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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income        
Interest and fees on loans $ 10,264 $ 10,362 $ 30,642 $ 30,662
Interest on debt securities        
Taxable 486 396 1,398 1,260
Tax exempt 172 157 506 513
Other interest and dividends 79 87 174 229
Total interest and dividend income 11,001 11,002 32,720 32,664
Interest expense        
Deposits 532 764 1,652 3,261
Repurchase agreements 5 6 13 16
Finance lease 33 35 102 106
Note payable 3 3 9 11
Subordinated debt 233 156 767 468
Federal Home Loan Bank of Boston advances 30 113 96 472
Total interest expense 836 1,077 2,639 4,334
Net interest and dividend income 10,165 9,925 30,081 28,330
Provision (release) for loan losses 400 686 (517) 4,198
Net interest and dividend income after provision (release) for loan losses 9,765 9,239 30,598 24,132
Non-interest income        
Trust and wealth advisory 1,286 1,068 3,685 3,129
Service charges and fees 1,211 711 3,536 2,214
Mortgage banking activities, net 108 736 912 1,182
(Losses) gains on CRA mutual fund (4) (18) 22
Gains (losses) on securities, net 7 34 (2) 216
Bank-owned life insurance ("BOLI") income 135 719 386 986
Gain on sale of assets 73 73
Other 24 18 81 97
Total non-interest income 2,840 3,286 8,653 7,846
Non-interest expense        
Salaries 3,361 3,114 9,664 8,375
Employee benefits 1,322 1,061 3,990 3,244
Premises and equipment 1,060 1,005 3,034 2,897
Write-down of assets 144 144
Data processing 632 569 1,824 1,666
Professional fees 735 635 2,090 2,020
Collections, OREO, and loan related 120 108 317 212
FDIC insurance 146 123 370 331
Marketing and community support 256 126 552 419
Amortization of intangibles 61 78 198 247
Other 447 440 1,448 1,572
Total non-interest expense 8,284 7,259 23,631 20,983
Income before income taxes 4,321 5,266 15,620 10,995
Income tax provision 868 910 3,288 1,858
Net income 3,453 4,356 12,332 9,137
Net income available to common shareholders $ 3,400 $ 4,288 $ 12,148 $ 9,006
Basic earnings per common share $ 1.21 $ 1.53 $ 4.32 $ 3.22
Diluted earnings per common share 1.20 1.53 4.30 3.21
Common dividends per share $ 0.31 $ 0.29 $ 0.90 $ 0.87