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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income        
Interest and fees on loans $ 13,604 $ 10,576 $ 26,853 $ 20,740
Interest on debt securities        
Taxable 1,033 859 2,102 1,583
Tax exempt 183 187 396 362
Other interest and dividends 561 107 954 164
Total interest and dividend income 15,381 11,729 30,305 22,849
Interest expense        
Deposits 5,296 577 8,114 1,055
Repurchase agreements 25 4 41 6
Finance lease 40 41 79 82
Note payable 2 2 4 5
Subordinated debt 233 233 466 466
Federal Home Loan Bank of Boston advances 444 1,131 55
Total interest expense 6,040 857 9,835 1,669
Net interest and dividend income 9,341 10,872 20,470 21,180
(Release) provision for credit losses (403) 1,100 521 1,463
Net interest and dividend income after (release) provision for loan losses 9,744 9,772 19,949 19,717
Non-interest income        
Trust and wealth advisory 1,330 1,293 2,483 2,533
Service charges and fees 1,251 1,723 2,485 2,861
Mortgage banking activities, net (151) 77 (92) 432
(Losses) gains on mutual fund (14) (30) 5 (72)
(Losses) gains on securities, net (15) (45) (15) 165
Bank-owned life insurance (“BOLI”) income 196 163 388 325
Gain on bank-owned life insurance 311 89 311 89
Other 26 27 60 57
Total non-interest income 2,934 3,297 5,625 6,390
Non-interest expense        
Salaries 3,625 3,657 7,346 7,135
Employee benefits 1,232 1,288 2,700 2,565
Premises and equipment 1,078 973 2,183 2,086
Loss on write-down and sale of assets 158
Information processing and services 949 702 1,781 1,387
Professional fees 850 821 1,795 1,609
Collections, OREO, and loan related 29 116 100 232
FDIC insurance 248 122 346 293
Marketing and community support 187 262 314 447
Amortization of intangibles 34 50 73 104
Other 544 541 1,106 1,328
Total non-interest expense 8,776 8,532 17,902 17,186
Income before income taxes 3,902 4,537 7,672 8,921
Income tax provision 497 692 1,249 1,507
Net income 3,405 3,845 6,423 7,414
Net income available to common shareholders $ 3,354 $ 3,772 $ 6,322 $ 7,280
Basic earnings per common share $ 0.59 $ 0.67 $ 1.11 $ 1.29
Diluted earnings per common share 0.59 0.66 1.10 1.28
Common dividends per share $ 0.16 $ 0.16 $ 0.32 $ 0.32