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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and dividend income        
Interest and fees on loans $ 7,850 $ 4,731 $ 15,772 $ 9,327
Interest on debt securities        
Taxable 298 365 624 745
Tax exempt 357 432 747 878
Other interest and dividends 40 24 73 45
Total interest and dividend income 8,545 5,552 17,216 10,995
Interest expense        
Deposits 453 349 897 700
Repurchase agreements 2 $ 1 3 2
Capital lease 17   35 18
Federal Home Loan Bank of Boston advances 280 $ 297 562 595
Total interest expense 752 647 1,497 1,315
Net interest and dividend income 7,793 4,905 15,719 9,680
Provision (benefit) for loan losses 196 314 (4) 651
Net interest and dividend income after provision (benefit) for loan losses 7,597 $ 4,591 15,723 $ 9,029
Non-interest income        
Gains on sales and calls of available-for-sale securities, net 11   186  
Trust and wealth advisory 890 $ 939 1,712 $ 1,718
Service charges and fees 778 626 1,509 1,168
Gains on sales of mortgage loans, net 87 32 181 43
Mortgage servicing, net 20 11 (20) 39
Other 114 74 228 152
Total non-interest income 1,900 1,682 3,796 3,120
Non-interest expense        
Salaries 2,449 1,951 4,989 3,795
Employee benefits 960 739 1,965 1,480
Premises and equipment 913 701 1,821 1,374
Data processing 398 433 872 788
Professional fees 593 344 1,243 706
Collections and OREO 228 85 472 221
FDIC insurance 133 124 331 221
Marketing and community support 180 127 290 240
Amortization of core deposit intangibles $ 164 63 $ 333 118
Merger and acquisition related expenses   90   391
Other $ 522 411 $ 1,059 844
Total non-interest expense 6,540 5,068 13,375 10,178
Income before income taxes 2,957 1,205 6,144 1,971
Income tax provision 885 239 1,838 454
Net income 2,072 966 4,306 1,517
Net income available to common shareholders $ 2,032 $ 926 $ 4,226 $ 1,431
Basic earnings per common share $ 0.74 $ 0.54 $ 1.55 $ 0.83
Diluted earnings per common share 0.74 0.54 1.54 0.83
Common dividends per share $ 0.28 $ 0.28 $ 0.56 $ 0.56