan Bank of Boston stock 209,000 84,000
Purchases of securities available-for-sale (107,811,000) (27,802,000)
Proceeds from sales of securities available-for-sale 3,311,000 12,526,000
Proceeds from calls of securities available-for-sale 8,500,000 655,000
Proceeds from principal payments and maturities of securities available-for-sale 15,883,000 12,226,000
Reinvestment of CRA Mutual Fund (8,000) (12,000)
Loan originations and principal collections, net (29,323,000) (110,743,000)
Recoveries of loans previously charged off 185,000 44,000
Proceeds from sale/ disposal of premises and equipment 248,000 314,000
Capital expenditures (1,889,000) (2,384,000)
Purchase of life insurance policies (3,500,000)
Proceeds from life insurance policy 3,994,000
Net cash used by investing activities (114,195,000) (111,098,000)
Financing Activities    
Increase in deposit transaction accounts, net 167,973,000 175,508,000
(Decrease) increase in time deposits, net (7,419,000) 131,000
Increase in securities sold under agreements to repurchase, net 3,334,000 2,355,000
Federal Home Loan Bank of Boston long term advances 46,001,000
Federal Home Loan Bank of Boston long-term maturities/payments (21,000,000)
Federal Home Loan Bank of Boston short-term advances, net change (30,000,000)
Principal payments on Amortizing Federal Home Loan Bank of Boston advance (3,751,000) (2,072,000)
Issuance of Sub Debt, net of issuance costs 24,418,000
Repayment of Sub Debt (10,000,000)
Principal payments on note payable (28,000) (28,000)
Decrease in finance lease obligation (42,000) (62,000)
Stock options exercised 31,000 53,000
Common stock dividends paid (2,566,000) (2,462,000)
Net cash provided by financing activities 171,950,000 168,424,000
Net increase in cash and cash equivalents 73,133,000 68,456,000
Cash and cash equivalents, beginning of period 93,162,000 26,885,000
Cash and cash equivalents, end of period 166,295,000 95,341,000
Supplemental Cash Flow Information:    
Cash paid for interest 2,472,000 4,124,000
Cash paid for income taxes 3,948,000 1,805,000
 Non cash investing and financing activities:    
Transfers from Fixed Assets to Other Assets $ 727,000