| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net loss | ||||||
3,428 | -2,086 | -2,126 | - | - | ||
Net loss | ||||||
- | - | - | 463 | -754 | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||
Provision for loan losses | ||||||
- | 762 | 540 | 103 | -137 | ||
Bargain purchase gain | ||||||
- | - | - | 1,276 | - | ||
Loans originated for sale | ||||||
913,656 | 393,251 | 398,696 | 404,555 | 105,834 | ||
Net gain on sales of mortgage loans | ||||||
18,900 | 7,539 | 9,438 | - | - | ||
Proceeds from sales of mortgage loans | ||||||
913,548 | 391,149 | 413,196 | - | - | ||
Principal balance of loans sold | ||||||
- | - | - | 403,632 | 105,305 | ||
Net amortization of securities | ||||||
-187 | -183 | -271 | -250 | -220 | ||
Net change in deferred loan costs and fees, and purchase premiums | ||||||
-102 | 56 | 276 | -111 | 152 | ||
(Gain) loss on sales/calls of securities and impairment write-down | ||||||
16 | -11 | - | - | - | ||
Gain on sales of buildings | ||||||
- | 2,476 | - | - | - | ||
Gain on sales of securities | ||||||
- | - | - | 162 | -7 | ||
Depreciation and amortization | ||||||
857 | 835 | 605 | 588 | 631 | ||
Impairment write-down on property and equipment | ||||||
- | 166 | 225 | - | - | ||
Impairment write-down on foreclosed real estate | ||||||
- | 36 | - | 150 | 100 | ||
Gain on life insurance settlement, net | ||||||
- | - | - | 486 | 293 | ||
Deferred tax benefit | ||||||
- | - | - | - | -117 | ||
Charitable foundation contribution | ||||||
- | - | - | 1,820 | - | ||
Stock-based compensation | ||||||
919 | 797 | 184 | - | - | ||
ESOP expense | ||||||
283 | 301 | 286 | 257 | - | ||
Increase in cash surrender value of life insurance | ||||||
-185 | -218 | -153 | -172 | -236 | ||
Net (increase) decrease in mortgage servicing rights | ||||||
-770 | -1,389 | 2,089 | -297 | -122 | ||
Other, net | ||||||
-2,272 | 1,484 | -797 | 488 | -1,333 | ||
Net cash provided by (used in) operating activities | ||||||
-16,475 | -11,291 | 5,910 | - | - | ||
Cash flows from investing activities: | ||||||
Net cash provided by operating activities | ||||||
- | - | - | 914 | -2,715 | ||
Redemptions of certificates of deposit | ||||||
-1,715 | -735 | -735 | -1,000 | 1,960 | ||
Securities available for sale: | ||||||
Sales | ||||||
534 | 8,958 | - | 2,521 | 2,990 | ||
Calls/maturities | ||||||
500 | 5,562 | 2,586 | 6,970 | 5,727 | ||
Purchases | ||||||
12,395 | 9,993 | - | 23,405 | 549 | ||
Principal payments on mortgage-backed securities | ||||||
5,760 | 5,589 | 4,278 | 5,872 | 6,854 | ||
Loan originations, net of principal repayments | ||||||
8,583 | 96,088 | 31,614 | 12,175 | 34,408 | ||
Proceeds from sale of portfolio loans | ||||||
23,689 | 25,038 | - | - | - | ||
Loan purchases | ||||||
5,412 | 16,180 | 36,032 | 4,426 | 1,446 | ||
Redemptions (purchases) of Federal Home Loan Bank of Boston stock | ||||||
-2,283 | 1,390 | 832 | -899 | 925 | ||
Proceeds from life insurance settlement | ||||||
- | - | - | 2,157 | 927 | ||
Proceeds from sale of foreclosed real estate | ||||||
61 | - | - | 367 | - | ||
Proceeds from sales of buildings | ||||||
- | 5,834 | - | 1,231 | - | ||
Acquisition of First Eastern, net of cash acquired | ||||||
- | - | - | 11,131 | - | ||
Purchases of premises and equipment | ||||||
237 | 1,430 | 3,177 | 1,071 | 406 | ||
Net cash (used in) provided by investing activities | ||||||
7,915 | -73,365 | -64,056 | - | - | ||
Cash flows from financing activities: | ||||||
Net increase in non-brokered deposits | ||||||
29,634 | 16,820 | 8,641 | - | - | ||
Net decrease in brokered deposits | ||||||
30,278 | 53,474 | - | - | - | ||
Net increase in brokered deposits | ||||||
- | - | 7,016 | - | - | ||
Net cash used in investing activities | ||||||
- | - | - | -31,191 | -23,196 | ||
Net increase in deposits, excluding brokered deposits | ||||||
- | - | - | - | 14,733 | ||
Net increase in deposits | ||||||
- | - | - | 194 | - | ||
Net decrease in short-term Federal Home Loan Bank of Boston borrowings | ||||||
62,862 | -17,945 | -44,841 | -12,497 | - | ||
Issuance (repayments) of long-term Federal Home Loan Bank of Boston advances, net | ||||||
-20,000 | - | - | - | - | ||
Proceeds from long-term Federal Home Loan Bank of Boston advances | ||||||
- | - | - | 1,449 | 31,401 | ||
Repayments of long-term Federal Home Loan Bank of Boston advances | ||||||
1,771 | 4,863 | 7,554 | 23,381 | 20,566 | ||
Net increase (decrease) in mortgagors' escrow accounts | ||||||
-77 | 1,222 | -665 | -448 | 107 | ||
Net proceeds from the issuance of common stock | ||||||
- | - | - | 56,868 | - | ||
Acquisition of common stock by ESOP | ||||||
- | - | - | 4,695 | - | ||
Stock offering costs | ||||||
- | - | - | 2,004 | 321 | ||
Repurchases of common stock | ||||||
5,438 | 1,716 | 160 | - | - | ||
Stock repurchase payable | ||||||
-70 | 70 | - | - | - | ||
Net cash provided by financing activities | ||||||
9,694 | 82,952 | 52,119 | - | - | ||
Net change in cash and cash equivalents | ||||||
1,134 | -1,704 | -6,027 | - | - | ||
Net cash provided by financing activities | ||||||
- | - | - | 40,480 | 25,354 | ||
Net change in cash and cash equivalents | ||||||
- | - | - | 10,203 | -557 | ||
Supplemental cash flow information: | ||||||
Interest paid on deposits and borrowed funds | ||||||
7,057 | 4,390 | 2,122 | 1,604 | 1,348 | ||
Income taxes paid | ||||||
-266 | 33 | 10 | 74 | - | ||
Non-cash item: | ||||||
Donation of land, net | ||||||
73 | - | - | - | - | ||
Income taxes paid | ||||||
- | - | - | - | 6 | ||
Leasehold improvements funded by landlord | ||||||
- | - | 646 | - | - | ||
Transfer of portfolio loan to foreclosed real estate | ||||||
- | - | 193 | - | - | ||
Transfer of portfolio loans to held for sale | ||||||
28,608 | 28,057 | - | - | - | ||
Transfer of property and equipment to assets held for sale | ||||||
- | 2,897 | 828 | - | - | ||