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CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest and dividend income:      
Residential and commercial real estate loans $ 66,609 $ 58,682 $ 62,115
Commercial and industrial loans 10,397 15,263 15,409
Consumer loans 258 255 313
Debt securities, taxable 8,095 5,286 4,163
Debt securities, tax-exempt 11 12 56
Marketable equity securities 190 96 123
Other investments 177 116 587
Short-term investments 191 139 109
Total interest and dividend income 85,928 79,849 82,875
Interest expense:      
Deposits 5,352 5,508 13,500
Long-term debt 458 3,333
Subordinated debt 1,014 706
Short-term borrowings 330 1,612
Total interest expense 6,696 6,672 18,445
Net interest and dividend income 79,232 73,177 64,430
Provision (credit) for loan losses 700 (925) 7,775
Net interest and dividend income after provision (credit) for loan losses 78,532 74,102 56,655
Non-interest income:      
Service charges and fees 9,072 8,360 7,067
Income from bank-owned life insurance 1,725 1,912 1,809
Bank-owned life insurance death benefit 555
(Loss) gain on available-for-sale securities, net (4) (72) 1,965
Gain on sale of mortgages 2 1,423
Net (losses) gains on marketable equity securities (717) (168) 109
Gain on non-marketable equity investments 422 898
Gain on defined benefit plan curtailment 2,807
Loss on interest rate swap termination (402) (2,353)
Other income 25 58 654
Total non-interest income 13,332 12,564 9,251
Non-interest expense:      
Salaries and employees benefits 32,697 32,186 29,349
Occupancy 4,984 4,656 4,520
Furniture and equipment 2,026 2,084 1,537
Data processing 2,885 2,903 2,901
Professional fees 2,716 2,185 2,372
FDIC insurance assessment 1,048 998 1,032
Advertising 1,408 1,292 1,106
Loss on prepayment of borrowings 45 987
Other expenses 9,471 8,593 7,946
Total non-interest expense 57,235 54,942 51,750
Income before income taxes 34,629 31,724 14,156
Income tax provision 8,742 8,025 2,941
Net income $ 25,887 $ 23,699 $ 11,215
Earnings per common share:      
Basic earnings per share $ 1.18 $ 1.02 $ 0.45
Weighted average shares outstanding 21,879,657 23,223,633 25,047,195
Diluted earnings per share $ 1.18 $ 1.02 $ 0.45
Weighted average diluted shares outstanding 21,938,323 23,300,637 25,062,476
Dividends per share $ 0.24 $ 0.20 $ 0.20