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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and dividend income        
Interest and fees on loans $ 9,901 $ 10,313 $ 20,377 $ 20,300
Interest on debt securities        
Taxable 488 409 912 864
Tax exempt 172 171 334 356
Other interest and dividends 61 51 95 142
Total interest and dividend income 10,622 10,944 21,718 21,662
Interest expense        
Deposits 567 988 1,121 2,497
Repurchase agreements 4 4 8 10
Finance lease 36 35 69 71
Note payable 3 4 6 7
Subordinated debt 415 156 534 312
Federal Home Loan Bank of Boston advances 32 140 65 359
Total interest expense 1,057 1,327 1,803 3,256
Net interest and dividend income 9,565 9,617 19,915 18,406
(Release) provision for loan losses (1,075) 1,806 (917) 3,512
Net interest and dividend income after (release) provision for loan losses 10,640 7,811 20,832 14,894
Non-interest income        
Trust and wealth advisory 1,254 1,031 2,399 2,061
Service charges and fees 1,374 598 2,325 1,503
Mortgage banking activities, net 196 318 804 446
Gains (losses) on CRA mutual fund 3 8 (14) 22
(Losses) gains on securities, net (9) 181 (9) 182
Bank-owned life insurance ("BOLI") income 125 133 251 266
Other 28 47 57 80
Total non-interest income 2,971 2,316 5,813 4,560
Non-interest expense        
Salaries 3,403 2,411 6,304 5,261
Employee benefits 1,356 1,037 2,668 2,183
Premises and equipment 1,019 981 1,973 1,891
Data processing 628 557 1,193 1,098
Professional fees 644 758 1,355 1,385
Collections, OREO, and loan related 113 79 197 104
FDIC insurance 80 103 225 208
Marketing and community support 214 169 296 293
Amortization of intangibles 65 83 137 170
Other 564 611 999 1,133
Total non-interest expense 8,086 6,789 15,347 13,726
Income before income taxes 5,525 3,338 11,298 5,728
Income tax provision 1,172 604 2,419 947
Net income 4,353 2,734 8,879 4,781
Net income available to common shareholders $ 4,287 $ 2,691 $ 8,749 $ 4,704
Basic earnings per common share $ 1.53 $ 0.96 $ 3.12 $ 1.68
Diluted earnings per common share 1.52 0.96 3.10 1.68
Common dividends per share $ 0.30 $ 0.29 $ 0.59 $ 0.58