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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income        
Interest and fees on loans $ 8,061 $ 7,955 $ 23,915 $ 23,727
Interest on debt securities        
Taxable 341 286 976 910
Tax exempt 202 351 725 1,098
Other interest and dividends 60 58 138 132
Total interest and dividend income 8,664 8,650 25,754 25,867
Interest expense        
Deposits 565 463 1,603 1,359
Repurchase agreements 2 2 4 5
Capital lease 17 18 52 53
Note payable 5 1 16 1
Subordinated debt 156 468
Federal Home Loan Bank of Boston advances 237 269 714 832
Total interest expense 982 753 2,857 2,250
Net interest and dividend income 7,682 7,897 22,897 23,617
Provision for loan losses 344 655 1,332 651
Net interest and dividend income after provision for loan losses 7,338 7,242 21,565 22,966
Non-interest income        
Trust and wealth advisory 849 798 2,517 2,510
Service charges and fees 840 798 2,355 2,307
Gains on sales of mortgage loans, net 55 47 152 227
Mortgage servicing, net 28 5 61 (15)
Gains on sales and calls of available-for-sale securities, net 10 6 157 192
Other 113 115 342 343
Total non-interest income 1,895 1,769 5,584 5,564
Non-interest expense        
Salaries 2,757 2,531 8,017 7,520
Employee benefits 924 916 2,923 2,881
Premises and equipment 809 863 2,546 2,683
Data processing 472 404 1,369 1,276
Professional fees 459 398 1,403 1,642
Collections, OREO and loan related 109 125 420 594
FDIC insurance 164 163 474 494
Marketing and community support 144 174 524 465
Amortization of core deposit intangibles 148 161 455 494
Other 513 467 1,844 1,528
Total non-interest expense 6,499 6,202 19,975 19,577
Income before income taxes 2,734 2,809 7,174 8,953
Income tax provision 812 824 2,009 2,663
Net income 1,922 1,985 5,165 6,290
Net income applicable to common shareholders $ 1,907 $ 1,928 $ 5,124 $ 6,116
Basic earnings per common share $ .70 $ .71 $ 1.88 $ 2.26
Weighted average common shares outstanding, to calculate basic earnings per share 2,737 2,707 2,732 2,704
Diluted earnings per common share $ .69 $ .71 $ 1.87 $ 2.25
Weighted average common shares outstanding, to calculate diluted earnings per share 2,751 2,724 2,747 2,721
Common dividends per share $ .28 $ 0.28 $ .84 $ .84