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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and dividend income    
Interest on taxable loans $ 50,123 $ 45,333
Interest on tax-exempt loans 399 376
Interest on taxable investment securities 4,661 5,050
Interest on tax-exempt investment securities 511 585
Dividends on FHLB of Boston stock 419 72
Interest on overnight investments 100 326
Total interest and dividend income 56,213 51,742
Interest expense    
Interest on deposits 23,330 15,944
Interest on borrowed funds 5,851 1,550
Total interest expense 29,181 17,494
Net interest and dividend income 27,032 34,248
Provision for credit losses 125 60
Net interest and dividend income after provision for credit losses 26,907 34,188
Noninterest income    
Bank owned life insurance income 203 187
Gain on loans sold, net 15 13
Loan related derivative income 18 234
Other income 484 964
Total noninterest income 10,606 10,715
Noninterest expense    
Salaries and employee benefits 17,322 18,488
Occupancy and equipment 3,577 3,747
Data processing 2,824 2,641
Professional services 825 1,123
Marketing 229 426
FDIC insurance 795 379
Non-operating expenses 1,407 424
Other expenses 1,280 1,100
Total noninterest expense 28,259 28,328
Income before income taxes 9,254 16,575
Income tax expense 2,366 4,159
Net income $ 6,888 $ 12,416
Share data:    
Weighted average shares outstanding, basic 7,835,273 7,792,474
Weighted average shares outstanding, diluted 7,865,193 7,826,162
Basic earnings per share $ 0.88 $ 1.59
Diluted earnings per share $ 0.87 $ 1.58
Wealth Management Revenue    
Noninterest income    
Noninterest income $ 8,715 $ 7,937
Deposit Account Fees    
Noninterest income    
Noninterest income 811 869
ATM/Debit Card Income    
Noninterest income    
Noninterest income $ 360 $ 511