XML 16 R4.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest and dividend income      
Interest and fees on loans $ 37,072 $ 33,090 $ 32,050
Interest on debt securities      
Taxable 2,231 1,566 1,183
Tax exempt 136 380 927
Other interest and dividends 933 485 294
Total interest and dividend income 40,372 35,521 34,454
Interest expense      
Deposits 4,656 2,483 2,181
Repurchase agreements 12 5 6
Capital lease 178 96 70
Note payable 18 18 21
Subordinated debt 624 624 624
Federal Home Loan Bank of Boston advances 1,733 1,012 947
Total interest expense 7,221 4,238 3,849
Net interest and dividend income 33,151 31,283 30,605
Provision for loan losses 1,728 1,020 1,835
Net interest and dividend income after provision for loan losses 31,423 30,263 28,770
Non-interest income      
Trust and wealth advisory 3,700 3,477 3,338
Service charges and fees 3,718 3,718 3,133
Gains on sales of mortgage loans, net 89 125 229
Mortgage servicing, net 308 255 156
Losses on CRA mutual fund (18)
Gain on securities, net 318 178 584
BOLI income and gains 678 343 353
Other 152 140 98
Total non-interest income 8,945 8,236 7,891
Non-interest expense      
Salaries 12,003 11,135 10,926
Employee benefits 4,280 3,767 3,891
Premises and equipment 4,535 3,831 3,375
Data processing 2,119 2,057 2,106
Professional fees 2,236 2,499 1,933
OREO gains, losses and writedowns, net 275 1,716
Collections, OREO, and appraisals 578 463 999
FDIC insurance 579 497 606
Marketing and community support 815 793 686
Amortization of intangibles 454 533 601
Other 1,961 2,038 2,264
Total non-interest expense 29,835 29,329 27,387
Income before income taxes 10,533 9,170 9,274
Income tax provision 1,709 2,914 2,589
Net income 8,824 6,256 6,685
Net income available to common stock $ 8,713 $ 6,201 $ 6,633
Basic earnings per common share $ 3.15 $ 2.25 $ 2.43
Weighted average common shares outstanding, to calculate basic earnings per share 2,763 2,755 2,733
Diluted earnings per common share $ 3.13 $ 2.24 $ 2.41
Weighted average common shares outstanding, to calculate diluted earnings per share 2,780 2,774 2,749
Common dividends per share $ 1.12 $ 1.12 $ 1.12