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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest and dividend income      
Interest and fees on loans $ 41,080 $ 40,796 $ 39,742
Interest on debt securities      
Taxable 2,048 1,671 2,223
Tax exempt 697 672 545
Other interest and dividends 247 295 903
Total interest and dividend income 44,072 43,434 43,413
Interest expense      
Deposits 2,160 3,890 7,324
Repurchase agreements 16 20 24
Finance lease 136 141 170
Note payable 11 14 16
Subordinated debt 1,000 618 624
Federal Home Loan Bank of Boston advances 125 605 1,143
Total interest expense 3,448 5,288 9,301
Net interest and dividend income 40,624 38,146 34,112
(Release) provision for loan losses (720) 5,038 955
Net interest and dividend income after (release) provision for loan losses 41,344 33,108 33,157
Non-interest income      
Trust and wealth advisory 4,970 4,194 3,995
Service charges and fees 4,822 3,072 4,028
Mortgage banking activities, net 1,000 1,621 423
(Losses) gains on CRA mutual fund (26) 19 25
(Losses) gains on securities, net (2) 196 263
Bank-owned life insurance (“BOLI”) income 556 495 392
Gain on bank-owned life insurance 601
Gain on sale of assets 73
Other 107 125 124
Total non-interest income 11,500 10,323 9,250
Non-interest expense      
Salaries 13,417 11,828 12,048
Employee benefits 5,023 4,533 4,384
Premises and equipment 4,114 4,019 4,016
Write-down of assets 144
Data processing 2,441 2,211 2,201
Professional fees 2,779 2,741 2,213
Collections, OREO, and loan related 455 323 844
FDIC insurance 541 466 261
Marketing and community support 881 573 619
Amortization of intangibles 256 321 388
Other 2,053 2,023 1,938
Total non-interest expense 32,104 29,038 28,912
Income before income taxes 20,740 14,393 13,495
Income tax provision 4,267 2,453 2,359
Net income 16,473 11,940 11,136
Net income available to common shareholders $ 16,225 $ 11,775 $ 10,976
Basic earnings per common share $ 5.77 $ 4.21 $ 3.95
Diluted earnings per common share 5.72 4.20 3.93
Common dividends per share $ 1.21 $ 1.16 $ 1.12