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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest and dividend income    
Interest and fees on loans $ 10,163 $ 10,477
Interest on debt securities    
Taxable 724 423
Tax exempt 174 162
Other interest and dividends 57 34
Total interest and dividend income 11,118 11,096
Interest expense    
Deposits 478 555
Repurchase agreements 3 3
Finance lease 41 32
Note payable 2 3
Subordinated Debt 233 119
Federal Home Loan Bank of Boston advances 55 34
Total interest expense 812 746
Net interest and dividend income 10,306 10,350
Provision for loan losses 363 158
Net interest and dividend income after provision for loan losses 9,943 10,192
Non-interest income    
Trust and wealth advisory 1,241 1,146
Service charges and fees 1,138 950
Mortgage banking activities, net 355 608
Losses on CRA mutual fund (42) (16)
Gains on sales and calls of available -for-sale securities, net 210
BOLI income and gains 162 125
Other 30 28
Total non-interest income 3,094 2,841
Non-interest expense    
Salaries 3,479 2,901
Employee benefits 1,277 1,312
Premises and equipment 1,104 954
Loss on sale of assets 9
Information processing and services 685 565
Professional fees 787 711
Collections, OREO, and loan related 117 84
FDIC insurance 171 145
Marketing and community support 184 82
Amortization of intangibles 54 71
Other 786 434
Total non-interest expense 8,653 7,259
Income before income taxes 4,384 5,774
Income tax provision 816 1,248
Net income 3,568 4,526
Net income available to common shareholders $ 3,508 $ 4,462
Basic earnings per common share $ 1.24 $ 1.59
Diluted earnings per common share 1.23 1.59
Common dividends per share $ 0.32 $ 0.29