0001554795-18-000055.txt : 20180315 0001554795-18-000055.hdr.sgml : 20180315 20180315170509 ACCESSION NUMBER: 0001554795-18-000055 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 134 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180315 DATE AS OF CHANGE: 20180315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14854 FILM NUMBER: 18693242 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 10-K 1 sal0303form10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-24751

SALISBURY BANCORP, INC.

(Exact name of registrant as specified in its charter)

Connecticut  06-1514263
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
5 Bissell Street, Lakeville, CT  06039
(Address of principal executive offices) (Zip code)
   
Registrant's telephone number, including area code:      (860) 435-9801
 
Securities registered pursuant to Section 12(b) of the Act:  
Common Stock, par value $.10 per share  NASDAQ Capital Market
(Title of each class) (Name of each exchange on which registered)
   
Securities registered pursuant to Section 12(g) of the Act:     None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐ Yes ☑ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑ Yes ☐ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K. ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐    Accelerated filer ☑    Non-accelerated filer ☐    Smaller reporting company ☐
Emerging Growth Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No ☑

The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2017 was $98.4 million based on the closing sales price of $41.05 of such stock. The number of shares of the registrant’s Common Stock outstanding as of March 1, 2018, was 2,786,566.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive Proxy Statement for the 2018 Annual Meeting of Shareholders to be held on May 16, 2018, which will be filed within 120 days of fiscal year ended December 31, 2017, are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K.

 
 

FORM 10-K

SALISBURY BANCORP, INC.

For the Year Ended December 31, 2017

TABLE OF CONTENTS

 

  Description Page
PART I    
Item 1. BUSINESS 3
Item 1A.. RISK FACTORS 15
Item 1B. UNRESOLVED STAFF COMMENTS 19
Item 2. PROPERTIES 19
Item 3. LEGAL PROCEEDINGS 20
Item 4. MINE SAFETY DISCLOSURES 20
     
PART II    
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER  PURCHASES OF EQUITY SECURITIES 20
Item 6. SELECTED FINANCIAL DATA 21
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22
Item 7A.. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 41
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 84
Item 9A.. CONTROLS AND PROCEDURES 84
Item 9B. OTHER INFORMATION 84
     
PART III    
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 84
Item 11. EXECUTIVE COMPENSATION 85
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 85
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 85
Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES  85
     
PART IV    
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 85
Item 16. FORM 10-K SUMMARY 86
 
 

PART I

Forward-Looking Statements

This Annual Report on Form 10-K may contain and incorporates by reference statements relating to future results of Salisbury Bancorp, Inc. (the “Company”) and its Subsidiary, Salisbury Bank and Trust Company (the “Bank”) (collectively, "Salisbury"), that are considered “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. These statements relate to, among other things, expectations concerning loan demand, growth and performance, simulated changes in interest rates and the adequacy of the allowance for loan losses.  Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties, including, but not limited to, changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within Salisbury’s markets, equity and fixed income market fluctuations, personal and corporate customers’ bankruptcies, inflation, acquisitions and integrations of acquired businesses, technological changes and cybersecurity matters, changes in law and regulations, changes in fiscal, monetary, regulatory and tax policies, monetary fluctuations, success in gaining  regulatory approvals when required as well as other risks and uncertainties reported from time to time in Salisbury’s filings with the Securities and Exchange Commission. See also, the “Risk Factors” set forth below.

Forward-looking statements made by Salisbury in this Annual Report on Form 10-K 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, except as may be required by law.

Item 1.BUSINESS

Salisbury Bancorp, Inc.

Salisbury Bancorp, Inc., a Connecticut corporation, formed in 1998, is the bank holding company for Salisbury Bank and Trust Company (the "Bank"), a Connecticut-chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. Salisbury’s common stock is traded on the NASDAQ Capital Market under the symbol “SAL.” Salisbury's principal business consists of its operation and control of the business of the Bank.

The Bank, formed in 1848, currently provides commercial banking, consumer financing, retail banking and trust and wealth advisory services through a network of fourteen banking offices and ten ATMs located in: Litchfield County, Connecticut; Dutchess, Orange and Ulster Counties, New York; and Berkshire County, Massachusetts and through its internet website (salisburybank.com).

Abbreviations Used Herein

Bank Salisbury Bank and Trust Company  FRA Federal Reserve Act
BHC Bank Holding Company  FRB Federal Reserve Board
BHCA Bank Holding Company Act  GAAP Generally Accepted Accounting Principles in the United States of America
BOLI Bank Owned Life Insurance  GLBA Gramm-Leach-Bliley Act
CFPB Consumer Financial Protection Bureau  LIBOR London Interbank Offered Rate
CPP Capital Purchase Program  OREO Other Real Estate Owned
CRA Community Reinvestment Act of 1977  OTTI Other Than Temporarily Impaired
CTDOB State of Connecticut Department of Banking  PIC Passive Investment Company

Dodd-

Frank Act

 Dodd-Frank Wall Street Reform and Consumer Protection Act  Salisbury Salisbury Bancorp, Inc. and Subsidiary
ESOP Employee Stock Ownership Plan  SBLF Small Business Lending Fund
FACT Act Fair and Accurate Credit Transactions Act  SEC Securities and Exchange Commission
FASB Financial Accounting Standards Board  SOX Sarbanes-Oxley Act of 2002
FDIC Federal Deposit Insurance Corporation  TARP Troubled Asset Relief Program
FHLBB Federal Home Loan Bank of Boston  Treasury United States Department of the Treasury

Lending Activities

The Bank originates commercial loans, commercial real estate loans, residential and commercial construction loans, residential real estate loans collateralized by one-to-four family residences, home equity lines of credit and fixed rate loans and other consumer loans predominately in Connecticut’s Litchfield County, New York’s Dutchess, Orange and Ulster Counties and Massachusetts’ Berkshire County in towns proximate to the Bank’s fourteen full service offices.

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The majority of the Bank’s loans as of December 31, 2017, including some loans classified as commercial loans, were secured by real estate. Interest rates charged on loans are affected principally by the Bank’s current asset/liability strategy, the demand for such loans, the cost and supply of money available for lending purposes and the rates offered by competitors. These factors are, in turn, affected by general economic and credit conditions, monetary policies of the federal government, including the FRB, federal and state tax policies and budgetary matters. Loan portfolios acquired in business combinations include commercial loans acquired from Riverside Bank, Empire Bank and Orange Bank & Trust Company. 

Residential Real Estate Loans

A principal lending activity of the Bank is to originate loans secured by first mortgages on one-to-four family residences. The Bank typically originates residential real estate loans through employees who are commissioned licensed mortgage originators (in accordance with the mortgage lending compensation guidelines issued by the CFPB). The Bank originates both fixed rate and adjustable rate mortgages.

The Bank currently sells the majority of the fixed rate 30 year residential mortgage loans it originates to the FHLBB under the Mortgage Partnership Finance Program. The Bank typically retains loan servicing. The Bank retains some fixed rate residential mortgage loans and those loans originated under its first time home owner program.

The retention of adjustable rate residential mortgage loans in the portfolio and the sale of longer term, fixed rate residential mortgage loans helps reduce the Bank’s exposure to interest rate risk. However, adjustable rate mortgages generally pose credit risks different from the credit risks inherent in fixed rate loans primarily because as interest rates rise, the underlying debt service payments of the borrowers rise, thereby increasing the potential for default. Management believes that these risks, which have not had a material adverse effect on the Bank to date, generally are less onerous than the interest rate risks associated with holding long-term fixed rate loans in the loan portfolio.

Commercial Real Estate Loans

The Bank makes commercial real estate loans for the purpose of allowing borrowers to acquire, develop, construct, improve or refinance commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. Office buildings, light industrial, retail facilities or multi-family income properties, normally collateralize commercial real estate loans. Among the reasons for management’s continued emphasis on commercial real estate lending is the desire to invest in assets with yields which are generally higher than yields on one-to-four family residential mortgage loans, and are more sensitive to changes in interest rates. These loans typically have terms/amortizations of up to ten and twenty five years, respectively, and interest rates, which adjust over periods of three to ten years, based on one of various rate indices.

Commercial real estate lending generally poses a greater credit risk than residential mortgage lending to owner-occupants. The repayment of commercial real estate loans depends on the business and financial condition of the borrower. Economic events and changes in government regulations, which the Bank and its borrowers do not control, could have an adverse impact on the cash flows generated by properties securing commercial real estate loans and on the market value of such properties.

Construction Loans

The Bank originates both residential and commercial construction loans. Typically, loans are made to owner-borrowers who will occupy the properties as either their primary or secondary residence and to licensed and experienced developers for the construction of single-family homes or commercial properties.

The proceeds of commercial construction loans are disbursed in stages. Bank officers, appraisers and/or independent engineers inspect each project’s progress before additional funds are disbursed to verify that borrowers have completed project phases.

Residential construction loans to owner-borrowers generally convert to a fully amortizing long-term mortgage loan upon completion of construction. The typical construction phase is generally twelve months.

Construction lending, particularly commercial construction lending, poses greater credit risk than mortgage lending to owner-occupants. The repayment of commercial construction loans depends on the business, the financial condition of the borrower, and on the economic viability of the project financed. Economic events and changes in government regulations, which the Bank and its borrowers do not control, could have an adverse impact on the value of properties securing construction loans and on the borrower’s ability to complete projects financed and sell them for amounts anticipated at the time the projects commenced.

Commercial Loans

Commercial loans are generally made on a secured basis and are primarily collateralized by equipment, inventory, accounts receivable and/or leases. Commercial loans primarily provide working capital, equipment financing, financing for leasehold improvements and financing for expansion. The Bank offers both term and revolving commercial loans. Term loans have either fixed or adjustable rates of interest and, generally, terms of between two and seven years. Term loans generally amortize during their life, although some loans require a balloon payment at maturity if the amortization exceeds seven years. Revolving commercial lines of credit typically are renewable annually and have a floating rate of interest normally indexed to the prime rate as published in the Wall Street Journal.

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Commercial lending generally poses a higher degree of credit risk than real estate lending. Repayment of both secured and unsecured commercial loans depends substantially on the success of the borrower’s underlying business, financial condition and cash flows. Unsecured loans generally involve a higher degree of risk of loss than do secured loans because, without collateral, repayment is primarily dependent upon the success of the borrower’s business.

Secured commercial loans are generally collateralized by equipment, inventory, accounts receivable and leases. Compared to real estate, such collateral is more difficult to monitor, its value is more difficult to validate, it may depreciate more rapidly and it may not be as readily saleable if repossessed.

Consumer Loans

The Bank originates various types of consumer loans, including home equity loans and lines of credit, auto and personal installment loans. Home equity loans and lines of credit are generally secured by second mortgages placed on one-to-four family owner-occupied properties. Home equity loans have fixed interest rates, while home equity lines of credit adjust based on the prime rate as published in the Wall Street Journal. Consumer loans are originated through the branch network with the exception of Home Equity Lines of Credit, which are originated by licensed Mortgage Lending Originator staff.

Credit Risk Management and Asset Quality

One of the Bank’s key objectives is to maintain a high level of asset quality. The Bank utilizes the following general practices to manage credit risk: ensuring compliance with prudent written policies; limiting the amount of credit that individual lenders may extend; establishing a process for credit approval accountability; careful initial underwriting and analysis of borrower, transaction, market and collateral risks; ongoing servicing of individual loans and lending relationships; continuous monitoring and risk rating of the portfolio, market dynamics and the economy; and periodically reevaluating the Bank’s strategy and overall exposure as economic, market and other relevant conditions change.

Credit Administration is responsible for determining loan loss reserve adequacy and preparing monthly and quarterly reports regarding the credit quality of the loan portfolio, which are submitted to the Loan Committee to ensure compliance with the credit policy, and managing non-performing and classified assets as well as oversight of all collection activity.

The Bank’s loan review activities are performed by an independent third party loan review firm that evaluates the creditworthiness of borrowers and the appropriateness of the Bank’s risk rating classifications. The firm’s findings are reported to Credit Administration, Senior Management, and the Board level Loan and Audit Committees.

Trust and Wealth Advisory Services

The Bank provides a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions.

Securities

Salisbury’s securities portfolio is structured to diversify the earnings, assets and risk structure of Salisbury, provide liquidity consistent with both projected and potential needs, collateralize certain types of deposits, assist with maintaining a satisfactory net interest margin and comply with regulatory capital and liquidity requirements. Types of securities in the portfolio generally include U.S. Government and Agency securities, mortgage-backed securities, collateralized mortgage obligations and tax exempt municipal bonds, among others.

Sources of Funds

The Bank uses deposits, proceeds from loan and security maturities, repayments and sales, and borrowings to fund lending, investing and general operations. Deposits represent the Bank’s primary source of funds.

Deposits

The Bank offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Retail and commercial deposits are primarily received through the Bank’s banking offices. Additional depositor related services provided to customers include Landlord/Tenant Lease Security Accounts and Services, Merchant Services, Payroll Services, Cash Management (Remote Deposit Capture, ACH Origination, Wire Transfers and Positive Pay), ATM, Bank-by-Phone, Internet Banking, Internet Bill Pay, Person to Person Payments, Bank to Bank Transfers, Mobile Banking with remote deposit, and Online Financial Management with Account Aggregation Services.

The FDIC provides separate insurance coverage of $250,000 per depositor for each account ownership category. Deposit flows are significantly influenced by economic conditions, the general level of interest rates and the relative attractiveness of competing deposit and investment alternatives. When determining deposit pricing, the Bank considers strategic objectives, competitive market rates, deposit flows, funding commitments and investment alternatives, FHLBB advance rates and rates on other sources of funds.

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National, regional and local economic and credit conditions, changes in competitor money market, savings and time deposit rates, prevailing market interest rates and competing investment alternatives all have a significant impact on the level of the Bank’s deposits. Deposit generation is a key focus for the Bank as a source of liquidity and to fund continuing asset growth. Competition for deposits has been, and is expected to, remain strong.

Borrowings

The Bank is a member of the FHLBB, which provides credit facilities for regulated, federally insured depository institutions and certain other home financing institutions. Members of the FHLBB are required to own capital stock in the FHLBB and are authorized to apply for advances on the security of their FHLBB stock and certain home mortgages and other assets (principally securities, which are obligations of, or guaranteed by, the United States Government or its agencies) provided certain creditworthiness standards have been met. Under its current credit policies, the FHLBB limits advances based on a member’s assets, total borrowings and net worth. Long-term and short-term FHLBB advances may be utilized as a source of funding to meet liquidity and planning needs when the cost of these funds is favorable as compared to deposits or alternate funding sources. During 2015, Salisbury issued $10 million of subordinated debentures; See “Deposits and Borrowings” in Item 7.

Additional funding sources are available through securities sold under agreements to repurchase and the Federal Reserve Bank of Boston.

Acquisitions

On June 6, 2014, the Bank completed its purchase and assumption of the Sharon, Connecticut branch of Union Savings Bank, which included deposits of approximately $18 million at a premium of 2.32%. Operations of the Bank’s existing Sharon, Connecticut branch were consolidated into this new location. On December 5, 2014, the Bank completed its acquisition of Riverside Bank of Poughkeepsie, New York, adding four new offices and a strong commercial loan focus to Salisbury’s New York market presence. Such transaction was valued at approximately $27 million. In the merger, Riverside Bank shareholders received 1.35 shares of Salisbury Bancorp, Inc. common stock for each share of Riverside Bank common stock. In June 2017, the Bank completed its purchase and assumption of the New Paltz, New York branch of Empire State Bank, which included approximately $31 million in deposits and $7 million in branch related loans. In addition, in December 2017, the Bank entered into a purchase and assumption agreement with Orange Bank & Trust Company, pursuant to which the Bank will acquire the Fishkill, New York branch of Orange Bank & Trust Company and certain related deposits, loans and other assets. The Bank has received regulatory approval from the CTDOB and NYDFS and is awaiting approval from the FDIC for the transaction, which is expected to be completed during the second quarter of 2018.

Subsidiaries

Salisbury has one wholly-owned subsidiary, Salisbury Bank and Trust Company. The Bank has two wholly-owned subsidiaries, SBT Mortgage Service Corporation and S.B.T. Realty, Inc. SBT Mortgage Service Corporation is a passive investment company ("PIC") that holds loans collateralized by real estate originated or purchased by the Bank. Income of the PIC and its dividends to Salisbury are exempt from the Connecticut Corporate Business Tax. S.B.T. Realty, Inc. was formed to hold New York state real estate and is presently inactive.

Employees

At December 31, 2017, the Bank had 166 full-time employees and 28 part-time employees. The employees are not represented by a collective bargaining group. The Bank maintains a comprehensive employee benefit program providing, among other benefits, group medical and dental insurance, life insurance, disability insurance, an ESOP and an employee 401(k) plan. Management considers relations with its employees to be good.

Market Area

Salisbury and the Bank are headquartered in Lakeville, Connecticut, which is located in the northwestern quadrant of Connecticut’s Litchfield County. The Bank has a total of fourteen banking offices, four of which are located in Connecticut's Litchfield County; three of which are located in Massachusetts’ Berkshire County; five of which are located in New York’s Dutchess County, one of which is located in New York’s Ulster County, and one of which is located in New York’s Orange County. The Bank’s primary deposit gathering and lending area consists of the communities and surrounding towns that are served by its branch network in these counties. The Bank also has deposit, lending and trust relationships outside of these areas.

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Competition

The Bank faces strong competition in attracting and retaining deposits and in making loans. The primary factors in competing for deposits are interest rates, personalized services, the quality and range of financial services, convenience of office locations, automated services and office hours. Its most direct competition for deposits and loans has come from other commercial banks, savings institutions and credit unions located in its market area. Competition for deposits also comes from mutual funds and other investment alternatives, which offer a range of deposit and deposit-like products. Although the Bank expects this continuing competition to have an effect upon the cost of funds, it does not anticipate any substantial adverse effect on maintaining the current deposit base. The Bank is competitive within its market area in the various deposit products it offers to depositors. Due to this fact, management believes the Bank has the ability to maintain its deposit base.

The Bank's competition for real estate loans comes primarily from mortgage banking companies, savings banks, commercial banks, insurance companies, and other institutional lenders. The primary factors in competing for loans are interest rates, loan origination fees, the quality and range of lending services and personalized service. Factors that affect competition include, among others, the general availability of funds and credit, general and local economic conditions, current interest rate levels and volatility in the mortgage markets.

The banking industry is also experiencing rapid changes in technology. In addition to improving customer services, effective use of technology increases efficiency and enables financial institutions to reduce costs. Technological advances are likely to increase competition by enabling more companies to provide cost effective products and services.

Regulation and Supervision

General

Salisbury is required to file reports and otherwise comply with the rules and regulations of the FRB, the FDIC, the SEC and NASDAQ as well as the state banking supervisory authorities in Connecticut, New York and Massachusetts.

The Bank is subject to extensive regulation by the CTDOB, as its chartering agency, and by the FDIC, as its primary federal supervisory agency. The Bank is required to file reports with, and is periodically examined by, the FDIC and the CTDOB concerning its activities and financial condition. It must obtain regulatory approvals prior to entering into certain transactions, such as mergers.

The following discussion of the laws, regulations and policies material to the operations of Salisbury and the Bank is a summary and is qualified in its entirety by reference to such laws, regulations and policies. Such statutes, regulations and policies are continually under review by Congress and the Connecticut, New York and Massachusetts State Legislatures and federal and state regulatory agencies. Any change in such laws, regulations, or policies could have a material adverse impact on Salisbury or the Bank.

Bank Holding Company Regulation

SEC and NASDAQ

Salisbury is subject to the rules and regulations of the SEC and is required to comply with the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as administered by the SEC. Salisbury’s common stock is listed on the NASDAQ Capital Market under the trading symbol “SAL” and, accordingly, Salisbury is also subject to the rules of NASDAQ for listed companies.

Federal Reserve Board Regulation

Salisbury is a registered bank holding company under the BHCA and is subject to comprehensive regulation and regular examinations by the FRB. The FRB also has extensive enforcement authority over bank holding companies, including, among other things, the ability to assess civil money penalties, to issue cease and desist or removal orders and to require that a holding company divest subsidiaries (including its bank subsidiaries). In general, enforcement actions may be initiated for violations of law and regulations and unsafe or unsound practices.

Under FRB policy, a bank holding company must serve as a source of financial and managerial strength for its subsidiary bank. Under this policy, Salisbury is expected to commit resources to support the Bank. The FRB may require a holding company to contribute additional capital to an undercapitalized subsidiary bank.

Bank holding companies must obtain FRB approval before: (i) acquiring, directly or indirectly, ownership or control of another bank or bank holding company; (ii) acquiring all or substantially all of the assets of another bank or bank holding company; or (iii) merging or consolidating with another bank holding company.

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The BHCA also prohibits a bank holding company, with certain exceptions, from acquiring direct or indirect ownership or control of any company, which is not a bank or bank holding company, or from engaging directly or indirectly in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries. The principal exceptions to these prohibitions involve certain non-bank activities, which, by statute or by FRB regulation or order, have been identified as activities closely related to the business of banking or managing or controlling banks. The list of activities permitted by the FRB includes, among other things: (i) operating a savings institution, mortgage company, finance company, credit card company or factoring company; (ii) performing certain data processing operations; (iii) providing certain investment and financial advice; (iv) underwriting and acting as an insurance agent for certain types of credit-related insurance; (v) leasing property on a full-payout, non-operating basis; (vi) selling money orders; (vii) real estate and personal property appraising; (viii) providing tax planning and preparation services; (ix) financing and investing in certain community development activities; and (x) subject to certain limitations, providing securities brokerage services for customers.

Connecticut Bank Holding Company Regulation

Salisbury is a Connecticut corporation and is also subject to the Connecticut Business Corporation Act and Connecticut banking law applicable to Connecticut bank holding companies. Under Connecticut banking law, no person may acquire beneficial ownership of more than 10% of any class of voting securities of a Connecticut-chartered bank, or any bank holding company of such a bank, without prior notification to, and lack of disapproval by, the CTDOB. The CTDOB will disapprove the acquisition if the bank or holding company to be acquired has been in existence for less than five years, unless the CTDOB waives this five-year restriction, or if the acquisition would result in the acquirer controlling 30% or more of the total amount of deposits in insured depository institutions in Connecticut. Similar restrictions apply to any person who holds in excess of 10% of any such class and desires to increase its holdings to 25% or more of such class.

Dividends

Salisbury’s dividends to shareholders are substantially dependent upon Salisbury’s receipt of dividends from the Bank. The FRB has issued a policy statement on the payment of cash dividends by bank holding companies, which expresses the FRB’s view that a bank holding company should be a “source of strength” to its bank subsidiary and should pay cash dividends only to the extent that the holding company’s net income for the past year is sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the holding company’s capital needs, asset quality and overall financial condition. The FRB also indicated its view that, generally, it would be inappropriate for a company experiencing serious financial problems to borrow funds to pay dividends. Furthermore, the FRB may prohibit a bank holding company from paying any dividends if the holding company’s bank subsidiary is classified as “undercapitalized” or if the dividend would violate applicable law or would be an unsafe or unsound banking practice.

Financial Modernization

GLBA permits greater affiliation among banks, securities firms, insurance companies, and other companies under a type of financial services company known as a “financial holding company.” A financial holding company essentially is a bank holding company with expanded powers. Financial holding companies are authorized by statute to engage in a number of financial activities previously impermissible for bank holding companies, including securities underwriting, dealing and market making; sponsoring mutual funds and investment companies; insurance underwriting and agency; and merchant banking activities. The act also permits the FRB and the Treasury to authorize additional activities for financial holding companies if they are “financial in nature” or “incidental” to financial activities. A bank holding company may become a financial holding company if each of its subsidiary banks is “well capitalized” and “well managed” as defined in the FRB’s Regulation Y, and has at least a “satisfactory” Community Reinvestment Act rating. A financial holding company must provide notice to the FRB within 30 days after commencing activities previously determined to be permissible by statute or by the FRB and the Treasury. Salisbury is a registered financial holding company.

All financial institutions are required to establish policies and procedures with respect to the ability of the Bank to share nonpublic customer data with nonaffiliated parties and to protect customer data from unauthorized access. The Bank has developed policies and procedures, and believes it is in compliance with all privacy, information sharing, and notification provisions of GLBA and the FACT Act.

State Banking Laws and Supervision

The Bank is a state-chartered commercial bank under Connecticut law and as such is subject to regulation and examination by the CTDOB. In addition, because the Bank operates branch offices in Massachusetts and New York, the Bank is also subject to certain Massachusetts and New York laws and the supervisory authority of the Massachusetts Division of Banks, and New York Department of Financial Services (“NYDFS”) with respect to its branch offices in Massachusetts and New York, respectively. The approval of the state banking regulators is generally required for, among other things, the establishment of branch offices and business combination transactions. The CTDOB conducts periodic examinations of Connecticut-chartered banks. The FDIC also regulates many of the areas regulated by the CTDOB, and federal law may limit some of the authority provided to Connecticut-chartered banks by Connecticut law.

Lending Activities

Connecticut banking laws grant commercial banks broad lending authority. With certain limited exceptions, total secured and unsecured loans made to any one obligor generally may not exceed 15% of the Bank’s equity capital and reserves for loan and lease losses. However, if the loan is fully secured, such limitations generally may be increased by an additional 10%.

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Dividends

The Bank may pay cash dividends only out of its net profits. For purposes of this restriction, “net profits” represents the remainder of all earnings from current operations. Further, the total amount of all dividends declared by the Bank in any year may not exceed the sum of its net profits for the year in question combined with its retained net profits from the preceding two years, unless the CTDOB approves the larger dividend. Federal law also prevents the Bank from paying dividends or making other capital distributions that would cause it to become “undercapitalized.” The FDIC may also limit a bank’s ability to pay dividends based upon safety and soundness considerations.

Powers

Connecticut law permits Connecticut banks to sell insurance and fixed and variable-rate annuities if licensed to do so by the Connecticut Insurance Department. With the prior approval of the CTDOB, Connecticut banks are also authorized to engage in a broad range of activities related to the business of banking, or that are financial in nature or that are permitted under the BHCA, other federal statutes, or the regulations promulgated pursuant to these statutes. Connecticut banks generally are also authorized to engage in any activity permitted for a federal bank or upon filing prior written notice of its intention to engage in such activity with the CTDOB, unless the CTDOB disapproves the activity.

Assessments

Connecticut banks are required to pay assessments to the CTDOB based upon a bank’s asset size to fund the CTDOB’s operations. The assessments are generally made annually.

Enforcement Authority

Under Connecticut law, the CTDOB has extensive enforcement authority over Connecticut banks and, under certain circumstances, affiliated parties, insiders, and agents. The CTDOB’s enforcement authority includes cease and desist orders, fines, receivership, conservatorship, removal of officers and directors, emergency closures, dissolution and liquidation.

New York and Massachusetts Banking Laws and Supervision

The Bank conducts activities and operates branch offices in New York and Massachusetts as well as Connecticut. Generally, with respect to its business in New York and Massachusetts, the Bank may conduct any activity that is authorized under Connecticut law that is permissible for either New York or Massachusetts state banks or for an out-of-state national bank, at its New York and Massachusetts branch offices, respectively. The New York State Superintendent of Financial Services may exercise regulatory authority with respect to the Bank’s New York branch offices. The Bank is subject to certain rules related to community reinvestment, consumer protection, fair lending, establishment of intra-state branches and the conduct of banking activities with respect to its branches located in New York State. The Massachusetts Commissioner of Banks may exercise similar authority, and the Bank is subject to similar rules under Massachusetts Banking Law with respect to the Bank’s Massachusetts branch offices. Federal and state laws authorize the interstate merger of banks. Among other things, banks may establish new branches on an interstate basis provided that such action is specifically authorized by the law of the host state.

Federal Regulations

Capital Requirements

Under FDIC regulations, federally insured state-chartered banks, such as the Bank, that are not members of the Federal Reserve System (“state non-member banks”) are required to comply with the following minimum leverage capital requirements: common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. The existing capital requirements became effective January 1, 2015 and are the result of a final rule implementing regulatory amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act. Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of accumulated other comprehensive income (“AOCI”), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. The Bank chose the opt-out election. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale securities). Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

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The FDIC regulations require state non-member banks to maintain certain levels of regulatory capital in relation to regulatory risk-weighted assets. The ratio of regulatory capital to regulatory risk-weighted assets is referred to as a bank’s “risk-based capital ratio.” Risk-based capital ratios are determined by allocating assets and specified off-balance sheet items (including recourse obligations, direct credit substitutes and residual interests) to risk-weighted categories ranging from 0% to 1,250%, with higher levels of capital being required for the categories perceived as representing greater risk.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement began phasing in January 1, 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented at 2.5% on January 1, 2019.

In assessing an institution’s capital adequacy, the FDIC takes into consideration not only these numeric factors, but qualitative factors as well, and has the authority to establish higher capital requirements for individual institutions where deemed necessary. As a bank holding company, the Company is also subject to regulatory capital requirements, as described in a subsequent section.

As a bank holding company, Salisbury is subject to FRB capital adequacy guidelines for bank holding companies similar to those of the FDIC for state-chartered banks.

As of December 31, 2017, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

Prompt Corrective Regulatory Action

Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to banks that do not meet minimum capital requirements. For these purposes, the law establishes five capital categories:

•Well capitalized – at least 5% leverage capital, 6.5% Common Equity Tier 1 capital, 8% Tier 1 risk based capital and 10% total risk based capital.
•Adequately capitalized – at least 4% leverage capital, 4.5% Common Equity Tier 1 capital, 6% Tier 1 risk based capital and 8% total risk based capital.
•Undercapitalized – less than 4% leverage capital, 4.5% Common Equity Tier 1 capital, 6% Tier 1 risk based capital and 8% total risk based capital. “Undercapitalized” banks must adhere to growth, capital distribution (including dividend) and other limitations and are required to submit a capital restoration plan. A bank’s compliance with such a plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5% of the institution’s total assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized.
•Significantly undercapitalized – less than 3% leverage capital, 3% Common Equity Tier 1 capital, 4% Tier 1 risk based capital and 6% total risk based capital. “Significantly undercapitalized” banks must comply with one or more of a number of additional restrictions, including but not limited to an order by the FDIC to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets, cease receipt of deposits from correspondent banks or dismiss directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers and capital distributions by the parent holding company.
•Critically undercapitalized – less than 2% tangible capital. “Critically undercapitalized” institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after it obtains such status.

 

Transactions with Affiliates

Under federal law, transactions between depository institutions and their affiliates are governed by Sections 23A and 23B of the FRA. In a holding company structure, at a minimum, the parent holding company of a bank, and any companies that are controlled by such parent holding company, are deemed affiliates of its subsidiary bank. Generally, Sections 23A and 23B are intended to protect insured depository institutions from suffering losses arising from transactions with non-insured affiliates by limiting the extent to which a bank or its subsidiaries may engage in covered transactions with any one affiliate and with all affiliates of the bank in the aggregate, and by requiring that such transactions be on terms that are consistent with safe and sound banking practices.

The FRA and Regulation O impose restrictions on loans to directors, executive officers, and principal shareholders (“insiders”). Loans to insiders and their related interests may not exceed, together with all other outstanding loans to such persons and affiliated entities, the institution’s total capital and surplus. Loans to insiders above specified amounts must receive the prior approval of the board of directors and must be made on terms substantially the same as offered in comparable transactions to other persons. The FRA imposes additional limitations on loans to executive officers.

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Enforcement

The FDIC has extensive enforcement authority over insured banks, including the Bank. This enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders and remove directors and officers. In general, these enforcement actions may be initiated in response to violations of laws and regulations and unsafe or unsound practices.

Standards for Safety and Soundness

The FDIC, together with the other federal bank regulatory agencies, prescribe standards of safety and soundness by regulations or guidelines, relating generally to operations and management, asset growth, asset quality, earnings, stock valuation and compensation. The federal bank regulatory agencies have adopted a set of guidelines prescribing safety and soundness standards, which establish general standards relating to internal controls and information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, and compensation, fees and benefits. In general, the guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the guidelines. The guidelines prohibit excessive compensation as an unsafe and unsound practice and describe compensation as excessive when the amounts paid are unreasonable or disproportionate to the services performed by an executive officer, employee, director or principal shareholder. In addition, the federal bank regulatory agencies adopted regulations that authorize, but do not require, the agencies to order an institution that has been given notice that it is not satisfying the safety and soundness guidelines to submit a compliance plan. The federal bank regulatory agencies have also adopted guidelines for asset quality and earning standards. As a state-chartered bank, the Bank is also subject to state statutes, regulations and guidelines relating to safety and soundness, in addition to the federal requirements.

Insurance of Deposit Accounts

The Bank’s deposit accounts are insured by the Deposit Insurance Fund (“DIF”) of the FDIC up to applicable legal limits (generally, $250,000 per depositor for each account ownership category and $250,000 for certain retirement plan accounts) and are subject to deposit insurance assessments. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The FDIC utilizes a risk-based assessment system that imposes insurance premiums based upon a risk matrix that takes into account a bank’s capital level and supervisory rating. The FDIC assigns an institution to one of the following capital categories based on the institution’s financial condition consisting of (1) well capitalized, (2) adequately capitalized or (3) undercapitalized, and one of three supervisory subcategories within each capital group. The supervisory subgroup to which an institution is assigned is based on a supervisory evaluation by the institution’s primary federal regulator and information which the FDIC determines to be relevant to the institution’s financial condition and the risk posed to the deposit insurance funds. An institution’s assessment rate depends on the capital category and supervisory category to which it is assigned.

FDIC insured institutions are required to pay assessments to the FDIC to fund the DIF. The Bank’s current annual assessment rate is approximately 5.85 basis points of total assets. Additionally, FDIC insured institutions are required to pay assessments to the FDIC to fund interest payments on bonds issued by The Financing Corporation, an agency of the federal government established to recapitalize the predecessor to the Savings Association Insurance Fund. The assessment rate is adjusted quarterly to reflect changes in the assessment bases of the DIF based on quarterly Call Report submissions. From time to time, the FDIC may impose a supplemental special assessment in addition to other special assessments and regular premium rates to replenish the DIF during periods of economic difficulty. The amount of an emergency special assessment imposed on a bank will be determined by the FDIC if such amount is necessary to provide sufficient assessment income to repay amounts borrowed from the Treasury; to provide sufficient assessment income to repay obligations issued to and other amounts borrowed from insured depository institutions; or for any other purpose the FDIC may deem necessary.

The FDIC may terminate insurance of deposits, after notice and a hearing, if it finds that the institution is in an unsafe or unsound condition to continue operations, has engaged in unsafe or unsound practices, or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. The management of the Bank does not know of any practice, condition or violation that might lead to termination of deposit insurance.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”)

The Dodd-Frank Act, enacted in July 2010, significantly changed the bank regulatory landscape and has impacted lending, deposit, investment, trading and operating activities of financial institutions and their holding companies. The Dodd-Frank Act revised the statutory authorities governing the FDIC’s management of the DIF. The Dodd-Frank Act granted the FDIC new DIF management tools: maintaining a positive fund balance even during a banking crisis and maintaining moderate, steady assessment rates throughout economic and credit cycles.

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Among other things, the Dodd-Frank Act: (1) raised the minimum Designated Reserve Ratio (“DRR”), which the FDIC must set each year, to 1.35% (from the former minimum of 1.15%) and removed the upper limit on the DRR (which was formerly capped at 1.5%) and therefore on the size of the DIF; (2) required that the DIF reserve ratio reach 1.35% by September 30, 2020 (rather than 1.15% by the end of 2016, as formerly required); (3) required that, in setting assessments, the FDIC offset the effect of requiring that the reserve ratio reach 1.35% by September 30, 2020 (rather than 1.15% by the end of 2016) on insured depository institutions with total consolidated assets of less than $10 billion; (4) eliminated the requirement that the FDIC provide dividends from the Fund when the reserve ratio is between 1.35% and 1.50%; and (5) continued the FDIC’s authority to declare dividends when the reserve ratio at the end of a calendar year is at least 1.50%, but granted the FDIC sole discretion in determining whether to suspend or limit the declaration or payment of dividends.

The Dodd-Frank Act also required that the FDIC amend its regulations to redefine the assessment base used for calculating deposit insurance assessments. Under the Dodd-Frank Act, the assessment base must, with some possible exceptions, equal average consolidated total assets minus average tangible equity.

The FDIC amended 12 CFR 327 to implement revisions to the Federal Deposit Insurance Act made by the Dodd-Frank Act by modifying the definition of an institution’s deposit insurance assessment base; to change the assessment rate adjustments; to revise the deposit insurance assessment rate schedules in light of the new assessment base and altered adjustments; to implement the Dodd-Frank Act’s dividend provisions; to revise the large insured depository institution assessment system to better differentiate for risk and better take into account losses from large institution failures that the FDIC may incur; and to make technical and other changes to the FDIC's assessment rules. The FDIC Board of Directors adopted the final rule, which redefined the deposit insurance assessment base as required by the Dodd-Frank Act; made changes to assessment rates; implemented the Dodd-Frank Act’s DIF dividend provisions; and revised the risk-based assessment system for all large insured depository institutions, generally, those institutions with at least $10 billion in total assets. Nearly all institutions with assets less than $10 billion, including the Bank, have benefited from a reduction in their assessments as a result of this final rule.

The Dodd-Frank Act requires publicly traded companies to give shareholders a non-binding vote of executive compensation at least every three (3) years. The legislation also authorizes the SEC to prohibit broker discretion on any voting on election of directors, executive compensation matters, and any other significant matter.

The Dodd-Frank Act also adopts various mortgage lending and predatory lending provisions and requires loan originators to retain 5% of any loan sold and securitized, unless it is a “qualified residential mortgage,” which includes standard 30 and 15-year fixed rate loans.

Consumer Protection and the Financial Protection Bureau

The Dodd-Frank Act created the Consumer Financial Protection Bureau (“CFPB”). As required by the Dodd-Frank Act, jurisdiction for all existing consumer protection laws and regulations has been transferred to the CFPB. In addition, the CFPB is granted authority to promulgate new consumer protection regulations for banks and nonbank financial firms offering consumer financial services or products to ensure that consumers are protected from “unfair, deceptive, or abusive” acts or practices.

Salisbury is subject to a number of federal and state laws designed to protect borrowers and promote lending to various sectors of the economy and population. These laws include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, various state law counterparts, and the Consumer Financial Protection Act of 2010, which constitutes part of the Dodd-Frank Act and establishes the CFPB, as described above.

The CFPB issued a final rule implementing the ability-to-repay and qualified mortgage (“QM”) provisions of the Truth in Lending Act, as amended by the Dodd-Frank Act (the “QM Rule”), which became effective on January 10, 2014. The ability-to-repay provision requires creditors to make reasonable, good faith determinations that borrowers are able to repay their mortgages before extending the credit based on a number of factors and consideration of financial information about the borrower from reasonably reliable third-party documents. Under the Dodd-Frank Act and the QM Rule, loans meeting the definition of “qualified mortgage” are entitled to a presumption that the lender satisfied the ability-to-repay requirements. The presumption is a conclusive presumption/safe harbor for prime loans meeting the QM requirements and a rebuttable presumption for higher-priced/subprime loans meeting the QM requirements. The definition of a “qualified mortgage” incorporates the statutory requirements, such as not allowing negative amortization or terms longer than 30 years. The QM Rule also adds an explicit maximum 43% debt-to-income ratio limit for borrowers if the loan is to meet the QM definition, with some exceptions.

Federal Reserve System

All depository institutions must hold a percentage of certain types of deposits as reserves. Reserve requirements currently are assessed on the depository institution's net transaction accounts (mostly checking accounts). Depository institutions must also regularly submit deposit reports of their deposits and other reservable liabilities.

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For net transaction accounts in 2017, the first $15.5 million (which may be adjusted by the FRB) was exempt from reserve requirements. A 3% reserve ratio was assessed on net transaction accounts over $15.5 million up to and including $115.1 million (which may be adjusted by the FRB). A 10% reserve ratio was assessed on net transaction accounts in excess of $115.1 million (which may be adjusted by the FRB). The Bank is in compliance with these requirements.

Federal Home Loan Bank System

The Bank is a member of the Boston region of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks. The FHLBB provides a central credit facility primarily for member institutions. Member institutions are required to acquire and hold shares of capital stock in the FHLBB calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank was in compliance with this requirement. At December 31, 2017, the Bank had FHLBB stock of $3.8 million and FHLBB advances of $54.4 million.

No market exists for shares of the FHLBB and, therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB.

Small Business Lending Fund

Treasury’s SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion.

Salisbury elected to participate in Treasury’s SBLF program and on August 25, 2011, sold to the Secretary of the Treasury $16 million of its Series B Preferred Stock under the SBLF program, while simultaneously repurchasing all of its Series A Preferred Stock sold to the Treasury in 2009 under the Capital Purchase Program, a part of TARP. All of the proceeds from the sale of its Series B Preferred Stock were treated as Tier 1 Capital for regulatory purposes.

Salisbury paid noncumulative dividends on its Series B Preferred Stock. The dividend rate on the Series B Preferred Stock for the initial ten quarterly dividend periods, commencing with the period ended September 30, 2011 and ending with the period ended December 31, 2013, was determined each quarter based on the increase in the Bank’s Qualified Small Business Lending over a baseline amount. The dividend rate for the quarterly period ended December 31, 2015 was 1.0%. For the eleventh quarterly dividend payment through four and one-half years after its issuance, the dividend rate on the Series B Preferred Stock would have been 1.0%. Salisbury redeemed all of its Series B Preferred Stock in December 2015 prior to the scheduled increase in the dividend rate on such securities. Commencing with the second quarter of 2016, four and one-half years from its issuance, the dividend rate would have been fixed at 9.0% per annum.

Other Regulations

Sarbanes-Oxley Act of 2002

The stated goals of SOX are to increase corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws.

SOX includes very specific disclosure requirements and corporate governance rules, requires the SEC and securities exchanges to adopt extensive additional disclosure, corporate governance and other related rules, and mandates further studies of certain issues by the SEC and the Comptroller General. SOX represents significant federal involvement in matters traditionally left to state regulatory systems, such as the regulation of the accounting profession, and to state corporate law, such as the relationship between a board of directors and management and between a board of directors and its committees.

SOX addresses, among other matters, audit committees; certification of financial statements and internal controls by the Chief Executive Officer and Chief Financial Officer; the forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer’s securities by directors and senior officers in the twelve-month period following initial publication of any financial statements that later require restatement; a prohibition on insider trading during pension plan black-out periods; disclosure of off-balance sheet transactions; a prohibition on certain loans to directors and officers; expedited filing requirements for Forms 4; disclosure of a code of ethics and filing a Form 8-K for significant changes or waivers of such code; “real time” filing of periodic reports; the formation of a Public Company Accounting Oversight Board; auditor independence; and various increased criminal penalties for violations of securities laws. The SEC has enacted rules to implement various provisions of SOX.

As of December 31, 2017 the Bank is subject to section 404(b) of SOX, which requires public companies' annual reports to include the company's own assessment of internal control over financial reporting, and an auditor's attestation. See Item 9A “CONTROLS AND PROCEDURES” for management’s assessment of internal controls and Item 8 “FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA” for the auditor’s attestation.

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USA PATRIOT Act

Under the USA PATRIOT Act, all financial institutions are required to take certain measures to identify their customers, prevent money laundering, monitor customer transactions and report suspicious activity to U.S. law enforcement agencies. Financial institutions also are required to respond to requests for information from federal banking regulatory authorities and law enforcement agencies. Information sharing among financial institutions for the above purposes is encouraged by an exemption granted to complying financial institutions from the privacy provisions of GLBA and other privacy laws. Financial institutions that hold correspondent accounts for foreign banks or provide private banking services to foreign individuals are required to take measures to avoid dealing with certain foreign individuals or entities, including foreign banks with profiles that raise money laundering concerns, and are prohibited from dealing with foreign “shell banks” and persons from jurisdictions of particular concern. The primary federal banking regulators and the Secretary of the Treasury have adopted regulations to implement several of these provisions. All financial institutions are also required to establish internal anti-money laundering programs. The effectiveness of a financial institution in combating money laundering activities is a factor to be considered in any application submitted by the financial institution under the Bank Merger Act or the BHCA. Salisbury has in place a Bank Secrecy Act and USA PATRIOT Act compliance program, and has implemented internal practices, procedures, and controls to comply with anti-money laundering requirements.

Community Reinvestment Act and Fair Lending Laws

The Bank has a responsibility under the CRA to help meet the credit needs of our communities, including low and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. In connection with its examination, the FDIC assesses the Bank’s record of compliance with the CRA. In addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit discrimination in lending practices on the basis of characteristics specified in those statutes. The Bank’s failure to comply with the provisions of the CRA could, at a minimum, result in regulatory restrictions on our activities. The Bank’s failure to comply with the Equal Credit Opportunity Act and the Fair Housing Act could result in enforcement actions against the Bank by the FDIC as well as other federal regulatory agencies and the Department of Justice. The Bank’s most recent FDIC CRA rating was “satisfactory.”

The Electronic Funds Transfer Act, Regulation E and Related Laws

The Electronic Funds Transfer Act (the “EFTA”) provides a basic framework for establishing the rights, liabilities, and responsibilities of consumers who use electronic funds transfer (“EFT”) systems. The EFTA is implemented by the Federal Reserve's Regulation E, which governs transfers initiated through ATMs, point-of-sale terminals, payroll cards, automated clearing house (“ACH”) transactions, telephone bill-payment plans, or remote banking services. Regulation E requires consumers to opt in (affirmatively consent) to participation in a bank's overdraft service program for ATM and one-time debit card transactions before overdraft fees may be assessed on the consumer’s account. Notice of the opt-in right must be provided to all new customers who are consumers, and the customer's affirmative consent must be obtained, before charges may be assessed on the consumer's account for paying such overdrafts.

Regulation E also provides bank customers with an ongoing right to revoke consent to participation in an overdraft service program for ATM and one-time debit card transactions and prohibits banks from conditioning the payment of overdrafts for checks, ACH transactions, or other types of transactions that overdraw the consumer's account on the consumer's opting into an overdraft service for ATM and one-time debit card transactions. For customers who do not affirmatively consent to overdraft service for ATM and one-time debit card transactions, a bank must provide those customers with the same account terms, conditions, and features that it provides to consumers who do affirmatively consent, except for the overdraft service for ATM and one-time debit card transactions. Salisbury does not provide an overdraft service with respect to one time point-of-sale or ATM transactions.

Future Legislative Initiatives

In light of the recent changes in the composition of Congress and many state legislatures, it is anticipated that state legislatures and financial regulatory agencies will introduce various legislative and regulatory initiatives that may impact the financial services industry, generally. Such initiatives may include proposals to expand or contract the powers of bank holding companies and/or depository institutions or proposals to substantially change the financial institution regulatory system. Such legislation could change banking statutes and the operating environment of Salisbury in significant and unpredictable ways. For example, if enacted, such legislation could increase or decrease the cost of doing business, limit or expand permissible activities, or affect the competitive balance among banks, savings associations, credit unions, and other financial institutions. Salisbury cannot predict whether any such legislation will be enacted, and, if enacted, what effects that such legislation would have on the financial condition or results of operations of Salisbury. A change in statutes, regulations, or regulatory policies applicable to Salisbury or any of its subsidiaries could have a material effect on the business of Salisbury.

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Impact of Inflation and Changing Prices

The Consolidated Financial Statements and their Notes presented within this document have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollar amounts without considering changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased cost of Salisbury’s operations. Unlike the assets and liabilities of industrial companies, nearly all of the assets and liabilities of Salisbury are monetary in nature. As a result, interest rates have a greater impact on Salisbury’s performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Availability of Securities and Exchange Commission Filings

Salisbury makes available free of charge on its website (salisburybank.com) a link to its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 as soon as practicable after such reports are electronically filed with or furnished to the SEC. Such reports filed with the SEC are also available on its website (www.sec.gov). The public may also read and copy any materials filed with the SEC at the SEC’s Public Reference Room, 100 F Street, NE, Washington, DC 20549. Information about accessing company filings can be obtained by calling 1-800-SEC-0330. Information on Salisbury’s website is not incorporated by reference into this report. Investors are encouraged to access these reports and the other information about Salisbury’s business and operations on its website. Copies of these filings may also be obtained from Salisbury free of charge upon request.

Guide 3 Statistical Disclosure by Bank Holding Companies

The following information required by Securities Act Guide 3 “Statistical Disclosure by Bank Holding Companies” is located on the pages noted below.

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I. Distribution of Assets, Liabilities and Shareholders' Equity; Interest Rates and Interest Differential 23-24
II. Investment Portfolio 28-29, 56-58
III. Loan Portfolio 29-34 ,59-65
IV. Summary of Loan Loss Experience 25, 63-65
V. Deposits 34-35, 67
VI. Return on Equity and Assets 21
VII. Short-Term Borrowings 35, 68

Item 1A.RISK FACTORS

Salisbury is the registered bank holding company for the Bank, its wholly-owned subsidiary. Salisbury's business and activity is currently limited to the holding of the Bank's outstanding capital stock, and the Bank is Salisbury's primary investment.

An investment in Salisbury common stock entails certain risks, some of which are inherent in the financial services industry and others of which are more specific to the Bank’s business. Salisbury considers the most significant factors of which we are aware affecting risk in Salisbury common stock as those that are set forth below. These are not the only risks to which an investment in Salisbury common stock is subject, and none of the factors set forth below relates to the personal circumstances of individual investors. Investors should read this entire Form 10-K, as well as other documents and exhibits that are incorporated by reference in the 10-K and that have been filed with the SEC, in order to better understand these risks and to evaluate investment in Salisbury common stock.

Changes in interest rates and spreads could have a negative impact on earnings and financial condition.

Salisbury’s earnings and financial condition are dependent to a large degree upon net interest income, which is the difference between interest earned from loans and investments and interest paid on deposits and borrowings. The narrowing of interest rate spreads, meaning the difference between interest rates earned on loans and investments, and the interest rates paid on deposits and borrowings, could adversely affect Salisbury’s earnings and financial condition. Salisbury cannot predict with certainty or control changes in interest rates. Global, national, regional, and local economic conditions and the policies of regulatory authorities, including monetary policies of the FRB, affect interest income and interest expense. Salisbury has ongoing policies and procedures designed to manage the risks associated with changes in market interest rates.

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However, changes in interest rates still may have an adverse effect on Salisbury’s profitability. For example, high interest rates could also affect the volume of loans that Salisbury originates, because higher rates could cause customers to apply for fewer mortgages, or cause depositors to shift funds from accounts that have a comparatively lower rate, to accounts with a higher rate, or experience customer attrition due to competitor pricing or disintermediation. If the cost of interest-bearing deposits increases at a rate greater than the yields on interest-earning assets increase, net interest income will be negatively affected. Changes in the asset and liability mix may also affect net interest income. Similarly, lower interest rates cause higher yielding assets to prepay and floating or adjustable rate assets to reset to lower rates. If Salisbury is not able to reduce its funding costs sufficiently, due to either competitive factors or the maturity schedule of existing liabilities, then Salisbury’s net interest margin will decline.

Weakness in the markets for residential or commercial real estate, including the secondary residential mortgage loan markets, could reduce Salisbury’s net income and profitability.

Declines in home prices, increases in delinquency and default rates, and constrained secondary credit markets affect the mortgage industry generally. Salisbury’s financial results may be adversely affected by changes in real estate values. Decreases in real estate values could adversely affect the value of property used as collateral for loans and investments. If poor economic conditions result in decreased demand for real estate loans, Salisbury’s net income and profits may decrease.

Weakness in the secondary market for residential lending could have an adverse impact upon Salisbury’s profitability. The effects of ongoing mortgage market challenges, combined with the ongoing correction in residential real estate market prices and reduced levels of home sales, could result in further price reductions in single family home values, adversely affecting the value of collateral securing mortgage loans held, mortgage loan originations and gains on sale of mortgage loans. Declines in real estate values and home sales volumes, and financial stress on borrowers as a result of job losses, or other factors, could have further adverse effects on borrowers that result in higher delinquencies and greater charge-offs in future periods beyond that which is provided for in Salisbury’s allowance for loan losses, which would adversely affect Salisbury’s financial condition or results of operations.

Fluctuations in economic conditions and collateral values could impact the adequacy of Salisbury’s allowance for loan losses.

Salisbury’s business is subject to periodic fluctuations based on national and local economic conditions. These fluctuations are not predictable, cannot be controlled and may have a material adverse impact on Salisbury’s operations and financial condition. For example, declines in housing activity including declines in building permits, housing sales and home prices may make it more difficult for Salisbury’s borrowers to sell their homes or refinance their debt. Slow sales could strain the resources of real estate developers and builders. The ongoing economic uncertainty has affected employment levels and could impact the ability of Salisbury’s borrowers to service their debt. Bank regulatory agencies also periodically review Salisbury’s allowance for loan losses and may require an increase in the provision for credit losses or the recognition of further loan charge-offs, based on judgments different than those of management. In addition, if charge-offs in future periods exceed the allowance for loan losses Salisbury will need additional provisions to increase the allowance for loan losses. Any increases in the allowance for loan losses will result in a decrease in net income and, possibly, capital, and may have a material adverse effect on Salisbury’s financial condition and results of operations. Salisbury may suffer higher loan losses as a result of these factors and the resulting impact on its borrowers.

Credit market conditions may impact Salisbury’s investments.

Significant credit market anomalies may impact the valuation and liquidity of Salisbury’s investment securities. Illiquidity could reduce the market value of Salisbury’s investments, even those with no apparent credit exposure. The valuation of Salisbury’s investments requires judgment, and as market conditions change investment values may also change.

Salisbury’s securities portfolio performance in difficult market conditions could have adverse effects on Salisbury’s results of operations.

Under GAAP, Salisbury is required to review Salisbury’s investment portfolio periodically for the presence of other-than-temporary impairment of its securities, taking into consideration current market conditions, the extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, current analysts’ evaluations, Salisbury’s ability and intent to hold investments until a recovery of amortized cost, as well as other factors. Adverse developments with respect to one or more of the foregoing factors may require Salisbury to deem particular securities to be other-than-temporarily impaired, with the credit related portion of the reduction in the value recognized as a charge to Salisbury’s earnings. Market volatility may make it extremely difficult to value certain securities of Salisbury. Subsequent valuations, in light of factors prevailing at that time, may result in significant changes in the values of these securities in future periods. Any of these factors could require Salisbury to recognize further impairments in the value of Salisbury’s securities portfolio, which may have an adverse effect on Salisbury’s results of operations in future periods.

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If the goodwill that Salisbury has recorded in connection with its acquisitions becomes impaired, it could have a negative impact on Salisbury’s profitability.

Applicable accounting standards require that the purchase method of accounting be used for all business combinations. Under purchase accounting, if the purchase price of an acquired company exceeds the fair value of the acquired company’s net assets, the excess is carried on the acquirer’s balance sheet as goodwill. At December 31, 2017, Salisbury had $13.8 million of goodwill on its balance sheet. Salisbury must evaluate goodwill for impairment at least annually. Write-downs of the amount of any impairment, if necessary, are to be charged to the results of operations in the period in which the impairment occurs. There can be no assurance that future evaluations of goodwill will not result in findings of impairment and related write-downs, which may have a material adverse effect on Salisbury’s financial condition and results of operations.

Salisbury’s ability to pay dividends substantially depends upon its receipt of dividends from the Bank.

Cash dividends from the Bank and Salisbury’s liquid assets are the principal sources of funds for paying cash dividends on Salisbury’s common stock. Unless Salisbury receives dividends from the Bank or chooses to use its liquid assets, it may not be able to pay dividends. The Bank’s ability to pay dividends to Salisbury is subject to its condition and profitability as well as its regulatory requirements.

Strong competition within Salisbury’s market areas may limit growth and profitability.

Competition in the banking and financial services industry is intense. Salisbury competes with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, insurance companies, and brokerage and investment banking firms operating locally and elsewhere. As Salisbury grows, it may expand into contiguous market areas where it may not be as well-known as other institutions that have been operating in those areas for some time. In addition, larger banking institutions may become increasingly active in Salisbury’s market areas, may have substantially greater resources and lending limits and may offer certain services that Salisbury does not, or cannot efficiently, provide. Salisbury’s profitability depends upon its continued ability to successfully compete in its market areas. The greater resources and deposit and loan products offered by some competitors may limit its ability to grow profitably.

Salisbury and the Bank are subject to extensive federal and state regulation and supervision.

Salisbury and the Bank are subject to extensive federal and state regulation and supervision. Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds and the banking system as a whole, not shareholders. These regulations affect Salisbury’s lending practices, capital structure, investment practices, and dividend policy and growth, among other things. State and federal legislatures and regulatory agencies continually review banking laws, regulations and policies for possible changes. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of statutes, regulations or policies, could affect Salisbury in substantial and unpredictable ways. Such changes could subject Salisbury to additional costs, limit the types of financial services and products it may offer and/or increase the ability of non-banks to offer competing financial services and products, among other things. Failure to comply with laws, regulations or policies could result in sanctions by regulatory agencies, civil money penalties and/or reputation damage, which could have a material adverse effect on Salisbury’s business, financial condition and results of operations. While Salisbury has policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. See the section captioned “Regulation and Supervision” in Item 1 of this report for further information.

Salisbury’s stock price may be volatile.

Salisbury’s stock is inactively traded and its stock price may fluctuate widely in response to a variety of factors including:

•Actual or anticipated variations in quarterly operating results
•Recommendations by securities analysts
•New technology used, or services offered, by competitors
•Significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving Salisbury or Salisbury’s competitors
•Failure to integrate acquisitions or realize anticipated benefits from acquisitions
•Operating and stock price performance of other companies that investors deem comparable to Salisbury
•News reports relating to trends, concerns and other issues in the financial services industry
•Changes in government regulations
•Geopolitical conditions such as acts or threats of terrorism or military conflicts
•Changes in the economic environment of the market areas the Bank serves

General market fluctuations, industry factors and general economic and political conditions and events, such as economic slowdowns or recessions, interest rate changes, credit loss trends or currency fluctuations could also cause Salisbury’s stock price to decrease regardless of Salisbury’s operating results.

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Salisbury’s ability to attract and retain skilled personnel may impact its success.

Salisbury’s success depends, in large part, on its ability to attract and retain key people. Competition for people with specialized knowledge and skills can be intense, and Salisbury may not be able to hire people or to retain them. The unexpected loss of services of one or more of Salisbury’s key personnel could have a material adverse impact on the business because of their skills, knowledge of the market, years of industry experience and the difficulty of promptly finding qualified replacement personnel.

Salisbury continually encounters technological change.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. The effective use of technology can increase efficiency and enable financial institutions to better serve customers and to reduce costs. However, some new technologies needed to compete effectively result in incremental operating costs. Salisbury’s future success depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in operations. Many of Salisbury’s competitors have substantially greater resources to invest in technological improvements. Salisbury may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to its customers. Failure to successfully keep pace with technological change affecting the financial services industry could have a material adverse impact on Salisbury’s business and, in turn, its financial condition and results of operations.

A failure involving controls and procedures may have an adverse effect on Salisbury.

Management regularly reviews and updates Salisbury’s internal controls, disclosure controls and procedures, and corporate governance policies and procedures. Any system of controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of the controls and procedures or failure to comply with regulations related to controls and procedures could have a material adverse effect on Salisbury’s business, results of operations and financial condition.

If customer information was to be misappropriated and used fraudulently, due to a breach of our systems, or those of third party vendors or service providers, including as a result of cyberattacks, Salisbury could be exposed to potential liability and reputation risk as well as increased costs.

Risk of theft of customer information resulting from security breaches by third parties exposes banks to reputation risk and potential monetary loss. Like other financial institutions, Salisbury has exposure to fraudulent misuse of its customers’ personal information resulting from its general business operations through loss or theft of the information and through misappropriation of information by third parties in connection with customer use of financial instruments, such as debit cards.

In addition, Salisbury relies upon a variety of computing platforms and networks over the internet for the purposes of data processing, communications and information exchange. Despite the safeguards instituted by Salisbury, any system is susceptible to a breach of security. In addition, Salisbury relies on the services of a variety of third party vendors to meet Salisbury’s data processing and communication needs. The occurrence of any failures, interruptions or security breaches of Salisbury’s information systems or that of its vendors could damage Salisbury’s reputation, result in a loss of customer business or expose Salisbury to civil litigation and possible financial loss. Such costs and/or losses could materially impact Salisbury’s earnings.

Changes in accounting standards can materially impact Salisbury’s financial statements.

Salisbury’s accounting policies and methods are fundamental to how Salisbury records and reports its financial condition and results of operations. From time to time, the Financial Accounting Standards Board or regulatory authorities change the financial accounting and reporting standards that govern the preparation of Salisbury’s financial statements. These changes can be hard to predict and can materially impact how it records and reports its financial condition and results of operations. In some cases, it could be required to apply a new or revised standard retroactively, resulting in Salisbury restating prior period financial statements.

Changes and interpretations of tax laws and regulations may adversely impact Salisbury’s financial statements.

Local, state or federal tax authorities may interpret tax laws and regulations differently than Salisbury and challenge tax positions that Salisbury has taken on its tax returns. This may result in the disallowance of deductions or differences in the timing of deductions and result in the payment of additional taxes, interest or penalties that could materially affect Salisbury’s performance.

In addition, changes in tax law, such as the federal tax reform provisions recently enacted, may adversely affect Salisbury’s lending business and performance, especially those provisions regarding the deductibility of residential mortgage interest and state property taxes.

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The risks presented by recent or future acquisitions could adversely affect our financial condition and results of operations.

Our business strategy has included, and may continue to include, growth through acquisition from time to time. Any recent and future acquisitions will be accompanied by the risks commonly encountered in acquisitions. These risks may include, among other things: our ability to realize anticipated cost savings; the difficulty of integrating operations and personnel; the loss of key employees; the potential disruption of our or the acquired company’s ongoing business in such a way that could result in decreased revenues; the inability of our management to maximize our financial and strategic position; the inability to maintain uniform standards, controls, procedures and policies; and the impairment of relationships with the acquired company’s employees and customers as a result of changes in ownership and management.

Item 1B.UNRESOLVED STAFF COMMENTS

None.

Item 2.PROPERTIES

Salisbury does not directly own or lease any properties. The properties described below are owned or leased by the Bank.

The Bank conducts its business at its main office, located at 5 Bissell Street, Lakeville, Connecticut, and through an additional thirteen full service branch offices located in Canaan, 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’s Trust and Wealth Advisory Services Division is based in a separate building adjacent to the main office of the Bank in Lakeville, Connecticut. The Bank owns its main office and six of its branch offices and its Canaan Operations office, and currently leases seven branch offices.

The Company acquired one branch in Sharon, Connecticut from Union Savings Bank on June 6, 2014, and the acquisition of Riverside Bank on December 5, 2014 added four additional full-service branch offices. On June 5, 2017, the Bank completed its acquisition of the New Paltz, New York branch of Empire State Bank. In addition, in December 2017 the Bank announced that it executed a definitive agreement to acquire the Fishkill, New York branch of Orange Bank & Trust Company. The Bank has received regulatory approval for such transaction from the CTDOB and the NYDFS and is awaiting approval from the FDIC and expects to complete the transaction during the second quarter of 2018. The Bank also announced its plans to consolidate its existing Fishkill, New York branch with the proposed Fishkill, New York branch. In March 2018, the Bank will relocate its current branch in Newburgh, New York to another location in the same city. The Bank has entered into a lease agreement for the new facility and it will cease paying rent for the current location as of April 1, 2018. For additional information, see Note 7, “Bank Premises and Equipment,” and Note 19, “Commitments and Contingent Liabilities” to the Consolidated Financial Statements.

The following table includes all property owned or leased by the Bank, but does not include Other Real Estate Owned.

Offices Location Owned/Leased Lease expiration
Main Office 5 Bissell Street, Lakeville, CT Owned —
Trust and Wealth Advisory Services Division 19 Bissell Street, Lakeville, CT Owned —
Salisbury Office 18 Main Street, Salisbury, CT Owned —
Sharon Office 5 Gay Street, Sharon, CT Owned —
Canaan Operations 94 Main Street, Canaan, CT Owned —
Canaan Office 100 Main Street, Canaan, CT Owned —
South Egremont Office 51 Main Street, South Egremont, MA Leased 9/09/18
Sheffield Office 640 North Main Street, Sheffield, MA Owned —
Gt. Barrington Office 210 Main Street, Gt. Barrington, MA Leased 12/31/20
Millerton Office 87 Main Street, Millerton, NY Owned —
Poughkeepsie Office 11 Garden Street, Poughkeepsie, NY Owned —
Fishkill Office 1004 Main Street, Fishkill, NY Leased 12/31/20
Proposed Fishkill Office(1) 703 Route 9, Fishkill, NY Leased 10/30/29
Red Oaks Mill Office 2064 New Hackensack Road, Poughkeepsie, NY Leased 2/03/23
Newburgh Office 52 Route 17K, Newburgh, NY Leased 3/31/18
Dover Plains Office 5 Dover Village Plaza, Dover Plains, NY Leased 7/31/22
Proposed Newburgh Office 801 Auto Park Place, Newburgh, NY Leased 12/31/21
New Paltz Office 275 Main Street, Paltz, NY Leased 9/14/19
(1)The Bank has agreed to assume the lease in connection with its acquisition of Orange Bank & Trust Company’s Fishkill, New York branch contingent upon consummation of such transaction.
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Item 3.LEGAL PROCEEDINGS

The Bank is involved in various claims and legal proceedings arising in the ordinary course of business, which management currently believes are not material, individually or in the aggregate, to the business, financial condition or operating results of Salisbury or any of its subsidiaries.

There are no material pending legal proceedings, other than ordinary routine litigation incidental to Salisbury’s business, to which Salisbury is a party or any of its subsidiaries is a party or of which any of their property is subject.

Item 4.MINE SAFETY DISCLOSURES

Not applicable.

 

PART II

Item 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Salisbury’s common stock trades on the NASDAQ Capital Market under the symbol “SAL”. The following table sets forth the high and low sales prices per share for Salisbury’s common stock for each quarterly period within the two most recent fiscal years:

Quarter 2017 2016
High Low High Low
Fourth Quarter $48.35 $44.00 $38.15 $30.92
Third Quarter $46.90 $40.40 $32.52 $29.60
Second Quarter $41.50 $38.50 $32.75 $29.78
First Quarter $40.00 $37.30 $34.43 $29.51

Holders

There were approximately 2,340 holders of record of the common stock of Salisbury as of March 1, 2018. This number includes brokerage firms and other financial institutions that hold stock in their name, but which is actually beneficially owned by third parties.

Dividends

For a discussion of Salisbury's dividend policy and restrictions on dividends see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" under the caption “Dividends.” See also, Note 13 – “Shareholders’ Equity” of Notes to Consolidated Financial Statements.

Equity Compensation Plan Information

For the information required by this item see Note 15 – “Long Term Incentive Plans” of Notes to Consolidated Financial Statements.

Recent Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

None.

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Item 6.SELECTED FINANCIAL DATA

The following table contains certain information concerning the financial position and results of operations of Salisbury at the dates and for the periods indicated. This information should be read in conjunction with the Consolidated Financial Statements and related notes.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except ratios and per share amounts)

At or for the years ended December 31,    2017      2016      2015      2014      2013  
Statement of Income                         
Interest and dividend income  $35,521   $34,454   $34,610   $22,855   $21,750 
Interest expense   4,238    3,849    3,026    2,704    3,062 
Net interest and dividend income   31,283    30,605    31,584    20,151    18,688 
Provision for loan losses   1,020    1,835    917    1,134    1,066 
Gains on securities, net   178    584    192    —    — 
Trust and wealth advisory   3,477    3,338    3,265    3,295    3,074 
Service charges and fees   3,718    3,133    2,986    2,473    2,293 
Gains on sales of mortgage loans, net   125    229    274    64    579 
Mortgage servicing, net   255    156    47    94    40 
Other   483    451    510    326    319 
Non-interest income   8,236    7,891    7,274    6,252    6,305 
Non-interest expense   29,329    27,387    25,921    22,138    18,935 
Income before income taxes   9,170    9,274    12,020    3,131    4,992 
Income tax provision   2,914    2,589    3,563    610    909 
Net income   6,256    6,685    8,457    2,521    4,083 
Net income allocated to common stock   6,201    6,633    8,298    2,355    3,922 
Financial Condition                         
Total assets  $986,984   $935,366   $891,192   $855,427   $587,109 
Loans receivable, net   801,703    763,184    699,018    673,330    438,178 
Allowance for loan losses   6,776    6,127    5,716    5,358    4,683 
Securities   82,860    82,834    79,870    94,827    99,831 
Deposits   815,495    781,770    754,533    715,426    477,369 
Federal Home Loan Bank of Boston advances   54,422    37,188    26,979    28,813    30,411 
Repurchase agreements   1,668    5,535    3,914    4,163    2,554 
Subordinated debt, net of issuance costs   9,811    9,788    9,764    —    — 
Total shareholders' equity   97,514    94,007    90,574    101,821    72,790 
Non-performing assets   7,354    12,565    16,264    10,892    7,549 
Per Common Share Data                         
Earnings, basic  $2.25   $2.43   $3.04   $1.32   $2.30 
Earnings, diluted   2.24    2.41    3.02    1.32    2.30 
Cash dividends declared and paid   1.12    1.12    1.12    1.12    1.12 
Tangible book value   29.39    28.90    27.69    25.83    27.12 
Statistical Data                         
Net interest margin (taxable equivalent)   3.58%   3.69%   3.99%   3.64%   3.57%
Efficiency ratio (taxable equivalent)   66.79    66.74    63.03    78.41    70.70 
Effective tax rate   31.78    27.92    29.64    19.49    18.21 
Return on average assets   0.63    0.72    0.94    0.37    0.66 
Return on average common shareholders' equity   6.42    7.16    9.36    3.88    7.01 
Dividend payout ratio   49.76    46.16    36.82    81.43    48.83 
Allowance for loan losses to loans receivable, gross   0.84    0.80    0.81    0.79    1.06 
Non-performing assets to total assets   0.74    1.34    1.82    1.27    1.29 
Tier 1 leverage capital   8.53    8.69    8.56    12.31    10.65 
Total risk-based capital   12.94    13.26    13.51    14.27    16.46 
Weighted average common shares outstanding, basic   2,755    2,733    2,706    1,764    1,691 
Weighted average common shares outstanding, diluted   2,774    2,749    2,723    1,765    1,691 

 

 

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Item 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS

Salisbury, a Connecticut corporation, formed in 1998, is the bank holding company for the Bank, a Connecticut-chartered and FDIC insured commercial bank headquartered in Lakeville, Connecticut. Salisbury's principal business consists of the business of the Bank. The Bank, formed in 1848, is engaged in customary banking activities, including general deposit taking and lending activities to both retail and commercial markets, and trust and wealth advisory services. The Bank conducts its banking business from fourteen full-service offices in the towns of: Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and, Fishkill, Newburgh, New Paltz, Poughkeepsie, Red Oaks Mill, Dover Plains and Millerton, New York, and its trust and wealth advisory services from offices in Lakeville, Connecticut. In May 2014, the Bank established a new branch in Great Barrington, Massachusetts. In June 2014, the Bank acquired a branch office and related deposits from another institution in Sharon, Connecticut and consolidated its existing Sharon office with the new branch.

Additionally, on December 5, 2014, Salisbury completed its acquisition of Riverside Bank of Poughkeepsie, New York, adding four new offices and a strong commercial loan focus to Salisbury’s New York market presence.

In June 2017, the Bank completed its acquisition of the New Paltz, New York branch of Empire State Bank, and in December 2017, the Bank entered into a purchase and assumption agreement to acquire the Fishkill, New York branch of Orange Bank & Trust Company, which is expected to be completed during the second quarter of 2018, pending regulatory approval.

Critical Accounting Policies and Estimates

Salisbury’s consolidated financial statements follow U. S. GAAP as applied to the banking industry in which it operates. Application of these principles requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements. These estimates, assumptions and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not carried at fair value warrants an impairment write-down or valuation reserve to be established, or when an asset or liability needs to be recorded contingent upon a future event.

Salisbury’s significant accounting policies are presented in Note 1 of Notes to Consolidated Financial Statements, which, along with this Management’s Discussion and Analysis, provide information on how significant assets are valued in the financial statements and how those values are determined. Management believes that the following accounting estimates are the most critical to aid in fully understanding and evaluating Salisbury’s reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

Loans acquired in business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of cash flows initially expected to be collected and discounting those cash flows at an appropriate market rate of interest. The Bank continues to evaluate reasonableness of the timing and the amount of cash expected to be collected. Subsequent decreases in expected cash flows may result in changes in the amortization or accretion of fair market value adjustments, and in some cases may result in the loan being considered impaired.  Such decreases may also result in recognition of additional provisions to the allowance for loan losses. For collateral dependent loans with deteriorated credit quality, the Bank estimates the fair value of the underlying collateral of the loans.  These values are discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral.

The allowance for loan losses represents management’s estimate of credit losses inherent in the loan portfolio. Determining the amount of the allowance for loan losses is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the amount and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience, and consideration of current economic trends and conditions, all of which may be susceptible to significant change. The loan portfolio also represents the largest asset type on the balance sheet. Note 1 describes the methodology used to determine the allowance for loan losses. A discussion of the factors driving changes in the amount of the allowance for loan losses is included in the “Provision and Allowance for Loan Losses” section of Management’s Discussion and Analysis.

Management, with the assistance of a third party, evaluates goodwill and identifiable intangible assets for impairment annually using valuation techniques that involve observations and adjustments as to comparable transactions, estimates for discount rates, projected future cash flows and time period calculations, all of which are susceptible to change based on changes in economic conditions and other factors.

For both goodwill and for the core deposit intangible, the comparable transaction methodology was used to assess, and conclude that there was no impairment at December 31, 2017.

Future events, or changes in the estimates, which are used to determine the carrying value of goodwill and identifiable intangible assets or which otherwise adversely affect their value or estimated lives could have a material adverse impact on the results of operations.

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Management evaluates securities for other-than-temporary impairment giving consideration to the extent to which the fair value has been less than cost, estimates of future cash flows, delinquencies and default severity, and the intent and ability of Salisbury to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The consideration of the above factors is subjective and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements. 

The following discussion and analysis of Salisbury's consolidated results of operations should be read in conjunction with the Consolidated Financial Statements and footnotes.

RESULTS OF OPERATIONS

Comparison of the Years Ended December 31, 2017 and 2016

Net Interest and Dividend Income

Net interest and dividend income (presented on a tax-equivalent basis) increased $446,000 in 2017 over 2016. Interest income for 2017 included interest of approximately $183,000 related to the settlement of a past due loan. The net interest margin decreased 11 basis points to 3.58% from 3.69%, due to an 8 basis point decrease in the average yield on interest-earning assets and a 4 basis point increase in the average cost of interest-bearing liabilities. The net interest margin is affected by changes in the mix of interest-earning assets and funding liabilities, asset and liability growth, and the effects of changes in market interest rates on the pricing and re-pricing of assets and liabilities. The following table sets forth the components of Salisbury's net interest income and yields on average interest-earning assets and interest-bearing funds. Income and yields on tax-exempt securities are presented on a fully taxable equivalent basis.

  Years ended December 31,  Average Balance  Income / Expense  Average Yield / Rate
  (dollars in thousands)    2017      2016      2015      2017      2016      2015      2017      2016      2015  
Loans (a)(d)(f)  $780,968   $745,957   $687,755   $33,824   $32,727   $32,208    4.33%   4.39%   4.68%
Securities (c)(d)   79,767    76,138    78,420    2,130    2,583    3,359    2.67    3.39    4.28 
FHLBB stock   3,551    3,287    3,430    142    121    89    4.00    3.68    2.59 
Short term funds (b)   36,351    35,951    50,870    343    173    120    0.94    0.48    0.24 
Total earning assets   900,637    861,333    820,475    36,439    35,604    35,776    4.05    4.13    4.36 
Other assets   56,859    58,101    60,319                               
Total assets  $957,496   $919,434   $880,794                               
Interest-bearing demand deposits  $135,756   $125,563   $121,431    319    359    311    0.23    0.29    0.26 
Money market accounts   191,407    200,760    177,956    685    572    472    0.36    0.28    0.27 
Savings and other   145,779    127,539    125,181    425    226    220    0.29    0.18    0.18 
Certificates of deposit   116,608    122,475    134,577    1,054    1,024    841    0.90    0.84    0.62 
Total interest-bearing deposits   589,550    576,337    559,145    2,483    2,181    1,844    0.42    0.38    0.33 
Repurchase agreements   2,517    3,770    4,111    5    6    7    0.20    0.16    0.17 
Capital lease   1,157    419    423    96    70    70    8.30    16.71    16.57 
Note payable   327    359    138    18    21    6    5.50    5.85    4.62 
Subordinated debt (net of issuance costs)   9,799    9,776    594    624    624    35    6.37    6.38    5.84 
FHLBB advances   35,309    30,850    27,827    1,012    947    1,064    2.87    3.07    3.82 
Total interest-bearing liabilities   638,659    621,511    592,238    4,238    3,849    3,026    0.66    0.62    0.51 
Demand deposits   216,151    199,163    178,943                               
Other liabilities   5,937    6,057    5,043                               
Shareholders’ equity   96,749    92,703    104,570                               
Total liabilities & shareholders’ equity  $957,496   $919,434   $880,794                               
Net interest income (f)                 $32,201   $31,755   $32,750                
Spread on interest-bearing funds                                 3.39    3.51    3.85 
Net interest margin (e)                                 3.58    3.69    3.99 
(a)Includes non-accrual loans.
(b)Includes interest-bearing deposits in other banks and federal funds sold.
(c)Average balances of securities are based on amortized cost.
(d)Includes tax exempt income of $921,000, $1,205,000 and $1,205,000, respectively for 2017, 2016 and 2015 on tax-exempt securities and loans whose income and yields are calculated on a tax-equivalent basis.
(e)Net interest income divided by average interest-earning assets.
(f)Interest income for 2017, 2016 and 2015 reflects net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $1.2 million, $1.9 million and $2.7 million, respectively.

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The following table sets forth the changes in net interest income (presented on a tax-equivalent basis) due to volume and rate.

  Years ended December 31, (in thousands)  2017 versus 2016  2016 versus 2015
Change in interest due to   Volume    Rate    Net    Volume    Rate    Net 
Loans  $1,526   $(429)  $1,097   $2,640   $(2,121)  $519 
Securities   110    (563)   (453)   (88)   (688)   (776)
FHLBB stock   10    11    21    (4)   36    32 
Short term funds   3    167    170    (53)   106    53 
Interest-earning assets   1,649    (814)   835    2,495    (2,667)   (172)
Deposits   53    248    301    61    276    337 
Repurchase agreements   (2)   1    (1)   (1)   —    (1)
Capital lease   92    (66)   26    (1)   1    — 
Note payable   (2)   (1)   (3)   11    4    15 
Subordinated Debt   2    (1)   —    564    25    589 
FHLBB advances   132    (67)   65    104    (221)   (117)
Interest-bearing liabilities   274    114    388    738    85    823 
Net change in net interest income  $1,375   $(928)  $447   $1,757   $(2,752)  $(995)

Net interest and dividend income represents the difference between interest and dividends earned on loans and securities and interest expense incurred on deposits and borrowings. The level of net interest income is a function of volume, rates and mix of both earning assets and interest-bearing liabilities. Net interest income can be affected by changes in interest rate levels, changes in the volume of assets and liabilities that are subject to re-pricing within different future time periods, and in the level of non-performing assets.

Interest and Dividend Income

Tax equivalent interest and dividend income increased $835,000, or 2.3%, to $36.4 million in 2017.

Loan income increased $1.1 million, or 3.4%, to $33.8 million in 2017. The increase was primarily due to a $35.0 million, or 4.7%, increase in average loans, partially offset by a 6 basis point decrease in average yield. Interest income for 2017 and 2016 reflects purchase accounting adjustments consisting of net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $1.2 million and $1.9 million, respectively.

Tax equivalent interest and dividend income from securities decreased $453,000, or 17.5%, to $2.1 million in 2017, as a result of a $3.6 million, or 4.8%, decrease in average security balances, and a 72 basis point decrease in average yield. Contributing factors to the lower yield include the maturity, sale, call or pay down of higher yielding securities resulting in a remaining mix of lower yielding securities in the portfolio. Interest from short term funds increased $170,000 in 2017 as a result of a 46 basis point increase in average yield and $0.4 million, or 1.1%, increase in average short term balances.

Interest Expense

Interest expense increased $389,000, or 10.1%, to $4.2 million in 2017.

Interest expense on interest bearing deposit accounts increased $302,000, or 13.8%, to $2.5 million in 2017, as a result of a $13.3 million, or 2.3%, increase in average interest bearing deposits and a 4 basis point increase in the average rate to 0.42%.

Interest expense on FHLBB advances increased $65,000, or 6.9%, due to a $4.5 million, or 14.5%, increase in average advances, partially offset by a 20 basis point decrease in the average borrowing rate to 2.87%.

In December 2015, Salisbury issued $10 million of subordinated debentures. The proceeds of such issuance, along with cash-on-hand, were used by Salisbury to fully redeem $16 million of its outstanding Series B Preferred Stock, which was issued pursuant to the participation in the U.S. Treasury’s SBLF program. Interest expense on the subordinated debt for 2017 and 2016 was $624,000 and $624,000, respectively.

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Provision and Allowance for Loan Losses

The provision for loan losses was $1,020,000 for 2017, compared with $1,835,000 for 2016. Net loan charge-offs were $371,000 and $1,424,000, for the respective years. The lower provision for loan losses in 2017 reflected lower charge-offs and higher recoveries.

The following table sets forth changes in the allowance for loan losses and other statistical data:

At or for the years ended December 31, (dollars in thousands)    2017      2016      2015      2014      2013  
Balance, beginning of period  $6,127   $5,716   $5,358   $4,683   $4,360 
Provision for loan losses   1,020    1,835    917    1,134    1,066 
Charge –offs                         
Real estate mortgages   (733)   (1,031)   (1,061)   (512)   (700)
Commercial and industrial   (162)   (452)   (69)   (19)   (4)
Consumer   (76)   (67)   (82)   (28)   (70)
Charge-offs   (971)   (1,550)   (1,212)   (559)   (774)
Recoveries                         
Real estate mortgages   286    32    129    60    6 
Commercial and industrial   296    72    498    16    1 
Consumer   18    22    26    24    24 
Recoveries   600    126    653    100    31 
Net charge-offs   (371)   (1,424)   (559)   (459)   (743)
Balance, end of period  $6,776   $6,127   $5,716   $5,358   $4,683 
                          
Loans receivable, gross  $807,190   $768,064   $703,545   $677,485   $441,679 
Non-performing loans   6,635    8,792    16,265    9,890    7,172 
Accruing loans past due 30-89 days   3,536    4,537    4,499    4,128    5,374 
Ratio of allowance for loan losses:                         
to loans receivable, gross   0.84%   0.80%   0.81%   0.79%   1.06%
to non-performing loans   102.13    69.69    35.15    54.18    65.30 
Ratio of non-performing loans                         
to loans receivable, gross   0.82    1.14    2.31    1.46    1.62 
Ratio of accruing loans past due 30-89 days                         
to loans receivable, gross   0.44    0.59    0.64    0.61    1.22 

 

The reserve coverage at December 31, 2017, as measured by the ratio of allowance for loan losses to gross loans, was 0.84%, as compared with 0.80% at December 31, 2016. Non-performing loans (non-accrual loans and accruing loans past-due 90 days or more) decreased $2.2 million to $6.6 million, or 0.82% of gross loans receivable, at December 31, 2017, down from 1.14% at December 31, 2016. Accruing loans past due 30-89 days decreased $1.0 million to $3.5 million, or 0.44% of gross loans receivable at December 31, 2017. See “Overview – Loan Credit Quality” below for further discussion and analysis.

 

 

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Non-Interest Income

The following table details the principal categories of non-interest income.

  Years ended December 31, (dollars in thousands)    2017      2016      2015      2017 vs. 2016      2016 vs. 2015  
Trust and wealth advisory  $3,477   $3,338   $3,265   $139    4.16%  $73    2.2%
Service charges and fees   3,718    3,133    2,986    585    18.67    147    4.9 
Gains on sales of mortgage loans, net   125    229    274    (104)   (45.41)   (45)   (16.4)
Mortgage servicing, net   255    156    47    99    63.46    109    231.9 
Gains on securities, net   178    584    192    (406)   (69.52)   392    204.20 
Bank-owned life insurance   343    353    371    (10)   (2.83)   (18)   (4.9)
Other   140    98    139    42    42.86    (41)   (29.5)
Total non-interest income  $8,236   $7,891   $7,274   $345    4.37%  $617    8.50%

Non-interest income increased $345,000, or 4.4%, in 2017 versus 2016. Trust and Wealth Advisory revenues increased $139,000 primarily due to increased market values and a higher volume of assets under management, partially offset by decreased estate fee income. Service charges and fees increased $585,000 mainly due to increased ATM fees and ancillary account service related fees. Gains on sales of mortgage loans decreased $104,000 due to a decline in sales volume. Mortgage loans sales totaled $5.3 million in 2017 versus $10.3 million in 2016. Income from servicing of mortgage loans increased $99,000 due primarily to a reduction in the amortization of mortgage servicing rights. Loans serviced under the FHLBB Mortgage Partnership Finance Program totaled $117.5 million and $125.2 million at December 31, 2017 and 2016, respectively.

Non-Interest Expense

The following table details the principal categories of non-interest expense.

  Years ended December 31, (dollars in thousands)    2017      2016      2015      2017 vs. 2016      2016 vs. 2015  
Salaries  $11,135   $10,926   $10,301   $209    1.91%  $625    6.07%
Employee benefits   3,767    3,891    3,729    (124)   (3.19)   162    4.34 
Premises and equipment   3,831    3,375    3,541    456    13.51    (166)   (4.69)
Data processing   2,057    2,106    1,677    (49)   (2.33)   429    25.58 
Professional fees   2,499    1,933    2,150    566    29.28    (217)   (10.09)
Collections, OREO, and appraisals   2,179    999    567    1,180    118.12    432    76.19 
FDIC insurance   497    606    658    (109)   (17.99)   (52)   (7.90)
Marketing and community support   793    686    593    107    15.60    93    15.68 
Amortization of intangibles   533    601    652    (68)   (11.31)   (51)   (7.82)
Other   2,038    2,264    2,053    (226)   (9.98)   211    10.28 
Non-interest expense  $29,329   $27,387   $25,921   $1,942    7.09%  $1,466    5.66%

Non-interest expenses of $29.3 million for 2017 included charges of $1.7 million related to the write down and loss on the sale of an OREO property compared with OREO charges of $435,000 in 2016. Excluding OREO related charges, non-interest expenses increased $660,000, or 2.45% in 2017 versus 2016. Salary expense increased $209,000 due to changes in staffing levels and mix and merit increases. Employee benefit expense decreased $124,000 primarily as a result of lower deferred compensation and a decrease in employee stock ownership plan expenses. Premises and equipment expense increased $456,000 primarily as a result of the acquisition of the New Paltz branch in June 2017 and the additional lease expense associated with the relocation of the current Newburgh, New York branch to a new location. Building maintenance and depreciation costs for computer equipment and software were also higher. Data processing expense decreased $49,000 mainly as a result of expenses incurred in 2016 related to the conversion of the bank’s core processing system and related infrastructure. The increase of $566,000 in professional fees primarily reflected higher consulting and audit fees as a result of Salisbury’s core system conversion and new general ledger implementation as well as higher legal costs due to the New Paltz branch acquisition. Collections, OREO and appraisal expenses increased $1,180,000 primarily due to the OREO charges noted above, which were partly offset by lower taxes, appraisal and litigation costs. Marketing and community support increased $107,000 mainly related to an increase in general marketing campaigns. Amortization of intangibles decreased $68,000 reflecting the completion of the intangible asset amortization of an acquired branch office. All other operating expenses decreased $226,000.

Income Taxes

The effective income tax rates for 2017 and 2016 were 31.78% and 27.92 %, respectively. Fluctuations in the effective tax rate generally result from changes in the mix of taxable and tax exempt income. In addition, the effective tax rate for 2017 also included a discrete charge of $445,000 related to the remeasurement of Salisbury’s net deferred tax assets as a result of the enactment of the new U.S. tax law in December 2017. Salisbury’s effective tax rate was less than the 34% federal statutory rate due to tax-exempt income, primarily from municipal bonds, tax advantaged loans and bank-owned life insurance. For further information on income taxes, see Note 12 of Notes to Consolidated Financial Statements.

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Salisbury did not incur Connecticut income tax in 2017, 2016 or 2015, other than minimum state income tax, as a result of a Connecticut law that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company or PIC. In 2004, Salisbury availed itself of this benefit by forming a PIC, SBT Mortgage Service Corporation. Salisbury's income tax provision reflects the full impact of the Connecticut legislation. Salisbury does not expect to pay other than minimum Connecticut state income tax in the foreseeable future unless there is a change in Connecticut tax law.

 

Comparison of the Years Ended December 31, 2016 and 2015

Net Interest and Dividend Income

Net interest and dividend income represents the difference between interest and dividends earned on loans and securities and interest expense incurred on deposits and borrowings. The level of net interest income is a function of volume, rates and mix of both earning assets and interest-bearing liabilities. Net interest income can be affected by changes in interest rate levels, changes in the volume of assets and liabilities that are subject to re-pricing within different future time periods, and in the level of non-performing assets.

Interest and Dividend Income

Tax equivalent interest and dividend income decreased $0.2 million, or 0.5%, to $35.6 million in 2016.

Loan income increased $0.5 million, or 1.6%, primarily due to a $58.2 million, or 8.5%, increase in average loans, partially offset by a 29 basis point decrease in average yield. Interest income for 2016 and 2015 reflects purchase accounting adjustments consisting of net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $1.8 million and $2.7 million, respectively.

Tax equivalent interest and dividend income from securities decreased $776,000, or 23.1%, in 2016, as a result of a $2.3 million decrease in average security balances, and an 89 basis point decrease in average yield. Contributing factors to the lower yield include the maturity, sale, call or pay down of higher yielding securities resulting in a remaining mix of lower yielding securities in the portfolio. Interest from short term funds increased $53,000 in 2016 as a result of a 24 basis point increase in average yield on short term funds which occurred primarily as a result of the late 2015 increase in the Fed Funds target rate, partially offset by a $14.9 million decrease in average short term balances.

Interest Expense

Interest expense increased $823,000, or 27.2%, to $3.8 million in 2016.

Interest expense on interest bearing deposit accounts increased $337,000, or 18.3%, in 2016, as a result of a $17.2 million, or 3.1%, increase in average interest bearing deposits and a 5 basis point increase in the average rate to 0.38%.

Interest expense on FHLBB advances decreased $117,000, or 11.0%, due to a $3.0 million, or 10.9%, increase in average advances, partially offset by a 75 basis point decrease in the average borrowing rate to 3.07% from 3.82%.

In December 2015, Salisbury issued $10 million of subordinated debentures. Interest expense on the subordinated debt, along with issuance costs, in 2015 totaled $35,000. In 2016 this expense totaled $624,000, which represents an increase of $589,000 as compared to 2015. The proceeds of such issuance, along with cash-on-hand, were used by Salisbury to fully redeem $16 million of its outstanding Series B Preferred Stock, which was issued pursuant to the participation in the U.S. Treasury’s SBLF program.

Provision and Allowance for Loan Losses

The provision for loan losses was $1,835,000 for 2016, compared with $917,000 for 2015. Net loan charge-offs were $1,424,000 and $559,000, for the respective years. The higher provision for loan losses was supported by maintaining an adequate allowance to gross loans as gross loans continue to increase.

The reserve coverage at December 31, 2016, as measured by the ratio of allowance for loan losses to gross loans, was 0.80%, as compared with 0.81% at December 31, 2015. Non-performing loans (non-accrual loans and accruing loans past-due 90 days or more) decreased $7.5 million to $8.8 million, or 1.14% of gross loans receivable, at December 31, 2016, down from 2.31% at December 31, 2015. Accruing loans past due 30-89 days increased $0.4 million to $4.9 million, or 0.64% of gross loans receivable at December 31, 2016. See “Overview – Loan Credit Quality” below for further discussion and analysis.

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Non-Interest Income

Non-interest income increased $617,000, or 8.5%, in 2016 versus 2015. Trust and Wealth Advisory revenues increased $73,000 primarily due to increased market values and a higher volume of assets under management, partially offset by decreased estate fee income. Service charges and fees increased $147,000 mainly due to increased ancillary account service related fees and deposit related fee income. Gains on sales of mortgage loans decreased $45,000 due to pressure on gain on sale margins with rising interest rates. Mortgage loans sales totaled $10.3 million in 2016 versus $8.4 million in 2015. Income from servicing of mortgage loans increased $109,000 due primarily to a slowdown in amortization. Loans serviced under the FHLBB Mortgage Partnership Finance Program totaled $125.2 million and $130.8 million at December 31, 2016 and 2015, respectively.

Non-Interest Expense

Non-interest expense increased $1,466,000, or 5.66% in 2016 versus 2015. Salary expense increased $625,000 due to changes in staffing levels and mix and merit increases. Employee benefit expense increased $162,000 primarily as a result of increased deferred compensation, workmen's compensation, and taxes, partially offset by a decrease in employee stock ownership plan expenses. Premises and equipment expense decreased $166,000 primarily as a result of a decrease in building maintenance, lease expense, and utilities expenses. Data processing expense increased $429,000 mainly as a result of expenses related to the conversion of the bank’s core processing system and related infrastructure. Professional fees decreased $217,000 primarily due to decreased consulting (core conversion, technology support, and imaging projects) services. Collections, OREO and appraisal expenses increased $432,000 mainly due to a write down on an OREO property. Marketing and community support increased $93,000 mainly related to an increase in general marketing campaigns. Amortization of intangibles decreased $51,000 reflecting the completion of the intangible asset amortization of an acquired branch office. All other operating expenses increased $211,000.

Income Taxes

The effective income tax rates for 2016 and 2015 were 27.92% and 29.64%, respectively. Fluctuations in the effective tax rate result from changes in the mix of taxable and tax exempt income. Salisbury’s effective tax rate was less than the 34% federal statutory rate due to tax-exempt income, primarily from municipal bonds, tax advantaged loans and bank-owned life insurance. For further information on income taxes, see Note 12 of Notes to Consolidated Financial Statements.

Salisbury did not incur Connecticut income tax in 2016, 2015 or 2014, other than minimum state income tax, as a result of a Connecticut law that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company or PIC. In 2004, Salisbury availed itself of this benefit by forming a PIC, SBT Mortgage Service Corporation. Salisbury's income tax provision reflects the full impact of the Connecticut legislation. Salisbury does not expect to pay other than minimum state income tax in the foreseeable future unless there is a change in Connecticut tax law.

Overview

Assets

During 2017, Salisbury’s assets increased by $51.5 million to $987.0 million, while net loans increased $38.5 million at December 31, 2017. At December 31, 2017, Salisbury’s tangible book value per common share was $29.39 and Tier 1 leverage and total risk-based capital ratios were 8.53% and 12.94%, respectively. As of December 31, 2017, the Bank was categorized as "well capitalized."

Securities and Short Term Funds

During 2017, securities increased $0.1 million to $82.9 million, while short-term funds (interest-bearing deposits with other banks) increased $9.0 million to $39.1 million. The carrying values of securities are as follows:

  December 31, (dollars in thousands)    2017      2016      2015  
Available-for-Sale               
U.S. Treasury notes  $—   $—   $2,541 
U.S. Government agency notes   —    —    498 
Municipal bonds   3,486    15,996    30,385 
Mortgage-backed securities   45,868    53,301    32,202 
Collateralized mortgage obligations   13,041    5,209    6,962 
SBA bonds   12,267    2,064    3,096 
Other   4,385    3,053    1,010 
Non-Marketable              
FHLBB stock   3,813    3,211    3,176 
Total Securities  $82,860   $82,834   $79,870 

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The amortized cost, fair value and tax equivalent yield of securities, by maturity, are as follows:

  December 31, 2017 (in thousands) Maturity  Amortized cost      Fair value    Yield(1)  
Municipal bonds  Within 1 year  $353   $353    6.17%
   After 1 year but within 5 years   439    440    5.03%
   After 10 years but within 15 years   1,494    1,500    7.15%
   After 15 years   1,190    1,193    7.13%
   Total   3,476    3,486    6.78%
Mortgage backed securities  U.S. Government Agency and U.S. Government-sponsored enterprises   45,983    45,868    2.33%
Collateralized mortgage obligations  U.S. Government Agency and U.S. Government-sponsored enterprises   10,462    10,377    2.76%
   Non-agency   2,271    2,664    3.97%
SBA bonds      12,278    12,267    2.99%
CRA mutual funds      851    835    2.17%
Corporate bonds  After 5 years but within 10 years   3,500    3,550    5.57%
Securities available-for-sale     $78,821   $79,047    2.87%

(1)       Yield is based on amortized cost.

Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

Salisbury evaluates securities for strategic fit and may reduce its position in securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider any of its securities, other than one non-agency CMO security reflecting OTTI, to be OTTI at December 31, 2017.

In 2009 Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1,128,000. Salisbury deemed the four remaining securities not to have additional OTTI and all other CMO securities not to be OTTI as of December 31, 2017. It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI. Salisbury evaluates securities for strategic fit and may reduce its position in securities, although it is not more likely than not that Salisbury will be required to sell securities before recovery of their cost basis, which may be maturity.

The carrying value of such securities judged to be OTTI are as follows:

Available-for-Sale (dollars in thousands)    Par value    Carrying value      Fair value  
Non-agency CMO               
December 31, 2017  $1,055   $651   $981 
December 31, 2016   1,431    1,008    1,340 
December 31, 2015   1,867    1.419    1,772 

Accumulated other comprehensive income at December 31, 2017 included net unrealized holding gains, net of tax, of $0.2 million, which is a decrease of $0.3 million from December 31, 2016.

Loans

During 2017, net loans receivable increased $38.5 million, or 5%, to $801.7 million at December 31, 2017. Portfolio growth during 2017 reflects the acquisition of the New Paltz branch and Salisbury’s strong market presence.

Salisbury’s retail lending department originates residential mortgage, home equity loans and lines of credit, and consumer loans for the portfolio. During 2017, Salisbury originated $51.3 million of residential mortgage loans and $8.3 million of home equity loans for the portfolio, compared with $70.5 million and $7.8 million, respectively, in 2016. During 2017, total residential mortgage and home equity loans receivable grew by $19.5 million to $380.7 million at December 31, 2017, and represent 47.2% of gross loans receivable. During 2017, Salisbury’s residential mortgage lending department also originated and sold $5.4 million of residential mortgage loans, compared with $10.5 million during 2016. All such sold loans were sold through the FHLBB Mortgage Partnership Finance Program with servicing retained by Salisbury. Consumer loans, amounting to $4.8 million at December 31, 2017, represent 0.6% of gross loans receivable.

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Salisbury’s commercial lending department specializes in lending to small and mid-size companies, businesses and municipalities. More specifically, we meet our clients’ credit needs by providing short-term and long-term financing, construction loans, commercial mortgages, equipment, working capital, property improvement loans and municipal financing. The department also works with both the Small Business Administration (“SBA”) and United States Department of Agriculture (“USDA”) Government Guaranteed Lending Programs; however, such loans represent a very small percent of the commercial loan portfolio. Salisbury originated $169.0 million of commercial loans during 2017 compared with $155.3 million in 2016. Total commercial loans, which include commercial real estate, commercial and industrial and municipal loans, increased $18.5 million to $409.5 million at December 31, 2017, and represent 50.7% of loans receivable.

Change in Presentation of Loan Balances and Related Credit Metrics

As a result of Salisbury’s acquisition of Riverside Bank in 2014, Salisbury previously disclosed the loan balances, the allowance for loan and lease losses and the credit quality metrics for the acquired loans separately from its business activities loans. As the acquired loan portfolio has become a smaller percentage of Salisbury’s overall loan portfolio, all loan balances and the related credit metrics, including those for prior periods, are presented on a consolidated basis.

The principal categories of loans receivable and loans held-for-sale are as follows:

December 31, (dollars in thousands)    2017      2016      2015      2014      2013  
Residential 1-4 family  $317,639   $301,128   $269,294   $261,481   $231,113 
Residential 5+ multifamily   18,108    13,625    12,547    14,291    4,848 
Construction of residential 1-4 family   11,197    10,951    7,998    2,004    1,876 
Home equity lines of credit   33,771    35,487    35,017    34,627    34,139 
Residential real estate   380,715    361,191    324,856    312,403    271,976 
Commercial   249,311    235,482    218,275    196,397    91,853 
Construction of commercial   9,988    5,398    11,399    27,647    10,948 
Commercial real estate   259,299    240,880    229,674    224,044    102,801 
Farm land   4,274    3,914    3,193    3,239    3,402 
Vacant land   7,883    6,600    8,563    9,342    9,067 
Real estate secured   652,171    612,585    566,286    549,028    387,246 
Commercial and industrial   132,731    141,473    121,421    117,918    46,292 
Municipal   17,494    8,626    9,566    6,083    4,252 
Consumer   4,794    5,380    6,272    4,456    3,889 
Loans receivable, gross   807,190    768,064    703,545    677,485    441,679 
Deferred loan origination fees and costs, net   1,289    1,247    1,189    1,203    1,182 
Allowance for loan losses   (6,776)   (6,127)   (5,716)   (5,358)   (4,683)
Loans receivable, net  $801,703   $763,184   $699,018   $673,330   $438,178 
Loans held for-sale                         
Residential 1-4 family   669    —    763    568    173 

 

The composition of loans receivable by forecasted maturity distribution is as follows:

December 31, 2017 (in thousands)    Within 1 year    Within 2-5 years      After 5 years      Total  
Residential  $3,426   $9,019   $334,499   $346,944 
Home equity lines of credit   1,302    288    32,181    33,771 
Commercial   21,072    32,656    195,583    249,311 
Construction of commercial   350    441    9,197    9,988 
Land   2,469    174    9,514    12,157 
Real estate secured   28,619    42,578    580,974    652,171 
Commercial and industrial   22,542    34,236    75,953    132,731 
Municipal   9,393    1,399    6,702    17,494 
Consumer   1,012    2,576    1,206    4,794 
Loans receivable, gross  $61,566   $80,789   $664,835   $807,190 

 

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The composition of loans receivable with either fixed, variable or adjustable interest rates is as follows:

December 31, 2017 (in thousands)  Fixed interest rates  Variable or adjustable interest rates  Total Loans
Residential  $156,789   $190,155   $346,944 
Home equity lines of credit   —    33,771    33,771 
Commercial   115,087    134,224    249,311 
Construction of commercial   2,833    7,155    9,988 
Land   1,811    10,346    12,157 
Real estate secured   276,520    375,651    652,172 
Commercial and industrial   49,744    82,987    132,731 
Municipal   14,784    2,710    17,494 
Consumer   4,336    458    4,794 
Loans receivable, gross  $345,384   $461,806   $807,190 

Loan Credit Quality

Salisbury has cooperative relationships with the vast majority of its non-performing loan 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. Salisbury pursues the resolution of all non-performing loans through collections, restructures, voluntary liquidation of collateral by the borrower and, where necessary, legal action. When attempts to work with a customer to return a loan to performing status, including restructuring the loan, are unsuccessful, Salisbury will initiate appropriate legal action seeking to acquire property by deed in lieu of foreclosure or through foreclosure, or to liquidate business assets.

Past Due Loans

Loans past due 30 days or more decreased $3.2 million during 2017 to $9.1 million, or 1.13% of gross loans receivable at December 31, 2017, compared with $12.3 million, or 1.60% of gross loans receivable at December 31, 2016. The components of loans past due 30 days or greater are as follows:

(in thousands)    2017      2016      2015  
Past due 30-59 days  $2,594   $3,733   $3,533 
Past due 60-89 days   942    804    966 
Past due 90-179 days   31    256    — 
Past due 180 days+   —    —    90 
Accruing loans   3,567    4,793    4,589 
Past due 30-59 days   1,186    344    306 
Past due 60-89 days   684    —    27 
Past due 90-179 days   516    2,260    1,320 
Past due 180 days and over   3,164    4,927    9,663 
Non-accrual loans   5,550    7,531    11,316 
Total loans past due 30 days and over  $9,117   $12,324   $15,905 

Credit Quality Segments

Salisbury categorizes loans receivable into the following credit quality segments.

•Impaired loans consist of all non-accrual loans and troubled debt restructured loans, and represent loans for which it is probable that Salisbury will not be able to collect all principal and interest amounts due according to the contractual terms of the loan agreements.
•Non-accrual loans, a sub-set of impaired loans, are loans for which the accrual of interest has been discontinued because, in the opinion of management, full collection of principal or interest is unlikely.
•Non-performing loans consist of non-accrual loans, and accruing loans past due 90 days and over that are well collateralized, in the process of collection and where full collection of principal and interest is reasonably assured. Non-performing assets consist of non-performing loans plus real estate acquired in settlement of loans.
•Troubled debt restructured loans are loans for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. Loan restructuring is employed when management believes the granting of a concession will increase the probability of the full or partial collection of principal and interest.
•Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.

 

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Non-Performing Assets

Non-performing assets decreased $5.2 million to $7.4 million at December 31, 2017, or 0.74% of assets, from $12.6 million or 1.34% of assets at December 31, 2016. The components of non-performing assets are as follows:

December 31, (in thousands)    2017      2016      2015      2014      2013  
Commercial  $3,622   $4,901   $4,611   $3,150   $1,857 
Vacant land   —    —    2,855    2,862    2,870 
Farm land   250    1,002    1,031    384    384 
Residential 1-4 family   2,045    1,920    6,446    3,007    1,525 
Residential 5+ multifamily   151    163    89    89    — 
Home equity lines of credit   66    519    601    348    402 
Real estate secured   6,134    8,505    15,633    9,840    7,038 
Commercial and industrial   470    27    461    33    134 
Consumer   —    4    80    —    — 
Non-accrual loans   6,604    8,536    16,174    9,873    7,172 
Accruing loans past due 90 days and over   31    256    90    17    — 
Non-performing loans   6,635    8,792    16,264    9,890    7,172 
Real estate acquired in settlement of loans, net   719    3,773    —    1,002    377 
Non-performing assets  $7,354   $12,565   $16,264   $10,892   $7,549 

Reductions in interest income associated with non-accrual loans are as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Income in accordance with original terms  $992   $1,085   $1,416 
Income recognized   673    404    327 
Reduction in interest income  $319   $681   $1,089 

The past due status of non-performing loans is as follows:

December 31, (in thousands)    2017      2016      2015  
Current  $1,054   $1,005   $4,858 
Past due 30-59 days   1,186    344    306 
Past due 60-89 days   684    —    27 
Past due 90-179 days   546    2,516    1,320 
Past due 180 days and over   3,165    4,927    9,753 
Total non-performing loans  $6,635   $8,792   $16,264 

At December 31, 2017, 15.89% of non-performing loans were current with respect to loan payments, compared with 11.43% at December 31, 2016. Loans past due 180 days and over are substantially all mortgage loans in the process of foreclosure or liquidation.

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.

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Troubled Debt Restructured Loans

Troubled debt restructured loans decreased $1.4 million in 2017 to $8.6 million, or 1.07% of gross loans receivable, from $10.1 million, or 1.31% of gross loans receivable at December 31, 2016. The components of troubled debt restructured loans are as follows:

December 31, (in thousands)    2017      2016      2015  
Residential 1-4 family  $3,138   $3,209   $2,669 
Residential 5+ multifamily   1,595    1,660    1,682 
Home equity lines of credit   47    114    118 
Personal   —    —    222 
Vacant land   199    210    122 
Commercial   2,454    2,549    2,666 
Real estate secured   7,433    7,742    7,479 
Commercial and industrial   49    56    65 
Accruing troubled debt restructured loans   7,482    7,798    7,544 
Residential 1-4 family   269    77    1,149 
Residential 5+ multifamily   151    163    — 
Commercial   624    2,022    1,554 
Real estate secured   1,044    2,262    2,703 
Commercial and Industrial   110    —    341 
Non-accrual troubled debt restructured loans   1,154    2,262    3,044 
Troubled debt restructured loans  $8,636   $10,060   $10,588 

The past due status of troubled debt restructured loans is as follows:

December 31, (in thousands)    2017      2016      2015  
Current  $7,293   $7,683   $7,224 
Past due 30-59 days   189    115    320 
Past due 60-89 days   —    —    — 
Accruing troubled debt restructured loans   7,482    7,798    7,544 
Current   530    240    1,810 
Past due 30-59 days   —    —    28 
Past due 60-89 days   624    —    — 
Past due 90-179 days   —    1,793    1,206 
Past due 180 days and over   —    229    — 
Non-accrual troubled debt restructured loans   1,154    2,262    3,044 
Total troubled debt restructured loans  $8,636   $10,060   $10,588 

At December 31, 2017, 90.59% of troubled debt restructured loans were current with respect to loan payments, as compared with 78.76% at December 31, 2016. As of December 31, 2017, 2016 and 2015, there were specific reserves on troubled debt restructured loans amounting to $245,000, $208,000, and $454,000, respectively.

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Potential Problem Loans

Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired. Potential problem loans increased $2.6 million during 2017 to $9.9 million or 1.23% of gross loans receivable at December 31, 2017, compared with $7.3 million, or 0.95% of gross loans receivable at December 31, 2016. The components of potential problem loans are as follows:

December 31, (in thousands)    2017      2016      2015  
Residential 1-4 family  $1,432   $514   $655 
Residential 5+ multifamily   —    —    — 
Construction of residential 1-4 family   —    —    — 
Home equity lines of credit   104    123    150 
Residential real estate   1,536    637    805 
Commercial   7,905    6,057    2,030 
Construction of commercial   —    —    — 
Commercial real estate   7,905    6,057    2,030 
Farm land   —    —    — 
Vacant land   —    —    23 
Real estate secured   9,441    6,694    2,858 
Commercial and industrial   457    581    478 
Consumer   —    —    6 
Other classified loans receivable  $9,898   $7,275   $3,342 

The past due status of potential problem loans is as follows:

December 31, (in thousands)    2017      2016      2015  
Current  $8,520   $6,383   $2,945 
Past due 30-59 days   1,291    826    150 
Past due 60-89 days    56    66    247 
Past due 90-179 days   31    —    — 
Total potential problem loans  $9,898   $7,275   $3,342 

At December 31, 2017, 86.08% of potential problem loans were current with respect to loan payments, as compared with 87.73% at December 31, 2016. Management cannot predict the extent to which economic or other factors may impact such borrowers’ future payment capacity, and there can be no assurance that such loans will not be placed on nonaccrual status, restructured, or require increased provisions for loan losses.

Deposits and Borrowings

Deposits increased $33.7 million during 2017, or 4.3%, to $815.5 million at December 31, 2017, compared with $781.8 million at December 31, 2016. Retail repurchase agreements decreased $3.8 million during 2017 to $1.7 million at December 31, 2017, compared with $5.5 million at December 31, 2016. Total deposits at December 31, 2017 include a single relationship totaling $30.5 million, or 3.74% of total deposits.

The distribution of average total deposits by account type is as follows:

   December 31, 2017  December 31, 2016
(in thousands)  Average Balance  Percent  Weighted Average  Average Balance  Percent  Weighted Average
Demand deposits  $216,164    26.83%   0.00%  $199,163    25.68%   0.00%
Interest-bearing checking accounts   135,756    16.85    0.23    125,563    16.19    0.29 
Regular savings accounts   145,779    18.09    0.29    127,539    16.45    0.18 
Money market savings   191,407    23.76    0.36    200,760    25.89    0.28 
Certificates of deposit   116,608    14.47    0.90    122,475    15.79    0.84 
Total deposits  $805,714    100.00%   0.31%  $775,500    100.00%   0.28%

 

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The classification of certificates of deposit by interest rates is as follows:

   At December 31,
Interest rates  2017  2016
Less than 1.00%  $50,226   $58,975 
1.00% to 1.99%   52,558    40,993 
2.00% to 2.99%   14,047    17,618 
3.00% to 3.99%   —    — 
4.00% to 4.99%   —    — 
Total  $116,831   $117,586 

 

The distribution of certificates of deposit by interest rate and maturity is as follows:

   At December 31, 2017
Interest rates  Less Than or Equal to One Year  More Than One to Two Years  More Than Two to Three Years 

More Than Three Years

  Total  Percent of Total
Less than 1.00%  $42,766   $7,417   $42   $1   $50,226    42.99%
1.00% to 1.99%   13,288    18,090    9,816    11,364    52,558    44.99 
2.00% to 2.99%   —    3,623    5,338    5,086    14,047    12.02 
3.00% to 3.99%   —    —    —    —    —    0.00 
4.00% to 4.99%   —    —    —    —    —    0.00 
Total  $56,054   $29,130   $15,196   $16,451   $116,831    100.00%

 

Scheduled maturities of time certificates of deposit in denominations of $100,000 or more are as follows:

December 31, 2017 (in thousands)  Within
3 months		  Within
3-6 months		  Within
6-12 months		  Over
1 year		  Total
Certificates of deposit $100,000 and over  $7,454   $7,479   $14,397   $35,555   $64,885 

FHLBB advances increased $17.2 million during 2017 to $54.4 million at December 31, 2017, compared with $37.2 million at December 31, 2016. The increase was primarily due to three short term loans totaling $27 million entered into during December 2017 and maturing in January 2018. Salisbury has an Irrevocable Letter of Credit Reimbursement Agreement with the FHLBB, whereby upon the Bank’s request an irrevocable letter of credit is issued to secure municipal and certain other transactional deposit accounts.  These letters of credit are secured primarily by residential mortgage loans.  The amount of funds available from the FHLBB to the Bank is reduced by any letters of credit outstanding.  At December 31, 2017, there were no such letters of credit outstanding.

The following table sets forth certain information concerning short-term FHLBB advances:

December 31, (dollars in thousands)    2017    2016  
Highest month-end balance during period  $30,000   $20,000 
Ending balance   27,000    10,000 
Average balance during period   8,013    3,770 
Weighted average rate during period   1.03%   0.55%

Subordinated Debentures

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed to Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury’s related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury’s payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.8 million at December 31, 2017, which includes $189 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.36%.

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OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL CASH OBLIGATIONS

In the normal course of business, Salisbury enters into various contractual obligations that may require future cash payments. Contractual obligations at December 31, 2017 include operating leases, capital leases, contractual purchases and certain other benefit plans. For further discussion regarding leases see Note 19 to the Consolidated Financial Statements.

The accompanying table summarizes Salisbury’s off-balance sheet lending-related financial instruments and significant cash obligations, by remaining maturity, at December 31, 2017. Salisbury’s lending-related financial instruments include commitments that have maturities over one year. Contractual purchases include commitments for future cash expenditures, primarily for services and contracts that reflect the minimum contractual obligation under legally enforceable contracts with contract terms that are both fixed and determinable. Excluded from the following table are a number of obligations to be settled in cash, primarily in under one year. These obligations are reflected in Salisbury’s Consolidated Balance Sheets and include deposits, FHLBB advances and repurchase agreements that settle within standard market timeframes.

December 31, 2017 (in thousands)  Within  Within  Within  After 
By Remaining Maturity  1 year  1-3 years  4-5 years  5 years  Total
Residential  $2,694   $6,095   $109   $7,871   $16,769 
Home equity lines of credit   148    396    —    28,487    29,031 
Commercial   1,263    4,900    2,727    17,255    26,145 
Land   —    —    —    64    64 
Real estate secured   4,105    11,391    2,836    53,677    72,009 
Commercial and industrial   17,561    4,557    495    41,329    63,942 
Municipal   188    —    —    —    188 
Consumer   2    —    —    1,572    1,574 
Unadvanced portions of loans   21,856    15,948    3,331    96,578    137,713 
Commitments to originate loans   28,222    —    —    —    28,222 
Standby letters of credit   2,520    2,324    —    61    4,905 
Total  $52,598   $18,272   $3,331   $96,639   $170,840 

 

LIQUIDITY

Salisbury manages its liquidity position to ensure it has sufficient funding availability at all times to meet both anticipated and unanticipated deposit withdrawals, loan originations and advances, securities purchases and other operating cash outflows. Salisbury’s primary source of liquidity is deposits and though its preferred funding strategy is to attract and retain low cost deposits, its ability to do so is affected by competitive interest rates and terms in its marketplace, and other financial market conditions. Other sources of funding include cash flows from loan and securities principal payments and maturities, funds provided by operations, and discretionary use of national market certificates of deposit and FHLBB advances. Liquidity can also be provided through sales of securities and loans.

Salisbury manages its liquidity in accordance with a liquidity funding policy, and also maintains a contingency funding plan that provides for the prompt and comprehensive response to unexpected demands for liquidity. At December 31, 2017, Salisbury's liquidity ratio, as represented by cash, short term available-for-sale securities and marketable assets to net deposits and short term unsecured liabilities, was 20.51%, down from 21.89% at December 31, 2016. Management believes Salisbury’s funding sources will meet anticipated funding needs.

Operating activities for 2017 provided net cash of $10.2 million. Investing activities utilized net cash of $9.9 million, principally from loan originations and principal collections of $32.5 million and purchases of securities of $36.7 million, offset by sales, calls, and maturities of securities of $36.8 million. Financing activities provided net cash of $12.7 million, principally from a net deposit increase of $2.4 million and FHLBB advances of $17 million, offset by a decrease of $3.9 million in securities sold under agreements to repurchase and common stock dividends of $3.1 million.

Operating activities for 2016 provided net cash of $11.3 million. Investing activities utilized net cash of $74.0 million, principally from loan originations and principal collections of $69.2 million and purchases of securities of $56.2 million, offset by sales, calls, and maturities of securities of $52.7 million. Financing activities provided net cash of $36.1 million, principally from a net deposit increase of $33.9 million and an FHLBB advance of $10 million, offset by a non-time deposits decrease of $6.6 million.

Operating activities for 2015 provided net cash of $8.1 million. Investing activities utilized net cash of $10.3 million, principally from sales, calls and maturities of securities of $29.5 million, offset by purchases of securities available-for-sale of $16.4 million and net loan originations and purchases of $24.5 million. Financing activities provided net cash of $28.3 million, principally from a net deposit and issuance of subordinated debt increase of $49.3 million, offset by payoff of SBLF preferred stock, repurchase agreements, repayment, modifications, and maturities of FHLBB advances of $18.0 million and cash dividend payments, on common and preferred stock, of $3.3 million.

 

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CAPITAL RESOURCES

Shareholders’ Equity

Shareholders’ equity increased $3.5 million in 2017 to $97.5 million at December 31, 2017. Contributing to the increase in shareholders’ equity was net income of $6.3 million, stock options exercised of $0.3 million and restricted stock awards of $0.3 million, partially offset by common stock dividends declared of $3.1 million and a loss in other comprehensive income of $0.3 million.

Preferred Stock

In August 2011, Salisbury issued to the Treasury $16 million of its Series B Preferred Stock under the SBLF program. The SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The Preferred Stock qualifies as Tier 1 capital for regulatory purposes and ranks senior to the Common Stock.

Salisbury paid noncumulative dividends on the Series B Preferred Stock. The dividend rate on the Series B Preferred Stock for the initial ten quarterly dividend periods, commencing with the period ended September 30, 2011 and ending with the period ended December 31, 2013, was determined each quarter based on the increase in the Bank’s Qualified Small Business Lending over a baseline amount. The dividend rate for the quarterly period ended December 31, 2015 was 1.0%. For the eleventh quarterly dividend payment through four and one-half years after its issuance, the dividend rate on the Series B Preferred Stock would have been 1.0%. Salisbury redeemed all of its Series B Preferred Stock in December 2015 prior to the scheduled increase in the dividend rate on such securities. Commencing with the second quarter of 2016, four and one-half years from its issuance, the dividend rate would have been fixed at 9.0% per annum.

In December 2015, Salisbury issued $10 million of subordinated debentures and used the proceeds along with other cash-on-hand to redeem all of the Series B Preferred Stock.

Capital Requirements

Salisbury and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Under current regulatory definitions, Salisbury and the Bank meet all capital adequacy requirements to which they are subject and the Bank is considered to be well-capitalized. As a result, the Bank pays lower federal deposit insurance premiums than those banks that are not “well capitalized.” Requirements for classification as a well-capitalized institution and for minimum capital adequacy along with Salisbury’s and the Bank's regulatory capital ratios are as follows at December 31, 2017 and 2016 under the regulatory capital rules then in effect:

   Minimum for Capital Adequacy  Well Capitalized  December 31, 2017  December 31, 2016
     2017      2016      2017      2016      Salisbury      Bank      Salisbury      Bank  
Total Capital (to risk-weighted assets)   8.00%   8.00%   10.00%   10.00%   12.94%   12.54%   13.26%   12.92%
Common Equity Tier 1 Capital   4.50    4.50    6.50    6.50    10.73    11.64    11.02    12.05 
Tier 1 Capital (to risk-weighted assets)   6.00    6.00    8.00    8.00    10.73    11.64    11.02    12.05 
Tier 1 Capital (to average assets)   4.00    4.00    5.00    5.00    8.53    9.25    8.69    9.51 

A well-capitalized institution, which is the highest capital category for an institution as defined by the Prompt Corrective Action regulations issued by the FDIC and the FRB, is one which maintains a Total Risk-Based ratio of 10% or above, a Tier 1 Risk-Based ratio of 8% or above, a Common Equity Tier 1 ratio of 6.5% or above, and a Leverage ratio of 5% or above, and is not subject to any written order, written agreement, capital directive, or prompt corrective action directive to meet and maintain a specific capital level. Maintaining strong capital is essential to Salisbury and the Bank’s safety and soundness. However, the effective management of capital resources requires generating attractive returns on equity to build value for shareholders while maintaining appropriate levels of capital to fund growth, meet regulatory requirements and be consistent with prudent industry practices.

In July 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC substantially approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements increased for both the quantity and quality of capital held by the Bank and Salisbury. The rules include a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5%, a minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increases each subsequent year by an additional 0.625% until reaching its final level of 2.50% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

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The phase-in period for the final rules began for Salisbury and the Bank on January 1, 2015. As of December 31, 2017, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

Dividends

During 2017 and 2016, Salisbury declared and paid four quarterly common stock dividends of $0.28 per common share each quarter, totaling $3,113,000 and $3,086,000, respectively. The Board of Directors of Salisbury declared a common stock dividend of $0.28 per common share payable on February 23, 2018 to shareholders of record on February 9, 2018. Common stock dividends, when declared, will generally be paid the last business day of February, May, August and November, although Salisbury is not obligated to pay dividends on those dates or at any other time.

During 2015, Salisbury declared Series B Preferred Stock dividends of $158,000 to the Treasury. In December 2015, Salisbury redeemed all $16 million shares of its Series B Preferred Stock and, therefore, will not have to pay future dividends to the Treasury with respect to such stock.

Salisbury's ability to pay cash dividends is dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, states that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital position.

Salisbury believes that the payment of common stock cash dividends is appropriate, provided that such payment considers Salisbury's capital needs, asset quality, and overall financial condition and does not adversely affect the financial stability of Salisbury or the Bank. The continued payment of common stock cash dividends by Salisbury will be dependent on Salisbury's future core earnings, financial condition and capital needs, regulatory restrictions, and other factors deemed relevant by the Board of Directors of Salisbury.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

See Note 1 to the Consolidated Financial Statements for details of recently issued accounting pronouncements and their expected impact on Salisbury’s consolidated financial statements.

IMPACT OF INFLATION AND CHANGING PRICES

Salisbury’s consolidated financial statements and related notes thereto presented elsewhere in this Form 10-K are prepared in conformity with GAAP, which require the measurement of financial condition and operating results in terms of historical dollars without considering changes in the relative purchasing power of money, over time, due to inflation. Unlike some other types of companies, the financial nature of Salisbury’s consolidated financial statements is more clearly affected by changes in interest rates than by inflation. Interest rates do not necessarily fluctuate in the same direction or in the same magnitude as the prices of goods and services. However, inflation does affect Salisbury to some extent because, as prices increase, the money supply grows and interest rates are affected by inflationary expectations. There is no precise method, however, to measure the effects of inflation on the Company’s consolidated financial statements. Accordingly, any examination or analysis of the financial statements should take into consideration the possible effects of inflation. Although not a material factor in recent years, inflation could impact earnings in future periods.

 

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Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Salisbury manages its exposure to interest rate risk through its Asset/Liability Management Committee (“ALCO”) using risk limits and policy guidelines to manage assets and funding liabilities to produce financial results that are consistent with Salisbury’s liquidity, capital adequacy, growth, risk and profitability targets. Interest rate risk is the risk of a negative impact to future earnings due to changes in interest rates.

The ALCO manages interest rate risk using income simulation to measure interest rate risk inherent in Salisbury’s financial instruments at a given point in time by showing the effect of interest rate shifts on net interest income over a 24-month horizon. In management’s December 31, 2017 analysis, the simulations incorporate static growth assumptions over the simulation horizons for regulatory compliance and interest rate risk measurement purposes. In the dynamic growth scenarios, allowances are made for loan, deposit and security product mix shifts in selected interest rate scenarios, such as movements between lower rate savings and money market deposit accounts and higher rate time deposits, and changes in the reinvestment of loan and securities cash flows. Additionally, the simulations take into account the specific re-pricing, maturity and prepayment characteristics of differing financial instruments that may vary under different interest rate scenarios.

The ALCO reviews the simulation results to determine whether Salisbury’s exposure to change in net interest income remains within established tolerance levels over the simulation horizons and to develop appropriate strategies to manage this exposure. Salisbury’s tolerance levels for changes in net interest income in its income simulations varies depending on the magnitude of interest rate changes and level of risk-based capital. All changes are measured in comparison to the projected net interest income that would result from an “unchanged” rate scenario where interest rates remain stable over the forecast horizon. The ALCO also evaluates the directional trends of net interest income, net interest margin and other financial measures over the forecast horizon for consistency with its liquidity, capital adequacy, growth, risk and profitability targets.

ALCO uses four interest rate scenarios to evaluate interest risk exposure and may vary these interest rate scenarios to show the effect of steepening or flattening changes in yield curves as well as parallel changes in interest rates. At December 31, 2017, ALCO used the following interest rate scenarios: (1) unchanged interest rates; (2) immediately rising interest rates – immediate parallel upward shift in market interest rates of 300 basis points across the yield curve; (3) immediately falling interest rates – immediate parallel downward shift in market interest rates of 100 basis points across the yield curve; and (4) gradual and non-parallel increase in interest rates – upward shift in market interest rates ranging from 372 basis points for the 2-year Treasury rates to 284 basis points for the 10-year Treasury. Deposit rates are assumed to shift by lesser amounts due to their relative historical insensitivity to market interest rate movements. Further, deposits are assumed to have certain minimum rate levels below which they will not fall. Income simulations do not reflect adjustments in strategy that the ALCO could implement in response to rate shifts.

As of December 31, 2017, net interest income simulations indicated that Salisbury’s exposure to changing interest rates over the simulation horizons remained within its tolerance levels, except for year two in the immediately falling interest rate scenario. The following table sets forth the estimated change in net interest income from an unchanged interest rate scenario over the periods indicated for changes in market interest rates using Salisbury’s financial instruments as of December 31, 2017.

  December 31, 2017 (in thousands)    Months 1-12      Months 13-24  
Immediately rising interest rates +300bp (static growth assumptions)   (6.89)%   0.18%
Immediately falling interest rates -100bp (static growth assumptions)   (2.30)   (6.92)
Immediately rising interest rates +400bp (static growth assumptions)   (2.35)   (5.86)

The negative exposure of net interest income to immediately and gradually rising rates as compared to the unchanged rate scenario results from a faster projected rise in the cost of funds versus income from earning assets, as relatively rate-sensitive money market and time deposits re-price faster than longer duration earning assets. The negative exposure of net interest income to immediately falling rates as compared to an unchanged rate scenario results from a greater decline in earning asset yields compared to rates paid on funding liabilities, as a result of faster prepayments on existing assets and lower reinvestment rates on future loans originated and securities purchased.

While the ALCO reviews simulation assumptions and back-tests simulation results to ensure that they are reasonable and current, income simulation may not always prove to be an accurate indicator of interest rate risk or future net interest margin. Over time, the re-pricing, maturity and prepayment characteristics of financial instruments and the composition of Salisbury’s balance sheet may change to a different degree than estimated. Simulation modeling assumes Salisbury’s expectation for future balance sheet growth, which is a function of the business environment and customer behavior. Another significant simulation assumption is the sensitivity of core savings deposits to fluctuations in interest rates. Income simulation results assume that changes in both core savings deposit rates and balances are related to changes in short-term interest rates. The relationship between short-term interest rate changes and core deposit rate and balance changes may differ from those used in ALCO’s estimates for income simulation. Lastly, mortgage-backed securities and mortgage loans involve a level of risk that unforeseen changes in prepayment speeds may cause related cash flows to vary significantly in differing rate environments. Such changes could affect the level of reinvestment risk associated with cash flow from these instruments, as well as their market value. Changes in prepayment speeds could also increase or decrease the amortization of premium or accretion of discounts related to such instruments, thereby affecting interest income.

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Salisbury also monitors the potential change in market value of its available-for-sale debt securities in changing interest rate environments. The purpose is to determine market value exposure that may not be captured by income simulation, but which might result in changes to Salisbury’s capital and liquidity position. Results are calculated using industry-standard analytical techniques and securities data. Available-for-sale equity securities are excluded from this analysis because the market value of such securities cannot be directly correlated with changes in interest rates. The following table summarizes the potential change in market value of available-for-sale debt securities resulting from immediate parallel rate shifts:

  December 31, 2017 (in thousands)Rates up 100bp  Rates up 200bp  
Municipal bonds  $(7)  $(31)
Mortgage backed securities   (867)   (2,071)
Collateralized mortgage obligations   (436)   (936)
SBA pools   (685)   (1,281)
Other   (117)   (229)
Total available-for-sale debt securities  $(2,112)  $(4,548)

 

 

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Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Index to Consolidated Financial Statements

  Page
Reports of Independent Registered Public Accounting Firms 42
Consolidated Balance Sheets 43
Consolidated Statements of Income 44
Consolidated Statements of Comprehensive Income 45
Consolidated Statements of Changes in Shareholders' Equity 45
Consolidated Statements of Cash Flows 46-47
Notes to Consolidated Financial Statements 48-83

 

 

 41 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

  

To the Board of Directors and Shareholders of Salisbury Bancorp, Inc.

Opinion on the Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Salisbury Bancorp, Inc. and Subsidiary (the Company) as of December 31, 2017 and 2016, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes (collectively referred to as the financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with accounting principles general accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework issued by COSO in 2013.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Assessment of Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. 

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

  

 /s/ Baker Newman & Noyes LLC

Portsmouth, New Hampshire

March 15, 2018

 

We (or our predecessor firms) have served as the Company’s auditor consecutively since 1993.

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Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

 

  December 31, (dollars in thousands, except par value)    2017      2016  
ASSETS          
Cash and due from banks  $9,357   $5,434 
Interest bearing demand deposits with other banks   39,129    30,051 
Total cash and cash equivalents   48,486    35,485 
Securities          
Available-for-sale at fair value   79,047    79,623 
Federal Home Loan Bank of Boston stock at cost   3,813    3,211 
Loans held-for-sale   669    — 
Loans receivable, net (allowance for loan losses: $6,776 and $6,127)   801,703    763,184 
Other real estate owned   719    3,773 
Bank premises and equipment, net   16,401    14,398 
Goodwill   13,815    12,552 
Intangible assets (net of accumulated amortization: $4,044 and $3,511)   1,837    1,737 
Accrued interest receivable   2,665    2,424 
Cash surrender value of life insurance policies   14,381    14,038 
Deferred taxes   677    1,367 
Other assets   2,771    3,574 
Total Assets  $986,984   $935,366 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $220,536   $218,420 
Demand (interest bearing)   142,575    127,854 
Money market   190,953    182,476 
Savings and other   144,600    135,435 
Certificates of deposit   116,831    117,585 
Total deposits   815,495    781,770 
Repurchase agreements   1,668    5,535 
Federal Home Loan Bank of Boston advances   54,422    37,188 
Subordinated debt   9,811    9,788 
Note payable   313    344 
Capital lease liability   1,835    418 
Accrued interest and other liabilities   5,926    6,316 
Total Liabilities   889,470    841,359 
Shareholders' Equity          
Common stock - $0.10 per share par value          
Authorized: 5,000,000;          
Issued: 2,872,578 and 2,859,654          
Outstanding: 2,785,216 and 2,758,086   279    276 
Unearned compensation - restricted stock awards   (606)   (352)
Paid-in capital   42,998    42,085 
Retained earnings   54,664    51,521 
Accumulated other comprehensive income, net   179    477 
Total Shareholders' Equity   97,514    94,007 
Total Liabilities and Shareholders' Equity  $986,984   $935,366 

 

 43 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME

 

  Years ended December 31, (in thousands except per share amounts)   2017      2016      2015  
Interest and dividend income               
Interest and fees on loans  $33,090   $32,050   $31,791 
Interest on debt securities               
Taxable   1,566    1,183    1,179 
Tax exempt   380    927    1,431 
Other interest and dividends   485    294    209 
Total interest and dividend income   35,521    34,454    34,610 
Interest expense               
Deposits   2,483    2,181    1,844 
Repurchase agreements   5    6    7 
Capital lease   96    70    70 
Note payable   18    21    6 
Subordinated debt   624    624    35 
Federal Home Loan Bank of Boston advances   1,012    947    1,064 
    Total interest expense   4,238    3,849    3,026 
Net interest and dividend income   31,283    30,605    31,584 
Provision for loan losses   1,020    1,835    917 
Net interest and dividend income after provision for loan losses   30,263    28,770    30,667 
Non-interest income               
Trust and wealth advisory   3,477    3,338    3,265 
Service charges and fees   3,718    3,133    2,986 
Gains on sales of mortgage loans, net   125    229    274 
Mortgage servicing, net   255    156    47 
Gains on securities, net   178    584    192 
Other   483    451    510 
Total non-interest income   8,236    7,891    7,274 
Non-interest expense               
Salaries   11,135    10,926    10,301 
Employee benefits   3,767    3,891    3,729 
Premises and equipment   3,831    3,375    3,541 
Data processing   2,057    2,106    1,677 
Professional fees   2,499    1,933    2,150 
Collections, OREO, and appraisals   2,179    999    567 
FDIC insurance   497    606    658 
Marketing and community support   793    686    593 
Amortization of intangibles   533    601    652 
Other   2,038    2,264    2,053 
Total non-interest expense   29,329    27,387    25,921 
Income before income taxes   9,170    9,274    12,020 
Income tax provision   2,914    2,589    3,563 
Net income  $6,256   $6,685   $8,457 
Net income allocated to common stock  $6,201   $6,633   $8,227 
                
Basic earnings per common share  $2.25   $2.43   $3.04 
Weighted average common shares outstanding, to calculate basic earnings per share   2,755    2,733    2,706 
Diluted earnings per common share   2.24    2.41    3.02 
Weighted average common shares outstanding, to calculate diluted earnings per share   2,774    2,749    2,723 
Common dividends per share   1.12    1.12    1.12 

 

 44 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

  Years ended December 31, (in thousands except per share amounts)   2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Other comprehensive (loss)               
Net unrealized (losses) on securities available-for-sale   (318)   (399)   (1,297)
Reclassification of net realized gains in net income   (178)   (584)   (192)
Unrealized (losses) on securities available-for-sale   (496)   (983)   (1,489)
Income tax benefit   198    335    506 
Unrealized (losses) on securities available-for-sale, net of tax   (298)   (648)   (983)
Other comprehensive (loss), net of tax   (298)   (648)   (983)
Comprehensive income  $5,958   $6,037   $7,474 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

 

                             Unearned    Accumulated      
                             compensation-    other comp-    Total 
    Common Stock                   restricted    rehensive    share- 
(in thousands,             Preferred    Paid-in    Retained    stock    income    holders’ 
except share amounts)   Shares    Amount    Stock    capital    earnings    awards    (loss)    equity 
Balances at December 31, 2014    2,720,766   $272   $16,000   $41,077   $42,677   $(313)  $2,108   $101,821 
Net income for year   —    —    —    —    8,457    —    —    8,457 
Other comprehensive loss, net of tax   —    —    —    —    —    —    (983)   (983)
Common stock dividends declared ($1.12 per share)   —    —    —    —    (3,054)   —    —    (3,054)
Preferred stock dividends declared   —    —    —    —    (158)   —    —    (158)
Stock options exercised   9,450    1    —    182    —    —    —    183 
Issuance of common stock for executives   1,000    —    —    29    —    —    —    29 
Forfeiture of restricted common stock   (300)   —    —    (7)   —    7    —    — 
Issuance of common stock for directors fees   2,660    —    —    81    —    —    —    81 
Stock based compensation-restricted stock awards   —    —    —    2    —    196    —    198 
Redemption of preferred stock   —    —    (16,000)   —    —    —    —    (16,000)
Balances at December 31, 2015   2,733,576   $273   $—   $41,364   $47,922   $(110)  $1,125   $90,574 
Net income for year   —    —    —    —    6,685    —    —    6,685 
Other comprehensive loss, net of tax   —    —    —    —    —    —    (648)   (648)
Common stock dividends declared ($1.12 per share)   —    —    —    —    (3,086)   —    —    (3,086)
Stock options exercised   4,050    —    —    87    —    —    —    87 
Issuance of restricted common stock   15,800    2    —    464    —    (466)   —    — 
Forfeiture of restricted common stock   (100)   —    —    (3)   —    3    —    — 
Issuance of common stock for directors fees   4,760    1    —    140    —    —    —    141 
Stock based compensation-restricted stock awards   —    —    —    —    —    221    —    221 
Tax benefit from stock compensation   —    —    —    33    —    —    —    33 
Balances at December 31, 2016   2,758,086   $276   $—   $42,085   $51,521   $(352)  $477   $94,007 
Net income for year   —    —    —    —    6,256    —    —    6,256 
Other comprehensive loss, net of tax   —    —    —    —    —    —    (298)   (298)
Common stock dividends declared ($1.12 per share)   —    —    —    —    (3,113)   —    —    (3,113)
Stock options exercised   12,150    1    —    315    —    —    —    316 
Issuance of restricted common stock   11,800    2    —    462    —    (464)   —    — 
Forfeiture of restricted common stock   (900)   —    —    (28)   —    28    —    — 
Issuance of common stock for directors fees   2,056    —    —    81    —    —    —    81 
Issuance of directors restricted stock awards   2,024    —    —    83    —    (83)   —    — 
Stock based compensation-restricted stock awards   —    —    —    —    —    265    —    265 
Balances at December 31, 2017  $2,785,216   $279   $—   $42,998   $54,664   $(606)  $179   $97,514 

 

 45 

 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

  Years ended December 31, (in thousands)   2017      2016      2015  
Operating Activities               
Net income  $6,256   $6,685   $8,457 
Adjustments to reconcile net income to net cash provided by operating activities               
(Accretion), amortization and depreciation               
Securities   145    241    240 
Bank premises and equipment   1,441    1,181    1,234 
Core deposit intangible   533    601    652 
Modification fees on Federal Home Loan Bank of Boston advances   234    230    — 
Subordinated debt issuance costs   23    24    — 
Mortgage servicing rights   169    242    356 
Fair value adjustment on loans   (1,207)   (1,784)   (2,725)
Fair value adjustment on deposits   (78)   (121)   (417)
(Gains) and losses, including write-downs               
Gain on sales and calls of securities available-for-sale, net   (178)   (584)   (192)
Gain on sales of loans, excluding capitalized servicing rights   (95)   (171)   (125)
Loss on other real estate owned   1,717    435    81 
Loss on sale/disposals of premises and equipment   1    13    45 
Provision for loan losses   1,020    1,835    917 
Proceeds from loans sold   5,440    10,505    8,549 
Loans originated for sale   (6,014)   (9,571)   (8,619)
(Increase) decrease in deferred loan origination fees and costs, net   (42)   (58)   14 
Mortgage servicing rights originated   (63)   (95)   (148)
(Decrease) increase in mortgage servicing rights impairment reserve   (23)   20    3 
(Increase) decrease in interest receivable   (229)   (117)   27 
Deferred tax expense   888    957    945 
Decrease (increase) in prepaid expenses   123    (296)   (295)
Increase in cash surrender value of life insurance policies   (343)   (353)   (371)
Increase in income tax receivable   (173)   (178)   (512)
Decrease in income taxes payable   —    —    (86)
Decrease (increase) in other assets   790    (242)   (103)
(Decrease) increase in accrued expenses   (643)   660    (155)
Increase (decrease) in interest payable   10    (60)   (16)
Increase in other liabilities   240    1,086    107 
Stock based compensation-restricted stock awards   265    221    227 
Tax benefit from stock compensation   —    (33)   — 
Net cash provided by operating activities   10,207    11,273    8,090 
Investing Activities               
(Purchase) redemption of Federal Home Loan Bank of Boston stock   (602)   (35)   339 
Purchases of securities available-for-sale   (36,654)   (56,229)   (16,373)
Proceeds from sales of securities available-for-sale   199    4,865    3,861 
Proceeds from calls of securities available-for-sale   16,141    14,221    10,925 
Proceeds from maturities of securities available-for-sale   20,427    33,574    14,668 
Loan originations and principal collections, net   (32,536)   (69,240)   (24,481)
Recoveries of loans previously charged off   600    126    653 
Proceeds from sales of other real estate owned   2,080    —    855 
Capital expenditures   (1,954)   (1,285)   (779)
Net cash and cash equivalents acquired in branch acquisition   22,396    —    — 
Net cash (utilized) by investing activities   (9,903)   (74,003)   (10,332)

 

 46 

 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

 

  Years ended December 31, (in thousands)   2017      2016      2015  
Financing Activities               
Increase in deposit transaction accounts, net   7,578    33,946    56,023 
Decrease in time deposits, net   (5,208)   (6,588)   (16,499)
(Decrease) increase in securities sold under agreements to repurchase, net   (3,867)   1,621    (249)
Short-term Federal Home Loan Bank of Boston advances   17,000    10,000    — 
Payments made on long-term Federal Home Loan Bank of Boston advances   —    —    (791)
Principal payments on Federal Home Loan Bank of Boston advances   —    (21)   — 
Modification fees on Federal Home Loan Bank of Boston advances   —    —    (1,043)
Principal payments on note payable   (31)   (32)   — 
Decrease in capital lease obligation   (59)   (4)   (2)
Stock options exercised   316    87    183 
Tax benefit from stock compensation   —    33    — 
Issuance of shares for directors’ fees   81    141    81 
Payoff of preferred stock   —    —    (16,000)
Issuance of subordinated debt, net of issuance costs   —    —    9,764 
Common stock dividends paid   (3,113)   (3,086)   (3,054)
Series B preferred stock dividends paid   —    —    (158)
Net cash provided by financing activities   12,697    36,097    28,255 
Net increase (decrease) in cash and cash equivalents   13,001    (26,633)   26,013 
Cash and cash equivalents, beginning of year   35,485    62,118    36,105 
Cash and cash equivalents, end of year  $48,486   $35,485   $62,118 
Cash paid during year               
Interest  $4,049   $3,777   $3,460 
Income taxes   2,291    1,238    3,216 
Non-cash transfers               
From other real estate owned to loans   —    —    167 
Note payable to finance building purchase   —    —    376 
From loans to other real estate owned   743    4,955    101 
From other real estate owned to other assets   —    747    — 
Empire State Bank branch acquisition 2017               
Cash and cash equivalents acquired  $22,396    —    — 
Net loans acquired   7,097    —    — 
Fixed assets acquired   1,491    —    — 
Accrued interest receivable acquired   12    —    — 
Other assets acquired   20    —    — 
Core deposit intangible   633    —    — 
Goodwill   1,263    —    — 
Deposits assumed   31,433    —    — 
Capital lease assumed   1,476    —    — 
Other liabilities assumed   3    —    — 

 

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Salisbury Bancorp, Inc. and Subsidiary

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Salisbury Bancorp, Inc. (“Salisbury” or the “Company”) is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in Litchfield, Berkshire and Dutchess, Orange and Ulster Counties in Connecticut, Massachusetts and New York, respectively.

Principles of Consolidation

The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.

Basis of Financial Statement Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to make them consistent with the 2017 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. At December 31, 2017 and December 31, 2016, Salisbury maintained cash reserves of $25 million and $21 million, respectively consistent with FRB requirements.

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses.

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Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank’s FHLBB stock as of December 31, 2017. Deterioration of the FHLBB’s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (“ASC”) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

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For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management’s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management’s general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2017.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

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Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury’s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.

Farm – Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.

Vacant land – Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury’s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity’s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Mortgage Servicing Rights

As part of our growth and risk management strategy, we from time to time will sell whole loans. These are typically fixed rate residential loans. Our ability to sell whole loans benefits the bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage Servicing Rights (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included in other assets on the consolidated balance sheets and are accounted for under the amortization method. Under that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.

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Other Real Estate Owned (“OREO”)

Salisbury's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2017 and 2016, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $1.1 million and $2.1 million, respectively.

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

• Buildings/Improvements – 39 years
• Land Improvements – 15 years
• Furniture and Fixtures – 7 years
• Computer Equipment – 5 years
• Software – 3 years

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s intangible assets at December 31, 2017, and 2016, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, $2,723,000 arising from the acquisition of Riverside Bank in December 2014 and $1,263,000 from the purchase of an additional branch office in New York in 2017. See Note 8.

On an annual basis, management assesses intangible assets for impairment, and for the year ending December 31, 2017, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.

Stock Based Compensation

Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight line basis over the period of time between the grant date and vesting date.

Advertising Expense

Advertising costs of $613,000 and $508,000 in 2017 and 2016, respectively, are expensed as incurred and not capitalized.

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Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (“EPS”) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Recent Accounting Pronouncements

In May 2014, August 2015, May 2016, and December 2016, respectively, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2015-14, 2016-12, and 2016-20, “Revenue from Contracts with Customers (Topic 606).” The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The amendments in ASU 2016-12 do not change the core principle of the guidance in Topic 606, but rather affect only certain narrow aspects aimed to reduce the potential for diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in ASU 2016-20 include technical corrections and improvements to Topic 606 and other Topics amended by ASU 2014-09 to increase stakeholders’ awareness of the proposals and to expedite improvements to ASU 2014-09. Salisbury engaged an outside consulting firm to help management assess if the implementation of Topic 606 would have a material impact on its consolidated financial statements. A significant portion of Salisbury’s revenue is outside the scope of Topic 606. For the portion of revenue within scope, management has identified three revenue streams for review: deposit-related fees, interchange fees and wealth management fees. The contracts associated with these revenue streams have been evaluated to determine if changes to Salisbury’s revenue recognition policies are required. As a result of this review management has determined that its revenue recognition policies conform to Topic 606 and that no changes will be required to Salisbury’s consolidated financial statements when the ASU is implemented in 2018.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (7) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (8) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted as of the beginning of the fiscal year of adoption only for provisions (3) and (6) above. Early adoption of the other provisions mentioned above is not permitted. Salisbury does not expect ASU 2016-01 to have a material impact on its consolidated financial statements.

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In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. They have the option to use certain relief; full retrospective application is prohibited. Salisbury does not expect ASU 2016-02 to have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. Salisbury has opted to recognize forfeitures as they occur as the impact is not expected to be material. Salisbury adopted ASU 2016-09 as of January 1, 2017. Adoption contributed a $105 thousand benefit to the tax provision in the second quarter 2017 and did not have a material effect on the financial results for the twelve month period ended December 31, 2017.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Salisbury is currently evaluating the provisions of ASU 2016-13 to determine the potential impact the new standard will have on Salisbury’s Consolidated Financial Statements.

In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business." This ASU is intended to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update provide a screen to determine when a set of inputs, processes, and outputs is not a business. ASU 2017-01 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance, or for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. Entities should apply the guidance prospectively on or after the effective date. ASU 2017-01 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

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In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury is currently evaluating the provisions of ASU 2017-04 to determine the potential impact the new standard will have on Salisbury’s Consolidated Financial Statements.

In March 2017, the FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. Entities should apply the guidance on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Salisbury is currently evaluating the provisions of ASU 2017-08 and does not expect that the adoption of the new standard will have a material impact on Salisbury’s Consolidated Financial Statements.

In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU will provide clarity in the accounting guidance regarding a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. Entities should apply the guidance prospectively to an award modified on or after the adoption date. ASU 2017-09 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

 

NOTE 2 – MERGERS AND ACQUISITIONS

On December 5, 2014, the Company acquired Riverside Bank. Riverside Bank operated four banking offices serving Dutchess, Ulster and Orange Counties in New York, and was merged with and into the Bank. 

The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30. 

 

  (In thousands)    2017      2016  
Balance at beginning of period  $1,190   $1,901 
Acquisitions   —    — 
Accretion   (541)   (980)
Disposals   (405)   (342)
Reclassification from non-accretable to accretable   273    611 
Balance at end of period  $517   $1,190 

 

At December 31, 2017 and 2016, Salisbury ASC 310-30 loans had an outstanding balance totaling $4.2 million and $8.1 million, respectively. The carrying value as of December 31, 2017 and 2016 was $3.7 million and $7.1 million, respectively.

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NOTE 3 - SECURITIES

The composition of securities is as follows:

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2017                    
Available-for-sale                    
Municipal bonds  $3,476   $11   $1   $3,486 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   45,983    152    267    45,868 
Collateralized mortgage obligations                    
U.S. Government agencies   10,462    2    87    10,377 
Non-agency   2,271    410    17    2,664 
SBA bonds   12,278    9    20    12,267 
CRA mutual funds   851    —    16    835 
Corporate bonds   3,500    59    9    3,550 
Total securities available-for-sale  $78,821   $643   $417   $79,047 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,813   $—   $—   $3,813 

  

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2016                    
Available-for-sale                    
Municipal bonds  $15,800   $197   $1   $15,996 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   53,407    229    335    53,301 
Collateralized mortgage obligations                    
U.S. Government agencies   1,470    4    —    1,474 
Non-agency   3,327    414    6    3,735 
SBA bonds   2,056    9    1    2,064 
CRA mutual funds   834    —    16    818 
Corporate bonds   2,000    16    3    2,013 
Preferred stock   7    215    —    222 
Total securities available-for-sale  $78,901   $1,084   $362   $79,623 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,211   $—   $—   $3,211 
(1)Net of other-than-temporary impairment write-downs recognized in prior years.

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

  Years ended December 31, (in thousands)    2017      2016      2015  
Proceeds  $199   $4,865   $3,861 
Gains realized   192    569    180 
Losses realized   (14)   —    (27)
Net gains realized   178    569    153 
Income tax provision   61    193    52 

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The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the dates presented:

   Less than 12 Months  12 Months or Longer  Total
  December 31, 2017 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
Municipal bonds  $479   $1   $—   $—   $479   $1 
Mortgage-backed securities   15,914    99    17,892    168    33,806    267 
Collateralized mortgage obligations                              
U.S. Government Agencies   9,317    87    —    —    9,317    87 
Non-agency   —    —    77    3    77    3 
SBA bonds   8,519    20    —    —    8,519    20 
CRA mutual funds   835    16    —    —    835    16 
Corporate bonds   1,491    9    —    —    1,491    9 
Total temporarily impaired securities   36,555    232    17,969    171    54,524    403 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   101    14    —    —    101    14 
Total temporarily impaired and other-than-temporarily impaired securities  $36,656   $246   $17,969   $171   $54,625   $417 

 

December 31, 2016 (in thousands)                              
Available-for-sale                              
Municipal bonds  $517   $  1   $ —   $ —   $517   $  1 
Mortgage-backed securities   34,758    329    249    6    35,007    335 
Collateralized mortgage obligations                              
Non-agency   60    —    339    5    399    5 
SBA bonds   475    1    —    —    475    1 
CRA mutual funds   818    16    —    —    818    16 
Corporate bonds   498    3    —    —    498    3 
Total temporarily impaired securities   37,126    350    588    11    37,714    361 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   174    1    —    —    174    1 
Total temporarily impaired and other-than-temporarily impaired securities  $37,300   $351   $588   $11   $37,888   $362 

 


The amortized cost, fair value and tax equivalent yield of securities, by maturity, are as follows:

  December 31, 2017 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
Municipal bonds  Within 1 year  $353   $353    6.17%
   After 1 year but within 5 years   439    440    5.03%
   After 10 years but within 15 years   1,494    1,500    7.15%
   After 15 years   1,190    1,193    7.13%
   Total   3,476    3,486    6.78%
Mortgage backed securities  U.S. Government Agency and U.S. Government-sponsored enterprises   45,983    45,868    2.33%
Collateralized mortgage obligations  U.S. Government Agency and U.S. Government-sponsored enterprises   10,462    10,377    2.76%
   Non-agency   2,271    2,664    3.97%
SBA bonds      12,278    12,267    2.99%
CRA mutual funds      851    835    2.17%
Corporate bonds  After 5 years but within 10 years   3,500    3,550    5.57%
Securities available-for-sale     $78,821   $79,047    2.87%

(1)       Yield is based on amortized cost.

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Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

The following summarizes, by security type, the basis for evaluating if the applicable securities were OTTI at December 31, 2017.

U.S. Government agency mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Twenty-eight securities had unrealized losses at December 31, 2017, which approximated 0.82% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017.

SBA bonds: The contractual cash flows are guaranteed by the U.S. government. Eight securities had unrealized losses at December 31, 2017, which approximated 0.24% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality since time of purchase. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2017.

Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Six securities had unrealized losses at December 31, 2017, which approximated 0.11% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2017.

Corporate bonds: Salisbury regularly monitors and analyzes its corporate bond portfolio for credit quality. Two securities had unrealized losses at December 31, 2017, which approximated 0.58% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore management does not consider these investments to be other-than temporarily impaired at December 31, 2017.

Non-agency CMOs: Salisbury performed a detailed cash flow analysis of its non-agency CMOs at December 31, 2017, to assess whether any of the securities were OTTI. Two securities had unrealized losses at December 31, 2017, which approximated 8.66% of their amortized cost. Salisbury uses cash flow forecasts for each security based on a variety of market driven assumptions and securitization terms, including prepayment speed, default or delinquency rate, and default severity for losses including interest, legal fees, property repairs, expenses and realtor fees, that, together with the loan amount are subtracted from collateral sales proceeds to determine severity. In 2009, Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1,128,000. Salisbury judged the other non-agency CMO securities not to have additional OTTI and all other CMO securities not to be OTTI as of December 31, 2017. It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI for further deterioration in credit quality. Salisbury evaluates these securities for strategic fit and depending upon such factor could reduce its position in these securities, although it has no present intention to do so, and it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis.

CRA mutual funds consist of an investment in a fixed income mutual fund. One security had unrealized losses at December 31, 2017, which approximated 1.88% of its amortized cost. Salisbury evaluated the near-term prospects of this fund in relation to the severity and duration of the impairment.  Based on that evaluation, Salisbury does not consider this investment to be OTTI at December 31, 2017.

 

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NOTE 4 - LOANS

Change in Presentation of Loan Balances and Related Credit Metrics

As a result of Salisbury’s acquisition of Riverside Bank in 2014, Salisbury previously disclosed the loan balances, the allowance for loan and lease losses and the credit quality metrics for the acquired loans separately from its business activities loans. As the acquired loan portfolio has become a smaller percentage of Salisbury’s overall loan portfolio, all loan balances and the related credit metrics, including those for prior periods, are presented on a consolidated basis.

The composition of loans receivable and loans held-for-sale is as follows:

December 31,    2017      2016  
       
(in thousands)    Total Loans        Total Loans  
       
Residential 1-4 family  $317,639   $301,128 
Residential 5+ multifamily   18,108    13,625 
Construction of residential 1-4 family   11,197    10,951 
Home equity lines of credit   33,771    35,487 
Residential real estate   380,715    361,191 
Commercial   249,311    235,482 
Construction of commercial   9,988    5,398 
Commercial real estate   259,299    240,880 
Farm land   4,274    3,914 
Vacant land   7,883    6,600 
Real estate secured   652,171    612,585 
Commercial and industrial   132,731    141,473 
Municipal   17,494    8,626 
Consumer   4,794    5,380 
Loans receivable, gross   807,190    768,064 
Deferred loan origination fees and costs, net   1,289    1,247 
Allowance for loan losses   (6,776)   (6,127)
Loans receivable, net  $801,703   $763,184 
Loans held-for-sale          
Residential 1-4 family  $669   $— 

Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury’s loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties.

Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks’ originated loans.  Purchased amounts are accounted for as loans without recourse to the originating bank.  Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan.  The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. 

At December 31, 2017 and 2016, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $57.2 million and $59.8 million, respectively. During 2017, Salisbury sold 50% of its interest in 1 commercial construction loan with a commitment of $5.9 million. No funds were drawn against this commitment as of December 31, 2017. Additionally, Salisbury purchased a participant share in 36 loans with outstanding balances of $18.5 million.

Concentrations of Credit Risk

Salisbury's loans consist primarily of residential and commercial real estate loans located principally in northwestern Connecticut, New York and Massachusetts towns, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, installment loans, and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury’s market area.

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Credit Quality

Salisbury uses credit risk ratings as part of its determination of the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

Loans rated as "special mention" possess credit deficiencies or potential weaknesses deserving management’s close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.

Loans rated as "substandard" are loans where the Bank’s position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.

Loans rated "doubtful" have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.

Loans classified as "loss" are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank’s loan portfolio is examined periodically by its regulatory agencies, the FDIC and the Connecticut Department of Banking.

The composition of loans receivable by risk rating grade is as follows:

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2017                              
Residential 1-4 family  $307,240   $6,452   $3,947   $—   $—   $317,639 
Residential 5+ multifamily   16,129    957    1,022    —    —    18,108 
Construction of residential 1-4 family   11,197    —    —    —    —    11,197 
Home equity lines of credit   32,891    710    170    —    —    33,771 
Residential real estate   367,457    8,119    5,139    —    —    380,715 
Commercial   232,492    4,456    12,363    —    —    249,311 
Construction of commercial   9,622    —    366    —    —    9,988 
Commercial real estate   242,114    4,456    12,729    —    —    259,299 
Farm land   4,024    —    250    —    —    4,274 
Vacant land   7,806    77    —    —    —    7,883 
Real estate secured   621,401    12,652    18,118    —    —    652,171 
Commercial and industrial   129,219    2,536    976    —    —    132,731 
Municipal   17,494    —    —    —    —    17,494 
Consumer   4,744    50    —    —    —    4,794 
Loans receivable, gross  $772,858   $15,238   $19,094   $—   $—   $807,190 

 

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(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2016                              
Residential 1-4 family  $291,928   $6,279   $2,832   $89   $—   $301,128 
Residential 5+ multifamily   11,556    1,906    163    —    —    13,625 
Construction of residential 1-4 family   10,951    —    —    —    —    10,951 
Home equity lines of credit   34,299    512    676    —    —    35,487 
Residential real estate   348,734    8,697    3,671    89    —    361,191 
Commercial   215,856    7,818    11,808    —    —    235,482 
Construction of commercial   5,025    —    373    —    —    5,398 
Commercial real estate   220,881    7,818    12,181    —    —    240,880 
Farm land   2,912    —    1,002    —    —    3,914 
Vacant land   6,513    87    —    —    —    6,600 
Real estate secured   579,040    16,602    16,854    89    —    612,585 
Commercial and industrial   137,914    2,894    665    —    —    141,473 
Municipal   8,626    —    —    —    —    8,626 
Consumer   5,353    27    —    —    —    5,380 
Loans receivable, gross  $730,933   $19,523   $17,519   $89   $—   $768,064 

 

The composition of loans receivable by delinquency status is as follows:

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2017                                         
Residential 1-4 family  $314,798   $1,410   $165   $156   $1,110   $2,841   $—   $2,045 
Residential 5+ multifamily   18,108    —    —    —    —    —    —    151 
Construction of residential 1-4 family   11,197    —    —    —    —    —    —    — 
Home equity lines of credit   33,219    75    477    —    —    552    —    66 
Residential real estate   377,322    1,485    642    156    1,110    3,393    —    2,262 
Commercial   244,869    1,888    758    —    1,796    4,442    —    3,364 
Construction of commercial   9,730    —    —    —    258    258    —    258 
Commercial real estate   254,599    1,888    758    —    2,054    4,700    —    3,622 
Farm land   4,032    242    —    —    —    242    —    250 
Vacant land   7,883    —    —    —    —    —    —    — 
Real estate secured   643,836    3,615    1400    156    3,164    8,335    —    6,134 
Commercial and industrial   131,991    131    218    391    —    740    31    470 
Municipal   17,494    —    —    —    —    —    —    — 
Consumer   4,752    34    8    —    —    42    —    — 
Loans receivable, gross  $798,073   $3,780   $1,626   $547   $3,164   $9,117   $31   $6,604 

 

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         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2016                                         
Residential 1-4 family  $297,895   $1,305   $213   $327   $1,388   $3,233   $236   $1,920 
Residential 5+ multifamily   13,625    —    —    —    —    —    —    163 
Construction of residential 1-4 family   10,951    —    —    —    —    —    —    — 
Home equity lines of credit   35,190    155    88    —    54    297    —    519 
Residential real estate   357,661    1,460    301    327    1,442    3,530    236    2,602 
Commercial   229,376    1,213    250    2,139    2,504    6,106    —    4,643 
Construction of commercial   5,140    —    —    —    258    258    —    258 
Commercial real estate   234,516    1,213    250    2,139    2,762    6,364    —    4,901 
Farm land   2,402    789    —    —    723    1,512    —    1,002 
Vacant land   6,575    25    —    —    —    25    —    — 
Real estate secured   601,154    3,487    551    2,466    4,927    11,431    236    8,505 
Commercial and industrial   140,623    565    239    46    —    850    20    27 
Municipal   8,626    —    —    —    —    —    —    — 
Consumer   5,336    26    15    3    —    44    —    4 
Loans receivable, gross  $755,739   $4,078   $805   $2,515   $4,927   $12,325   $256   $8,536 

 

Troubled Debt Restructurings (TDRs)

Troubled debt restructurings occurring during the periods are as follows:

  Business Activities Loans December 31, 2017  December 31, 2016
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   1   $222   $222    5   $772   $772 
Land   —    —    —    —    —    — 
Commercial real estate   1    600    600    2    2,123    2,123 
Construction of commercial   —    —    —    —    —    — 
Consumer   —    —    —    —    —    — 
Commercial and industrial   2    182    182    —    —    — 
HELOC   —    —    —    —    —    — 
Troubled debt restructurings   4   $1,004   $1,004    7   $2,895   $2,895 
Rate reduction and term extension   3   $404   $404    2   $262   $262 
Debt consolidation and term extension   —    —    —    1    260    260 
Debt Consolidation   —    —    —    1    1,863    1,863 
Term extension   1    600    600    3    510    510 
Troubled debt restructurings   4   $1,004   $1,004    7   $2,895   $2,895 

Four loans were restructured during 2017. No concessions have been made with respect to loans that subsequently defaulted in the current reporting period. Salisbury currently does not have any commitments to lend additional funds to TDR loans.

 

The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated.

   Modifications that Subsequently Defaulted
  

For the twelve months ending

December 31, 2017

 

For the twelve months ending

December 31, 2016

Troubled Debt Restructurings                    
Residential 1-4 family   —    —    1    52 
Residential 5+ multifamily   —    —    1    163 
Commercial real estate   —    —    1    1,793 
Total   —    —    3    2,008 

 

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Impaired loans

Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows:

December 31, (in thousands)    2017      2016  
Non-accrual loans, excluding troubled debt restructured loans  $5,450   $6,274 
Non-accrual troubled debt restructured loans   1,154    2,262 
Accruing troubled debt restructured loans   7,482    7,798 
Total impaired loans  $14,086   $16,334 
Commitments to lend additional amounts to impaired borrowers  $—   $— 


Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

  December 31, 2017   December 31, 2016
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
Residential 1-4 family  $1,926   $100   $(197)  $33   $1,862   $2,132   $475   $(706)  $25   $1,926 
Residential 5+ multifamily   62    93    —    —    155    33    32    (3)   —    62 
Construction of residential 1-4 family   91    (16)   —    —    75    37    54    —    —    91 
Home equity lines of credit   348    (115)   (4)   7    236    354    37    (47)   4    348 
Residential real estate   2,427    62    (201)   40    2,328    2,556    598    (756)   29    2,427 
Commercial   1,920    836    (453)   244    2,547    1,507    597    (187)   3    1,920 
Construction of commercial   38    42    —    —    80    92    (54)   —    —    38 
Commercial real estate   1,958    878    (453)   244    2,627    1,599    543    (187)   3    1,958 
Farm land   28    45    (43)   2    32    37    15    (24)   —    28 
Vacant land   170    (2)   (36)   —    132    152    82    (64)   —    170 
Real estate secured   4,583    983    (733)   286    5,119    4,344    1,238    (1,031)   32    4,583 
Commercial and industrial   1,079    (229)   (162)   296    984    705    754    (452)   72    1,079 
Municipal   53    (23)   —    —    30    61    (8)   —    —    53 
Consumer   75    63    (76)   18    80    124    (4)   (67)   22    75 
Unallocated   337    226    —    —    563    482    (145)   —    —    337 
Totals  $6,127   $1,020   $(971)  $600   $6,776   $5,716   $1,835   $(1,550)  $126   $6,127 

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The composition of loans receivable and the allowance for loan losses is as follows:

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2017                              
Residential 1-4 family  $312,456   $1,759   $5,183   $103   $317,639   $1,862 
Residential 5+ multifamily   16,361    154    1,747    1    18,108    155 
Construction of residential 1-4 family   11,197    75    —    —    11,197    75 
Home equity lines of credit   33,658    235    113    1    33,771    236 
Residential real estate   373,672    2,223    7,043    105    380,715    2,328 
Commercial   243,602    2,432    5,709    115    249,311    2,547 
Construction of commercial   9,622    80    366    —    9,988    80 
Commercial real estate   253,224    2,512    6,075    115    259,299    2,627 
Farm land   4,024    32    250    —    4,274    32 
Vacant land   7,684    129    199    3    7,883    132 
Real estate secured   638,604    4,896    13,567    223    652,171    5,119 
Commercial and industrial   132,212    952    519    32    132,731    984 
Municipal   17,494    30    —    —    17,494    30 
Consumer   4,794    80    —    —    4,794    80 
Unallocated allowance   —    563    —    —    —    563 
Totals  $793,104   $6,521   $14,086   $255   $807,190   $6,776 

 

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2016                              
Residential 1-4 family  $295,998   $1,797   $5,130   $129   $301,128   $1,926 
Residential 5+ multifamily   11,802    56    1,823    6    13,625    62 
Construction of residential 1-4 family   10,951    91    —    —    10,951    91 
Home equity lines of credit   34,854    326    633    22    35,487    348 
Residential real estate   353,605    2,270    7,586    157    361,191    2,427 
Commercial   228,406    1,668    7,076    251    235,482    1,919 
Construction of commercial   5,025    39    373    —    5,398    39 
Commercial real estate   233,431    1,707    7,449    251    240,880    1,958 
Farm land   2,912    28    1,002    —    3,914    28 
Vacant land   6,390    166    210    4    6,600    170 
Real estate secured   596,338    4,171    16,247    412    612,585    4,583 
Commercial and industrial   141,389    1,079    84    0    141,473    1,079 
Municipal   8,626    53    —    —    8,626    53 
Consumer   5,377    75    3    —    5,380    75 
Unallocated allowance   —    337    —    —    —    337 
Totals  $751,730   $5,715   $16,334   $412   $768,064   $6,127 

1 Includes ASC 310-30 loans and allowance of $2.4 million and $92,000, respectively for 2017 and $4.2 million and $79,000, respectively for 2016.

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The credit quality segments of loans receivable and the allowance for loan losses are as follows:

  December 31, 2017 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $783,206   $5,619   $—   $—   $783,206   $5,619 
Potential problem loans 1   9,898    339    —    —    9,898    339 
Impaired loans   —    —    14,086    255    14,086    255 
Unallocated allowance   —    563    —    —    —    563 
Totals  $793,104   $6,521   $14,086   $255   $807,190   $6,776 

 

  December 31, 2016 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $744,455   $5,117   $—   $—   $744,455   $5,117 
Potential problem loans 1   7,275    261    —    —    7,275    261 
Impaired loans   —    —    16,334    412    16,334    412 
Unallocated allowance   —    337    —    —    —    337 
Totals  $751,730   $5,715   $16,334   $412   $768,064   $6,127 

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the fair value of expected cash flows or collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows:

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2017                                             
Residential  $3,532   $3,651   $3,376   $104   $109   $3,398   $4,279   $3,597   $119 
Home equity lines of credit   47    47    79    1    2    66    117    155    — 
Residential real estate   3,579    3,698    3,455    105    111    3,464    4,396    3,752    119 
Commercial   2,336    2,563    2,688    115    102    3,373    4,567    3,699    305 
Construction of commercial   108    114    59    —    7    258    274    310    — 
Farm land   —    —    —    —    —    250    450    869    — 
Vacant land   44    44    45    3    3    155    179    159    11 
Real estate secured   6,067    6,419    6,247    223    223    7,500    9,866    8,789    435 
Commercial and industrial   110    117    59    32    —    409    502    181    15 
Consumer   —    —    —    —    —    —    6    1    — 
Totals  $6,177   $6,536   $6,306   $255   $223   $7,909   $10,374   $8,971   $450 

 

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2016                                             
Residential  $3,516   $3,684   $6,411   $135   $88   $3,437   $4,031   $3,060   $94 
Home equity lines of credit   406    435    462    22    2    227    277    331    3 
Residential real estate   3,922    4,119    6,873    157    90    3,664    4,308    3,391    97 
Commercial   4,275    4,932    4,072    251    48    2801    3518    3046    80 
Construction of commercial   —    —    56    —    —    373    393    321    8 
Farm land   —    —    394    —    —    1,002    1,140    622    — 
Vacant land   46    46    1,786    4    3    164    189    195    12 
Real estate secured   8,243    9,097    13,181    412    141    8,004    9,548    7,575    197 
Commercial and industrial   —    —    108    —    —    84    130    220    3 
Consumer   —    —    —    —    —    3    16    7    — 
Totals  $8,243   $9,097   $13,289   $412   $141   $8,091   $9,694   $7,802   $200 

 

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NOTE 5 - MORTGAGE SERVICING RIGHTS

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

December 31, (in thousands)    2017      2016  
Residential mortgage loans serviced for others  $117,538   $125,243 
Fair value of mortgage servicing rights   1,010    902 

Changes in mortgage servicing rights are as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Mortgage Servicing Rights               
Balance, beginning of period  $339   $486   $694 
Originated   63    95    148 
Amortization (1)   (169)   (242)   (356)
Balance, end of period   233    339    486 
Valuation Allowance               
Balance, beginning of period   (23)   (3)   — 
Decrease (increase) in impairment reserve (1)   23    (20)   (3)
Balance, end of period   —    (23)   (3)
Mortgage servicing rights, net  $233   $316   $483 
(1)Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.

NOTE 6 - PLEDGED ASSETS

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available.

December 31, (in thousands)    2017      2016  
Securities available-for-sale (at fair value)  $67,377   $63,833 
Loans receivable (at book value)   204,354    137,117 
Total pledged assets  $271,731   $200,950 

 

At December 31, 2017, securities were pledged as follows: $62.6 million to secure public deposits, $4.7 million to secure repurchase agreements and $0.1 million to secure FHLBB and FRB advances. Additionally, loans receivable are pledged to secure FHLBB advances and credit facilities.

 

NOTE 7 - BANK PREMISES AND EQUIPMENT

The components of premises and equipment are as follows:

December 31, (in thousands)    2017      2016  
Land  $2,593   $2,593 
Buildings and improvements   11,679    11,641 
Leasehold improvements   1,690    1,697 
Capital lease   1,900    425 
Furniture, fixtures, equipment and software   8,312    6,823 
Fixed assets in process   1,119    708 
Total cost   27,293    23,887 
Accumulated depreciation and amortization   (10,892)   (9,489)
Bank premises and equipment, net  $16,401   $14,398 

 

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NOTE 8 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Goodwill (1)               
Balance, beginning of period  $12,552   $12,552   $12,552 
Additions   1,263    —    — 
Impairment   —    —    — 
Balance, end of period  $13,815   $12,552   $12,552 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $5,248   $5,248 
New York branch purchase   633    —    — 
Impairment   —    —    — 
Cost, end of period   5,881    5,248    5,248 
Amortization, beginning of period   (3,511)   (2,910)   (2,258)
Amortization   (533)   (601)   (652)
Amortization, end of period   (4,044)   (3,511)   (2,910)
Core deposit intangibles, net  $1,837   $1,737   $2,338 
(1)Not subject to amortization.

In June 2017, Salisbury acquired the New Paltz, New York branch of Empire State Bank, and assumed approximately $31.4 million in deposits and acquired approximately $7.1 million in loans. Salisbury realized goodwill in the amount of $1.26 million and a core deposit intangible of $633,000 as a result of the acquisition of the New Paltz branch.

Salisbury performed an evaluation of its goodwill and intangible assets as of December 31, 2017. There was no impairment recognized during 2017 or 2016.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

December 31, (in thousands)  CDI amortization
 2018   $454  
 2019    388  
 2020    321  
 2021    255  
 2022    192  
 2023    128  
 2024    61  
 2025    25  
 2026    13  

NOTE 9 - DEPOSITS

Scheduled maturities of time certificates of deposit are as follows:

December 31, (in thousands)  CD maturities
 2018   $56,054  
 2019    29,130  
 2020    15,196  
 2021    11,191  
 2022    5,027  
 2023    233  
 Total   $116,831  


The total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more were as follows:

Years ended December 31, (in thousands)    2017      2016  
Within three months  $1,605   $1,326 
After three through six months   2,791    2,746 
After six through twelve months   3,769    2,323 
Over one year   6,596    7,199 
Total  $14,761   $13,594 

 

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NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows:

December 31, (dollars in thousands)    2017      2016  
Repurchase agreements, ending balance  $1,668   $5,535 
Repurchase agreements, average balance during period   2,517    3,770 
Book value of collateral   4,737    5,507 
Market value of collateral   4,725    5,540 
Weighted average rate during period   0.20%   0.16%
Weighted average maturity                  1 day     1 day 

NOTE 11 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

   December 31, 2017  December 31, 2016
  Years ended December 31, (dollars in thousands)    Total (1)      Rate (2)      Total (1)      Rate (2)  
 Overnight   $—    —%  $10,000   0.80%
 2017    —    —    —    — 
 2018    34,000    2.04    7,000    3.69 
 2019    —    —    —    — 
 2020    14,655    2.01    14,495    2.08 
 2021    5,767    2.30    5,693    2.39 
 Total   $54,422    2.06%  $37,188   2.09%
(1)Net of modification costs
(2)Weighted average rate based on scheduled maturity dates.


In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $78.7 million and access to an unused FHLBB line of credit of $3.5 million at December 31, 2017. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

Two advances were modified during the third quarter 2015, and such modifications were accounted for in accordance with ASC 470-50. The modification extended $21 million in advances over a weighted average period of 39 months. No advances were modified during 2017 or 2016.

Subordinated Debentures:

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed-to-Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury’s related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury’s payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.8 million at December 31, 2017, which includes $189 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.36%.

Notes Payable:

In October 2015, Salisbury entered into a private mortgage for $380,000 to purchase the Sharon branch property. The mortgage, which has an interest rate of 6%, will mature in September 2025. The outstanding mortgage balance at December 31, 2017 and December 31, 2016 was $313,000 and $344,000, respectively.

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NOTE 12 – NET DEFERRED TAX ASSET AND INCOME TAXES

Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Federal  $1,831   $1,344   $2,186 
State   195    288    432 
Current provision   2,026    1,632    2,618 
Federal   840    852    896 
State   48    105    49 
Deferred expense   888    957    945 
Income tax provision  $2,914   $2,589   $3,563 

The following is a reconciliation of the expected federal statutory tax to the income tax provision:

Years ended December 31, (in thousands)    2017      2016      2015  
Income tax at statutory federal tax rate   34.00%   34.00%   34.00%
State tax, net of federal tax benefit   1.74    2.80    2.63 
Tax exempt income and dividends received deduction   (7.00)   (9.07)   (7.38)
Remeasurement of net deferred tax assets   4.85    —    — 
Other   (1.81)   0.19    0.39 
Change in valuation allowance   —    —    — 
Effective income tax rates   31.78%   27.92%   29.64%

The components of Salisbury's net deferred tax assets are as follows:

December 31, (dollars in thousands)    2017      2016  
Allowance for loan losses  $1,499   $2,023 
Interest on non-performing loans   210    362 
Accrued deferred compensation   248    268 
Post-retirement benefits   11    17 
Other real estate owned write-downs   6    184 
Restricted stock awards   77    62 
Mark-to-market purchase accounting adjustments   122    513 
Write-down of securities   154    588 
Other   51    64 
Gross deferred tax assets   2,378    4,081 
Deferred loan costs, net   (312)   (457)
Goodwill and core deposit intangible asset   (534)   (848)
Accelerated depreciation   (752)   (1,048)
Mortgage servicing rights   (56)   (116)
Net unrealized holding gain on available-for-sale securities   (47)   (245)
Gross deferred tax liabilities   (1,701)   (2,714)
Net deferred tax asset  $677   $1,367 

Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not. Salisbury remeasured its net deferred tax asset as of December 31, 2017 due to the enactment of the new U.S. tax law during the fourth quarter of 2017. This remeasurement resulted in a $445,000 increase in the tax provision for 2017 and a related reduction in the net deferred tax asset.

In accordance with Connecticut legislation, in 2004, Salisbury formed a Passive Investment Company (“PIC”), SBT Mortgage Service Corporation. Salisbury does not expect to pay Connecticut state income tax in the foreseeable future unless there is a change in Connecticut law.

Salisbury’s policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2017 and 2016, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2014 through December 31, 2017.

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NOTE 13 – SHAREHOLDERS’ EQUITY

Capital Requirements

Salisbury and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on Salisbury’s and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Salisbury and the Bank must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Salisbury and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

In July 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements increased for both the quantity and quality of capital held by the Bank and Company. The rules include a common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The initial implementation of the capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increases each subsequent January 1, by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. As of December 31, 2017, the Bank exceeded the fully phased in regulatory requirement for the capital conservation buffer. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

As of December 31, 2017, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

      To be Well Capitalized
   Actual 

For Capital Adequacy

Purposes

 

Under Prompt Corrective

Action Provisions

  (dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
December 31, 2017                  
Total Capital (to risk-weighted assets)                              
Salisbury  $98,920    12.94%  $61,154    8.0%   n/a    n/a 
Bank   95,810    12.54    61,130    8.0   $76,413    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   82,034    10.73    45,865    6.0    n/a    n/a 
Bank   88,924    11.64    45,848    6.0    61,130    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                              
Salisbury   82,034    10.73    34,399    4.5    n/a    n/a 
Bank   88,924    11.64    34,386    4.5    49,668    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   82,034    8.53    38,461    4.0    n/a    n/a 
Bank   88,924    9.25    38,461    4.0    48,076    5.0 
December 31, 2016                              
Total Capital (to risk-weighted assets)                              
Salisbury  $96,166    13.26%  $57,997    8.0%   n/a    n/a 
Bank   93,690    12.92    57,996    8.0   $72,495    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   79,868    11.02    43,498    6.0    n/a    n/a 
Bank   87,392    12.05    43,497    6.0    57,996    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                              
Salisbury   79,868    11.02    32,623    4.5    n/a    n/a 
Bank   87,392    12.05    32,623    4.5    47,122    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   79,868    8.69    37,282    4.0    n/a    n/a 
Bank   87,392    9.51    36,762    4.0    45,953    5.0 


Restrictions on Cash Dividends to Common Shareholders

Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

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FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.

Preferred Stock

In August 2011, Salisbury issued to the U.S. Secretary of the Treasury (the “Treasury”) $16 million of its Series B Preferred Stock under the Small Business Lending Fund (the “SBLF”) program. Such Series B Preferred Stock was redeemed by Salisbury in December 2015. The SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The Preferred Stock qualified as Tier 1 capital for regulatory purposes and ranked senior to the Common Stock.

During fourth quarter 2015, the Company completed an offering of $10 million of unsecured 6.00% fixed-to–floating rate subordinated notes due in 2025. The notes qualify as Tier II capital and are included as such within the Company's total risk-based capital ratio.

The net proceeds of the offering, along with cash on hand, were used during the fourth quarter 2015 to redeem the $16 million of Senior Non-Cumulative Perpetual Preferred Stock issued in conjunction with the Company’s participation in the U.S. Treasury’s SBLF program.

NOTE 14 –OTHER BENEFITS

401(k) Plan

Salisbury offers a 401(k) Plan to eligible employees. Under the 401(k) Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. Effective December 31, 2012, and simultaneously with the freezing of the pension plan, the 401(k) Plan was amended to include a safe harbor contribution of 4% for all qualifying employees. The Bank’s safe harbor contribution percentage is reviewed annually and, under provisions of the 401(k) Plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the 401(k) Plan’s qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the 401(k) Plan.

Both the safe harbor and additional discretionary match, if any, vest immediately.

Salisbury’s 401(k) Plan contribution expense for 2017, 2016 and 2015 was $821,000, $832,000 and $679,000, respectively.

Employee Stock Ownership Plan (ESOP)

Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service:

20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $132,000, $173,000, and $323,000 in 2017, 2016, and 2015, respectively.

Other Retirement Plans

Salisbury adopted ASC 715-60, “Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury’s future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $966,000 and $849,000 at December 31, 2017, and 2016, respectively. Expense under this arrangement was $117,000 for 2017, $74,000 for 2016, and $91,000 for 2015.

The Bank entered into a Supplemental Retirement Plan Agreement with its former Chief Executive Officer that provides for supplemental post retirement payments for a ten year period as described in the agreement. The related liability was $48,000 and $68,000 at December 31, 2017, and 2016, respectively. The related expenses were immaterial for all periods presented.

The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen year period as described in the agreement. The related liability was $446,000 and $486,000 at December 31, 2017 and December 31, 2016, respectively. The related expenses were immaterial for all periods presented.

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A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section.

In 2017, 2016, and 2015, the Bank awarded eight (8), nine (9) and six (6) Executives, respectively, with discretionary contributions to the plan. Expenses related to this plan amounted to $80,000 in 2017, $46,000 in 2016, and $39,000 in 2015. Based on the Executive’s date of retirement, the vesting schedule ranges from 12.5% per year to 100% per year.

Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers, including a severance agreement with Mr. Cantele, President and Chief Executive Officer, a change in control agreement with Mr. Albero, Executive Vice President and Chief Financial Officer, and an employment agreement with Mr. Davies, President of the New York Region and Chief Lending Officer. Such agreements are designed to allow Salisbury to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to Salisbury’s operations.

NOTE 15 - LONG TERM INCENTIVE PLANS

The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013, January 29, 2016 and again on April 28, 2017. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.

The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of common stock, cash, or other property (collectively, “Awards”).

Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury’s outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. In addition, the Plan limits the total number of shares of Common Stock that may be awarded as Incentive Stock Options (“ISOs”) to 42,000 and the total number of shares of Common Stock that may be issued as Directors Stock Retainer Awards to 15,000. The Directors stock retainer awards were increased from 120 shares per year to 240 shares per year effective January 25, 2013. Effective January 29, 2016, the Directors stock retainer award was increased from 240 shares to 340 shares annually. 

The Board of Directors adopted the 2017 Long Term Incentive Plan (the “2017 LTIP”) on February 24, 2017, which was approved by shareholders at the 2017 Annual Meeting on May 17, 2017. Pursuant to the 2017 LTIP, as of May 2017, following shareholder approval of the 2017 LTIP, no further awards will be made under the 2011 LTIP, which shall remain in existence solely for purposes of administering outstanding grants. Under the 2017 LTIP, the total number of shares of Common Stock reserved and available for issuance in the next ten years in connection with awards under the 2017 LTIP is 200,000 shares of Common Stock, which represents approximately 7% of Salisbury’s 2,770,036 outstanding shares of Common Stock as of March 20, 2017. Of the maximum shares available under the 2017 LTIP, 200,000 shares may be issued upon the exercise of stock options (all of which may be granted as incentive stock options) and 150,000 shares may be issued as restricted stock or restricted stock units (including deferred stock units), provided that, to the extent that a share is issued as a restricted stock award or a restricted stock unit, the share would no longer be available for award as a stock option, unless the restricted stock award or restricted unit is forfeited or otherwise returned to the 2017 LTIP.

In 2017, 2016 and 2015 Salisbury granted a total of 13,824, 15,800 and 1,000 shares of restricted stock pursuant to its 2011 and 2017 LTIP to certain employees and Directors. The fair value of the stock at grant date was determined to be $547,000, $466,000 and $29,000, respectively. The stock will be vested three years from the grant date with the exception of the 2015 grant, which vested immediately.

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The following table presents the amount of cumulatively granted restricted stock awards under the 2011 and 2017 Long-Term Incentive Plans:

  Year Ended December 31  2017  Weighted Average Grant Price
 Beginning of year    19,750   $28.97 
 Granted    13,824    39.57 
 Vested    (5,650)   27.62 
 Forfeited    (900)   30.56 
 End of year    27,024   $34.62 

 

The fair value of the restricted shares that vested during 2017 and 2016 was $222,000 and $562,000, respectively. Compensation expense for restricted stock awards in 2017, 2016, and 2015 was $259,000 $215,000 and $222,000, respectively. Unrecognized compensation cost relating to the restricted stock awards was $606,000 and $352,000 as of December 31, 2017 and 2016, respectively. The remaining weighted average vesting period on restricted shares as of December 31, 2017, over which unrecognized compensation cost is expected to be recognized, is 1.98 years. In 2017, Salisbury recorded a $105,000 benefit to the tax provision for the adoption of ASU 2016-09 as discussed in NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. The tax benefit associated with restricted stock awards, which was recognized in earnings for 2017, 2016 and 2015, was approximately $88,000, $73,000 and $75,000, respectively.

Additionally in 2017, 2016 and 2015 the Compensation Committee granted a total of 56,600, 47,470 and 48,894 Phantom Stock Appreciation Units (“PSUs” pursuant to the 2013 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”) to certain employees, including the three Named Executive Officers. The units will vest on the third anniversary of the grant date. Salisbury’s compensation expense related to the PSUs was $135,000 and $178,000 for 2017 and 2016, respectively.

NOTE 16 – STOCK OPTIONS

Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. The table below reflects the remaining outstanding options related to this transaction and presents a summary of the status of Salisbury's outstanding stock options as of and for the year ended December 31, 2017:


Year ended December 31, 2017		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term

(in years)

 

Aggregate

intrinsic value

Beginning of period   55,350   $22.86           
Granted   —    —           
Exercised   (12,150)   25.93           
Forfeited or expired   (2,700)   25.93           
End of period   40,500   $21.73    4.33   $928,000 


All options are vested and exercisable at December 31, 2017. The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the years ended December 31, 2017, 2016 and 2015 was $156,000, $41,000 and $75,000, respectively.

NOTE 17 - RELATED PARTY TRANSACTIONS

In the normal course of business the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders):

  Years ended December 31, (in thousands)    2017      2016  
 Balance, beginning of period   $7,918   $8,120 
 Advances    508    831 
 Repayments    (775)   (1,033)
 Balance, end of period   $7,651   $7,918 

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NOTE 18 – OTHER COMPREHENSIVE LOSS

The following table presents a reconciliation of the changes in the components of other comprehensive loss for the dates indicated, including the amount of income tax benefit allocated to each component of other comprehensive loss:

Years ended December 31, (in thousands)    2017      2016      2015  
Other comprehensive loss               
Net unrealized losses on securities available-for-sale  $(318)  $(399)  $(1,297)
Reclassification of net realized gains in net income(1)   (178)   (584)   (192)
Unrealized losses on securities available-for-sale   (496)   (983)   (1,489)
Income tax benefit (expense)   198    335    506 
Unrealized (losses) gains on securities available-for-sale, net of tax   (298)   (648)   (983)
Other comprehensive loss  $(298)  $(648)  $(983)

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive loss and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gains on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income. The income tax expense related to reclassification of net realized gains was approximately $61,000, $199,000, and $67,000 in 2017, 2016 and 2015, respectively.

The components of accumulated other comprehensive income are as follows:

December 31, (dollars in thousands)    2017      2016  
Unrealized gains on securities available-for-sale, net of tax  $179   $477 
Accumulated other comprehensive income  $179   $477 

 

NOTE 19 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

On December 31, 2015, the Bank selected a new provider for core account processing services and other miscellaneous services, and has completed its core systems conversion with the new provider in November of 2016. The agreement will continue until the eighth anniversary of the commencement date, which was November 10, 2016. In the event the Bank chooses to cancel the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement.

In December 2017, the Bank entered into a purchase and assumption agreement with Orange Bank & Trust Company, pursuant to which the Bank will acquire the Fishkill, New York branch of Orange Bank & Trust Company and certain related deposits, loans and other assets. The Bank has received regulatory approval from the CTDOB and the NYDFS and is awaiting approval from the FDIC for the transaction, which is expected to be completed during the second quarter of 2018.

The Bank leases facilities and equipment under operating leases that expire at various dates through 2024. The leases have varying renewal options, generally require a fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. Rent expense totaled $361,000, $245,000 and $295,000 for 2017, 2016 and 2015, respectively.

Future minimum lease payments at December 31, 2017 are as follows:

Future minimum lease payments  (in thousands)   
 2018   $  381 
 2019      380 
 2020      390 
 2021      336 
 2022      199 
 2023      135 
 2024      129 
     $  1,950 

 

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The leases for two Bank facilities are accounted for as capital leases. These leases expire in 2028 and 2029. The capital lease expiring in 2028 includes an option to terminate the lease in 2018. Salisbury is evaluating its alternatives for the capital lease expiring in 2018.The leases have varying renewal options, require a fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by the Bank. The following is a schedule by years of future minimum lease payments under the capital leases with the present value of the net minimum lease payments as of December 31, 2017.

Future minimum lease payments  (in thousands)   
 2018   $  214 
 2019      234 
 2020      234 
 2021      234 
 2022      234 
 Thereafter      1,424 
 Total minimum lease payments      2,574 
 Less amount representing interest      741 
     $  1,833 

Employment and Change in Control Agreements

Salisbury has entered into severance agreements with certain senior executives, including with one (1) named executive officer, Richard J. Cantele, Jr., which provide payouts ranging from 0.5 to 2.9 times base salary and other benefits. Salisbury has also entered into several change in control agreements including with named executive officers, Peter Albero, and an employment agreement with named executive officer John Davies, all of which provide a severance payment ranging from 0.5 to 2.0 times base salary and other benefits in the event employment is terminated in conjunction with a defined change in control.

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business.

As previously disclosed, the Bank, individually and in its capacity as a former Co-Trustee of the Erling C. Christophersen Revocable Trust (the “Trust”), was named as a defendant in litigation filed in the Connecticut Complex Litigation Docket in Stamford, captioned John Christophersen v. Erling Christophersen, et al., X08-CV-08-5009597S (the “First Action”). The Bank also was a counterclaim-defendant in related mortgage foreclosure litigation in the Connecticut Complex Litigation Docket in Stamford, captioned Salisbury Bank and Trust Company v. Erling C. Christophersen, et al., X08-CV-10-6005847-S (the “Foreclosure Action,” together with the First Action, the “Actions”). The other parties to the Actions were John R. Christophersen; Erling C. Christophersen, individually and as Co-Trustee of the Trust; Bonnie Christophersen and Elena Dreiske, individually and as Co-Trustees of the Mildred B. Blount Testamentary Trust; People’s United Bank; Law Offices of Gary Oberst, P.C.; Rhoda Rudnick; and Hinckley Allen & Snyder LLP.

The Actions involved a dispute over title to certain real property located in Westport, Connecticut, which was secured by a commercial mortgage in favor of the Bank on the Westport property. This mortgage was the subject of the Foreclosure Action brought by the Bank. The Court, in 2016, ruled in favor of the Bank as to the foreclosure action and as such brings this matter to a close. As a result of the foreclosure the Bank has taken ownership of the property and the carrying value is reflected in the OREO balance as of December 31, 2016. The Bank subsequently sold this property on December 28, 2017.

There are no other material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject.

NOTE 20 - FINANCIAL INSTRUMENTS

The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk.    These financial instruments include commitments to originate loans, letters of credit, and unadvanced funds on loans.  The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments.  The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

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Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The Bank evaluates each customer's creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower.  Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.  As of December 31, 2017 and 2016, the maximum potential amount of the Bank’s obligation was $4,905,000 and $1,112,000, respectively, for financial, commercial and standby letters of credit.  If a letter of credit is drawn upon, the Bank may seek recourse through the customer’s underlying line of credit.  If the customer’s line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit.

Financial instrument liabilities with off-balance sheet credit risk are as follows:

December 31, (dollars in thousands)    2017      2016  
Residential  $16,769   $6,150 
Home equity lines of credit   29,031    26,491 
Commercial   26,145    5,624 
Land   64    116 
Real estate secured   72,009    38,381 
Commercial and industrial   63,942    56,178 
Municipal   188    250 
Consumer   1,574    1,464 
Unadvanced portions of loans   137,713    96,273 
Commitments to originate loans   28,222    30,428 
Letters of credit   4,905    1,112 
Total  $170,840   $127,813 

The allowance for off balance sheet commitments is calculated by applying a reserve percentage discounted by a utilization factor to the sum of unguaranteed unused lines of credit and loan contracts that the Bank has committed to but not funded as of year-end. The allowance for off-balance sheet commitments was $110,000 and $81,000 as of December 31, 2017 and December 31, 2016, respectively.

NOTE 21 - FAIR VALUE MEASUREMENTS

Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption.

In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
•Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities.
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•Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2017.

The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

•Securities available-for-sale. Securities available-for-sale are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows.
•Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3.
•Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3.

Other than discussed above, the following methods and assumptions were used by management to estimate the fair value of significant classes of financial instruments for which it is practicable to estimate that value.

Cash and cash equivalents. Carrying value is assumed to represent fair value for cash and cash equivalents that have original maturities of ninety days or less.

Loans held-for-sale. The fair value is determined using a factor based on the estimated gain on sale of the loan.

Loans, net. The carrying value of the loans in the loan portfolio is based on their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, the unamortized balance of any deferred fees or costs on originated loans and the unamortized balance of any premiums or discounts on loans purchased or acquired through mergers. The fair value of the loans is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality.

Accrued interest receivable/payable. Carrying value approximates fair value.

Cash surrender value of life insurance. The carrying value of this asset approximates its fair value.

Deposits. The fair value of demand, non-interest bearing checking, savings and money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using market rates offered for deposits of similar remaining maturities.

Borrowed funds. Advances from Federal Home Loan Bank – The fair value of these fixed-maturity advances is estimated by discounting future cash flows using rates currently offered for advances of similar remaining maturities. Subordinated Debentures – The fair value is estimated by using the Mid Line price as indicated for the end of the period on Bloomberg.

Capital lease liability. The fair value represents the present value of future lease payments. The discount rate represents the FHLB advance rate that corresponds to the remaining lease term.

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Assets measured at fair value are as follows:

  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2017                    
Assets at fair value on a recurring basis                    
Municipal bonds  $—   $3,486   $—   $3,486 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    45,868    —    45,868 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    10,377    —    10,377 
Non-agency   —    2,664    —    2,664 
SBA bonds   —    12,267    —    12,267 
CRA mutual funds   835    —    —    835 
Corporate bonds   —    3,550    —    3,550 
Securities available-for-sale  $835   $78,212   $—   $79,047 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    5,863    5,863 
Other real estate owned   —    —    719    719 
December 31, 2016                    
Assets at fair value on a recurring basis                    
Municipal bonds  $—   $15,996   $—   $15,996 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    53,301    —    53,301 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    1,474    —    1,474 
Non-agency   —    3,735    —    3,735 
SBA bonds   —    2,064    —    2,064 
CRA mutual funds   818    —    —    818 
Corporate bonds   —    2,013    —    2,013 
Preferred stock   222    —    —    222 
Securities available-for-sale  $1,040   $78,583   $—   $79,623 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    5,256    5,256 
Other real estate owned   —    —    3,773    3,773 

 

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Carrying values and estimated fair values of financial instruments are as follows:

    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2017                         
Financial Assets                         
Cash and cash equivalents  $48,486   $48,486   $48,486   $—   $— 
Securities available-for-sale   79,047    79,047    835    78,212    — 
Federal Home Loan Bank stock   3,813    3,813    —    —    3,813 
Loans held-for-sale   669    669    —    —    669 
Loans receivable, net   801,703    816,451    —    —    816,451 
Accrued interest receivable   2,665    2,665    —    —    2,665 
Cash surrender value of life insurance   14,381    14,381    14,381    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $220,536   $220,536   $—   $—   $220,536 
Demand (interest-bearing)   142,575    142,575    —    —    142,575 
Money market   190,953    190,953    —    —    190,953 
Savings and other   144,600    144,600    —    —    144,600 
Certificates of deposit   116,831    115,290    —    —    115,290 
Deposits   815,495    813,954    —    —    813,954 
Repurchase agreements   1,668    1,668    —    —    1,668 
FHLBB advances   54,422    54,918    —    —    54,918 
Subordinated debt   9,811    10,313    —    —    10,313 
Note payable   313    341    —    —    341 
Capital lease liability   1,835    2,161    —    —    2,161 
Accrued interest payable    99    99    —    —    99 
December 31, 2016                         
Financial Assets                         
Cash and cash equivalents  $35,485   $35,485   $35,485   $—   $— 
Securities available-for-sale   79,623    79,623    1,040    78,583    — 
Federal Home Loan Bank stock   3,211    3,211    —    —    3,211 
Loans receivable, net   763,184    774,442    —    —    774,442 
Accrued interest receivable   2,424    2,424    —    —    2,424 
Cash surrender value of life insurance   14,038    14,038    14,038    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $218,420   $218,420   $—   $—   $218,420 
Demand (interest-bearing)   127,854    127,854    —    —    127,854 
Money market   182,476    182,476    —    —    182,476 
Savings and other   135,435    135,435    —    —    135,435 
Certificates of deposit   117,585    118,610    —    —    118,610 
Deposits   781,770    782,795    —    —    782,795 
Repurchase agreements   5,535    5,535    —    —    5,535 
FHLBB advances   37,188    38,440    —    —    38,440 
Subordinated debt   9,788    10,378    —    —    10,378 
Note payable   344    377    —    —    377 
Capital lease liability   418    841    —    —    841 
Accrued interest payable    89    89    —    —    89 

 

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NOTE 22 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

The unconsolidated balance sheets and statements of income and cash flows of Salisbury Bancorp, Inc. are presented as follows:

  Balance Sheets
  December 31, (in thousands)		    2017      2016  
Assets          
Cash and due from banks  $2,519   $2,681 
Investment in bank subsidiary   104,404    101,146 
Other assets   430    11 
Total Assets  $107,353   $103,838 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,811   $9,788 
Other liabilities   28    43 
Shareholders' equity   97,514    94,007 
Total Liabilities and Shareholders' Equity  $107,353   $103,838 

 

  Statements of Income
  Years ended December 31, (in thousands)		    2017      2016      2015  
Dividends from subsidiary  $3,691   $3,491   $2,743 
Interest income   8    6    19 
Interest expense   624    624    35 
Non-interest expenses   530    337    511 
Income before taxes and equity in undistributed net income of subsidiary   2,545    2,536    2,216 
Income tax benefit   421    369    192 
Income before equity in undistributed net income of subsidiary   2,966    2,905    2,408 
Equity in undistributed net income of subsidiary   3,290    3,780    6,049 
Net income  $6,256   $6,685   $8,457 

 

  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Adjustments to reconcile net income to net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (3,290)   (3,780)   (6,049)
Other   (410)   (13)   (275)
Net cash provided by operating activities   2,556    2,892    2,133 
Investing Activities               
Investment in bank   —    —    — 
Maturities of interest-bearing time deposits of other banks   —    —    — 
Net cash utilized by investing activities   —    —    — 
Financing Activities               
Common stock dividends paid   (3,113)   (3,086)   (3,054)
Preferred stock dividends paid   —    —    (158)
Proceeds from issuance of subordinated debt, net of issuance costs   —    —    9,764 
Redemption of preferred stock   —    —    (16,000)
Proceeds from issuance of common stock   395    263    491 
Net cash (utilized) provided by financing activities   (2,718)   (2,823)   (8,957)
Net (decrease) increase in cash and cash equivalents   (162)   69    (6,824)
Cash and cash equivalents, beginning of period   2,681    2,612    9,436 
Cash and cash equivalents, end of period  $2,519   $2,681   $2,612 

 

  

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NOTE 23 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

  Years ended December 31, (in thousands, except per share amounts)    2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Less: Preferred stock dividends declared   —    —    (158)
Net income applicable to common shareholders   6,256    6,685    8,299 
Less: Undistributed earnings allocated to participating securities   (55)   (52)   (72)
Net income allocated to common stock  $6,201   $6,633   $8,227 
Weighted average common shares issued   2,779    2,755    2,730 
Less: Unvested restricted stock awards   (24)   (22)   (24)
Weighted average common shares outstanding used to calculate basic earnings per common share   2,755    2,733    2,706 
Add: Dilutive effect of stock options   19    16    17 
Weighted average common shares outstanding used to calculate diluted earnings per common share   2,774    2,749    2,723 
Earnings per common share (basic)  $2.25   $2.43   $3.04 
Earnings per common share (diluted)  $2.24   $2.41   $3.02 

NOTE 24 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their January 26, 2018 meeting. The dividend was paid on February 23, 2018 to shareholders of record as of February 9, 2018.

On January 19, 2018, the Compensation Committee granted a total of 53,500 Phantom Stock Appreciation Units pursuant to its 2013 Phantom Stock Appreciation Unit and Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, including 20,000 units to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 10,000 units, John Davies, President New York Region and Chief Lending Officer received 5,000 units and Peter Albero, Chief Financial Officer received 5,000 units. The units will vest on the third anniversary of the grant date.

On January 26, 2018, Salisbury has also entered into a change in control agreement with Peter Albero, Chief Financial Officer, which provides a severance payment of 1.0 times base salary and other benefits in the event employment is terminated in conjunction with a defined change in control. 

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NOTE 25 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2017 and 2016 is as follows:

  Year ended December 31, 2017
  (in thousands, except ratios and per share amounts)		    Q1 2017      Q2 2017      Q3 2017      Q4 2017  
Statement of Income                    
Interest and dividend income  $8,785   $8,687   $8,882   $9,167 
Interest expense   953    1,026    1,116    1,143 
Net interest and dividend income   7,832    7,661    7,766    8,024 
Provision (benefit) for loan losses   352    364    237    67 
Gains on securities, net   —    (14)   —    192 
Trust and Wealth Advisory   854    892    874    857 
Service charges and fees   962    902    935    919 
Gains on sales of mortgage loans, net   49    30    25    21 
Mortgage servicing, net   45    31    104    75 
Other   113    110    142    118 
Non-interest income   2,023    1,951    2,080    2,182 
Non-interest expense   7,306    6,751    7,220    8,052 
Income before income taxes   2,197    2,497    2,389    2,087 
Income tax provision   593    615    695    1,011 
Net income   1,604    1,882    1,694    1,076 
Net income allocated to common stock   1,594    1,866    1,677    1,064 
Financial Condition                    
Total assets   939,549    974,806    979,469    986,984 
Loans, net   764,665    771,850    784,136    801,703 
Allowance for loan losses   6,285    6,493    6,494    6,776 
Securities   80,359    84,468    88,546    82,860 
Deposits   772,416    811,341    831,989    815,495 
Repurchase agreements   2,350    2,126    4,529    1,668 
FHLBB advances   52,745    47,302    27,364    54,422 
Shareholders' equity   95,221    96,545    97,526    97,514 
Non-performing assets   10,890    11,690    12,257    7,354 
Per Common Share Data                    
Earnings, basic  $0.58   $0.68   $0.61   $0.39 
Earnings, diluted   0.58    0.67    0.60    0.38 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   34.38    34.66    35.01    35.01 
Market price: (a)                    
High   40.00    41.50    46.90    48.35 
Low   37.30    38.50    40.40    44.00 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.69%   3.58%   3.50%   3.58%
Efficiency ratio (fully tax equivalent)   68.68    66.56    67.18    64.90 
Return on average assets   0.70    0.77    0.69    0.43 
Return on average shareholders' equity   6.83    7.82    6.89    4.38 
Weighted average common shares outstanding, basic   2,749    2,757    2,757    2,757 
Weighted average common shares outstanding, diluted   2,768    2,775    2,777    2,778 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.


Salisbury Bancorp, Inc.'s Common Stock, par value $0.10 per share ("Common Stock") trades on the NASDAQ Capital Market under the symbol: SAL. As of March 1, 2018, there were approximately 2,340 shareholders of record of the Company’s Common Stock.

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Selected quarterly consolidated financial data (unaudited) continued:

  Year ended December 31, 2016
  (in thousands, except ratios and per share amounts)		    Q1 2016      Q2 2016      Q3 2016      Q4 2016  
Statement of Income                    
Interest and dividend income  $8,583   $8,522   $8,670   $8,679 
Interest expense   919    955    983    992 
Net interest and dividend income   7,664    7,567    7,687    7,687 
Provision (benefit) for loan losses   463    525    344    503 
Gains on securities, net   2    146    9    427 
Trust and Wealth Advisory   784    884    849    821 
Service charges and fees   702    753    822    856 
Gains on sales of mortgage loans, net   39    57    55    78 
Mortgage servicing, net   34    45    40    37 
Other   114    116    113    108 
Non-interest income   1,675    2,001    1,888    2,327 
Non-interest expense   6,837    6,640    6,500    7,411 
Income before income taxes   2,039    2,403    2,731    2,100 
Income tax provision   527    669    812    580 
Net income   1,512    1,734    1,919    1,520 
Net income allocated to common stock   1,499    1,721    1,904    1,509 
Financial Condition                    
Total assets  $891,804   $913,494   $928,445   $935,366 
Loans, net   728,845    749,523    753,623    763,184 
Allowance for loan losses   5,877    5,718    5,892    6,127 
Securities   82,151    83,874    79,738    82,834 
Deposits   755,658    754,471    786,730    781,770 
Repurchase agreements   2,620    3,355    3,581    5,535 
FHLBB advances   27,031    47,083    27,134    37,188 
Shareholders' equity   91,402    92,584    93,554    94,007 
Non-performing assets   16,829    14,579    14,496    12,565 
Per Common Share Data                    
Earnings, basic  $0.55   $0.63   $0.70   $0.55 
Earnings, diluted   0.55    0.63    0.69    0.55 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   27.84    28.28    28.63    28.90 
Market price: (a)                    
High   34.43    32.75    32.52    38.15 
Low   29.51    29.78    29.60    30.92 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.79%   3.71%   3.57%   3.45%
Efficiency ratio (fully tax equivalent)   69.28    66.51    64.13    67.08 
Return on average assets   0.68    0.77    0.81    0.65 
Return on average shareholders' equity   6.68    7.58    8.20    6.43 
Weighted average common shares outstanding, basic   2,723    2,735    2,737    2,737 
Weighted average common shares outstanding, diluted   2,741    2,749    2,751    2,755 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

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Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A.CONTROLS AND PROCEDURES

Controls and Procedures

Salisbury carried out an evaluation under the supervision and with the participation of Salisbury’s management, including Salisbury’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of Salisbury’s disclosure controls and procedures at and for the year ended December 31, 2017. Based upon that evaluation, management, including the principal executive officer and principal financial officer, concluded that Salisbury’s disclosure controls and procedures were effective as of the end of the period covered by this report and (i) designed to ensure that information required to be disclosed by Salisbury in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms; and (ii) accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial Reporting

Management of Salisbury and its subsidiary are responsible for establishing and maintaining effective internal control over financial reporting. Pursuant to the rules and regulations of the SEC, internal control over financial reporting is a process designed by, or under the supervision of, Salisbury’s principal executive and principal financial officers, or persons performing similar functions, and effected by Salisbury’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles, and includes those policies and procedures that:

i.Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Salisbury;
ii.Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles and that receipts and expenditures of Salisbury are being made only in accordance with authorizations of management and directors of Salisbury; and
iii.Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Salisbury’s assets that could have a material effect on the financial statements.


As of December 31, 2017, management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the framework established in Internal Control—Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has determined that the Company’s internal control over financial reporting as of December 31, 2017 was effective.

Changes in internal control over financial reporting 

There were no significant changes in internal control over financial reporting during the fourth quarter of 2017 that materially affected or are reasonably likely to materially affect Salisbury’s internal control over financial reporting. Management’s Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm are set forth in Part II, Item 8 of this Form 10-K.

Item 9B.OTHER INFORMATION

Not Applicable.

PART III

Item 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this item appears in Salisbury's Proxy Statement for the 2018 Annual Meeting of Shareholders, under the captions “Executive Officers;” “Directors and Nominees for Election for a Three Year Term and Director Independence” and "Corporate Governance - Meetings and Committees of the Board of Directors." Such information is incorporated herein by reference and made a part hereof.

Salisbury maintains a Code of Ethics and Conflicts of Interest Policy that applies to all of Salisbury’s directors, officers and employees, including Salisbury’s principal executive officer, principal financial officer and principal accounting officer. This Code of Ethics and Conflicts of Interest Policy is available upon request, without charge, by writing to Shelly L. Humeston, Secretary, Salisbury Bank and Trust Company, 5 Bissell Street, P.O. Box 1868, Lakeville, Connecticut 06039.

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Item 11.EXECUTIVE COMPENSATION

The information required by this item appears in Salisbury's Proxy Statement for the 2018 Annual Meeting of Shareholders, under the captions: “Elements of Compensation” and "Executive Compensation" and “Board of Directors Compensation.” Such information is incorporated herein by reference and made a part hereof.

Item 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

The information required by this item appears in Salisbury’s Proxy Statement for the 2018 Annual Meeting of Shareholders, under the captions “Security Ownership of Certain Beneficial Owners and Management” “Directors and Nominees for Election for a Three Year Term” and “Director Independence” and “Executive Compensation.” Such information is incorporated herein by reference and made a part hereof.

Item 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this item appears in Salisbury's Proxy Statement for the 2018 Annual Meeting of Shareholders, under the captions “Directors and Nominees for Election for a Three Year Term” and “Director Independence” and "Transactions with Management and Others." Such information is incorporated herein by reference and made a part hereof.

Item 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this item appears in Salisbury's Proxy Statement for the 2018 Annual Meeting of Shareholders, under the caption "Relationship with Independent Public Accountants" and “Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors.” Such information is incorporated herein by reference and made a part hereof.

PART IV

Item 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)(1)Financial Statements. The Consolidated Financial Statements of Registrant and its subsidiary are included within Item 7 of Part II of this report.
(a)(2)Financial Statement schedules. All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted because they are either not applicable or the required information is included in the Consolidated Financial Statements or Notes thereto included within Item 8 of this Form 10-K.
(b)Exhibits. The following exhibits are included as part of this Form 10-K.

 

  Exhibit No. Description
  2.1     Agreement and Plan of Merger by and among Salisbury Bancorp, Inc., Salisbury Bank and Trust Company and Riverside Bank dated March 18, 2014 (incorporated by reference to Exhibit 2.1 of Form 8-K filed on March 19, 2014).
  3.1     Certificate of Incorporation of Salisbury Bancorp, Inc. (incorporated by reference to Exhibit 3.1 of Registrant’s 1998 Registration Statement on Form S-4 filed April 23, 1998, File No.: 33-50857).
  3.1.1     Amendment to Article Third of Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant’s Form 8-K filed March 11, 2009).
  3.1.2     Certificate of Amendment to Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant’s Form 8-K filed March 19, 2009).
  3.1.3     Certificate of Amendment to Certificate of Incorporation for the Series B Preferred Stock (incorporated by reference to Registrant’s Form 8-K filed on August 25, 2011).
  3.1.4     Certificate of Amendment to Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant’s Form 8-K filed October 30, 2014).
  3.2     Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 of Form 8-K filed November 25, 2014).
  4.1     Warrant to purchase Common Stock dated March 13, 2009. (incorporated by reference to Exhibit 4.1 of Registrant’s 2010 Annual Report on Form 10-K filed March 31, 2011).  (Such Warrant was repurchased by Salisbury on November 2, 2011 and simultaneously cancelled.  See Exhibit 10.8 below).
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  4.2     Form of Subordinated Note, dated as of December 10, 2015, issued by Salisbury Bancorp, Inc. (incorporated by reference to Exhibit 4.1 of Registrant’s Form 8-K filed December 10, 2015).
  10.1     Consulting and Non-Compete Agreement dated June 1, 2009 by and between Salisbury and John F. Perotti. (incorporated by reference to Exhibit 10.2 of Registrant’s 2010 Annual Report on Form 10-K filed March 31, 2011).
  10.2     2001 Director’s Stock Retainer Plan (incorporated by reference to Exhibit 10.1 of Registrant’s 2001 Annual Report on Form 10-KSB/A filed May 8, 2002).  (Such Plan expired in 2011 and was replaced by the 2011 Long Term Incentive Plan.  See Exhibit 10.9 below).
  10.3     Securities Purchase Agreement dated August 25, 2011 with the U.S. Treasury Department relating to the Small Business Lending Fund (incorporated by reference to Exhibit 10.1 of Registrant’s Form 8-K filed on August 25, 2011).
  10.4     2011 Long Term Incentive Plan adopted by the Board on March 25, 2011 and approved by the shareholders at Salisbury’s 2011 Annual Meeting of Shareholders (incorporated by reference to Exhibit 10.9 of Registrant’s Annual Report on Form 10-K filed March 19, 2012).
  10.5     Amendment Number One to 2011 Long Term Incentive Plan dated as of January 18, 2013 (incorporated by reference to Exhibit 10.10 of Registrant’s Annual Report on Form 10-K filed March 7, 2013).
  10.6     Severance Agreement between Salisbury Bank and Trust and Mr. Richard J. Cantele, Jr. effective as of January 1, 2013 (incorporated by reference to Exhibit 10.1 of Registrant’s Form 8-K filed February 15, 2013).
  10.7     Non-qualified Deferred Compensation Plan effective as of January 1, 2013 (incorporated by reference to Exhibit 10.2 of Registrant’s Form 8-K filed February 15, 2013).
  10.8     Change in Control Agreement with Donald E. White dated April 1, 2013 (incorporated by reference to Exhibit 10.3 of Form 10-Q filed May 14, 2013).
  10.9     Employee Stock Ownership Plan (incorporated by reference to Exhibit 10.14 of Form 10-K filed March 28, 2014).
  10.10     Salisbury Bancorp, Inc. 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed January 2, 2015).
  10.11     Amendment Number One to Salisbury Bancorp, Inc. 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed January 30, 2015).
  10.12     Amendment Number Two to 2011 Long Term Incentive Plan dated as of January 29, 2016 (incorporated by reference to Exhibit 10.12 of Form 10-K filed March 30, 2016).
  10.13     Form of Split-dollar Life Insurance Agreements with Senior Executive Officers (incorporated by reference to Exhibit 10.13 of Form 10-K filed on March 30, 2016).
  10.14     Employment Agreement with John M. Davies (incorporated by reference to Exhibit 10.14 of Form 10-K filed March 30, 2016).
  10.15     Form of Subordinated Note Purchase Agreement, dated as of December 10, 2015, between Salisbury Bancorp, Inc. and the Purchasers identified therein. (incorporated by reference to Exhibit 10.1 of Registrant’s Form 8-K filed December 10, 2015). (incorporated by reference to Exhibit 10.15 of Form 10-K filed on March 30, 2016).
  10.16     2017 Long Term Incentive Plan adopted by the Board on February 24, 2017 approved by shareholders at Salisbury’s 2017 Annual Meeting of Shareholders (incorporated by reference to Appendix A of the Registrant’s proxy filed March 20, 2017.
  10.17     Amendment Number Three to 2011 Long Term Incentive Plan dated as of April 28, 2017 (incorporated by reference to Exhibit 10.2 of Form 10-Q filed May 15, 2017).
  10.18     Change in Control Agreement with Peter Albero dated January 26, 2018.
  21.1     Subsidiaries of the Registrant.
  23.1     Consent of Baker Newman & Noyes, LLC.
  31.1     Chief Executive Officer Certification Pursuant to 17 CFR 240.13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  31.2     Chief Financial Officer Certification Pursuant to 17 CF 240.13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  32.1     Chief Executive Officer and Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 (c)Financial Statement Schedules
No financial statement schedules are required to be filed as Exhibits pursuant to Item 15(c).

 

Item 16.FORM 10-K SUMMARY

None.

 86 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SALISBURY BANCORP, INC.

 

/s/ Richard J. Cantele, Jr.

Richard J. Cantele, Jr.,

President and Chief Executive Officer

March 15, 2018

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/ Louis E. Allyn, II /s/ Polly Diane Hoe
Louis E. Allyn, II Polly Diane Hoe
Director Director
March 15, 2018 March 15, 2018
   
/s/ Charles M. Andola /s/ Nancy F. Humphreys
Charles M. Andola Nancy F. Humphreys
Director Director
March 15, 2018 March 15, 2018
   
/s/ George E. Banta /s/ Holly J. Nelson
George E. Banta Holly J. Nelson
Director Director 
March 15, 2018 March 15, 2018
   
/s/ Arthur J. Bassin /s/ John F. Perotti
Arthur J. Bassin John F. Perotti
Director Director 
March 15, 2018 March 15, 2018
   
/s/ Richard J. Cantele, Jr. /s/ Michael A. Varet
Richard J. Cantele, Jr. Michael A. Varet
Director, President and Chief Executive Officer Director, Chairman of the Board
March 15, 2018 March 15, 2018
   
/s/ David B. Farrell /s/ Peter Albero
David B. Farrell Peter Albero
Director Chief Financial Officer
March 15, 2018 and Chief Accounting Officer
  March 15, 2018
/s/ Michael D. Gordon
Michael D. Gordon
Director
March 15, 2018
 
 EX-10.18 2 sal0303form10kexh10_8.htm EXHIBIT 10.18

Exhibit 10.18

CHANGE IN CONTROL AGREEMENT WITH PETER ALBERO

DATED JANUARY 19, 2018

 

This Change in Control Agreement (this “Agreement”) is made and entered into effective as of January 26, 2018 (the “Effective Date”), by and between Salisbury Bank and Trust Company, a Connecticut-chartered commercial bank with its principal administrative office at 5 Bissell Street, P.O. Box 1868, Lakeville, CT 06039-1868 (together with its successors and assigns, the “Bank”) and Peter Albero (“Executive”). Any reference to the “Company” hereunder shall mean Salisbury Bancorp, Inc. (together with its successors and assigns), the parent of the Bank that owns 100% of the Bank.

RECITALS

A. Executive possesses unique and valued experience with, and essential knowledge about, financial institutions and their operation and the Connecticut banking community;

B. In order to induce Executive to remain employed with the Bank, the Bank and Executive desire to set forth in writing the severance benefits that are payable to Executive as a result of Executive’s termination of employment in connection with a Change in Control of the Bank or the Company.

NOW, THEREFORE, in consideration of the mutual covenants and obligations herein contained, it is mutually agreed between the parties hereto as follows:

1. Term. This Agreement shall continue for a term commencing on the Effective Date and ending on the first anniversary of the Effective Date (the “Term”). On each annual anniversary of the Effective Date (each an “Anniversary Date”) this Agreement shall automatically renew for an additional year (each succeeding one year period shall also be referred to herein as the “Term”), unless at least thirty (30) days prior to such Anniversary Date, either party gives written notice of non-renewal to the other. If such notice of non-renewal is given as permitted hereunder, the Agreement will expire at the conclusion of such Term. Notwithstanding any provision of this Agreement to the contrary, Executive’s employment may be terminated at any time prior to the expiration of the Term, as provided in Section 2 hereof and subject to the provisions of this Agreement, including, without limitation, Sections 4, 5, 6, 9, 10, 11 and 12. Notwithstanding the foregoing, in the event that at any time during the Term of this Agreement, the Company or the Bank has entered into an agreement to effect a transaction which would be a Change in Control (as defined in Section 3 hereof), then the Term of this Agreement shall be automatically extended through the date that is twelve (12) months following the date on which the Change in Control occurs, provided, however, that if the Change in Control does not occur as contemplated, then the Agreement shall automatically renew on the next Anniversary Date, unless a notice of non-renewal is given by either party hereto in the manner set forth above.

2. At-Will Status. Notwithstanding any provision of this Agreement, Executive is employed at-will, such that Executive or the Bank may terminate Executive’s employment at any time, for any or no reason, subject to the remaining provisions of this Agreement.

3. Definitions. As used in this Agreement, the following terms shall have the meanings set forth herein.

“Cause” shall mean (i) the conviction of the Executive of a felony or of any lesser criminal offense involving moral turpitude; (ii) the willful commission by the Executive of any act that, in the judgment of the Board will likely cause substantial economic damage to the Bank or substantial injury to the business reputation of the Bank; (iii) the commission by the Executive of an act of fraud in the performance of his duties on behalf of the Bank; (iv) the continuing willful failure of the Executive to perform his duties to the Bank after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to cure such failure are given to the Executive; or (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination of the Executive’s employment by the Bank. For this purpose, no act, or failure to act, on the part of Executive shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interests of the Bank. Without limiting the foregoing, in no event shall Executive be deemed to be acting in good faith or in the best interests of the Bank for purposes of the preceding sentence with respect to acts of omission or commission taken in contravention of any direction(s), rule(s) or requirement(s) issued, authorized, approved or ratified by the Board.

Notwithstanding the foregoing provisions, in no event shall Cause be deemed to exist unless (i) the Bank shall provide Executive with written notice making reference to this Agreement, stating that the Bank intends to terminate Executive for Cause within the meaning of this Agreement, and setting forth in reasonable detail the facts and circumstances allegedly constituting Cause, and (ii) the Bank affords Executive a period of two (2) weeks after issuance of such notice either to demonstrate, through written rebuttal, that Cause does not exist under this Section 3, or to cure the circumstances constituting such Cause; provided, however, that the determination of whether Cause exists or whether Executive has sufficiently cured any Cause, shall be made in the reasonable discretion of the Board, as evidenced by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel, to be heard before the Board). Nothing in this Section 3 shall prevent the Bank from terminating Executive for Cause prior to the issuance of the above-referenced notice or expiration of the above-referenced two (2) week rebuttal/cure period; provided however that if, upon the expiration of such two (2) week period, it is determined that facts or circumstances sufficient to constitute Cause did not (or, if applicable, do not) exist or has/have been cured, then such earlier termination of Executive by the Bank shall be deemed to be without Cause. Without limiting the foregoing, the Bank may suspend Executive, with or without pay, during the above-referenced two (2) week rebuttal/cure period, and such suspension shall not constitute either a termination of employment by the Bank under this Agreement or Good Reason for separation by Executive.

“Change in Control” shall mean (i) a change in the ownership of the Company or Bank, (ii) a change in the effective control of the Company or Bank, or (iii) a change in the ownership of a substantial portion of the assets of the Company or Bank, as described below.

A change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company or Bank that, together with stock held by such person or group, constitutes more than fifty (50) percent of the total fair market value or total voting power of the stock of such corporation. For these purposes, a change in ownership will not be deemed to have occurred if no stock of the Company or Bank is outstanding.

A change in the effective control of the Company or Bank occurs on the date that either (A) any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company or Bank possessing thirty (30) percent or more of the total voting power of the stock of the Company or Bank, or (B) a majority of the members of the Company’s or Bank’s board of directors is replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s or Bank’s board of directors prior to the date of the appointment or election, provided that this subsection “(B)” is inapplicable where a majority shareholder of the entity that experiences the change in control is another corporation.

A change in a substantial portion of the Company’s or Bank’s assets occurs on the date that any one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company or Bank that have a total gross fair market value equal to or more than forty (40) percent of the total gross fair market value of (A) all of the assets of the Company or Bank, or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets.

For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

“Good Reason” shall mean any of the following circumstances if they occur without the Executive’s consent: (i) a material reduction in the Executive’s Base Salary not warranted by general across the board reductions due to economic necessity; (ii) a material reduction in the Executive’s incentive bonus and other benefits generally provided to executives generally (except due to general across the board reductions due to economic necessity); (iii) a material reduction in Executive’s authority, duties or responsibilities such that Executive no longer holds a position with Executive level responsibilities consistent with Executive’s training and experience; or (iv) the permanent relocation of Executive’s principal place of business to a location that is more than 35 miles from Executive’s workplace at the initial effective date of this Agreement; provided that for a termination to be deemed for Good Reason, Executive must give, within the ninety (90) day period commencing on the initial existence of the condition(s) constituting Good Reason, written notice of the intention to terminate for Good Reason, and, upon receipt of such notice, the Bank shall have a thirty (30) day period within which to cure such condition(s); and provided further that the Bank may waive such right to notice and opportunity to cure. In no event may facts or circumstances constituting “Good Reason” arise after the occurrence of facts or circumstances that the Bank relies upon, in whole or in material part, in terminating Executive for Cause.

4. Termination in Connection with a Change in Control. In the event of Executive’s involuntary termination of employment for reasons other than Cause (or due to Executive’s death or disability) or a voluntary termination of employment for Good Reason occurring on or after a Change in Control, Executive shall be entitled to the following:

(a) A lump sum cash payment equal to one times the Executive’s annual rate of base salary in effect on Executive’s date of termination or, if greater, Executive’s average annual base salary rate for the twelve (12) month period ending on the last day of the calendar month immediately prior to the date of such termination. Such amount shall be paid to Executive within sixty (60) days following Executive’s separation from service.

(b) Life insurance coverage and non-taxable medical and dental coverage, at no cost to Executive, that is substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive immediately prior to his date of termination. Such life insurance and non-taxable medical and dental coverage shall be provided by the Bank to the Executive for one (1) year following Executive’s separation from service, provided, however, that this sub-section is not intended to reduce the amount of time that Executive may obtain coverage at his own expense under the provision of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and comparable state law; except that Executive’s coverage for such period shall be counted against and deducted from the maximum COBRA period. Notwithstanding anything herein to the contrary, if as the result of any change in, or interpretation of, the laws applicable to the continued welfare benefits hereunder, such benefits are deemed illegal or subject to penalties, then the Bank shall, to the extent permitted under such laws, pay to the Executive a cash lump sum payment reasonably estimated to be equal to the amount of welfare benefits (or the remainder of such amount) that the Executive is no longer permitted to receive in-kind. Such lump sum payment shall be required to be made within sixty (60) days following the Executive’s separation from service, or if later, within sixty (60) days following a determination that such payment would be illegal or subject to penalties.

(c) Unpaid compensation and benefits, and unused vacation, accrued through the date of Executive’s termination of employment. Executive shall also be entitled to be reimbursed by the Bank for final expenses that Executive reasonably and necessarily incurred on behalf of the Bank prior to Executive’s termination of employment, provided that Executive submits expense reports and supporting documentation of such expenses in accordance with the Bank’s expense reimbursement policies in effect at that time. Such reimbursement payment or payments shall be made no later than the time required by applicable law (or, if earlier, by Bank or Company policy, practice or rule), but in no event later than the sixtieth (60th) day following Executive’s date of the termination.

(d) Notwithstanding the preceding paragraphs of this Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Agreement, either as a stand-alone benefit or when aggregated with other payments to, or for the benefit of Executive that are contingent on a Change in Control (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code (“Code”) or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount”, as determined in accordance with said Section 280G. In the event a reduction is necessary, the Executive shall be entitled to determine which benefits or payments shall be reduced or eliminated so the total parachute payments do not result in an excess parachute payment. If Executive does not make this determination within 10 business days after receiving a written request form the Bank (or by the time that benefits or payments are due hereunder, if later), the Bank may make such determination, and shall notify the Executive promptly thereof. In the event it is determined that permitting the Executive or the Bank to make the determination regarding the form or manner of reduction would violate Code Section 409A, such reduction shall be made pro rata.

5. Conditions of Severance Benefits; Effect on Executive’s Post-Employment Obligations.

(a) Notwithstanding the foregoing, in no event shall any compensation payable to the Executive pursuant to the provisions of 4(a) and (b) above that is subject to Code Section 409A be paid to the Executive unless and until the Executive has incurred a “separation from service” as defined in Code Section 409A and in regulations and guidance issued thereunder, unless such payment is required by applicable law. For purposes of this Agreement, a “separation from service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after his date of the termination (whether as an employee or as an independent contractor) or the level of further services performed is less than fifty (50) percent of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of separation from service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

(b) Executive shall receive the severance benefits set forth in Section 4(a) and 4(b) hereof only if Executive (a) executes a general release, in a form acceptable to the Bank, within sixty (60) days of the date of the termination of the Executive’s employment in accordance with the provisions of Section 4 hereof; (b) presents satisfactory evidence to the Bank that Executive has returned all Bank property; and (c) provides the Bank with a signed, written resignation of Executive’s status as an officer and/or director of the Bank and/or any holding company, subsidiary or affiliate as applicable. In the event the Bank reasonably believes that Executive has breached, or has threatened to breach, any provision of the Agreement, the Executive shall no longer be entitled to such benefits and further shall be required to reimburse all severance benefits, including payments under Section 4(a), previously made by the Bank. Such termination of benefits shall be in addition to any and all legal and equitable remedies available to the Bank, including injunctive relief. Without limiting the foregoing, Executive acknowledges and agrees that the provisions of Sections 10, 12, 14, 16, 17, and 18 of this Agreement (i) are supported by adequate consideration in addition to the severance benefits provided under Section 4(a) and 4(b) and all other amounts and things of value to which Executive would be entitled if Executive did not enter into this Agreement, and (ii) shall be enforceable notwithstanding Executive’s failure of refusal to satisfy, in whole or in part, the conditions for the severance benefits set forth under this Section 5.

6. Taxes. All payments and benefits described in this Agreement shall be subject to any and all applicable federal, state and local income, employment and other taxes, and the Bank will deduct from each payment to be made to Executive under this Agreement such amounts, if any, required to be deducted or withheld under applicable law. Executive hereby acknowledges and agrees that the Bank makes no representations or warranties regarding the tax treatment or tax consequences of any compensation, benefits or other payments under the Agreement, or under any statute, or regulation or guidance thereunder, or under any successor statute, regulation and guidance thereunder.

7. Code Section 409A. The cash severance payments under this Agreement are intended to be exempt from Section 409A of the Code under the “short term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). If and to the extent this Agreement provides for a deferral of compensation subject to Section 409A of the Code, it is the intent of the parties that this Agreement, and all payments of deferred compensation subject to Code Section 409A made hereunder, shall be in compliance with such requirements and the regulations and other guidance thereunder. Notwithstanding any other provision with respect to the timing of payments under Sections 4(a), if, at the time of Executive’s separation from service, Executive is a “specified employee” (meaning a key employee as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank (or a Bank affiliate), then to the extent necessary to comply with the requirements of Code Section 409A, any payments to which Executive is entitled under Sections 4 (during the six (6) month period commencing on the Executive’s separation from service which are subject to Code Section 409A (and not otherwise exempt from its application, including, without limitation, by operation of Treasury Regulation Section 1.409A-1(n)) will be withheld until the first business day of the seventh (7th) month following Executive’s separation from service, at which time such withheld amount shall be paid in a lump sum distribution. The Bank and Executive agree that they will negotiate in good faith and jointly execute an amendment to modify this Agreement to the extent necessary to comply with the requirements of Code Section 409A, or any successor statute, regulation and guidance thereunder.

8. Limitation on Benefits. In no event shall the Bank be obligated to make any payment pursuant to this Agreement that is prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. §1828(k)), 12 C.F.R. Part 359, or any other applicable law.

9. No Mitigation. The Bank agrees that Executive is not required to use reasonable good faith efforts to seek other employment and to reduce any amounts payable to Executive by the Bank pursuant to this Agreement.

10. Non-Competition; Non-Solicitation; Non-Disclosure.

(a) The benefits provided to Executive under this Agreement are specifically conditioned on Executive’s covenant that, for a period of one (1) year following the Executive’s Separation from Service with the Bank, the Executive will not, without the written consent of the Bank, either directly or indirectly:

 

(i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or any of its affiliates to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business or other entity;

 

(ii) become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity-owner or stockholder, partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other entity that has headquarters or offices within fifteen (15) miles of the locations in which the Bank or its affiliates has business operations or has filed an application for regulatory approval to establish an office as of the date of Executive’s termination; provided, however, that this restriction shall not apply if the Executive’s employment is terminated following a Change in Control; or

 

(iii) solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Bank or its affiliates to terminate an existing business or commercial relationship with the Bank or its affiliates; or

 

(b) Executive further agrees that Executive shall not at any time or in any manner, directly or indirectly, use or disclose Confidential Information (as hereinafter defined) to any party other than the Bank either during or after Executive’s termination of employment or the termination of this Agreement for any reason, except for purposes consistent with the administration and performance of Executive’s obligations hereunder, or as required by law, provided that written notice of any legally required disclosure shall be given to the Bank promptly prior to any such disclosure and Executive shall reasonably cooperate with the Bank to protect the confidentiality thereof pursuant to applicable law or regulation. For purposes of this Agreement, the term “Confidential Information” includes any confidential or proprietary information furnished or provided by the Bank to Executive after Executive first became employed by the Bank, under this Agreement or otherwise (whether before or after the Execution Date) (and without regard to whether such information is conveyed directly or on the Bank’s behalf), or otherwise acquired by Executive as a consequence of Executive’s employment with the Bank and that is not generally known in the industry in which the Bank is engaged and that in any way relates to the products, services, purchasing, marketing, names of customers, vendors or suppliers, merchandising and selling, plans, data, specifications or any other confidential and proprietary information of the Bank or any affiliate. Any Confidential Information supplied to Executive by the Bank prior to the Execution Date shall be considered in the same manner and be subject to the same treatment as the Confidential Information made available after the execution of this Agreement. The term “Confidential Information” does not include information (i) which was already in the public domain, (ii) which is disclosed as a matter of right by a third party source after the execution of this Agreement, provided such third party source is not bound by a confidentiality agreement with the Bank or (iii) which passes into the public domain by acts other than the unauthorized acts of Executive, whether acting alone or in concert; provided, however, that any disclosure of Confidential Information may be made by Executive if the Bank expressly consents thereto in writing prior to such disclosure.

11. Exclusive Remedy. Except as expressly set forth herein or otherwise required by law, Executive shall not be entitled to any compensation, benefits, or other payments from the Bank as a result of, or in connection with, Executive’ s separation from service at any time, for any reason. The payments and benefits set forth in Sections 4 hereof shall constitute Executive’s sole and exclusive remedy for any claims, causes of action or demands arising under or in connection with this Agreement or its alleged breach, or the termination of Executive’s employment relationship with the Bank.

12. Governing Law/Interpretation. Executive and the Bank agree that this Agreement and any claims arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut, without giving effect to the principles of conflicts of laws thereof.

13. Entire Agreement. This Agreement shall constitute the sole and entire agreement between the parties with respect to the subject matter hereof, and supersedes and cancels all prior, concurrent and/or contemporaneous arrangements, understandings, promises, offers, agreements and/or discussions, including, but not limited to, those concerning employment agreements and/or severance benefits, whether written or oral, by or between the parties, regarding the subject matter hereof; provided, however, that this Agreement is not intended to, and shall not, supersede, affect, limit, modify or terminate any written agreement or arrangement between Executive and the Bank that does not relate to the subject matter hereof.

14. Assignment. Executive acknowledges that the services to be rendered hereunder are unique and personal in nature. Accordingly, Executive may not assign any rights or delegate any duties or obligations under this Agreement. The rights and obligations of the Bank under this Agreement shall automatically be assigned to the successors and assigns of the Bank (including, but not limited to, any successor in the event of a Change in Control, as well as any other entity that controls, is controlled by, or is under common control with, any such successor), and shall inure to the benefit of, and be binding upon, such successors and assigns. This Agreement shall be binding upon Executive, as well as, Executive’s heir, executors and administrators of Executive or Executive’s estate and property.

 

15. Notices. All notices required hereunder shall be in writing and shall be delivered in person, by facsimile or by certified or registered mail, return receipt requested, and shall be effective upon sending if by facsimile, or upon receipt if by personal delivery, or upon the fourth (4th) business day after being sent by certified or registered mail. All notices shall be addressed as follows or to such other address as the parties may later provide in writing:

 

if to the Bank:

Salisbury Bank and Trust Company
5 Bissell Street

Lakeville, CT 06039-1868
ATTN: Chairperson of the Board

 

and, if to Executive:

at the address set forth in the human resources files of the Bank.

16. Severability/Reformation. If any one or more of the provisions (or any part thereof) of this Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions (or any part thereof) shall not in any way be affected or impaired thereby, and this Agreement shall be construed and reformed to the maximum extent permitted by law. The language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against either of the parties.

17. Modification. This Agreement and the rights, remedies and obligations contained in any provision hereof, may be modified or waived only in accordance with this Section 17. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. This Agreement and its terms may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by a written instrument signed by the party against whom any waiver, change, discharge or termination is sought. No modification or waiver by the Bank is effective without written consent of the Board.

18. Arbitration. Subject to the mutual agreement of the parties hereto at the time a dispute exists between such parties, any dispute, controversy or claim arising out of, or in connection with, this Agreement shall be exclusively subject to arbitration before the American Arbitration Association (“AAA”). Such arbitration shall take place in Hartford, Connecticut, before a single arbitrator in accordance with AAA’s then current National Rules for the Resolution of Employment Disputes. Judgment upon any arbitration award may be entered in any court of competent jurisdiction. All parties shall cooperate in the process of arbitration for the purpose of expediting discovery and completing the arbitration proceedings. Notwithstanding any provision in this Agreement to the contrary, nothing contained in this Section 19 or elsewhere in this Agreement shall in any way deprive the Bank of its right to obtain injunctive relief, specific performance or other legal or equitable relief in a court of competent jurisdiction for purposes of enforcing the provisions of Section 10 hereof.

19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

20. Section Headings. The descriptive section headings herein have been inserted for convenience only and shall not be deemed to define, limit, or otherwise affect the construction of any provision hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal as of the date and year first written above.

SALISBURY BANK AND TRUST COMPANY

 

 

 

By:     _____________________________________

Name: Richard J. Cantele, Jr.

Title: President and Chief Executive Officer

 

 

 

EXECUTIVE

 

 

 

_________________________________________

Peter Albero

 EX-21.1 3 sal0303form10kexh21_1.htm EXHIBIT 21.1

Exhibit 21.1

SALISBURY BANCORP, INC.

SUBSIDIARIES OF REGISTRANT

 

Salisbury Bank and Trust Company, a Connecticut state chartered commercial bank.

 

Subsidiaries of Salisbury Bank and Trust Company:

SBT Mortgage Service Corporation, a Connecticut corporation.

S.B.T. Realty, Incorporated, a New York corporation.

 EX-23.1 4 sal0303form10kexh23_1.htm EXHIBIT 23.1

Exhibit 23.1

SALISBURY BANCORP, INC.

CONSENT OF BAKER NEWMAN & NOYES, LLC.

 

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

We consent to the incorporation by reference in Registration Statement No. 333-160767 on Form S-3, Registration Statement No. 333-152930 on Form S-3D, Registration Statement No. 333-218089 on Form S-8 and Registration Statement No. 333-152930 filed as a Prospectus pursuant to Rule 424(b)(3) of Salisbury Bancorp, Inc. and Subsidiary of our report dated March 15, 2018, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting of Salisbury Bancorp, Inc. and Subsidiary, appearing in this Annual Report on Form 10-K of Salisbury Bancorp, Inc. and Subsidiary for the year ended December 31, 2017.

 

 

/s/ Baker Newman & Noyes LLC

Portsmouth, New Hampshire

March 15, 2018

 

 EX-31.1 5 sal0303form10kexh31_1.htm EXHIBIT 31.1

Exhibit 31.1

SALISBURY BANCORP, INC.

CERTIFICATION

 

I, Richard J. Cantele, Jr., certify that:

1)I have reviewed this annual report on Form 10-K of Salisbury Bancorp, Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

  

March 15, 2018 By /s/ Richard J. Cantele, Jr.
  Richard J. Cantele, Jr.,
  President and Chief Executive Officer

 EX-31.2 6 sal0303form10kexh31_2.htm EXHIBIT 31.2

Exhibit 31.2

SALISBURY BANCORP, INC.

CERTIFICATION

 

I, Peter Albero, certify that:

1)I have reviewed this annual report on Form 10-K of Salisbury Bancorp, Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

March 15, 2018 By /s/ Peter Albero
  Peter Albero,
  Chief Financial Officer
  and Chief Accounting Officer 

 EX-32.1 7 sal0303form10kexh32_1.htm EXHIBIT 32.1

Exhibit 32.1

SALISBURY BANCORP, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned officer of Salisbury Bancorp, Inc. (the “Corporation”), hereby certifies that the Company’s Annual Report on Form 10-K for the period ended December 31, 2017 to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

 

March 15, 2018 By /s/ Richard J. Cantele, Jr.
  Richard J. Cantele, Jr.,
  President and Chief Executive Officer

 

 

The undersigned officer of Salisbury Bancorp, Inc. (the “Corporation”), hereby certifies that the Company’s Annual Report on Form 10-K for the period ended December 31, 2017 to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

 

March 15, 2018 By /s/ Peter Albero
  Peter Albero,
  Chief Financial Officer
  and Chief Accounting Officer 

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2786566 5434000 9357000 2681000 2519000 30051000 39129000 35485000 48486000 62118000 36105000 78901000 1084000 362000 79623000 78821000 417000 79047000 1040000 78583000 79623000 835000 78212000 79047000 79623000 79623000 79047000 79047000 643000 3211000 3813000 763184000 801703000 14398000 16401000 12552000 13815000 1737000 1837000 2424000 2665000 14038000 14381000 1367000 677000 3574000 2771000 11000 430000 935366000 986984000 935366000 939549000 974806000 979469000 986984000 891804000 913494000 928445000 103838000 107353000 218420000 220536000 127854000 142575000 182476000 190953000 135435000 144600000 117585000 116831000 5535000 1668000 418000 1835000 6316000 5926000 841359000 889470000 42085000 42998000 51521000 54664000 477000 179000 179000 477000 935366000 986984000 103838000 107353000 3511000 4044000 0.10 0.10 5000000 5000000 2859654 2872578 94007000 97514000 273000 276000 279000 41364000 42085000 42998000 47922000 51521000 54664000 1125000 477000 179000 90574000 -110000 -352000 -606000 272000 41077000 42677000 -313000 2108000 101821000 16000000 1020000 1835000 917000 352000 364000 237000 67000 463000 525000 344000 503000 533000 601000 652000 169000 242000 356000 <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 1in; text-indent: -1in">NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury Bancorp, Inc. (&#8220;Salisbury&#8221; or the &#8220;Company&#8221;) is the bank holding company for Salisbury Bank (the &#8220;Bank&#8221;), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the &#34;FDIC&#34;) insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in Litchfield, Berkshire and Dutchess, Orange and Ulster Counties in Connecticut, Massachusetts and New York, respectively.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Principles of Consolidation</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.</p> <p style="font: bold 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Basis of Financial Statement Presentation</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to make them consistent with the 2017 presentation.</p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Cash and Cash Equivalents</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; background-color: white">Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank&#8217;s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. At December 31, 2017 and December 31, 2016, Salisbury maintained cash reserves of $25 million and $21 million, respectively consistent with FRB requirements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><b>Securities</b></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (&#8220;OTTI&#8221;). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. Declines in marketable equity securities below their cost that are deemed other than temporary are </font><font style="letter-spacing: -0.2pt">reflected in earnings as realized losses.</font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Federal Home Loan Bank of Boston Stock</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.2pt">The Bank is a member of the Federal Home Loan Bank of Boston (&#8220;FHLBB&#8221;). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank&#8217;s FHLBB stock as of December 31, 2017. Deterioration of the FHLBB&#8217;s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.</font></p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Loans</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower&#8217;s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans are classified as accruing or non-accruing based on management&#8217;s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.</p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Acquired Loans</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that meet the criteria stipulated in Accounting Standards Codification (&#8220;ASC&#8221;) 310-30, &#8220;Loans and Debt Securities Acquired with Deteriorated Credit Quality,&#8221; Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan&#8217;s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, &#8220;Contingencies&#8221; by collectively evaluating these loans for an allowance for loan losses.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Allowance for Loan Losses</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses represents management&#8217;s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The determination of the adequacy of the allowance is based on management&#8217;s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management&#8217;s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans collectively evaluated for impairment </u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management&#8217;s general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury&#8217;s policies or methodology pertaining to the general component of the allowance for loan losses during 2017.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury&#8217;s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Farm &#8211; Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Vacant land &#8211; Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Municipal loans &#8211; Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury&#8217;s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity&#8217;s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans individually evaluated for impairment</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan&#8217;s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower&#8217;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#34;TDR&#34;). All TDRs are classified as impaired.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Unallocated</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">An unallocated component is maintained to cover uncertainties that could affect management&#8217;s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Mortgage Servicing Rights</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal; letter-spacing: -0.1pt">As part of our growth and risk management strategy, we </font><font style="font-weight: normal">from time <font style="letter-spacing: -0.1pt">to </font>time will <font style="letter-spacing: -0.1pt">sell whole loans.</font> These are <font style="letter-spacing: -0.1pt">typically </font>fixed rate <font style="letter-spacing: -0.1pt">residential loans. Our ability to sell whole loans benefits the bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage </font>Servicing Rights <font style="letter-spacing: -0.1pt">(&#8220;MSRs&#8221;), which the bank evaluates with the assistance of a third party on a quarterly basis, are included </font>in other assets <font style="letter-spacing: -0.1pt">on the consolidated balance </font>sheets <font style="letter-spacing: -0.1pt">and are accounted for under the amortization method. </font>Under <font style="letter-spacing: -0.1pt">that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.</font></font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Other Real Estate Owned (&#8220;OREO&#8221;)</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury's loans collateralized by real estate and all other real estate owned (&#8220;OREO&#8221;) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury&#8217;s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury&#8217;s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">As of December 31, 2017 and 2016, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $1.1 million and $2.1 million, respectively.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Income Taxes</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank Premises and Equipment</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif"> <tr> <td style="vertical-align: top; width: 10%; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left; width: 90%">Buildings/Improvements &#8211; 39 years</td></tr> <tr> <td style="vertical-align: top; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left">Land Improvements &#8211; 15 years</td></tr> <tr> <td style="vertical-align: top; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left">Furniture and Fixtures &#8211; 7 years</td></tr> <tr> <td style="vertical-align: top; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left">Computer Equipment &#8211; 5 years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; vertical-align: top">&#8226;</td> <td style="text-align: left">Software &#8211; 3 years</td></tr> </table> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt; letter-spacing: -0.1pt; text-align: justify"></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Intangible Assets</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury&#8217;s intangible assets at December 31, 2017, and 2016, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, $2,723,000 arising from the acquisition of Riverside Bank in December 2014 and $1,263,000 from the purchase of an additional branch office in New York in 2017. See Note 8.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">On an annual basis, management assesses intangible assets for impairment, and for the year ending December 31, 2017, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Stock Based Compensation</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight line basis over the period of time between the grant date and vesting date.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Advertising Expense</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Advertising costs of $613,000 and $508,000 in 2017 and 2016, respectively, are expensed as incurred and not capitalized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Statements of Cash Flows</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Computation of Earnings per Share</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (&#8220;EPS&#8221;) using the two-class method.</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal">The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Recent Accounting Pronouncements</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In May 2014, August 2015, May 2016, and December 2016, respectively, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, 2015-14, 2016-12, and 2016-20, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The amendments in ASU 2016-12 do not change the core principle of the guidance in Topic 606, but rather affect only certain narrow aspects aimed to reduce the potential for diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in ASU 2016-20 include technical corrections and improvements to Topic 606 and other Topics amended by ASU 2014-09 to increase stakeholders&#8217; awareness of the proposals and to expedite improvements to ASU 2014-09. Salisbury engaged an outside consulting firm to help management assess if the implementation of Topic 606 would have a material impact on its consolidated financial statements. A significant portion of Salisbury&#8217;s revenue is outside the scope of Topic 606. For the portion of revenue within scope, management has identified three revenue streams for review: deposit-related fees, interchange fees and wealth management fees. The contracts associated with these revenue streams have been evaluated to determine if changes to Salisbury&#8217;s revenue recognition policies are required. As a result of this review management has determined that its revenue recognition policies conform to Topic 606 and that no changes will be required to Salisbury&#8217;s consolidated financial statements when the ASU is implemented in 2018.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">In January 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments &#8211; overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.&#34; This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (7) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (8) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted as of the beginning of the fiscal year of adoption only for provisions (3) and (6) above. Early adoption of the other provisions mentioned above is not permitted. Salisbury does not expect ASU 2016-01 to have a material impact on its consolidated financial statements.</font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">In February 2016, the FASB issued ASU 2016-02, &#34;Leases (Topic 842)&#8221;. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. 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Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument&#8217;s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for &#8220;public business entities,&#8221; as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. 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Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on Salisbury&#8217;s and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Salisbury and the Bank must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. 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margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. 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Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that meet the criteria stipulated in Accounting Standards Codification (&#8220;ASC&#8221;) 310-30, &#8220;Loans and Debt Securities Acquired with Deteriorated Credit Quality,&#8221; Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan&#8217;s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, &#8220;Contingencies&#8221; by collectively evaluating these loans for an allowance for loan losses.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Allowance for Loan Losses</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses represents management&#8217;s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The determination of the adequacy of the allowance is based on management&#8217;s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management&#8217;s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans collectively evaluated for impairment </u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management&#8217;s general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury&#8217;s policies or methodology pertaining to the general component of the allowance for loan losses during 2017.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury&#8217;s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Farm &#8211; Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Vacant land &#8211; Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Municipal loans &#8211; Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury&#8217;s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity&#8217;s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans individually evaluated for impairment</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan&#8217;s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower&#8217;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#34;TDR&#34;). All TDRs are classified as impaired.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Unallocated</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">An unallocated component is maintained to cover uncertainties that could affect management&#8217;s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Federal Home Loan Bank of Boston Stock</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.2pt">The Bank is a member of the Federal Home Loan Bank of Boston (&#8220;FHLBB&#8221;). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank&#8217;s FHLBB stock as of December 31, 2017. Deterioration of the FHLBB&#8217;s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.</font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Mortgage Servicing Rights</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal; letter-spacing: -0.1pt">As part of our growth and risk management strategy, we </font><font style="font-weight: normal">from time <font style="letter-spacing: -0.1pt">to </font>time will <font style="letter-spacing: -0.1pt">sell whole loans.</font> These are <font style="letter-spacing: -0.1pt">typically </font>fixed rate <font style="letter-spacing: -0.1pt">residential loans. Our ability to sell whole loans benefits the bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage </font>Servicing Rights <font style="letter-spacing: -0.1pt">(&#8220;MSRs&#8221;), which the bank evaluates with the assistance of a third party on a quarterly basis, are included </font>in other assets <font style="letter-spacing: -0.1pt">on the consolidated balance </font>sheets <font style="letter-spacing: -0.1pt">and are accounted for under the amortization method. </font>Under <font style="letter-spacing: -0.1pt">that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.</font></font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Other Real Estate Owned (&#8220;OREO&#8221;)</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury's loans collateralized by real estate and all other real estate owned (&#8220;OREO&#8221;) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury&#8217;s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury&#8217;s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">As of December 31, 2017 and 2016, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $1.1 million and $2.1 million, respectively.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Income Taxes</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank Premises and Equipment</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif"> <tr> <td style="vertical-align: top; width: 10%; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left; width: 90%">Buildings/Improvements &#8211; 39 years</td></tr> <tr> <td style="vertical-align: top; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left">Land Improvements &#8211; 15 years</td></tr> <tr> <td style="vertical-align: top; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left">Furniture and Fixtures &#8211; 7 years</td></tr> <tr> <td style="vertical-align: top; text-align: center">&#8226;</td> <td style="vertical-align: middle; text-align: left">Computer Equipment &#8211; 5 years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; vertical-align: top">&#8226;</td> <td style="text-align: left">Software &#8211; 3 years</td></tr> </table> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Intangible Assets</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury&#8217;s intangible assets at December 31, 2017, and 2016, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, $2,723,000 arising from the acquisition of Riverside Bank in December 2014 and $1,263,000 from the purchase of an additional branch office in New York in 2017. See Note 8.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">On an annual basis, management assesses intangible assets for impairment, and for the year ending December 31, 2017, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Stock Based Compensation</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight line basis over the period of time between the grant date and vesting date.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Advertising Expense</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Advertising costs of $613,000 and $508,000 in 2017 and 2016, respectively, are expensed as incurred and not capitalized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Statements of Cash Flows</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Computation of Earnings per Share</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (&#8220;EPS&#8221;) using the two-class method.</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal">The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Recent Accounting Pronouncements</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In May 2014, August 2015, May 2016, and December 2016, respectively, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, 2015-14, 2016-12, and 2016-20, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The amendments in ASU 2016-12 do not change the core principle of the guidance in Topic 606, but rather affect only certain narrow aspects aimed to reduce the potential for diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in ASU 2016-20 include technical corrections and improvements to Topic 606 and other Topics amended by ASU 2014-09 to increase stakeholders&#8217; awareness of the proposals and to expedite improvements to ASU 2014-09. Salisbury engaged an outside consulting firm to help management assess if the implementation of Topic 606 would have a material impact on its consolidated financial statements. A significant portion of Salisbury&#8217;s revenue is outside the scope of Topic 606. For the portion of revenue within scope, management has identified three revenue streams for review: deposit-related fees, interchange fees and wealth management fees. The contracts associated with these revenue streams have been evaluated to determine if changes to Salisbury&#8217;s revenue recognition policies are required. As a result of this review management has determined that its revenue recognition policies conform to Topic 606 and that no changes will be required to Salisbury&#8217;s consolidated financial statements when the ASU is implemented in 2018.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">In January 2016, the FASB issued ASU 2016-01, &#8220;Financial Instruments &#8211; overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.&#34; This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (7) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (8) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted as of the beginning of the fiscal year of adoption only for provisions (3) and (6) above. Early adoption of the other provisions mentioned above is not permitted. Salisbury does not expect ASU 2016-01 to have a material impact on its consolidated financial statements.</font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">In February 2016, the FASB issued ASU 2016-02, &#34;Leases (Topic 842)&#8221;. 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Disclosure - RELATED PARTY TRANSACTIONS - Changes in loans to executive officers, directors and their related associates (Details) link:presentationLink link:calculationLink link:definitionLink 00000101 - Disclosure - COMPREHENSIVE INCOME - Reconciliation of changes in components of other comprehensive loss (Details) link:presentationLink link:calculationLink link:definitionLink 00000102 - Disclosure - COMPREHENSIVE INCOME - Components of accumulated other comprehensive income (Details) link:presentationLink link:calculationLink link:definitionLink 00000103 - Disclosure - OTHER COMPREHENSIVE LOSS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000104 - Disclosure - COMMITMENTS AND CONTINGENT LIABILITIES - Future minimum lease payments (Details) link:presentationLink link:calculationLink link:definitionLink 00000105 - Disclosure - COMMITMENTS AND CONTINGENT LIABILITIES - Future minimum lease payments under capital lease with present value of net minimum lease payments (Details) link:presentationLink link:calculationLink link:definitionLink 00000106 - Disclosure - COMMITMENTS AND CONTINGENT LIABILITIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000107 - Disclosure - FINANCIAL INSTRUMENTS - Financial instrument liabilities with off-balance sheet credit risk (Details) link:presentationLink link:calculationLink link:definitionLink 00000108 - Disclosure - FINANCIAL INSTRUMENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000109 - Disclosure - FAIR VALUE MEASUREMENTS - Assets measured at fair value (Details) link:presentationLink link:calculationLink link:definitionLink 00000110 - Disclosure - FAIR VALUE MEASUREMENTS - Carrying value and estimated fair values of financial instruments (Details) link:presentationLink link:calculationLink link:definitionLink 00000111 - Disclosure - SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated balance sheets of Salisbury Bancorp, Inc. (Details) link:presentationLink link:calculationLink link:definitionLink 00000112 - Disclosure - SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of income of Salisbury Bancorp, Inc. (Details) link:presentationLink link:calculationLink link:definitionLink 00000113 - Disclosure - SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. (Details) link:presentationLink link:calculationLink link:definitionLink 00000114 - Disclosure - EARNINGS PER SHARE - Computation of earnings per share (Details) link:presentationLink link:calculationLink link:definitionLink 00000115 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000116 - Disclosure - SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA - Selected quarterly consolidated financial data (unaudited) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 sal-20171231_cal.xml XBRL CALCULATION FILE EX-101.DEF 11 sal-20171231_def.xml XBRL DEFINITION FILE EX-101.LAB 12 sal-20171231_lab.xml XBRL LABEL FILE Other Comprehensive Income Location [Axis] Statements of Comprehensive Income (Loss) Equity Components [Axis] Common Stock Preferred stock Paid-in capital Retained earnings Accumulated other comprehensive income (loss) Investments by Category [Axis] Amortized cost (1) Gross unrealized gains Gross unrealized losses Fair value Debt Security [Axis] Less Than 12 Months, Fair value Less Than 12 Months, Unrealized losses 12 Months or Longer, Fair value 12 Months or Longer, Unrealized losses Total, Fair value Total, Unrealized losses Internal Credit Assessment [Axis] Pass Special mention Substandard Doubtful Loss Total Receivable Type [Axis] Total Billing Status, Type [Axis] Current Past due 30-59 days Past due 60-89 days Past due 90-179 days Past due 180 days and over Past due 30 days and over Accruing 90 days and over Non-accrual Valuation Allowances and Reserves Type [Axis] Collectively evaluated Loans Collectively evaluated Allowance Individually evaluated Loans Individually evaluated Allowance Total portfolio Loans Total portfolio Allowance Impaired loans with specific allowance - Loan balance - Book Impaired loans with specific allowance - Loan balance - Note Impaired loans with specific allowance - Loan balance - Average Impaired loans with specific allowance - Specific allowance Impaired loans with specific allowance - Income recognized Impaired loans with no specific allowance - Loan balance - Book Impaired loans with no specific allowance - Loan balance - Note Impaired loans with no specific allowance - Loan balance - Average Impaired loans with no specific allowance - Income recognized Mortgage Loans on Real Estate, Loan Type [Axis] Balance of loans serviced for others and fair value of mortgage servicing rights Participating Mortgage Loans [Axis] Changes in mortgage servicing rights Financial Instruments Owned and Pledged as Collateral by Type [Axis] Securities and loans pledged Capital Units by Class [Axis] Salisbury Bank Shareholders' Equity Details Fair Value, Hierarchy [Axis] Fair Value Measurements Using - Level 1 Fair Value Measurements Using - Level 2 Fair Value Measurements Using - Level 3 Measurement Frequency [Axis] Assets at fair value Measurement Basis [Axis] Carrying value Estimated fair value Troubled Debt Restructuring, Debtor, Subsequent Periods [Axis] Residential real estate Commercial and industrial Totals Business Activities Loans - Rate reduction and term extension Business Activities Loans - Term extension Receivables Acquired with Deteriorated Credit Quality [Axis] Collectively evaluated Loans Collectively evaluated Allowance Individually evaluated Loans Individually evaluated Allowance Total portfolio Loans Total portfolio Allowance Municipal bonds - Within 1 year Municipal bonds - After 1 year but within 5 years Municipal bonds - After 10 years but within 15 years Municipal bonds - After 15 years Municipal bonds - Total Mortgage-backed securities - U.S. Government agency and U.S. Government-sponsored enterprises Collateralized mortgage obligations - U.S. Government agency and U.S. Government-sponsored enterprises SBA bonds CRA mutual funds Corporate bonds - After 5 years but within 10 years Securities available-for-sale Collateralized mortgage obligations - Non-agency Business Activities Loans - Debt consolidation Financing Receivable Portfolio Segment [Axis] Commercial real estate Farm Land Real estate secured Municipal Consumer Unallocated Unearned compensation - restricted stock awards Preferred Stock Property, Plant and Equipment, Type [Axis] Building/Improvements Land Improvements Furniture and Fixtures Computer Equipment Software Indefinite-lived Intangible Assets [Axis] Purchase of branch office in 2001 Canaan National Bancorp, Inc. acquisition in 2004 Branch office purchase in New York State in 2007 Riverside Bank acquisition in December 2014 Purchase of branch office in 2001 Purchase of additional branch office in New York in 2017 ASC 310-30 Loans Business Activities Loans - Residential real estate - Land Business Activities Loans - Commercial real estate - Construction of commercial Business Activities Loans - Commercial real estate - Consumer Business Activities Loans - Commercial and industrial Business Activities Loans - HELOC Business Activities Loans - Debt consolidation and term extension Residential 1-4 family Residential 5+ multifamily Commercial real estate Total Impaired Loans Residential 1-4 family Residential 5+ multifamily Construction of residential 1-4 family Home equity lines of credit Commercial Construction of commercial Vacant Land Components of premises and equipment Changes in carrying values of goodwill and intangible assets Finite-Lived Intangible Assets by Major Class [Axis] CDI amortization Acquisition of New Paltz, New York branch of Empire State Bank in June 2017 Financial Instrument [Axis] CDI maturities CDI in demoninations of $250,000 or more Securities or Other Assets Sold under Agreements to Repurchase [Axis] Securities sold under repurchase agreements Federal Home Loan Bank Branch [Axis] Total Rate FHLBB advances information Income Tax Authority [Axis] Components of income tax provision Valuation Allowance by Deferred Tax Asset [Axis] Components of net deferred tax assets Class of Stock [Axis] Restricted stock awards cumulatively granted under 2011 and 2017 Long-Term Incentive Plans Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Axis] Unearned compensation-restricted stock awards Exercise Price Range [Axis] Stock options Related Party Transaction [Axis] Related party transactions Statements of Comprehensive Income Fair Value, Estimate Not Practicable, Disclosure Items [Axis] Financial instrument liabilities with off-balance sheet credit risk Subsequent Event Type [Axis] Subsequent Events Scenario [Axis] Selected quarterly consolidated financial data Consolidated Entities [Axis] Salisbury Bancorp, Inc. (Parent Only) Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Cash and due from banks Interest bearing demand deposits with other banks Total cash and cash equivalents Securities Available-for-sale at fair value Federal Home Loan Bank of Boston stock at cost Loans held-for-sale Loans receivable, net (allowance for loan losses: $6,776 and $6,127) Other real estate owned Bank premises and equipment, net Goodwill Intangible assets (net of accumulated amortization: $4,044 and $3,511) Accrued interest receivable Cash surrender value of life insurance policies Deferred taxes Other assets Total Assets LIABILITIES and SHAREHOLDERS' EQUITY Deposits Demand (non-interest bearing) Demand (interest bearing) Money market Savings and other Certificates of deposit Total deposits Repurchase agreements Federal Home Loan Bank of Boston advances Subordinated debt Note payable Capital lease liability Accrued interest and other liabilities Total Liabilities Shareholders' Equity Common stock - $0.10 per share par value; Authorized: 5,000,000; Issued: 2,872,578 and 2,859,654; Outstanding: 2,785,216 and 2,758,086 Unearned compensation - restricted stock awards Paid-in capital Retained earnings Accumulated other comprehensive income, net Total Shareholders' Equity Total Liabilities and Shareholders' Equity Allowance for loan losses, loans receivable Accumulated amortization, intangible assets Common stock, par value Common stock, authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Interest and dividend income Interest and fees on loans Interest on debt securities Taxable Tax exempt Other interest and dividends Total interest and dividend income Interest expense Deposits Repurchase agreements Capital lease Note payable Subordinated debt Federal Home Loan Bank of Boston advances Total interest expense Net interest and dividend income Provision for loan losses Net interest and dividend income after provision for loan losses Non-interest income Trust and wealth advisory Service charges and fees Gains on sales of mortgage loans, net Mortgage servicing, net Gains on securities, net Other Total non-interest income Non-interest expense Salaries Employee benefits Premises and equipment Data processing Professional fees Collections, OREO and appraisals FDIC insurance Marketing and community support Amortization of intangibles Other Total non-interest expense Income before income taxes Income tax provision Net income Net income allocated to common stock Basic earnings per common share Weighted average common shares outstanding, to calculate basic earnings per share Diluted earnings per common share Weighted average common shares outstanding, to calculate diluted earnings per share Common dividends per share Net income Other comprehensive (loss) income) Net unrealized (losses) on securities available-for-sale Reclassification of net realized gains in net income Unrealized (losses) on securities available-for-sale Income tax benefit Unrealized (losses) on securities available-for-sale, net of tax Other comprehensive (loss), net of tax Comprehensive income Statement [Table] Statement [Line Items] Balance - Beginning, amount Balance - Beginning, shares Net income for the year Other comprehensive loss, net of tax Common stock dividends declared Preferred stock dividends declared Stock options exercised, amount Stock options exercised, shares Issuance of common stock for executives, amount Issuance of common stock for executives, shares Issuance of restricted common stock, amount Issuance of restricted common stock, shares Forfeiture of restricted common stock, amount Forfeiture of restricted common stock, shares Issuance of common stock for directors fees, amount Issuance of common stock for directors fees, shares Issuance of director's restricted stock awards, amount Issuance of director's restricted stock awards, shares Stock based compensation - restricted stock awards Redemption of preferred stock Tax benefit from stock compensation Balance - Ending, amount Balance - Ending, shares Statement of Cash Flows [Abstract] Operating Activities Adjustments to reconcile net income to net cash provided by operating activities: (Accretion), amortization and depreciation: Securities Bank premises and equipment Core deposit intangible Modification fees on Federal Home Loan Bank of Boston advances Subordinated debt issuance costs Mortgage servicing rights Fair value adjustment on loans Fair value adjustment on deposits (Gains) and losses, including write-downs Gain on sales and calls of securities available-for-sale, net Gains on sales of loans, excluding capitalized servicing rights Loss on other real estate owned Loss on sale/disposals of premises and equipment Proceeds from loans sold Loans originated for sale (Increase) decrease in deferred loan origination fees and costs, net Mortgage servicing rights originated (Decrease) increase in mortgage servicing rights impairment reserve (Increase) decrease in interest receivable Deferred tax expense Decrease (increase) in prepaid expenses Increase in cash surrender value of life insurance policies Increase in income tax receivable Decrease in income taxes payable Decrease (increase) in other assets (Decrease) increase in accrued expenses Increase (decrease) in interest payable Increase in other liabilities Stock based compensation - restricted stock awards Tax benefit from stock compensation Net cash provided by operating activities Investing Activities (Purchase) redemption of Federal Home Loan Bank of Boston stock Purchases of securities available-for-sale Proceeds from sales of securities available for sale Proceeds from calls of securities available-for-sale Proceeds from maturities of securities available-for-sale Loan originations and principle collections, net Recoveries of loans previously charged off Proceeds from sales of other real estate owned Capital expenditures Net cash and cash equivalents acquired in branch acquisition Net cash (utilized) by investing activities Financing Activities Increase in deposit transaction accounts, net Decrease in time deposits, net (Decrease) increase in securities sold under agreements to repurchase, net Short-term Federal Home Loan Bank of Boston advances Payments made on long-term Federal Home Loan Bank of Boston advances Principal payments on Federal Home Loan Bank of Boston advances Modification fees on Federal Home Loan Bank of Boston advances Principal payments on note payable Decrease in capital lease obligation Stock options exercised Tax benefit from stock compensation Issuance of shares for directors' fees Payoff of preferred stock Issuance of subordinated debt, net of issuance costs Common stock dividends paid Series B preferred stock dividends paid Net cash provided by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Cash paid during year Interest Income taxes Non-cash transfers From other real estate owned to loans Note payable to finance building purchase From loans to other real estate owned From other real estate owned to other assets Empire State Bank branch acquisition Cash and cash equivalents acquired Net loans acquired Fixed assets acquired Accrued interest receivable acquired Other assets acquired Core deposit intangible Goodwill Deposits assumed Capital lease assumed Other liabilities assumed Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Combinations [Abstract] MERGERS AND ACQUISITIONS Investments, Debt and Equity Securities [Abstract] SECURITIES Receivables [Abstract] LOANS Mortgage Loans on Real Estate [Abstract] MORTGAGE SERVICING RIGHTS Guarantees [Abstract] PLEDGED ASSETS Property, Plant and Equipment [Abstract] BANK PREMISES AND EQUIPMENT Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND INTANGIBLE ASSETS Banking and Thrift [Abstract] DEPOSITS SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS Income Tax Disclosure [Abstract] NET DEFERRED TAX ASSET AND INCOME TAXES Equity [Abstract] SHAREHOLDERS' EQUITY Retirement Benefits [Abstract] OTHER BENEFITS LONG TERM INCENTIVE PLANS STOCK OPTIONS Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS OTHER COMPREHENSIVE LOSS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENT LIABILITIES Investments, All Other Investments [Abstract] FINANCIAL INSTRUMENTS Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENTS Condensed Financial Information of Parent Company Only Disclosure [Abstract] SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION Earnings Per Share [Abstract] EARNINGS PER SHARE Subsequent Events [Abstract] SUBSEQUENT EVENTS Quarterly Financial Information Disclosure [Abstract] SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) Principles of Consolidation Basis of Financial Statement Presentation Cash and Cash Equivalents Securities Federal Home Loan Bank of Boston Stock Loans Acquired Loans Allowance for Loan Losses Mortgage Servicing Rights Other Real Estate Owned ("OREO") Income Taxes Bank Premises and Equipment Intangible Assets Stock Based Compensation Advertising Expense Statement of Cash Flows Computation of Earnings per Share Recent Accounting Pronouncements Accretable yield for ASC 310-30 acquired loan portfolio Composition of Securities Aggreggate fair value and gross unrealized loss of securities Amortized cost, fair value and tax equivalent yield of securities Composition of loans receivable and loans held-for-sale Composition of loans receivable by risk rating grade Composition of loans receivable by delinquency status Troubled debt restructurings Recorded investment and number of modifications for TDRs Components of impaired loans Changes in allowance for loan losses Composition of loans receivable and allowance for loan losses Credit quality segments of loans receivable and allowance for loan losses Certain data with respect to loans individually evaluated for impairment Balance of loans serviced for others and fair value of mortgage servicing rights Changes in mortgage servicing rights Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available Components of premises and equipment Changes in carrying values of goodwill and intangible assets Estimated annual amortization expense of core deposit intangibles Scheduled maturities of time certificates of deposit Total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more Securities sold under repurchase agreements Federal Home Loan Bank of Boston advances Components of income tax provision Reconciliation of expected federal statutory tax to income tax provision Components of net deferred tax assets Actual regulatory capital position and minimum capital requirements Amount of cumulatively granted restricted stock awards under 2011 and 2017 Long-Term Incentive Plans Summary of status of Salisbury's outstanding stock options Changes in loans to executive officers, directors and their related associates Reconciliation of changes in components of other comprehensive loss, including amount of income tax benefit allocated to each component of other comprehensive loss Components of accumulated other comprehensive income Future minimum lease payments Future minimum lease payments under capital leases with present value of net minimum lease payments Financial instrument liabilities with off-balance sheet credit risk Assets measured at fair value Carrying value and estimated fair values of financial instruments Unconsolidated balance sheets of Salisbury Bancorp, Inc. Unconsolidated statements of income of Salisbury Bancorp, Inc. Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. Computation of earnings per share Selected quarterly consolidated financial data (unaudited) Expected useful life Goodwill from purchases and acquisitions Summary Of Significant Accounting Policies Details Narrative Cash reserves maintained consistent with FRB requirements Recorded investment in residential mortgage loans collateralized by residential real estate in process of foreclosure Advertising expenses Balance at beginning of period Acquisitions Accretion Disposals Reclassification from non-accretable to accretable Balance at end of period ASC 310-30 loans, outstanding balance ASC 310-30 loans, carrying value Available-for-sale U.S. Treasury notes U.S. Government Agency notes Municipal bonds Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises Collateralized mortgage obligations, U.S. Government Agencies Collateralized mortgage obligations, Non-agency SBA bonds CRA mutual funds Corporate bonds Preferred stock Total securities available-for-sale Non-marketable securities Federal Home Loan Bank of Boston stock Mortgage-backed securities Collateralized mortgage obligations, U.S. Government agencies Corporate bonds Total temporarily impaired securities Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency Total temporarily impaired and other-than-temporarily impaired securities Amortized cost Fair value Yield Recognized losses for deterioration in credit quality Residential 1-4 family Residential 5+ multifamily Construction of residential 1-4 family Home equity lines of credit Residential real estate Commercial Construction of commercial Commercial real estate Farm land Vacant land Real estate secured Commercial and industrial Municipal Consumer Loans receivable, gross Deferred loan origination fees and costs, net Allowance for loan losses Loans receivable, net Loans held-for-sale Residential 1-4 family Quantity of troubled debt restructurings Pre-modification balance Post-modification balance Quanity, TDRs with Modifications that Subsequently Defaulted Balance, TDRs with Modifications that Subsequently Defaulted Non-accrual loans, excluding troubled debt restructured loans Non-accrual troubled debt restructured loans Accruing troubled debt restructured loans Total impaired loans Commitments to lend additional amounts to impaired borrowers Beginning balance Provision Charge-offs Recoveries Ending balance Home equity lines credit Unallocated allowance Totals Performing loans Potential problem loans Impaired loans Residential Loans Details Narrative Commercial loans for other banks serviced by Company under loan participation agreements Participation interests sold, gross outstanding balances Participation interests sold, net balances retained Purchase of share of participation loans, outstanding balances ASC 310-30 loans included in collectively evaluated loans ASC 310-30 allowance included in collectively evaluated allowance Residential mortgage loans serviced for others Fair value of mortgage servicing rights Mortgage Servicing Rights Balance, beginning of period Originated Amortization Balance, end of period Valuation Allowance Balance, beginning of period Decrease (increase) in impairment reserve Balance, end of period Mortgage servicing rights, net Securities available-for-sale (at fair value) Loans receivable (at book value) Total pledged assets Securities pledged to secure public deposits Securities pledged to secure repurchase agreements Securities pledged to secure FHLBB advances Land Buildings and improvements Leasehold improvements Capital lease Furniture, fixtures, equipment and software Construction in progress, including land acquisition and development Total cost Accumulated depreciation and amortization Bank premises and equipment, net Goodwill Balance, beginning of period Additions Impairment Balance, end of period Core Deposit Intangibles Cost, beginning of period New York branch purchase Impairment Cost, end of period Amortization, beginning of period Amortization Amortization, end of period Core deposit intangibles, net Core deposit intangibles amortization Deposits assumed from acquisition Loans acquired from acquisition Goodwill realized Core deposit intangible assigned to acquisition 2018 2019 2020 2021 2022 2023 Total Within three months After three through six months After six through twelve months Over one year Total Repurchase agreements, ending balance Repurchase agreements, average balance during period Book value of collateral Market value of collateral Weighted average rate during period Weighted average maturity Overnight advances Overnight rate 2017 advances 2017 rate 2018 advances 2018 rate 2019 advances 2019 rate 2020 advances 2020 rate 2021 advances 2021 rate Total advances Total weighted average rate Additional available borrowing capacity in addition to outstanding FHLBB advances Unused FHLBB line of credit Company has access to Modification extension of advances, amount Modification extension of advances, weight average term Subordinated Debentures Issuance of debt in private placement, aggregate principal amount Portion to certain related parties Maturity date Annual interest rate Total subordinated debentures Remaining unamortized debt issuance costs Effective interest rate of subordinated debentures Federal State Current provision Federal State Deferred expense (benefit) Income tax at statutory federal tax rate State tax, net of federal tax benefit Tax exempt income and dividends received deduction Remeasurement of net deferred tax assets Other Change in valuation allowance Effective income tax rates Allowance for loan losses Interest on non-performing loans Accrued deferred compensation Post-retirement benefits Other real estate owned write-downs Restricted stock awards Mark-to-market purchase accounting adjustments Write-down of securities Other Gross deferred tax assets Deferred loan costs, net Goodwill and core deposit intangible asset Accelerated depreciation Mortgage servicing rights Net unrealized holding gain on available-for-sale securities Gross deferred tax liabilities Net deferred tax asset Increase in tax provision as a result of remeasurement Total Capital (to risk-weighted assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Tier 1 Capital (to risk-weighted assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Common Equity Tier 1 Capital (to risk-weighted assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Tier 1 Capital (to average assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Series B Preferred Stock issued to Treasury under SBLF program Preferred stock redeemed 401(k) Plan contribution expense Employee Stock Ownership Plan (ESOP) ESOP expense Other Retirement Plans Total liability for endorsement split-dollar life insurance arrangements included in other liabilities Expense under endorsement split-dollar life insurance arrangement Former CEO supplemental post retirement payment liability Former Riverside CEO supplemental post retirement payment liability Expenses related to discretionary contribution to Executives' account Restricted stock awards, beginning of year Beginning of year, weighted average grant price Granted Granted, weighted average grant price Vested Vested, weighted average grant price Forfeited Forfeited, weighted average grant price Restricted stock awards, end of year End of year, weighted average grant price Total number of shares of Common Stock reserved and available for issuance in ten years following adoption of Plan Annual stock retainer, individual director maximum Grants of Restricted Stock and Options Shares of restricted stock granted pursuant to the Plan Fair value of stock granted pursuant to the Plan Fair value of vested restricted stock awards Compensation expense Unrecognized compensation cost relating to awards Tax provision benefit recorded Tax benefit associated with restricted stock awards, recognized in earnings Phantom Stock Appreciation Units granted pursuant to the Plan Compensation expense related to PSUs Number, beginning of period Weighted average exercise price, beginning of period Number of options, granted Weighted average exercise price, granted Number of options, exercised Weighted average exercise price, exercised Number of options, forfeited or expired Weighted average exercise price, forfeited or expired Number, end of period Weighted average exercise price, end of period Weighted average remaining contractual term Aggregate intrinsic value Total intrinsic value of stock options exercised Balance, beginning of period Advances Repayments Balance, end of period Other comprehensive loss Net unrealized losses on securities available-for-sale Reclassification of net realized gains in net income Unrealized losses on securities available-for-sale Income tax benefit (expense) Unrealized (losses) gains on securities available-for-sale, net of tax Other comprehensive (loss) income, net of tax Unrealized gains on securities available-for-sale, net of tax Accumulated other comprehensive income Income tax expense related to reclassification of net realized gains Future minimum lease payments 2018 2019 2020 2021 2022 2023 2024 Total Future minimum lease payments 2018 2019 2020 2021 2022 Thereafter Total minimum lease payments Less amount representing interest Total minimum lease payments, net Rent expense Residential Commercial Land Real estate secured Commercial and industrial Consumer Unadvanced portions of loans Commitments to originate loans Standby letters of credit Total Maximum potential amount of Bank's obligation for financial, commercial and standby letters of credit Allowance for off-balance sheet commitments Assets at fair value on a recurring basis U.S. Government agency notes Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises Collateralized mortgage obligations: U.S. Government agencies Collateralized mortgage obligations: Non-agency Securities available-for-sale Assets at fair value on a non-recurring basis Collateral dependent impaired loans Other real estate owned Financial Assets Cash and cash equivalents Federal Home Loan Bank stock Loans held-for-sale Loans receivable, net Accrued interest receivable Cash surrender value of life insurance Financial Liabilities Demand (non-interest-bearing) Demand (interest-bearing) Money market Savings and other Certificates of deposit Deposits Repurchase agreements FHLBB advances Subordinated debt Note payable Capital lease liability Accrued interest payable Assets Investment in bank subsidiary Total Assets Liabilities and Shareholders' Equity Other liabilities Shareholders' equity Total Liabilities and Shareholders' Equity Dividends from subsidiary Interest income Interest expense Expenses Income before taxes and equity in undistributed net income of subsidiary Income tax benefit Income before equity in undistributed net income of subsidiary Equity in undistributed net income of subsidiary Net income Equity in undistributed net income of subsidiary Other Investment in bank Maturities of interest-bearing time deposits of other banks Net cash utilized by investing activities Preferred stock dividends paid Proceeds from issuance of subordinated debt, net of issue cost Redemption of preferred stock Proceeds from issuance of common stock Net cash (utilized) provided by financing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Less: Preferred stock dividends declared Net income applicable to common shareholders Less: Undistributed earnings allocated to participating securities Net income allocated to common stock Weighted average common shares issued Less: Unvested restricted stock awards Weighted average common shares outstanding used to calculate basic earnings per common share Add: Dilutive effect of stock options Weighted average common shares outstanding used to calculate diluted earnings per common share Earnings per common share (basic) Earnings per common share (diluted) Quarterly cash dividend declared and paid Total Phantom Stock Appreciation Units granted pursuant to the Plan Statement of Income Interest and dividend income Interest expense Net interest and dividend income Provision (benefit) for loan losses Trust and Wealth Advisory Non-interest income Non-interest expense Income tax provision Net income Financial Condition Total assets Loans, net Allowance for loan losses Securities Deposits Repurchase agreements FHLBB advances Shareholders' equity Non-performing assets Per Common Share Data Earnings, basic Earnings, diluted Cash dividends declared Cash dividends paid Book value Market price: High Market price: Low Statistical Data Net interest margin (fully tax equivalent) Efficiency ratio (fully tax equivalent) Return on average assets Return on average shareholders' equity Weighted average common shares outstanding, basic Weighted average common shares outstanding, diluted Accumulated Other Comprehensive Income Loss Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, 12 Months Or Longer, Fair Value Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, 12 Months Or Longer, Unrealized Losses Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Less Than 12 Months, Fair Value Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Less Than 12 Months, Unrealized Losses Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Total, Fair Value Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Total, Unrealized Losses Member. Balance Sheets Member. Statements of Cash Flows Member. Statements of Income Member. Loans Receivable [Member] AllowanceForLoanAndLeaseLossesCollectivelyEvaluatedLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesRealEstateCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesIndividuallyEvaluatedLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesTotalPortfolioLoansCreditQualitySegmentMember AllowanceForLoansAndLeasesReceivableCreditQualitySegmentMember OtherIntangibleAssets5Member TroubledDebtRestructuringsCommercialModificationsThatSubsequentlyDefaultedMember TroubledDebtRestructuringsTotalRealEstateIndustrialModificationsThatSubsequentlyDefaultedMember ResidentialPortfolioSegment1Member ResidentialPortfolioSegment2Member FHLBBAdvancesTotalMember Cash and Cash Equivalents, at Carrying Value Deposits, Money Market Deposits and Negotiable Order of Withdrawal (NOW) Liabilities Deferred Compensation Equity Additional Paid in Capital Retained Earnings (Accumulated Deficit) Stockholders' Equity Attributable to Parent Interest and Dividend Income, Operating Interest Expense, Deposits Repurchase Agreements, Interest Expense Amount Interest Expense, Other Long-term Debt Interest Expense, Debt Interest Expense, Loans from Other Federal Home Loan Banks Interest Expense Interest Income (Expense), after Provision for Loan Loss Noninterest Income Other Noninterest Expense Noninterest Expense Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax Other Comprehensive Income (Loss), Tax Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Dividends, Common Stock, Cash Dividends, Preferred Stock, Cash Stock Issued During Period, Value, Restricted Stock Award, Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Preferred Stock Redemption Discount Accretion (Amortization) of Discounts and Premiums, Investments Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition Payments for (Proceeds from) Federal Home Loan Bank Stock Payments to Acquire Marketable Securities Increase (Decrease) in Loans, Deferred Income Payments to Acquire Property, Plant, and Equipment Payments for Federal Home Loan Bank Advances Repayments of Federal Home Loan Bank Borrowings ModificationFeesOnFederalHomeLoanBankOfBostonAdvances Repayments of Notes Payable Increase (Decrease) in Lease Acquisition Costs Excess Tax Benefit from Share-based Compensation, Financing Activities Payments of Dividends Payments of Ordinary Dividends, Common Stock Payments of Ordinary Dividends, Preferred Stock and Preference Stock Noncash or Part Noncash Acquisition, Intangible Assets Acquired Marketable Securities, Policy [Policy Text Block] Schedule of Participating Mortgage Loans [Table Text Block] Servicing Liability at Amortized Cost [Table Text Block] Property, Plant and Equipment [Table Text Block] Schedule of Repurchase Agreements [Table Text Block] Federal Home Loan Bank, Advances [Table Text Block] Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] Certain Loans Acquired in Transfer Accounted for as Debt Securities, Outstanding Balance Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Accretion Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Disposals of Loans Money Market Funds, at Carrying Value Marketable Securities, Equity Securities Auction Rate Securities, Noncurrent Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis Available-for-sale Securities, Debt Maturities, Single Maturity Date Loans and Leases Receivable, Gross, Consumer, Other Loans and Leases Receivable, Gross, Consumer, Construction Loans and Leases Receivable, Gross, Consumer, Real Estate Loans Receivable, Gross, Commercial, Mortgage Loans Receivable, Gross, Commercial, Construction Loans Receivable, Gross, Commercial, Real Estate Loans and Leases Receivable, Collateral for Secured Borrowings Loans Receivable, Gross, Commercial and Industrial Loans and Leases Receivable, Gross, Commercial, Governments Loans and Leases Receivable, Net of Deferred Income Allowance for Loan and Lease Losses, Real Estate Inventory, Real Estate, Mortgage Loans Held in Inventory Loans and Leases Receivable, Allowance Servicing Asset Mortgage Loans on Real Estate, Amortization of Premium Servicing Asset at Amortized Cost Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value Capital Leased Assets, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Other, Net Goodwill, Gross Other Indefinite-lived Intangible Assets Asset Impairment Charges Other Intangible Assets, Net Amortization of Acquisition Costs Finite-Lived Intangible Assets, Net Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Business Combination, Acquired Receivable, Fair Value Finite-Lived Core Deposits, Gross Time Deposits Maturities, after Next Twelve Months Time Deposits, $100,000 or More Deferred Federal Income Tax Expense (Benefit) Deferred State and Local Income Tax Expense (Benefit) Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent Deferred Tax Assets, Other Deferred Tax Liabilities, Deferred Expense Deferred Tax Liabilities, Goodwill and Intangible Assets Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs Deferred Tax Liabilities, Mortgage Servicing Rights Deferred Tax Liabilities, Interests in Financial Assets Continued to be Held Deferred Tax Liabilities, Gross, Current Tier One Risk Based Capital Tier One Risk Based Capital to Risk Weighted Assets Tier One Risk Based Capital Required for Capital Adequacy Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets Tier One Risk Based Capital Required to be Well Capitalized Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets Common Equity Tier One Capital Common Equity Tier One Capital Ratio Common Equity Tier One Capital Required for Capital Adequacy CommonEquityTierOneCapitalForCapitalAdequacyRatio Common Equity Tier One Capital Required to be Well-Capitalized CommonEquityTierOneCapitalToBeWellCapitalizedRatio Tier One Leverage Capital Tier One Leverage Capital to Average Assets Tier One Leverage Capital Required for Capital Adequacy Tier One Leverage Capital Required for Capital Adequacy to Average Assets Tier One Leverage Capital Required to be Well Capitalized Tier One Leverage Capital Required to be Well Capitalized to Average Assets Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Loans and Leases Receivable, Related Parties Repayment of Notes Receivable from Related Parties Operating Leases, Future Minimum Payments Receivable, Current Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments, Due in Five Years Operating Leases, Future Minimum Payments, Due Thereafter Operating Leases, Future Minimum Payments Due Capital Leases, Future Minimum Payments Due, Next Twelve Months Capital Leases, Future Minimum Payments Due in Two Years Capital Leases, Future Minimum Payments Due in Three Years Capital Leases, Future Minimum Payments Due in Four Years Capital Leases, Future Minimum Payments Due in Five Years Ground Leases, Accumulated Amortization Real Estate Liabilities Associated with Assets Held for Development and Sale Loans Receivable, Gross, Commercial, Financial and Agricultural Loans and Leases Receivable, Loans in Process Real Estate Investments, Other Loans Held-for-sale, Fair Value Disclosure Notes, Loans and Financing Receivable, Net, Current Accrued Investment Income Receivable Interest-bearing Domestic Deposit, Money Market Interest-bearing Domestic Deposit, Savings Interest-bearing Domestic Deposit, Certificates of Deposits Deposits, Fair Value Disclosure Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure Subordinated Debt Obligations, Fair Value Disclosure Notes Payable, Fair Value Disclosure Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation InterestExpenseParent Net Income (Loss) Attributable to Parent, Diluted Other Noncash Income (Expense) Increase (Decrease) in Deposits with Other Federal Home Loan Banks Cash Dividends, Preferred Stock Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic Undistributed Earnings (Loss) Allocated to Participating Securities, Basic Restricted Stock Award, Forfeitures, Dividends Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities Dilutive Securities, Effect on Basic Earnings Per Share Income Taxes Paid Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Loans and Leases Receivable, Allowance, Covered Trading Securities Deposit Assets Federal Home Loan Bank Advances Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest EX-101.PRE 13 sal-20171231_pre.xml XBRL PRESENTATION FILE XML 14 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Mar. 01, 2018
Jun. 30, 2017
Document And Entity Information      
Entity Registrant Name SALISBURY BANCORP INC    
Entity Central Index Key 0001060219    
Document Type 10-K    
Document Period End Date Dec. 31, 2017    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? Yes    
Entity Filer Category Accelerated Filer    
Entity Public Float     $ 98,400
Entity Common Stock, Shares Outstanding   2,786,566  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2017    
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
ASSETS    
Cash and due from banks $ 9,357 $ 5,434
Interest bearing demand deposits with other banks 39,129 30,051
Total cash and cash equivalents 48,486 35,485
Securities    
Available-for-sale at fair value 79,047 79,623
Federal Home Loan Bank of Boston stock at cost 3,813 3,211
Loans held-for-sale 669
Loans receivable, net (allowance for loan losses: $6,776 and $6,127) 801,703 763,184
Other real estate owned 719 3,773
Bank premises and equipment, net 16,401 14,398
Goodwill 13,815 12,552
Intangible assets (net of accumulated amortization: $4,044 and $3,511) 1,837 1,737
Accrued interest receivable 2,665 2,424
Cash surrender value of life insurance policies 14,381 14,038
Deferred taxes 677 1,367
Other assets 2,771 3,574
Total Assets 986,984 935,366
Deposits    
Demand (non-interest bearing) 220,536 218,420
Demand (interest bearing) 142,575 127,854
Money market 190,953 182,476
Savings and other 144,600 135,435
Certificates of deposit 116,831 117,585
Total deposits 815,495 781,770
Repurchase agreements 1,668 5,535
Federal Home Loan Bank of Boston advances 54,422 37,188
Subordinated debt 9,811 9,788
Note payable 313 344
Capital lease liability 1,835 418
Accrued interest and other liabilities 5,926 6,316
Total Liabilities 889,470 841,359
Shareholders' Equity    
Common stock - $0.10 per share par value; Authorized: 5,000,000; Issued: 2,872,578 and 2,859,654; Outstanding: 2,785,216 and 2,758,086 279 276
Unearned compensation - restricted stock awards (606) (352)
Paid-in capital 42,998 42,085
Retained earnings 54,664 51,521
Accumulated other comprehensive income, net 179 477
Total Shareholders' Equity 97,514 94,007
Total Liabilities and Shareholders' Equity $ 986,984 $ 935,366
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
ASSETS    
Allowance for loan losses, loans receivable $ 6,776 $ 6,127
Accumulated amortization, intangible assets $ 4,044 $ 3,511
Shareholders' Equity    
Common stock, par value $ 0.10 $ 0.10
Common stock, authorized 5,000,000 5,000,000
Common stock, issued 2,872,578 2,859,654
Common stock, outstanding 2,785,216 2,758,086
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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Interest and dividend income      
Interest and fees on loans $ 33,090 $ 32,050 $ 31,791
Interest on debt securities      
Taxable 1,566 1,183 1,179
Tax exempt 380 927 1,431
Other interest and dividends 485 294 209
Total interest and dividend income 35,521 34,454 34,610
Interest expense      
Deposits 2,483 2,181 1,844
Repurchase agreements 5 6 7
Capital lease 96 70 70
Note payable 18 21 6
Subordinated debt 624 624 35
Federal Home Loan Bank of Boston advances 1,012 947 1,064
Total interest expense 4,238 3,849 3,026
Net interest and dividend income 31,283 30,605 31,584
Provision for loan losses 1,020 1,835 917
Net interest and dividend income after provision for loan losses 30,263 28,770 30,667
Non-interest income      
Trust and wealth advisory 3,477 3,338 3,265
Service charges and fees 3,718 3,133 2,986
Gains on sales of mortgage loans, net 125 229 274
Mortgage servicing, net 255 156 47
Gains on securities, net 178 584 192
Other 483 451 510
Total non-interest income 8,236 7,891 7,274
Non-interest expense      
Salaries 11,135 10,926 10,301
Employee benefits 3,767 3,891 3,729
Premises and equipment 3,831 3,375 3,541
Data processing 2,057 2,106 1,677
Professional fees 2,499 1,933 2,150
Collections, OREO and appraisals 2,179 999 567
FDIC insurance 497 606 658
Marketing and community support 793 686 593
Amortization of intangibles 533 601 652
Other 2,038 2,264 2,053
Total non-interest expense 29,329 27,387 25,921
Income before income taxes 9,170 9,274 12,020
Income tax provision 2,914 2,589 3,563
Net income 6,256 6,685 8,457
Net income allocated to common stock $ 6,201 $ 6,633 $ 8,227
Basic earnings per common share $ 2.25 $ 2.43 $ 3.04
Weighted average common shares outstanding, to calculate basic earnings per share 2,755 2,733 2,706
Diluted earnings per common share $ 2.24 $ 2.41 $ 3.02
Weighted average common shares outstanding, to calculate diluted earnings per share 2,774 2,749 2,723
Common dividends per share $ 1.12 $ 1.12 $ 1.12
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]      
Net income $ 6,256 $ 6,685 $ 8,457
Other comprehensive (loss) income)      
Net unrealized (losses) on securities available-for-sale (318) (399) (1,297)
Reclassification of net realized gains in net income (178) (584) (192)
Unrealized (losses) on securities available-for-sale (496) (983) (1,489)
Income tax benefit 198 335 506
Unrealized (losses) on securities available-for-sale, net of tax (298) (648) (983)
Other comprehensive (loss), net of tax (298) (648) (983)
Comprehensive income $ 5,958 $ 6,037 $ 7,474
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Common Stock
Preferred Stock
Paid-in capital
Retained earnings
Unearned compensation - restricted stock awards
Accumulated other comprehensive income (loss)
Total
Balance - Beginning, amount at Dec. 31, 2014 $ 272 $ 16,000 $ 41,077 $ 42,677 $ (313) $ 2,108 $ 101,821
Balance - Beginning, shares at Dec. 31, 2014 2,720,766            
Net income for the year 8,457 8,457
Other comprehensive loss, net of tax (983) (983)
Common stock dividends declared (3,054) (3,054)
Preferred stock dividends declared (158) (158)
Stock options exercised, amount $ 1 182 183
Stock options exercised, shares 9,450            
Issuance of common stock for executives, amount 29 29
Issuance of common stock for executives, shares 1,000            
Forfeiture of restricted common stock, amount (7) 7
Forfeiture of restricted common stock, shares (300)            
Issuance of common stock for directors fees, amount 81 81
Issuance of common stock for directors fees, shares 2,660            
Stock based compensation - restricted stock awards 2 196 198
Redemption of preferred stock (16,000) (16,000)
Tax benefit from stock compensation            
Balance - Ending, amount at Dec. 31, 2015 $ 273 41,364 47,922 (110) 1,125 90,574
Balance - Ending, shares at Dec. 31, 2015 2,733,576            
Net income for the year 6,685 6,685
Other comprehensive loss, net of tax (648) (648)
Common stock dividends declared (3,086) (3,086)
Stock options exercised, amount 87 87
Stock options exercised, shares 4,050            
Issuance of restricted common stock, amount $ 2 464 (466)
Issuance of restricted common stock, shares 15,800            
Forfeiture of restricted common stock, amount (3) 3
Forfeiture of restricted common stock, shares (100)            
Issuance of common stock for directors fees, amount $ 1 140 141
Issuance of common stock for directors fees, shares 4,760            
Stock based compensation - restricted stock awards 221 221
Tax benefit from stock compensation 33 33
Balance - Ending, amount at Dec. 31, 2016 $ 276 42,085 51,521 (352) 477 $ 94,007
Balance - Ending, shares at Dec. 31, 2016 2,758,086           2,758,086
Net income for the year 6,256 $ 6,256
Other comprehensive loss, net of tax (298) (298)
Common stock dividends declared (3,113) (3,113)
Stock options exercised, amount $ 1 315 316
Stock options exercised, shares 12,150            
Issuance of restricted common stock, amount $ 2 462 (464)
Issuance of restricted common stock, shares 11,800            
Forfeiture of restricted common stock, amount (28) 28
Forfeiture of restricted common stock, shares (900)            
Issuance of common stock for directors fees, amount 81 81
Issuance of common stock for directors fees, shares 2,056            
Issuance of director's restricted stock awards, amount 83 (83)
Issuance of director's restricted stock awards, shares 2,024            
Stock based compensation - restricted stock awards 265 265
Tax benefit from stock compensation            
Balance - Ending, amount at Dec. 31, 2017 $ 279 $ 42,998 $ 54,664 $ (606) $ 179 $ 97,514
Balance - Ending, shares at Dec. 31, 2017 2,785,216           2,785,216
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Activities      
Net income $ 6,256 $ 6,685 $ 8,457
(Accretion), amortization and depreciation:      
Securities 145 241 240
Bank premises and equipment 1,441 1,181 1,234
Core deposit intangible 533 601 652
Modification fees on Federal Home Loan Bank of Boston advances 234 230
Subordinated debt issuance costs 23 24
Mortgage servicing rights 169 242 356
Fair value adjustment on loans (1,207) (1,784) (2,725)
Fair value adjustment on deposits (78) (121) (417)
(Gains) and losses, including write-downs      
Gain on sales and calls of securities available-for-sale, net (178) (584) (192)
Gains on sales of loans, excluding capitalized servicing rights (95) (171) (125)
Loss on other real estate owned 1,717 435 81
Loss on sale/disposals of premises and equipment 1 13 45
Provision for loan losses 1,020 1,835 917
Proceeds from loans sold 5,440 10,505 8,549
Loans originated for sale (6,014) (9,571) (8,619)
(Increase) decrease in deferred loan origination fees and costs, net (42) (58) 14
Mortgage servicing rights originated (63) (95) (148)
(Decrease) increase in mortgage servicing rights impairment reserve (23) 20 3
(Increase) decrease in interest receivable (229) (117) 27
Deferred tax expense 888 957 945
Decrease (increase) in prepaid expenses 123 (296) (295)
Increase in cash surrender value of life insurance policies (343) (353) (371)
Increase in income tax receivable (173) (178) (512)
Decrease in income taxes payable (86)
Decrease (increase) in other assets 790 (242) (103)
(Decrease) increase in accrued expenses (643) 660 (155)
Increase (decrease) in interest payable 10 (60) (16)
Increase in other liabilities 240 1,086 107
Stock based compensation - restricted stock awards 265 221 227
Tax benefit from stock compensation (33)
Net cash provided by operating activities 10,207 11,273 8,090
Investing Activities      
(Purchase) redemption of Federal Home Loan Bank of Boston stock (602) (35) 339
Purchases of securities available-for-sale (36,654) (56,229) (16,373)
Proceeds from sales of securities available for sale 199 4,865 3,861
Proceeds from calls of securities available-for-sale 16,141 14,221 10,925
Proceeds from maturities of securities available-for-sale 20,427 33,574 14,668
Loan originations and principle collections, net (32,536) (69,240) (24,481)
Recoveries of loans previously charged off 600 126 653
Proceeds from sales of other real estate owned 2,080 855
Capital expenditures (1,954) (1,285) (779)
Net cash and cash equivalents acquired in branch acquisition 22,396
Net cash (utilized) by investing activities (9,903) (74,003) (10,332)
Financing Activities      
Increase in deposit transaction accounts, net 7,578 33,946 56,023
Decrease in time deposits, net (5,208) (6,588) (16,499)
(Decrease) increase in securities sold under agreements to repurchase, net (3,867) 1,621 (249)
Short-term Federal Home Loan Bank of Boston advances 17,000 10,000
Payments made on long-term Federal Home Loan Bank of Boston advances (791)
Principal payments on Federal Home Loan Bank of Boston advances (21)
Modification fees on Federal Home Loan Bank of Boston advances (1,043)
Principal payments on note payable (31) (32)
Decrease in capital lease obligation (59) (4) (2)
Stock options exercised 316 87 183
Tax benefit from stock compensation 33
Issuance of shares for directors' fees 81 141 81
Payoff of preferred stock (16,000)
Issuance of subordinated debt, net of issuance costs 9,764
Common stock dividends paid (3,113) (3,086) (3,054)
Series B preferred stock dividends paid (158)
Net cash provided by financing activities 12,697 36,097 28,255
Net increase (decrease) in cash and cash equivalents 13,001 (26,633) 26,013
Cash and cash equivalents, beginning of year 35,485 62,118 36,105
Cash and cash equivalents, end of year 48,486 35,485 62,118
Cash paid during year      
Interest 4,049 3,777 3,460
Income taxes 2,291 1,238 3,216
Non-cash transfers      
From other real estate owned to loans 167
Note payable to finance building purchase 376
From loans to other real estate owned 743 4,955 101
From other real estate owned to other assets $ 747
Empire State Bank branch acquisition      
Cash and cash equivalents acquired 22,396    
Net loans acquired 7,097    
Fixed assets acquired 1,491    
Accrued interest receivable acquired 12    
Other assets acquired 20    
Core deposit intangible 633    
Goodwill 1,263    
Deposits assumed 31,433    
Capital lease assumed 1,476    
Other liabilities assumed $ 3    
XML 21 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Salisbury Bancorp, Inc. (“Salisbury” or the “Company”) is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in Litchfield, Berkshire and Dutchess, Orange and Ulster Counties in Connecticut, Massachusetts and New York, respectively.

Principles of Consolidation

The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.

Basis of Financial Statement Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to make them consistent with the 2017 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. At December 31, 2017 and December 31, 2016, Salisbury maintained cash reserves of $25 million and $21 million, respectively consistent with FRB requirements.

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses.

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank’s FHLBB stock as of December 31, 2017. Deterioration of the FHLBB’s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (“ASC”) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management’s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management’s general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2017.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury’s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.

Farm – Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.

Vacant land – Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury’s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity’s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Mortgage Servicing Rights

As part of our growth and risk management strategy, we from time to time will sell whole loans. These are typically fixed rate residential loans. Our ability to sell whole loans benefits the bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage Servicing Rights (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included in other assets on the consolidated balance sheets and are accounted for under the amortization method. Under that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.

Other Real Estate Owned (“OREO”)

Salisbury's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2017 and 2016, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $1.1 million and $2.1 million, respectively.

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

• Buildings/Improvements – 39 years
• Land Improvements – 15 years
• Furniture and Fixtures – 7 years
• Computer Equipment – 5 years
• Software – 3 years

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s intangible assets at December 31, 2017, and 2016, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, $2,723,000 arising from the acquisition of Riverside Bank in December 2014 and $1,263,000 from the purchase of an additional branch office in New York in 2017. See Note 8.

On an annual basis, management assesses intangible assets for impairment, and for the year ending December 31, 2017, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.

Stock Based Compensation

Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight line basis over the period of time between the grant date and vesting date.

Advertising Expense

Advertising costs of $613,000 and $508,000 in 2017 and 2016, respectively, are expensed as incurred and not capitalized.

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (“EPS”) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Recent Accounting Pronouncements

In May 2014, August 2015, May 2016, and December 2016, respectively, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2015-14, 2016-12, and 2016-20, “Revenue from Contracts with Customers (Topic 606).” The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The amendments in ASU 2016-12 do not change the core principle of the guidance in Topic 606, but rather affect only certain narrow aspects aimed to reduce the potential for diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in ASU 2016-20 include technical corrections and improvements to Topic 606 and other Topics amended by ASU 2014-09 to increase stakeholders’ awareness of the proposals and to expedite improvements to ASU 2014-09. Salisbury engaged an outside consulting firm to help management assess if the implementation of Topic 606 would have a material impact on its consolidated financial statements. A significant portion of Salisbury’s revenue is outside the scope of Topic 606. For the portion of revenue within scope, management has identified three revenue streams for review: deposit-related fees, interchange fees and wealth management fees. The contracts associated with these revenue streams have been evaluated to determine if changes to Salisbury’s revenue recognition policies are required. As a result of this review management has determined that its revenue recognition policies conform to Topic 606 and that no changes will be required to Salisbury’s consolidated financial statements when the ASU is implemented in 2018.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (7) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (8) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted as of the beginning of the fiscal year of adoption only for provisions (3) and (6) above. Early adoption of the other provisions mentioned above is not permitted. Salisbury does not expect ASU 2016-01 to have a material impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. They have the option to use certain relief; full retrospective application is prohibited. Salisbury does not expect ASU 2016-02 to have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. Salisbury has opted to recognize forfeitures as they occur as the impact is not expected to be material. Salisbury adopted ASU 2016-09 as of January 1, 2017. Adoption contributed a $105 thousand benefit to the tax provision in the second quarter 2017 and did not have a material effect on the financial results for the twelve month period ended December 31, 2017.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Salisbury is currently evaluating the provisions of ASU 2016-13 to determine the potential impact the new standard will have on Salisbury’s Consolidated Financial Statements.

In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business." This ASU is intended to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update provide a screen to determine when a set of inputs, processes, and outputs is not a business. ASU 2017-01 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance, or for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. Entities should apply the guidance prospectively on or after the effective date. ASU 2017-01 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury is currently evaluating the provisions of ASU 2017-04 to determine the potential impact the new standard will have on Salisbury’s Consolidated Financial Statements.

In March 2017, the FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. Entities should apply the guidance on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Salisbury is currently evaluating the provisions of ASU 2017-08 and does not expect that the adoption of the new standard will have a material impact on Salisbury’s Consolidated Financial Statements.

In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU will provide clarity in the accounting guidance regarding a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. Entities should apply the guidance prospectively to an award modified on or after the adoption date. ASU 2017-09 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

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MERGERS AND ACQUISITIONS
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
MERGERS AND ACQUISITIONS

NOTE 2 – MERGERS AND ACQUISITIONS

On December 5, 2014, the Company acquired Riverside Bank. Riverside Bank operated four banking offices serving Dutchess, Ulster and Orange Counties in New York, and was merged with and into the Bank. 

The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30. 

 

  (In thousands)    2017      2016  
Balance at beginning of period  $1,190   $1,901 
Acquisitions   —    — 
Accretion   (541)   (980)
Disposals   (405)   (342)
Reclassification from non-accretable to accretable   273    611 
Balance at end of period  $517   $1,190 

 

At December 31, 2017 and 2016, Salisbury ASC 310-30 loans had an outstanding balance totaling $4.2 million and $8.1 million, respectively. The carrying value as of December 31, 2017 and 2016 was $3.7 million and $7.1 million, respectively.
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SECURITIES
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
SECURITIES

NOTE 3 - SECURITIES

The composition of securities is as follows:

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2017                    
Available-for-sale                    
Municipal bonds  $3,476   $11   $1   $3,486 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   45,983    152    267    45,868 
Collateralized mortgage obligations                    
U.S. Government agencies   10,462    2    87    10,377 
Non-agency   2,271    410    17    2,664 
SBA bonds   12,278    9    20    12,267 
CRA mutual funds   851    —    16    835 
Corporate bonds   3,500    59    9    3,550 
Total securities available-for-sale  $78,821   $643   $417   $79,047 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,813   $—   $—   $3,813 

  

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2016                    
Available-for-sale                    
Municipal bonds  $15,800   $197   $1   $15,996 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   53,407    229    335    53,301 
Collateralized mortgage obligations                    
U.S. Government agencies   1,470    4    —    1,474 
Non-agency   3,327    414    6    3,735 
SBA bonds   2,056    9    1    2,064 
CRA mutual funds   834    —    16    818 
Corporate bonds   2,000    16    3    2,013 
Preferred stock   7    215    —    222 
Total securities available-for-sale  $78,901   $1,084   $362   $79,623 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,211   $—   $—   $3,211 
(1)Net of other-than-temporary impairment write-downs recognized in prior years.

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

  Years ended December 31, (in thousands)    2017      2016      2015  
Proceeds  $199   $4,865   $3,861 
Gains realized   192    569    180 
Losses realized   (14)   —    (27)
Net gains realized   178    569    153 
Income tax provision   61    193    52 

The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the dates presented:

   Less than 12 Months  12 Months or Longer  Total
  December 31, 2017 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
Municipal bonds  $479   $1   $—   $—   $479   $1 
Mortgage-backed securities   15,914    99    17,892    168    33,806    267 
Collateralized mortgage obligations                              
U.S. Government Agencies   9,317    87    —    —    9,317    87 
Non-agency   —    —    77    3    77    3 
SBA bonds   8,519    20    —    —    8,519    20 
CRA mutual funds   835    16    —    —    835    16 
Corporate bonds   1,491    9    —    —    1,491    9 
Total temporarily impaired securities   36,555    232    17,969    171    54,524    403 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   101    14    —    —    101    14 
Total temporarily impaired and other-than-temporarily impaired securities  $36,656   $246   $17,969   $171   $54,625   $417 

 

December 31, 2016 (in thousands)                              
Available-for-sale                              
Municipal bonds  $517   $  1   $ —   $ —   $517   $  1 
Mortgage-backed securities   34,758    329    249    6    35,007    335 
Collateralized mortgage obligations                              
Non-agency   60    —    339    5    399    5 
SBA bonds   475    1    —    —    475    1 
CRA mutual funds   818    16    —    —    818    16 
Corporate bonds   498    3    —    —    498    3 
Total temporarily impaired securities   37,126    350    588    11    37,714    361 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   174    1    —    —    174    1 
Total temporarily impaired and other-than-temporarily impaired securities  $37,300   $351   $588   $11   $37,888   $362 

 


The amortized cost, fair value and tax equivalent yield of securities, by maturity, are as follows:

  December 31, 2017 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
Municipal bonds  Within 1 year  $353   $353    6.17%
   After 1 year but within 5 years   439    440    5.03%
   After 10 years but within 15 years   1,494    1,500    7.15%
   After 15 years   1,190    1,193    7.13%
   Total   3,476    3,486    6.78%
Mortgage backed securities  U.S. Government Agency and U.S. Government-sponsored enterprises   45,983    45,868    2.33%
Collateralized mortgage obligations  U.S. Government Agency and U.S. Government-sponsored enterprises   10,462    10,377    2.76%
   Non-agency   2,271    2,664    3.97%
SBA bonds      12,278    12,267    2.99%
CRA mutual funds      851    835    2.17%
Corporate bonds  After 5 years but within 10 years   3,500    3,550    5.57%
Securities available-for-sale     $78,821   $79,047    2.87%

(1)       Yield is based on amortized cost.

Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

The following summarizes, by security type, the basis for evaluating if the applicable securities were OTTI at December 31, 2017.

U.S. Government agency mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Twenty-eight securities had unrealized losses at December 31, 2017, which approximated 0.82% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017.

SBA bonds: The contractual cash flows are guaranteed by the U.S. government. Eight securities had unrealized losses at December 31, 2017, which approximated 0.24% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality since time of purchase. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2017.

Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Six securities had unrealized losses at December 31, 2017, which approximated 0.11% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2017.

Corporate bonds: Salisbury regularly monitors and analyzes its corporate bond portfolio for credit quality. Two securities had unrealized losses at December 31, 2017, which approximated 0.58% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore management does not consider these investments to be other-than temporarily impaired at December 31, 2017.

Non-agency CMOs: Salisbury performed a detailed cash flow analysis of its non-agency CMOs at December 31, 2017, to assess whether any of the securities were OTTI. Two securities had unrealized losses at December 31, 2017, which approximated 8.66% of their amortized cost. Salisbury uses cash flow forecasts for each security based on a variety of market driven assumptions and securitization terms, including prepayment speed, default or delinquency rate, and default severity for losses including interest, legal fees, property repairs, expenses and realtor fees, that, together with the loan amount are subtracted from collateral sales proceeds to determine severity. In 2009, Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1,128,000. Salisbury judged the other non-agency CMO securities not to have additional OTTI and all other CMO securities not to be OTTI as of December 31, 2017. It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI for further deterioration in credit quality. Salisbury evaluates these securities for strategic fit and depending upon such factor could reduce its position in these securities, although it has no present intention to do so, and it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis.

CRA mutual funds consist of an investment in a fixed income mutual fund. One security had unrealized losses at December 31, 2017, which approximated 1.88% of its amortized cost. Salisbury evaluated the near-term prospects of this fund in relation to the severity and duration of the impairment.  Based on that evaluation, Salisbury does not consider this investment to be OTTI at December 31, 2017.
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LOANS
 12 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
LOANS

NOTE 4 - LOANS

Change in Presentation of Loan Balances and Related Credit Metrics

As a result of Salisbury’s acquisition of Riverside Bank in 2014, Salisbury previously disclosed the loan balances, the allowance for loan and lease losses and the credit quality metrics for the acquired loans separately from its business activities loans. As the acquired loan portfolio has become a smaller percentage of Salisbury’s overall loan portfolio, all loan balances and the related credit metrics, including those for prior periods, are presented on a consolidated basis.

The composition of loans receivable and loans held-for-sale is as follows:

December 31,    2017      2016  
       
(in thousands)    Total Loans        Total Loans  
       
Residential 1-4 family  $317,639   $301,128 
Residential 5+ multifamily   18,108    13,625 
Construction of residential 1-4 family   11,197    10,951 
Home equity lines of credit   33,771    35,487 
Residential real estate   380,715    361,191 
Commercial   249,311    235,482 
Construction of commercial   9,988    5,398 
Commercial real estate   259,299    240,880 
Farm land   4,274    3,914 
Vacant land   7,883    6,600 
Real estate secured   652,171    612,585 
Commercial and industrial   132,731    141,473 
Municipal   17,494    8,626 
Consumer   4,794    5,380 
Loans receivable, gross   807,190    768,064 
Deferred loan origination fees and costs, net   1,289    1,247 
Allowance for loan losses   (6,776)   (6,127)
Loans receivable, net  $801,703   $763,184 
Loans held-for-sale          
Residential 1-4 family  $669   $— 

Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury’s loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties.

Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks’ originated loans.  Purchased amounts are accounted for as loans without recourse to the originating bank.  Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan.  The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. 

At December 31, 2017 and 2016, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $57.2 million and $59.8 million, respectively. During 2017, Salisbury sold 50% of its interest in 1 commercial construction loan with a commitment of $5.9 million. No funds were drawn against this commitment as of December 31, 2017. Additionally, Salisbury purchased a participant share in 36 loans with outstanding balances of $18.5 million.

Concentrations of Credit Risk

Salisbury's loans consist primarily of residential and commercial real estate loans located principally in northwestern Connecticut, New York and Massachusetts towns, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, installment loans, and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury’s market area.

Credit Quality

Salisbury uses credit risk ratings as part of its determination of the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

Loans rated as "special mention" possess credit deficiencies or potential weaknesses deserving management’s close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.

Loans rated as "substandard" are loans where the Bank’s position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.

Loans rated "doubtful" have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.

Loans classified as "loss" are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank’s loan portfolio is examined periodically by its regulatory agencies, the FDIC and the Connecticut Department of Banking.

The composition of loans receivable by risk rating grade is as follows:

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2017                              
Residential 1-4 family  $307,240   $6,452   $3,947   $—   $—   $317,639 
Residential 5+ multifamily   16,129    957    1,022    —    —    18,108 
Construction of residential 1-4 family   11,197    —    —    —    —    11,197 
Home equity lines of credit   32,891    710    170    —    —    33,771 
Residential real estate   367,457    8,119    5,139    —    —    380,715 
Commercial   232,492    4,456    12,363    —    —    249,311 
Construction of commercial   9,622    —    366    —    —    9,988 
Commercial real estate   242,114    4,456    12,729    —    —    259,299 
Farm land   4,024    —    250    —    —    4,274 
Vacant land   7,806    77    —    —    —    7,883 
Real estate secured   621,401    12,652    18,118    —    —    652,171 
Commercial and industrial   129,219    2,536    976    —    —    132,731 
Municipal   17,494    —    —    —    —    17,494 
Consumer   4,744    50    —    —    —    4,794 
Loans receivable, gross  $772,858   $15,238   $19,094   $—   $—   $807,190 

 

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2016                              
Residential 1-4 family  $291,928   $6,279   $2,832   $89   $—   $301,128 
Residential 5+ multifamily   11,556    1,906    163    —    —    13,625 
Construction of residential 1-4 family   10,951    —    —    —    —    10,951 
Home equity lines of credit   34,299    512    676    —    —    35,487 
Residential real estate   348,734    8,697    3,671    89    —    361,191 
Commercial   215,856    7,818    11,808    —    —    235,482 
Construction of commercial   5,025    —    373    —    —    5,398 
Commercial real estate   220,881    7,818    12,181    —    —    240,880 
Farm land   2,912    —    1,002    —    —    3,914 
Vacant land   6,513    87    —    —    —    6,600 
Real estate secured   579,040    16,602    16,854    89    —    612,585 
Commercial and industrial   137,914    2,894    665    —    —    141,473 
Municipal   8,626    —    —    —    —    8,626 
Consumer   5,353    27    —    —    —    5,380 
Loans receivable, gross  $730,933   $19,523   $17,519   $89   $—   $768,064 

 

The composition of loans receivable by delinquency status is as follows:

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2017                                         
Residential 1-4 family  $314,798   $1,410   $165   $156   $1,110   $2,841   $—   $2,045 
Residential 5+ multifamily   18,108    —    —    —    —    —    —    151 
Construction of residential 1-4 family   11,197    —    —    —    —    —    —    — 
Home equity lines of credit   33,219    75    477    —    —    552    —    66 
Residential real estate   377,322    1,485    642    156    1,110    3,393    —    2,262 
Commercial   244,869    1,888    758    —    1,796    4,442    —    3,364 
Construction of commercial   9,730    —    —    —    258    258    —    258 
Commercial real estate   254,599    1,888    758    —    2,054    4,700    —    3,622 
Farm land   4,032    242    —    —    —    242    —    250 
Vacant land   7,883    —    —    —    —    —    —    — 
Real estate secured   643,836    3,615    1400    156    3,164    8,335    —    6,134 
Commercial and industrial   131,991    131    218    391    —    740    31    470 
Municipal   17,494    —    —    —    —    —    —    — 
Consumer   4,752    34    8    —    —    42    —    — 
Loans receivable, gross  $798,073   $3,780   $1,626   $547   $3,164   $9,117   $31   $6,604 

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2016                                         
Residential 1-4 family  $297,895   $1,305   $213   $327   $1,388   $3,233   $236   $1,920 
Residential 5+ multifamily   13,625    —    —    —    —    —    —    163 
Construction of residential 1-4 family   10,951    —    —    —    —    —    —    — 
Home equity lines of credit   35,190    155    88    —    54    297    —    519 
Residential real estate   357,661    1,460    301    327    1,442    3,530    236    2,602 
Commercial   229,376    1,213    250    2,139    2,504    6,106    —    4,643 
Construction of commercial   5,140    —    —    —    258    258    —    258 
Commercial real estate   234,516    1,213    250    2,139    2,762    6,364    —    4,901 
Farm land   2,402    789    —    —    723    1,512    —    1,002 
Vacant land   6,575    25    —    —    —    25    —    — 
Real estate secured   601,154    3,487    551    2,466    4,927    11,431    236    8,505 
Commercial and industrial   140,623    565    239    46    —    850    20    27 
Municipal   8,626    —    —    —    —    —    —    — 
Consumer   5,336    26    15    3    —    44    —    4 
Loans receivable, gross  $755,739   $4,078   $805   $2,515   $4,927   $12,325   $256   $8,536 

 

Troubled Debt Restructurings (TDRs)

Troubled debt restructurings occurring during the periods are as follows:

  Business Activities Loans December 31, 2017  December 31, 2016
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   1   $222   $222    5   $772   $772 
Land   —    —    —    —    —    — 
Commercial real estate   1    600    600    2    2,123    2,123 
Construction of commercial   —    —    —    —    —    — 
Consumer   —    —    —    —    —    — 
Commercial and industrial   2    182    182    —    —    — 
HELOC   —    —    —    —    —    — 
Troubled debt restructurings   4   $1,004   $1,004    7   $2,895   $2,895 
Rate reduction and term extension   3   $404   $404    2   $262   $262 
Debt consolidation and term extension   —    —    —    1    260    260 
Debt Consolidation   —    —    —    1    1,863    1,863 
Term extension   1    600    600    3    510    510 
Troubled debt restructurings   4   $1,004   $1,004    7   $2,895   $2,895 

Four loans were restructured during 2017. No concessions have been made with respect to loans that subsequently defaulted in the current reporting period. Salisbury currently does not have any commitments to lend additional funds to TDR loans.

 

The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated.

   Modifications that Subsequently Defaulted
  

For the twelve months ending

December 31, 2017

 

For the twelve months ending

December 31, 2016

Troubled Debt Restructurings                    
Residential 1-4 family   —    —    1    52 
Residential 5+ multifamily   —    —    1    163 
Commercial real estate   —    —    1    1,793 
Total   —    —    3    2,008 

 

Impaired loans

Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows:

December 31, (in thousands)    2017      2016  
Non-accrual loans, excluding troubled debt restructured loans  $5,450   $6,274 
Non-accrual troubled debt restructured loans   1,154    2,262 
Accruing troubled debt restructured loans   7,482    7,798 
Total impaired loans  $14,086   $16,334 
Commitments to lend additional amounts to impaired borrowers  $—   $— 


Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

  December 31, 2017   December 31, 2016
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
Residential 1-4 family  $1,926   $100   $(197)  $33   $1,862   $2,132   $475   $(706)  $25   $1,926 
Residential 5+ multifamily   62    93    —    —    155    33    32    (3)   —    62 
Construction of residential 1-4 family   91    (16)   —    —    75    37    54    —    —    91 
Home equity lines of credit   348    (115)   (4)   7    236    354    37    (47)   4    348 
Residential real estate   2,427    62    (201)   40    2,328    2,556    598    (756)   29    2,427 
Commercial   1,920    836    (453)   244    2,547    1,507    597    (187)   3    1,920 
Construction of commercial   38    42    —    —    80    92    (54)   —    —    38 
Commercial real estate   1,958    878    (453)   244    2,627    1,599    543    (187)   3    1,958 
Farm land   28    45    (43)   2    32    37    15    (24)   —    28 
Vacant land   170    (2)   (36)   —    132    152    82    (64)   —    170 
Real estate secured   4,583    983    (733)   286    5,119    4,344    1,238    (1,031)   32    4,583 
Commercial and industrial   1,079    (229)   (162)   296    984    705    754    (452)   72    1,079 
Municipal   53    (23)   —    —    30    61    (8)   —    —    53 
Consumer   75    63    (76)   18    80    124    (4)   (67)   22    75 
Unallocated   337    226    —    —    563    482    (145)   —    —    337 
Totals  $6,127   $1,020   $(971)  $600   $6,776   $5,716   $1,835   $(1,550)  $126   $6,127 

The composition of loans receivable and the allowance for loan losses is as follows:

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2017                              
Residential 1-4 family  $312,456   $1,759   $5,183   $103   $317,639   $1,862 
Residential 5+ multifamily   16,361    154    1,747    1    18,108    155 
Construction of residential 1-4 family   11,197    75    —    —    11,197    75 
Home equity lines of credit   33,658    235    113    1    33,771    236 
Residential real estate   373,672    2,223    7,043    105    380,715    2,328 
Commercial   243,602    2,432    5,709    115    249,311    2,547 
Construction of commercial   9,622    80    366    —    9,988    80 
Commercial real estate   253,224    2,512    6,075    115    259,299    2,627 
Farm land   4,024    32    250    —    4,274    32 
Vacant land   7,684    129    199    3    7,883    132 
Real estate secured   638,604    4,896    13,567    223    652,171    5,119 
Commercial and industrial   132,212    952    519    32    132,731    984 
Municipal   17,494    30    —    —    17,494    30 
Consumer   4,794    80    —    —    4,794    80 
Unallocated allowance   —    563    —    —    —    563 
Totals  $793,104   $6,521   $14,086   $255   $807,190   $6,776 

 

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2016                              
Residential 1-4 family  $295,998   $1,797   $5,130   $129   $301,128   $1,926 
Residential 5+ multifamily   11,802    56    1,823    6    13,625    62 
Construction of residential 1-4 family   10,951    91    —    —    10,951    91 
Home equity lines of credit   34,854    326    633    22    35,487    348 
Residential real estate   353,605    2,270    7,586    157    361,191    2,427 
Commercial   228,406    1,668    7,076    251    235,482    1,919 
Construction of commercial   5,025    39    373    —    5,398    39 
Commercial real estate   233,431    1,707    7,449    251    240,880    1,958 
Farm land   2,912    28    1,002    —    3,914    28 
Vacant land   6,390    166    210    4    6,600    170 
Real estate secured   596,338    4,171    16,247    412    612,585    4,583 
Commercial and industrial   141,389    1,079    84    0    141,473    1,079 
Municipal   8,626    53    —    —    8,626    53 
Consumer   5,377    75    3    —    5,380    75 
Unallocated allowance   —    337    —    —    —    337 
Totals  $751,730   $5,715   $16,334   $412   $768,064   $6,127 

1 Includes ASC 310-30 loans and allowance of $2.4 million and $92,000, respectively for 2017 and $4.2 million and $79,000, respectively for 2016.

The credit quality segments of loans receivable and the allowance for loan losses are as follows:

  December 31, 2017 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $783,206   $5,619   $—   $—   $783,206   $5,619 
Potential problem loans 1   9,898    339    —    —    9,898    339 
Impaired loans   —    —    14,086    255    14,086    255 
Unallocated allowance   —    563    —    —    —    563 
Totals  $793,104   $6,521   $14,086   $255   $807,190   $6,776 

 

  December 31, 2016 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $744,455   $5,117   $—   $—   $744,455   $5,117 
Potential problem loans 1   7,275    261    —    —    7,275    261 
Impaired loans   —    —    16,334    412    16,334    412 
Unallocated allowance   —    337    —    —    —    337 
Totals  $751,730   $5,715   $16,334   $412   $768,064   $6,127 

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the fair value of expected cash flows or collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows:

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2017                                             
Residential  $3,532   $3,651   $3,376   $104   $109   $3,398   $4,279   $3,597   $119 
Home equity lines of credit   47    47    79    1    2    66    117    155    — 
Residential real estate   3,579    3,698    3,455    105    111    3,464    4,396    3,752    119 
Commercial   2,336    2,563    2,688    115    102    3,373    4,567    3,699    305 
Construction of commercial   108    114    59    —    7    258    274    310    — 
Farm land   —    —    —    —    —    250    450    869    — 
Vacant land   44    44    45    3    3    155    179    159    11 
Real estate secured   6,067    6,419    6,247    223    223    7,500    9,866    8,789    435 
Commercial and industrial   110    117    59    32    —    409    502    181    15 
Consumer   —    —    —    —    —    —    6    1    — 
Totals  $6,177   $6,536   $6,306   $255   $223   $7,909   $10,374   $8,971   $450 

 

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2016                                             
Residential  $3,516   $3,684   $6,411   $135   $88   $3,437   $4,031   $3,060   $94 
Home equity lines of credit   406    435    462    22    2    227    277    331    3 
Residential real estate   3,922    4,119    6,873    157    90    3,664    4,308    3,391    97 
Commercial   4,275    4,932    4,072    251    48    2801    3518    3046    80 
Construction of commercial   —    —    56    —    —    373    393    321    8 
Farm land   —    —    394    —    —    1,002    1,140    622    — 
Vacant land   46    46    1,786    4    3    164    189    195    12 
Real estate secured   8,243    9,097    13,181    412    141    8,004    9,548    7,575    197 
Commercial and industrial   —    —    108    —    —    84    130    220    3 
Consumer   —    —    —    —    —    3    16    7    — 
Totals  $8,243   $9,097   $13,289   $412   $141   $8,091   $9,694   $7,802   $200 

 
XML 25 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
MORTGAGE SERVICING RIGHTS
 12 Months Ended
Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 5 - MORTGAGE SERVICING RIGHTS

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

December 31, (in thousands)    2017      2016  
Residential mortgage loans serviced for others  $117,538   $125,243 
Fair value of mortgage servicing rights   1,010    902 

Changes in mortgage servicing rights are as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Mortgage Servicing Rights               
Balance, beginning of period  $339   $486   $694 
Originated   63    95    148 
Amortization (1)   (169)   (242)   (356)
Balance, end of period   233    339    486 
Valuation Allowance               
Balance, beginning of period   (23)   (3)   — 
Decrease (increase) in impairment reserve (1)   23    (20)   (3)
Balance, end of period   —    (23)   (3)
Mortgage servicing rights, net  $233   $316   $483 
(1)Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
PLEDGED ASSETS
 12 Months Ended
Dec. 31, 2017
Guarantees [Abstract]  
PLEDGED ASSETS

NOTE 6 - PLEDGED ASSETS

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available.

December 31, (in thousands)    2017      2016  
Securities available-for-sale (at fair value)  $67,377   $63,833 
Loans receivable (at book value)   204,354    137,117 
Total pledged assets  $271,731   $200,950 

 

At December 31, 2017, securities were pledged as follows: $62.6 million to secure public deposits, $4.7 million to secure repurchase agreements and $0.1 million to secure FHLBB and FRB advances. Additionally, loans receivable are pledged to secure FHLBB advances and credit facilities.
XML 27 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
BANK PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
BANK PREMISES AND EQUIPMENT

NOTE 7 - BANK PREMISES AND EQUIPMENT

The components of premises and equipment are as follows:

December 31, (in thousands)    2017      2016  
Land  $2,593   $2,593 
Buildings and improvements   11,679    11,641 
Leasehold improvements   1,690    1,697 
Capital lease   1,900    425 
Furniture, fixtures, equipment and software   8,312    6,823 
Fixed assets in process   1,119    708 
Total cost   27,293    23,887 
Accumulated depreciation and amortization   (10,892)   (9,489)
Bank premises and equipment, net  $16,401   $14,398 

 
XML 28 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 8 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Goodwill (1)               
Balance, beginning of period  $12,552   $12,552   $12,552 
Additions   1,263    —    — 
Impairment   —    —    — 
Balance, end of period  $13,815   $12,552   $12,552 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $5,248   $5,248 
New York branch purchase   633    —    — 
Impairment   —    —    — 
Cost, end of period   5,881    5,248    5,248 
Amortization, beginning of period   (3,511)   (2,910)   (2,258)
Amortization   (533)   (601)   (652)
Amortization, end of period   (4,044)   (3,511)   (2,910)
Core deposit intangibles, net  $1,837   $1,737   $2,338 
(1)Not subject to amortization.

In June 2017, Salisbury acquired the New Paltz, New York branch of Empire State Bank, and assumed approximately $31.4 million in deposits and acquired approximately $7.1 million in loans. Salisbury realized goodwill in the amount of $1.26 million and a core deposit intangible of $633,000 as a result of the acquisition of the New Paltz branch.

Salisbury performed an evaluation of its goodwill and intangible assets as of December 31, 2017. There was no impairment recognized during 2017 or 2016.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

December 31, (in thousands)  CDI amortization
 2018   $454  
 2019    388  
 2020    321  
 2021    255  
 2022    192  
 2023    128  
 2024    61  
 2025    25  
 2026    13  

 
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEPOSITS
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
DEPOSITS

NOTE 9 - DEPOSITS

Scheduled maturities of time certificates of deposit are as follows:

December 31, (in thousands)  CD maturities
 2018   $56,054  
 2019    29,130  
 2020    15,196  
 2021    11,191  
 2022    5,027  
 2023    233  
 Total   $116,831  

The total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more were as follows:

Years ended December 31, (in thousands)    2017      2016  
Within three months  $1,605   $1,326 
After three through six months   2,791    2,746 
After six through twelve months   3,769    2,323 
Over one year   6,596    7,199 
Total  $14,761   $13,594 

 
XML 30 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows:

December 31, (dollars in thousands)    2017      2016  
Repurchase agreements, ending balance  $1,668   $5,535 
Repurchase agreements, average balance during period   2,517    3,770 
Book value of collateral   4,737    5,507 
Market value of collateral   4,725    5,540 
Weighted average rate during period   0.20%   0.16%
Weighted average maturity                  1 day     1 day 
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

NOTE 11 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

   December 31, 2017  December 31, 2016
  Years ended December 31, (dollars in thousands)    Total (1)      Rate (2)      Total (1)      Rate (2)  
 Overnight   $—    —%  $10,000   0.80%
 2017    —    —    —    — 
 2018    34,000    2.04    7,000    3.69 
 2019    —    —    —    — 
 2020    14,655    2.01    14,495    2.08 
 2021    5,767    2.30    5,693    2.39 
 Total   $54,422    2.06%  $37,188   2.09%
(1)Net of modification costs
(2)Weighted average rate based on scheduled maturity dates.


In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $78.7 million and access to an unused FHLBB line of credit of $3.5 million at December 31, 2017. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

Two advances were modified during the third quarter 2015, and such modifications were accounted for in accordance with ASC 470-50. The modification extended $21 million in advances over a weighted average period of 39 months. No advances were modified during 2017 or 2016.

Subordinated Debentures:

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed-to-Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury’s related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury’s payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.8 million at December 31, 2017, which includes $189 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.36%.

Notes Payable:

In October 2015, Salisbury entered into a private mortgage for $380,000 to purchase the Sharon branch property. The mortgage, which has an interest rate of 6%, will mature in September 2025. The outstanding mortgage balance at December 31, 2017 and December 31, 2016 was $313,000 and $344,000, respectively.
XML 32 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET DEFERRED TAX ASSET AND INCOME TAXES
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
NET DEFERRED TAX ASSET AND INCOME TAXES

NOTE 12 – NET DEFERRED TAX ASSET AND INCOME TAXES

Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows:

Years ended December 31, (in thousands)    2017      2016      2015  
Federal  $1,831   $1,344   $2,186 
State   195    288    432 
Current provision   2,026    1,632    2,618 
Federal   840    852    896 
State   48    105    49 
Deferred expense   888    957    945 
Income tax provision  $2,914   $2,589   $3,563 

The following is a reconciliation of the expected federal statutory tax to the income tax provision:

Years ended December 31, (in thousands)    2017      2016      2015  
Income tax at statutory federal tax rate   34.00%   34.00%   34.00%
State tax, net of federal tax benefit   1.74    2.80    2.63 
Tax exempt income and dividends received deduction   (7.00)   (9.07)   (7.38)
Remeasurement of net deferred tax assets   4.85    —    — 
Other   (1.81)   0.19    0.39 
Change in valuation allowance   —    —    — 
Effective income tax rates   31.78%   27.92%   29.64%

The components of Salisbury's net deferred tax assets are as follows:

December 31, (dollars in thousands)    2017      2016  
Allowance for loan losses  $1,499   $2,023 
Interest on non-performing loans   210    362 
Accrued deferred compensation   248    268 
Post-retirement benefits   11    17 
Other real estate owned write-downs   6    184 
Restricted stock awards   77    62 
Mark-to-market purchase accounting adjustments   122    513 
Write-down of securities   154    588 
Other   51    64 
Gross deferred tax assets   2,378    4,081 
Deferred loan costs, net   (312)   (457)
Goodwill and core deposit intangible asset   (534)   (848)
Accelerated depreciation   (752)   (1,048)
Mortgage servicing rights   (56)   (116)
Net unrealized holding gain on available-for-sale securities   (47)   (245)
Gross deferred tax liabilities   (1,701)   (2,714)
Net deferred tax asset  $677   $1,367 

Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not. Salisbury remeasured its net deferred tax asset as of December 31, 2017 due to the enactment of the new U.S. tax law during the fourth quarter of 2017. This remeasurement resulted in a $445,000 increase in the tax provision for 2017 and a related reduction in the net deferred tax asset.

In accordance with Connecticut legislation, in 2004, Salisbury formed a Passive Investment Company (“PIC”), SBT Mortgage Service Corporation. Salisbury does not expect to pay Connecticut state income tax in the foreseeable future unless there is a change in Connecticut law.

Salisbury’s policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2017 and 2016, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2014 through December 31, 2017.

XML 33 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 13 – SHAREHOLDERS’ EQUITY

Capital Requirements

Salisbury and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on Salisbury’s and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Salisbury and the Bank must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Salisbury and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

In July 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements increased for both the quantity and quality of capital held by the Bank and Company. The rules include a common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The initial implementation of the capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increases each subsequent January 1, by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. As of December 31, 2017, the Bank exceeded the fully phased in regulatory requirement for the capital conservation buffer. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

As of December 31, 2017, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

      To be Well Capitalized
   Actual 

For Capital Adequacy

Purposes

 

Under Prompt Corrective

Action Provisions

  (dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
December 31, 2017                  
Total Capital (to risk-weighted assets)                              
Salisbury  $98,920    12.94%  $61,154    8.0%   n/a    n/a 
Bank   95,810    12.54    61,130    8.0   $76,413    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   82,034    10.73    45,865    6.0    n/a    n/a 
Bank   88,924    11.64    45,848    6.0    61,130    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                              
Salisbury   82,034    10.73    34,399    4.5    n/a    n/a 
Bank   88,924    11.64    34,386    4.5    49,668    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   82,034    8.53    38,461    4.0    n/a    n/a 
Bank   88,924    9.25    38,461    4.0    48,076    5.0 
December 31, 2016                              
Total Capital (to risk-weighted assets)                              
Salisbury  $96,166    13.26%  $57,997    8.0%   n/a    n/a 
Bank   93,690    12.92    57,996    8.0   $72,495    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   79,868    11.02    43,498    6.0    n/a    n/a 
Bank   87,392    12.05    43,497    6.0    57,996    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                              
Salisbury   79,868    11.02    32,623    4.5    n/a    n/a 
Bank   87,392    12.05    32,623    4.5    47,122    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   79,868    8.69    37,282    4.0    n/a    n/a 
Bank   87,392    9.51    36,762    4.0    45,953    5.0 


Restrictions on Cash Dividends to Common Shareholders

Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.

Preferred Stock

In August 2011, Salisbury issued to the U.S. Secretary of the Treasury (the “Treasury”) $16 million of its Series B Preferred Stock under the Small Business Lending Fund (the “SBLF”) program. Such Series B Preferred Stock was redeemed by Salisbury in December 2015. The SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The Preferred Stock qualified as Tier 1 capital for regulatory purposes and ranked senior to the Common Stock.

During fourth quarter 2015, the Company completed an offering of $10 million of unsecured 6.00% fixed-to–floating rate subordinated notes due in 2025. The notes qualify as Tier II capital and are included as such within the Company's total risk-based capital ratio.

The net proceeds of the offering, along with cash on hand, were used during the fourth quarter 2015 to redeem the $16 million of Senior Non-Cumulative Perpetual Preferred Stock issued in conjunction with the Company’s participation in the U.S. Treasury’s SBLF program.
XML 34 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER BENEFITS
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
OTHER BENEFITS

NOTE 14 –OTHER BENEFITS

401(k) Plan

Salisbury offers a 401(k) Plan to eligible employees. Under the 401(k) Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. Effective December 31, 2012, and simultaneously with the freezing of the pension plan, the 401(k) Plan was amended to include a safe harbor contribution of 4% for all qualifying employees. The Bank’s safe harbor contribution percentage is reviewed annually and, under provisions of the 401(k) Plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the 401(k) Plan’s qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the 401(k) Plan.

Both the safe harbor and additional discretionary match, if any, vest immediately.

Salisbury’s 401(k) Plan contribution expense for 2017, 2016 and 2015 was $821,000, $832,000 and $679,000, respectively.

Employee Stock Ownership Plan (ESOP)

Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service:

20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $132,000, $173,000, and $323,000 in 2017, 2016, and 2015, respectively.

Other Retirement Plans

Salisbury adopted ASC 715-60, “Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury’s future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $966,000 and $849,000 at December 31, 2017, and 2016, respectively. Expense under this arrangement was $117,000 for 2017, $74,000 for 2016, and $91,000 for 2015.

The Bank entered into a Supplemental Retirement Plan Agreement with its former Chief Executive Officer that provides for supplemental post retirement payments for a ten year period as described in the agreement. The related liability was $48,000 and $68,000 at December 31, 2017, and 2016, respectively. The related expenses were immaterial for all periods presented.

The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen year period as described in the agreement. The related liability was $446,000 and $486,000 at December 31, 2017 and December 31, 2016, respectively. The related expenses were immaterial for all periods presented.

A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section.

In 2017, 2016, and 2015, the Bank awarded eight (8), nine (9) and six (6) Executives, respectively, with discretionary contributions to the plan. Expenses related to this plan amounted to $80,000 in 2017, $46,000 in 2016, and $39,000 in 2015. Based on the Executive’s date of retirement, the vesting schedule ranges from 12.5% per year to 100% per year.

Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers, including a severance agreement with Mr. Cantele, President and Chief Executive Officer, a change in control agreement with Mr. Albero, Executive Vice President and Chief Financial Officer, and an employment agreement with Mr. Davies, President of the New York Region and Chief Lending Officer. Such agreements are designed to allow Salisbury to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to Salisbury’s operations.
XML 35 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
LONG TERM INCENTIVE PLANS
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
LONG TERM INCENTIVE PLANS

NOTE 15 - LONG TERM INCENTIVE PLANS

The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013, January 29, 2016 and again on April 28, 2017. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.

The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of common stock, cash, or other property (collectively, “Awards”).

Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury’s outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. In addition, the Plan limits the total number of shares of Common Stock that may be awarded as Incentive Stock Options (“ISOs”) to 42,000 and the total number of shares of Common Stock that may be issued as Directors Stock Retainer Awards to 15,000. The Directors stock retainer awards were increased from 120 shares per year to 240 shares per year effective January 25, 2013. Effective January 29, 2016, the Directors stock retainer award was increased from 240 shares to 340 shares annually. 

The Board of Directors adopted the 2017 Long Term Incentive Plan (the “2017 LTIP”) on February 24, 2017, which was approved by shareholders at the 2017 Annual Meeting on May 17, 2017. Pursuant to the 2017 LTIP, as of May 2017, following shareholder approval of the 2017 LTIP, no further awards will be made under the 2011 LTIP, which shall remain in existence solely for purposes of administering outstanding grants. Under the 2017 LTIP, the total number of shares of Common Stock reserved and available for issuance in the next ten years in connection with awards under the 2017 LTIP is 200,000 shares of Common Stock, which represents approximately 7% of Salisbury’s 2,770,036 outstanding shares of Common Stock as of March 20, 2017. Of the maximum shares available under the 2017 LTIP, 200,000 shares may be issued upon the exercise of stock options (all of which may be granted as incentive stock options) and 150,000 shares may be issued as restricted stock or restricted stock units (including deferred stock units), provided that, to the extent that a share is issued as a restricted stock award or a restricted stock unit, the share would no longer be available for award as a stock option, unless the restricted stock award or restricted unit is forfeited or otherwise returned to the 2017 LTIP.

In 2017, 2016 and 2015 Salisbury granted a total of 13,824, 15,800 and 1,000 shares of restricted stock pursuant to its 2011 and 2017 LTIP to certain employees and Directors. The fair value of the stock at grant date was determined to be $547,000, $466,000 and $29,000, respectively. The stock will be vested three years from the grant date with the exception of the 2015 grant, which vested immediately.

The following table presents the amount of cumulatively granted restricted stock awards under the 2011 and 2017 Long-Term Incentive Plans:

  Year Ended December 31  2017  Weighted Average Grant Price
 Beginning of year    19,750   $28.97 
 Granted    13,824    39.57 
 Vested    (5,650)   27.62 
 Forfeited    (900)   30.56 
 End of year    27,024   $34.62 

 

The fair value of the restricted shares that vested during 2017 and 2016 was $222,000 and $562,000, respectively. Compensation expense for restricted stock awards in 2017, 2016, and 2015 was $259,000 $215,000 and $222,000, respectively. Unrecognized compensation cost relating to the restricted stock awards was $606,000 and $352,000 as of December 31, 2017 and 2016, respectively. The remaining weighted average vesting period on restricted shares as of December 31, 2017, over which unrecognized compensation cost is expected to be recognized, is 1.98 years. In 2017, Salisbury recorded a $105,000 benefit to the tax provision for the adoption of ASU 2016-09 as discussed in NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. The tax benefit associated with restricted stock awards, which was recognized in earnings for 2017, 2016 and 2015, was approximately $88,000, $73,000 and $75,000, respectively.

Additionally in 2017, 2016 and 2015 the Compensation Committee granted a total of 56,600, 47,470 and 48,894 Phantom Stock Appreciation Units (“PSUs” pursuant to the 2013 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”) to certain employees, including the three Named Executive Officers. The units will vest on the third anniversary of the grant date. Salisbury’s compensation expense related to the PSUs was $135,000 and $178,000 for 2017 and 2016, respectively.
XML 36 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
STOCK OPTIONS

NOTE 16 – STOCK OPTIONS

Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. The table below reflects the remaining outstanding options related to this transaction and presents a summary of the status of Salisbury's outstanding stock options as of and for the year ended December 31, 2017:


Year ended December 31, 2017		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term

(in years)

 

Aggregate

intrinsic value

Beginning of period   55,350   $22.86           
Granted   —    —           
Exercised   (12,150)   25.93           
Forfeited or expired   (2,700)   25.93           
End of period   40,500   $21.73    4.33   $928,000 


All options are vested and exercisable at December 31, 2017. The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the years ended December 31, 2017, 2016 and 2015 was $156,000, $41,000 and $75,000, respectively.
XML 37 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 17 - RELATED PARTY TRANSACTIONS

In the normal course of business the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders):

  Years ended December 31, (in thousands)    2017      2016  
 Balance, beginning of period   $7,918   $8,120 
 Advances    508    831 
 Repayments    (775)   (1,033)
 Balance, end of period   $7,651   $7,918 
XML 38 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
OTHER COMPREHENSIVE LOSS

NOTE 18 – OTHER COMPREHENSIVE LOSS

The following table presents a reconciliation of the changes in the components of other comprehensive loss for the dates indicated, including the amount of income tax benefit allocated to each component of other comprehensive loss:

Years ended December 31, (in thousands)    2017      2016      2015  
Other comprehensive loss               
Net unrealized losses on securities available-for-sale  $(318)  $(399)  $(1,297)
Reclassification of net realized gains in net income(1)   (178)   (584)   (192)
Unrealized losses on securities available-for-sale   (496)   (983)   (1,489)
Income tax benefit (expense)   198    335    506 
Unrealized (losses) gains on securities available-for-sale, net of tax   (298)   (648)   (983)
Other comprehensive loss  $(298)  $(648)  $(983)

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive loss and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gains on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income. The income tax expense related to reclassification of net realized gains was approximately $61,000, $199,000, and $67,000 in 2017, 2016 and 2015, respectively.

The components of accumulated other comprehensive income are as follows:

December 31, (dollars in thousands)    2017      2016  
Unrealized gains on securities available-for-sale, net of tax  $179   $477 
Accumulated other comprehensive income  $179   $477 

 
XML 39 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 19 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

On December 31, 2015, the Bank selected a new provider for core account processing services and other miscellaneous services, and has completed its core systems conversion with the new provider in November of 2016. The agreement will continue until the eighth anniversary of the commencement date, which was November 10, 2016. In the event the Bank chooses to cancel the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement.

In December 2017, the Bank entered into a purchase and assumption agreement with Orange Bank & Trust Company, pursuant to which the Bank will acquire the Fishkill, New York branch of Orange Bank & Trust Company and certain related deposits, loans and other assets. The Bank has received regulatory approval from the CTDOB and the NYDFS and is awaiting approval from the FDIC for the transaction, which is expected to be completed during the second quarter of 2018.

The Bank leases facilities and equipment under operating leases that expire at various dates through 2024. The leases have varying renewal options, generally require a fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. Rent expense totaled $361,000, $245,000 and $295,000 for 2017, 2016 and 2015, respectively.

Future minimum lease payments at December 31, 2017 are as follows:

Future minimum lease payments  (in thousands)   
 2018   $  381 
 2019      380 
 2020      390 
 2021      336 
 2022      199 
 2023      135 
 2024      129 
     $  1,950 

 

The leases for two Bank facilities are accounted for as capital leases. These leases expire in 2028 and 2029. The capital lease expiring in 2028 includes an option to terminate the lease in 2018. Salisbury is evaluating its alternatives for the capital lease expiring in 2018.The leases have varying renewal options, require a fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by the Bank. The following is a schedule by years of future minimum lease payments under the capital leases with the present value of the net minimum lease payments as of December 31, 2017.

Future minimum lease payments  (in thousands)   
 2018   $  214 
 2019      234 
 2020      234 
 2021      234 
 2022      234 
 Thereafter      1,424 
 Total minimum lease payments      2,574 
 Less amount representing interest      741 
     $  1,833 

Employment and Change in Control Agreements

Salisbury has entered into severance agreements with certain senior executives, including with one (1) named executive officer, Richard J. Cantele, Jr., which provide payouts ranging from 0.5 to 2.9 times base salary and other benefits. Salisbury has also entered into several change in control agreements including with named executive officers, Peter Albero, and an employment agreement with named executive officer John Davies, all of which provide a severance payment ranging from 0.5 to 2.0 times base salary and other benefits in the event employment is terminated in conjunction with a defined change in control.

Salisbury has entered into severance agreements with certain senior executives, including with one (1) named executive officer, Richard J. Cantele, Jr., which provide payouts ranging from 0.5 to 2.9 times base salary and other benefits. Salisbury has also entered into several change in control agreements including with named executive officers, Peter Albero, and an employment agreement with named executive officer John Davies, all of which provide a severance payment ranging from 0.5 to 2.0 times base salary and other benefits in the event employment is terminated in conjunction with a defined change in control.

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business.

As previously disclosed, the Bank, individually and in its capacity as a former Co-Trustee of the Erling C. Christophersen Revocable Trust (the “Trust”), was named as a defendant in litigation filed in the Connecticut Complex Litigation Docket in Stamford, captioned John Christophersen v. Erling Christophersen, et al., X08-CV-08-5009597S (the “First Action”). The Bank also was a counterclaim-defendant in related mortgage foreclosure litigation in the Connecticut Complex Litigation Docket in Stamford, captioned Salisbury Bank and Trust Company v. Erling C. Christophersen, et al., X08-CV-10-6005847-S (the “Foreclosure Action,” together with the First Action, the “Actions”). The other parties to the Actions were John R. Christophersen; Erling C. Christophersen, individually and as Co-Trustee of the Trust; Bonnie Christophersen and Elena Dreiske, individually and as Co-Trustees of the Mildred B. Blount Testamentary Trust; People’s United Bank; Law Offices of Gary Oberst, P.C.; Rhoda Rudnick; and Hinckley Allen & Snyder LLP.

The Actions involved a dispute over title to certain real property located in Westport, Connecticut, which was secured by a commercial mortgage in favor of the Bank on the Westport property. This mortgage was the subject of the Foreclosure Action brought by the Bank. The Court, in 2016, ruled in favor of the Bank as to the foreclosure action and as such brings this matter to a close. As a result of the foreclosure the Bank has taken ownership of the property and the carrying value is reflected in the OREO balance as of December 31, 2016. The Bank subsequently sold this property on December 28, 2017.

There are no other material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject.
XML 40 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2017
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS

NOTE 20 - FINANCIAL INSTRUMENTS

The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk.    These financial instruments include commitments to originate loans, letters of credit, and unadvanced funds on loans.  The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments.  The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The Bank evaluates each customer's creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower.  Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.  As of December 31, 2017 and 2016, the maximum potential amount of the Bank’s obligation was $4,905,000 and $1,112,000, respectively, for financial, commercial and standby letters of credit.  If a letter of credit is drawn upon, the Bank may seek recourse through the customer’s underlying line of credit.  If the customer’s line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit.

Financial instrument liabilities with off-balance sheet credit risk are as follows:

December 31, (dollars in thousands)    2017      2016  
Residential  $16,769   $6,150 
Home equity lines of credit   29,031    26,491 
Commercial   26,145    5,624 
Land   64    116 
Real estate secured   72,009    38,381 
Commercial and industrial   63,942    56,178 
Municipal   188    250 
Consumer   1,574    1,464 
Unadvanced portions of loans   137,713    96,273 
Commitments to originate loans   28,222    30,428 
Letters of credit   4,905    1,112 
Total  $170,840   $127,813 

The allowance for off balance sheet commitments is calculated by applying a reserve percentage discounted by a utilization factor to the sum of unguaranteed unused lines of credit and loan contracts that the Bank has committed to but not funded as of year-end. The allowance for off-balance sheet commitments was $110,000 and $81,000 as of December 31, 2017 and December 31, 2016, respectively.
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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 21 - FAIR VALUE MEASUREMENTS

Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption.

In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
•Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities.
•Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2017.

The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

•Securities available-for-sale. Securities available-for-sale are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows.
•Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3.
•Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3.

Other than discussed above, the following methods and assumptions were used by management to estimate the fair value of significant classes of financial instruments for which it is practicable to estimate that value.

Cash and cash equivalents. Carrying value is assumed to represent fair value for cash and cash equivalents that have original maturities of ninety days or less.

Loans held-for-sale. The fair value is determined using a factor based on the estimated gain on sale of the loan.

Loans, net. The carrying value of the loans in the loan portfolio is based on their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, the unamortized balance of any deferred fees or costs on originated loans and the unamortized balance of any premiums or discounts on loans purchased or acquired through mergers. The fair value of the loans is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality.

Accrued interest receivable/payable. Carrying value approximates fair value.

Cash surrender value of life insurance. The carrying value of this asset approximates its fair value.

Deposits. The fair value of demand, non-interest bearing checking, savings and money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using market rates offered for deposits of similar remaining maturities.

Borrowed funds. Advances from Federal Home Loan Bank – The fair value of these fixed-maturity advances is estimated by discounting future cash flows using rates currently offered for advances of similar remaining maturities. Subordinated Debentures – The fair value is estimated by using the Mid Line price as indicated for the end of the period on Bloomberg.

Capital lease liability. The fair value represents the present value of future lease payments. The discount rate represents the FHLB advance rate that corresponds to the remaining lease term.

Assets measured at fair value are as follows:

  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2017                    
Assets at fair value on a recurring basis                    
Municipal bonds  $—   $3,486   $—   $3,486 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    45,868    —    45,868 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    10,377    —    10,377 
Non-agency   —    2,664    —    2,664 
SBA bonds   —    12,267    —    12,267 
CRA mutual funds   835    —    —    835 
Corporate bonds   —    3,550    —    3,550 
Securities available-for-sale  $835   $78,212   $—   $79,047 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    5,863    5,863 
Other real estate owned   —    —    719    719 
December 31, 2016                    
Assets at fair value on a recurring basis                    
Municipal bonds  $—   $15,996   $—   $15,996 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    53,301    —    53,301 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    1,474    —    1,474 
Non-agency   —    3,735    —    3,735 
SBA bonds   —    2,064    —    2,064 
CRA mutual funds   818    —    —    818 
Corporate bonds   —    2,013    —    2,013 
Preferred stock   222    —    —    222 
Securities available-for-sale  $1,040   $78,583   $—   $79,623 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    5,256    5,256 
Other real estate owned   —    —    3,773    3,773 

 

Carrying values and estimated fair values of financial instruments are as follows:

    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2017                         
Financial Assets                         
Cash and cash equivalents  $48,486   $48,486   $48,486   $—   $— 
Securities available-for-sale   79,047    79,047    835    78,212    — 
Federal Home Loan Bank stock   3,813    3,813    —    —    3,813 
Loans held-for-sale   669    669    —    —    669 
Loans receivable, net   801,703    816,451    —    —    816,451 
Accrued interest receivable   2,665    2,665    —    —    2,665 
Cash surrender value of life insurance   14,381    14,381    14,381    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $220,536   $220,536   $—   $—   $220,536 
Demand (interest-bearing)   142,575    142,575    —    —    142,575 
Money market   190,953    190,953    —    —    190,953 
Savings and other   144,600    144,600    —    —    144,600 
Certificates of deposit   116,831    115,290    —    —    115,290 
Deposits   815,495    813,954    —    —    813,954 
Repurchase agreements   1,668    1,668    —    —    1,668 
FHLBB advances   54,422    54,918    —    —    54,918 
Subordinated debt   9,811    10,313    —    —    10,313 
Note payable   313    341    —    —    341 
Capital lease liability   1,835    2,161    —    —    2,161 
Accrued interest payable    99    99    —    —    99 
December 31, 2016                         
Financial Assets                         
Cash and cash equivalents  $35,485   $35,485   $35,485   $—   $— 
Securities available-for-sale   79,623    79,623    1,040    78,583    — 
Federal Home Loan Bank stock   3,211    3,211    —    —    3,211 
Loans receivable, net   763,184    774,442    —    —    774,442 
Accrued interest receivable   2,424    2,424    —    —    2,424 
Cash surrender value of life insurance   14,038    14,038    14,038    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $218,420   $218,420   $—   $—   $218,420 
Demand (interest-bearing)   127,854    127,854    —    —    127,854 
Money market   182,476    182,476    —    —    182,476 
Savings and other   135,435    135,435    —    —    135,435 
Certificates of deposit   117,585    118,610    —    —    118,610 
Deposits   781,770    782,795    —    —    782,795 
Repurchase agreements   5,535    5,535    —    —    5,535 
FHLBB advances   37,188    38,440    —    —    38,440 
Subordinated debt   9,788    10,378    —    —    10,378 
Note payable   344    377    —    —    377 
Capital lease liability   418    841    —    —    841 
Accrued interest payable    89    89    —    —    89 

 
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 22 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

The unconsolidated balance sheets and statements of income and cash flows of Salisbury Bancorp, Inc. are presented as follows:

  Balance Sheets
  December 31, (in thousands)		    2017      2016  
Assets          
Cash and due from banks  $2,519   $2,681 
Investment in bank subsidiary   104,404    101,146 
Other assets   430    11 
Total Assets  $107,353   $103,838 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,811   $9,788 
Other liabilities   28    43 
Shareholders' equity   97,514    94,007 
Total Liabilities and Shareholders' Equity  $107,353   $103,838 

 

  Statements of Income
  Years ended December 31, (in thousands)		    2017      2016      2015  
Dividends from subsidiary  $3,691   $3,491   $2,743 
Interest income   8    6    19 
Interest expense   624    624    35 
Non-interest expenses   530    337    511 
Income before taxes and equity in undistributed net income of subsidiary   2,545    2,536    2,216 
Income tax benefit   421    369    192 
Income before equity in undistributed net income of subsidiary   2,966    2,905    2,408 
Equity in undistributed net income of subsidiary   3,290    3,780    6,049 
Net income  $6,256   $6,685   $8,457 

 

  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Adjustments to reconcile net income to net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (3,290)   (3,780)   (6,049)
Other   (410)   (13)   (275)
Net cash provided by operating activities   2,556    2,892    2,133 
Investing Activities               
Investment in bank   —    —    — 
Maturities of interest-bearing time deposits of other banks   —    —    — 
Net cash utilized by investing activities   —    —    — 
Financing Activities               
Common stock dividends paid   (3,113)   (3,086)   (3,054)
Preferred stock dividends paid   —    —    (158)
Proceeds from issuance of subordinated debt, net of issuance costs   —    —    9,764 
Redemption of preferred stock   —    —    (16,000)
Proceeds from issuance of common stock   395    263    491 
Net cash (utilized) provided by financing activities   (2,718)   (2,823)   (8,957)
Net (decrease) increase in cash and cash equivalents   (162)   69    (6,824)
Cash and cash equivalents, beginning of period   2,681    2,612    9,436 
Cash and cash equivalents, end of period  $2,519   $2,681   $2,612 

 

  
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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 23 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

  Years ended December 31, (in thousands, except per share amounts)    2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Less: Preferred stock dividends declared   —    —    (158)
Net income applicable to common shareholders   6,256    6,685    8,299 
Less: Undistributed earnings allocated to participating securities   (55)   (52)   (72)
Net income allocated to common stock  $6,201   $6,633   $8,227 
Weighted average common shares issued   2,779    2,755    2,730 
Less: Unvested restricted stock awards   (24)   (22)   (24)
Weighted average common shares outstanding used to calculate basic earnings per common share   2,755    2,733    2,706 
Add: Dilutive effect of stock options   19    16    17 
Weighted average common shares outstanding used to calculate diluted earnings per common share   2,774    2,749    2,723 
Earnings per common share (basic)  $2.25   $2.43   $3.04 
Earnings per common share (diluted)  $2.24   $2.41   $3.02 
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 24 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their January 26, 2018 meeting. The dividend was paid on February 23, 2018 to shareholders of record as of February 9, 2018.

On January 19, 2018, the Compensation Committee granted a total of 53,500 Phantom Stock Appreciation Units pursuant to its 2013 Phantom Stock Appreciation Unit and Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, including 20,000 units to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 10,000 units, John Davies, President New York Region and Chief Lending Officer received 5,000 units and Peter Albero, Chief Financial Officer received 5,000 units. The units will vest on the third anniversary of the grant date.

On January 26, 2018, Salisbury has also entered into a change in control agreement with Peter Albero, Chief Financial Officer, which provides a severance payment of 1.0 times base salary and other benefits in the event employment is terminated in conjunction with a defined change in control. 
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

NOTE 25 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2017 and 2016 is as follows:

  Year ended December 31, 2017
  (in thousands, except ratios and per share amounts)		    Q1 2017      Q2 2017      Q3 2017      Q4 2017  
Statement of Income                    
Interest and dividend income  $8,785   $8,687   $8,882   $9,167 
Interest expense   953    1,026    1,116    1,143 
Net interest and dividend income   7,832    7,661    7,766    8,024 
Provision (benefit) for loan losses   352    364    237    67 
Gains on securities, net   —    (14)   —    192 
Trust and Wealth Advisory   854    892    874    857 
Service charges and fees   962    902    935    919 
Gains on sales of mortgage loans, net   49    30    25    21 
Mortgage servicing, net   45    31    104    75 
Other   113    110    142    118 
Non-interest income   2,023    1,951    2,080    2,182 
Non-interest expense   7,306    6,751    7,220    8,052 
Income before income taxes   2,197    2,497    2,389    2,087 
Income tax provision   593    615    695    1,011 
Net income   1,604    1,882    1,694    1,076 
Net income allocated to common stock   1,594    1,866    1,677    1,064 
Financial Condition                    
Total assets   939,549    974,806    979,469    986,984 
Loans, net   764,665    771,850    784,136    801,703 
Allowance for loan losses   6,285    6,493    6,494    6,776 
Securities   80,359    84,468    88,546    82,860 
Deposits   772,416    811,341    831,989    815,495 
Repurchase agreements   2,350    2,126    4,529    1,668 
FHLBB advances   52,745    47,302    27,364    54,422 
Shareholders' equity   95,221    96,545    97,526    97,514 
Non-performing assets   10,890    11,690    12,257    7,354 
Per Common Share Data                    
Earnings, basic  $0.58   $0.68   $0.61   $0.39 
Earnings, diluted   0.58    0.67    0.60    0.38 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   34.38    34.66    35.01    35.01 
Market price: (a)                    
High   40.00    41.50    46.90    48.35 
Low   37.30    38.50    40.40    44.00 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.69%   3.58%   3.50%   3.58%
Efficiency ratio (fully tax equivalent)   68.68    66.56    67.18    64.90 
Return on average assets   0.70    0.77    0.69    0.43 
Return on average shareholders' equity   6.83    7.82    6.89    4.38 
Weighted average common shares outstanding, basic   2,749    2,757    2,757    2,757 
Weighted average common shares outstanding, diluted   2,768    2,775    2,777    2,778 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.


Salisbury Bancorp, Inc.'s Common Stock, par value $0.10 per share ("Common Stock") trades on the NASDAQ Capital Market under the symbol: SAL. As of March 1, 2018, there were approximately 2,340 shareholders of record of the Company’s Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

  Year ended December 31, 2016
  (in thousands, except ratios and per share amounts)		    Q1 2016      Q2 2016      Q3 2016      Q4 2016  
Statement of Income                    
Interest and dividend income  $8,583   $8,522   $8,670   $8,679 
Interest expense   919    955    983    992 
Net interest and dividend income   7,664    7,567    7,687    7,687 
Provision (benefit) for loan losses   463    525    344    503 
Gains on securities, net   2    146    9    427 
Trust and Wealth Advisory   784    884    849    821 
Service charges and fees   702    753    822    856 
Gains on sales of mortgage loans, net   39    57    55    78 
Mortgage servicing, net   34    45    40    37 
Other   114    116    113    108 
Non-interest income   1,675    2,001    1,888    2,327 
Non-interest expense   6,837    6,640    6,500    7,411 
Income before income taxes   2,039    2,403    2,731    2,100 
Income tax provision   527    669    812    580 
Net income   1,512    1,734    1,919    1,520 
Net income allocated to common stock   1,499    1,721    1,904    1,509 
Financial Condition                    
Total assets  $891,804   $913,494   $928,445   $935,366 
Loans, net   728,845    749,523    753,623    763,184 
Allowance for loan losses   5,877    5,718    5,892    6,127 
Securities   82,151    83,874    79,738    82,834 
Deposits   755,658    754,471    786,730    781,770 
Repurchase agreements   2,620    3,355    3,581    5,535 
FHLBB advances   27,031    47,083    27,134    37,188 
Shareholders' equity   91,402    92,584    93,554    94,007 
Non-performing assets   16,829    14,579    14,496    12,565 
Per Common Share Data                    
Earnings, basic  $0.55   $0.63   $0.70   $0.55 
Earnings, diluted   0.55    0.63    0.69    0.55 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   27.84    28.28    28.63    28.90 
Market price: (a)                    
High   34.43    32.75    32.52    38.15 
Low   29.51    29.78    29.60    30.92 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.79%   3.71%   3.57%   3.45%
Efficiency ratio (fully tax equivalent)   69.28    66.51    64.13    67.08 
Return on average assets   0.68    0.77    0.81    0.65 
Return on average shareholders' equity   6.68    7.58    8.20    6.43 
Weighted average common shares outstanding, basic   2,723    2,735    2,737    2,737 
Weighted average common shares outstanding, diluted   2,741    2,749    2,751    2,755 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.
XML 46 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.
Basis of Financial Statement Presentation

Basis of Financial Statement Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2016 and 2015 consolidated financial statements to make them consistent with the 2017 presentation.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. At December 31, 2017 and December 31, 2016, Salisbury maintained cash reserves of $25 million and $21 million, respectively consistent with FRB requirements.
Securities

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses.
Federal Home Loan Bank of Boston Stock

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank’s FHLBB stock as of December 31, 2017. Deterioration of the FHLBB’s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.
Loans

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.
Acquired Loans

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (“ASC”) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.
Allowance for Loan Losses

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management’s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management’s general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2017.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury’s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.

Farm – Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.

Vacant land – Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury’s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity’s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.
Mortgage Servicing Rights

Mortgage Servicing Rights

As part of our growth and risk management strategy, we from time to time will sell whole loans. These are typically fixed rate residential loans. Our ability to sell whole loans benefits the bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage Servicing Rights (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included in other assets on the consolidated balance sheets and are accounted for under the amortization method. Under that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.
Other Real Estate Owned ("OREO")

Other Real Estate Owned (“OREO”)

Salisbury's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2017 and 2016, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $1.1 million and $2.1 million, respectively.
Income Taxes

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.
Bank Premises and Equipment

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

• Buildings/Improvements – 39 years
• Land Improvements – 15 years
• Furniture and Fixtures – 7 years
• Computer Equipment – 5 years
• Software – 3 years
Intangible Assets

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s intangible assets at December 31, 2017, and 2016, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, $2,723,000 arising from the acquisition of Riverside Bank in December 2014 and $1,263,000 from the purchase of an additional branch office in New York in 2017. See Note 8.

On an annual basis, management assesses intangible assets for impairment, and for the year ending December 31, 2017, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.
Stock Based Compensation

Stock Based Compensation

Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight line basis over the period of time between the grant date and vesting date.
Advertising Expense

Advertising Expense

Advertising costs of $613,000 and $508,000 in 2017 and 2016, respectively, are expensed as incurred and not capitalized.
Statement of Cash Flows

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.
Computation of Earnings per Share

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (“EPS”) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, August 2015, May 2016, and December 2016, respectively, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2015-14, 2016-12, and 2016-20, “Revenue from Contracts with Customers (Topic 606).” The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). The amendments in ASU 2016-12 do not change the core principle of the guidance in Topic 606, but rather affect only certain narrow aspects aimed to reduce the potential for diversity in practice at initial application and the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The amendments in ASU 2016-20 include technical corrections and improvements to Topic 606 and other Topics amended by ASU 2014-09 to increase stakeholders’ awareness of the proposals and to expedite improvements to ASU 2014-09. Salisbury engaged an outside consulting firm to help management assess if the implementation of Topic 606 would have a material impact on its consolidated financial statements. A significant portion of Salisbury’s revenue is outside the scope of Topic 606. For the portion of revenue within scope, management has identified three revenue streams for review: deposit-related fees, interchange fees and wealth management fees. The contracts associated with these revenue streams have been evaluated to determine if changes to Salisbury’s revenue recognition policies are required. As a result of this review management has determined that its revenue recognition policies conform to Topic 606 and that no changes will be required to Salisbury’s consolidated financial statements when the ASU is implemented in 2018.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – overall (subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments by making targeted improvements to GAAP as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (4) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (5) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (6) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (7) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (8) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted as of the beginning of the fiscal year of adoption only for provisions (3) and (6) above. Early adoption of the other provisions mentioned above is not permitted. Salisbury does not expect ASU 2016-01 to have a material impact on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. They have the option to use certain relief; full retrospective application is prohibited. Salisbury does not expect ASU 2016-02 to have a material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. Salisbury has opted to recognize forfeitures as they occur as the impact is not expected to be material. Salisbury adopted ASU 2016-09 as of January 1, 2017. Adoption contributed a $105 thousand benefit to the tax provision in the second quarter 2017 and did not have a material effect on the financial results for the twelve month period ended December 31, 2017.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. Early adoption is permitted as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Salisbury is currently evaluating the provisions of ASU 2016-13 to determine the potential impact the new standard will have on Salisbury’s Consolidated Financial Statements.

In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business." This ASU is intended to add guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update provide a screen to determine when a set of inputs, processes, and outputs is not a business. ASU 2017-01 is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance, or for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. Entities should apply the guidance prospectively on or after the effective date. ASU 2017-01 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury is currently evaluating the provisions of ASU 2017-04 to determine the potential impact the new standard will have on Salisbury’s Consolidated Financial Statements.

In March 2017, the FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under current generally accepted accounting principles, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. Entities should apply the guidance on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Salisbury is currently evaluating the provisions of ASU 2017-08 and does not expect that the adoption of the new standard will have a material impact on Salisbury’s Consolidated Financial Statements.

In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.” This ASU will provide clarity in the accounting guidance regarding a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. Entities should apply the guidance prospectively to an award modified on or after the adoption date. ASU 2017-09 is not expected to have a material impact on Salisbury’s Consolidated Financial Statements.

XML 47 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
MERGERS AND ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Accretable yield for ASC 310-30 acquired loan portfolio
  (In thousands)    2017      2016  
Balance at beginning of period  $1,190   $1,901 
Acquisitions   —    — 
Accretion   (541)   (980)
Disposals   (405)   (342)
Reclassification from non-accretable to accretable   273    611 
Balance at end of period  $517   $1,190 
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Composition of Securities
  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2017                    
Available-for-sale                    
Municipal bonds  $3,476   $11   $1   $3,486 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   45,983    152    267    45,868 
Collateralized mortgage obligations                    
U.S. Government agencies   10,462    2    87    10,377 
Non-agency   2,271    410    17    2,664 
SBA bonds   12,278    9    20    12,267 
CRA mutual funds   851    —    16    835 
Corporate bonds   3,500    59    9    3,550 
Total securities available-for-sale  $78,821   $643   $417   $79,047 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,813   $—   $—   $3,813 

  

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2016                    
Available-for-sale                    
Municipal bonds  $15,800   $197   $1   $15,996 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   53,407    229    335    53,301 
Collateralized mortgage obligations                    
U.S. Government agencies   1,470    4    —    1,474 
Non-agency   3,327    414    6    3,735 
SBA bonds   2,056    9    1    2,064 
CRA mutual funds   834    —    16    818 
Corporate bonds   2,000    16    3    2,013 
Preferred stock   7    215    —    222 
Total securities available-for-sale  $78,901   $1,084   $362   $79,623 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,211   $—   $—   $3,211 
(1)Net of other-than-temporary impairment write-downs recognized in prior years.

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

  Years ended December 31, (in thousands)    2017      2016      2015  
Proceeds  $199   $4,865   $3,861 
Gains realized   192    569    180 
Losses realized   (14)   —    (27)
Net gains realized   178    569    153 
Income tax provision   61    193    52 
Aggreggate fair value and gross unrealized loss of securities
   Less than 12 Months  12 Months or Longer  Total
  December 31, 2017 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
Municipal bonds  $479   $1   $—   $—   $479   $1 
Mortgage-backed securities   15,914    99    17,892    168    33,806    267 
Collateralized mortgage obligations                              
U.S. Government Agencies   9,317    87    —    —    9,317    87 
Non-agency   —    —    77    3    77    3 
SBA bonds   8,519    20    —    —    8,519    20 
CRA mutual funds   835    16    —    —    835    16 
Corporate bonds   1,491    9    —    —    1,491    9 
Total temporarily impaired securities   36,555    232    17,969    171    54,524    403 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   101    14    —    —    101    14 
Total temporarily impaired and other-than-temporarily impaired securities  $36,656   $246   $17,969   $171   $54,625   $417 

 

December 31, 2016 (in thousands)                              
Available-for-sale                              
Municipal bonds  $517   $  1   $ —   $ —   $517   $  1 
Mortgage-backed securities   34,758    329    249    6    35,007    335 
Collateralized mortgage obligations                              
Non-agency   60    —    339    5    399    5 
SBA bonds   475    1    —    —    475    1 
CRA mutual funds   818    16    —    —    818    16 
Corporate bonds   498    3    —    —    498    3 
Total temporarily impaired securities   37,126    350    588    11    37,714    361 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   174    1    —    —    174    1 
Total temporarily impaired and other-than-temporarily impaired securities  $37,300   $351   $588   $11   $37,888   $362 

 
Amortized cost, fair value and tax equivalent yield of securities
  December 31, 2017 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
Municipal bonds  Within 1 year  $353   $353    6.17%
   After 1 year but within 5 years   439    440    5.03%
   After 10 years but within 15 years   1,494    1,500    7.15%
   After 15 years   1,190    1,193    7.13%
   Total   3,476    3,486    6.78%
Mortgage backed securities  U.S. Government Agency and U.S. Government-sponsored enterprises   45,983    45,868    2.33%
Collateralized mortgage obligations  U.S. Government Agency and U.S. Government-sponsored enterprises   10,462    10,377    2.76%
   Non-agency   2,271    2,664    3.97%
SBA bonds      12,278    12,267    2.99%
CRA mutual funds      851    835    2.17%
Corporate bonds  After 5 years but within 10 years   3,500    3,550    5.57%
Securities available-for-sale     $78,821   $79,047    2.87%

(1)       Yield is based on amortized cost.
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LOANS (Tables)
 12 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
Composition of loans receivable and loans held-for-sale
December 31,    2017      2016  
       
(in thousands)    Total Loans        Total Loans  
       
Residential 1-4 family  $317,639   $301,128 
Residential 5+ multifamily   18,108    13,625 
Construction of residential 1-4 family   11,197    10,951 
Home equity lines of credit   33,771    35,487 
Residential real estate   380,715    361,191 
Commercial   249,311    235,482 
Construction of commercial   9,988    5,398 
Commercial real estate   259,299    240,880 
Farm land   4,274    3,914 
Vacant land   7,883    6,600 
Real estate secured   652,171    612,585 
Commercial and industrial   132,731    141,473 
Municipal   17,494    8,626 
Consumer   4,794    5,380 
Loans receivable, gross   807,190    768,064 
Deferred loan origination fees and costs, net   1,289    1,247 
Allowance for loan losses   (6,776)   (6,127)
Loans receivable, net  $801,703   $763,184 
Loans held-for-sale          
Residential 1-4 family  $669   $— 
Composition of loans receivable by risk rating grade
(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2017                              
Residential 1-4 family  $307,240   $6,452   $3,947   $—   $—   $317,639 
Residential 5+ multifamily   16,129    957    1,022    —    —    18,108 
Construction of residential 1-4 family   11,197    —    —    —    —    11,197 
Home equity lines of credit   32,891    710    170    —    —    33,771 
Residential real estate   367,457    8,119    5,139    —    —    380,715 
Commercial   232,492    4,456    12,363    —    —    249,311 
Construction of commercial   9,622    —    366    —    —    9,988 
Commercial real estate   242,114    4,456    12,729    —    —    259,299 
Farm land   4,024    —    250    —    —    4,274 
Vacant land   7,806    77    —    —    —    7,883 
Real estate secured   621,401    12,652    18,118    —    —    652,171 
Commercial and industrial   129,219    2,536    976    —    —    132,731 
Municipal   17,494    —    —    —    —    17,494 
Consumer   4,744    50    —    —    —    4,794 
Loans receivable, gross  $772,858   $15,238   $19,094   $—   $—   $807,190 

 

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2016                              
Residential 1-4 family  $291,928   $6,279   $2,832   $89   $—   $301,128 
Residential 5+ multifamily   11,556    1,906    163    —    —    13,625 
Construction of residential 1-4 family   10,951    —    —    —    —    10,951 
Home equity lines of credit   34,299    512    676    —    —    35,487 
Residential real estate   348,734    8,697    3,671    89    —    361,191 
Commercial   215,856    7,818    11,808    —    —    235,482 
Construction of commercial   5,025    —    373    —    —    5,398 
Commercial real estate   220,881    7,818    12,181    —    —    240,880 
Farm land   2,912    —    1,002    —    —    3,914 
Vacant land   6,513    87    —    —    —    6,600 
Real estate secured   579,040    16,602    16,854    89    —    612,585 
Commercial and industrial   137,914    2,894    665    —    —    141,473 
Municipal   8,626    —    —    —    —    8,626 
Consumer   5,353    27    —    —    —    5,380 
Loans receivable, gross  $730,933   $19,523   $17,519   $89   $—   $768,064 

 
Composition of loans receivable by delinquency status
         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2017                                         
Residential 1-4 family  $314,798   $1,410   $165   $156   $1,110   $2,841   $—   $2,045 
Residential 5+ multifamily   18,108    —    —    —    —    —    —    151 
Construction of residential 1-4 family   11,197    —    —    —    —    —    —    — 
Home equity lines of credit   33,219    75    477    —    —    552    —    66 
Residential real estate   377,322    1,485    642    156    1,110    3,393    —    2,262 
Commercial   244,869    1,888    758    —    1,796    4,442    —    3,364 
Construction of commercial   9,730    —    —    —    258    258    —    258 
Commercial real estate   254,599    1,888    758    —    2,054    4,700    —    3,622 
Farm land   4,032    242    —    —    —    242    —    250 
Vacant land   7,883    —    —    —    —    —    —    — 
Real estate secured   643,836    3,615    1400    156    3,164    8,335    —    6,134 
Commercial and industrial   131,991    131    218    391    —    740    31    470 
Municipal   17,494    —    —    —    —    —    —    — 
Consumer   4,752    34    8    —    —    42    —    — 
Loans receivable, gross  $798,073   $3,780   $1,626   $547   $3,164   $9,117   $31   $6,604 

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2016                                         
Residential 1-4 family  $297,895   $1,305   $213   $327   $1,388   $3,233   $236   $1,920 
Residential 5+ multifamily   13,625    —    —    —    —    —    —    163 
Construction of residential 1-4 family   10,951    —    —    —    —    —    —    — 
Home equity lines of credit   35,190    155    88    —    54    297    —    519 
Residential real estate   357,661    1,460    301    327    1,442    3,530    236    2,602 
Commercial   229,376    1,213    250    2,139    2,504    6,106    —    4,643 
Construction of commercial   5,140    —    —    —    258    258    —    258 
Commercial real estate   234,516    1,213    250    2,139    2,762    6,364    —    4,901 
Farm land   2,402    789    —    —    723    1,512    —    1,002 
Vacant land   6,575    25    —    —    —    25    —    — 
Real estate secured   601,154    3,487    551    2,466    4,927    11,431    236    8,505 
Commercial and industrial   140,623    565    239    46    —    850    20    27 
Municipal   8,626    —    —    —    —    —    —    — 
Consumer   5,336    26    15    3    —    44    —    4 
Loans receivable, gross  $755,739   $4,078   $805   $2,515   $4,927   $12,325   $256   $8,536 

 
Troubled debt restructurings
  Business Activities Loans December 31, 2017  December 31, 2016
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   1   $222   $222    5   $772   $772 
Land   —    —    —    —    —    — 
Commercial real estate   1    600    600    2    2,123    2,123 
Construction of commercial   —    —    —    —    —    — 
Consumer   —    —    —    —    —    — 
Commercial and industrial   2    182    182    —    —    — 
HELOC   —    —    —    —    —    — 
Troubled debt restructurings   4   $1,004   $1,004    7   $2,895   $2,895 
Rate reduction and term extension   3   $404   $404    2   $262   $262 
Debt consolidation and term extension   —    —    —    1    260    260 
Debt Consolidation   —    —    —    1    1,863    1,863 
Term extension   1    600    600    3    510    510 
Troubled debt restructurings   4   $1,004   $1,004    7   $2,895   $2,895 
Recorded investment and number of modifications for TDRs
   Modifications that Subsequently Defaulted
  

For the twelve months ending

December 31, 2017

 

For the twelve months ending

December 31, 2016

Troubled Debt Restructurings                    
Residential 1-4 family   —    —    1    52 
Residential 5+ multifamily   —    —    1    163 
Commercial real estate   —    —    1    1,793 
Total   —    —    3    2,008 
Components of impaired loans
December 31, (in thousands)    2017      2016  
Non-accrual loans, excluding troubled debt restructured loans  $5,450   $6,274 
Non-accrual troubled debt restructured loans   1,154    2,262 
Accruing troubled debt restructured loans   7,482    7,798 
Total impaired loans  $14,086   $16,334 
Commitments to lend additional amounts to impaired borrowers  $—   $— 
Changes in allowance for loan losses
  December 31, 2017   December 31, 2016
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
Residential 1-4 family  $1,926   $100   $(197)  $33   $1,862   $2,132   $475   $(706)  $25   $1,926 
Residential 5+ multifamily   62    93    —    —    155    33    32    (3)   —    62 
Construction of residential 1-4 family   91    (16)   —    —    75    37    54    —    —    91 
Home equity lines of credit   348    (115)   (4)   7    236    354    37    (47)   4    348 
Residential real estate   2,427    62    (201)   40    2,328    2,556    598    (756)   29    2,427 
Commercial   1,920    836    (453)   244    2,547    1,507    597    (187)   3    1,920 
Construction of commercial   38    42    —    —    80    92    (54)   —    —    38 
Commercial real estate   1,958    878    (453)   244    2,627    1,599    543    (187)   3    1,958 
Farm land   28    45    (43)   2    32    37    15    (24)   —    28 
Vacant land   170    (2)   (36)   —    132    152    82    (64)   —    170 
Real estate secured   4,583    983    (733)   286    5,119    4,344    1,238    (1,031)   32    4,583 
Commercial and industrial   1,079    (229)   (162)   296    984    705    754    (452)   72    1,079 
Municipal   53    (23)   —    —    30    61    (8)   —    —    53 
Consumer   75    63    (76)   18    80    124    (4)   (67)   22    75 
Unallocated   337    226    —    —    563    482    (145)   —    —    337 
Totals  $6,127   $1,020   $(971)  $600   $6,776   $5,716   $1,835   $(1,550)  $126   $6,127 
Composition of loans receivable and allowance for loan losses
  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2017                              
Residential 1-4 family  $312,456   $1,759   $5,183   $103   $317,639   $1,862 
Residential 5+ multifamily   16,361    154    1,747    1    18,108    155 
Construction of residential 1-4 family   11,197    75    —    —    11,197    75 
Home equity lines of credit   33,658    235    113    1    33,771    236 
Residential real estate   373,672    2,223    7,043    105    380,715    2,328 
Commercial   243,602    2,432    5,709    115    249,311    2,547 
Construction of commercial   9,622    80    366    —    9,988    80 
Commercial real estate   253,224    2,512    6,075    115    259,299    2,627 
Farm land   4,024    32    250    —    4,274    32 
Vacant land   7,684    129    199    3    7,883    132 
Real estate secured   638,604    4,896    13,567    223    652,171    5,119 
Commercial and industrial   132,212    952    519    32    132,731    984 
Municipal   17,494    30    —    —    17,494    30 
Consumer   4,794    80    —    —    4,794    80 
Unallocated allowance   —    563    —    —    —    563 
Totals  $793,104   $6,521   $14,086   $255   $807,190   $6,776 

 

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2016                              
Residential 1-4 family  $295,998   $1,797   $5,130   $129   $301,128   $1,926 
Residential 5+ multifamily   11,802    56    1,823    6    13,625    62 
Construction of residential 1-4 family   10,951    91    —    —    10,951    91 
Home equity lines of credit   34,854    326    633    22    35,487    348 
Residential real estate   353,605    2,270    7,586    157    361,191    2,427 
Commercial   228,406    1,668    7,076    251    235,482    1,919 
Construction of commercial   5,025    39    373    —    5,398    39 
Commercial real estate   233,431    1,707    7,449    251    240,880    1,958 
Farm land   2,912    28    1,002    —    3,914    28 
Vacant land   6,390    166    210    4    6,600    170 
Real estate secured   596,338    4,171    16,247    412    612,585    4,583 
Commercial and industrial   141,389    1,079    84    0    141,473    1,079 
Municipal   8,626    53    —    —    8,626    53 
Consumer   5,377    75    3    —    5,380    75 
Unallocated allowance   —    337    —    —    —    337 
Totals  $751,730   $5,715   $16,334   $412   $768,064   $6,127 

1 Includes ASC 310-30 loans and allowance of $2.4 million and $92,000, respectively for 2017 and $4.2 million and $79,000, respectively for 2016.
Credit quality segments of loans receivable and allowance for loan losses
  December 31, 2017 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $783,206   $5,619   $—   $—   $783,206   $5,619 
Potential problem loans 1   9,898    339    —    —    9,898    339 
Impaired loans   —    —    14,086    255    14,086    255 
Unallocated allowance   —    563    —    —    —    563 
Totals  $793,104   $6,521   $14,086   $255   $807,190   $6,776 

 

  December 31, 2016 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $744,455   $5,117   $—   $—   $744,455   $5,117 
Potential problem loans 1   7,275    261    —    —    7,275    261 
Impaired loans   —    —    16,334    412    16,334    412 
Unallocated allowance   —    337    —    —    —    337 
Totals  $751,730   $5,715   $16,334   $412   $768,064   $6,127 

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.
Certain data with respect to loans individually evaluated for impairment
   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2017                                             
Residential  $3,532   $3,651   $3,376   $104   $109   $3,398   $4,279   $3,597   $119 
Home equity lines of credit   47    47    79    1    2    66    117    155    — 
Residential real estate   3,579    3,698    3,455    105    111    3,464    4,396    3,752    119 
Commercial   2,336    2,563    2,688    115    102    3,373    4,567    3,699    305 
Construction of commercial   108    114    59    —    7    258    274    310    — 
Farm land   —    —    —    —    —    250    450    869    — 
Vacant land   44    44    45    3    3    155    179    159    11 
Real estate secured   6,067    6,419    6,247    223    223    7,500    9,866    8,789    435 
Commercial and industrial   110    117    59    32    —    409    502    181    15 
Consumer   —    —    —    —    —    —    6    1    — 
Totals  $6,177   $6,536   $6,306   $255   $223   $7,909   $10,374   $8,971   $450 

 

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2016                                             
Residential  $3,516   $3,684   $6,411   $135   $88   $3,437   $4,031   $3,060   $94 
Home equity lines of credit   406    435    462    22    2    227    277    331    3 
Residential real estate   3,922    4,119    6,873    157    90    3,664    4,308    3,391    97 
Commercial   4,275    4,932    4,072    251    48    2801    3518    3046    80 
Construction of commercial   —    —    56    —    —    373    393    321    8 
Farm land   —    —    394    —    —    1,002    1,140    622    — 
Vacant land   46    46    1,786    4    3    164    189    195    12 
Real estate secured   8,243    9,097    13,181    412    141    8,004    9,548    7,575    197 
Commercial and industrial   —    —    108    —    —    84    130    220    3 
Consumer   —    —    —    —    —    3    16    7    — 
Totals  $8,243   $9,097   $13,289   $412   $141   $8,091   $9,694   $7,802   $200 

 
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
MORTGAGE SERVICING RIGHTS (Tables)
 12 Months Ended
Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]  
Balance of loans serviced for others and fair value of mortgage servicing rights
December 31, (in thousands)    2017      2016  
Residential mortgage loans serviced for others  $117,538   $125,243 
Fair value of mortgage servicing rights   1,010    902 
Changes in mortgage servicing rights
Years ended December 31, (in thousands)    2017      2016      2015  
Mortgage Servicing Rights               
Balance, beginning of period  $339   $486   $694 
Originated   63    95    148 
Amortization (1)   (169)   (242)   (356)
Balance, end of period   233    339    486 
Valuation Allowance               
Balance, beginning of period   (23)   (3)   — 
Decrease (increase) in impairment reserve (1)   23    (20)   (3)
Balance, end of period   —    (23)   (3)
Mortgage servicing rights, net  $233   $316   $483 
(1)Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
PLEDGED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2017
Guarantees [Abstract]  
Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available
December 31, (in thousands)    2017      2016  
Securities available-for-sale (at fair value)  $67,377   $63,833 
Loans receivable (at book value)   204,354    137,117 
Total pledged assets  $271,731   $200,950 
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
BANK PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Components of premises and equipment
December 31, (in thousands)    2017      2016  
Land  $2,593   $2,593 
Buildings and improvements   11,679    11,641 
Leasehold improvements   1,690    1,697 
Capital lease   1,900    425 
Furniture, fixtures, equipment and software   8,312    6,823 
Fixed assets in process   1,119    708 
Total cost   27,293    23,887 
Accumulated depreciation and amortization   (10,892)   (9,489)
Bank premises and equipment, net  $16,401   $14,398 
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in carrying values of goodwill and intangible assets
Years ended December 31, (in thousands)    2017      2016      2015  
Goodwill (1)               
Balance, beginning of period  $12,552   $12,552   $12,552 
Additions   1,263    —    — 
Impairment   —    —    — 
Balance, end of period  $13,815   $12,552   $12,552 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $5,248   $5,248 
New York branch purchase   633    —    — 
Impairment   —    —    — 
Cost, end of period   5,881    5,248    5,248 
Amortization, beginning of period   (3,511)   (2,910)   (2,258)
Amortization   (533)   (601)   (652)
Amortization, end of period   (4,044)   (3,511)   (2,910)
Core deposit intangibles, net  $1,837   $1,737   $2,338 
(1)Not subject to amortization.
Estimated annual amortization expense of core deposit intangibles
December 31, (in thousands)  CDI amortization
 2018   $454  
 2019    388  
 2020    321  
 2021    255  
 2022    192  
 2023    128  
 2024    61  
 2025    25  
 2026    13  
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
Scheduled maturities of time certificates of deposit
December 31, (in thousands)  CD maturities
 2018   $56,054  
 2019    29,130  
 2020    15,196  
 2021    11,191  
 2022    5,027  
 2023    233  
 Total   $116,831  
Total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more
Years ended December 31, (in thousands)    2017      2016  
Within three months  $1,605   $1,326 
After three through six months   2,791    2,746 
After six through twelve months   3,769    2,323 
Over one year   6,596    7,199 
Total  $14,761   $13,594 
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
Securities sold under repurchase agreements
December 31, (dollars in thousands)    2017      2016  
Repurchase agreements, ending balance  $1,668   $5,535 
Repurchase agreements, average balance during period   2,517    3,770 
Book value of collateral   4,737    5,507 
Market value of collateral   4,725    5,540 
Weighted average rate during period   0.20%   0.16%
Weighted average maturity                  1 day     1 day 
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS (Tables)
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
Federal Home Loan Bank of Boston advances
   December 31, 2017  December 31, 2016
  Years ended December 31, (dollars in thousands)    Total (1)      Rate (2)      Total (1)      Rate (2)  
 Overnight   $—    —%  $10,000   0.80%
 2017    —    —    —    — 
 2018    34,000    2.04    7,000    3.69 
 2019    —    —    —    — 
 2020    14,655    2.01    14,495    2.08 
 2021    5,767    2.30    5,693    2.39 
 Total   $54,422    2.06%  $37,188   2.09%
(1)Net of modification costs
(2)Weighted average rate based on scheduled maturity dates.
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET DEFERRED TAX ASSET AND INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Components of income tax provision
Years ended December 31, (in thousands)    2017      2016      2015  
Federal  $1,831   $1,344   $2,186 
State   195    288    432 
Current provision   2,026    1,632    2,618 
Federal   840    852    896 
State   48    105    49 
Deferred expense   888    957    945 
Income tax provision  $2,914   $2,589   $3,563 
Reconciliation of expected federal statutory tax to income tax provision
Years ended December 31, (in thousands)    2017      2016      2015  
Income tax at statutory federal tax rate   34.00%   34.00%   34.00%
State tax, net of federal tax benefit   1.74    2.80    2.63 
Tax exempt income and dividends received deduction   (7.00)   (9.07)   (7.38)
Remeasurement of net deferred tax assets   4.85    —    — 
Other   (1.81)   0.19    0.39 
Change in valuation allowance   —    —    — 
Effective income tax rates   31.78%   27.92%   29.64%
Components of net deferred tax assets
December 31, (dollars in thousands)    2017      2016  
Allowance for loan losses  $1,499   $2,023 
Interest on non-performing loans   210    362 
Accrued deferred compensation   248    268 
Post-retirement benefits   11    17 
Other real estate owned write-downs   6    184 
Restricted stock awards   77    62 
Mark-to-market purchase accounting adjustments   122    513 
Write-down of securities   154    588 
Other   51    64 
Gross deferred tax assets   2,378    4,081 
Deferred loan costs, net   (312)   (457)
Goodwill and core deposit intangible asset   (534)   (848)
Accelerated depreciation   (752)   (1,048)
Mortgage servicing rights   (56)   (116)
Net unrealized holding gain on available-for-sale securities   (47)   (245)
Gross deferred tax liabilities   (1,701)   (2,714)
Net deferred tax asset  $677   $1,367 
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Actual regulatory capital position and minimum capital requirements
      To be Well Capitalized
   Actual 

For Capital Adequacy

Purposes

 

Under Prompt Corrective

Action Provisions

  (dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
December 31, 2017                  
Total Capital (to risk-weighted assets)                              
Salisbury  $98,920    12.94%  $61,154    8.0%   n/a    n/a 
Bank   95,810    12.54    61,130    8.0   $76,413    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   82,034    10.73    45,865    6.0    n/a    n/a 
Bank   88,924    11.64    45,848    6.0    61,130    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                              
Salisbury   82,034    10.73    34,399    4.5    n/a    n/a 
Bank   88,924    11.64    34,386    4.5    49,668    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   82,034    8.53    38,461    4.0    n/a    n/a 
Bank   88,924    9.25    38,461    4.0    48,076    5.0 
December 31, 2016                              
Total Capital (to risk-weighted assets)                              
Salisbury  $96,166    13.26%  $57,997    8.0%   n/a    n/a 
Bank   93,690    12.92    57,996    8.0   $72,495    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   79,868    11.02    43,498    6.0    n/a    n/a 
Bank   87,392    12.05    43,497    6.0    57,996    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                              
Salisbury   79,868    11.02    32,623    4.5    n/a    n/a 
Bank   87,392    12.05    32,623    4.5    47,122    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   79,868    8.69    37,282    4.0    n/a    n/a 
Bank   87,392    9.51    36,762    4.0    45,953    5.0 
XML 59 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
LONG TERM INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Amount of cumulatively granted restricted stock awards under 2011 and 2017 Long-Term Incentive Plans
  Year Ended December 31  2017  Weighted Average Grant Price
 Beginning of year    19,750   $28.97 
 Granted    13,824    39.57 
 Vested    (5,650)   27.62 
 Forfeited    (900)   30.56 
 End of year    27,024   $34.62 
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Summary of status of Salisbury's outstanding stock options

Year ended December 31, 2017		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term

(in years)

 

Aggregate

intrinsic value

Beginning of period   55,350   $22.86           
Granted   —    —           
Exercised   (12,150)   25.93           
Forfeited or expired   (2,700)   25.93           
End of period   40,500   $21.73    4.33   $928,000 
XML 61 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
Changes in loans to executive officers, directors and their related associates
  Years ended December 31, (in thousands)    2017      2016  
 Balance, beginning of period   $7,918   $8,120 
 Advances    508    831 
 Repayments    (775)   (1,033)
 Balance, end of period   $7,651   $7,918 
XML 62 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Reconciliation of changes in components of other comprehensive loss, including amount of income tax benefit allocated to each component of other comprehensive loss
Years ended December 31, (in thousands)    2017      2016      2015  
Other comprehensive loss               
Net unrealized losses on securities available-for-sale  $(318)  $(399)  $(1,297)
Reclassification of net realized gains in net income(1)   (178)   (584)   (192)
Unrealized losses on securities available-for-sale   (496)   (983)   (1,489)
Income tax benefit (expense)   198    335    506 
Unrealized (losses) gains on securities available-for-sale, net of tax   (298)   (648)   (983)
Other comprehensive loss  $(298)  $(648)  $(983)
Components of accumulated other comprehensive income
December 31, (dollars in thousands)    2017      2016  
Unrealized gains on securities available-for-sale, net of tax  $179   $477 
Accumulated other comprehensive income  $179   $477 
XML 63 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Future minimum lease payments
Future minimum lease payments  (in thousands)   
 2018   $  381 
 2019      380 
 2020      390 
 2021      336 
 2022      199 
 2023      135 
 2024      129 
     $  1,950 
Future minimum lease payments under capital leases with present value of net minimum lease payments
Future minimum lease payments  (in thousands)   
 2018   $  214 
 2019      234 
 2020      234 
 2021      234 
 2022      234 
 Thereafter      1,424 
 Total minimum lease payments      2,574 
 Less amount representing interest      741 
     $  1,833 
XML 64 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Investments, All Other Investments [Abstract]  
Financial instrument liabilities with off-balance sheet credit risk
December 31, (dollars in thousands)    2017      2016  
Residential  $16,769   $6,150 
Home equity lines of credit   29,031    26,491 
Commercial   26,145    5,624 
Land   64    116 
Real estate secured   72,009    38,381 
Commercial and industrial   63,942    56,178 
Municipal   188    250 
Consumer   1,574    1,464 
Unadvanced portions of loans   137,713    96,273 
Commitments to originate loans   28,222    30,428 
Letters of credit   4,905    1,112 
Total  $170,840   $127,813 
XML 65 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Assets measured at fair value
  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2017                    
Assets at fair value on a recurring basis                    
Municipal bonds  $—   $3,486   $—   $3,486 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    45,868    —    45,868 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    10,377    —    10,377 
Non-agency   —    2,664    —    2,664 
SBA bonds   —    12,267    —    12,267 
CRA mutual funds   835    —    —    835 
Corporate bonds   —    3,550    —    3,550 
Securities available-for-sale  $835   $78,212   $—   $79,047 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    5,863    5,863 
Other real estate owned   —    —    719    719 
December 31, 2016                    
Assets at fair value on a recurring basis                    
Municipal bonds  $—   $15,996   $—   $15,996 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    53,301    —    53,301 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    1,474    —    1,474 
Non-agency   —    3,735    —    3,735 
SBA bonds   —    2,064    —    2,064 
CRA mutual funds   818    —    —    818 
Corporate bonds   —    2,013    —    2,013 
Preferred stock   222    —    —    222 
Securities available-for-sale  $1,040   $78,583   $—   $79,623 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    5,256    5,256 
Other real estate owned   —    —    3,773    3,773 
Carrying value and estimated fair values of financial instruments
    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2017                         
Financial Assets                         
Cash and cash equivalents  $48,486   $48,486   $48,486   $—   $— 
Securities available-for-sale   79,047    79,047    835    78,212    — 
Federal Home Loan Bank stock   3,813    3,813    —    —    3,813 
Loans held-for-sale   669    669    —    —    669 
Loans receivable, net   801,703    816,451    —    —    816,451 
Accrued interest receivable   2,665    2,665    —    —    2,665 
Cash surrender value of life insurance   14,381    14,381    14,381    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $220,536   $220,536   $—   $—   $220,536 
Demand (interest-bearing)   142,575    142,575    —    —    142,575 
Money market   190,953    190,953    —    —    190,953 
Savings and other   144,600    144,600    —    —    144,600 
Certificates of deposit   116,831    115,290    —    —    115,290 
Deposits   815,495    813,954    —    —    813,954 
Repurchase agreements   1,668    1,668    —    —    1,668 
FHLBB advances   54,422    54,918    —    —    54,918 
Subordinated debt   9,811    10,313    —    —    10,313 
Note payable   313    341    —    —    341 
Capital lease liability   1,835    2,161    —    —    2,161 
Accrued interest payable    99    99    —    —    99 
December 31, 2016                         
Financial Assets                         
Cash and cash equivalents  $35,485   $35,485   $35,485   $—   $— 
Securities available-for-sale   79,623    79,623    1,040    78,583    — 
Federal Home Loan Bank stock   3,211    3,211    —    —    3,211 
Loans receivable, net   763,184    774,442    —    —    774,442 
Accrued interest receivable   2,424    2,424    —    —    2,424 
Cash surrender value of life insurance   14,038    14,038    14,038    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $218,420   $218,420   $—   $—   $218,420 
Demand (interest-bearing)   127,854    127,854    —    —    127,854 
Money market   182,476    182,476    —    —    182,476 
Savings and other   135,435    135,435    —    —    135,435 
Certificates of deposit   117,585    118,610    —    —    118,610 
Deposits   781,770    782,795    —    —    782,795 
Repurchase agreements   5,535    5,535    —    —    5,535 
FHLBB advances   37,188    38,440    —    —    38,440 
Subordinated debt   9,788    10,378    —    —    10,378 
Note payable   344    377    —    —    377 
Capital lease liability   418    841    —    —    841 
Accrued interest payable    89    89    —    —    89 
XML 66 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Unconsolidated balance sheets of Salisbury Bancorp, Inc.
  Balance Sheets
  December 31, (in thousands)		    2017      2016  
Assets          
Cash and due from banks  $2,519   $2,681 
Investment in bank subsidiary   104,404    101,146 
Other assets   430    11 
Total Assets  $107,353   $103,838 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,811   $9,788 
Other liabilities   28    43 
Shareholders' equity   97,514    94,007 
Total Liabilities and Shareholders' Equity  $107,353   $103,838 
Unconsolidated statements of income of Salisbury Bancorp, Inc.
  Statements of Income
  Years ended December 31, (in thousands)		    2017      2016      2015  
Dividends from subsidiary  $3,691   $3,491   $2,743 
Interest income   8    6    19 
Interest expense   624    624    35 
Non-interest expenses   530    337    511 
Income before taxes and equity in undistributed net income of subsidiary   2,545    2,536    2,216 
Income tax benefit   421    369    192 
Income before equity in undistributed net income of subsidiary   2,966    2,905    2,408 
Equity in undistributed net income of subsidiary   3,290    3,780    6,049 
Net income  $6,256   $6,685   $8,457 
Unconsolidated statements of cash flows of Salisbury Bancorp, Inc.
  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Adjustments to reconcile net income to net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (3,290)   (3,780)   (6,049)
Other   (410)   (13)   (275)
Net cash provided by operating activities   2,556    2,892    2,133 
Investing Activities               
Investment in bank   —    —    — 
Maturities of interest-bearing time deposits of other banks   —    —    — 
Net cash utilized by investing activities   —    —    — 
Financing Activities               
Common stock dividends paid   (3,113)   (3,086)   (3,054)
Preferred stock dividends paid   —    —    (158)
Proceeds from issuance of subordinated debt, net of issuance costs   —    —    9,764 
Redemption of preferred stock   —    —    (16,000)
Proceeds from issuance of common stock   395    263    491 
Net cash (utilized) provided by financing activities   (2,718)   (2,823)   (8,957)
Net (decrease) increase in cash and cash equivalents   (162)   69    (6,824)
Cash and cash equivalents, beginning of period   2,681    2,612    9,436 
Cash and cash equivalents, end of period  $2,519   $2,681   $2,612 
XML 67 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Computation of earnings per share
  Years ended December 31, (in thousands, except per share amounts)    2017      2016      2015  
Net income  $6,256   $6,685   $8,457 
Less: Preferred stock dividends declared   —    —    (158)
Net income applicable to common shareholders   6,256    6,685    8,299 
Less: Undistributed earnings allocated to participating securities   (55)   (52)   (72)
Net income allocated to common stock  $6,201   $6,633   $8,227 
Weighted average common shares issued   2,779    2,755    2,730 
Less: Unvested restricted stock awards   (24)   (22)   (24)
Weighted average common shares outstanding used to calculate basic earnings per common share   2,755    2,733    2,706 
Add: Dilutive effect of stock options   19    16    17 
Weighted average common shares outstanding used to calculate diluted earnings per common share   2,774    2,749    2,723 
Earnings per common share (basic)  $2.25   $2.43   $3.04 
Earnings per common share (diluted)  $2.24   $2.41   $3.02 
XML 68 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly consolidated financial data (unaudited)
  Year ended December 31, 2017
  (in thousands, except ratios and per share amounts)		    Q1 2017      Q2 2017      Q3 2017      Q4 2017  
Statement of Income                    
Interest and dividend income  $8,785   $8,687   $8,882   $9,167 
Interest expense   953    1,026    1,116    1,143 
Net interest and dividend income   7,832    7,661    7,766    8,024 
Provision (benefit) for loan losses   352    364    237    67 
Gains on securities, net   —    (14)   —    192 
Trust and Wealth Advisory   854    892    874    857 
Service charges and fees   962    902    935    919 
Gains on sales of mortgage loans, net   49    30    25    21 
Mortgage servicing, net   45    31    104    75 
Other   113    110    142    118 
Non-interest income   2,023    1,951    2,080    2,182 
Non-interest expense   7,306    6,751    7,220    8,052 
Income before income taxes   2,197    2,497    2,389    2,087 
Income tax provision   593    615    695    1,011 
Net income   1,604    1,882    1,694    1,076 
Net income allocated to common stock   1,594    1,866    1,677    1,064 
Financial Condition                    
Total assets   939,549    974,806    979,469    986,984 
Loans, net   764,665    771,850    784,136    801,703 
Allowance for loan losses   6,285    6,493    6,494    6,776 
Securities   80,359    84,468    88,546    82,860 
Deposits   772,416    811,341    831,989    815,495 
Repurchase agreements   2,350    2,126    4,529    1,668 
FHLBB advances   52,745    47,302    27,364    54,422 
Shareholders' equity   95,221    96,545    97,526    97,514 
Non-performing assets   10,890    11,690    12,257    7,354 
Per Common Share Data                    
Earnings, basic  $0.58   $0.68   $0.61   $0.39 
Earnings, diluted   0.58    0.67    0.60    0.38 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   34.38    34.66    35.01    35.01 
Market price: (a)                    
High   40.00    41.50    46.90    48.35 
Low   37.30    38.50    40.40    44.00 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.69%   3.58%   3.50%   3.58%
Efficiency ratio (fully tax equivalent)   68.68    66.56    67.18    64.90 
Return on average assets   0.70    0.77    0.69    0.43 
Return on average shareholders' equity   6.83    7.82    6.89    4.38 
Weighted average common shares outstanding, basic   2,749    2,757    2,757    2,757 
Weighted average common shares outstanding, diluted   2,768    2,775    2,777    2,778 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.


Salisbury Bancorp, Inc.'s Common Stock, par value $0.10 per share ("Common Stock") trades on the NASDAQ Capital Market under the symbol: SAL. As of March 1, 2018, there were approximately 2,340 shareholders of record of the Company’s Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

  Year ended December 31, 2016
  (in thousands, except ratios and per share amounts)		    Q1 2016      Q2 2016      Q3 2016      Q4 2016  
Statement of Income                    
Interest and dividend income  $8,583   $8,522   $8,670   $8,679 
Interest expense   919    955    983    992 
Net interest and dividend income   7,664    7,567    7,687    7,687 
Provision (benefit) for loan losses   463    525    344    503 
Gains on securities, net   2    146    9    427 
Trust and Wealth Advisory   784    884    849    821 
Service charges and fees   702    753    822    856 
Gains on sales of mortgage loans, net   39    57    55    78 
Mortgage servicing, net   34    45    40    37 
Other   114    116    113    108 
Non-interest income   1,675    2,001    1,888    2,327 
Non-interest expense   6,837    6,640    6,500    7,411 
Income before income taxes   2,039    2,403    2,731    2,100 
Income tax provision   527    669    812    580 
Net income   1,512    1,734    1,919    1,520 
Net income allocated to common stock   1,499    1,721    1,904    1,509 
Financial Condition                    
Total assets  $891,804   $913,494   $928,445   $935,366 
Loans, net   728,845    749,523    753,623    763,184 
Allowance for loan losses   5,877    5,718    5,892    6,127 
Securities   82,151    83,874    79,738    82,834 
Deposits   755,658    754,471    786,730    781,770 
Repurchase agreements   2,620    3,355    3,581    5,535 
FHLBB advances   27,031    47,083    27,134    37,188 
Shareholders' equity   91,402    92,584    93,554    94,007 
Non-performing assets   16,829    14,579    14,496    12,565 
Per Common Share Data                    
Earnings, basic  $0.55   $0.63   $0.70   $0.55 
Earnings, diluted   0.55    0.63    0.69    0.55 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   27.84    28.28    28.63    28.90 
Market price: (a)                    
High   34.43    32.75    32.52    38.15 
Low   29.51    29.78    29.60    30.92 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.79%   3.71%   3.57%   3.45%
Efficiency ratio (fully tax equivalent)   69.28    66.51    64.13    67.08 
Return on average assets   0.68    0.77    0.81    0.65 
Return on average shareholders' equity   6.68    7.58    8.20    6.43 
Weighted average common shares outstanding, basic   2,723    2,735    2,737    2,737 
Weighted average common shares outstanding, diluted   2,741    2,749    2,751    2,755 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.
XML 69 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bank Premises and Equipment (Details Narrative)
 12 Months Ended
Dec. 31, 2017
Building/Improvements  
Expected useful life 39 years
Land Improvements  
Expected useful life 15 years
Furniture and Fixtures  
Expected useful life 7 years
Computer Equipment  
Expected useful life 5 years
Software  
Expected useful life 3 years
XML 70 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Purchase of branch office in 2001    
Goodwill from purchases and acquisitions $ 2,358 $ 2,358
Canaan National Bancorp, Inc. acquisition in 2004    
Goodwill from purchases and acquisitions 7,152 7,152
Branch office purchase in New York State in 2007    
Goodwill from purchases and acquisitions 319 319
Riverside Bank acquisition in December 2014    
Goodwill from purchases and acquisitions 2,723 2,723
Purchase of additional branch office in New York in 2017    
Goodwill from purchases and acquisitions $ 1,263
XML 71 R58.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Summary Of Significant Accounting Policies Details Narrative    
Cash reserves maintained consistent with FRB requirements $ 25,000 $ 21,000
Recorded investment in residential mortgage loans collateralized by residential real estate in process of foreclosure 1,100 2,100
Advertising expenses $ 613 $ 508
XML 72 R59.htm IDEA: XBRL DOCUMENT v3.8.0.1
MERGERS AND ACQUISITIONS - Accretable yield for ASC 310-30 acquired loan portfolio (Details) - ASC 310-30 Loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Balance at beginning of period $ 1,190 $ 1,901
Acquisitions
Accretion (541) (980)
Disposals (405) (342)
Reclassification from non-accretable to accretable 273 611
Balance at end of period $ 517 $ 1,190
XML 73 R60.htm IDEA: XBRL DOCUMENT v3.8.0.1
MERGERS AND ACQUISITIONS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Business Combinations [Abstract]    
ASC 310-30 loans, outstanding balance $ 4,200 $ 8,100
ASC 310-30 loans, carrying value $ 3,700 $ 7,100
XML 74 R61.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES - Composition of Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Amortized cost (1)    
Available-for-sale    
Municipal bonds $ 3,476 $ 15,800
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 45,983 53,407
Collateralized mortgage obligations, U.S. Government Agencies 10,462 1,470
Collateralized mortgage obligations, Non-agency 2,271 3,327
SBA bonds 12,278 2,056
CRA mutual funds 851 834
Corporate bonds 3,500 2,000
Preferred stock   7
Total securities available-for-sale 78,821 78,901
Non-marketable securities    
Federal Home Loan Bank of Boston stock 3,813 3,211
Gross unrealized gains    
Available-for-sale    
Municipal bonds 11 197
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 152 229
Collateralized mortgage obligations, U.S. Government Agencies 2 4
Collateralized mortgage obligations, Non-agency 410 414
SBA bonds 9 9
CRA mutual funds
Corporate bonds 59 16
Preferred stock   215
Total securities available-for-sale 643 1,084
Non-marketable securities    
Federal Home Loan Bank of Boston stock
Gross unrealized losses    
Available-for-sale    
Municipal bonds 1 1
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 267 335
Collateralized mortgage obligations, U.S. Government Agencies 87
Collateralized mortgage obligations, Non-agency 17 6
SBA bonds 20 1
CRA mutual funds 16 16
Corporate bonds 9 3
Preferred stock  
Total securities available-for-sale 417 362
Non-marketable securities    
Federal Home Loan Bank of Boston stock
Fair value    
Available-for-sale    
Municipal bonds 3,486 15,996
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 45,868 53,301
Collateralized mortgage obligations, U.S. Government Agencies 10,377 1,474
Collateralized mortgage obligations, Non-agency 2,664 3,735
SBA bonds 12,267 2,064
CRA mutual funds 835 818
Corporate bonds 3,550 2,013
Preferred stock   222
Total securities available-for-sale 79,047 79,623
Non-marketable securities    
Federal Home Loan Bank of Boston stock $ 3,813 $ 3,211
XML 75 R62.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES - Aggreggate fair value and gross unrealized loss of securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Less Than 12 Months, Fair value    
Available-for-sale    
Municipal bonds $ 479 $ 517
Mortgage-backed securities 15,914 34,758
Collateralized mortgage obligations, U.S. Government agencies 9,317  
Collateralized mortgage obligations, Non-agency 60
SBA bonds 8,519 475
CRA mutual funds 835 818
Corporate bonds 1,491 498
Total temporarily impaired securities 36,555 37,126
Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency 101 174
Total temporarily impaired and other-than-temporarily impaired securities 36,656 37,300
Less Than 12 Months, Unrealized losses    
Available-for-sale    
Municipal bonds 1 1
Mortgage-backed securities 99 329
Collateralized mortgage obligations, U.S. Government agencies 87  
Collateralized mortgage obligations, Non-agency
SBA bonds 20 1
CRA mutual funds 16 16
Corporate bonds 9 3
Total temporarily impaired securities 232 350
Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency 14 1
Total temporarily impaired and other-than-temporarily impaired securities 246 351
12 Months or Longer, Fair value    
Available-for-sale    
Municipal bonds
Mortgage-backed securities 17,892 249
Collateralized mortgage obligations, U.S. Government agencies  
Collateralized mortgage obligations, Non-agency 77 339
SBA bonds
CRA mutual funds
Corporate bonds
Total temporarily impaired securities 17,969 588
Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency
Total temporarily impaired and other-than-temporarily impaired securities 17,969 599
12 Months or Longer, Unrealized losses    
Available-for-sale    
Municipal bonds
Mortgage-backed securities 168 6
Collateralized mortgage obligations, U.S. Government agencies  
Collateralized mortgage obligations, Non-agency 3 5
SBA bonds
CRA mutual funds
Corporate bonds
Total temporarily impaired securities 171 11
Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency
Total temporarily impaired and other-than-temporarily impaired securities 171 11
Total, Fair value    
Available-for-sale    
Municipal bonds 479 517
Mortgage-backed securities 33,806 35,007
Collateralized mortgage obligations, U.S. Government agencies 9,317  
Collateralized mortgage obligations, Non-agency 77 399
SBA bonds 8,519 475
CRA mutual funds 835 818
Corporate bonds 1,491 498
Total temporarily impaired securities 54,524 37,714
Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency 101 174
Total temporarily impaired and other-than-temporarily impaired securities 54,625 37,888
Total, Unrealized losses    
Available-for-sale    
Municipal bonds 1 1
Mortgage-backed securities 267 335
Collateralized mortgage obligations, U.S. Government agencies 87  
Collateralized mortgage obligations, Non-agency 3 5
SBA bonds 20 1
CRA mutual funds 16 16
Corporate bonds 9 3
Total temporarily impaired securities 403 361
Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency 14 1
Total temporarily impaired and other-than-temporarily impaired securities $ 417 $ 362
XML 76 R63.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES - Amortized cost, fair value and tax equivalent yield of securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Municipal bonds - Within 1 year  
Amortized cost $ 353
Fair value $ 353
Yield 6.17%
Municipal bonds - After 1 year but within 5 years  
Amortized cost $ 439
Fair value $ 440
Yield 5.03%
Municipal bonds - After 10 years but within 15 years  
Amortized cost $ 1,494
Fair value $ 1,500
Yield 7.15%
Municipal bonds - After 15 years  
Amortized cost $ 1,190
Fair value $ 1,193
Yield 7.13%
Municipal bonds - Total  
Amortized cost $ 3,476
Fair value $ 3,486
Yield 6.78%
Mortgage-backed securities - U.S. Government agency and U.S. Government-sponsored enterprises  
Amortized cost $ 45,983
Fair value $ 45,868
Yield 2.33%
Collateralized mortgage obligations - U.S. Government agency and U.S. Government-sponsored enterprises  
Amortized cost $ 10,462
Fair value $ 10,377
Yield 2.76%
Collateralized mortgage obligations - Non-agency  
Amortized cost $ 2,271
Fair value $ 2,664
Yield 3.97%
SBA bonds  
Amortized cost $ 12,278
Fair value $ 12,267
Yield 2.99%
CRA mutual funds  
Amortized cost $ 851
Fair value $ 835
Yield 2.17%
Corporate bonds - After 5 years but within 10 years  
Amortized cost $ 3,500
Fair value $ 3,550
Yield 5.57%
Securities available-for-sale  
Amortized cost $ 78,821
Fair value $ 79,047
Yield 2.87%
XML 77 R64.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES (Details Narrative)
$ in Thousands
 12 Months Ended
Dec. 31, 2009
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Recognized losses for deterioration in credit quality $ 1,128
XML 78 R65.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Composition of loans receivable and loans held-for-sale (Details) - Total - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Residential 1-4 family $ 317,639 $ 301,128
Residential 5+ multifamily 18,108 13,625
Construction of residential 1-4 family 11,197 10,951
Home equity lines of credit 33,771 35,487
Residential real estate 380,715 361,191
Commercial 249,311 235,482
Construction of commercial 9,988 5,398
Commercial real estate 259,299 240,880
Farm land 4,274 3,914
Vacant land 7,883 6,600
Real estate secured 652,171 612,585
Commercial and industrial 132,731 141,473
Municipal 17,494 8,626
Consumer 4,794 5,380
Loans receivable, gross 807,190 768,064
Deferred loan origination fees and costs, net 1,289 1,247
Allowance for loan losses (6,776) (6,127)
Loans receivable, net 801,703 763,184
Loans held-for-sale    
Residential 1-4 family $ 669
XML 79 R66.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Composition of loans receivable by risk rating grade (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Pass    
Residential 1-4 family $ 307,240 $ 291,928
Residential 5+ multifamily 16,129 11,556
Construction of residential 1-4 family 11,197 10,951
Home equity lines of credit 32,891 34,299
Residential real estate 367,457 348,734
Commercial 232,492 215,856
Construction of commercial 9,622 5,025
Commercial real estate 242,114 220,881
Farm land 4,024 2,912
Vacant land 7,806 6,513
Real estate secured 621,401 579,040
Commercial and industrial 129,219 137,914
Municipal 17,494 8,626
Consumer 4,744 5,353
Loans receivable, gross 772,858 730,933
Special mention    
Residential 1-4 family 6,452 6,279
Residential 5+ multifamily 957 1,906
Construction of residential 1-4 family
Home equity lines of credit 710 512
Residential real estate 8,119 8,697
Commercial 4,456 7,818
Construction of commercial
Commercial real estate 4,456 7,818
Farm land
Vacant land 77 87
Real estate secured 12,652 16,602
Commercial and industrial 2,536 2,894
Municipal
Consumer 50 27
Loans receivable, gross 15,238 19,523
Substandard    
Residential 1-4 family 3,947 2,832
Residential 5+ multifamily 1,022 163
Construction of residential 1-4 family
Home equity lines of credit 170 676
Residential real estate 5,139 3,671
Commercial 12,363 11,808
Construction of commercial 366 373
Commercial real estate 12,729 12,181
Farm land 250 1,002
Vacant land
Real estate secured 18,118 16,854
Commercial and industrial 976 665
Municipal
Consumer
Loans receivable, gross 19,094 17,519
Doubtful    
Residential 1-4 family 89
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate 89
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured 89
Commercial and industrial
Municipal
Consumer
Loans receivable, gross 89
Loss    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial
Municipal
Consumer
Loans receivable, gross
Total    
Residential 1-4 family 317,639 301,128
Residential 5+ multifamily 18,108 13,625
Construction of residential 1-4 family 11,197 10,951
Home equity lines of credit 33,771 35,487
Residential real estate 380,715 361,191
Commercial 249,311 235,482
Construction of commercial 9,988 5,398
Commercial real estate 259,299 240,880
Farm land 4,274 3,914
Vacant land 7,883 6,600
Real estate secured 652,171 612,585
Commercial and industrial 132,731 141,473
Municipal 17,494 8,626
Consumer 4,794 5,380
Loans receivable, gross $ 807,190 $ 768,064
XML 80 R67.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Composition of loans receivable by delinquency status (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current    
Residential 1-4 family $ 314,798 $ 297,895
Residential 5+ multifamily 18,108 13,625
Construction of residential 1-4 family 11,197 10,951
Home equity lines of credit 33,219 35,190
Residential real estate 377,322 357,661
Commercial 244,869 229,376
Construction of commercial 9,730 5,140
Commercial real estate 254,599 234,516
Farm land 4,032 2,402
Vacant land 7,883 6,575
Real estate secured 643,836 601,154
Commercial and industrial 131,991 140,623
Municipal 17,494 8,626
Consumer 4,752 5,336
Loans receivable, gross 798,073 755,739
Past due 30-59 days    
Residential 1-4 family 1,410 1,305
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit 75 155
Residential real estate 1,485 1,460
Commercial 1,888 1,213
Construction of commercial
Commercial real estate 1,888 1,213
Farm land 242 789
Vacant land 25
Real estate secured 3,615 3,487
Commercial and industrial 131 565
Municipal
Consumer 34 26
Loans receivable, gross 3,780 4,078
Past due 60-89 days    
Residential 1-4 family 165 213
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit 477 88
Residential real estate 642 301
Commercial 758 250
Construction of commercial
Commercial real estate 758 250
Farm land
Vacant land
Real estate secured 1,400 551
Commercial and industrial 218 239
Municipal
Consumer 8 15
Loans receivable, gross 1,626 805
Past due 90-179 days    
Residential 1-4 family 156 327
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate 156 327
Commercial 2,139
Construction of commercial
Commercial real estate 2,139
Farm land
Vacant land
Real estate secured 156 2,466
Commercial and industrial 391 46
Municipal
Consumer 3
Loans receivable, gross 547 2,515
Past due 180 days and over    
Residential 1-4 family 1,110 1,388
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit 54
Residential real estate 1,110 1,442
Commercial 1,796 2,504
Construction of commercial 258 258
Commercial real estate 2,054 2,762
Farm land 723
Vacant land
Real estate secured 3,164 4,927
Commercial and industrial
Municipal
Consumer
Loans receivable, gross 3,164 4,927
Past due 30 days and over    
Residential 1-4 family 2,841 3,233
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit 552 297
Residential real estate 3,393 3,530
Commercial 4,442 6,106
Construction of commercial 258 258
Commercial real estate 4,700 6,364
Farm land 242 1,512
Vacant land 25
Real estate secured 8,335 11,431
Commercial and industrial 740 850
Municipal
Consumer 42 44
Loans receivable, gross 9,117 12,325
Accruing 90 days and over    
Residential 1-4 family 236
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate 236
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured 236
Commercial and industrial 31 20
Municipal
Consumer
Loans receivable, gross 31 256
Non-accrual    
Residential 1-4 family 2,045 1,920
Residential 5+ multifamily 151 163
Construction of residential 1-4 family
Home equity lines of credit 66 519
Residential real estate 2,262 2,602
Commercial 3,364 4,643
Construction of commercial 258 258
Commercial real estate 3,622 4,901
Farm land 250 1,002
Vacant land
Real estate secured 6,134 8,505
Commercial and industrial 470 27
Municipal
Consumer 4
Loans receivable, gross $ 6,604 $ 8,536
XML 81 R68.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Troubled debt restructurings (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Integer
Dec. 31, 2016
USD ($)
Integer
Residential real estate    
Quantity of troubled debt restructurings | Integer 1 5
Pre-modification balance $ 222 $ 772
Post-modification balance $ 222 $ 772
Business Activities Loans - Residential real estate - Land    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Commercial and industrial    
Quantity of troubled debt restructurings | Integer 1 2
Pre-modification balance $ 600 $ 2,123
Post-modification balance $ 600 $ 2,123
Business Activities Loans - Commercial real estate - Construction of commercial    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Commercial real estate - Consumer    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Commercial and industrial    
Quantity of troubled debt restructurings | Integer 2
Pre-modification balance $ 182
Post-modification balance $ 182
Business Activities Loans - HELOC    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Totals    
Quantity of troubled debt restructurings | Integer 4 7
Pre-modification balance $ 1,004 $ 2,895
Post-modification balance $ 1,004 $ 2,895
Business Activities Loans - Rate reduction and term extension    
Quantity of troubled debt restructurings | Integer 3 2
Pre-modification balance $ 404 $ 262
Post-modification balance $ 404 $ 262
Business Activities Loans - Debt consolidation and term extension    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 260
Post-modification balance $ 260
Business Activities Loans - Debt consolidation    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 1,863
Post-modification balance $ 1,863
Business Activities Loans - Term extension    
Quantity of troubled debt restructurings | Integer 1 3
Pre-modification balance $ 600 $ 510
Post-modification balance $ 600 $ 510
XML 82 R69.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Recorded investment and number of modifications for TDRs (Details)
$ in Thousands
Dec. 31, 2017
USD ($)
Integer
Dec. 31, 2016
USD ($)
Integer
Residential 1-4 family    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 52
Residential 5+ multifamily    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 163
Commercial real estate    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 1,793
Total    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 3
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 2,008
XML 83 R70.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Components of impaired loans (Details) - Impaired Loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Non-accrual loans, excluding troubled debt restructured loans $ 5,450 $ 6,274
Non-accrual troubled debt restructured loans 1,154 2,262
Accruing troubled debt restructured loans 7,482 7,798
Total impaired loans 14,086 16,334
Commitments to lend additional amounts to impaired borrowers
XML 84 R71.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Changes in allowance for loan losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Residential 1-4 family    
Beginning balance $ 1,926 $ 2,132
Provision 100 475
Charge-offs (197) (706)
Recoveries 33 26
Ending balance 1,862 1,926
Residential 5+ multifamily    
Beginning balance 62 33
Provision 93 32
Charge-offs (3)
Recoveries
Ending balance 155 62
Construction of residential 1-4 family    
Beginning balance 91 37
Provision (16) 54
Charge-offs
Recoveries
Ending balance 75 91
Home equity lines of credit    
Beginning balance 348 354
Provision (115) 37
Charge-offs (4) (47)
Recoveries 7 4
Ending balance 236 348
Residential real estate    
Beginning balance 2,427 2,556
Provision 62 598
Charge-offs (201) (756)
Recoveries 40 29
Ending balance 2,328 2,427
Commercial    
Beginning balance 1,920 1,507
Provision 836 597
Charge-offs (453) (187)
Recoveries 244 3
Ending balance 2,547 1,920
Construction of commercial    
Beginning balance 38 92
Provision 42 (54)
Charge-offs
Recoveries
Ending balance 80 38
Commercial real estate    
Beginning balance 1,958 1,599
Provision 878 543
Charge-offs (453) (187)
Recoveries 244 3
Ending balance 2,627 1,958
Farm Land    
Beginning balance 28 37
Provision 45 15
Charge-offs (43) (24)
Recoveries 2
Ending balance 32 28
Vacant Land    
Beginning balance 170 152
Provision (2) 82
Charge-offs (36) (64)
Recoveries
Ending balance 132 170
Real estate secured    
Beginning balance 4,583 4,344
Provision 983 1,238
Charge-offs (733) (1,031)
Recoveries 286 32
Ending balance 5,119 4,583
Commercial and industrial    
Beginning balance 1,079 705
Provision (299) 754
Charge-offs (162) (452)
Recoveries 296 72
Ending balance 984 1,079
Municipal    
Beginning balance 53 61
Provision (23) (8)
Charge-offs
Recoveries
Ending balance 30 53
Consumer    
Beginning balance 75 124
Provision 63 (4)
Charge-offs (76) (67)
Recoveries 18 22
Ending balance 80 75
Unallocated    
Beginning balance 337 482
Provision 226 (145)
Charge-offs
Recoveries
Ending balance 563 337
Totals    
Beginning balance 6,127 5,716
Provision 1,020 1,835
Charge-offs (971) (1,550)
Recoveries 600 126
Ending balance $ 6,776 $ 6,127
XML 85 R72.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Composition of loans receivable and allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Collectively evaluated Loans    
Residential 1-4 family $ 312,456 $ 295,998
Residential 5+ multifamily 16,361 11,802
Construction of residential 1-4 family 11,197 10,951
Home equity lines credit 33,658 34,854
Residential real estate 373,672 353,605
Commercial 243,602 228,406
Construction of commercial 9,622 5,025
Commercial real estate 253,224 233,431
Farm land 4,024 2,912
Vacant land 7,684 6,390
Real estate secured 638,604 596,338
Commercial and industrial 132,212 141,389
Municipal 17,494 8,626
Consumer 4,794 5,377
Unallocated allowance
Totals 793,104 751,730
Collectively evaluated Allowance    
Residential 1-4 family 1,759 1,797
Residential 5+ multifamily 154 56
Construction of residential 1-4 family 75 91
Home equity lines credit 235 326
Residential real estate 2,223 2,270
Commercial 2,432 1,668
Construction of commercial 80 39
Commercial real estate 2,512 1,707
Farm land 32 28
Vacant land 129 166
Real estate secured 4,896 4,171
Commercial and industrial 952 1,079
Municipal 30 53
Consumer 80 75
Unallocated allowance 563 337
Totals 6,521 5,715
Individually evaluated Loans    
Residential 1-4 family 5,183 5,130
Residential 5+ multifamily 1,747 1,823
Construction of residential 1-4 family
Home equity lines credit 113 633
Residential real estate 7,043 7,586
Commercial 5,709 7,076
Construction of commercial 366 373
Commercial real estate 6,075 7,449
Farm land 250 1,002
Vacant land 199 210
Real estate secured 13,567 16,247
Commercial and industrial 519 84
Municipal
Consumer 3
Unallocated allowance
Totals 14,086 16,334
Individually evaluated Allowance    
Residential 1-4 family 103 129
Residential 5+ multifamily 1 6
Construction of residential 1-4 family
Home equity lines credit 1 22
Residential real estate 105 157
Commercial 115 251
Construction of commercial
Commercial real estate 115 251
Farm land
Vacant land 3 4
Real estate secured 223 412
Commercial and industrial 32 0
Municipal
Consumer
Unallocated allowance
Totals 255 412
Total portfolio Loans    
Residential 1-4 family 317,639 301,128
Residential 5+ multifamily 18,108 13,625
Construction of residential 1-4 family 11,197 10,951
Home equity lines credit 33,771 35,487
Residential real estate 380,715 361,191
Commercial 249,311 235,482
Construction of commercial 9,988 5,398
Commercial real estate 259,299 240,880
Farm land 4,274 3,914
Vacant land 7,883 6,600
Real estate secured 652,171 612,585
Commercial and industrial 132,731 141,473
Municipal 17,494 8,626
Consumer 4,794 5,380
Unallocated allowance
Totals 807,190 768,064
Total portfolio Allowance    
Residential 1-4 family 1,862 1,926
Residential 5+ multifamily 155 62
Construction of residential 1-4 family 75 91
Home equity lines credit 236 348
Residential real estate 2,328 2,427
Commercial 2,547 1,919
Construction of commercial 80 39
Commercial real estate 2,627 1,958
Farm land 32 28
Vacant land 132 170
Real estate secured 5,119 4,583
Commercial and industrial 984 1,079
Municipal 30 53
Consumer 80 75
Unallocated allowance 563 337
Totals $ 6,776 $ 6,127
XML 86 R73.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Credit quality segments of loans receivable and allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Collectively evaluated Loans    
Performing loans $ 783,206 $ 744,455
Potential problem loans 9,898 7,275
Impaired loans
Unallocated allowance
Totals 793,104 751,730
Collectively evaluated Allowance    
Performing loans 5,619 5,117
Potential problem loans 339 261
Impaired loans
Unallocated allowance 563 337
Totals 6,521 5,715
Individually evaluated Loans    
Performing loans
Potential problem loans
Impaired loans 14,086 16,334
Unallocated allowance
Totals 14,086 16,334
Individually evaluated Allowance    
Performing loans
Potential problem loans
Impaired loans 255 412
Unallocated allowance
Totals 255 412
Total portfolio Loans    
Performing loans 783,206 744,455
Potential problem loans 9,898 7,275
Impaired loans 14,086 16,334
Unallocated allowance
Totals 807,190 768,064
Total portfolio Allowance    
Performing loans 5,619 5,117
Potential problem loans 339 261
Impaired loans 255 412
Unallocated allowance 563 337
Totals $ 6,776 $ 6,127
XML 87 R74.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS - Certain data with respect to loans individually evaluated for impairment (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Impaired loans with specific allowance - Loan balance - Book    
Residential $ 3,532 $ 3,516
Home equity lines of credit 47 406
Residential real estate 3,579 3,922
Commercial 2,336 4,275
Construction of commercial 108
Farm land
Vacant land 44 46
Real estate secured 6,067 8,243
Commercial and industrial 110
Consumer
Totals 6,177 8,243
Impaired loans with specific allowance - Loan balance - Note    
Residential 3,651 3,684
Home equity lines of credit 47 435
Residential real estate 3,698 4,119
Commercial 2,563 4,932
Construction of commercial 114
Farm land
Vacant land 44 46
Real estate secured 6,419 9,097
Commercial and industrial 117
Consumer
Totals 6,536 9,097
Impaired loans with specific allowance - Loan balance - Average    
Residential 3,376 6,411
Home equity lines of credit 79 462
Residential real estate 3,455 6,873
Commercial 2,688 4,072
Construction of commercial 59 56
Farm land 394
Vacant land 45 1,786
Real estate secured 6,247 13,181
Commercial and industrial 59 108
Consumer
Totals 6,306 13,289
Impaired loans with specific allowance - Specific allowance    
Residential 104 135
Home equity lines of credit 1 22
Residential real estate 105 157
Commercial 115 251
Construction of commercial
Farm land
Vacant land 3 4
Real estate secured 223 412
Commercial and industrial 32
Consumer
Totals 255 412
Impaired loans with specific allowance - Income recognized    
Residential 109 88
Home equity lines of credit 2 2
Residential real estate 111 90
Commercial 102 48
Construction of commercial 7
Farm land
Vacant land 3 3
Real estate secured 223 141
Commercial and industrial
Consumer
Totals 223 141
Impaired loans with no specific allowance - Loan balance - Book    
Residential 3,398 3,437
Home equity lines of credit 66 227
Residential real estate 3,464 3,664
Commercial 3,373 2,801
Construction of commercial 258 373
Farm land 250 1,002
Vacant land 155 164
Real estate secured 7,500 8,004
Commercial and industrial 409 84
Consumer 3
Totals 7,909 8,091
Impaired loans with no specific allowance - Loan balance - Note    
Residential 4,279 4,031
Home equity lines of credit 117 277
Residential real estate 4,396 4,308
Commercial 4,567 3,518
Construction of commercial 274 393
Farm land 450 1,140
Vacant land 179 189
Real estate secured 9,866 9,548
Commercial and industrial 502 130
Consumer 6 16
Totals 10,374 9,694
Impaired loans with no specific allowance - Loan balance - Average    
Residential 3,597 3,060
Home equity lines of credit 155 331
Residential real estate 3,752 3,391
Commercial 3,699 3,046
Construction of commercial 310 321
Farm land 869 622
Vacant land 159 195
Real estate secured 8,789 7,575
Commercial and industrial 181 220
Consumer 1 7
Totals 8,971 7,802
Impaired loans with no specific allowance - Income recognized    
Residential 119 94
Home equity lines of credit 3
Residential real estate 119 97
Commercial 305 80
Construction of commercial 8
Farm land
Vacant land 11 12
Real estate secured 435 197
Commercial and industrial 15 3
Consumer
Totals $ 450 $ 200
XML 88 R75.htm IDEA: XBRL DOCUMENT v3.8.0.1
LOANS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Loans Details Narrative    
Commercial loans for other banks serviced by Company under loan participation agreements $ 57,200 $ 59,800
Participation interests sold, gross outstanding balances 5,900  
Purchase of share of participation loans, outstanding balances 18,500  
ASC 310-30 loans included in collectively evaluated loans 2,400 4,200
ASC 310-30 allowance included in collectively evaluated allowance $ 92 $ 79
XML 89 R76.htm IDEA: XBRL DOCUMENT v3.8.0.1
MORTGAGE SERVICING RIGHTS - Balance of loans serviced for others and fair value of mortgage servicing rights (Details) - Balance of loans serviced for others and fair value of mortgage servicing rights - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Residential mortgage loans serviced for others $ 117,538 $ 125,243
Fair value of mortgage servicing rights $ 1,010 $ 902
XML 90 R77.htm IDEA: XBRL DOCUMENT v3.8.0.1
MORTGAGE SERVICING RIGHTS - Changes in mortgage servicing rights (Details) - Changes in mortgage servicing rights - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Mortgage Servicing Rights      
Balance, beginning of period $ 339 $ 486 $ 694
Originated 63 95 148
Amortization (169) [1] (242) (356) [1]
Balance, end of period 233 339 486
Valuation Allowance      
Balance, beginning of period (23) (3)
Decrease (increase) in impairment reserve [1] 23 (20) (3)
Balance, end of period (23) (3)
Mortgage servicing rights, net $ 233 $ 316 $ 483
[1] (1) Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.
XML 91 R78.htm IDEA: XBRL DOCUMENT v3.8.0.1
PLEDGED ASSETS - Securities and loans pledged (Details) - Securities and loans pledged - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Securities available-for-sale (at fair value) $ 67,377 $ 63,833
Loans receivable (at book value) 204,354 137,117
Total pledged assets $ 271,731 $ 200,950
XML 92 R79.htm IDEA: XBRL DOCUMENT v3.8.0.1
PLEDGED ASSETS (Details Narrative)
$ in Thousands
Dec. 31, 2017
USD ($)
Guarantees [Abstract]  
Securities pledged to secure public deposits $ 62,600
Securities pledged to secure repurchase agreements 4,700
Securities pledged to secure FHLBB advances $ 100
XML 93 R80.htm IDEA: XBRL DOCUMENT v3.8.0.1
BANK PREMISES AND EQUIPMENT - Components of premises and equipment (Details) - Components of premises and equipment - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Land $ 2,593 $ 2,593
Buildings and improvements 11,679 11,641
Leasehold improvements 1,690 1,697
Capital lease 1,900 425
Furniture, fixtures, equipment and software 8,312 6,823
Construction in progress, including land acquisition and development 1,119 708
Total cost 27,293 23,887
Accumulated depreciation and amortization (10,892) (9,489)
Bank premises and equipment, net $ 16,401 $ 14,398
XML 94 R81.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS - Changes in carrying values of goodwill and intangible assets (Details) - Changes in carrying values of goodwill and intangible assets - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Goodwill      
Balance, beginning of period $ 12,552 $ 12,552 $ 12,552
Additions 1,263
Impairment
Balance, end of period 13,815 12,552 12,552
Core Deposit Intangibles      
Cost, beginning of period 5,248 5,248 5,248
New York branch purchase 633
Impairment
Cost, end of period 5,881 5,248 5,248
Amortization, beginning of period (3,511) (2,910) (2,258)
Amortization (533) (601) (652)
Amortization, end of period (4,044) (3,511) (2,910)
Core deposit intangibles, net $ 1,837 $ 1,737 $ 2,338
XML 95 R82.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS - Estimated annual amortization expense of core deposit intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CDI amortization                  
Core deposit intangibles amortization $ 13 $ 25 $ 61 $ 128 $ 192 $ 255 $ 321 $ 388 $ 454
XML 96 R83.htm IDEA: XBRL DOCUMENT v3.8.0.1
GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - Acquisition of New Paltz, New York branch of Empire State Bank in June 2017
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Deposits assumed from acquisition $ 31,400
Loans acquired from acquisition 7,100
Goodwill realized 1,260
Core deposit intangible assigned to acquisition $ 633
XML 97 R84.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEPOSITS - Scheduled maturities of time certificates of deposit (Details) - CDI maturities
$ in Thousands
Dec. 31, 2017
USD ($)
2018 $ 56,054
2019 29,130
2020 15,196
2021 11,191
2022 5,027
2023 233
Total $ 116,831
XML 98 R85.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEPOSITS - Total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more (Details) - CDI in demoninations of $250,000 or more - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Within three months $ 1,605 $ 1,326
After three through six months 2,791 2,746
After six through twelve months 3,769 2,323
Over one year 6,596 7,199
Total $ 14,761 $ 13,594
XML 99 R86.htm IDEA: XBRL DOCUMENT v3.8.0.1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities sold under repurchase agreements (Details) - Securities sold under repurchase agreements - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Repurchase agreements, ending balance $ 1,668 $ 5,535
Repurchase agreements, average balance during period 2,517 3,770
Book value of collateral 4,737 5,507
Market value of collateral $ 4,725 $ 5,540
Weighted average rate during period 0.20% 0.16%
Weighted average maturity 1 day 1 day
XML 100 R87.htm IDEA: XBRL DOCUMENT v3.8.0.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS - Federal Home Loan Bank of Boston advances (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Total    
Overnight advances $ 10,000
2017 advances
2018 advances 34,000 7,000
2019 advances
2020 advances 14,655 14,495
2021 advances 5,767 5,693
Total advances $ 54,422 $ 37,188
Rate    
Overnight rate 0.80%
2017 rate
2018 rate 2.04% 3.69%
2019 rate
2020 rate 2.01% 2.08%
2021 rate 2.30% 2.39%
Total weighted average rate 2.06% 2.09%
XML 101 R88.htm IDEA: XBRL DOCUMENT v3.8.0.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS (Details Narrative) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Dec. 31, 2017
Dec. 31, 2016
Subordinated Debentures        
Total subordinated debentures     $ 9,811 $ 9,788
FHLBB advances information        
Additional available borrowing capacity in addition to outstanding FHLBB advances     78,700  
Unused FHLBB line of credit Company has access to     3,500  
Modification extension of advances, amount   $ 21,000    
Modification extension of advances, weight average term   39 months    
Subordinated Debentures        
Issuance of debt in private placement, aggregate principal amount $ 10,000      
Portion to certain related parties $ 500      
Maturity date Dec. 15, 2025      
Annual interest rate 6.00%      
Total subordinated debentures     9,800  
Remaining unamortized debt issuance costs     $ 189  
Effective interest rate of subordinated debentures     6.36%  
XML 102 R89.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET DEFERRED TAX ASSET AND INCOME TAXES - Components of income tax provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Deferred expense (benefit) $ 888 $ 957 $ 945
Income tax provision 2,914 2,589 3,563
Components of income tax provision      
Federal 1,831 1,344 2,186
State 195 288 432
Current provision 2,026 1,632 2,618
Federal 840 852 896
State 48 105 49
Deferred expense (benefit) 888 957 945
Income tax provision $ 2,914 $ 2,589 $ 3,563
XML 103 R90.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET DEFERRED TAX ASSET AND INCOME TAXES - Reconciliation of expected federal statutory tax to income tax provision (Details)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]      
Income tax at statutory federal tax rate 34.00% 34.00% 34.00%
State tax, net of federal tax benefit 1.74% 2.80% 2.63%
Tax exempt income and dividends received deduction (7.00%) (9.07%) (7.38%)
Remeasurement of net deferred tax assets 4.85%
Other (1.81%) 0.19% 0.39%
Change in valuation allowance
Effective income tax rates 31.78% 27.92% 29.64%
XML 104 R91.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET DEFERRED TAX ASSET AND INCOME TAXES - Components of net deferred tax assets (Details) - Components of net deferred tax assets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Allowance for loan losses $ 1,499 $ 2,023
Interest on non-performing loans 210 362
Accrued deferred compensation 248 268
Post-retirement benefits 11 17
Other real estate owned write-downs 6 184
Restricted stock awards 77 62
Mark-to-market purchase accounting adjustments 122 513
Write-down of securities 154 588
Other 51 64
Gross deferred tax assets 2,378 4,081
Deferred loan costs, net (312) (457)
Goodwill and core deposit intangible asset (534) (848)
Accelerated depreciation (752) (1,048)
Mortgage servicing rights (56) (116)
Net unrealized holding gain on available-for-sale securities (47) (245)
Gross deferred tax liabilities (1,701) (2,714)
Net deferred tax asset $ 677 $ 1,367
XML 105 R92.htm IDEA: XBRL DOCUMENT v3.8.0.1
NET DEFERRED TAX ASSET AND INCOME TAXES (Details Narrative)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Income Tax Disclosure [Abstract]  
Increase in tax provision as a result of remeasurement $ 445
XML 106 R93.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHAREHOLDERS' EQUITY - Actual regulatory capital position and minimum capital requirements (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Salisbury    
Total Capital (to risk-weighted assets)    
Actual - Amount $ 98,920 $ 96,166
Actual - Ratio 12.94% 13.26%
For Capital Adequacy - Amount $ 61,154 $ 57,997
For Capital Adequacy - Ratio 8.00% 8.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio
Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 82,034 $ 79,868
Actual - Ratio 10.73% 11.02%
For Capital Adequacy - Amount $ 45,865 $ 43,498
For Capital Adequacy - Ratio 6.00% 6.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio
Common Equity Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 82,034 $ 79,868
Actual - Ratio 10.73% 11.02%
For Capital Adequacy - Amount $ 34,399 $ 32,623
For Capital Adequacy - Ratio 4.50% 4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio
Tier 1 Capital (to average assets)    
Actual - Amount $ 82,034 $ 79,868
Actual - Ratio 8.53% 8.69%
For Capital Adequacy - Amount $ 38,461 $ 37,282
For Capital Adequacy - Ratio 4.00% 4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio
Bank    
Total Capital (to risk-weighted assets)    
Actual - Amount $ 95,810 $ 93,690
Actual - Ratio 12.54% 12.92%
For Capital Adequacy - Amount $ 61,130 $ 57,996
For Capital Adequacy - Ratio 8.00% 8.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 76,413 $ 72,495
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 10.00% 10.00%
Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 88,924 $ 87,392
Actual - Ratio 11.64% 12.05%
For Capital Adequacy - Amount $ 45,848 $ 43,497
For Capital Adequacy - Ratio 6.00% 6.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 61,130 $ 57,996
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 8.00% 8.00%
Common Equity Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 88,924 $ 87,392
Actual - Ratio 11.64% 12.05%
For Capital Adequacy - Amount $ 34,386 $ 32,623
For Capital Adequacy - Ratio 4.50% 4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 49,668 $ 47,122
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 6.50% 6.50%
Tier 1 Capital (to average assets)    
Actual - Amount $ 88,924 $ 87,392
Actual - Ratio 9.25% 9.51%
For Capital Adequacy - Amount $ 38,461 $ 37,762
For Capital Adequacy - Ratio 4.00% 4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 48,076 $ 45,953
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 5.00% 5.00%
XML 107 R94.htm IDEA: XBRL DOCUMENT v3.8.0.1
SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2015
Aug. 31, 2011
Preferred stock redeemed $ 16,000  
Shareholders' Equity Details    
Series B Preferred Stock issued to Treasury under SBLF program   $ 16,000
XML 108 R95.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER BENEFITS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Retirement Benefits [Abstract]      
401(k) Plan contribution expense $ 821 $ 832 $ 679
Employee Stock Ownership Plan (ESOP)      
ESOP expense 132 173 323
Other Retirement Plans      
Total liability for endorsement split-dollar life insurance arrangements included in other liabilities 966 849  
Expense under endorsement split-dollar life insurance arrangement 117 74 91
Former CEO supplemental post retirement payment liability 48 68  
Former Riverside CEO supplemental post retirement payment liability 446 486  
Expenses related to discretionary contribution to Executives' account $ 80 $ 46 $ 39
XML 109 R96.htm IDEA: XBRL DOCUMENT v3.8.0.1
LONG TERM INCENTIVE PLANS - Amount of cumulatively granted restricted stock awards under 2011 and 2017 Long-Term Incentive Plans (Details) - Restricted stock awards cumulatively granted under 2011 and 2017 Long-Term Incentive Plans
 12 Months Ended
Dec. 31, 2017
$ / shares
shares
Restricted stock awards, beginning of year | shares 19,750
Beginning of year, weighted average grant price | $ / shares $ 28.97
Granted | shares 13,824
Granted, weighted average grant price | $ / shares $ 39.57
Vested | shares (5,650)
Vested, weighted average grant price | $ / shares $ 27.62
Forfeited | shares (900)
Forfeited, weighted average grant price | $ / shares $ 30.56
Restricted stock awards, end of year | shares 27,024
End of year, weighted average grant price | $ / shares $ 34.62
XML 110 R97.htm IDEA: XBRL DOCUMENT v3.8.0.1
LONG TERM INCENTIVE PLANS (Details Narrative) - Unearned compensation-restricted stock awards - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Total number of shares of Common Stock reserved and available for issuance in ten years following adoption of Plan 84,000    
Annual stock retainer, individual director maximum 340 340 240
Grants of Restricted Stock and Options      
Shares of restricted stock granted pursuant to the Plan 13,824 15,800 1,000
Fair value of stock granted pursuant to the Plan $ 547 $ 466 $ 29
Fair value of vested restricted stock awards 222 562  
Compensation expense 259 215 222
Unrecognized compensation cost relating to awards 606 352  
Tax provision benefit recorded 105    
Tax benefit associated with restricted stock awards, recognized in earnings $ 88 $ 73 $ 75
Phantom Stock Appreciation Units granted pursuant to the Plan 56,600 47,470 48,894
Compensation expense related to PSUs $ 135 $ 178  
XML 111 R98.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK OPTIONS - Summary of status of Salisbury's outstanding stock options (Details) - Stock options
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
$ / shares
shares
Number, beginning of period | shares 55,350
Weighted average exercise price, beginning of period | $ / shares $ 22.86
Number of options, granted | shares
Weighted average exercise price, granted | $ / shares
Number of options, exercised | shares (12,150)
Weighted average exercise price, exercised | $ / shares $ 25.93
Number of options, forfeited or expired | shares (2,700)
Weighted average exercise price, forfeited or expired | $ / shares $ 25.93
Number, end of period | shares 40,500
Weighted average exercise price, end of period | $ / shares $ 21.73
Weighted average remaining contractual term 4 years 3 months 29 days
Aggregate intrinsic value | $ $ 928
XML 112 R99.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK OPTIONS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Equity [Abstract]      
Total intrinsic value of stock options exercised $ 156 $ 41 $ 75
XML 113 R100.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS - Changes in loans to executive officers, directors and their related associates (Details) - Related party transactions - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Balance, beginning of period $ 7,918 $ 8,120
Advances 508 831
Repayments (775) (1,033)
Balance, end of period $ 7,651 $ 7,918
XML 114 R101.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMPREHENSIVE INCOME - Reconciliation of changes in components of other comprehensive loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Other comprehensive loss      
Net unrealized losses on securities available-for-sale $ (318) $ (399) $ (1,297)
Unrealized losses on securities available-for-sale (496) (983) (1,489)
Other comprehensive (loss) income, net of tax (298) (648) (983)
Statements of Comprehensive Income (Loss)      
Other comprehensive loss      
Net unrealized losses on securities available-for-sale (318) (399) (1,297)
Reclassification of net realized gains in net income (178) (584) (192)
Unrealized losses on securities available-for-sale (496) (983) (1,489)
Income tax benefit (expense) 198 335 506
Unrealized (losses) gains on securities available-for-sale, net of tax (298) (648) (983)
Other comprehensive (loss) income, net of tax $ (298) $ (648) $ (983)
XML 115 R102.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMPREHENSIVE INCOME - Components of accumulated other comprehensive income (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Accumulated other comprehensive income $ 179 $ 477
Statements of Comprehensive Income (Loss)    
Unrealized gains on securities available-for-sale, net of tax 179 477
Accumulated other comprehensive income $ 179 $ 477
XML 116 R103.htm IDEA: XBRL DOCUMENT v3.8.0.1
OTHER COMPREHENSIVE LOSS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Equity [Abstract]      
Income tax expense related to reclassification of net realized gains $ 61 $ 199 $ 67
XML 117 R104.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENT LIABILITIES - Future minimum lease payments (Details)
$ in Thousands
Dec. 31, 2017
USD ($)
Future minimum lease payments  
2018 $ 381
2019 380
2020 390
2021 336
2022 199
2023 135
2024 129
Total $ 1,950
XML 118 R105.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENT LIABILITIES - Future minimum lease payments under capital lease with present value of net minimum lease payments (Details)
$ in Thousands
Dec. 31, 2017
USD ($)
Future minimum lease payments  
2018 $ 214
2019 234
2020 234
2021 234
2022 234
Thereafter 1,424
Total minimum lease payments 2,574
Less amount representing interest 741
Total minimum lease payments, net $ 1,835
XML 119 R106.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENT LIABILITIES (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]      
Rent expense $ 361 $ 245 $ 295
XML 120 R107.htm IDEA: XBRL DOCUMENT v3.8.0.1
FINANCIAL INSTRUMENTS - Financial instrument liabilities with off-balance sheet credit risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Standby letters of credit $ 4,905 $ 1,112
Financial instrument liabilities with off-balance sheet credit risk    
Residential 16,769 6,150
Home equity lines of credit 29,031 26,491
Commercial 26,145 5,624
Land 64 116
Real estate secured 72,009 38,381
Commercial and industrial 63,942 56,178
Municipal 188 250
Consumer 1,574 1,464
Unadvanced portions of loans 137,713 96,273
Commitments to originate loans 28,222 30,428
Standby letters of credit 4,905 1,112
Total $ 170,840 $ 127,813
XML 121 R108.htm IDEA: XBRL DOCUMENT v3.8.0.1
FINANCIAL INSTRUMENTS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Investments, All Other Investments [Abstract]    
Maximum potential amount of Bank's obligation for financial, commercial and standby letters of credit $ 4,905 $ 1,112
Allowance for off-balance sheet commitments $ 110 $ 81
XML 122 R109.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE MEASUREMENTS - Assets measured at fair value (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Assets at fair value    
Assets at fair value on a recurring basis    
U.S. Treasury notes $ 3,486  
Municipal bonds 45,868 $ 15,996
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises   53,301
Collateralized mortgage obligations: U.S. Government agencies 10,377 1,474
Collateralized mortgage obligations: Non-agency 2,664 3,735
SBA bonds 12,267 2,064
CRA mutual funds 835 818
Corporate bonds 3,550 2,013
Preferred stock   222
Securities available-for-sale 79,047 79,623
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans 5,863 5,256
Other real estate owned 719 3,773
Fair Value Measurements Using - Level 1    
Assets at fair value on a recurring basis    
U.S. Treasury notes  
Municipal bonds
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises  
Collateralized mortgage obligations: U.S. Government agencies
Collateralized mortgage obligations: Non-agency
SBA bonds
CRA mutual funds 835 818
Corporate bonds
Preferred stock   222
Securities available-for-sale 835 1,040
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans
Other real estate owned
Fair Value Measurements Using - Level 2    
Assets at fair value on a recurring basis    
U.S. Treasury notes 3,486  
Municipal bonds 45,868 15,996
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises   53,301
Collateralized mortgage obligations: U.S. Government agencies 10,377 1,474
Collateralized mortgage obligations: Non-agency 2,664 3,735
SBA bonds 12,267 2,064
CRA mutual funds
Corporate bonds 3,550 2,013
Preferred stock  
Securities available-for-sale 78,212 78,583
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans
Other real estate owned
Fair Value Measurements Using - Level 3    
Assets at fair value on a recurring basis    
U.S. Treasury notes  
Municipal bonds
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises  
Collateralized mortgage obligations: U.S. Government agencies
Collateralized mortgage obligations: Non-agency
SBA bonds
CRA mutual funds
Corporate bonds
Preferred stock  
Securities available-for-sale
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans 5,863 5,256
Other real estate owned $ 719 $ 3,773
XML 123 R110.htm IDEA: XBRL DOCUMENT v3.8.0.1
FAIR VALUE MEASUREMENTS - Carrying value and estimated fair values of financial instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Carrying value    
Financial Assets    
Cash and cash equivalents $ 48,486 $ 35,485
Securities available-for-sale 79,047 79,623
Federal Home Loan Bank stock 3,813 3,211
Loans held-for-sale 669  
Loans receivable, net 801,703 763,184
Accrued interest receivable 2,665 2,424
Cash surrender value of life insurance 14,381 14,038
Financial Liabilities    
Demand (non-interest-bearing) 220,536 218,420
Demand (interest-bearing) 142,575 127,854
Money market 190,953 182,476
Savings and other 144,600 135,435
Certificates of deposit 116,831 117,585
Deposits 815,495 781,770
Repurchase agreements 1,668 5,535
FHLBB advances 54,422 37,188
Subordinated debt 9,811 9,788
Note payable 313 344
Capital lease liability 1,835 418
Accrued interest payable 99 89
Estimated fair value    
Financial Assets    
Cash and cash equivalents 48,486 35,485
Securities available-for-sale 79,047 79,623
Federal Home Loan Bank stock 3,813 3,211
Loans held-for-sale 669  
Loans receivable, net 816,451 774,442
Accrued interest receivable 2,665 2,424
Cash surrender value of life insurance 14,381 14,038
Financial Liabilities    
Demand (non-interest-bearing) 220,536 218,420
Demand (interest-bearing) 142,575 127,854
Money market 190,953 182,476
Savings and other 144,600 135,435
Certificates of deposit 115,290 118,610
Deposits 813,954 782,795
Repurchase agreements 1,668 5,535
FHLBB advances 54,918 38,440
Subordinated debt 10,313 10,378
Note payable 341 377
Capital lease liability 2,161 841
Accrued interest payable 99 89
Fair Value Measurements Using - Level 1    
Financial Assets    
Cash and cash equivalents 48,486 35,485
Securities available-for-sale 835 1,040
Federal Home Loan Bank stock
Loans held-for-sale  
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance 14,381 14,038
Financial Liabilities    
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt
Note payable
Capital lease liability
Accrued interest payable
Fair Value Measurements Using - Level 2    
Financial Assets    
Cash and cash equivalents
Securities available-for-sale 78,212 78,583
Federal Home Loan Bank stock 3,211
Loans held-for-sale  
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance
Financial Liabilities    
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt
Note payable
Capital lease liability
Accrued interest payable
Fair Value Measurements Using - Level 3    
Financial Assets    
Cash and cash equivalents
Securities available-for-sale
Federal Home Loan Bank stock 3,813
Loans held-for-sale 669  
Loans receivable, net 816,451 774,442
Accrued interest receivable 2,665 2,424
Cash surrender value of life insurance
Financial Liabilities    
Demand (non-interest-bearing) 220,536 218,420
Demand (interest-bearing) 142,575 127,854
Money market 190,953 182,476
Savings and other 144,600 135,435
Certificates of deposit 115,290 118,610
Deposits 813,954 782,795
Repurchase agreements 1,668 5,535
FHLBB advances 54,918 38,440
Subordinated debt 10,313 10,378
Note payable 341 377
Capital lease liability 2,161 841
Accrued interest payable $ 99 $ 89
XML 124 R111.htm IDEA: XBRL DOCUMENT v3.8.0.1
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated balance sheets of Salisbury Bancorp, Inc. (Details) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Assets    
Cash and due from banks $ 9,357 $ 5,434
Other assets 2,771 3,574
Total Assets 986,984 935,366
Liabilities and Shareholders' Equity    
Subordinated debt 9,811 9,788
Total Liabilities and Shareholders' Equity 986,984 935,366
Salisbury Bancorp, Inc. (Parent Only)    
Assets    
Cash and due from banks 2,519 2,681
Investment in bank subsidiary 104,404 101,146
Other assets 430 11
Total Assets 107,353 103,838
Liabilities and Shareholders' Equity    
Subordinated debt 9,811 9,788
Other liabilities 28 43
Shareholders' equity 97,514 94,007
Total Liabilities and Shareholders' Equity $ 107,353 $ 103,838
XML 125 R112.htm IDEA: XBRL DOCUMENT v3.8.0.1
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of income of Salisbury Bancorp, Inc. (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Net income $ 6,256 $ 6,685 $ 8,457
Salisbury Bancorp, Inc. (Parent Only)      
Dividends from subsidiary 3,691 3,491 2,743
Interest income 8 6 19
Interest expense 624 624 35
Expenses 530 337 511
Income before taxes and equity in undistributed net income of subsidiary 2,545 2,536 2,216
Income tax benefit 421 369 192
Income before equity in undistributed net income of subsidiary 2,966 2,905 2,408
Equity in undistributed net income of subsidiary 3,290 3,780 6,049
Net income $ 6,256 $ 6,685 $ 8,457
XML 126 R113.htm IDEA: XBRL DOCUMENT v3.8.0.1
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Net income $ 6,256 $ 6,685 $ 8,457
Adjustments to reconcile net income to net cash provided by operating activities:      
Net cash provided by operating activities 10,207 11,273 8,090
Investing Activities      
Net cash utilized by investing activities (9,903) (74,003) (10,332)
Financing Activities      
Common stock dividends paid (3,113) (3,086) (3,054)
Preferred stock dividends paid (158)
Proceeds from issuance of subordinated debt, net of issue cost 9,764
Net cash (utilized) provided by financing activities 12,697 36,097 28,255
Net (decrease) increase in cash and cash equivalents 13,001 (26,633) 26,013
Salisbury Bancorp, Inc. (Parent Only)      
Net income 6,256 6,685 8,457
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in undistributed net income of subsidiary (3,290) (3,780) (6,049)
Other (410) (13) (275)
Net cash provided by operating activities 2,556 2,892 2,133
Investing Activities      
Investment in bank
Maturities of interest-bearing time deposits of other banks
Net cash utilized by investing activities
Financing Activities      
Common stock dividends paid (3,113) (3,086) (3,054)
Preferred stock dividends paid (158)
Proceeds from issuance of subordinated debt, net of issue cost 9,764
Redemption of preferred stock (16,000)
Proceeds from issuance of common stock 395 263 491
Net cash (utilized) provided by financing activities (2,718) (2,823) (8,957)
Net (decrease) increase in cash and cash equivalents (162) 69 (6,824)
Cash and cash equivalents, beginning of period 2,681 2,612 9,436
Cash and cash equivalents, end of period $ 2,519 $ 2,681 $ 2,612
XML 127 R114.htm IDEA: XBRL DOCUMENT v3.8.0.1
EARNINGS PER SHARE - Computation of earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Earnings Per Share [Abstract]      
Net income $ 6,256 $ 6,685 $ 8,457
Less: Preferred stock dividends declared (158)
Net income applicable to common shareholders 6,256 6,685 8,299
Less: Undistributed earnings allocated to participating securities (55) (52) (72)
Net income allocated to common stock 6,201 6,633 8,227
Weighted average common shares issued 2,779 2,755 2,730
Less: Unvested restricted stock awards (24) (22) (24)
Weighted average common shares outstanding used to calculate basic earnings per common share 2,755 2,733 2,706
Add: Dilutive effect of stock options 19 16 17
Weighted average common shares outstanding used to calculate diluted earnings per common share $ 2,774 $ 2,749 $ 2,723
Earnings per common share (basic) $ 2.25 $ 2.43 $ 3.04
Earnings per common share (diluted) $ 2.24 $ 2.41 $ 3.02
XML 128 R115.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Events
 1 Months Ended
Jan. 31, 2018
$ / shares
shares
Quarterly cash dividend declared and paid | $ / shares $ .28
Total Phantom Stock Appreciation Units granted pursuant to the Plan | shares 53,500
XML 129 R116.htm IDEA: XBRL DOCUMENT v3.8.0.1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA - Selected quarterly consolidated financial data (unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Income                      
Interest and dividend income                 $ 35,521 $ 34,454 $ 34,610
Interest expense                 4,238 3,849 3,026
Net interest and dividend income                 31,283 30,605 31,584
Provision (benefit) for loan losses                 1,020 1,835 917
Gains on securities, net                 178 584 192
Trust and Wealth Advisory                 3,477 3,338 3,265
Service charges and fees                 3,718 3,133 2,986
Gains on sales of mortgage loans, net                 125 229 274
Mortgage servicing, net                 255 156 47
Other                 483 451 510
Non-interest income                 8,236 7,891 7,274
Non-interest expense                 29,329 27,387 25,921
Income before income taxes                 9,170 9,274 12,020
Net income allocated to common stock                 6,201 6,633 $ 8,227
Financial Condition                      
Total assets $ 986,984       $ 935,366       $ 986,984 $ 935,366  
Per Common Share Data                      
Earnings, basic                 $ 2.25 $ 2.43 $ 3.04
Earnings, diluted                 2.24 2.41 3.02
Cash dividends declared                 $ 1.12 $ 1.12 $ 1.12
Statistical Data                      
Weighted average common shares outstanding, basic                 2,755 2,733 2,706
Selected quarterly consolidated financial data                      
Statement of Income                      
Interest and dividend income 9,167 $ 8,882 $ 8,687 $ 8,785 8,679 $ 8,670 $ 8,522 $ 8,583      
Interest expense 1,143 1,116 1,026 953 992 983 955 919      
Net interest and dividend income 8,024 7,766 7,661 7,832 7,687 7,687 7,567 7,664      
Provision (benefit) for loan losses 67 237 364 352 503 344 525 463      
Gains on securities, net 192 (14) 427 9 146 2      
Trust and Wealth Advisory 857 874 892 854 821 849 884 784      
Service charges and fees 919 935 902 962 856 822 753 702      
Gains on sales of mortgage loans, net 21 25 30 49 78 55 57 39      
Mortgage servicing, net 75 104 31 45 37 40 45 34      
Other 118 142 110 113 108 113 116 114      
Non-interest income 2,182 2,080 1,951 2,023 2,327 1,888 2,001 1,675      
Non-interest expense 8,052 7,220 6,751 7,306 7,411 6,500 6,640 6,837      
Income before income taxes 2,087 2,389 2,497 2,197 2,100 2,731 2,403 2,039      
Income tax provision 1,011 695 615 593 580 812 669 527      
Net income 1,076 1,694 1,882 1,604 1,520 1,919 1,734 1,512      
Net income allocated to common stock 1,064 1,677 1,866 1,594 1,509 1,904 1,721 1,499      
Financial Condition                      
Total assets 986,984 979,469 974,806 939,549 935,366 928,445 913,494 891,804 $ 986,984 $ 935,366  
Loans, net 801,703 784,136 771,850 764,665 763,184 753,623 749,523 728,845 801,703 763,184  
Allowance for loan losses 6,776 6,494 6,493 6,285 6,127 5,892 5,718 5,877 6,776 6,127  
Securities 82,860 88,546 84,468 80,359 82,834 79,738 83,874 82,151 82,860 82,834  
Deposits 815,495 831,989 811,341 772,416 781,770 786,730 754,471 755,658 815,495 781,770  
Repurchase agreements 1,668 4,529 2,126 2,350 5,535 3,581 3,355 2,620 1,668 5,535  
FHLBB advances 54,422 27,364 47,302 52,745 37,188 27,134 47,083 27,031 54,422 37,188  
Shareholders' equity 97,514 97,526 96,545 95,221 94,007 93,554 92,584 91,402 97,514 94,007  
Non-performing assets $ 7,354 $ 12,257 $ 11,690 $ 10,890 $ 12,565 $ 14,496 $ 14,579 $ 16,829 $ 7,354 $ 12,565  
Per Common Share Data                      
Earnings, basic $ 0.39 $ 0.61 $ 0.68 $ 0.58 $ 0.55 $ 0.70 $ 0.63 $ 0.55      
Earnings, diluted 0.38 0.60 0.67 0.58 0.55 0.69 0.63 0.55      
Cash dividends declared 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28      
Cash dividends paid 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28      
Book value 35.01 35.01 34.66 34.38 28.90 28.63 28.28 27.84      
Market price: High 48.35 46.90 41.50 40.00 38.15 32.52 32.75 34.43      
Market price: Low $ 44.00 $ 40.40 $ 38.50 $ 37.30 $ 30.92 $ 29.60 $ 29.78 $ 29.51      
Statistical Data                      
Net interest margin (fully tax equivalent) 3.58% 3.50% 3.58% 3.69% 3.45% 3.57% 3.71% 3.79%      
Efficiency ratio (fully tax equivalent) 6490.00% 6718.00% 6656.00% 6868.00% 6708.00% 6413.00% 6651.00% 6928.00%      
Return on average assets 43.00% 69.00% 77.00% 70.00% 65.00% 81.00% 77.00% 68.00%      
Return on average shareholders' equity 438.00% 689.00% 782.00% 683.00% 643.00% 820.00% 758.00% 668.00%      
Weighted average common shares outstanding, basic 2,757 2,757 2,757 2,749 2,737 2,737 2,735 2,723      
Weighted average common shares outstanding, diluted 2,778 2,777 2,775 2,768 2,755 2,751 2,749 2,741      
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