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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and dividend income        
Interest and fees on loans $ 9,007 $ 8,126 $ 17,656 $ 16,347
Interest on debt securities        
Taxable 532 354 992 672
Tax exempt 29 113 61 277
Other interest and dividends 181 94 340 176
Total interest and dividend income 9,749 8,687 19,049 17,472
Interest expense        
Deposits 997 578 1,774 1,094
Repurchase agreements 1 1 3 1
Capital lease 48 20 83 37
Note payable 4 5 9 7
Subordinated debt 156 156 312 312
Federal Home Loan Bank of Boston advances 500 266 833 528
Total interest expense 1,706 1,026 3,014 1,979
Net interest and dividend income 8,043 7,661 16,035 15,493
Provision for loan losses 467 364 793 716
Net interest and dividend income after provision for loan losses 7,576 7,297 15,242 14,777
Non-interest income        
Trust and wealth advisory 949 892 1,843 1,746
Service charges and fees 892 902 1,760 1,863
(Losses) gains on sales of mortgage loans, net (1) 30 17 79
Mortgage servicing, net 84 31 167 76
Losses on CRA mutual fund (7) (20)
Gain (losses) on available-for-sale securities, net 17 (14) 16 (14)
Other 124 110 249 223
Total non-interest income 2,058 1,951 4,032 3,973
Non-interest expense        
Salaries 2,939 2,668 5,785 5,437
Employee benefits 969 831 2,128 1,919
Premises and equipment 1,101 907 2,125 1,802
Data processing 556 504 1,042 977
Professional fees 611 764 1,230 1,481
OREA gains, (losses) and (write-downs) 1 53 145
Collections and other real estate owned 235 155 316 312
FDIC insurance 123 98 253 247
Marketing and community support 222 152 463 403
Amortization of core deposit intangibles 116 126 236 253
Other 544 546 965 1,079
Total non-interest expense 7,417 6,751 14,596 14,055
Income before income taxes 2,217 2,497 4,678 4,695
Income tax provision 318 615 763 1,208
Net income 1,899 1,882 3,915 3,487
Net income available to common stock $ 1,877 $ 1,867 $ 3,873 $ 3,461
Basic earnings per common share $ 0.68 $ 0.68 $ 1.40 $ 1.26
Weighted average common shares outstanding, to calculate basic earnings per share 2,762 2,757 2,760 2,753
Diluted earnings per common share $ 0.68 $ 0.67 $ 1.39 $ 1.25
Weighted average common shares outstanding, to calculate diluted earnings per share 2,779 2,775 2,780 2,772
Common dividends per share $ 0.28 $ 0.28 $ 0.56 $ 0.56