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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income        
Interest on taxable loans $ 47,731 $ 30,235 $ 93,064 $ 58,639
Interest on tax-exempt loans 382 354 758 704
Interest on taxable investment securities 4,957 4,989 10,007 9,400
Interest on tax-exempt investment securities 570 627 1,155 1,281
Dividends on FHLB of Boston stock 340 32 412 57
Interest on overnight investments 164 42 490 96
Total interest and dividend income 54,144 36,279 105,886 70,177
Interest expense        
Interest on deposits 20,040 1,844 35,984 3,740
Interest on borrowed funds 4,343 254 5,893 387
Total interest expense 24,383 2,098 41,877 4,127
Net interest and dividend income 29,761 34,181 64,009 66,050
Provision for (Release of) credit losses 80   140 (412)
Net interest and dividend income after provision for (release of) credit losses 29,681 34,181 63,869 66,462
Noninterest income        
Bank owned life insurance income 192 1,343 379 1,530
Gain on loans sold, net   4 13 98
Loan related derivative income (loss) (7) 45 227 341
Other income 476 476 1,440 1,794
Total noninterest income 10,029 11,149 20,744 22,503
Noninterest expense        
Salaries and employee benefits 16,984 17,048 35,472 34,439
Occupancy and equipment 3,571 3,613 7,318 7,155
Data processing 2,602 2,601 5,243 5,246
Professional services 863 1,070 1,986 2,134
Marketing 658 218 1,084 442
FDIC insurance 768 472 1,147 927
Non-operating expenses 3,491 246 3,915 246
Other expenses 1,408 1,029 2,508 1,583
Total noninterest expense 30,345 26,297 58,673 52,172
Income before income taxes 9,365 19,033 25,940 36,793
Income tax expense 2,250 5,375 6,409 9,819
Net income $ 7,115 $ 13,658 $ 19,531 $ 26,974
Share data:        
Weighted average shares outstanding, basic 7,837,708 6,981,907 7,816,611 6,959,856
Weighted average shares outstanding, diluted 7,854,955 7,026,807 7,842,106 7,013,538
Basic earnings per share $ 0.91 $ 1.95 $ 2.50 $ 3.86
Diluted earnings per share $ 0.91 $ 1.94 $ 2.49 $ 3.83
Wealth Management Revenue        
Noninterest income        
Noninterest income $ 8,076 $ 8,122 $ 16,013 $ 16,696
Deposit Account Fees        
Noninterest income        
Noninterest income 878 732 1,747 1,238
ATM/Debit Card Income        
Noninterest income        
Noninterest income $ 414 $ 427 $ 925 $ 806