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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income        
Interest on taxable loans $ 21,355 $ 14,132 $ 37,639 $ 27,510
Interest on tax-exempt loans 124 92 213 188
Interest on taxable investment securities 2,116 1,920 4,096 3,634
Interest on tax-exempt investment securities 575 604 1,146 1,226
Dividends on FHLB of Boston stock 81 58 157 109
Interest on overnight investments 219 130 337 401
Total interest and dividend income 24,470 16,936 43,588 33,068
Interest expense        
Interest on deposits 4,379 1,053 6,880 2,015
Interest on borrowed funds 315 29 671 46
Total interest expense 4,694 1,082 7,551 2,061
Net interest and dividend income 19,776 15,854 36,037 31,007
Provision for (Release of) Loan Losses 596 (79) 503 330
Net interest and dividend income after provision for loan losses 19,180 15,933 35,534 30,677
Noninterest income        
Bank owned life insurance income 162 136 289 264
Gain (loss) on disposition of investment securities 6 2 (81) 2
Gain on loans held for sale 15 18 31 45
Loan related derivative income 5 112 441 584
Other income 316 353 643 757
Total noninterest income 8,145 7,844 16,102 16,022
Noninterest expense        
Salaries and employee benefits 11,459 10,443 22,286 20,516
Occupancy and equipment 2,691 2,219 5,021 4,446
Data processing 1,534 1,289 2,880 2,519
Professional services 760 829 1,567 1,716
Marketing 508 336 912 774
FDIC insurance 278 135 278 286
Merger expenses 3,450   3,541  
Other expenses 833 514 1,401 1,009
Total noninterest expense 21,513 15,765 37,886 31,266
Income before income taxes 5,812 8,012 13,750 15,433
Income tax expense 1,540 1,901 3,280 3,517
Net income $ 4,272 $ 6,111 $ 10,470 $ 11,916
Share data:        
Weighted average number of shares outstanding, basic 4,682,109 4,059,927 4,379,141 4,057,156
Weighted average number of shares outstanding, diluted 4,715,724 4,094,489 4,412,239 4,087,790
Basic earnings per share $ 0.91 $ 1.49 $ 2.37 $ 2.91
Diluted earnings per share $ 0.90 $ 1.48 $ 2.35 $ 2.89
Wealth Management Revenue        
Noninterest income        
Noninterest income $ 6,419 $ 6,139 $ 12,543 $ 12,265
Deposit Account Fees        
Noninterest income        
Noninterest income 843 774 1,581 1,524
ATM/Debit Card Income        
Noninterest income        
Noninterest income $ 379 $ 310 $ 655 $ 581