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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest and dividend income      
Interest on taxable loans $ 135,965 $ 120,019 $ 119,447
Interest on tax-exempt loans 1,447 1,205 880
Interest on taxable investment securities 19,555 9,464 6,048
Interest on tax-exempt investment securities 2,477 2,630 2,485
Dividends on FHLB of Boston stock 287 46 331
Interest on overnight investments 262 150 187
Total interest and dividend income 159,993 133,514 129,378
Interest expense      
Interest on deposits 14,598 4,974 7,295
Interest on borrowed funds 2,180 559 1,406
Interest on subordinated debt     444
Total interest expense 16,778 5,533 9,145
Net interest and dividend income 143,215 127,981 120,233
Provision for (release of) credit losses 3,881 (1,294) 18,310
Net interest and dividend income after provision for (release of) credit losses 139,334 129,275 101,923
Noninterest income      
Bank owned life insurance income 1,808 801 747
Gain (loss) on disposition of investment securities     69
Gain on loans sold, net 98 832 1,850
Loan related derivative income 625 2,124 1,479
Other income 2,868 2,024 1,726
Total noninterest income 43,009 44,324 39,525
Noninterest expense      
Salaries and employee benefits 70,109 65,127 58,975
Occupancy and equipment 14,364 13,898 13,004
Data processing 10,706 8,829 7,662
Professional services 4,728 5,391 4,190
Marketing 2,301 2,536 1,818
FDIC insurance 1,845 1,318 992
Non-operating expenses 3,059 1,118 7,612
Other expenses 3,270 2,267 3,832
Total noninterest expense 110,382 100,484 98,085
Income before income taxes 71,961 73,115 43,363
Income tax expense 19,052 19,091 11,404
Net Income $ 52,909 $ 54,024 $ 31,959
Share data:      
Weighted average shares outstanding, basic 7,163,223 6,926,257 6,289,481
Weighted average shares outstanding, diluted 7,213,913 6,990,603 6,344,409
Basic earnings per share $ 7.35 $ 7.76 $ 5.07
Diluted earnings per share $ 7.30 $ 7.69 $ 5.03
Wealth Management Revenue      
Noninterest income      
Noninterest income $ 33,034 $ 35,037 $ 29,751
Deposit Account Fees      
Noninterest income      
Noninterest income 2,913 1,939 2,595
ATM/Debit Card Income      
Noninterest income      
Noninterest income $ 1,663 $ 1,567 $ 1,308