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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income        
Interest on taxable loans $ 49,535 $ 34,056 $ 142,599 $ 92,695
Interest on tax-exempt loans 398 367 1,156 1,071
Interest on taxable investment securities 4,837 5,101 14,844 14,501
Interest on tax-exempt investment securities 541 601 1,696 1,882
Dividends on FHLB of Boston stock 254 106 666 163
Interest on overnight investments 133 41 623 137
Total interest and dividend income 55,698 40,272 161,584 110,449
Interest expense        
Interest on deposits 24,164 2,846 60,148 6,586
Interest on borrowed funds 2,887 1,148 8,780 1,535
Total interest expense 27,051 3,994 68,928 8,121
Net interest and dividend income 28,647 36,278 92,656 102,328
Provision for credit losses 195 612 335 200
Net interest and dividend income after provision for credit losses 28,452 35,666 92,321 102,128
Noninterest income        
Bank owned life insurance income 197 144 576 1,674
Gain on loans sold, net 27   40 98
Loan related derivative income 58 213 285 554
Other income 499 593 1,939 2,387
Total noninterest income 10,549 10,443 31,293 32,946
Noninterest expense        
Salaries and employee benefits 17,272 17,341 52,744 51,780
Occupancy and equipment 3,602 3,511 10,920 10,666
Data processing 2,485 2,592 7,728 7,838
Professional services 1,089 749 3,075 2,883
Marketing 535 731 1,619 1,173
FDIC insurance 770 453 1,917 1,380
Non-operating expenses 2,567 150 6,482 396
Other expenses 1,329 814 3,837 2,397
Total noninterest expense 29,649 26,341 88,322 78,513
Income before income taxes 9,352 19,768 35,292 56,561
Income tax expense 2,808 5,152 9,217 14,971
Net income $ 6,544 $ 14,616 $ 26,075 $ 41,590
Share data:        
Weighted average shares outstanding, basic 7,840,197 6,971,583 7,825,195 6,961,833
Weighted average shares outstanding, diluted 7,862,584 7,018,832 7,848,061 7,010,197
Basic earnings per share $ 0.83 $ 2.09 $ 3.33 $ 5.94
Diluted earnings per share $ 0.83 $ 2.07 $ 3.32 $ 5.9
Wealth Management Revenue        
Noninterest income        
Noninterest income $ 8,513 $ 8,239 $ 24,526 $ 24,935
Deposit Account Fees        
Noninterest income        
Noninterest income 852 841 2,599 2,079
ATM/Debit Card Income        
Noninterest income        
Noninterest income $ 403 $ 413 $ 1,328 $ 1,219