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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest and dividend income      
Interest on taxable loans $ 120,019 $ 119,447 $ 84,382
Interest on tax-exempt loans 1,205 880 584
Interest on taxable investment securities 9,464 6,048 7,963
Interest on tax-exempt investment securities 2,630 2,485 2,289
Dividends on FHLB of Boston stock 46 331 390
Interest on overnight investments 150 187 731
Total interest and dividend income 133,514 129,378 96,339
Interest expense      
Interest on deposits 4,974 7,295 15,641
Interest on borrowed funds 559 1,406 2,002
Interest on subordinated debt   444  
Total interest expense 5,533 9,145 17,643
Net interest and dividend income 127,981 120,233 78,696
Provision for (release of) credit losses (1,294) 18,310 3,004
Net interest and dividend income after provision for (release of) credit losses 129,275 101,923 75,692
Noninterest income      
Bank owned life insurance income 801 747 612
Gain (loss) on disposition of investment securities   69 (79)
Gain on loans sold, net 832 1,850 1,170
Loan related derivative income 2,124 1,479 1,674
Other income 2,024 1,726 1,927
Total noninterest income 44,324 39,525 36,401
Noninterest expense      
Salaries and employee benefits 65,127 58,975 47,494
Occupancy and equipment 13,898 13,004 10,855
Data processing 8,829 7,662 6,232
Professional services 5,391 4,190 3,623
Marketing 2,536 1,818 1,760
FDIC insurance 1,318 992 291
Non-operating expenses 1,118 7,612 4,721
Other expenses 2,267 3,832 3,199
Total noninterest expense 100,484 98,085 78,175
Income before income taxes 73,115 43,363 33,918
Income tax expense 19,091 11,404 8,661
Net Income $ 54,024 $ 31,959 $ 25,257
Share data:      
Weighted average shares outstanding, basic 6,926,257 6,289,481 4,629,255
Weighted average shares outstanding, diluted 6,990,603 6,344,409 4,661,720
Basic earnings per share $ 7.76 $ 5.07 $ 5.41
Diluted earnings per share $ 7.69 $ 5.03 $ 5.37
Wealth Management Revenue      
Noninterest income      
Noninterest income $ 35,037 $ 29,751 $ 26,499
Deposit Account Fees      
Noninterest income      
Noninterest income 1,939 2,595 3,185
ATM/Debit Card Income      
Noninterest income      
Noninterest income $ 1,567 $ 1,308 $ 1,413