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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Interest and dividend income    
Interest and fees on loans $ 9,934 $ 8,649
Interest on debt securities    
Taxable 621 460
Tax exempt 72 32
Other interest and dividends 227 159
Total interest and dividend income 10,854 9,300
Interest expense    
Deposits 1,796 777
Repurchase agreements 3 1
Finance lease 46 35
Note payable 4 5
Subordinated debt 156 156
Federal Home Loan Bank of Boston advances 412 332
Total interest expense 2,417 1,306
Net interest and dividend income 8,437 7,994
Provision for loan losses 294 326
Net interest and dividend income after provision for loan losses 8,143 7,668
Non-interest income    
Trust and wealth advisory 906 894
Service charges and fees 920 868
Gains on sales of mortgage loans, net 7 18
Mortgage servicing, net 76 83
Gains (losses) on CRA mutual fund 11 (13)
Losses on available-for-sale securities, net (9) (2)
Other 116 126
Total non-interest income 2,027 1,974
Non-interest expense    
Salaries 2,993 2,846
Employee benefits 1,185 1,159
Premises and equipment 972 1,024
Data processing 509 486
Professional fees 535 619
OREO gains, losses and writedowns 52 52
Collections and other real estate owned 130 82
FDIC insurance 163 130
Marketing and community support 156 242
Amortization of core deposit intangibles 104 120
Other 412 422
Total non-interest expense 7,211 7,182
Income before income taxes 2,959 2,460
Income tax provision 525 445
Net income 2,434 2,015
Net income allocated to common stock $ 2,408 $ 1,995
Basic earnings per common share $ 0.87 $ 0.72
Weighted average common shares outstanding, to calculate basic earnings per share 2,777 2,759
Diluted earnings per common share $ 0.86 $ 0.72
Weighted average common shares outstanding, to calculate diluted earnings per share 2,789 2,780
Common dividends per share $ 0.28 $ 0.28