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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and dividend income      
Interest on taxable loans $ 84,382 $ 57,941 $ 51,238
Interest on tax-exempt loans 584 371 496
Interest on taxable investment securities 7,963 7,457 6,321
Interest on tax-exempt investment securities 2,289 2,404 2,600
Dividends on FHLB of Boston stock 390 287 245
Interest on overnight investments 731 595 291
Total interest and dividend income 96,339 69,055 61,191
Interest expense      
Interest on deposits 15,641 5,023 3,125
Interest on borrowed funds 2,002 444 462
Total interest expense 17,643 5,467 3,587
Net interest and dividend income 78,696 63,588 57,604
Provision for Loan Losses 3,004 1,502 362
Net interest and dividend income after provision for loan losses 75,692 62,086 57,242
Noninterest income      
Bank owned life insurance income 612 526 584
Gain (loss) on disposition of investment securities (79) 2 (3)
Gain on loans sold 1,170 99 355
Loan related derivative income 1,674 1,651 780
Other income 1,927 1,269 1,155
Total noninterest income 36,401 32,989 30,224
Noninterest expense      
Salaries and employee benefits 47,494 41,212 36,455
Occupancy and equipment 10,855 9,072 9,114
Data processing 6,232 5,177 4,956
Professional services 3,623 3,258 3,374
Marketing 1,760 2,229 1,620
FDIC insurance 291 574 629
Nonoperating expenses 4,721 201  
Other expenses 3,199 2,264 3,144
Total noninterest expense 78,175 63,987 59,292
Income before income taxes 33,918 31,088 28,174
Income tax expense 8,661 7,207 13,358
Net income $ 25,257 $ 23,881 $ 14,816
Share data:      
Weighted average number of shares outstanding, basic 4,629,255 4,061,529 4,030,530
Weighted average number of shares outstanding, diluted 4,661,720 4,098,633 4,065,754
Basic earnings per share $ 5.41 $ 5.82 $ 3.64
Diluted earnings per share $ 5.37 $ 5.77 $ 3.61
Wealth Management Revenue      
Noninterest income      
Noninterest income $ 26,499 $ 25,191 $ 23,029
Deposit Account Fees      
Noninterest income      
Noninterest income 3,185 3,071 3,142
ATM/Debit Card Income      
Noninterest income      
Noninterest income $ 1,413 $ 1,180 $ 1,182