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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income        
Interest and fees on loans $ 10,045 $ 9,570 $ 29,859 $ 27,226
Interest on debt securities        
Taxable 530 596 1,734 1,588
Tax exempt 166 28 355 89
Other interest and dividends 282 322 761 662
Total interest and dividend income 11,023 10,516 32,709 29,565
Interest expense        
Deposits 1,879 1,323 5,674 3,098
Repurchase agreements 9 4 16 6
Capital lease 43 48 135 130
Note payable 4 4 12 14
Subordinated debt 156 156 468 468
Federal Home Loan Bank of Boston advances 265 481 956 1,314
Total interest expense 2,356 2,016 7,261 5,030
Net interest and dividend income 8,667 8,500 25,448 24,535
Provision for loan losses 94 378 539 1,171
Net interest and dividend income after provision for loan losses 8,573 8,122 24,909 23,364
Non-interest income        
Trust and wealth advisory 1,023 936 2,973 2,779
Service charges and fees 1,003 932 2,935 2,693
Gains on sales of mortgage loans, net 42 21 50 38
Mortgage servicing, net 76 84 232 251
Gains (losses) on CRA mutual fund 6 (6) 29 (26)
(Losses) gains on available-for-sale securities, net (9) 263 16
Other 115 121 349 370
Total non-interest income 2,256 2,088 6,831 6,121
Non-interest expense        
Salaries 3,042 3,078 8,994 8,864
Employee benefits 1,181 1,065 3,408 3,192
Premises and equipment 974 1,036 2,950 3,161
Data processing 534 519 1,620 1,561
Professional fees 572 496 1,690 1,725
OREO losses and write-downs 84 38 406 91
Collections and other real estate owned 119 116 328 432
FDIC insurance (9) 141 294 394
Marketing and community support 141 167 448 630
Amortization of intangibles 93 111 297 347
Other 453 562 1,398 1,528
Total non-interest expense 7,184 7,329 21,833 21,925
Income before income taxes 3,645 2,881 9,907 7,560
Income tax provision 657 537 1,781 1,301
Net income 2,988 2,344 8,126 6,259
Net income allocated to common stock $ 2,940 $ 2,311 $ 8,016 $ 6,185
Basic earnings per common share $ 1.06 $ 0.84 $ 2.88 $ 2.24
Weighted average common shares outstanding, to calculate basic earnings per share 2,783 2,764 2,781 2,762
Diluted earnings per common share $ 1.05 $ 0.83 $ 2.87 $ 2.23
Weighted average common shares outstanding, to calculate diluted earnings per share 2,795 2,779 2,793 2,780
Common dividends per share $ 0.28 $ 0.28 $ 0.84 $ 0.84