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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
INTEREST INCOME      
Loans, taxable $ 57,554 $ 54,720 $ 46,615
Loans, non-taxable 28,329 33,167 31,936
Securities available-for-sale, taxable 3,264 7,125 6,748
Securities available-for-sale, non-taxable 348 1,087 1,587
Federal Home Loan Bank of Boston dividends 626 953 1,116
Securities held-to-maturity 58,072 58,036 45,556
Federal funds sold, interest-bearing deposits in other banks and short-term investments 843 4,051 3,498
Total interest income 149,036 159,139 137,056
INTEREST EXPENSE      
Savings and NOW deposits 8,880 21,183 11,757
Money market accounts 15,012 21,170 13,922
Time deposits 11,573 11,804 10,208
Securities sold under agreements to repurchase 1,376 2,347 976
Other borrowed funds and subordinated debentures 5,366 6,846 7,617
Total interest expense 42,207 63,350 44,480
Net interest income 106,829 95,789 92,576
Provision for loan losses (Note 6) 5,825 1,250 1,350
Net interest income after provision for loan losses 101,004 94,539 91,226
OTHER OPERATING INCOME      
Service charges on deposit accounts 8,818 9,220 8,560
Lockbox fees 3,745 3,973 3,274
Brokerage commissions 271 277 348
Net gains on sales of securities 0 61 302
Gains on sales of mortgage loans   412  
Other income 6,266 4,456 3,764
Total other operating income 19,100 18,399 16,248
OPERATING EXPENSES      
Salaries and employee benefits (Note 17) 45,303 44,014 42,710
Occupancy 6,040 6,246 6,092
Equipment 3,495 3,238 3,132
FDIC assessments 1,174 729 1,471
Other (Note 20) 17,476 17,902 16,288
Total operating expenses 73,488 72,129 69,693
Income before income taxes 46,616 40,809 37,781
Provision for income taxes (Note 16) 4,407 1,110 1,568
Net income $ 42,209 $ 39,699 $ 36,213
Class A Common Stock [Member]      
SHARE DATA (Note 14)      
Weighted average number of shares outstanding, basic 3,653,939 3,633,044 3,608,179
Weighted average number of shares outstanding, diluted 5,567,909 5,567,909 5,567,909
Basic earnings per share $ 9.15 $ 8.63 $ 7.89
Diluted earnings per share $ 7.58 $ 7.13 $ 6.50
Class B Common Stock [Member]      
SHARE DATA (Note 14)      
Weighted average number of shares outstanding, basic 1,913,970 1,934,865 1,959,730
Weighted average number of shares outstanding, diluted 1,913,970 1,934,865 1,959,730
Basic earnings per share $ 4.58 $ 4.31 $ 3.95
Diluted earnings per share $ 4.58 $ 4.31 $ 3.95