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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income        
Interest on taxable loans $ 30,235 $ 30,557 $ 58,639 $ 60,882
Interest on tax-exempt loans 354 275 704 497
Interest on taxable investment securities 4,989 2,023 9,400 3,608
Interest on tax-exempt investment securities 627 633 1,281 1,291
Dividends on FHLB of Boston stock 32 12 57 12
Interest on overnight investments 42 28 96 59
Total interest and dividend income 36,279 33,528 70,177 66,349
Interest expense        
Interest on deposits 1,844 1,006 3,740 2,281
Interest on borrowed funds 254 141 387 281
Total interest expense 2,098 1,147 4,127 2,562
Net interest and dividend income 34,181 32,381 66,050 63,787
Release of credit losses   (901) (412) (1,107)
Net interest and dividend income after release of credit losses 34,181 33,282 66,462 64,894
Noninterest income        
Bank owned life insurance income 1,343 209 1,530 405
Gain on loans sold, net 4 165 98 734
Loan related derivative income 45 567 341 1,238
Other income 476 453 1,794 908
Total noninterest income 11,149 10,906 22,503 21,755
Noninterest expense        
Salaries and employee benefits 17,048 16,462 34,439 32,508
Occupancy and equipment 3,613 3,503 7,155 7,079
Data processing 2,601 2,179 5,246 4,213
Professional services 1,070 1,297 2,134 2,569
Marketing 218 953 442 1,416
FDIC insurance 472 261 927 597
Non-operating expenses 246   246  
Other expenses 1,029 618 1,583 1,110
Total noninterest expense 26,297 25,273 52,172 49,492
Income before income taxes 19,033 18,915 36,793 37,157
Income tax expense 5,375 4,971 9,819 9,714
Net income $ 13,658 $ 13,944 $ 26,974 $ 27,443
Share data:        
Weighted average shares outstanding, basic 6,981,907 6,930,268 6,959,856 6,918,779
Weighted average shares outstanding, diluted 7,026,807 6,998,936 7,013,538 6,993,437
Basic earnings per share $ 1.95 $ 2.00 $ 3.86 $ 3.95
Diluted earnings per share $ 1.94 $ 1.98 $ 3.83 $ 3.91
Wealth Management Revenue        
Noninterest income        
Noninterest income $ 8,122 $ 8,623 $ 16,696 $ 16,774
Deposit Account Fees        
Noninterest income        
Noninterest income 732 484 1,238 958
ATM/Debit Card Income        
Noninterest income        
Noninterest income $ 427 $ 405 $ 806 $ 738