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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and dividend income      
Interest and fees on loans $ 39,742 $ 37,072 $ 33,090
Interest on debt securities      
Taxable 2,223 2,231 1,566
Tax exempt 545 136 380
Other interest and dividends 903 933 485
Total interest and dividend income 43,413 40,372 35,521
Interest expense      
Deposits 7,324 4,656 2,483
Repurchase agreements 24 12 5
Finance lease 170 178 96
Note payable 16 18 18
Subordinated debt 624 624 624
Federal Home Loan Bank of Boston advances 1,143 1,733 1,012
Total interest expense 9,301 7,221 4,238
Net interest and dividend income 34,112 33,151 31,283
Provision for loan losses 955 1,728 1,020
Net interest and dividend income after provision for loan losses 33,157 31,423 30,263
Non-interest income      
Trust and wealth advisory 3,995 3,700 3,477
Service charges and fees 4,028 3,718 3,718
Gains on sales of mortgage loans, net 116 89 125
Mortgage servicing, net 307 308 255
Gains (Losses) on CRA mutual fund 25 (18)
Gains on securities, net 263 318 178
BOLI income and gains 392 678 343
Other 124 152 140
Total non-interest income 9,250 8,945 8,236
Non-interest expense      
Salaries 12,048 12,003 11,135
Employee benefits 4,384 4,280 3,767
Premises and equipment 4,016 4,535 3,831
Data processing 2,201 2,119 2,057
Professional fees 2,213 2,236 2,499
OREO gains, losses and write-downs, net 408 275 1,716
Collections, OREO, and appraisals 436 578 463
FDIC insurance 261 579 497
Marketing and community support 619 815 793
Amortization of intangibles 388 454 533
Other 1,938 1,961 2,038
Total non-interest expense 28,912 29,835 29,329
Income before income taxes 13,495 10,533 9,170
Income tax provision 2,359 1,709 2,914
Net income 11,136 8,824 6,256
Net income allocated to common stock $ 10,976 $ 8,713 $ 6,201
Basic earnings per common share $ 3.95 $ 3.15 $ 2.25
Weighted average common shares outstanding, to calculate basic earnings per share 2,782 2,763 2,755
Diluted earnings per common share $ 3.93 $ 3.13 $ 2.24
Weighted average common shares outstanding, to calculate diluted earnings per share 2,794 2,780 2,774
Common dividends per share $ 1.12 $ 1.12 $ 1.12