SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Selected quarterly consolidated financial data

Year ended December 31, 2013 (in thousands, except ratios and per share amounts)	Q1 2013			Q2 2013			Q3 2013			Q4 2013
Statement of Income
Interest and dividend income	$	5,406		$	5,434		$	5,431		$	5,479
Interest expense		803			801			772			686
Net interest and dividend income		4,603			4,633			4,659			4,793
Provision for loan losses		396			240			240			190
Trust and Wealth Advisory		725			824			750			775
Service charges and fees		516			575			595			612
Gains on sales of mortgage loans, net		279			153			69			78
Mortgage servicing, net		26			8			(37	)		38
Securities gains		—			—			—			—
Other		79			90			82			68
Non-interest income		1,625			1,650			1,459			1,571
Non-interest expense		4,705			4,610			4,643			4,977
Income before income taxes		1,127			1,433			1,235			1,197
Income tax provision		187			289			219			214
Net income		940			1,144			1,016			983
Net income available to common shareholders		900			1,103			976			943
Financial Condition
Total assets	$	597,343		$	600,712		$	589,481		$	587,109
Loans, net		406,258			416,729			420,306			438,178
Allowance for loan losses		4,686			4,632			4,656			4,683
Securities		124,004			111,950			105,156			99,831
Deposits		487,773			492,040			479,869			477,369
Repurchase agreements		2,329			2,980			3,870			2,554
FHLBB advances		31,574			31,187			30,801			30,411
Shareholders' equity		72,206			71,489			71,211			72,790
Non-performing assets		9,297			9,639			9,737			7,549
Per Common Share Data
Earnings, diluted and basic	$	0.53		$	0.65		$	0.57		$	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		32.88			32.45			32.28			33.21
Market price: (a)
High		26.44			28.00			29.95			28.00
Low		23.55			25.18			25.52			25.50
Statistical Data
Net interest margin (fully tax equivalent)		3.54	%		3.54	%		3.51	%		3.71	%
Efficiency ratio (fully tax equivalent)		70.93			68.88			71.72			71.77
Return on average assets		0.61			0.74			0.64			0.64
Return on average shareholders' equity		6.45			7.81			7.05			6.69
Weighted average equivalent shares outstanding, diluted		1,690			1,691			1,691			1,691

(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 $.10 per share ("Common Stock") trades on the NASDAQ Capital Market under the symbol: SAL. As of March 1, 2014, there were approximately 1,713 shareholders of record of Salisbury's Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

Year ended December 31, 2012 (in thousands, except ratios and per share amounts)	Q1 2012			Q2 2012			Q3 2012			Q4 2012
Statement of Income
Interest and dividend income	$	5,858		$	5,766		$	5,607		$	5,426
Interest expense		1,175			1,080			1,035			992
Net interest and dividend income		4,683			4,686			4,572			4,434
Provision for loan losses		180			180			330			380
Trust and Wealth Advisory		755			735			683			772
Service charges and fees		521			547			559			561
Gains on sales of mortgage loans, net		372			263			568			394
Mortgage servicing, net		(84	)		(5	)		(9	)		76
Securities gains		12			267			—			—
Other		83			83			86			74
Non-interest income		1,659			1,890			1,887			1,877
Non-interest expense		4,500			5,026			4,693			5,334
Income before income taxes		1,662			1,370			1,436			597
Income tax provision		412			254			296			26
Net income		1,250			1,116			1,140			571
Net income available to common shareholders		1,167			1,069			1,094			531
Financial Condition
Total assets	$	598,950		$	600,857		$	611,037		$	600,813
Loans, net		371,709			377,212			377,377			388,758
Allowance for loan losses		4,166			4,208			4,179			4,360
Securities		151,666			141,409			131,412			132,034
Deposits		472,686			477,910			490,206			491,215
Repurchase agreements		10,359			6,181			2,941			1,784
FHLBB advances		43,207			42,801			42,392			31,980
Shareholders' equity		68,067			69,126			70,374			71,997
Non-performing assets		7,606			8,409			9,870			10,104
Per Common Share Data
Earnings, diluted and basic	$	0.69		$	0.63		$	0.65		$	0.31
Cash dividends declared		0.28			0.28			0.28			0.28
Cash dividends paid		0.28			0.28			0.28			0.28
Book value		30.83			31.44			32.18			33.14
Market price: (a)
High		26.95			26.49			26.39			28.47
Low		22.51			23.25			23.11			23.16
Statistical Data
Net interest margin (fully tax equivalent)		3.54	%		3.58	%		3.39	%		3.32	%
Efficiency ratio (fully tax equivalent)		66.86			66.39			66.05			71.45
Return on average assets		0.78			0.72			0.71			0.35
Return on average shareholders' equity		9.05			8.10			8.05			3.85
Weighted average equivalent shares outstanding, diluted		1,689			1,689			1,690			1,690

(a) The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.