SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 21 – 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   December 31, (in thousands)		2014		2013
Assets
Cash and due from banks	$	9,436	$	9,302
Interest-bearing time deposits with other banks		—		738
Investment in bank subsidiary		92,531		62,811
Other assets		6		—
Total Assets	$	101,973	$	72,851
Liabilities and Shareholders' Equity
Liabilities	$	152	$	61
Shareholders' equity		101,821		72,790
Total Liabilities and Shareholders' Equity	$	101,973	$	72,851

Statements of Income   Years ended December 31, (in thousands)		2014		2013		2012
Dividends from subsidiary	$	2,143	$	2,128	$	2,243
Interest		21		27		42
Expenses		986		394		81
Income before taxes and equity in undistributed net income of subsidiary		1,178		1,761		2,204
Income tax benefit		91		—		—
Income before equity in undistributed net income of subsidiary		1,269		1,761		2,204
Equity in undistributed net income of subsidiary		1,252		2,322		1,873
Net income	$	2,521	$	4,083	$	4,077

Statements of Cash Flows   Years ended December 31, (in thousands)		2014			2013			2012
Net income	$	2,521		$	4,083		$	4,077
Adjustments to reconcile net income to
net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(1,252	)		(2,322	)		(1,873	)
Other		85			24			16
Net cash provided by operating activities		1,354			1,785			2,220
Investing Activities
Investment in bank		(27,251	)		—			—
Maturities (purchases) of interest-bearing time deposits of other banks		738			(738	)		—
Maturities of securities available-for-sale		—			—			1,103
Net cash (utilized) provided by investing activities		(26,513	)		(738	)		1,103
Financing Activities
Common stock dividends paid		(1,918	)		(1,915	)		(1,892	)
Preferred stock dividends paid		(166	)		(161	)		(240	)
Proceeds from issuance of common stock		126			34			24
Issuance of Salisbury stock to Riverside shareholders		27,251			—			—
Net cash provided (utilized) by financing activities		25,293			(2,042	)		(2,108	)
Increase (decrease) in cash and cash equivalents		134			(995	)		1,215
Cash and cash equivalents, beginning of period		9,302			10,297			9,082
Cash and cash equivalents, end of period	$	9,436		$	9,302		$	10,297