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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest and dividend income    
Interest on taxable loans $ 28,404 $ 30,325
Interest on tax-exempt loans 350 222
Interest on taxable investment securities 4,411 1,585
Interest on tax-exempt investment securities 654 658
Dividends on FHLB of Boston stock 25  
Interest on overnight investments 54 31
Total interest and dividend income 33,898 32,821
Interest expense    
Interest on deposits 1,896 1,275
Interest on borrowed funds 133 140
Total interest expense 2,029 1,415
Net interest and dividend income 31,869 31,406
Release of credit losses (412) (206)
Net interest and dividend income after release of credit losses 32,281 31,612
Noninterest income    
Bank owned life insurance income 187 196
Gain on loans sold, net 94 569
Loan related derivative income 296 671
Other income 1,318 455
Total noninterest income 11,354 10,849
Noninterest expense    
Salaries and employee benefits 17,391 16,045
Occupancy and equipment 3,542 3,576
Data processing 2,645 2,034
Professional services 1,064 1,272
Marketing 224 463
FDIC insurance 455 336
Other expenses 554 493
Total noninterest expense 25,875 24,219
Income before income taxes 17,760 18,242
Income tax expense 4,444 4,743
Net income $ 13,316 $ 13,499
Share data:    
Weighted average shares outstanding, basic 6,948,040 6,907,861
Weighted average shares outstanding, diluted 7,010,983 6,987,216
Basic earnings per share $ 1.91 $ 1.95
Diluted earnings per share $ 1.89 $ 1.92
Wealth Management Revenue    
Noninterest income    
Noninterest income $ 8,574 $ 8,151
Deposit Account Fees    
Noninterest income    
Noninterest income 506 474
ATM/Debit Card Income    
Noninterest income    
Noninterest income $ 379 $ 333