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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest and dividend income        
Interest and fees on loans $ 4,500 $ 4,630 $ 13,678 $ 13,989
Interest on debt securities        
Taxable 579 739 1,939 2,255
Tax exempt 495 553 1,539 1,661
Other interest and dividends 33 34 75 109
Total interest and dividend income 5,607 5,956 17,231 18,014
Interest expense        
Deposits 580 748 1,870 2,449
Repurchase agreements 3 19 21 46
Federal Home Loan Bank of Boston advances 452 565 1,398 1,772
Total interest expense 1,035 1,332 3,289 4,267
Net interest and dividend income 4,572 4,624 13,942 13,747
Provision for loan losses 330 180 690 860
Net interest and dividend income after provision for loan losses 4,242 4,444 13,252 12,887
Non-interest income        
Trust and wealth advisory 683 599 2,173 1,861
Service charges and fees 559 534 1,628 1,555
Gains on sales of mortgage loans, net 568 178 1,203 370
Mortgage servicing, net (9) (35) (98) (8)
Gains on securities, net       279 11
Other 86 58 252 176
Total non-interest income 1,887 1,334 5,437 3,965
Non-interest expense        
Salaries 1,810 1,816 5,268 5,202
Employee benefits 597 636 2,244 1,919
Premises and equipment 603 582 1,799 1,733
Data processing 369 366 1,190 1,028
Professional fees 299 307 915 887
Collections and OREO 301 152 767 519
FDIC insurance 116 137 363 541
Marketing and community support 92 85 267 245
Amortization of intangibles 56 56 167 167
Other 450 398 1,240 1,149
Total non-interest expense 4,693 4,535 14,220 13,390
Income before income taxes 1,436 1,243 4,469 3,462
Income tax provision 296 204 963 598
Net income 1,140 1,039 3,506 2,864
Net income available to common shareholders $ 1,094 $ 865 $ 3,328 $ 2,459
Basic and diluted earnings per share $ 0.65 $ 0.51 $ 1.97 $ 1.46
Common dividends per share $ 0.28 $ 0.28 $ 0.84 $ 0.84