SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

NOTE 24 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2014 and 2013 is as follows:

Year ended December 31, 2014   (in thousands, except ratios and per share amounts)		Q1 2014			Q2 2014			Q3 2014			Q4 2014
Statement of Income
Interest and dividend income	$	5,443		$	5,552		$	5,444		$	6,416
Interest expense		668			647			690			699
Net interest and dividend income		4,775			4,905			4,754			5,717
Provision for loan losses		337			314			318			165
Trust and Wealth Advisory		779			939			791			786
Service charges and fees		542			626			639			666
Gains on sales of mortgage loans, net		11			32			—			21
Mortgage servicing, net		27			11			41			15
Other		79			74			82			91
Non-interest income		1,438			1,682			1,553			1,579
Non-interest expense		5,110			5,068			5,108			6,852
Income before income taxes		766			1,205			881			279
Income tax provision		215			239			113			43
Net income		551			966			768			236
Net income available to common shareholders		505			926			728			196
Financial Condition
Total assets	$	589,771		$	621,476		$	638,089		$	855,427
Loans, net		446,518			456,627			461,913			673,330
Allowance for loan losses		4,894			5,102			5,384			5,358
Securities		98,015			92,884			88,960			94,827
Deposits		477,512			507,361			522,294			715,426
Repurchase agreements		2,643			4,344			6,500			4,163
FHLBB advances		30,017			29,619			29,218			28,813
Shareholders' equity		74,001			75,000			75,516			101,821
Non-performing assets		8,526			8,757			8,945			10,892
Per Common Share Data
Earnings, basic	$	0.29		$	0.54		$	0.43		$	0.10
Earnings, diluted		0.29			0.54			0.43			0.10
Cash dividends declared		0.28			0.28			0.28			0.28
Cash dividends paid		0.28			0.28			0.28			0.28
Book value		33.90			34.44			34.74			31.54
Market price: (a)
High		27.58			30.98			30.70			28.39
Low		25.90			27.13			26.95			25.88
Statistical Data
Net interest margin (fully tax equivalent)		3.72	%		3.74	%		3.39	%		3.68	%
Efficiency ratio (fully tax equivalent)		77.11			72.35			75.92			77.80
Return on average assets		0.35			0.62			0.45			0.11
Return on average shareholders' equity		3.53			6.32			4.85			1.18
Weighted average common shares outstanding, basic		1,691			1,691			1,693			1,981
Weighted average common shares outstanding, diluted		1,691			1,691			1,693			1,981

  (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, 2015, there were approximately 2,131 shareholders of record of Salisbury's Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

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
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, basic and diluted	$	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.