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Salisbury Bancorp, Inc. Reports Results for Fourth Quarter and Full Year 2018

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  • Fourth Quarter and Full Year 2018 Net Income of $0.91 and $3.15 per Share, Respectively

  • Total Assets of $1.1 Billion Increased 14% from December 31, 2017 on Strong Loan Growth

  • Non-performing Assets were 0.74% of Total Assets, Consistent with December 31, 2017

  • Wealth Assets Under Administration of $648 Million Increased 6% in 2018

  • Book Value and Tangible Book Value Per Common Share Increased 5% and 7%, Respectively in 2018

LAKEVILLE, Conn., Jan. 25, 2019 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its fourth quarter and full year ended December 31, 2018.

Net income available to common shareholders was $2.5 million, or $0.91 per common share, for Salisbury’s fourth quarter ended December 31, 2018 (fourth quarter 2018), compared with $2.3 million, or $0.84 per common share, for the third quarter ended September 30, 2018 (third quarter 2018), and $1.1 million, or $0.39 per common share, for the fourth quarter ended December 31, 2017 (fourth quarter 2017).

Results for the fourth quarter and full year 2018 included a non-recurring non-taxable gain of $341 thousand or $0.12 per common share related to proceeds receivable from a bank-owned life insurance (“BOLI”) policy due to the death of a covered former employee. Results for the fourth quarter and full year 2017 included a non-recurring charge of $445 thousand or $0.16 per share related to the remeasurement of net deferred tax assets due to the enactment of the Tax Cuts and Jobs Act (“TCJA”) during the quarter.

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “Despite challenging market conditions and an extremely competitive environment in 2018, we executed on several strategic priorities to better serve our customers and to prudently grow the Bank. In March, we relocated our Newburgh, New York branch to an improved location. In April, we completed the acquisition of the Fishkill, New York branch of Orange Bank & Trust Company and consolidated our existing Fishkill branch into that new location. Additionally, during 2018 we essentially grew our loan portfolio 13% organically while maintaining strong credit quality. As we enter 2019, we remain focused on enhancing both operating efficiency and profitability, while continuing to provide outstanding customer service.”

Net Interest Income

Tax equivalent net interest income for the fourth quarter 2018 increased $121 thousand, or 1.4%, versus third quarter 2018, and increased $505 thousand, or 6.1%, versus fourth quarter 2017. Average earning assets increased $1.6 million versus third quarter 2018, and increased $127.9 million versus fourth quarter 2017. Average total interest bearing deposits increased $8.4 million versus third quarter 2018 and increased $77.2 million versus fourth quarter 2017. The increase in average interest bearing deposits from the prior year fourth quarter included the acquisition of the Fishkill branch, which increased deposits by $8 million. The tax equivalent net interest margin for the fourth quarter was 3.34% compared with 3.29% for the third quarter 2018 and 3.58% for the fourth quarter 2017.

Non-Interest Income

Non-interest income for fourth quarter 2018 increased $736 thousand versus third quarter 2018 and increased $642 thousand versus fourth quarter 2017.

Trust and Wealth Advisory revenues decreased $15 thousand versus third quarter 2018 and increased $64 thousand versus fourth quarter 2017. The quarter-over-quarter decrease primarily reflected lower estate, 401K advisory and life insurance trust fees whereas the increase from the prior year fourth quarter primarily reflected higher asset based fees.

Service charges and fees increased $93 thousand versus third quarter 2018, and increased $106 thousand versus fourth quarter 2017. The increase from prior quarters primarily reflected the receipt of loan pre-payment penalties of $60 thousand as well as higher interchange fees.

Income from mortgage sales and servicing increased $3 thousand versus third quarter 2018 and increased $12 thousand versus fourth quarter 2017. The increase from prior quarters reflected higher gains on mortgage sales, due to an increase in volume, mostly offset by lower servicing income.

Gains on the sale of available-for-sale securities for the fourth quarter were $302 thousand compared with $193 thousand in the fourth quarter of 2017. Gains on an equity investment in a CRA mutual fund were $8 thousand in the fourth quarter 2018 compared with losses of $6 thousand for the third quarter 2018. Prior to first quarter 2018, unrealized gains and losses on equity investments were included in shareholders’ equity.

Non-interest income for the fourth quarter and full year 2018 also included the non-taxable BOLI gain of $341 thousand noted above.

Non-Interest Expense

Non-interest expense included OREO losses of $184 thousand for the fourth quarter 2018 compared with losses of $38 thousand in the prior quarter and $1.4 million in the fourth quarter 2017. The loss in the fourth quarter 2018 reflected an accepted offer on a residential property acquired by the Bank in that quarter. The sale, which is subject to the satisfactory completion of an inspection, is expected to close during the first quarter of 2019.

Compensation expense increased $84 thousand versus third quarter 2018, and increased $514 thousand versus fourth quarter 2017. The increase from third quarter 2018 primarily reflected higher salary and payroll tax expense whereas the increase from fourth quarter 2017 reflected higher base salaries and incentive accruals as well as higher ESOP and 401k accruals.

Premises and equipment costs increased $338 thousand versus third quarter 2018 and increased $340 thousand versus fourth quarter 2017. The fourth quarter 2018 included a charge of $171 thousand to write-off the remainder of the lease and the fixed assets related to the Bank’s previously occupied Fishkill, New York branch location and a charge of $95 thousand to write-off the remaining term of a third party software contract.

Data processing expenses, which also include data communications related expenses, increased $39 thousand versus third quarter 2018 and increased $22 thousand versus fourth quarter 2017.

Professional fees increased $14 thousand versus third quarter 2018 and decreased $27 thousand versus fourth quarter 2017. The quarter over quarter increase was mainly attributed to higher investment management and consulting fees, partly offset by lower audit and legal fees. The decrease from the prior year fourth quarter primarily reflected lower audit fees partly offset by higher legal fees.

Excluding the OREO charges noted above, loan related expenses increased $29 thousand versus third quarter 2018 and increased $195 thousand versus fourth quarter 2017. The increase from third quarter 2018 reflecting higher OREO carrying costs and litigation expense, partly offset by lower expenses for appraisals and inspections. The increase from fourth quarter 2017 primarily reflected a reversal of accruals in the fourth quarter 2017 for OREO carrying costs and delinquent real estate taxes on OREO properties.

The effective income tax rates for fourth quarter 2018, third quarter 2018 and fourth quarter 2017 were 13.7%, 18.7% and 48.4%, respectively. The effective tax rate for 2018 was 16.2% compared with 31.8% for 2017. The decline in the effective tax rate from third quarter 2018 reflected an increase in the amount of net interest income, on qualifying loans, that is deductible from New York state taxable income as well as tax credits for New York state mortgage recording taxes paid. The tax rate for the fourth quarter 2018 also reflected the non-taxable BOLI proceeds receivable recorded in the quarter. The decline in the effective income tax rate from the fourth quarter and full year 2017 primarily reflected the enactment of the TCJA during the fourth quarter of 2017. The enactment of the TCJA, which reduced the federal statutory tax rate from 34% to 21%, resulted in a one-time charge of $445 thousand in the fourth quarter 2017 for the remeasurement of net deferred tax assets. Excluding the impact of the new U.S. tax law, the effective tax rate for fourth quarter 2017 was 29.1%.

Loans

Gross loans receivable increased $10.7 million during the quarter to $917.1 million at December 31, 2018, compared with $906.4 million at September 30, 2018, and increased $108.6 million from $808.5 million at December 31, 2017. Residential real estate loans increased $1.9 million during fourth quarter 2018 to $428.8 million, and increased $48.1 million from fourth quarter 2017. Commercial real estate loans increased $1.3 million during fourth quarter 2018 to $292.6 million, and increased $33.3 million from fourth quarter 2017. Commercial and Industrial loans increased $12.2 million during the fourth quarter 2018 to $162.9 million, and increased $30.2 million from fourth quarter 2017.

The ratio of gross loans to deposits for fourth quarter 2018 was 99.0% compared with 100.5% for third quarter 2018 and 99.1% for fourth quarter 2017.

Asset Quality

Non-performing assets decreased $0.2 million during the current quarter to $8.3 million, or 0.74% of assets at December 31, 2018, from $8.5 million, or 0.77% of assets at September 30, 2018, and increased $1.0 million from $7.4 million, or 0.74% of assets, at December 31, 2017.

The amount of total impaired and potential problem loans were $20.2 million or 2.20% of gross loans receivable at December 31, 2018 compared to $24.4 million, or 2.7% of gross loans receivable at September 30, 2018 and $23.9 million, or 2.97% of gross loans receivable at December 31, 2017.

Accruing loans receivable 30-to-89 days past due increased $0.4 million during fourth quarter 2018 to $2.2 million, or 0.24% of gross loans receivable, from $1.8 million, or 0.20% of gross loans receivable at September 30, 2018, and decreased $1.4 million from $3.5 million, or 0.44% of gross loans receivable at December 31, 2017.

The allowance for loan losses for fourth quarter 2018 was $7.8 million compared with $7.7 million for third quarter 2018 and $6.8 million for fourth quarter 2017.

The provision for loan loss expense was $558 thousand for fourth quarter 2018 versus $378 thousand for third quarter 2018, and $67 thousand for the fourth quarter 2017. The increase in the provision was primarily attributable to loan growth and higher charge-offs in the fourth quarter 2018. Net loan charge-offs (recoveries) were $471 thousand for the fourth quarter 2018, ($15) thousand for third quarter 2018 and ($300) thousand for the fourth quarter 2017. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.85% for the fourth quarter 2018, versus 0.85% for the third quarter 2018 and 0.84% for the fourth quarter 2017. Similarly, reserve coverage, as measured by the ratio of the allowance for loan losses to non-performing loans was 120% for the fourth quarter of 2018, versus 95% for the third quarter of 2018 and 102% for the fourth quarter of 2017.

Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.

Deposits and Borrowings

Deposits were $926.7 million at December 31, 2018 compared with $902.2 million at September 30, 2018 and $815.5 million at December 31, 2017. Deposits at December 31, 2018 reflected brokered deposits, including CDARS one-way buys, of $39.4 million compared with $15.2 million at September 30, 2018. There were no brokered deposit balances at December 31, 2017. Average total deposits for the fourth quarter 2018 were $905.7 million compared with $894.6 million at September 30, 2018. Average total deposits for the fourth quarter 2018 included average brokered deposits of $29.0 million compared with $13.7 million for third quarter 2018.

FHLB advances decreased $0.4 million during the quarter to $67.2 million at December 31, 2018 and increased $12.7 million from December 31, 2017.

Capital

Book value per common share increased $0.93 during the fourth quarter to $36.86 per share and increased $1.85 from the fourth quarter 2017. Tangible book value per common share increased $0.98 during fourth quarter 2018 to $31.45 and increased $2.06 as compared to the fourth quarter 2017.

Shareholders’ equity increased $2.7 million in fourth quarter 2018 to $103.5 million at December 31, 2018 as net income of $2.6 million and unrealized gains in the AFS portfolio of $0.8 million were partly offset by common stock dividends paid of $0.8 million.

The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At December 31, 2018, Salisbury’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.25%, 12.51%, and 10.43%, respectively. The Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.83%, 12.09%, and 11.17%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

Fourth Quarter 2018 Dividends on Common Shares

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at its January 25, 2019 meeting. The dividend will be paid on February 28, 2019 to shareholders of record as of February 14, 2019.

Background

Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, New Paltz, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.

Forward-Looking Statements

This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.


Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)

December 31, 2018

December 31, 2017

ASSETS

Cash and due from banks

$

7,238

$

9,357

Interest bearing demand deposits with other banks

51,207

39,129

Total cash and cash equivalents

58,445

48,486

Securities

Available-for-sale at fair value

91,818

78,212

CRA mutual fund at fair value

836

835

Federal Home Loan Bank of Boston stock at cost

4,496

3,813

Loans held-for-sale

-

669

Loans receivable, net (allowance for loan losses: $7,831 and $6,776)

909,279

801,703

Other real estate owned

1,810

719

Bank premises and equipment, net

18,175

16,401

Goodwill

13,815

13,815

Intangible assets (net of accumulated amortization: $4,497 and $4,043)

1,383

1,837

Accrued interest receivable

3,148

2,665

Cash surrender value of life insurance policies

14,438

14,381

Deferred taxes

1,276

677

Other assets

2,635

2,771

Total Assets

$

1,121,554

$

986,984

LIABILITIES and SHAREHOLDERS' EQUITY

Deposits

Demand (non-interest bearing)

$

228,448

$

220,536

Demand (interest bearing)

153,586

142,575

Money market

204,219

190,953

Savings and other

178,807

144,600

Certificates of deposit

161,679

116,831

Total deposits

926,739

815,495

Repurchase agreements

4,104

1,668

Federal Home Loan Bank of Boston advances

67,154

54,422

Subordinated debt

9,835

9,811

Note payable

280

313

Capital lease liability

3,081

1,835

Accrued interest and other liabilities

6,902

5,926

Total Liabilities

1,018,095

889,470

Shareholders' Equity

Common stock - $.10 per share par value

Authorized: 5,000,000;

Issued: 2,884,988 and 2,872,578

Outstanding: 2,806,781 and 2,785,216

281

279

Unearned compensation – restricted stock awards

(711

)

(606

)

Paid-in capital

43,770

42,998

Retained earnings

60,339

54,664

Accumulated other comprehensive (loss) income, net

(220

)

179

Total Shareholders' Equity

103,459

97,514

Total Liabilities and Shareholders' Equity

$

1,121,554

$

986,984


Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Periods ended December 31,

Three months ended

Twelve months ended

(in thousands, except per share amounts)

2018

2017

2018

2017

Interest and dividend income

Interest and fees on loans

$

9,846

$

8,547

$

37,072

$

33,090

Interest on debt securities

Taxable

643

451

2,231

1,566

Tax exempt

47

35

136

380

Other interest and dividends

271

134

933

485

Total interest and dividend income

10,807

9,167

40,372

35,521

Interest expense

Deposits

1,559

707

4,656

2,483

Repurchase agreements

5

2

12

5

Capital lease

47

29

178

96

Note payable

4

5

18

18

Subordinated Debt

156

156

624

624

Federal Home Loan Bank of Boston advances

421

243

1,733

1,012

Total interest expense

2,192

1,142

7,221

4,238

Net interest and dividend income

8,615

8,025

33,151

31,283

Provision for loan losses

558

67

1,728

1,020

Net interest and dividend income after provision for loan losses

8,057

7,958

31,423

30,263

Non-interest income

Trust and wealth advisory

921

857

3,700

3,477

Service charges and fees

1,025

919

3,718

3,718

Gains on sales of mortgage loans, net

51

21

89

125

Mortgage servicing, net

57

75

308

255

Gains (Losses) on CRA mutual fund

8

-

(18

)

-

Gains on sales of available -for-sale- securities, net

302

193

318

178

BOLI income and gains

432

83

678

343

Other

28

34

152

140

Total non-interest income

2,824

2,182

8,945

8,236

Non-interest expense

Salaries

3,140

2,869

12,003

11,135

Employee benefits

1,087

844

4,280

3,767

Premises and equipment

1,374

1,034

4,535

3,831

Data processing

558

536

2,119

2,057

Professional fees

510

537

2,236

2,499

OREO gains, losses and writedowns, net

184

1,354

275

1,716

Collections, OREO, and loan related

145

(50

)

578

463

FDIC insurance

186

143

579

497

Marketing and community support

185

170

815

793

Amortization of intangibles

107

138

454

533

Other

433

477

1,961

2,038

Total non-interest expense

7,909

8,052

29,835

29,329

Income before income taxes

2,972

2,088

10,533

9,170

Income tax provision

408

1,011

1,709

2,914

Net income

$

2,564

$

1,077

$

8,824

$

6,256

Net income applicable to common shareholders

$

2,528

$

1,065

$

8,713

$

6,201

Basic earnings per common share

$

0.91

$

0.39

$

3.15

$

2.25

Diluted earnings per common share

0.91

0.38

3.13

2.24

Common dividends per share

0.28

0.28

1.12

1.12


Salisbury Bancorp, Inc. and Subsidiary

SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

At or for the quarters ended

(in thousands, except per share amounts and ratios)

Q4 2018

Q3 2018

Q2 2018

Q1 2018

Q4 2017

Total assets

$

1,121,554

$

1,098,715

$

1,096,780

$

1,014,934

$

986,984

Loans receivable, net

909,279

898,625

872,796

830,370

801,703

Total securities

97,150

101,591

90,870

84,878

82,860

Deposits

926,739

902,161

897,481

831,837

815,495

FHLBB advances

67,154

67,596

79,538

62,480

54,422

Shareholders’ equity

103,459

100,767

99,180

98,097

97,514

Wealth assets under administration

648,027

690,448

667,933

600,256

610,218

Discretionary wealth assets under administration

398,287

435,357

397,637

390,248

394,673

Non-discretionary wealth assets under administration

249,740

255,091

270,296

210,008

215,545

Non-performing loans

6,514

8,173

5,881

5,094

6,635

Non-performing assets

8,324

8,513

6,359

5,761

7,354

Accruing loans past due 30-89 days

2,165

1,784

1,507

3,362

3,536

Net interest and dividend income

8,615

8,500

8,043

7,993

8,025

Net interest and dividend income, tax equivalent

8,736

8,615

8,155

8,112

8,231

Provision for loan losses

558

378

467

325

67

Non-interest income

2,824

2,088

2,058

1,975

2,182

Non-interest expense

7,909

7,329

7,417

7,180

8,052

Income before income taxes

2,972

2,881

2,217

2,463

2,088

Income tax provision

408

537

318

446

1,011

Net income

2,564

2,344

1,899

2,017

1,077

Net income allocated to common shareholders

2,528

2,311

1,877

1,997

1,065

Per share data

Basic earnings per common share

$

0.91

$

0.84

$

0.68

$

0.72

$

0.39

Diluted earnings per common share

0.91

0.83

0.68

0.71

0.38

Dividends per common share

0.28

0.28

0.28

0.28

0.28

Book value per common share

36.86

35.93

35.38

35.20

35.01

Tangible book value per common share - Non-GAAP ⁽1

31.45

30.47

29.88

29.63

29.39

Common shares outstanding at end of period (in thousands)

2,807

2,805

2,803

2,787

2,785

Weighted average common shares outstanding, to calculate basic earnings per share (in thousands)

2,766

2,764

2,761

2,759

2,757

Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands)

2,779

2,779

2,779

2,780

2,778

Profitability ratios

Net interest margin (tax equivalent)

3.34

%

3.29

%

3.31

%

3.46

%

3.58

%

Efficiency ratio (2)

69.13

66.91

70.87

69.35

64.90

Effective income tax rate (3)

13.74

18.65

14.35

18.09

48.42

Return on average assets

0.92

0.85

0.69

0.81

0.43

Return on average common shareholders’ equity

9.99

9.26

7.68

8.33

4.38

Credit quality ratios

Non-performing loans to loans receivable, gross

0.71

0.90

0.67

0.61

0.82

Accruing loans past due 30-89 days to loans receivable, gross

0.24

0.20

0.17

0.40

0.44

Allowance for loan losses to loans receivable, gross

0.85

0.85

0.84

0.84

0.84

Allowance for loan losses to non-performing loans

120.21

94.77

125.51

138.56

102.12

Non-performing assets to total assets

0.74

0.77

0.58

0.57

0.74

Capital ratios

Common shareholders' equity to assets

9.22

%

9.17

%

9.04

%

9.67

%

9.88

%

Tangible common shareholders' equity to tangible assets - Non-GAAP1

7.98

7.89

7.75

8.26

8.43

Tier 1 leverage capital

8.25

8.02

8.30

8.56

8.53

Total risk-based capital

12.51

12.26

12.27

12.70

12.94

Common equity tier 1 capital

10.43

10.17

10.18

10.54

10.73

(1) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(2) Calculated as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses.
(3) The effective tax rate for 4Q 2017 includes the discrete charge related to the remeasurement of net deferred tax assets. Excluding this charge, the effective tax rate for the quarter was 27.12%.


Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)

At or for the quarters ended

(in thousands, except per share amounts and ratios)

Q4 2018

Q3 2018

Q2 2018

Q1 2018

Q4 2017

Common Shareholders' Equity

$

103,459

$

100,767

$

99,180

$

98,097

$

97,514

Less: Goodwill

(13,815

)

(13,815

)

(13,815

)

(13,815

)

(13,815

)

Less: Intangible assets

(1,383

)

(1,490

)

(1,601

)

(1,716

)

(1,837

)

Tangible Common Shareholders' Equity

$

88,261

$

85,462

$

83,764

$

82,566

$

81,862

Total Assets

$

1,121,554

$

1,098,715

$

1,096,780

$

1,014,934

$

986,984

Less: Goodwill

(13,815

)

(13,815

)

(13,815

)

(13,815

)

(13,815

)

Less: Intangible assets

(1,383

)

(1,490

)

(1,601

)

(1,716

)

(1,837

)

Tangible Total Assets

$

1,106,356

$

1,083,410

$

1, 081,364

$

999,403

$

971,332

Common Shares outstanding

2,807

2,805

2,803

2,787

2,758

Book value per Common Share – GAAP

$

36.86

$

35.93

$

35.38

$

35.20

$

35.01

Tangible book value per Common Share - Non-GAAP

31.45

30.47

29.88

29.63

29.39

Consolidated:

Non-interest expense

$

7,909

$

7,329

$

7,417

$

7,182

$

8,052

Less: Amortization of core deposit intangibles

(107

)

(111

)

(116

)

(120

)

(138

)

Less: Foreclosed property expense including OREO gains, losses and
Write downs

(260

)

(52

)

(71

)

(56

)

(1,281

)

Adjusted non-interest expense

$

7,542

$

7,166

$

7,230

$

7,006

$

6,633

Net interest and dividend income, tax equivalent

$

8,736

$

8,615

$

8,155

$

8,112

$

8,231

Non-interest income

2,824

2,088

2,058

1,974

2,182

(Gains) losses on securities

(310

)

6

(11

)

15

(193

)

BOLI proceeds receivable

(341

)

-

-

-

-

Adjusted revenue

$

10,909

$

10,709

$

10,202

$

10,101

$

10,220

Efficiency Ratio – Non-GAAP 1

69.13

%

66.91

%

70.87

%

69.35

%

64.90

%

1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q4 2018: 67.27%; Q3 2018: 65.65%; Q2 2018: 69.47%; Q1 2018: 67.67%; Q4 2017: 62.45%.


Source: Salisbury Bancorp, Inc.

Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 or rcantele@salisburybank.com

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