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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income        
Interest and fees on loans $ 10,362 $ 10,045 $ 30,662 $ 29,859
Interest on debt securities        
Taxable 396 530 1,260 1,734
Tax exempt 157 166 513 355
Other interest and dividends 87 282 229 761
Total interest and dividend income 11,002 11,023 32,664 32,709
Interest expense        
Deposits 764 1,879 3,261 5,674
Repurchase agreements 6 9 16 16
Finance lease 35 43 106 135
Note payable 3 4 11 12
Subordinated debt 156 156 468 468
Federal Home Loan Bank of Boston advances 113 265 472 956
Total interest expense 1,077 2,356 4,334 7,261
Net interest and dividend income 9,925 8,667 28,330 25,448
Provision for loan losses 686 94 4,198 539
Net interest and dividend income after provision for loan losses 9,239 8,573 24,132 24,909
Non-interest income        
Trust and wealth advisory 1,068 1,023 3,129 2,973
Service charges and fees 711 1,003 2,214 2,935
Gains on sales of mortgage loans, net 707 42 1,020 50
Mortgage servicing, net 29 76 162 232
Gains on CRA mutual fund 6 22 29
Gains (losses) on available-for-sale securities, net 34 (9) 216 263
BOLI income and gains 719 86 986 253
Other 18 29 97 96
Total non-interest income 3,286 2,256 7,846 6,831
Non-interest expense        
Salaries 3,114 3,042 8,375 8,994
Employee benefits 1,061 1,181 3,244 3,408
Premises and equipment 1,005 974 2,897 2,950
Data processing 569 534 1,666 1,620
Professional fees 635 572 2,020 1,690
OREO gains, losses and write-downs, net 84 406
Collections and other real estate owned 108 119 212 328
FDIC insurance 123 (9) 331 294
Marketing and community support 126 141 419 448
Amortization of intangibles 78 93 247 297
Other 440 453 1,572 1,398
Total non-interest expense 7,259 7,184 20,983 21,833
Income before income taxes 5,266 3,645 10,995 9,907
Income tax provision 910 657 1,858 1,781
Net income 4,356 2,988 9,137 8,126
Net income available to common stock $ 4,288 $ 2,940 $ 9,006 $ 8,016
Basic earnings per common share $ 1.53 $ 1.06 $ 3.22 $ 2.88
Diluted earnings per common share 1.53 1.05 3.21 2.87
Common dividends per share $ 0.29 $ 0.28 $ 0.87 $ 0.84