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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
INTEREST INCOME      
Loans, taxable $ 54,720 $ 46,615 $ 39,103
Loans, non-taxable 33,167 31,936 26,910
Securities available-for-sale, taxable 7,125 6,748 4,987
Securities available-for-sale, non-taxable 1,087 1,587 1,119
Federal Home Loan Bank of Boston dividends 953 1,116 872
Securities held-to-maturity 58,036 45,556 38,348
Federal funds sold, interest-bearing deposits in other banks and short-term investments 4,051 3,498 2,097
Total interest income 159,139 137,056 113,436
INTEREST EXPENSE      
Savings and NOW deposits 21,183 11,757 6,296
Money market accounts 21,170 13,922 5,626
Time deposits 11,804 10,208 7,919
Securities sold under agreements to repurchase 2,347 976 496
Other borrowed funds and subordinated debentures 6,846 7,617 7,483
Total interest expense 63,350 44,480 27,820
Net interest income 95,789 92,576 85,616
Provision for loan losses (Note 6) 1,250 1,350 1,790
Net interest income after provision for loan losses 94,539 91,226 83,826
OTHER OPERATING INCOME      
Service charges on deposit accounts 9,220 8,560 8,586
Lockbox fees 3,973 3,274 3,290
Brokerage commissions 277 348 353
Net gains on sales of securities 61 302 47
Gains on sales of mortgage loans 412   370
Other income 4,456 3,764 3,906
Total other operating income 18,399 16,248 16,552
OPERATING EXPENSES      
Salaries and employee benefits (Note 17) 44,014 42,710 40,517
Occupancy 6,246 6,092 6,140
Equipment 3,238 3,132 2,892
FDIC assessments 729 1,471 1,581
Other (Note 20) 17,902 16,288 15,989
Total operating expenses 72,129 69,693 67,119
Income before income taxes 40,809 37,781 33,259
Provision for income taxes (Note 16) 1,110 1,568 10,958
Net income $ 39,699 $ 36,213 $ 22,301
Class A Common Stock [Member]      
SHARE DATA (Note 14)      
Weighted average number of shares outstanding, basic 3,633,044 3,608,179 3,604,029
Weighted average number of shares outstanding, diluted 5,567,909 5,567,909 5,567,909
Basic earnings per share $ 8.63 $ 7.89 $ 4.86
Diluted earnings per share $ 7.13 $ 6.50 $ 4.01
Class B Common Stock [Member]      
SHARE DATA (Note 14)      
Weighted average number of shares outstanding, basic 1,934,865 1,959,730 1,963,880
Weighted average number of shares outstanding, diluted 1,934,865 1,959,730 1,963,880
Basic earnings per share $ 4.31 $ 3.95 $ 2.43
Diluted earnings per share $ 4.31 $ 3.95 $ 2.43