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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and dividend income        
Interest and fees on loans $ 8,235 $ 7,938 $ 16,577 $ 15,869
Interest on debt securities        
Taxable 354 286 672 579
Tax exempt 113 237 277 523
Other interest and dividends 94 60 176 134
Total interest and dividend income 8,796 8,521 17,702 17,105
Interest expense        
Deposits 578 529 1,094 1,037
Repurchase agreements 1 1 1 2
Capital lease 20 17 37 35
Note payable 5 6 7 11
Subordinated debt 156 156 312 312
Federal Home Loan Bank of Boston advances 266 245 528 476
Total interest expense 1,026 954 1,979 1,873
Net interest and dividend income 7,770 7,567 15,723 15,232
Provision for loan losses 364 525 716 988
Net interest and dividend income after provision for loan losses 7,406 7,042 15,007 14,244
Non-interest income        
Trust and wealth advisory 892 884 1,746 1,668
Service charges and fees 902 753 1,863 1,455
Gains on sales of mortgage loans, net 30 57 79 96
Mortgage servicing, net 31 45 76 79
(Loss)/gains and write-downs on sales and calls of available-for-sale securities, net (14) 146 (14) 148
Other 110 115 223 229
Total non-interest income 1,951 2,000 3,973 3,675
Non-interest expense        
Salaries 2,777 2,687 5,667 5,261
Employee benefits 831 910 1,919 1,998
Premises and equipment 907 844 1,802 1,739
Data processing 504 449 977 896
Professional fees 764 564 1,481 944
Collections, OREO and loan related 155 125 456 311
FDIC insurance 98 176 247 310
Marketing and community support 152 180 403 380
Amortization of core deposit intangibles 126 152 252 307
Other 546 551 1,081 1,330
Total non-interest expense 6,860 6,638 14,285 13,476
Income before income taxes 2,497 2,404 4,695 4,443
Income tax provision 615 669 1,208 1,196
Net income 1,882 1,735 3,487 3,247
Net income allocated to common stock $ 1,867 $ 1,721 $ 3,461 $ 3,220
Basic earnings per common share $ 0.68 $ .63 $ 1.26 $ 1.18
Weighted average common shares outstanding, to calculate basic earnings per share 2,757 2,734 2,753 2,729
Diluted earnings per common share $ 0.67 $ .63 $ 1.25 $ 1.17
Weighted average common shares outstanding, to calculate diluted earnings per share 2,775 2,749 2,772 2,745
Common dividends per share $ 0.28 $ .28 $ .56 $ .56