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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest and dividend income      
Interest and fees on loans $ 44,874 $ 41,080 $ 40,796
Interest on debt securities      
Taxable 3,479 2,048 1,671
Tax exempt 787 697 672
Other interest and dividends 871 247 295
Total interest and dividend income 50,011 44,072 43,434
Interest expense      
Deposits 3,724 2,160 3,890
Repurchase agreements 30 16 20
Finance lease 163 136 141
Note payable 9 11 14
Subordinated debt 932 1,000 618
Federal Home Loan Bank of Boston advances 114 125 605
Total interest expense 4,972 3,448 5,288
Net interest and dividend income 45,039 40,624 38,146
Provision (release) for loan losses 2,683 (720) 5,038
Net interest and dividend income after provision (release) for loan losses 42,356 41,344 33,108
Non-interest income      
Trust and wealth advisory 4,887 4,970 4,194
Service charges and fees 5,299 4,822 3,072
Mortgage banking activities, net 556 1,000 1,621
(Losses) gains on mutual funds (120) (26) 19
Gains on securities, net 165 (2) 196
Bank-owned life insurance (“BOLI”) income 717 556 495
Gain on bank-owned life insurance 89 601
Gain on sale of assets 73
Other 109 107 125
Total non-interest income 11,702 11,500 10,323
Non-interest expense      
Salaries 14,932 13,417 11,828
Employee benefits 5,125 5,023 4,533
Premises and equipment 4,281 4,114 4,019
Write-down of assets 3 144
Information processing and services 2,795 2,441 2,211
Professional fees 3,218 2,779 2,741
Collections, OREO, and loan related 376 455 323
FDIC insurance 526 541 466
Marketing and community support 822 881 573
Amortization of intangibles 191 256 321
Other 2,376 2,053 2,023
Total non-interest expense 34,645 32,104 29,038
Income before income taxes 19,413 20,740 14,393
Income tax provision 3,539 4,267 2,453
Net income 15,874 16,473 11,940
Net income available to common shareholders $ 15,598 $ 16,225 $ 11,775
Basic earnings per common share1 $ 2.75 $ 2.88 $ 2.11
Diluted earnings per common share1 2.74 2.86 2.10
Common dividends per share1 $ 0.64 $ 0.61 $ 0.58