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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and dividend income        
Interest and fees on loans $ 9,570 $ 8,196 $ 27,226 $ 24,544
Interest on debt securities        
Taxable 596 443 1,588 1,115
Tax exempt 28 68 89 345
Other interest and dividends 322 175 662 351
Total interest and dividend income 10,516 8,882 29,565 26,355
Interest expense        
Deposits 1,323 682 3,098 1,776
Repurchase agreements 4 2 6 4
Capital lease 48 29 130 66
Note payable 4 6 14 13
Subordinated debt 156 156 468 468
Federal Home Loan Bank of Boston advances 481 241 1,314 769
Total interest expense 2,016 1,116 5,030 3,096
Net interest and dividend income 8,500 7,766 24,535 23,259
Provision for loan losses 378 237 1,171 953
Net interest and dividend income after provision for loan losses 8,122 7,529 23,364 22,306
Non-interest income        
Trust and wealth advisory 936 874 2,779 2,620
Service charges and fees 932 935 2,693 2,799
Gains on sales of mortgage loans, net 21 25 38 104
Mortgage servicing, net 84 104 251 180
Losses on CRA mutual fund (6) (26)
Gain (losses) on available-for-sale securities, net 16 (14)
Other 121 142 370 365
Total non-interest income 2,088 2,080 6,121 6,054
Non-interest expense        
Salaries 3,078 2,829 8,864 8,266
Employee benefits 1,065 1,004 3,192 2,923
Premises and equipment 1,036 995 3,161 2,797
Data processing 519 545 1,561 1,521
Professional fees 496 481 1,725 1,962
OREO gains, (losses) and (write-downs) 38 218 91 362
Collections and other real estate owned 116 201 432 513
FDIC insurance 141 106 394 354
Marketing and community support 167 220 630 623
Amortization of intangibles 111 142 347 395
Other 562 479 1,528 1,561
Total non-interest expense 7,329 7,220 21,925 21,277
Income before income taxes 2,881 2,389 7,560 7,083
Income tax provision 537 695 1,301 1,903
Net income 2,344 1,694 6,259 5,180
Net income available to common stock $ 2,311 $ 1,678 $ 6,186 $ 5,139
Basic earnings per common share $ 0.84 $ 0.61 $ 2.24 $ 1.87
Weighted average common shares outstanding, to calculate basic earnings per share 2,764 2,759 2,762 2,755
Diluted earnings per common share $ 0.83 $ 0.60 $ 2.23 $ 1.85
Weighted average common shares outstanding, to calculate diluted earnings per share 2,779 2,779 2,780 2,774
Common dividends per share $ 0.28 $ 0.28 $ 0.84 $ 0.84