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Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest and dividend income        
Interest and fees on loans $ 4,695 $ 4,601 $ 9,359 $ 9,088
Interest on debt securities        
Taxable 733 1,033 1,516 1,959
Tax exempt 554 559 1,108 1,119
Other interest and dividends 38 38 75 84
Total interest and dividend income 6,020 6,231 12,058 12,250
Interest expense        
Deposits 829 1,125 1,700 2,324
Repurchase agreements 12 19 27 46
Federal Home Loan Bank of Boston advances 562 761 1,207 1,518
Total interest expense 1,403 1,905 2,934 3,888
Net interest income 4,617 4,326 9,124 8,362
Provision for loan losses 350 260 680 440
Net interest and dividend income after provision for loan losses 4,267 4,066 8,444 7,922
Non-interest income        
Trust and wealth advisory 596 491 1,263 1,036
Service charges and fees 522 499 1,022 952
Gains on sales of mortgage loans, net 59 122 192 164
Mortgage servicing, net (5) 27 26 60
Gains on securities, net 0 1 11 1
Other 58 89 117 146
Total non-interest income 1,230 1,229 2,631 2,359
Non-interest expense        
Salaries 1,657 1,668 3,386 3,239
Employee benefits 650 586 1,283 1,216
Premises and equipment 568 495 1,151 1,011
Data processing 285 363 662 772
Professional fees 300 455 577 857
Collections and OREO 243 21 367 43
FDIC insurance 182 182 405 354
Marketing and community support 92 59 160 121
Amortization of intangibles 56 56 111 111
Other 399 360 754 833
Total non-interest expense 4,432 4,245 8,856 8,557
Income before income taxes 1,065 1,050 2,219 1,724
Income tax provision 183 172 394 251
Net income 882 878 1,825 1,473
Net income available to common shareholders $ 766 $ 763 $ 1,594 $ 1,243
Basic and diluted earnings per share (in dollars per share) $ 0.45 $ 0.45 $ 0.94 $ 0.74
Common dividends per share (in dollars per share) $ 0.28 $ 0.28 $ 0.56 $ 0.56