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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income        
Interest and fees on loans $ 10,313 $ 9,880 $ 20,300 $ 19,814
Interest on debt securities        
Taxable 409 583 864 1,204
Tax exempt 171 117 356 189
Other interest and dividends 51 252 142 479
Total interest and dividend income 10,944 10,832 21,662 21,686
Interest expense        
Deposits 988 1,999 2,497 3,795
Repurchase agreements 4 4 10 7
Finance lease 35 46 71 92
Note payable 4 4 7 8
Subordinated Debt 156 156 312 312
Federal Home Loan Bank of Boston advances 140 279 359 691
Total interest expense 1,327 2,488 3,256 4,905
Net interest and dividend income 9,617 8,344 18,406 16,781
Provision for loan losses 1,806 151 3,512 445
Net interest and dividend income after provision for loan losses 7,811 8,193 14,894 16,336
Non-interest income        
Trust and wealth advisory 1,031 1,044 2,061 1,950
Service charges and fees 598 1,012 1,503 1,932
Gains on sales of mortgage loans, net 252 1 313 8
Mortgage servicing, net 66 80 133 156
Gains on CRA mutual fund 8 12 22 23
Gains on available-for-sale securities, net 181 281 182 272
BOLI income and gains 133 87 266 166
Other 47 31 80 68
Total non-interest income 2,316 2,548 4,560 4,575
Non-interest expense        
Salaries 2,411 2,959 5,261 5,952
Employee benefits 1,037 1,042 2,183 2,227
Premises and equipment 981 1,004 1,891 1,976
Data processing 557 577 1,098 1,086
Professional fees 758 583 1,385 1,118
OREO gains, losses and write-downs, net 270 322
Collections, OREO, and loan related 79 79 104 209
FDIC insurance 103 140 208 303
Marketing and community support 169 151 293 307
Amortization of core deposit intangibles 83 99 170 203
Other 611 535 1,133 947
Total non-interest expense 6,789 7,439 13,726 14,650
Income before income taxes 3,338 3,302 5,728 6,261
Income tax provision 604 599 947 1,124
Net income 2,734 2,703 4,781 5,137
Net income allocated to common stock $ 2,691 $ 2,671 $ 4,704 $ 5,079
Basic earnings per common share $ 0.96 $ 0.96 $ 1.68 $ 1.83
Diluted earnings per common share 0.96 0.95 1.68 1.82
Common dividends per share $ 0.29 $ 0.28 $ 0.58 $ 0.56