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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest and dividend income    
Interest and fees on loans $ 8,342 $ 7,930
Interest on debt securities    
Taxable 317 293
Tax exempt 164 286
Other interest and dividends 83 74
Total interest and dividend income 8,906 8,583
Interest expense    
Deposits 515 509
Repurchase agreements 1 1
Capital lease 17 17
Note payable 2 5
Subordinated debt 156 156
Federal Home Loan Bank of Boston advances 262 231
Total interest expense 953 919
Net interest and dividend income 7,953 7,664
Provision for loan losses 352 463
Net interest and dividend income after provision for loan losses 7,601 7,201
Non-interest income    
Trust and wealth advisory 854 784
Service charges and fees 962 702
Gains on sales of mortgage loans, net 49 39
Mortgage servicing, net 45 34
Gains on sales and calls of available-for-sale securities, net 2
Other 113 114
Total non-interest income 2,023 1,675
Non-interest expense    
Salaries 2,890 2,573
Employee benefits 1,088 1,088
Premises and equipment 895 892
Data processing 472 447
Professional fees 717 380
Collections and other real estate owned 301 186
FDIC insurance 149 134
Marketing and community support 251 201
Amortization of core deposit intangibles 126 155
Other 538 781
Total non-interest expense 7,427 6,837
Income before income taxes 2,197 2,039
Income tax provision 593 527
Net income 1,604 1,512
Net income allocated to common stock $ 1,594 $ 1,499
Basic earnings per common share $ .58 $ 0.55
Weighted average common shares outstanding, to calculate basic earnings per share 2,749 2,723
Diluted earnings per common share $ .58 $ 0.55
Weighted average common shares outstanding, to calculate diluted earnings per share 2,768 2,741
Common dividends per share $ .28 $ 0.28