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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income      
Interest and fees on loans $ 40,796 $ 39,742 $ 37,072
Interest on debt securities      
Taxable 1,671 2,223 2,231
Tax exempt 672 545 136
Other interest and dividends 295 903 933
Total interest and dividend income 43,434 43,413 40,372
Interest expense      
Deposits 3,890 7,324 4,656
Repurchase agreements 20 24 12
Finance lease 141 170 178
Note payable 14 16 18
Subordinated debt 618 624 624
Federal Home Loan Bank of Boston advances 605 1,143 1,733
Total interest expense 5,288 9,301 7,221
Net interest and dividend income 38,146 34,112 33,151
Provision for loan losses 5,038 955 1,728
Net interest and dividend income after provision for loan losses 33,108 33,157 31,423
Non-interest income      
Trust and wealth advisory 4,194 3,995 3,700
Service charges and fees 3,072 4,028 3,718
Mortgage banking activities, net 1,621 423 397
Gains (losses) on CRA mutual fund 19 25 (18)
Gains on securities, net 196 263 318
Bank-owned life insurance (“BOLI”) income 495 392 337
Gain on bank-owned life insurance 601 341
Other 125 124 152
Total non-interest income 10,323 9,250 8,945
Non-interest expense      
Salaries 11,828 12,048 12,003
Employee benefits 4,533 4,384 4,280
Premises and equipment 4,019 4,016 4,535
Data processing 2,211 2,201 2,119
Professional fees 2,741 2,213 2,236
OREO gains, losses and write-downs, net 408 275
Collections, OREO, and appraisals 323 436 578
FDIC insurance 466 261 579
Marketing and community support 573 619 815
Amortization of intangibles 321 388 454
Other 2,023 1,938 1,961
Total non-interest expense 29,038 28,912 29,835
Income before income taxes 14,393 13,495 10,533
Income tax provision 2,453 2,359 1,709
Net income 11,940 11,136 8,824
Net income available to common stock $ 11,775 $ 10,976 $ 8,713
Basic earnings per common share $ 4.21 $ 3.95 $ 3.15
Diluted earnings per common share 4.20 3.93 3.13
Common dividends per share $ 1.16 $ 1.12 $ 1.12