SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2013

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)		2013		2012
Assets
Cash and due from banks	$	9,302	$	10,297
Interest-bearing time deposits with other banks		738		—
Investment in bank subsidiary		62,811		61,738
Other assets		—		2
Total Assets	$	72,851	$	72,037
Liabilities and Shareholders' Equity
Liabilities	$	61	$	40
Shareholders' equity		72,790		71,997
Total Liabilities and Shareholders' Equity	$	72,851	$	72,037

Statements of Income Years ended December 31, (in thousands)		2013		2012		2011
Dividends from subsidiary	$	2,128	$	2,243	$	2,372
Interest		27		42		99
Expenses		394		81		116
Income before taxes and equity in undistributed net income of subsidiary		1,761		2,204		2,355
Income tax benefit		—		—		—
Income before equity in undistributed net income of subsidiary		1,761		2,204		2,355
Equity in undistributed net income of subsidiary		2,322		1,873		1,757
Net income	$	4,083	$	4,077	$	4,112

Statements of Cash Flows Years ended December 31, (in thousands)		2013			2012			2011
Net income	$	4,083		$	4,077		$	4,112
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(2,322	)		(1,873	)		(1,757	)
Accretion of securities		—			—			(11	)
Other		24			16			(3	)
Net cash provided by operating activities		1,785			2,220			2,341
Investing Activities
Investment in bank		—			—			(6,466	)
Purchases of interest-bearing time deposits of other banks		(738	)		—			—
Maturities of securities available-for-sale		—			1,103			—
Net cash (utilized) provided by investing activities		(738	)		1,103			(6,466	)
Financing Activities
Common stock dividends paid		(1,915	)		(1,892	)		(1,891	)
Preferred stock dividends paid		(161	)		(240	)		(382	)
Payment to repurchase Preferred Stock		—			—			(8,816	)
Payment to repurchase warrants		—			—			(205	)
Proceeds from issuance of Common Stock		34			24			28
Proceeds from issuance of Preferred Stock		—			—			16,000
Net cash (utilized) provided by financing activities		(2,042	)		(2,108	)		4,734
(Decrease) increase in cash and cash equivalents		(995	)		1,215			609
Cash and cash equivalents, beginning of period		10,297			9,082			8,473
Cash and cash equivalents, end of period	$	9,302		$	10,297		$	9,082