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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income    
Interest and fees on loans $ 13,250 $ 10,163
Interest on debt securities    
Taxable 1,068 724
Tax exempt 212 174
Other interest and dividends 393 57
Total interest and dividend income 14,923 11,118
Interest expense    
Deposits 2,818 478
Repurchase agreements 16 3
Finance lease 40 41
Note payable 2 2
Subordinated Debt 233 233
Federal Home Loan Bank of Boston advances 687 55
Total interest expense 3,796 812
Net interest and dividend income 11,127 10,306
Provision for credit losses 1,016 363
Net interest and dividend income after provision for credit losses 10,111 9,943
Non-interest income    
Trust and wealth advisory 1,153 1,241
Service charges and fees 1,235 1,138
Mortgage banking activities, net 59 355
Gains (losses) on mutual funds 20 (42)
Gains on sales of available -for-sale securities, net 210
BOLI income 192 162
Other 34 30
Total non-interest income 2,693 3,094
Non-interest expense    
Salaries 3,721 3,479
Employee benefits 1,468 1,277
Premises and equipment 1,105 1,104
Loss on write-down and sale of assets 158 9
Information processing and services 831 685
Professional fees 945 787
Collections, OREO, and loan related 72 117
FDIC insurance 98 171
Marketing and community support 127 184
Amortization of intangibles 39 54
Other 470 786
Total non-interest expense 9,034 8,653
Income before income taxes 3,770 4,384
Income tax provision 752 816
Net income 3,018 3,568
Net income available to common shareholders $ 2,968 $ 3,508
Basic earnings per common share 1 $ 0.52 $ 0.62
Diluted earnings per common share 1 0.52 0.62
Common dividends per share 1 $ 0.16 $ 0.16