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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest and dividend income        
Interest and fees on loans $ 4,582 $ 4,695 $ 9,178 $ 9,359
Interest on debt securities        
Taxable 659 733 1,375 1,516
Tax exempt 510 554 1,044 1,108
Other interest and dividends 15 38 27 75
Total interest and dividend income 5,766 6,020 11,624 12,058
Interest expense        
Deposits 623 829 1,290 1,700
Repurchase agreements 6 12 19 27
Federal Home Loan Bank of Boston advances 451 562 946 1,207
Total interest expense 1,080 1,403 2,255 2,934
Net interest and dividend income 4,686 4,617 9,369 9,124
Provision for loan losses 180 350 360 680
Net interest and dividend income after provision for loan losses 4,506 4,267 9,009 8,444
Non-interest income        
Trust and wealth advisory 735 596 1,490 1,263
Service charges and fees 547 522 1,068 1,022
Gains on sales of mortgage loans, net 263 59 635 192
Mortgage servicing, net (5) (5) (89) 26
Gains on securities, net 267    279 11
Other 83 58 166 117
Total non-interest income 1,890 1,230 3,549 2,631
Non-interest expense        
Salaries 1,748 1,657 3,458 3,386
Employee benefits 957 650 1,647 1,283
Premises and equipment 591 568 1,196 1,151
Data processing 418 285 821 662
Professional fees 303 300 616 577
Collections and OREO 356 243 467 367
FDIC insurance 119 182 247 405
Marketing and community support 87 92 175 160
Amortization of intangibles 56 56 111 111
Other 391 399 788 754
Total non-interest expense 5,026 4,432 9,526 8,856
Income before income taxes 1,370 1,065 3,032 2,219
Income tax provision 254 183 666 394
Net income 1,116 882 2,366 1,825
Net income available to common shareholders $ 1,069 $ 766 $ 2,234 $ 1,594
Basic and diluted earnings per share $ 0.63 $ 0.45 $ 1.32 $ 0.94
Common dividends per share $ 0.28 $ 0.28 $ 0.56 $ 0.56