| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income | |||||||||
6,000 | 5,991 | 3,185 | 2,936 | 2,649 | 1,777 | 2,220 | 1,099 | 2,005 | 2,153 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||
Provision for loan losses | |||||||||
915 | 585 | 735 | 437 | 475 | 640 | 500 | 550 | 900 | 1,100 |
Provision for losses and gain on sale of foreclosed assets, net | |||||||||
- | - | - | - | - | - | - | - | - | 54 |
Depreciation and amortization | |||||||||
829 | 767 | 746 | 749 | 658 | 596 | 350 | 290 | 209 | 173 |
Proceeds from sales of loans, net | |||||||||
- | - | - | - | - | - | - | - | - | -6,401 |
Loans originated for sale | |||||||||
- | - | - | - | - | - | - | - | - | 6,317 |
Net amortization of securities | |||||||||
-144 | -143 | -237 | -276 | -222 | -159 | -235 | -286 | -180 | -206 |
Gains on sales of securities, net | |||||||||
8 | - | - | - | - | - | - | - | - | - |
Gain on sales of securities, net | |||||||||
- | - | - | 16 | 31 | 16 | 103 | 98 | 18 | 82 |
Principal balance of loans sold | |||||||||
25,083 | 8,544 | 11,747 | 30,739 | 22,095 | 19,309 | 29,734 | 25,393 | - | - |
Loans originated for sale | |||||||||
28,437 | 8,544 | 10,293 | 31,061 | 22,851 | 19,129 | 21,429 | 34,523 | - | - |
Gain on sale of fixed assets | |||||||||
- | - | - | - | - | - | - | 16 | - | 11 |
Accretion of net deferred loan fees | |||||||||
638 | 611 | 570 | 524 | 412 | 450 | 599 | 398 | 355 | 391 |
Amortization of subordinated debt issuance costs | |||||||||
29 | 30 | 33 | 35 | 0 | - | - | - | - | - |
Income on bank-owned life insurance | |||||||||
236 | 234 | 232 | 230 | 232 | 234 | 222 | 177 | 146 | 151 |
Deferred income tax provision | |||||||||
-274 | -255 | 240 | -30 | -304 | -161 | 338 | -796 | -270 | -362 |
Issuance of common stock to Wellesley Bank Charitable Foundation | |||||||||
- | - | - | - | - | - | - | 1,575 | - | - |
ESOP expense | |||||||||
418 | 406 | 348 | 270 | 246 | 241 | 219 | 181 | - | - |
Share-based compensation | |||||||||
345 | 379 | 614 | 537 | 500 | 431 | 462 | 114 | - | - |
Excess tax benefits from share-based compensation | |||||||||
- | - | - | 45 | 23 | 23 | 12 | - | - | - |
Net change in other assets and liabilities | |||||||||
240 | 348 | -1,264 | 763 | -104 | 26 | -21 | -1,203 | - | - |
Net cash provided by operating activities | |||||||||
- | - | - | - | 3,096 | 3,114 | 11,714 | - | - | - |
Net increase in certificates of deposit | |||||||||
- | - | - | - | - | - | 500 | - | - | - |
Accrued interest receivable | |||||||||
- | - | - | - | - | - | - | - | 46 | 19 |
Other assets | |||||||||
- | - | - | - | - | - | - | - | 471 | -708 |
Prepaid FDIC assessment | |||||||||
- | - | - | - | - | - | - | - | - | -367 |
Accrued expenses and other liabilities | |||||||||
- | - | - | - | - | - | - | - | 92 | 19 |
Net cash provided by operating activities | |||||||||
3,930 | 6,853 | 8,054 | 3,310 | - | - | - | -5,317 | 2,125 | 3,848 |
Cash flows from investing activities: | |||||||||
Maturities of certificates of deposit | |||||||||
- | - | - | - | - | - | - | 100 | - | - |
Purchases | |||||||||
- | - | - | - | - | - | - | 600 | - | - |
Maturities | |||||||||
- | - | - | - | - | - | - | - | 3,333 | - |
Maturities | |||||||||
- | - | - | - | - | - | - | - | - | 9,477 |
Maturities, prepayments and calls | |||||||||
9,826 | 11,710 | 5,415 | 14,740 | 20,660 | 9,839 | 7,802 | 12,022 | 4,887 | 8,984 |
Purchases | |||||||||
- | 12,914 | - | - | - | - | - | - | - | - |
Sales | |||||||||
28,422 | 0 | - | - | - | - | - | - | - | - |
Purchases | |||||||||
- | - | 7,072 | 18,926 | 32,890 | 26,493 | 7,805 | 17,536 | 16,380 | 10,075 |
Proceeds from sales | |||||||||
- | - | - | 1,088 | 1,864 | 903 | 1,429 | 2,420 | 1,328 | 3,515 |
Purchase (redemption) of Federal Home Loan Bank stock | |||||||||
159 | -1,190 | 179 | - | 1,864 | 484 | 1,171 | 75 | - | - |
Purchase of Federal Home Loan Bank stock | |||||||||
- | - | - | 234 | - | - | - | - | - | - |
Net loan originations | |||||||||
97,705 | 50,704 | 110,336 | 68,738 | 84,480 | 59,710 | 89,528 | 72,366 | - | 20,941 |
Proceeds from sale of portfolio loans | |||||||||
- | - | - | - | 20,618 | - | - | - | - | - |
Principal amount of loans sold | |||||||||
- | - | - | - | - | - | - | - | -4,416 | - |
Proceeds from sale of portfolio loans | |||||||||
- | - | - | - | - | 0 | - | - | 4,461 | - |
Loan originations, net | |||||||||
- | - | - | - | - | - | - | - | -18,831 | - |
Proceeds from loan sales | |||||||||
- | - | - | - | - | - | - | - | 525 | - |
Net proceeds from sales of foreclosed assets | |||||||||
- | - | - | - | - | - | - | - | - | 346 |
Additions to premises and equipment | |||||||||
629 | 1,241 | 344 | 1,159 | 377 | 585 | 2,112 | 1,188 | 594 | 243 |
Purchases of bank-owned life insurance | |||||||||
- | - | - | - | - | - | - | 2,000 | - | - |
Proceeds from sale of premises and equipment | |||||||||
60 | 63 | 47 | 0 | 1 | - | 20 | 38 | 3 | 67 |
Proceeds from sale of premises and equipment | |||||||||
- | - | - | - | - | 36 | - | - | - | - |
Net cash used by investing activities | |||||||||
- | - | - | - | -76,468 | -76,494 | -90,865 | - | - | - |
Net cash used by investing activities | |||||||||
-60,185 | -51,896 | -112,469 | -73,229 | - | - | - | -79,185 | -25,729 | -8,870 |
Cash flows from financing activities: | |||||||||
Net increase (decrease) in deposits | |||||||||
34,536 | 101,189 | 93,932 | 59,072 | 41,493 | 64,727 | 59,459 | 52,813 | 22,810 | 26,515 |
Proceeds from issuance of long-term debt | |||||||||
33,000 | 36,000 | 39,000 | 26,085 | 33,500 | 22,000 | 20,500 | 26,000 | - | 2,000 |
Repayments of long-term debt | |||||||||
17,332 | 54,646 | 44,846 | 15,925 | 20,140 | 6,000 | 8,500 | 2,000 | 5,000 | 14,000 |
Net cash provided by financing activities | |||||||||
- | - | - | - | 82,279 | 73,584 | 80,000 | - | - | - |
Purchase of common stock by ESOP | |||||||||
- | - | - | - | - | - | - | 1,926 | - | - |
Increase in short-term borrowings | |||||||||
- | - | - | 1,250 | - | - | - | - | - | - |
Increase in short-term borrowings | |||||||||
5,000 | -23,000 | 16,750 | - | 18,000 | -7,000 | 9,000 | -7,059 | 1,255 | -466 |
Proceeds from issuance of subordinated debt | |||||||||
- | - | - | - | 9,734 | 0 | - | - | - | - |
Proceeds from stock subscriptions | |||||||||
- | - | - | - | - | - | - | - | 19,666 | - |
Conversion of stock subscriptions to common stock | |||||||||
- | - | - | - | - | - | - | 19,666 | - | - |
Net proceeds from the issuance of common stock | |||||||||
- | - | - | - | - | - | - | 21,236 | - | - |
Stock options exercised | |||||||||
1,093 | 292 | 157 | 49 | 0 | 69 | 15 | - | - | - |
Common stock repurchased | |||||||||
20 | 87 | 93 | 64 | 68 | 63 | 486 | 202 | - | - |
Excess tax benefits from share-based compensation | |||||||||
- | - | - | 45 | 23 | 23 | 12 | - | - | - |
Tax effect of dividends on unvested restricted stock | |||||||||
- | - | - | 2 | 2 | 1 | - | - | - | - |
Cash dividends paid on common stock | |||||||||
578 | 517 | 448 | 348 | 265 | 173 | - | - | - | - |
Net cash provided by financing activities | |||||||||
55,699 | 59,231 | 104,452 | 70,166 | - | - | - | 69,196 | 38,731 | 14,049 |
Net change in cash and cash equivalents | |||||||||
-556 | 14,188 | - | - | - | - | - | - | - | - |
Net change in cash and cash equivalents | |||||||||
- | - | 37 | 247 | 8,907 | 204 | 849 | -15,306 | 15,127 | 9,027 |
Supplementary information: | |||||||||
Interest paid | |||||||||
12,998 | 8,709 | 5,250 | 4,816 | - | - | - | - | - | - |
Interest paid | |||||||||
- | - | - | - | 3,659 | 3,400 | 2,776 | 2,596 | 2,678 | 3,431 |
Income taxes paid | |||||||||
2,563 | 2,782 | 2,820 | 2,019 | 1,490 | 1,233 | 1,623 | 1,100 | 1,319 | 947 |
Transfer of loans to foreclosed real estate | |||||||||
- | - | - | - | - | - | - | - | - | 400 |