SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 20 – SALISBURY BANCORP (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 Years ended December 31, (in thousands)	2012	2011
Assets
Cash and due from banks	$ 10,297	$ 9,082
Securities available-for-sale	-	1,103
Investment in bank subsidiary	61,738	56,720
Other assets	2	25
Total Assets	$ 72,037	$ 66,930
Liabilities and Shareholders' Equity
Liabilities	$ 40	$ 68
Shareholders' equity	71,997	66,862
Total Liabilities and Shareholders' Equity	$ 72,037	$ 66,930

Statements of Income Years ended December 31, (in thousands)	2012	2011	2010
Dividends from subsidiary	$ 2,243	$ 2,372	$ 2,280
Interest	42	99	105
Expenses	81	116	105
Income before taxes and equity in undistributed net income of subsidiary	2,204	2,355	2,280
Income tax benefit	-	-	-
Income before equity in undistributed net income of subsidiary	2,204	2,355	2,280
Equity in undistributed net income of subsidiary	1,873	1,757	1,380
Net income	$ 4,077	$ 4,112	$ 3,660

Statements of Cash Flows Years ended December 31, (in thousands)	2012	2011	2010
Net income	$ 4,077	$ 4,112	$ 3,660
Adjustments to reconcile net income to
net cash provided by operating activities:
Equity in undistributed net income of subsidiary	(1,873)	(1,757)	(1,380)
Accretion of securities	-	(11)	(11)
Other	16	(3)	13
Net cash provided by operating activities	2,220	2,341	2,282
Investing Activities
Investment in bank	-	(6,466)	-
Purchases of securities available-for-sale	-	-	-
Maturities of securities available-for-sale	1,103	-	2,000
Net cash provided (utilized) by investing activities	1,103	(6,466)	2,000
Financing Activities
Common stock dividends paid	(1,892)	(1,891)	(1,890)
Preferred stock dividends paid	(240)	(382)	(441)
Payment to repurchase Preferred Stock	-	(8,816)	-
Payment to repurchase warrants	-	(205)	-
Proceeds from issuance of Common Stock	24	28	23
Proceeds from issuance of Preferred Stock	-	16,000	-
Net cash (utilized) provided by financing activities	(2,108)	4,734	(2,308)
Increase in cash and cash equivalents	1,215	609	1,974
Cash and cash equivalents, beginning of period	9,082	8,473	6,499
Cash and cash equivalents, end of period	$ 10,297	$ 9,082	$ 8,473