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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income        
Interest and fees on loans $ 10,576 $ 9,901 $ 20,740 $ 20,377
Interest on debt securities        
Taxable 859 488 1,583 912
Tax exempt 187 172 362 334
Other interest and dividends 107 61 164 95
Total interest and dividend income 11,729 10,622 22,849 21,718
Interest expense        
Deposits 577 567 1,055 1,121
Repurchase agreements 4 4 6 8
Finance lease 41 36 82 69
Note payable 2 3 5 6
Subordinated debt 233 415 466 534
Federal Home Loan Bank of Boston advances 32 55 65
Total interest expense 857 1,057 1,669 1,803
Net interest and dividend income 10,872 9,565 21,180 19,915
Provision (release) for loan losses 1,100 (1,075) 1,463 (917)
Net interest and dividend income after provision (release) for loan losses 9,772 10,640 19,717 20,832
Non-interest income        
Trust and wealth advisory 1,293 1,254 2,533 2,399
Service charges and fees 1,723 1,374 2,861 2,325
Mortgage banking activities, net 77 196 432 804
(Losses) gains on mutual fund (30) 3 (72) (14)
(Losses) gains on sales and calls of available -for-sale securities, net (45) (9) 165 (9)
BOLI income and gains 252 125 414 251
Other 27 28 57 57
Total non-interest income 3,297 2,971 6,390 5,813
Non-interest expense        
Salaries 3,657 3,403 7,135 6,304
Employee benefits 1,288 1,356 2,565 2,668
Premises and equipment 973 1,019 2,086 1,973
Information processing and services 702 628 1,387 1,193
Professional fees 821 644 1,609 1,355
Collections, OREO, and loan related 116 113 232 197
FDIC insurance 122 80 293 225
Marketing and community support 262 214 447 296
Amortization of intangibles 50 65 104 137
Other 541 564 1,328 999
Total non-interest expense 8,532 8,086 17,186 15,347
Income before income taxes 4,537 5,525 8,921 11,298
Income tax provision 692 1,172 1,507 2,419
Net income 3,845 4,353 7,414 8,879
Net income available to common shareholders $ 3,772 $ 4,287 $ 7,280 $ 8,749
Basic earnings per common share 1 $ 0.67 $ 0.76 $ 1.29 $ 1.56
Diluted earnings per common share 1 0.66 0.76 1.28 1.55
Common dividends per share 1 $ 0.16 $ 0.15 $ 0.32 $ 0.30