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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest and dividend income    
Interest and fees on loans $ 9,987 $ 9,934
Interest on debt securities    
Taxable 455 621
Tax exempt 185 72
Other interest and dividends 91 227
Total interest and dividend income 10,718 10,854
Interest expense    
Deposits 1,509 1,796
Repurchase agreements 7 3
Finance lease 36 46
Note payable 4 4
Subordinated Debt 156 156
Federal Home Loan Bank of Boston advances 219 412
Total interest expense 1,931 2,417
Net interest and dividend income 8,787 8,437
Provision for loan losses 1,706 294
Net interest and dividend income after provision for loan losses 7,081 8,143
Non-interest income    
Trust and wealth advisory 1,030 906
Service charges and fees 905 920
Gains on sales of mortgage loans, net 61 7
Mortgage servicing, net 67 76
Gains on CRA mutual fund 14 11
Gains on sales and calls of available-for-sale securities, net 1 (9)
BOLI income and gains 134 79
Other 33 37
Total non-interest income 2,245 2,027
Non-interest expense    
Salaries 2,850 2,993
Employee benefits 1,146 1,185
Premises and equipment 911 972
Data processing 540 509
Professional fees 628 535
OREO gains, losses and write-downs, net 52
Collections, OREO, and loan related 25 130
FDIC insurance 105 163
Marketing and community support 125 156
Amortization of intangibles 87 104
Other 519 412
Total non-interest expense 6,936 7,211
Income before income taxes 2,390 2,959
Income tax provision 343 525
Net income 2,047 2,434
Net income available to common shareholders $ 2,013 $ 2,408
Basic earnings per common share $ 0.72 $ 0.87
Diluted earnings per common share 0.72 0.86
Common dividends per share $ 0.29 $ 0.28