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CONSOLIDATED STATEMENTS OF INCOME - Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Interest and dividend income      
Interest and fees on loans $ 32,050 $ 31,791 $ 19,616
Interest on debt securities      
Taxable 1,183 1,179 1,406
Tax exempt 927 1,431 1,704
Other interest and dividends 294 209 129
Total interest and dividend income 34,454 34,610 22,855
Interest expense      
Deposits 2,181 1,844 1,465
Repurchase agreements 6 7 8
Federal Home Loan Bank of Boston advances 947 1,064 1,184
Capital lease 70 70 47
Note payable 21 6
Subordinated debt 624 35
Total interest expense 3,849 3,026 2,704
Net interest and dividend income 30,605 31,584 20,151
Provision for loan losses 1,835 917 1,134
Net interest and dividend income after provision for loan losses 28,770 30,667 19,017
Non-interest income      
Gains on securities, net 584 192
Trust and wealth advisory 3,338 3,265 3,295
Service charges and fees 3,133 2,986 2,431
Gains on sales of mortgage loans, net 229 274 64
Mortgage servicing, net 156 47 136
Other 451 510 326
Total non-interest income 7,891 7,274 6,252
Non-interest expense      
Salaries 10,926 10,301 8,029
Employee benefits 3,891 3,729 3,136
Premises and equipment 3,375 3,541 2,831
Data processing 2,106 1,677 1,502
Professional fees 1,933 2,150 1,331
Collections, OREO, and appraisals 999 567 458
FDIC insurance 606 658 461
Marketing and community support 686 593 396
Amortization of intangibles 601 652 291
Merger and acquisition related expenses 1,974
Other 2,264 2,053 1,729
Total non-interest expense 27,387 25,921 22,138
Income before income taxes 9,274 12,020 3,131
Income tax provision 2,589 3,563 610
Net income 6,685 8,457 2,521
Net income allocated to common stock $ 6,633 $ 8,227 $ 2,328
Basic earnings per common share $ 2.43 $ 3.04 $ 1.32
Weighted average common shares outstanding, to calculate basic earnings per share 2,733 2,706 1,764
Diluted earnings per common share $ 2.41 $ 3.02 $ 1.32
Weighted average common shares outstanding, to calculate diluted earnings per share 2,749 2,723 1,765
Common dividends per share $ 1.12 $ 1.12 $ 1.12