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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and dividend income        
Interest and fees on loans $ 8,196 $ 8,067 $ 24,544 $ 23,935
Interest on debt securities        
Taxable 443 310 1,115 889
Tax exempt 68 202 345 725
Other interest and dividends 175 91 351 226
Total interest and dividend income 8,882 8,670 26,355 25,775
Interest expense        
Deposits 682 565 1,776 1,603
Repurchase agreements 2 2 4 4
Capital lease 29 17 66 53
Note payable 6 6 13 15
Subordinated debt 156 156 468 468
Federal Home Loan Bank of Boston advances 241 237 769 714
Total interest expense 1,116 983 3,096 2,857
Net interest and dividend income 7,766 7,687 23,259 22,918
Provision for loan losses 237 344 953 1,332
Net interest and dividend income after provision for loan losses 7,529 7,343 22,306 21,586
Non-interest income        
Trust and wealth advisory 874 849 2,620 2,517
Service charges and fees 935 822 2,799 2,277
Gains on sales of mortgage loans, net 25 55 104 151
Mortgage servicing, net 104 40 180 119
Gains (losses) on sales and calls of available-for-sale securities, net 9 (14) 157
Other 142 113 365 343
Total non-interest income 2,080 1,888 6,054 5,564
Non-interest expense        
Salaries 2,829 2,757 8,266 8,018
Employee benefits 1,004 924 2,923 2,922
Premises and equipment 995 809 2,797 2,546
Data processing 545 473 1,521 1,369
Professional fees 481 459 1,962 1,403
Collections, OREO and loan related 419 109 875 420
FDIC insurance 106 164 354 474
Marketing and community support 220 144 623 524
Amortization of intangibles 142 148 395 455
Other 479 513 1,561 1,846
Total non-interest expense 7,220 6,500 21,277 19,977
Income before income taxes 2,389 2,731 7,083 7,173
Income tax provision 695 812 1,903 2,008
Net income 1,694 1,919 5,180 5,165
Net income available to common stock $ 1,678 $ 1,904 $ 5,139 $ 5,124
Basic earnings per common share $ 0.61 $ 0.70 $ 1.87 $ 1.88
Weighted average common shares outstanding, to calculate basic earnings per share 2,759 2,737 2,755 2,732
Diluted earnings per common share $ 0.60 $ 0.69 $ 1.85 $ 1.87
Weighted average common shares outstanding, to calculate diluted earnings per share 2,779 2,751 2,774 2,747
Common dividends per share $ 0.28 $ 0.28 $ 0.84 $ 0.84