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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest and dividend income        
Interest and fees on loans $ 7,930 $ 7,850 $ 15,855 $ 15,772
Interest on debt securities        
Taxable 286 298 579 624
Tax exempt 237 357 523 747
Other interest and dividends 60 40 134 73
Total interest and dividend income 8,513 8,545 17,091 17,216
Interest expense        
Deposits 529 453 1,037 897
Repurchase agreements 1 2 2 3
Capital lease 17 17 35 35
Note payable 6 11
Subordinated debt 156 312
Federal Home Loan Bank of Boston advances 245 280 476 562
Total interest expense 954 752 1,873 1,497
Net interest and dividend income 7,559 7,793 15,218 15,719
Provision (benefit) for loan losses 525 196 988 (4)
Net interest and dividend income after provision (benefit) for loan losses 7,034 7,597 14,230 15,723
Non-interest income        
Trust and wealth advisory 884 890 1,668 1,712
Service charges and fees 785 778 1,515 1,509
Gains on sales of mortgage loans, net 57 87 96 181
Mortgage servicing, net 21 20 33 (20)
Gains on sales and calls of available-for-sale securities, net 146 11 148 186
Other 116 114 233 228
Total non-interest income 2,009 1,900 3,693 3,796
Non-interest expense        
Salaries 2,687 2,449 5,261 4,989
Employee benefits 910 960 1,998 1,965
Premises and equipment 844 913 1,739 1,821
Data processing 449 398 896 872
Professional fees 564 593 944 1,243
Collections, OREO and loan related 125 228 311 472
FDIC insurance 176 133 310 331
Marketing and community support 180 180 380 290
Amortization of core deposit intangibles 152 164 307 333
Other 552 522 1,334 1,059
Total non-interest expense 6,639 6,540 13,480 13,375
Income before income taxes 2,404 2,957 4,443 6,144
Income tax provision 669 885 1,196 1,838
Net income 1,735 2,072 3,247 4,306
Net income available to common shareholders $ 1,735 $ 2,032 $ 3,247 $ 4,226
Basic earnings per common share $ .63 $ .74 $ 1.18 $ 1.55
Weighted average common shares outstanding, to calculate basic earnings per share 2,735 2,706 2,729 2,703
Diluted earnings per common share $ .63 $ .74 $ 1.17 $ 1.54
Weighted average common shares outstanding, to calculate diluted earnings per share 2,750 2,724 2,745 2,720
Common dividends per share $ .28 $ .28 $ .56 $ .56