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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income        
Interest and fees on loans $ 9,880 $ 9,007 $ 19,814 $ 17,656
Interest on debt securities        
Taxable 583 532 1,204 992
Tax exempt 117 29 189 61
Other interest and dividends 252 181 479 340
Total interest and dividend income 10,832 9,749 21,686 19,049
Interest expense        
Deposits 1,999 997 3,795 1,774
Repurchase agreements 4 1 7 3
Finance lease 46 48 92 83
Note payable 4 4 8 9
Subordinated debt 156 156 312 312
Federal Home Loan Bank of Boston advances 279 500 691 833
Total interest expense 2,488 1,706 4,905 3,014
Net interest and dividend income 8,344 8,043 16,781 16,035
Provision for loan losses 151 467 445 793
Net interest and dividend income after provision for loan losses 8,193 7,576 16,336 15,242
Non-interest income        
Trust and wealth advisory 1,044 949 1,950 1,843
Service charges and fees 1,012 892 1,932 1,760
Gains (losses) on sales of mortgage loans, net 1 (1) 8 17
Mortgage servicing, net 80 84 156 167
Gains (losses) on CRA mutual fund 12 (7) 23 (20)
Gains on available-for-sale securities, net 281 17 272 16
Other 118 124 234 249
Total non-interest income 2,548 2,058 4,575 4,032
Non-interest expense        
Salaries 2,959 2,939 5,952 5,785
Employee benefits 1,042 969 2,227 2,128
Premises and equipment 1,004 1,101 1,976 2,125
Data processing 577 556 1,086 1,042
Professional fees 583 611 1,118 1,230
OREO losses and write-downs 270 1 322 53
Collections and other real estate owned 79 235 209 316
FDIC insurance 140 123 303 253
Marketing and community support 151 222 307 463
Amortization of core deposit intangibles 99 116 203 236
Other 535 544 947 965
Total non-interest expense 7,439 7,417 14,650 14,596
Income before income taxes 3,302 2,217 6,261 4,678
Income tax provision 599 318 1,124 763
Net income 2,703 1,899 5,137 3,915
Net income allocated to common stock $ 2,671 $ 1,877 $ 5,079 $ 3,873
Basic earnings per common share $ 0.96 $ 0.68 $ 1.83 $ 1.40
Weighted average common shares outstanding, to calculate basic earnings per share 2,780 2,762 2,779 2,760
Diluted earnings per common share $ 0.95 $ 0.68 $ 1.82 $ 1.39
Weighted average common shares outstanding, to calculate diluted earnings per share 2,800 2,779 2,795 2,780
Common dividends per share $ 0.28 $ 0.28 $ 0.56 $ 0.56