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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Non-interest expense    
Net income $ 551 $ 940
Statements of Income
   
Interest and dividend income    
Interest and fees on loans 4,596 4,429
Interest on debt securities    
Taxable 381 467
Tax exempt 445 488
Other interest and dividends 21 22
Total interest and dividend income 5,443 5,406
Interest expense    
Deposits 351 490
Repurchase agreements 1 1
Capital lease 18   
Federal Home Loan Bank of Boston advances 298 312
Total interest expense 668 803
Net interest and dividend income 4,775 4,603
Provision for loan losses 337 396
Net interest and dividend income after provision for loan losses 4,438 4,207
Non-interest income    
Trust and wealth advisory 779 725
Service charges and fees 542 516
Gains on sales of mortgage loans, net 11 279
Mortgage servicing, net 28 26
Other 78 79
Total non-interest income 1,438 1,625
Non-interest expense    
Salaries 1,844 1,750
Employee benefits 741 685
Premises and equipment 673 583
Data processing 399 419
Professional fees 619 [1] 380
Collections and OREO 135 157
FDIC insurance 98 125
Marketing and community support 113 122
Amortization of intangibles 56 56
Other 432 428
Total non-interest expense 5,110 4,705
Income before income taxes 766 1,127
Income tax provision 215 187
Net income 551 940
Net income available to common shareholders $ 505 $ 900
Basic and diluted earnings per common share $ 0.29 $ 0.53
Diluted earnings per common share $ 0.29 $ 0.53
Common dividends per share $ 0.28 $ 0.28
[1] Includes one-time professional fees of $261,000 incurred in conjunction with the following strategic initiatives for the three month period ended March 31, 2014: (i) the entering of an agreement to acquire the Sharon, CT branch office of Union Savings Bank and related branch deposits and the consolidation of an existing Salisbury branch office in Sharon, CT with such branch, which is expected to be consummated in June of 2014 and which has received all required regulatory approvals; and (ii) the execution of an agreement to merge Riverside Bank of Poughkeepsie, NY with and into Salisbury Bank, which agreement was announced March 19, 2014.