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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Jun. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and dividend income        
Interest and fees on loans $ 7,955 $ 4,656 $ 23,727 $ 13,983
Interest on debt securities        
Taxable 286 330 910 1,075
Tax exempt 351 416 1,098 1,294
Other interest and dividends 58 42 132 87
Total interest and dividend income 8,650 5,444 25,867 16,439
Interest expense        
Deposits 463 379 1,359 1,079
Repurchase agreements 2 3 5 5
Capital lease 18 $ 12 53 $ 29
Note payable 1 1
Federal Home Loan Bank of Boston advances 269 $ 296 832 $ 892
Total interest expense 753 690 2,250 2,005
Net interest and dividend income 7,897 4,754 23,617 14,434
Provision for loan losses 655 318 651 969
Net interest and dividend income after provision for loan losses 7,242 4,436 22,966 13,465
Non-interest income        
Trust and wealth advisory 798 791 2,510 2,509
Service charges and fees 798 $ 639 2,307 $ 1,807
Gains on sales and calls of available-for-sale securities, net 6 192
Gains on sales of mortgage loans, net 47 227 $ 43
Mortgage servicing, net 5 $ 41 (15) 80
Other 115 82 343 234
Total non-interest income 1,769 1,553 5,564 4,673
Non-interest expense        
Salaries 2,531 1,980 7,520 5,776
Employee benefits 916 697 2,881 2,176
Premises and equipment 863 667 2,683 2,080
Data processing 404 420 1,276 1,166
Professional fees 398 315 1,642 1,025
Collections, OREO and loan related 125 85 594 319
FDIC insurance 163 119 494 340
Marketing and community support 174 115 465 355
Amortization of core deposit intangibles $ 161 75 $ 494 194
Merger and acquisition related expenses 196 586
Other $ 467 439 $ 1,528 1,269
Total non-interest expense 6,202 5,108 19,577 15,286
Income before income taxes 2,809 881 8,953 2,852
Income tax provision 824 113 2,663 567
Net income 1,985 768 6,290 2,285
Net income available to common shareholders $ 1,945 $ 728 $ 6,170 $ 2,159
Basic earnings per common share $ .71 $ .43 $ 2.26 $ 1.26
Diluted earnings per common share .71 .43 2.25 1.26
Common dividends per share $ 0.28 $ 0.28 $ .84 $ .84