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CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and dividend income        
Interest on taxable loans $ 30,557 $ 28,130 $ 60,882 $ 51,468
Interest on tax-exempt loans 275 211 497 409
Interest on taxable investment securities 2,023 1,521 3,608 3,244
Interest on tax-exempt investment securities 633 601 1,291 1,196
Dividends on FHLB of Boston stock 12 52 12 153
Interest on overnight investments 28 16 59 156
Total interest and dividend income 33,528 30,531 66,349 56,626
Interest expense        
Interest on deposits 1,006 1,396 2,281 4,525
Interest on borrowed funds 141 282 281 848
Interest on subordinated debt   64   64
Total interest expense 1,147 1,742 2,562 5,437
Net interest and dividend income 32,381 28,789 63,787 51,189
Provision for (release of) credit losses (901) 14,430 (1,107) 16,430
Net interest and dividend income after provision for (release of) credit losses 33,282 14,359 64,894 34,759
Noninterest income        
Bank owned life insurance income 209 165 405 325
Gain on disposition of investment securities   69   69
Gain on loans sold 165 193 734 312
Loan related derivative income 567 334 1,238 844
Other income 453 191 908 495
Total noninterest income 10,906 8,972 21,755 17,790
Noninterest expense        
Salaries and employee benefits 16,462 13,542 32,508 26,558
Occupancy and equipment 3,503 2,938 7,079 5,745
Data processing 2,179 1,832 4,213 3,517
Professional services 1,297 1,098 2,569 1,957
Marketing 953 486 1,416 742
FDIC insurance 261 318 597 497
Nonoperating expenses   4,366   4,619
Other expenses 618 1,007 1,110 1,877
Total noninterest expense 25,273 25,587 49,492 45,512
Income (loss) before income taxes 18,915 (2,256) 37,157 7,037
Income tax expense (benefit) 4,971 (540) 9,714 1,521
Net income (loss) $ 13,944 $ (1,716) $ 27,443 $ 5,516
Share data:        
Weighted average number of shares outstanding, basic 6,930,268 5,912,889 6,918,779 5,652,908
Weighted average number of shares outstanding, diluted 6,998,936 5,912,889 6,993,437 5,670,438
Basic earnings (loss) per share $ 2.00 $ (0.29) $ 3.95 $ 0.97
Diluted earnings (loss) per share $ 1.98 $ (0.29) $ 3.91 $ 0.97
Wealth Management Revenue        
Noninterest income        
Noninterest income $ 8,623 $ 7,035 $ 16,774 $ 13,662
Deposit Account Fees        
Noninterest income        
Noninterest income 484 695 958 1,486
ATM/Debit Card Income        
Noninterest income        
Noninterest income $ 405 $ 290 $ 738 $ 597