​ ​ ​ ​ ​ 37 the company maintains a strong capital position ; building tangible equity excluding security adjustments ( non-gaap measure ) in 2020 to a higher level than before the branch acquisition in the fourth quarter of 2019. the company furthered its return on capital programs in 2020 in the form of stock purchases and dividend payments . stock repurchases during the year totaled 720 thousand shares at a cost of $ 13.9 million . an additional 61 thousand shares remain available to be repurchased before the plan expires in 2021. the company distributed regular cash dividends on its common stock in the aggregate amount of $ 13 million representing a payout ratio of 40 % . ​ return on assets in 2020 was 0.88 % compared to 0.62 % in 2019 , while adjusted return on assets ( non-gaap measure ) was 0.92 % in 2020 compared to 0.82 % in 2019. in a similar trend , return on equity was 8.17 % in 2020 from 5.82 % in 2019 and adjusted return on equity ( non-gaap measure ) was 8.48 % in 2020 from 7.65 % in 2019 . ​ covid-19 pandemic on march 13 , 2020 , a national emergency was announced related to the covid-19 pandemic , which has since been extended . the covid-19 pandemic has resulted in significant economic uncertainties that have had , and could continue to have , an adverse impact on the company 's operating income , financial condition and cash flows . the extent to which the covid-19 pandemic will impact the company 's operations and financial results during 2021 can not be reasonably or reliably estimated at this time . the company has taken careful measures in an effort to ensure the safety of its employees and customers . that includes restricting nonessential employee travel , expanding remote access availability , distancing work stations , professional cleaning of its facilities , and signs and distancing reminders for customers in the banking centers . further , the company remains committed to providing uninterrupted and reliable banking service and has business continuity plans and protocols in place to ensure critical operations are able to continue without disruption . see further discussion in item 1a – risk factors of this form 10-k. ​ credit quality the company has experienced continuous positive trends in credit quality in 2020. disciplined risk management has guided the company through volatility created by the pandemic while also allowing the company to focus on long-term goals . the company had low levels of non-performing assets at 0.33 % and past dues at 0.58 % by year end 2020 including a 34 % decrease in commercial loan delinquencies . ​ starting in the second quarter 2020 , the company began stress testing the loan portfolio in addition to normal migration analysis . the stress testing of commercial loans included the most affected industries by covid-19 within the company 's footprint , specifically hospitality . however , the company 's customers in the hospitality industry benefited from a better than expected summer tourism season for northern new england . testing results throughout the year affirm the company 's risk-based credit philosophy with no significant risk-rating downgrades or changes to reserves . ​ paycheck protection program loans in response to the covid-19 pandemic the cares act went into law on march 27 , 2020 , which provides assistance for american workers , families and small businesses . the paycheck protection program ( `` ppp `` ) , established by the cares act and implemented by the small business administration ( `` sba `` ) provides small businesses with funds to pay payroll costs , pay interest on mortgages , rent , and utilities and are 100 % guaranteed by the sba . ppp loans have a two year term , carry an interest rate at 1 % and earn an amortizing sba fee between 1 to 5 % depending of the size of the loan . these loans are recorded on the company 's balance sheet as commercial and industrial loans . in 2020 , the company obtained sba approvals on approximately $ 132 million with $ 5 million of fees on 1,900 ppp loans . as of december 31 , 2020 , the company had an outstanding balance of loans totaling $ 54 million and $ 1 million of deferred fees . the company expects the majority of remaining forgiveness to occur by the end of the second quarter 2021 . ​ on december 27 , 2020 , the consolidated appropriations act of 2021 ( `` caa `` ) was signed into law , which extended certain provisions of the cares act and provided additional funding . the caa extended the ppp application period to march 31 , 2021 and permits eligible companies to obtain a second ppp loan with a maximum amount of $ 2.0 million . this second round of loans carry similar terms and conditions as the first round and lenders are eligible for the same range of sba processing fees . the company plans to continue the ppp program into the first quarter of 2021 . ​ ​ ​ 38 ​ loan modifications also in response to the covid-19 pandemic the company has supported its customers through loan deferrals . under the cares act and the caa act , banks may deem that loan modifications do not result in troubled debt restructurings if they are ( 1 ) related to covid-19 ; ( 2 ) executed on a loan that was not more than 30 days past due as of december 31 , 2019 ; and ( 3 ) executed between march 1 , 2020 , and the earlier of ( a ) 60 days after the date of termination of the covid-19 national emergency declaration by the president of the united states or ( b ) january 1 , 2022. additionally , other short-term modifications made on a good faith basis in story_separator_special_tag non-interest income in 2020 increased to $ 43 million from $ 29 million in 2019 driven primarily by increases in mortgage banking income and gains on sold securities . the $ 5 million increase in mortgage banking income is associated with secondary market sales of $ 223 million compared to $ 63 million in 2019. the company took advantage of unrealized gains in the securities portfolio in 2020 by selling certain investments for a net gain of $ 5 million . customer loan derivative income also contributed to non-interest income as demand for these products remained strong within the commercial loan pipeline throughout the year . customer services fees increased by over $ 1 million to $ 11 million resulting from expanded operations into central maine offset by impacts of the pandemic on these services . wealth management income grew over $ 1 million to $ 13 million in 2020. the increase reflects a full year of having assets under management acquired in the fourth quarter of 2019 totaling $ 218 million . ​ non-interest expense non-interest expense was $ 95 million in 2020 compared to $ 90 million in 2019. the increase is primarily a result of a $ 4 million higher salary and benefit expense due to the expanded branch model and wealth management business . salary and benefit expense was also impacted by larger accruals for incentives on improved performance metrics and post-retirement plan costs based on lower discount rates . additionally , occupancy and equipment costs increased by $ 3 million based on the expanded footprint in central maine . operating expenses remained controlled as the efficiency ratio ( non-gaap ) improved to 61.71 % in 2020 from 64.95 % in 2019. non-recurring expenses in 2020 primarily consisted of a $ 4 million loss on termination of a $ 50.0 million swap on wholesale borrowings and a $ 1 million loss on extinguishment of debt on longer-term and higher cost fhlb borrowings . the remaining represents costs for profitability initiatives including trust system conversion and consolidation . non-recurring expenses in 2019 included a $ 3 million loss on interest rate cap terminations , $ 3 million related to the branch acquisition , and $ 2 million related to branch optimization and other strategic initiatives . 44 income tax expense the amount of federal and state income tax expense is influenced by the amount of pre-tax income , the amount of tax-exempt income and the amount of other nondeductible expenses . income tax expense was $ 8 million for the year ended december 31 , 2020 , compared with $ 4 million for the year ended december 31 , 2019. the effective tax rate increased to 20.2 % in 2020 from 15.7 % in 2019 , reflecting the higher level of taxable income and lower level of non-tax advantaged income in 2020. this reflects higher income in 2020 from the company 's expanded customer base in the state of maine along with higher core deposits that carry a lower cost of funds . comparison of operating results for the years ended december 31 , 2019 and 2018 summary net income in 2019 was $ 23 million compared to $ 33 million in 2018 and included acquisition , restructuring and other expense charges of $ 8 million and $ 2 million , respectively . the non-gaap measure of adjusted earnings in 2019 was $ 30 million compared to $ 35 million in 2018. net income and adjusted earnings in 2019 benefited from expanded yields on earning assets and non-interest income growth , offset by higher cost of funds . results for 2019 include operations from the branch acquisition as of the october 25 , 2019 effective date . net interest income net interest income for 2019 was $ 90 million compared with $ 91 million in 2018. interest income was $ 135 million , up 6 % from $ 127 million in 2018 as average earning assets grew $ 70 million . the net interest margin was 2.78 % in 2019 compared to 2.87 % in the prior year . purchase loan accretion contributed 10 and 11 basis points to the margin in 2019 and 2018 , respectively . yields expanded across all loan categories as variable rate products in the first half of 2019 repriced to higher rates driven by the 2018 short-term hikes . the 2019 yield on securities improved by 19 basis points reflecting the benefit of portfolio remix strategies and associated security sales in the second half of 2019. these improvements in interest from earning assets were offset by a higher cost of interest bearing liabilities , especially in the first half of 2019 , which was also driven by short-term rate hikes in late 2018. while the cost of interest bearing liabilities increased 30 basis points to 1.61 % on a year-over-year basis , the same costs improved to 1.42 % in the fourth quarter due to executing deleveraging strategies associated with the branch acquisition and securities sales . loan loss provision the level of the allowance is a critical accounting estimate , which is subject to uncertainty . the provision for loan losses is a charge to earnings in an amount sufficient to maintain the allowance for loan losses at a level deemed adequate by the company . the provision was $ 2 million in 2019 compared to $ 3 million in 2018. the decrease is primarily due to lower charge-offs in 2019 as compared to prior year reflecting continued improvement in credit quality . non-interest income non-interest income for 2019 increased to $ 29 million from $ 28 million in 2018 driven primarily by customer loan derivative income , which increased to $ 2 million in 2019 compared to $ 860 thousand in 2018. the increase in these fees is attributable to the company 's continued focus on the complexity of the financial needs of its customers and related commercial loan growth in 2019. customer service fees also contributed to the

cash and cash equivalents the company maintains cash vaults and teller drawers to service customers along with transactional cash accounts to service the needs of the company and its subsidiaries that are non-interest bearing . interest-bearing deposits are maintained with other banks such as the federal reserve bank , federal home loan bank , and other correspondent banks . these accounts are used to fund reserve requirements , debt service on senior borrowings , and serve as collateral for correspondent bank relationships . in addition , these accounts hold any excess liquidity used to fund higher earning assets . the company continuously monitors cash levels to ensure compliance with applicable regulatory requirements , including liquidity and reserve requirements . ​ total cash and cash equivalents at december 31 , 2020 were $ 226 million , compared to $ 57 million at december 31 , 2019. the increase in cash and cash equivalent balances of $ 169 million between periods was driven by unanticipated extensive growth in non-maturity deposits from new accounts and government stimulus outpacing the growth in other earning assets . the biggest portion of the growth is in federal reserve balances reflected in interest bearing deposits with other banks that grew by $ 168 million . the average earning yield on interest bearing deposits in 2020 is 0.15 % compared to 0.96 % in 2021 , which reduces net interest margin 16 basis points and one basis point , respectively from excess liquidity . 39 ​ securities the company maintains a relatively high quality and liquid securities portfolio primarily consisting of us government-sponsored enterprises and us government agency mortgage-backed securities , obligations of states and political subdivisions , corporate bonds , and to a much lesser extent other asset backed securities and non-agency mortgage securities . the securities portfolio is managed in accordance with achieving the company 's asset-liability objectives which includes managing liquidity , funding , capital , and structural interest rate risks . investments are evaluated within this framework and policy guidelines which have been established by the company 's board of directors .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash and cash equivalents the company maintains cash vaults and teller drawers to service customers along with transactional cash accounts to service the needs of the company and its subsidiaries that are non-interest bearing . interest-bearing deposits are maintained with other banks such as the federal reserve bank , federal home loan bank , and other correspondent banks . these accounts are used to fund reserve requirements , debt service on senior borrowings , and serve as collateral for correspondent bank relationships . in addition , these accounts hold any excess liquidity used to fund higher earning assets . the company continuously monitors cash levels to ensure compliance with applicable regulatory requirements , including liquidity and reserve requirements . ​ total cash and cash equivalents at december 31 , 2020 were $ 226 million , compared to $ 57 million at december 31 , 2019. the increase in cash and cash equivalent balances of $ 169 million between periods was driven by unanticipated extensive growth in non-maturity deposits from new accounts and government stimulus outpacing the growth in other earning assets . the biggest portion of the growth is in federal reserve balances reflected in interest bearing deposits with other banks that grew by $ 168 million . the average earning yield on interest bearing deposits in 2020 is 0.15 % compared to 0.96 % in 2021 , which reduces net interest margin 16 basis points and one basis point , respectively from excess liquidity . 39 ​ securities the company maintains a relatively high quality and liquid securities portfolio primarily consisting of us government-sponsored enterprises and us government agency mortgage-backed securities , obligations of states and political subdivisions , corporate bonds , and to a much lesser extent other asset backed securities and non-agency mortgage securities . the securities portfolio is managed in accordance with achieving the company 's asset-liability objectives which includes managing liquidity , funding , capital , and structural interest rate risks . investments are evaluated within this framework and policy guidelines which have been established by the company 's board of directors .
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 Suspicious Activity Report : ​ ​ ​ ​ ​ 37 the company maintains a strong capital position ; building tangible equity excluding security adjustments ( non-gaap measure ) in 2020 to a higher level than before the branch acquisition in the fourth quarter of 2019. the company furthered its return on capital programs in 2020 in the form of stock purchases and dividend payments . stock repurchases during the year totaled 720 thousand shares at a cost of $ 13.9 million . an additional 61 thousand shares remain available to be repurchased before the plan expires in 2021. the company distributed regular cash dividends on its common stock in the aggregate amount of $ 13 million representing a payout ratio of 40 % . ​ return on assets in 2020 was 0.88 % compared to 0.62 % in 2019 , while adjusted return on assets ( non-gaap measure ) was 0.92 % in 2020 compared to 0.82 % in 2019. in a similar trend , return on equity was 8.17 % in 2020 from 5.82 % in 2019 and adjusted return on equity ( non-gaap measure ) was 8.48 % in 2020 from 7.65 % in 2019 . ​ covid-19 pandemic on march 13 , 2020 , a national emergency was announced related to the covid-19 pandemic , which has since been extended . the covid-19 pandemic has resulted in significant economic uncertainties that have had , and could continue to have , an adverse impact on the company 's operating income , financial condition and cash flows . the extent to which the covid-19 pandemic will impact the company 's operations and financial results during 2021 can not be reasonably or reliably estimated at this time . the company has taken careful measures in an effort to ensure the safety of its employees and customers . that includes restricting nonessential employee travel , expanding remote access availability , distancing work stations , professional cleaning of its facilities , and signs and distancing reminders for customers in the banking centers . further , the company remains committed to providing uninterrupted and reliable banking service and has business continuity plans and protocols in place to ensure critical operations are able to continue without disruption . see further discussion in item 1a – risk factors of this form 10-k. ​ credit quality the company has experienced continuous positive trends in credit quality in 2020. disciplined risk management has guided the company through volatility created by the pandemic while also allowing the company to focus on long-term goals . the company had low levels of non-performing assets at 0.33 % and past dues at 0.58 % by year end 2020 including a 34 % decrease in commercial loan delinquencies . ​ starting in the second quarter 2020 , the company began stress testing the loan portfolio in addition to normal migration analysis . the stress testing of commercial loans included the most affected industries by covid-19 within the company 's footprint , specifically hospitality . however , the company 's customers in the hospitality industry benefited from a better than expected summer tourism season for northern new england . testing results throughout the year affirm the company 's risk-based credit philosophy with no significant risk-rating downgrades or changes to reserves . ​ paycheck protection program loans in response to the covid-19 pandemic the cares act went into law on march 27 , 2020 , which provides assistance for american workers , families and small businesses . the paycheck protection program ( `` ppp `` ) , established by the cares act and implemented by the small business administration ( `` sba `` ) provides small businesses with funds to pay payroll costs , pay interest on mortgages , rent , and utilities and are 100 % guaranteed by the sba . ppp loans have a two year term , carry an interest rate at 1 % and earn an amortizing sba fee between 1 to 5 % depending of the size of the loan . these loans are recorded on the company 's balance sheet as commercial and industrial loans . in 2020 , the company obtained sba approvals on approximately $ 132 million with $ 5 million of fees on 1,900 ppp loans . as of december 31 , 2020 , the company had an outstanding balance of loans totaling $ 54 million and $ 1 million of deferred fees . the company expects the majority of remaining forgiveness to occur by the end of the second quarter 2021 . ​ on december 27 , 2020 , the consolidated appropriations act of 2021 ( `` caa `` ) was signed into law , which extended certain provisions of the cares act and provided additional funding . the caa extended the ppp application period to march 31 , 2021 and permits eligible companies to obtain a second ppp loan with a maximum amount of $ 2.0 million . this second round of loans carry similar terms and conditions as the first round and lenders are eligible for the same range of sba processing fees . the company plans to continue the ppp program into the first quarter of 2021 . ​ ​ ​ 38 ​ loan modifications also in response to the covid-19 pandemic the company has supported its customers through loan deferrals . under the cares act and the caa act , banks may deem that loan modifications do not result in troubled debt restructurings if they are ( 1 ) related to covid-19 ; ( 2 ) executed on a loan that was not more than 30 days past due as of december 31 , 2019 ; and ( 3 ) executed between march 1 , 2020 , and the earlier of ( a ) 60 days after the date of termination of the covid-19 national emergency declaration by the president of the united states or ( b ) january 1 , 2022. additionally , other short-term modifications made on a good faith basis in story_separator_special_tag non-interest income in 2020 increased to $ 43 million from $ 29 million in 2019 driven primarily by increases in mortgage banking income and gains on sold securities . the $ 5 million increase in mortgage banking income is associated with secondary market sales of $ 223 million compared to $ 63 million in 2019. the company took advantage of unrealized gains in the securities portfolio in 2020 by selling certain investments for a net gain of $ 5 million . customer loan derivative income also contributed to non-interest income as demand for these products remained strong within the commercial loan pipeline throughout the year . customer services fees increased by over $ 1 million to $ 11 million resulting from expanded operations into central maine offset by impacts of the pandemic on these services . wealth management income grew over $ 1 million to $ 13 million in 2020. the increase reflects a full year of having assets under management acquired in the fourth quarter of 2019 totaling $ 218 million . ​ non-interest expense non-interest expense was $ 95 million in 2020 compared to $ 90 million in 2019. the increase is primarily a result of a $ 4 million higher salary and benefit expense due to the expanded branch model and wealth management business . salary and benefit expense was also impacted by larger accruals for incentives on improved performance metrics and post-retirement plan costs based on lower discount rates . additionally , occupancy and equipment costs increased by $ 3 million based on the expanded footprint in central maine . operating expenses remained controlled as the efficiency ratio ( non-gaap ) improved to 61.71 % in 2020 from 64.95 % in 2019. non-recurring expenses in 2020 primarily consisted of a $ 4 million loss on termination of a $ 50.0 million swap on wholesale borrowings and a $ 1 million loss on extinguishment of debt on longer-term and higher cost fhlb borrowings . the remaining represents costs for profitability initiatives including trust system conversion and consolidation . non-recurring expenses in 2019 included a $ 3 million loss on interest rate cap terminations , $ 3 million related to the branch acquisition , and $ 2 million related to branch optimization and other strategic initiatives . 44 income tax expense the amount of federal and state income tax expense is influenced by the amount of pre-tax income , the amount of tax-exempt income and the amount of other nondeductible expenses . income tax expense was $ 8 million for the year ended december 31 , 2020 , compared with $ 4 million for the year ended december 31 , 2019. the effective tax rate increased to 20.2 % in 2020 from 15.7 % in 2019 , reflecting the higher level of taxable income and lower level of non-tax advantaged income in 2020. this reflects higher income in 2020 from the company 's expanded customer base in the state of maine along with higher core deposits that carry a lower cost of funds . comparison of operating results for the years ended december 31 , 2019 and 2018 summary net income in 2019 was $ 23 million compared to $ 33 million in 2018 and included acquisition , restructuring and other expense charges of $ 8 million and $ 2 million , respectively . the non-gaap measure of adjusted earnings in 2019 was $ 30 million compared to $ 35 million in 2018. net income and adjusted earnings in 2019 benefited from expanded yields on earning assets and non-interest income growth , offset by higher cost of funds . results for 2019 include operations from the branch acquisition as of the october 25 , 2019 effective date . net interest income net interest income for 2019 was $ 90 million compared with $ 91 million in 2018. interest income was $ 135 million , up 6 % from $ 127 million in 2018 as average earning assets grew $ 70 million . the net interest margin was 2.78 % in 2019 compared to 2.87 % in the prior year . purchase loan accretion contributed 10 and 11 basis points to the margin in 2019 and 2018 , respectively . yields expanded across all loan categories as variable rate products in the first half of 2019 repriced to higher rates driven by the 2018 short-term hikes . the 2019 yield on securities improved by 19 basis points reflecting the benefit of portfolio remix strategies and associated security sales in the second half of 2019. these improvements in interest from earning assets were offset by a higher cost of interest bearing liabilities , especially in the first half of 2019 , which was also driven by short-term rate hikes in late 2018. while the cost of interest bearing liabilities increased 30 basis points to 1.61 % on a year-over-year basis , the same costs improved to 1.42 % in the fourth quarter due to executing deleveraging strategies associated with the branch acquisition and securities sales . loan loss provision the level of the allowance is a critical accounting estimate , which is subject to uncertainty . the provision for loan losses is a charge to earnings in an amount sufficient to maintain the allowance for loan losses at a level deemed adequate by the company . the provision was $ 2 million in 2019 compared to $ 3 million in 2018. the decrease is primarily due to lower charge-offs in 2019 as compared to prior year reflecting continued improvement in credit quality . non-interest income non-interest income for 2019 increased to $ 29 million from $ 28 million in 2018 driven primarily by customer loan derivative income , which increased to $ 2 million in 2019 compared to $ 860 thousand in 2018. the increase in these fees is attributable to the company 's continued focus on the complexity of the financial needs of its customers and related commercial loan growth in 2019. customer service fees also contributed to the

