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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and dividend income        
Interest on taxable loans $ 14,132 $ 12,555 $ 27,510 $ 24,928
Interest on tax-exempt loans 92 139 188 270
Interest on taxable investment securities 1,920 1,656 3,634 3,050
Interest on tax-exempt investment securities 604 660 1,226 1,325
Dividends on FHLB of Boston stock 58 43 109 85
Interest on overnight investments 130 48 401 116
Total interest and dividend income 16,936 15,101 33,068 29,774
Interest expense        
Interest on deposits 1,053 683 2,015 1,374
Interest on borrowed funds 29 188 46 209
Total interest expense 1,082 871 2,061 1,583
Net interest and dividend income 15,854 14,230 31,007 28,191
Provision for (Release of) Loan Losses (79) 20 330 50
Net interest and dividend income after provision for loan losses 15,933 14,210 30,677 28,141
Noninterest income        
Bank owned life insurance income 136 147 264 309
Gain (loss) on disposition of investment securities 2 (1) 2 (3)
Gain on loans held for sale 18 50 45 285
Loan related derivative income 112 175 584 363
Other income 353 298 757 608
Total noninterest income 7,844 7,345 16,022 14,672
Noninterest expense        
Salaries and employee benefits 10,443 8,870 20,516 18,026
Occupancy and equipment 2,219 2,325 4,446 4,578
Data processing 1,289 1,396 2,519 2,719
Professional services 829 826 1,716 1,696
Marketing 336 473 774 743
FDIC Insurance 135 151 286 312
Other expenses 514 691 1,009 1,604
Total noninterest expense 15,765 14,732 31,266 29,678
Income before income taxes 8,012 6,823 15,433 13,135
Income tax expense 1,901 2,309 3,517 4,293
Net income $ 6,111 $ 4,514 $ 11,916 $ 8,842
Share data:        
Weighted average number of shares outstanding, basic 4,059,927 4,034,397 4,057,156 4,024,877
Weighted average number of shares outstanding, diluted 4,094,489 4,068,360 4,087,790 4,061,286
Basic earnings per share $ 1.49 $ 1.11 $ 2.91 $ 2.17
Diluted earnings per share $ 1.48 $ 1.10 $ 2.89 $ 2.16
Wealth Management Revenue        
Noninterest income        
Noninterest income $ 6,139 $ 5,584 $ 12,265 $ 10,946
Deposit Account Fees        
Noninterest income        
Noninterest income 774 806 1,524 1,619
ATM/Debit Card Income        
Noninterest income        
Noninterest income $ 310 $ 286 $ 581 $ 545