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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income        
Interest and fees on loans $ 11,541 $ 10,264 $ 32,280 $ 30,642
Interest on debt securities        
Taxable 903 486 2,486 1,398
Tax exempt 213 172 575 506
Other interest and dividends 352 79 517 174
Total interest and dividend income 13,009 11,001 35,858 32,720
Interest expense        
Deposits 883 532 1,938 1,652
Repurchase agreements 4 5 11 13
Finance lease 41 33 122 102
Note payable 2 3 7 9
Subordinated debt 233 233 699 767
Federal Home Loan Bank of Boston advances 2 30 57 96
Total interest expense 1,165 836 2,834 2,639
Net interest and dividend income 11,844 10,165 33,024 30,081
Provision (release) for loan losses 695 400 2,158 (517)
Net interest and dividend income after provision (release) for loan losses 11,149 9,765 30,866 30,598
Non-interest income        
Trust and wealth advisory 1,228 1,286 3,762 3,685
Service charges and fees 1,219 1,211 4,080 3,536
Mortgage banking activities, net 64 108 497 912
Losses on mutual fund (47) (4) (119) (18)
Gains (losses) on securities, net 7 165 (2)
Bank-owned life insurance (“BOLI”) income 201 135 615 386
Gain on sale of assets 73 73
Other 28 24 84 81
Total non-interest income 2,693 2,840 9,084 8,653
Non-interest expense        
Salaries 3,802 3,361 10,938 9,664
Employee benefits 1,224 1,322 3,789 3,990
Premises and equipment 1,117 1,060 3,200 3,034
Write-down of assets 144 3 144
Information processing and services 711 632 2,098 1,824
Professional fees 689 735 2,297 2,090
Collections, OREO and loan related 67 120 300 317
FDIC insurance 98 146 391 370
Marketing and community support 214 256 661 552
Amortization of intangibles 46 61 150 198
Other 544 447 1,872 1,448
Total non-interest expense 8,512 8,284 25,699 23,631
Income before income taxes 5,330 4,321 14,251 15,620
Income tax provision 994 868 2,501 3,288
Net income 4,336 3,453 11,750 12,332
Net income available to common shareholders $ 4,264 $ 3,400 $ 11,543 $ 12,148
Basic earnings per common share 1 $ 0.75 $ 0.60 $ 2.04 $ 2.16
Diluted earnings per common share 1 0.75 0.60 2.03 2.15
Common dividends per share 1 $ 0.16 $ 0.16 $ 0.48 $ 0.45