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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income    
Interest on taxable loans $ 45,333 $ 28,404
Interest on tax-exempt loans 376 350
Interest on taxable investment securities 5,050 4,411
Interest on tax-exempt investment securities 585 654
Dividends on FHLB of Boston stock 72 25
Interest on overnight investments 326 54
Total interest and dividend income 51,742 33,898
Interest expense    
Interest on deposits 15,944 1,896
Interest on borrowed funds 1,550 133
Total interest expense 17,494 2,029
Net interest and dividend income 34,248 31,869
Provision for (Release of) credit losses 60 (412)
Net interest and dividend income after provision for (release of) credit losses 34,188 32,281
Noninterest income    
Bank owned life insurance income 187 187
Gain on loans sold, net 13 94
Loan related derivative income 234 296
Other income 964 1,318
Total noninterest income 10,715 11,354
Noninterest expense    
Salaries and employee benefits 18,488 17,391
Occupancy and equipment 3,747 3,542
Data processing 2,641 2,645
Professional services 1,123 1,064
Marketing 426 224
FDIC insurance 379 455
Non-operating expenses 424  
Other expenses 1,100 554
Total noninterest expense 28,328 25,875
Income before income taxes 16,575 17,760
Income tax expense 4,159 4,444
Net income $ 12,416 $ 13,316
Share data:    
Weighted average shares outstanding, basic 7,792,474 6,948,040
Weighted average shares outstanding, diluted 7,826,162 7,010,983
Basic earnings per share $ 1.59 $ 1.91
Diluted earnings per share $ 1.58 $ 1.89
Wealth Management Revenue    
Noninterest income    
Noninterest income $ 7,937 $ 8,574
Deposit Account Fees    
Noninterest income    
Noninterest income 869 506
ATM/Debit Card Income    
Noninterest income    
Noninterest income $ 511 $ 379