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Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest and dividend income:        
Overnight investments $ 1   $ 1 $ 5
Mortgage-backed securities 2,606 3,041 5,231 6,270
Investment securities 371 490 768 1,040
Federal Home Loan Bank of Boston stock dividends 13   25  
Loans and leases 14,505 15,105 29,055 29,673
Total interest and dividend income 17,496 18,636 35,080 36,988
Interest expense:        
Deposits 1,248 2,164 2,707 4,442
Overnight and short-term borrowings 9 19 19 37
Wholesale repurchase agreements 142 143 281 282
Federal Home Loan Bank of Boston borrowings 1,931 2,518 4,227 5,183
Subordinated deferrable interest debentures 167 166 332 330
Total interest expense 3,497 5,010 7,566 10,274
Net interest income 13,999 13,626 27,514 26,714
Provision for loan and lease losses 850 1,550 1,975 3,150
Net interest income after provision for loan and lease losses 13,149 12,076 25,539 23,564
Noninterest income:        
Total other-than-temporary impairment losses on available for sale securities   (49)   49
Non-credit component of other-than-temporary losses recognized in other comprehensive income   5   (664)
Credit component of other-than-temporary impairment losses on available for sale securities   (44)   (615)
Service charges on deposit accounts 1,215 1,348 2,355 2,612
Commissions on nondeposit investment products 356 148 550 385
Income from bank-owned life insurance 306 318 609 633
Loan related fees 131 133 351 322
Net gains on lease sales and commissions on loans originated for others 64 6 60 42
Gain on sale of available for sale securities   103 212 578
Other income 200 273 467 643
Total noninterest income 2,272 2,285 4,604 4,600
Noninterest expense:        
Salaries and employee benefits 6,655 5,746 12,589 11,589
Professional services 2,132 537 2,738 1,169
Occupancy 846 829 1,753 1,690
Data processing 687 654 1,368 1,308
FDIC insurance 442 475 919 950
Operating 428 467 882 929
Marketing 378 383 731 641
Equipment 256 255 532 510
Loan workout and other real estate owned 161 337 367 673
Loan servicing 135 171 279 347
Other expenses 498 576 1,729 1,112
Total noninterest expense 12,618 10,430 23,887 20,918
Income before income taxes 2,803 3,931 6,256 7,246
Income tax expense 984 1,250 2,130 2,346
Net income $ 1,819 $ 2,681 $ 4,126 $ 4,900
Per share data:        
Basic earnings per common share $ 0.39 $ 0.57 $ 0.88 $ 1.05
Diluted earnings per common share $ 0.38 $ 0.57 $ 0.87 $ 1.05
Cash dividends declared per common share $ 0.19 $ 0.17 $ 0.38 $ 0.34
Weighted average common shares outstanding - basic 4,689 4,664 4,686 4,643
Weighted average common shares outstanding - diluted 4,768 4,690 4,734 4,670