0001554795-16-000606.txt : 20160330 0001554795-16-000606.hdr.sgml : 20160330 20160330153849 ACCESSION NUMBER: 0001554795-16-000606 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 138 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160330 DATE AS OF CHANGE: 20160330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14854 FILM NUMBER: 161539305 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 10-K 1 sal0323form10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2015

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-24751

SALISBURY BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

Connecticut  06-1514263
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
5 Bissell Street, Lakeville, CT  06039
(Address of principal executive offices) (Zip code)
   
Registrant's telephone number, including area code:      (860) 435-9801
 
Securities registered pursuant to Section 12(b) of the Act::  
Common Stock, par value $.10 per share  NASDAQ Capital Market
(Title of each class) (Name of each exchange on which registered)
   
Securities registered pursuant to Section 12(g) of the Act::      None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☑ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑ Yes ☐ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendments to this Form 10-K.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☑

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No ☑

The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2015 was $73.9 million based on the closing sales price of $31.69 of such stock. The number of shares of the registrant’s Common Stock outstanding as of March 1, 2016, was 2,753,426.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive Proxy Statement for the 2016 Annual Meeting of Shareholders to be held on May 18, 2016, which will be filed within 120 days of fiscal year ended December 31, 2015, are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K.

 
 

FORM 10-K

SALISBURY BANCORP, INC.

For the Year Ended December 31, 2015

TABLE OF CONTENTS

 

  Description Page
PART I    
Item 1. BUSINESS 3
Item 1A. RISK FACTORS 15
Item 1B. UNRESOLVED STAFF COMMENTS 19
Item 2. PROPERTIES 19
Item 3. LEGAL PROCEEDINGS 19
Item 4. MINE SAFETY DISCLOSURES 20
PART II    
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER  PURCHASES OF EQUITY SECURITIES 21
Item 6. SELECTED FINANCIAL DATA 22
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 43
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 45
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 96
Item 9A. CONTROLS AND PROCEDURES 96
Item 9B. OTHER INFORMATION 96
PART III    
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 96
Item 11. EXECUTIVE COMPENSATION 97
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 97
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 97
Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES  97
PART IV    
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 97

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PART I

Forward-Looking Statements

This Annual Report on Form 10-K may contain and incorporates by reference statements relating to future results of Salisbury Bancorp, Inc. (the “Company”) and its Subsidiary, Salisbury Bank and Trust Company (the “Bank”) (collectively, "Salisbury"), that are considered “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. These statements relate to, among other things, expectations concerning loan demand, growth and performance, simulated changes in interest rates and the adequacy of the allowance for loan losses.  Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties, including, but not limited to, changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within Salisbury’s markets, equity and fixed income market fluctuations, personal and corporate customers’ bankruptcies, inflation, acquisitions and integrations of acquired businesses, technological changes and cybersecurity matters, changes in law and regulations, changes in fiscal, monetary, regulatory and tax policies, monetary fluctuations, success in gaining  regulatory approvals when required as well as other risks and uncertainties reported from time to time in Salisbury’s filings with the Securities and Exchange Commission. See also, the “Risk Factors” set forth below.

Forward-looking statements made by Salisbury in this Annual Report on Form 10-K speaks only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time, and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement, unless as may be required by law.

Item 1. BUSINESS

Salisbury Bancorp, Inc.

Salisbury Bancorp, Inc., a Connecticut corporation, formed in 1998, is the bank holding company for Salisbury Bank and Trust Company (the "Bank"), a Connecticut-chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. Salisbury’s common stock is traded on the NASDAQ Capital Market under the symbol “SAL.” Salisbury's principal business consists of its operation and control of the business of the Bank.

The Bank, formed in 1848, currently provides commercial banking, consumer financing, retail banking and trust and wealth advisory services through a network of thirteen banking offices and nine ATMs located in: Litchfield County, Connecticut; Dutchess and Orange Counties, New York; and Berkshire County, Massachusetts and through its internet website (salisburybank.com).

Abbreviations Used Herein

Bank Salisbury Bank and Trust Company  FRA Federal Reserve Act
BHC Bank Holding Company  FRB Federal Reserve Board
BHCA Bank Holding Company Act  GAAP Generally Accepted Accounting Principles in the United States of America
BOLI Bank Owned Life Insurance  GLBA Gramm-Leach-Bliley Act
CFPB Consumer Financial Protection Bureau  LIBOR London Interbank Offered Rate
CPP Capital Purchase Program  OREO Other Real Estate Owned
CRA Community Reinvestment Act of 1977  OTTI Other Than Temporarily Impaired
CTDOB State of Connecticut Department of Banking  PIC Passive Investment Company

Dodd-

Frank Act

 Dodd-Frank Wall Street Reform and Consumer Protection Act  Salisbury Salisbury Bancorp, Inc. and Subsidiary
ESOP Employee Stock Ownership Plan  SBLF Small Business Lending Fund
FACT Act Fair and Accurate Credit Transactions Act  SEC Securities and Exchange Commission
FASB Financial Accounting Standards Board  SOX Sarbanes-Oxley Act of 2002
FDIC Federal Deposit Insurance Corporation  TARP Troubled Asset Relief Program
FHLBB Federal Home Loan Bank of Boston  Treasury United States Department of the Treasury


Lending Activities

General

The Bank originates commercial loans, commercial real estate loans, residential and commercial construction loans, residential real estate loans collateralized by one-to-four family residences, home equity lines of credit and fixed rate loans and other consumer loans predominately in Connecticut’s Litchfield County, New York’s Dutchess, Orange and Ulster Counties and Massachusetts’ Berkshire County in towns proximate to the Bank’s thirteen full service offices.

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The majority of the Bank’s loans as of December 31, 2015, including some loans classified as commercial loans, were secured by real estate. Interest rates charged on loans are affected principally by the Bank’s current asset/liability strategy, the demand for such loans, the cost and supply of money available for lending purposes and the rates offered by competitors. These factors are, in turn, affected by general economic and credit conditions, monetary policies of the federal government, including the FRB, federal and state tax policies and budgetary matters. Loan portfolios acquired in business combinations include commercial loans acquired with Riverside Bank. 

Residential Real Estate Loans

A principal lending activity of the Bank is to originate loans secured by first mortgages on one-to-four family residences. The Bank typically originates residential real estate loans through employees who are commissioned licensed mortgage originators (in accordance with the mortgage lending compensation guidelines issued by the CFPB). The Bank originates both fixed rate and adjustable rate mortgages.

The Bank currently sells the majority of the fixed rate 30 year residential mortgage loans it originates to the FHLBB under the Mortgage Partnership Finance program. The Bank typically retains loan servicing. The Bank retains some fixed rate residential mortgage loans and those loans originated under its first time home owner program.

The retention of adjustable rate residential mortgage loans in the portfolio and the sale of longer term, fixed rate residential mortgage loans helps reduce the Bank’s exposure to interest rate risk. However, adjustable rate mortgages generally pose credit risks different from the credit risks inherent in fixed rate loans primarily because as interest rates rise, the underlying debt service payments of the borrowers rise, thereby increasing the potential for default. Management believes that these risks, which have not had a material adverse effect on the Bank to date, generally are less onerous than the interest rate risks associated with holding long-term fixed rate loans in the loan portfolio.

Commercial Real Estate Loans

The Bank makes commercial real estate loans for the purpose of allowing borrowers to acquire, develop, construct, improve or refinance commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. Office buildings, light industrial, retail facilities or multi-family income properties, normally collateralize commercial real estate loans. Among the reasons for management’s continued emphasis on commercial real estate lending is the desire to invest in assets with yields which are generally higher than yields on one-to-four family residential mortgage loans, and are more sensitive to changes in interest rates. These loans typically have terms/amortizations of up to ten and twenty five years, respectively, and interest rates, which adjust over periods of three to ten years, based on one of various rate indices.

Commercial real estate lending generally poses a greater credit risk than residential mortgage lending to owner-occupants. The repayment of commercial real estate loans depends on the business and financial condition of the borrower. Economic events and changes in government regulations, which the Bank and its borrowers do not control, could have an adverse impact on the cash flows generated by properties securing commercial real estate loans and on the market value of such properties.

Construction Loans

The Bank originates both residential and commercial construction loans. Typically, loans are made to owner-borrowers who will occupy the properties as either their primary or secondary residence and to licensed and experienced developers for the construction of single-family homes or commercial properties.

The proceeds of commercial construction loans are disbursed in stages. Bank officers, appraisers and/or independent engineers inspect each project’s progress before additional funds are disbursed to verify that borrowers have completed project phases.

Residential construction loans to owner-borrowers generally convert to a fully amortizing long-term mortgage loan upon completion of construction. The typical construction phase is generally twelve months.

Construction lending, particularly commercial construction lending, poses greater credit risk than mortgage lending to owner-occupants. The repayment of commercial construction loans depends on the business, the financial condition of the borrower, and on the economic viability of the project financed. Economic events and changes in government regulations, which the Bank and its borrowers do not control, could have an adverse impact on the value of properties securing construction loans and on the borrower’s ability to complete projects financed and sell them for amounts anticipated at the time the projects commenced.

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Commercial Loans

Commercial loans are generally made on a secured basis and are primarily collateralized by equipment, inventory, accounts receivable and/or leases. Commercial loans primarily provide working capital, equipment financing, financing for leasehold improvements and financing for expansion. The Bank offers both term and revolving commercial loans. Term loans have either fixed or adjustable rates of interest and, generally, terms of between two and seven years. Term loans generally amortize during their life, although some loans require a balloon payment at maturity if the amortization exceeds seven years. Revolving commercial lines of credit typically are renewable annually and have a floating rate of interest normally indexed to the prime rate as published in the Wall Street Journal.

Commercial lending generally poses a higher degree of credit risk than real estate lending. Repayment of both secured and unsecured commercial loans depends substantially on the success of the borrower’s underlying business, financial condition and cash flows. Unsecured loans generally involve a higher degree of risk of loss than do secured loans because, without collateral, repayment is primarily dependent upon the success of the borrower’s business.

Secured commercial loans are generally collateralized by equipment, inventory, accounts receivable and leases. Compared to real estate, such collateral is more difficult to monitor, its value is more difficult to validate, it may depreciate more rapidly and it may not be as readily saleable if repossessed.

Consumer Loans

The Bank originates various types of consumer loans, including home equity loans and lines of credit, auto and personal installment loans. Home equity loans and lines of credit are generally secured by second mortgages placed on one-to-four family owner-occupied properties. Home equity loans have fixed interest rates, while home equity lines of credit adjust based on the prime rate as published in the Wall Street Journal. Consumer loans are originated through the branch network with the exception of Home Equity Lines of Credit, which are originated by licensed Mortgage Lending Originator staff.

Credit Risk Management and Asset Quality

One of the Bank’s key objectives is to maintain a high level of asset quality. The Bank utilizes the following general practices to manage credit risk: ensuring compliance with prudent written policies; limiting the amount of credit that individual lenders may extend; establishing a process for credit approval accountability; careful initial underwriting and analysis of borrower, transaction, market and collateral risks; ongoing servicing of individual loans and lending relationships; continuous monitoring and risk rating of the portfolio, market dynamics and the economy; and periodically reevaluating the Bank’s strategy and overall exposure as economic, market and other relevant conditions change.

Credit Administration is responsible for determining loan loss reserve adequacy and preparing monthly and quarterly reports regarding the credit quality of the loan portfolio, which are submitted to the Loan Committee to ensure compliance with the credit policy, and managing non-performing and classified assets as well as oversight of all collection activity. On a quarterly basis, the Loan Committee reviews commercial and commercial real estate loans that are risk rated as “Special Mention” or worse, focusing on the current status and strategies to improve the credit.

The Bank’s loan review activities are performed by an independent third party loan review firm that evaluates the creditworthiness of borrowers and the appropriateness of the Bank’s risk rating classifications. The firm’s findings are reported to Credit Administration, Senior Management, and the Board level Loan and Audit Committees.

Trust and Wealth Advisory Services

The Bank provides a range of fiduciary and trust services including general investment management, wealth advisory services to individuals, families and institutions, and estate administration and settlement services.

Securities

Salisbury’s securities portfolio is structured to diversify the earnings, assets and risk structure of Salisbury, provide liquidity consistent with both projected and potential needs, collateralize certain types of deposits, assist with maintaining a satisfactory net interest margin and comply with regulatory capital and liquidity requirements. Types of securities in the portfolio generally include U.S. Government and Agency securities, mortgage-backed securities, collateralized mortgage obligations and tax exempt municipal bonds.

Sources of Funds

The Bank uses deposits, proceeds from loan and security maturities, repayments and sales, and borrowings to fund lending, investing and general operations. Deposits represent the Bank’s primary source of funds.

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Deposits

The Bank offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Retail and commercial deposits are primarily received through the Bank’s banking offices. Additional depositor related services provided to customers include Landlord/Tenant Lease Security Accounts and Services, Merchant Services, Payroll Services, Cash Management (Remote Deposit Capture, ACH Origination, Wire Transfers and Positive Pay), ATM, Bank-by-Phone, Internet Banking, Internet Bill Pay, Person to Person Payments, Bank to Bank Transfers, Mobile Banking with remote deposit, and Online Financial Management with Account Aggregation Services.

The FDIC provides separate insurance coverage of $250,000 per depositor for each account ownership category. Deposit flows are significantly influenced by economic conditions, the general level of interest rates and the relative attractiveness of competing deposit and investment alternatives. When determining deposit pricing, the Bank considers strategic objectives, competitive market rates, deposit flows, funding commitments and investment alternatives, FHLBB advance rates and rates on other sources of funds.

National, regional and local economic and credit conditions, changes in competitor money market, savings and time deposit rates, prevailing market interest rates and competing investment alternatives all have a significant impact on the level of the Bank’s deposits. Deposit generation is a key focus for the Bank as a source of liquidity and to fund continuing asset growth. Competition for deposits has been, and is expected to, remain strong.

Borrowings

The Bank is a member of the FHLBB, which provides credit facilities for regulated, federally insured depository institutions and certain other home financing institutions. Members of the FHLBB are required to own capital stock in the FHLBB and are authorized to apply for advances on the security of their FHLBB stock and certain home mortgages and other assets (principally securities, which are obligations of, or guaranteed by, the United States Government or its agencies) provided certain creditworthiness standards have been met. Under its current credit policies, the FHLBB limits advances based on a member’s assets, total borrowings and net worth. Long-term and short-term FHLBB advances may be utilized as a source of funding to meet liquidity and planning needs when the cost of these funds is favorable as compared to deposits or alternate funding sources. Long-Term Debt increased $10 million at December 31, 2015 as a result of the issuance of subordinated debentures during 2015; See “Deposits and Borrowings” below.

Additional funding sources are available through securities sold under agreements to repurchase and the Federal Reserve Bank of Boston.

Acquisitions

On June 6, 2014, the Bank completed its purchase and assumption of the Sharon, Connecticut branch of Union Savings Bank, which included deposits of approximately $18 million at a premium of 2.32%. Operations of the Bank’s existing Sharon, Connecticut branch were consolidated into this new location. On December 5, 2014, the Bank completed its acquisition of Riverside Bank of Poughkeepsie, New York, adding four new offices and a strong commercial loan focus to Salisbury’s New York market presence. Such transaction was valued at approximately $27 million. In the merger, Riverside Bank shareholders received 1.35 shares of Salisbury Bancorp, Inc. common stock for each share of Riverside Bank common stock.

Subsidiaries

Salisbury has one wholly-owned subsidiary, Salisbury Bank and Trust Company. The Bank has two wholly-owned subsidiaries, SBT Mortgage Service Corporation and S.B.T. Realty, Inc. SBT Mortgage Service Corporation is a passive investment company ("PIC") that holds loans collateralized by real estate originated or purchased by the Bank. Income of the PIC and its dividends to Salisbury are exempt from the Connecticut Corporate Business Tax. S.B.T. Realty, Inc. was formed to hold New York state real estate and is presently inactive.

Employees

At December 31, 2015, the Bank had 158 full-time employees and 30 part-time employees. The employees are not represented by a collective bargaining group. The Bank maintains a comprehensive employee benefit program providing, among other benefits, group medical and dental insurance, life insurance, disability insurance, an ESOP and an employee 401(k) plan. Management considers relations with its employees to be good.

Market Area

Salisbury and the Bank are headquartered in Lakeville, Connecticut, which is located in the northwestern quadrant of Connecticut’s Litchfield County. The Bank has a total of thirteen banking offices, four of which are located in Connecticut's Litchfield County; three of which are located in Massachusetts’ Berkshire County; five of which are located in New York’s Dutchess County, and one of which is located in New York’s Orange County. The Bank’s primary deposit gathering and lending area consists of the communities and surrounding towns that are served by its branch network in these counties. The Bank also has deposit, lending and trust relationships outside of these areas.

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Competition

The Bank faces strong competition in attracting and retaining deposits and in making loans. The primary factors in competing for deposits are interest rates, personalized services, the quality and range of financial services, convenience of office locations, automated services and office hours. Its most direct competition for deposits and loans has come from other commercial banks, savings institutions and credit unions located in its market area. Competition for deposits also comes from mutual funds and other investment alternatives, which offer a range of deposit and deposit-like products. Although the Bank expects this continuing competition to have an effect upon the cost of funds, it does not anticipate any substantial adverse effect on maintaining the current deposit base. The Bank is competitive within its market area in the various deposit products it offers to depositors. Due to this fact, management believes the Bank has the ability to maintain its deposit base.

The Bank's competition for real estate loans comes primarily from mortgage banking companies, savings banks, commercial banks, insurance companies, and other institutional lenders. The primary factors in competing for loans are interest rates, loan origination fees, the quality and range of lending services and personalized service. Factors that affect competition include, among others, the general availability of funds and credit, general and local economic conditions, current interest rate levels and volatility in the mortgage markets.

The banking industry is also experiencing rapid changes in technology. In addition to improving customer services, effective use of technology increases efficiency and enables financial institutions to reduce costs. Technological advances are likely to increase competition by enabling more companies to provide cost effective products and services.

Regulation and Supervision

General

Salisbury is required to file reports and otherwise comply with the rules and regulations of the FRB, the FDIC, the SEC and NASDAQ as well as the state banking supervisory authorities in Connecticut, New York and Massachusetts.

The Bank is subject to extensive regulation by the CTDOB, as its chartering agency, and by the FDIC, as its deposit insurer. The Bank is required to file reports with, and is periodically examined by, the FDIC and the CTDOB concerning its activities and financial condition. It must obtain regulatory approvals prior to entering into certain transactions, such as mergers.

The following discussion of the laws, regulations and policies material to the operations of Salisbury and the Bank is a summary and is qualified in its entirety by reference to such laws, regulations and policies. Such statutes, regulations and policies are continually under review by Congress and the Connecticut, New York and Massachusetts State Legislatures and federal and state regulatory agencies. Any change in such laws, regulations, or policies could have a material adverse impact on Salisbury or the Bank.

Bank Holding Company Regulation

SEC and NASDAQ

Salisbury is subject to the rules and regulations of the SEC and is required to comply with the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as administered by the SEC. Salisbury’s common stock is listed on the NASDAQ Capital Market under the trading symbol “SAL” and, accordingly, Salisbury is also subject to the rules of NASDAQ for listed companies.

Federal Reserve Board Regulation

Salisbury is a registered bank holding company under the BHCA and is subject to comprehensive regulation and regular examinations by the FRB. The FRB also has extensive enforcement authority over bank holding companies, including, among other things, the ability to assess civil money penalties, to issue cease and desist or removal orders and to require that a holding company divest subsidiaries (including its bank subsidiaries). In general, enforcement actions may be initiated for violations of law and regulations and unsafe or unsound practices.

Under FRB policy, a bank holding company must serve as a source of financial and managerial strength for its subsidiary bank. Under this policy, Salisbury is expected to commit resources to support the Bank. The FRB may require a holding company to contribute additional capital to an undercapitalized subsidiary bank.

Bank holding companies must obtain FRB approval before: (i) acquiring, directly or indirectly, ownership or control of another bank or bank holding company; (ii) acquiring all or substantially all of the assets of another bank or bank holding company; or (iii) merging or consolidating with another bank holding company.

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The BHCA also prohibits a bank holding company, with certain exceptions, from acquiring direct or indirect ownership or control of any company, which is not a bank or bank holding company, or from engaging directly or indirectly in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries. The principal exceptions to these prohibitions involve certain non-bank activities, which, by statute or by FRB regulation or order, have been identified as activities closely related to the business of banking or managing or controlling banks. The list of activities permitted by the FRB includes, among other things: (i) operating a savings institution, mortgage company, finance company, credit card company or factoring company; (ii) performing certain data processing operations; (iii) providing certain investment and financial advice; (iv) underwriting and acting as an insurance agent for certain types of credit-related insurance; (v) leasing property on a full-payout, non-operating basis; (vi) selling money orders; (vii) real estate and personal property appraising; (viii) providing tax planning and preparation services; (ix) financing and investing in certain community development activities; and (x) subject to certain limitations, providing securities brokerage services for customers.

Connecticut Bank Holding Company Regulation

Salisbury is a Connecticut corporation and is also subject to the Connecticut Business Corporation Act and Connecticut banking law applicable to Connecticut bank holding companies. Under Connecticut banking law, no person may acquire beneficial ownership of more than 10% of any class of voting securities of a Connecticut-chartered bank, or any bank holding company of such a bank, without prior notification to, and lack of disapproval by, the CTDOB. The CTDOB will disapprove the acquisition if the bank or holding company to be acquired has been in existence for less than five years, unless the CTDOB waives this five-year restriction, or if the acquisition would result in the acquirer controlling 30% or more of the total amount of deposits in insured depository institutions in Connecticut. Similar restrictions apply to any person who holds in excess of 10% of any such class and desires to increase its holdings to 25% or more of such class.

Dividends

Salisbury’s dividends to shareholders are substantially dependent upon Salisbury’s receipt of dividends from the Bank. The FRB has issued a policy statement on the payment of cash dividends by bank holding companies, which expresses the FRB’s view that a bank holding company should be a “source of strength” to its bank subsidiary and should pay cash dividends only to the extent that the holding company’s net income for the past year is sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the holding company’s capital needs, asset quality and overall financial condition. The FRB also indicated its view that, generally, it would be inappropriate for a company experiencing serious financial problems to borrow funds to pay dividends. Furthermore, the FRB may prohibit a bank holding company from paying any dividends if the holding company’s bank subsidiary is classified as “undercapitalized” or if the dividend would violate applicable law or would be an unsafe or unsound banking practice.

Financial Modernization

GLBA permits greater affiliation among banks, securities firms, insurance companies, and other companies under a type of financial services company known as a “financial holding company.” A financial holding company essentially is a bank holding company with expanded powers. Financial holding companies are authorized by statute to engage in a number of financial activities previously impermissible for bank holding companies, including securities underwriting, dealing and market making; sponsoring mutual funds and investment companies; insurance underwriting and agency; and merchant banking activities. The act also permits the FRB and the Treasury to authorize additional activities for financial holding companies if they are “financial in nature” or “incidental” to financial activities. A bank holding company may become a financial holding company if each of its subsidiary banks is “well capitalized” and “well managed” as defined in the FRB’s Regulation Y, and has at least a “satisfactory” Community Reinvestment Act rating. A financial holding company must provide notice to the FRB within 30 days after commencing activities previously determined to be permissible by statute or by the FRB and the Treasury. Salisbury is a registered financial holding company.

All financial institutions are required to establish policies and procedures with respect to the ability of the Bank to share nonpublic customer data with nonaffiliated parties and to protect customer data from unauthorized access. The Bank has developed policies and procedures, and believes it is in compliance with all privacy, information sharing, and notification provisions of GLBA and the FACT Act.

Connecticut Banking Laws and Supervision

The Bank is a state-chartered commercial bank under Connecticut law and as such is subject to regulation and examination by the CTDOB. The CTDOB regulates commercial banks, among other financial institutions, for compliance with the laws and regulations of the States of Connecticut, New York and Massachusetts, as well as the appropriate rules and regulations of federal agencies. The approval of the CTDOB is required for, among other things, the establishment of branch offices and business combination transactions. The CTDOB conducts periodic examinations of Connecticut-chartered banks. The FDIC also regulates many of the areas regulated by the CTDOB, and federal law may limit some of the authority provided to Connecticut-chartered banks by Connecticut law.

Lending Activities

Connecticut banking laws grant commercial banks broad lending authority. With certain limited exceptions, total secured and unsecured loans made to any one obligor generally may not exceed 15% of the Bank’s equity capital and reserves for loan and lease losses. However, if the loan is fully secured, such limitations generally may be increased by an additional 10%.

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Dividends

The Bank may pay cash dividends out of its net profits. For purposes of this restriction, “net profits” represents the remainder of all earnings from current operations. Further, the total amount of all dividends declared by the Bank in any year may not exceed the sum of its net profits for the year in question combined with its retained net profits from the preceding two years, unless the CTDOB approves the larger dividend. Federal law also prevents the Bank from paying dividends or making other capital distributions that would cause it to become “undercapitalized.” The FDIC may also limit a bank’s ability to pay dividends based upon safety and soundness considerations.

Powers

Connecticut law permits Connecticut banks to sell insurance and fixed and variable-rate annuities if licensed to do so by the Connecticut Insurance Department. With the prior approval of the CTDOB, Connecticut banks are also authorized to engage in a broad range of activities related to the business of banking, or that are financial in nature or that are permitted under the BHCA, other federal statutes, or the regulations promulgated pursuant to these statutes. Connecticut banks generally are also authorized to engage in any activity permitted for a federal bank or upon filing prior written notice of its intention to engage in such activity with the CTDOB, unless the CTDOB disapproves the activity.

Assessments

Connecticut banks are required to pay assessments to the CTDOB based upon a bank’s asset size to fund the CTDOB’s operations. The assessments are generally made annually.

Enforcement Authority

Under Connecticut law, the CTDOB has extensive enforcement authority over Connecticut banks and, under certain circumstances, affiliated parties, insiders, and agents. The CTDOB’s enforcement authority includes cease and desist orders, fines, receivership, conservatorship, removal of officers and directors, emergency closures, dissolution and liquidation.

New York and Massachusetts Banking Laws and Supervision

The Bank conducts activities and operates branch offices in New York and Massachusetts as well as Connecticut. Generally, with respect to its business in New York and Massachusetts, the Bank may conduct any activity that is authorized under Connecticut law that is permissible for either New York or Massachusetts state banks or for an out-of-state national bank, at its New York and Massachusetts branch offices, respectively. The New York State Superintendent of Banks may exercise regulatory authority with respect to the Bank’s New York branch offices. The Bank is subject to certain rules related to community reinvestment, consumer protection, fair lending, establishment of intra-state branches and the conduct of banking activities with respect to its branches located in New York State. The Massachusetts Commissioner of Banks may exercise similar authority, and the Bank is subject to similar rules under Massachusetts Banking Law with respect to the Bank’s Massachusetts branch offices. Federal and state laws authorize the interstate merger of banks. Among other things, banks may establish new branches on an interstate basis provided that such action is specifically authorized by the law of the host state.

Federal Regulations

Capital Requirements

Under FDIC regulations, federally insured state-chartered banks, such as the Bank, that are not members of the Federal Reserve System (“state non-member banks”) are required to comply with minimum leverage capital requirements. A common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. The existing capital requirements were effective January 1, 2015 and are the result of a final rule implementing regulatory amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act. Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of accumulated other comprehensive income (“AOCI”), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. The Bank chose the opt-out election. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale securities). Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

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The FDIC regulations require state non-member banks to maintain certain levels of regulatory capital in relation to regulatory risk-weighted assets. The ratio of regulatory capital to regulatory risk-weighted assets is referred to as a bank’s “risk-based capital ratio.” Risk-based capital ratios are determined by allocating assets and specified off-balance sheet items (including recourse obligations, direct credit substitutes and residual interests) to risk-weighted categories ranging from 0% to 1,250%, with higher levels of capital being required for the categories perceived as representing greater risk.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted asset above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement is being phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increasing each year until fully implemented at 2.5% on January 1, 2019.

In assessing an institution’s capital adequacy, the FDIC takes into consideration not only these numeric factors, but qualitative factors as well, and has the authority to establish higher capital requirements for individual institutions where deemed necessary. As a bank holding company, the Company is also subject to regulatory capital requirements, as described in a subsequent section.

As a bank holding company, Salisbury is subject to FRB capital adequacy guidelines for bank holding companies similar to those of the FDIC for state-chartered banks.

In July 2013, the FRB approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements will increase for both the quantity and quality of capital held by the Bank and Company. The rules include a new common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A new capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer is being phased in effective January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent year by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

The phase-in period for the final rules began for Salisbury on January 1, 2015. As of December 31, 2015, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

Prompt Corrective Regulatory Action

Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to banks that do not meet minimum capital requirements. For these purposes, the law establishes five capital categories:

•Well capitalized – at least 5% leverage capital, 6.5% Common Equity Tier 1 capital, 8% Tier 1 risk based capital and 10% total risk based capital.
•Adequately capitalized – at least 4% leverage capital, 4.5% Common Equity Tier 1 capital, 6% Tier 1 risk based capital and 8% total risk based capital.
•Undercapitalized – less than 4% leverage capital, 4.5% Common Equity Tier 1 capital, 6% Tier 1 risk based capital and 8% total risk based capital. “Undercapitalized” banks must adhere to growth, capital distribution (including dividend) and other limitations and are required to submit a capital restoration plan. A bank’s compliance with such a plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5% of the institution’s total assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized.
•Significantly undercapitalized – less than 3% leverage capital, 3% Common Equity Tier 1 capital, 4% Tier 1 risk based capital and 6% total risk based capital. “Significantly undercapitalized” banks must comply with one or more of a number of additional restrictions, including but not limited to an order by the FDIC to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets, cease receipt of deposits from correspondent banks or dismiss directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers and capital distributions by the parent holding company.
•Critically undercapitalized – less than 2% tangible capital. “Critically undercapitalized” institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after it obtains such status.

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Transactions with Affiliates

Under federal law, transactions between depository institutions and their affiliates are governed by Sections 23A and 23B of the FRA. In a holding company structure, at a minimum, the parent holding company of a bank, and any companies that are controlled by such parent holding company are deemed affiliates of its subsidiary bank. Generally, Sections 23A and 23B are intended to protect insured depository institutions from suffering losses arising from transactions with non-insured affiliates, by limiting the extent to which a bank or its subsidiaries may engage in covered transactions with any one affiliate and with all affiliates of the bank in the aggregate, and by requiring that such transactions be on terms that are consistent with safe and sound banking practices.

The FRA and Regulation O impose restrictions on loans to directors, executive officers, and principal shareholders (“insiders”). Loans to insiders and their related interests may not exceed, together with all other outstanding loans to such persons and affiliated entities, the institution’s total capital and surplus. Loans to insiders above specified amounts must receive the prior approval of the board of directors and must be made on terms substantially the same as offered in comparable transactions to other persons. The FRA imposes additional limitations on loans to executive officers.

Enforcement

The FDIC has extensive enforcement authority over insured banks, including the Bank. This enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders and remove directors and officers. In general, these enforcement actions may be initiated in response to violations of laws and regulations and unsafe or unsound practices.

Standards for Safety and Soundness

The FDIC, together with the other federal bank regulatory agencies, prescribe standards of safety and soundness by regulations or guidelines, relating generally to operations and management, asset growth, asset quality, earnings, stock valuation and compensation. The federal bank regulatory agencies have adopted a set of guidelines prescribing safety and soundness standards, which establish general standards relating to internal controls and information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, and compensation, fees and benefits. In general, the guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the guidelines. The guidelines prohibit excessive compensation as an unsafe and unsound practice and describe compensation as excessive when the amounts paid are unreasonable or disproportionate to the services performed by an executive officer, employee, director or principal shareholder. In addition, the federal bank regulatory agencies adopted regulations that authorize, but do not require, the agencies to order an institution that has been given notice that it is not satisfying the safety and soundness guidelines to submit a compliance plan. The federal bank regulatory agencies have also adopted guidelines for asset quality and earning standards. As a state-chartered bank, the Bank is also subject to state statutes, regulations and guidelines relating to safety and soundness, in addition to the federal requirements.

Insurance of Deposit Accounts

The Bank’s deposit accounts are insured by the Deposit Insurance Fund (“DIF”) of the FDIC up to applicable legal limits (generally, $250,000 per depositor for each account ownership category and $250,000 for certain retirement plan accounts) and are subject to deposit insurance assessments. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The FDIC utilizes a risk-based assessment system that imposes insurance premiums based upon a risk matrix that takes into account a bank’s capital level and supervisory rating. The FDIC assigns an institution to one of the following capital categories based on the institution’s financial condition consisting of (1) well capitalized, (2) adequately capitalized or (3) undercapitalized, and one of three supervisory subcategories within each capital group. The supervisory subgroup to which an institution is assigned is based on a supervisory evaluation provided to the FDIC by the institution’s primary federal regulator and information which the FDIC determines to be relevant to the institution’s financial condition and the risk posed to the deposit insurance funds. An institution’s assessment rate depends on the capital category and supervisory category to which it is assigned.

FDIC insured institutions are required to pay assessments to the FDIC to fund the DIF. The Bank’s current annual assessment rate is approximately 8.6 basis points of total assets. Additionally, FDIC insured institutions are required to pay assessments to the FDIC to fund interest payments on bonds issued by The Financing Corporation, an agency of the federal government established to recapitalize the predecessor to the Savings Association Insurance Fund. The assessment rate is adjusted quarterly to reflect changes in the assessment bases of the fund based on quarterly Call Report submissions. From time to time, the FDIC may impose a supplemental special assessment in addition to other special assessments and regular premium rates to replenish the deposit insurance funds during periods of economic difficulty. The amount of an emergency special assessment imposed on a bank will be determined by the FDIC if such amount is necessary to provide sufficient assessment income to repay amounts borrowed from the Treasury; to provide sufficient assessment income to repay obligations issued to and other amounts borrowed from insured depository institutions; or for any other purpose the FDIC may deem necessary.

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The FDIC may terminate insurance of deposits, after notice and a hearing, if it finds that the institution is in an unsafe or unsound condition to continue operations, has engaged in unsafe or unsound practices, or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. The management of the Bank does not know of any practice, condition or violation that might lead to termination of deposit insurance.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”)

The Dodd-Frank Act, enacted in July 2010, significantly changed the bank regulatory landscape and has impacted lending, deposit, investment, trading and operating activities of financial institutions and their holding companies. The Dodd-Frank Act revised the statutory authorities governing the FDIC’s management of the DIF. The Dodd-Frank Act granted the FDIC new DIF management tools: maintaining a positive fund balance even during a banking crisis and maintaining moderate, steady assessment rates throughout economic and credit cycles.

Among other things, the Dodd-Frank Act: (1) raised the minimum Designated Reserve Ratio (DRR), which the FDIC must set each year, to 1.35% (from the former minimum of 1.15%) and removed the upper limit on the DRR (which was formerly capped at 1.5%) and therefore on the size of the DIF; (2) required that the DIF reserve ratio reach 1.35% by September 30, 2020 (rather than 1.15% by the end of 2016, as formerly required); (3) required that, in setting assessments, the FDIC offset the effect of requiring that the reserve ratio reach 1.35% by September 30, 2020 (rather than 1.15% by the end of 2016) on insured depository institutions with total consolidated assets of less than $10 billion; (4) eliminated the requirement that the FDIC provide dividends from the Fund when the reserve ratio is between 1.35% and 1.50%; and (5) continued the FDIC’s authority to declare dividends when the reserve ratio at the end of a calendar year is at least 1.50%, but granted the FDIC sole discretion in determining whether to suspend or limit the declaration or payment of dividends.

The Dodd-Frank Act also required that the FDIC amend its regulations to redefine the assessment base used for calculating deposit insurance assessments. Under the Dodd-Frank Act, the assessment base must, with some possible exceptions, equal average consolidated total assets minus average tangible equity.

The FDIC amended 12 CFR 327 to implement revisions to the Federal Deposit Insurance Act made by the Dodd-Frank Act by modifying the definition of an institution’s deposit insurance assessment base; to change the assessment rate adjustments; to revise the deposit insurance assessment rate schedules in light of the new assessment base and altered adjustments; to implement the Dodd-Frank Act’s dividend provisions; to revise the large insured depository institution assessment system to better differentiate for risk and better take into account losses from large institution failures that the FDIC may incur; and to make technical and other changes to the FDIC's assessment rules. The FDIC Board of Directors adopted the final rule, which redefined the deposit insurance assessment base as required by the Dodd-Frank Act; made changes to assessment rates; implemented the Dodd-Frank Act’s DIF dividend provisions; and revised the risk-based assessment system for all large insured depository institutions, generally, those institutions with at least $10 billion in total assets. Nearly all institutions with assets less than $10 billion, including the Bank, have benefited from a reduction in their assessments as a result of this final rule.

The Dodd-Frank Act requires publicly traded companies to give shareholders a non-binding vote of executive compensation at least every three (3) years. The legislation also authorizes the SEC to prohibit broker discretion on any voting on election of directors, executive compensation matters, and any other significant matter.

The Dodd-Frank Act also adopts various mortgage lending and predatory lending provisions and requires loan originators to retain 5% of any loan sold and securitized, unless it is a “qualified residential mortgage,” which includes standard 30 and 15-year fixed rate loans.

Consumer Protection and the Financial Protection Bureau

The Dodd-Frank Act created the Consumer Financial Protection Bureau (“CFPB”). As required by the Dodd-Frank Act, jurisdiction for all existing consumer protection laws and regulations has been transferred to the CFPB. In addition, the CFPB is granted authority to promulgate new consumer protection regulations for banks and nonbank financial firms offering consumer financial services or products to ensure that consumers are protected from “unfair, deceptive, or abusive” acts or practices.

Salisbury is subject to a number of federal and state laws designed to protect borrowers and promote lending to various sectors of the economy and population. These laws include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, various state law counterparts, and the Consumer Financial Protection Act of 2010, which constitutes part of the Dodd-Frank Act and establishes the CFPB, as described above.

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In 2013, the CFPB issued a final rule implementing the ability-to-repay and qualified mortgage (“QM”) provisions of the Truth in Lending Act, as amended by the Dodd-Frank Act (the “QM Rule”). The ability-to-repay provision requires creditors to make reasonable, good faith determinations that borrowers are able to repay their mortgages before extending the credit based on a number of factors and consideration of financial information about the borrower from reasonably reliable third-party documents. Under the Dodd-Frank Act and the QM Rule, loans meeting the definition of “qualified mortgage” are entitled to a presumption that the lender satisfied the ability-to-repay requirements. The presumption is a conclusive presumption/safe harbor for prime loans meeting the QM requirements and a rebuttable presumption for higher-priced/subprime loans meeting the QM requirements. The definition of a “qualified mortgage” incorporates the statutory requirements, such as not allowing negative amortization or terms longer than 30 years. The QM Rule also adds an explicit maximum 43% debt-to-income ratio for borrowers if the loan is to meet the QM definition.

Federal Reserve System

All depository institutions must hold a percentage of certain types of deposits as reserves. Reserve requirements currently are assessed on the depository institution's net transaction accounts (mostly checking accounts). Depository institutions must also regularly submit deposit reports of their deposits and other reservable liabilities.

For net transaction accounts in 2015, the first $14.5 million (which may be adjusted by the FRB) was exempt from reserve requirements. A 3% reserve ratio was assessed on net transaction accounts over $14.5 million up to and including $103.6 million (which may be adjusted by the FRB). A 10% reserve ratio was assessed on net transaction accounts in excess of $103.6 million (which may be adjusted by the FRB). The Bank is in compliance with these requirements.

Federal Home Loan Bank System

The Bank is a member of the Boston region of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks. The FHLBB provides a central credit facility primarily for member institutions. Member institutions are required to acquire and hold shares of capital stock in the FHLBB calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank was in compliance with this requirement. At December 31, 2015, the Bank had FHLBB stock of $3.2 million and FHLBB advances of $27.0 million.

No market exists for shares of the FHLBB and, therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB.

Small Business Lending Fund

Treasury’s SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion.

Salisbury elected to participate in Treasury’s SBLF program and on August 25, 2011, Salisbury sold to the Secretary of the Treasury $16 million of its Series B Preferred Stock under the SBLF program, and simultaneously repurchased all of its Series A Preferred Stock sold to the Treasury in 2009 under the Capital Purchase Program, a part of TARP. All of the proceeds from the sale of its Series B Preferred Stock were treated as Tier 1 Capital for regulatory purposes.

The Series B Preferred Stock paid noncumulative dividends. The dividend rate on the Series B Preferred Stock for the initial ten quarterly dividend periods, commencing with the period ended September 30, 2011 and ending with the period ended December 31, 2013, was determined each quarter based on the increase in the Bank’s Qualified Small Business Lending over a baseline amount. The dividend rate for the quarterly period ended December 31, 2015 was 1.0%. For the eleventh quarterly dividend payment through four and one-half years after its issuance, the dividend rate on the Series B Preferred Stock would have been 1.0%. Salisbury redeemed all of its Series B Preferred Stock in December 2015 prior to the scheduled increase in the dividend rate on such securities. Commencing with the second quarter of 2016, four and one-half years from its issuance, the dividend rate would have been fixed at 9.0% per annum.

Other Regulations

Sarbanes-Oxley Act of 2002

The stated goals of SOX are to increase corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws.

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SOX includes very specific disclosure requirements and corporate governance rules, requires the SEC and securities exchanges to adopt extensive additional disclosure, corporate governance and other related rules, and mandates further studies of certain issues by the SEC and the Comptroller General. SOX represents significant federal involvement in matters traditionally left to state regulatory systems, such as the regulation of the accounting profession, and to state corporate law, such as the relationship between a board of directors and management and between a board of directors and its committees.

SOX addresses, among other matters, audit committees; certification of financial statements and internal controls by the Chief Executive Officer and Chief Financial Officer; the forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer’s securities by directors and senior officers in the twelve-month period following initial publication of any financial statements that later require restatement; a prohibition on insider trading during pension plan black-out periods; disclosure of off-balance sheet transactions; a prohibition on certain loans to directors and officers; expedited filing requirements for Forms 4; disclosure of a code of ethics and filing a Form 8-K for significant changes or waivers of such code; “real time” filing of periodic reports; the formation of a public company accounting oversight board; auditor independence; and various increased criminal penalties for violations of securities laws. The SEC has enacted rules to implement various provisions of SOX.

USA PATRIOT Act

Under the USA PATRIOT Act, all financial institutions are required to take certain measures to identify their customers, prevent money laundering, monitor customer transactions and report suspicious activity to U.S. law enforcement agencies. Financial institutions also are required to respond to requests for information from federal banking regulatory authorities and law enforcement agencies. Information sharing among financial institutions for the above purposes is encouraged by an exemption granted to complying financial institutions from the privacy provisions of GLBA and other privacy laws. Financial institutions that hold correspondent accounts for foreign banks or provide private banking services to foreign individuals are required to take measures to avoid dealing with certain foreign individuals or entities, including foreign banks with profiles that raise money laundering concerns, and are prohibited from dealing with foreign “shell banks” and persons from jurisdictions of particular concern. The primary federal banking regulators and the Secretary of the Treasury have adopted regulations to implement several of these provisions. All financial institutions are also required to establish internal anti-money laundering programs. The effectiveness of a financial institution in combating money laundering activities is a factor to be considered in any application submitted by the financial institution under the Bank Merger Act or the BHCA. Salisbury has in place a Bank Secrecy Act and USA PATRIOT Act compliance program, and has implemented internal practices, procedures, and controls to comply with anti-money laundering requirements.

Community Reinvestment Act and Fair Lending Laws

Salisbury has a responsibility under the CRA to help meet the credit needs of our communities, including low and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. In connection with its examination, the FDIC assesses the Bank’s record of compliance with the CRA. In addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit discrimination in lending practices on the basis of characteristics specified in those statutes. The Bank’s failure to comply with the provisions of the CRA could, at a minimum, result in regulatory restrictions on our activities. The Bank’s failure to comply with the Equal Credit Opportunity Act and the Fair Housing Act could result in enforcement actions against the Bank by the FDIC as well as other federal regulatory agencies and the Department of Justice. The Bank’s most recent FDIC CRA rating was “satisfactory.”

The Electronic Funds Transfer Act, Regulation E and Related Laws

The Electronic Funds Transfer Act (the “EFTA”) provides a basic framework for establishing the rights, liabilities, and responsibilities of consumers who use electronic funds transfer (“EFT”) systems. The EFTA is implemented by the Federal Reserve's Regulation E, which governs transfers initiated through ATMs, point-of-sale terminals, payroll cards, automated clearing house (“ACH”) transactions, telephone bill-payment plans, or remote banking services. Regulation E requires consumers to opt in (affirmatively consent) to participation in a bank's overdraft service program for ATM and one-time debit card transactions before overdraft fees may be assessed on the consumer’s account. Notice of the opt-in right must be provided to all new customers who are consumers, and the customer's affirmative consent must be obtained, before charges may be assessed on the consumer's account for paying such overdrafts.

Regulation E also provides bank customers with an ongoing right to revoke consent to participation in an overdraft service program for ATM and one-time debit card transactions and prohibits banks from conditioning the payment of overdrafts for checks, ACH transactions, or other types of transactions that overdraw the consumer's account on the consumer's opting into an overdraft service for ATM and one-time debit card transactions. For customers who do not affirmatively consent to overdraft service for ATM and one-time debit card transactions, a bank must provide those customers with the same account terms, conditions, and features that it provides to consumers who do affirmatively consent, except for the overdraft service for ATM and one-time debit card transactions. Salisbury does not provide an overdraft service with respect to one time point-of-sale or ATM transactions.

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Impact of Inflation and Changing Prices

The Consolidated Financial Statements and their Notes presented within this document have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollar amounts without considering changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased cost of Salisbury’s operations. Unlike the assets and liabilities of industrial companies, nearly all of the assets and liabilities of Salisbury are monetary in nature. As a result, interest rates have a greater impact on Salisbury’s performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Availability of Securities and Exchange Commission Filings

Salisbury makes available free of charge on its website (www.salisburybank.com) a link to its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 as soon as practicable after such reports are electronically filed with or furnished to the SEC. Such reports filed with the SEC are also available on its website (www.sec.gov). The public may also read and copy any materials filed with the SEC at the SEC’s Public Reference Room, 100 F Street, NE, Washington, DC 20549. Information about accessing company filings can be obtained by calling 1-800-SEC-0330. Information on Salisbury’s website is not incorporated by reference into this report. Investors are encouraged to access these reports and the other information about Salisbury’s business and operations on its website. Copies of these filings may also be obtained from Salisbury free of charge upon request.

Guide 3 Statistical Disclosure by Bank Holding Companies

The following information required by Securities Act Guide 3 “Statistical Disclosure by Bank Holding Companies” is located on the pages noted below.

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I. Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential 25-26
II. Investment Portfolio 32, 61-63
III. Loan Portfolio 33-40, 63-75
IV. Summary of Loan Loss Experience 27-29, 71-75
V. Deposits 40, 77
VI. Return on Equity and Assets 22
VII. Short-Term Borrowings 40, 77


Item 1A. RISK FACTORS


Salisbury is the registered bank holding company for the Bank, its wholly-owned subsidiary. Salisbury's business and activity is currently limited to the holding of the Bank's outstanding capital stock, and the Bank is Salisbury's primary investment.

An investment in Salisbury common stock entails certain risks, some of which are inherent in the financial services industry and others of which are more specific to the Bank’s business. Salisbury considers the most significant factors of which we are aware affecting risk in Salisbury common stock as those that are set forth below. These are not the only risks of an investment in Salisbury common stock, and none of the factors set forth below relates to the personal circumstances of individual investors. Investors should read this entire Form 10-K, as well as other documents and exhibits that are incorporated by reference in the 10-K and that have been filed with the SEC, in order to better understand these risks and to evaluate investment in Salisbury common stock.

Changes in interest rates and spreads could have a negative impact on earnings and financial condition.

Salisbury’s earnings and financial condition are dependent to a large degree upon net interest income, which is the difference between interest earned from loans and investments and interest paid on deposits and borrowings. The narrowing of interest rate spreads, meaning the difference between interest rates earned on loans and investments, and the interest rates paid on deposits and borrowings, could adversely affect Salisbury’s earnings and financial condition. Salisbury cannot predict with certainty or control changes in interest rates. Global, national, regional, and local economic conditions and the policies of regulatory authorities, including monetary policies of the FRB, affect interest income and interest expense. Salisbury has ongoing policies and procedures designed to manage the risks associated with changes in market interest rates.

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However, changes in interest rates still may have an adverse effect on Salisbury’s profitability. For example, high interest rates could also affect the volume of loans that Salisbury originates, because higher rates could cause customers to apply for fewer mortgages, or cause depositors to shift funds from accounts that have a comparatively lower rate, to accounts with a higher rate, or experience customer attrition due to competitor pricing or disintermediation. If the cost of interest-bearing deposits increases at a rate greater than the yields on interest-earning assets increase, net interest income will be negatively affected. Changes in the asset and liability mix may also affect net interest income. Similarly, lower interest rates cause higher yielding assets to prepay and floating or adjustable rate assets to reset to lower rates. If Salisbury is not able to reduce its funding costs sufficiently, due to either competitive factors or the maturity schedule of existing liabilities, then Salisbury’s net interest margin will decline.

Weakness in the markets for residential or commercial real estate, including the secondary residential mortgage loan markets, could reduce Salisbury’s net income and profitability.

Declines in home prices, increases in delinquency and default rates, and constrained secondary credit markets affect the mortgage industry generally. Salisbury’s financial results may be adversely affected by changes in real estate values. Decreases in real estate values could adversely affect the value of property used as collateral for loans and investments. If poor economic conditions result in decreased demand for real estate loans, Salisbury’s net income and profits may decrease.

Weakness in the secondary market for residential lending could have an adverse impact upon Salisbury’s profitability. The effects of ongoing mortgage market challenges, combined with the ongoing correction in residential real estate market prices and reduced levels of home sales, could result in further price reductions in single family home values, adversely affecting the value of collateral securing mortgage loans held, mortgage loan originations and gains on sale of mortgage loans. Declines in real estate values and home sales volumes, and financial stress on borrowers as a result of job losses, or other factors, could have further adverse effects on borrowers that result in higher delinquencies and greater charge-offs in future periods beyond that which is provided for in Salisbury’s allowance for loan losses, which would adversely affect Salisbury’s financial condition or results of operations.

Fluctuations in economic conditions and collateral values could impact the adequacy of Salisbury’s allowance for loan losses.

Salisbury’s business is subject to periodic fluctuations based on national and local economic conditions. These fluctuations are not predictable, cannot be controlled and may have a material adverse impact on Salisbury’s operations and financial condition. For example, declines in housing activity including declines in building permits, housing sales and home prices may make it more difficult for Salisbury’s borrowers to sell their homes or refinance their debt. Slow sales could strain the resources of real estate developers and builders. The ongoing economic uncertainty has affected employment levels and could impact the ability of Salisbury’s borrowers to service their debt. Bank regulatory agencies also periodically review Salisbury’s allowance for loan losses and may require an increase in the provision for credit losses or the recognition of further loan charge-offs, based on judgments different than those of management. In addition, if charge-offs in future periods exceed the allowance for loan losses Salisbury will need additional provisions to increase the allowance for loan losses. Any increases in the allowance for loan losses will result in a decrease in net income and, possibly, capital, and may have a material adverse effect on Salisbury’s financial condition and results of operations. Salisbury may suffer higher loan losses as a result of these factors and the resulting impact on its borrowers.

Credit market conditions may impact Salisbury’s investments.

Significant credit market anomalies may impact the valuation and liquidity of Salisbury’s investment securities. Illiquidity could reduce the market value of Salisbury’s investments, even those with no apparent credit exposure. The valuation of Salisbury’s investments requires judgment and as market conditions change investment values may also change.

Salisbury’s securities portfolio performance in difficult market conditions could have adverse effects on Salisbury’s results of operations.

Under GAAP, Salisbury is required to review Salisbury’s investment portfolio periodically for the presence of other-than-temporary impairment of its securities, taking into consideration current market conditions, the extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, current analysts’ evaluations, Salisbury’s ability and intent to hold investments until a recovery of amortized cost, as well as other factors. Adverse developments with respect to one or more of the foregoing factors may require Salisbury to deem particular securities to be other-than-temporarily impaired, with the credit related portion of the reduction in the value recognized as a charge to Salisbury’s earnings. Market volatility may make it extremely difficult to value certain securities of Salisbury. Subsequent valuations, in light of factors prevailing at that time, may result in significant changes in the values of these securities in future periods. Any of these factors could require Salisbury to recognize further impairments in the value of Salisbury’s securities portfolio, which may have an adverse effect on Salisbury’s results of operations in future periods.

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If the goodwill that Salisbury has recorded in connection with its acquisitions becomes impaired, it could have a negative impact on Salisbury’s profitability.

Applicable accounting standards require that the purchase method of accounting be used for all business combinations. Under purchase accounting, if the purchase price of an acquired company exceeds the fair value of the acquired company’s net assets, the excess is carried on the acquirer’s balance sheet as goodwill. At December 31, 2015, Salisbury had $12.6 million of goodwill on its balance sheet. Salisbury must evaluate goodwill for impairment at least annually. Write-downs of the amount of any impairment, if necessary, are to be charged to the results of operations in the period in which the impairment occurs. There can be no assurance that future evaluations of goodwill will not result in findings of impairment and related write-downs, which may have a material adverse effect on Salisbury’s financial condition and results of operations.

Salisbury’s ability to pay dividends substantially depends upon its receipt of dividends from the Bank.

Cash dividends from the Bank and Salisbury’s liquid assets are the principal sources of funds for paying cash dividends on Salisbury’s common stock and preferred stock. Unless Salisbury receives dividends from the Bank or chooses to use its liquid assets, it may not be able to pay dividends. Salisbury must pay dividends on its preferred stock before it may pay dividends on its common stock. The Bank’s ability to pay dividends to Salisbury is subject to its condition and profitability as well as its regulatory requirements.

Strong competition within Salisbury’s market areas may limit growth and profitability.

Competition in the banking and financial services industry is intense. Salisbury competes with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, insurance companies, and brokerage and investment banking firms operating locally and elsewhere. As Salisbury grows, it may expand into contiguous market areas where it may not be as well-known as other institutions that have been operating in those areas for some time. In addition, larger banking institutions may become increasingly active in Salisbury’s market areas, may have substantially greater resources and lending limits and may offer certain services that Salisbury does not, or cannot efficiently, provide. Salisbury’s profitability depends upon its continued ability to successfully compete in its market areas. The greater resources and deposit and loan products offered by some competitors may limit its ability to grow profitably.

Salisbury and the Bank are subject to extensive federal and state regulation and supervision.

Salisbury and the Bank are subject to extensive federal and state regulation and supervision. Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds and the banking system as a whole, not shareholders. These regulations affect Salisbury’s lending practices, capital structure, investment practices, and dividend policy and growth, among other things. State and federal legislatures and regulatory agencies continually review banking laws, regulations and policies for possible changes. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of statutes, regulations or policies, could affect Salisbury in substantial and unpredictable ways. Such changes could subject Salisbury to additional costs, limit the types of financial services and products it may offer and/or increase the ability of non-banks to offer competing financial services and products, among other things. Failure to comply with laws, regulations or policies could result in sanctions by regulatory agencies, civil money penalties and/or reputation damage, which could have a material adverse effect on Salisbury’s business, financial condition and results of operations. While Salisbury has policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. See the section captioned “Regulation and Supervision” in Item 1 of this report for further information.

Salisbury’s stock price may be volatile.

Salisbury’s stock is inactively traded and its stock price may fluctuate widely in response to a variety of factors including:

•Actual or anticipated variations in quarterly operating results
•Recommendations by securities analysts
•New technology used, or services offered, by competitors
•Significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving Salisbury or Salisbury’s competitors
•Failure to integrate acquisitions or realize anticipated benefits from acquisitions
•Operating and stock price performance of other companies that investors deem comparable to Salisbury
•News reports relating to trends, concerns and other issues in the financial services industry
•Changes in government regulations
•Geopolitical conditions such as acts or threats of terrorism or military conflicts
•Changes in the economic environment of the market areas the Bank serves

General market fluctuations, industry factors and general economic and political conditions and events, such as economic slowdowns or recessions, interest rate changes, credit loss trends or currency fluctuations could also cause Salisbury’s stock price to decrease regardless of Salisbury’s operating results.

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Salisbury’s ability to attract and retain skilled personnel may impact its success.

Salisbury’s success depends, in large part, on its ability to attract and retain key people. Competition for people with specialized knowledge and skills can be intense, and Salisbury may not be able to hire people or to retain them. The unexpected loss of services of one or more of Salisbury’s key personnel could have a material adverse impact on the business because of their skills, knowledge of the market, years of industry experience and the difficulty of promptly finding qualified replacement personnel.

Salisbury continually encounters technological change.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. The effective use of technology can increase efficiency and enable financial institutions to better serve customers and to reduce costs. However, some new technologies needed to compete effectively result in incremental operating costs. Salisbury’s future success depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in operations. Many of Salisbury’s competitors have substantially greater resources to invest in technological improvements. Salisbury may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to its customers. Failure to successfully keep pace with technological change affecting the financial services industry could have a material adverse impact on Salisbury’s business and, in turn, its financial condition and results of operations.

A failure involving controls and procedures may have an adverse effect on Salisbury.

Management regularly reviews and updates Salisbury’s internal controls, disclosure controls and procedures, and corporate governance policies and procedures. Any system of controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of the controls and procedures or failure to comply with regulations related to controls and procedures could have a material adverse effect on Salisbury’s business, results of operations and financial condition.

If customer information was to be misappropriated and used fraudulently, due to a breach of our systems, or those of third party vendors or service providers, including as a result of cyberattacks, Salisbury could be exposed to potential liability and reputation risk as well as increased costs.

Risk of theft of customer information resulting from security breaches by third parties exposes banks to reputation risk and potential monetary loss. Like other financial institutions, Salisbury has exposure to fraudulent misuse of its customers’ personal information resulting from its general business operations through loss or theft of the information and through misappropriation of information by third parties in connection with customer use of financial instruments, such as debit cards.

In addition, Salisbury relies upon a variety of computing platforms and networks over the internet for the purposes of data processing, communications and information exchange. Despite the safeguards instituted by Salisbury, any system is susceptible to a breach of security. In addition, Salisbury relies on the services of a variety of third party vendors to meet Salisbury’s data processing and communication needs. The occurrence of any failures, interruptions or security breaches of Salisbury’s information systems or that of its vendors could damage Salisbury’s reputation, result in a loss of customer business or expose Salisbury to civil litigation and possible financial loss. Such costs and/or losses could materially impact Salisbury’s earnings.

Changes in accounting standards can materially impact Salisbury’s financial statements.

Salisbury’s accounting policies and methods are fundamental to how Salisbury records and reports its financial condition and results of operations. From time to time, the Financial Accounting Standards Board or regulatory authorities change the financial accounting and reporting standards that govern the preparation of Salisbury’s financial statements. These changes can be hard to predict and can materially impact how it records and reports its financial condition and results of operations. In some cases, it could be required to apply a new or revised standard retroactively, resulting in Salisbury restating prior period financial statements.

Changes and interpretations of tax laws and regulations may adversely impact Salisbury’s financial statements.

Local, state or federal tax authorities may interpret tax laws and regulations differently than Salisbury and challenge tax positions that Salisbury has taken on its tax returns. This may result in the disallowance of deductions or differences in the timing of deductions and result in the payment of additional taxes, interest or penalties that could materially affect Salisbury’s performance.

Unprecedented disruption and significantly increased risk in the financial markets may impact Salisbury.

The banking industry experienced unprecedented turmoil in the past as some of the world’s major financial institutions collapsed, were seized or were forced into mergers as the credit markets tightened and the economy headed into a recession. Continuing measures taken by the Government in an effort to stabilize the economy may have unintended consequences, and there can be no assurance that Salisbury will not be impacted by current market uncertainty in a way it cannot currently predict or mitigate.

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The risks presented by recent or future acquisitions could adversely affect our financial condition and results of operations.

Our business strategy has included, and may continue to include, growth through acquisition from time to time. Any recent and future acquisitions will be accompanied by the risks commonly encountered in acquisitions. These risks may include, among other things: our ability to realize anticipated cost savings; the difficulty of integrating operations and personnel; the loss of key employees; the potential disruption of our or the acquired company’s ongoing business in such a way that could result in decreased revenues; the inability of our management to maximize our financial and strategic position; the inability to maintain uniform standards, controls, procedures and policies; and the impairment of relationships with the acquired company’s employees and customers as a result of changes in ownership and management.

Item 1B. UNRESOLVED SEC STAFF COMMENTS


None.

Item 2. PROPERTIES


Salisbury does not directly own or lease any properties. The properties described below are owned or leased by the Bank.

The Bank conducts its business at its main office, located at 5 Bissell Street, Lakeville, Connecticut, and through thirteen full service branch offices located in Canaan, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, Poughkeepsie, and Red Oaks Mill, New York. The Bank’s trust and wealth advisory services division is located in a separate building adjacent to the main office of the Bank in Lakeville, Connecticut. The Bank owns its main office and six of its branch offices and currently leases six branch offices.

The Company acquired one branch in Sharon, Connecticut from Union Savings Bank on June 6, 2014, and the acquisition of Riverside Bank on December 5, 2014 added four additional full-service branch offices.

For additional information, see Note 7, “Bank Premises and Equipment,” and Note 18, “Commitments and Contingent Liabilities” to the Consolidated Financial Statements.

The following table includes all property owned or leased by the Bank, but does not include Other Real Estate Owned.

Offices Location Owned/Leased Lease expiration
Main Office 5 Bissell Street, Lakeville, CT Owned —
Trust and Wealth Advisory Services Division 19 Bissell Street, Lakeville, CT Owned —
Salisbury Office 18 Main Street, Salisbury, CT Owned —
Sharon Office 5 Gay Street, Sharon, CT Owned —
Canaan Operations 94 Main Street, Canaan, CT Owned —
Canaan Office 100 Main Street, Canaan, CT Owned —
South Egremont Office 51 Main Street, South Egremont, MA Leased 9/10/16
Sheffield Office 640 North Main, Street, Sheffield, MA Owned —
Gt. Barrington Office 210 Main Street, Gt. Barrington, MA Leased 4/30/29
Millerton Office 87 Main Street, Millerton, NY Owned —
Poughkeepsie Office 11 Garden Street, Poughkeepsie, NY Owned —
Fishkill Office 1004 Main Street, Fishkill, NY Leased 12/31/20
Red Oaks Mill Office 2064 New Hackensack Road, Poughkeepsie, NY Leased 7/31/23
Newburgh Office 52 Route 17K, Newburgh, NY Leased 3/31/18
Dover Plains Office 5 Dover Village Plaza, Dover Plains, NY Leased 8/01/17

Item 3.		 LEGAL PROCEEDINGS

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business.

As previously disclosed, the Bank, individually and in its capacity as a former Co-Trustee of the Erling C. Christophersen Revocable Trust (the “Trust”), was named as a defendant in litigation filed in the Connecticut Complex Litigation Docket in Stamford, captioned John Christophersen v. Erling Christophersen, et al., X08-CV-08-5009597S (the “First Action”). The Bank also was a counterclaim-defendant in related mortgage foreclosure litigation in the Connecticut Complex Litigation Docket in Stamford, captioned Salisbury Bank and Trust Company v. Erling C. Christophersen, et al., X08-CV-10-6005847-S (the “Foreclosure Action,” together with the First Action, the “Actions”). The other parties to the Actions were John R. Christophersen; Erling C. Christophersen, individually and as Co-Trustee of the Trust; Bonnie Christophersen and Elena Dreiske, individually and as Co-Trustees of the Mildred B. Blount Testamentary Trust; People’s United Bank; Law Offices of Gary Oberst, P.C.; Rhoda Rudnick; and Hinckley Allen & Snyder LLP.

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The Actions involved a dispute over title to certain real property located in Westport, Connecticut that was conveyed by Erling Christophersen, as grantor, to the Trust on or about August 8, 2007. Subsequent to this conveyance, the Bank loaned $3,387,000 to the Trust, which was secured by a commercial mortgage in favor of the Bank on the Westport property. This mortgage is the subject of the Foreclosure Action brought by the Bank.

As previously disclosed, John R. Christophersen claimed an interest in the Westport real property transferred to the Trust and sought to quiet title to the property and to recover money damages from the defendants for the alleged wrongful divestiture of his claimed interest in the property.

On June 25, 2012, the Bank and John R. Christophersen entered into a Settlement Agreement, which resolved all differences between John R. Christophersen and the Bank and resulted in the withdrawal (with prejudice) of the claims made by John R. Christophersen. All claims against the Bank have been withdrawn and the Bank is no longer a defendant or counterclaim defendant in any litigation involving the Actions. As an additional consequence of the Settlement Agreement, Bonnie Christophersen, Elena Dreiske and People’s United Bank are no longer parties to any of the litigation referenced above.

On July 27, 2012, Erling Christophersen filed a Motion to Restore the First Action, and on October 15, 2012 filed a Motion to Stay the Foreclosure Action pending resolution of the Motion to Restore. The Bank opposed both motions. On February 1, 2013, the Court issued orders denying both motions. On February 14, 2013, Erling Christophersen appealed the orders denying his Motion to Restore the First Action, and Motion to Stay the Foreclosure Action.

The Appellate Court dismissed the appeal of the Foreclosure Action in May 2013, and later denied Erling Christophersen’s motion for reconsideration of its decision.

The Bank proceeded in its Foreclosure Action against Erling Christophersen. Erling Christophersen asserted two special defenses and set-off claims alleging (1) that the Bank failed to defend the title claims against the properties, and (2) that the Bank took certain trustee fees without approval. The Bank moved to strike the special defenses and set off claims. In a decision issued on November 6, 2013, the Court granted the motion to strike as to the second special defense and set off, but denied the motion as to the first special defense and set off. Trial began on February 4, 2014, and concluded on February 14, 2014.

In a decision issued on June 2, 2014, the Court dismissed Erling Christophersen’s special defense, and made findings as to the amount of the debt owed by Erling Christophersen and the value of the property, reserving judgment on whether to order a strict foreclosure or foreclosure by sale pending a hearing on the amount of attorneys’ fees accrued, and the debt accrued since the commencement of the trial. That hearing was held on July 29, 2014. On July 25, 2014, Erling Christophersen moved to disqualify the Bank’s counsel, seeking, in part, the remedy of a new trial. The Court denied that motion in a decision dated July 30, 2014. On August 5, 2014, the Court issued a Judgment of Strict Foreclosure (the “Judgment”) in favor of the Bank and set September 16, 2014 as the Law Day, which is the final date fixed by the Court on which the debtor can pay off the debt or redeem the real property, with subsequent dates for subsequent encumbrances in inverse order of priority.

On September 15, 2014, Christophersen moved to open the Judgment, which motion was denied by order of the Court dated September 30, 2014.  On October 3, 2014, Christophersen filed an Appeal of the Judgment and of the denial of his motion to reopen.   Salisbury Bank moved to dismiss the Appeal on October 24, 2014, on grounds that Christophersen cannot represent the Trust as he is not an attorney, and that Christophersen in his individual capacity does not have any interest in the Appeal.  On December 17, 2014, such motion was granted in part and dismissed in part, but the decision was moot because counsel submitted an appearance on behalf of the Trust on December 29, 2014.   On January 20, 2015, Christophersen filed a motion for reconsideration, which motion was denied by order of the Appellate Court on February 10, 2015.

The parties submitted briefs and oral arguments were heard on January 7, 2016. On March 1, 2016, the Appellate Court affirmed the trial court’s judgment and remanded the case for the setting of new Law Days. Subsequently, the defendant filed an application for review with the Connecticut Supreme Court, which denied Mr. Christophersen’s Petition For Certification on March 23, 2016. The case will be remanded to the trial court to set new law days.

There are no other material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject.

 

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASED OF EQUITY SECURITIES

Market Information

For the information required by this item see Note 24 – “Selected Quarterly Consolidated Financial Data (Unaudited)” of Notes to Consolidated Financial Statements.

Holders

There were approximately 2,141 holders of record of the common stock of Salisbury as of March 1, 2016. This number includes brokerage firms and other financial institutions that hold stock in their name, but which is actually beneficially owned by third parties.

Equity Compensation Plan Information

For the information required by this item see Note 15 – “Long Term Incentive Plan” of Notes to Consolidated Financial Statements.

Recent Sales of Unregistered Securities

None.

Dividends

For a discussion of Salisbury's dividend policy and restrictions on dividends see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" under the caption “Dividends.”

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Item 6. SELECTED FINANCIAL DATA

The following table contains certain information concerning the financial position and results of operations of Salisbury at the dates and for the periods indicated. This information should be read in conjunction with the Consolidated Financial Statements and related notes.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except ratios and per share amounts)

  At or for the years ended December 31,    2015      2014      2013      2012      2011  
  Statement of Income                         
Interest and dividend income  $34,571   $22,855   $21,750   $22,658   $24,044 
Interest expense   3,026    2,704    3,062    4,282    5,559 
Net interest and dividend income   31,545    20,151    18,688    18,376    18,485 
Provision for loan losses   917    1,134    1,066    1,070    1,440 
Gains on securities, net   192    —    —    279    11 
Trust and wealth advisory   3,265    3,295    3,074    2,945    2,548 
Service charges and fees   3,070    2,473    2,298    2,189    2,090 
Gains on sales of mortgage loans, net   274    64    579    1,596    687 
Mortgage servicing, net   1    94    35    (21)   65 
Other   510    326    319    326    255 
Non-interest income   7,312    6,252    6,305    7,314    5,656 
Non-interest expense   25,920    22,138    18,935    19,554    17,639 
Income before income taxes   12,020    3,131    4,992    5,066    5,062 
Income tax provision   3,563    610    909    989    950 
Net income   8,457    2,521    4,083    4,077    4,112 
Net income available to common shareholders   8,299    2,355    3,922    3,861    3,588 
Financial Condition                         
Total assets  $891,192   $855,427   $587,109   $600,813   $609,284 
Loans receivable, net   699,018    673,330    438,178    388,758    370,766 
Allowance for loan losses   5,716    5,358    4,683    4,360    4,076 
Securities   79,870    94,827    99,831    132,034    161,876 
Deposits   754,533    715,426    477,369    491,215    471,306 
Federal Home Loan Bank of Boston advances   26,979    28,813    30,411    31,980    54,615 
Repurchase agreements   3,914    4,163    2,554    1,784    12,148 
Subordinated debt, net of issuance cost   9,764    —    —    —    — 
Total shareholders' equity   90,574    101,821    72,790    71,997    66,862 
Non-performing assets   16,265    10,892    7,549    10,104    10,820 
Per Common Share Data                         
Earnings, basic  $3.04   $1.32   $2.30   $2.28   $2.12 
Earnings, diluted   3.02    1.32    2.30    2.28    2.12 
Cash dividends paid   1.12    1.12    1.12    1.12    1.12 
Tangible book value   27.69    25.83    27.12    26.85    23.69 
Statistical Data                          
Net interest margin (taxable equivalent)   3.99%   3.64%   3.57%   3.45%   3.51%
Efficiency ratio (taxable equivalent)   63.03    78.41    70.70    69.38    68.16 
Effective tax rate   29.64    19.49    18.21    19.49    18.80 
Return on average assets   0.94    0.37    0.66    0.64    0.61 
Return on average common shareholders' equity   9.36    3.88    7.01    7.22    7.26 
Dividend payout ratio   36.82    81.43    48.83    49.02    52.70 
Allowance for loan losses to loans receivable, gross   0.81    0.79    1.06    1.11    1.09 
Non-performing assets to total assets   1.82    1.45    1.29    1.68    1.78 
Tier 1 leverage capital   8.56    12.31    10.65    9.87    9.45 
Total risk-based capital   13.51    14.27    16.46    16.63    15.97 
Weighted average common shares outstanding, basic   2,706    1,764    1,691    1,690    1,689 
Weighted average common shares outstanding, diluted   2,723    1,765    1,691    1,690    1,689 

 

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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS

Salisbury, a Connecticut corporation, formed in 1998, is the bank holding company for the Bank, a Connecticut-chartered and FDIC insured commercial bank headquartered in Lakeville, Connecticut. Salisbury's principal business consists of the business of the Bank. The Bank, formed in 1848, is engaged in customary banking activities, including general deposit taking and lending activities to both retail and commercial markets, and trust and wealth advisory services. The Bank conducts its banking business from thirteen full-service offices in the towns of: Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and, Fishkill, Newburgh, Poughkeepsie, Red Oaks Mill, Dover Plains and Millerton, New York, and its trust and wealth advisory services from offices in Lakeville, Connecticut. In May 2014, the Bank established a new branch in Great Barrington, Massachusetts. In June 2014, the Bank acquired a branch office and related deposits from another institution in Sharon, Connecticut and consolidated its existing Sharon office with the new branch.

Additionally, on December 5, 2014, Salisbury completed its acquisition of Riverside Bank of Poughkeepsie, New York, adding four new offices and a strong commercial loan focus to Salisbury’s New York market presence.

Critical Accounting Policies and Estimates

Salisbury’s consolidated financial statements follow GAAP as applied to the banking industry in which it operates. Application of these principles requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements. These estimates, assumptions and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not carried at fair value warrants an impairment write-down or valuation reserve to be established, or when an asset or liability needs to be recorded contingent upon a future event.

Salisbury’s significant accounting policies are presented in Note 1 of Notes to Consolidated Financial Statements, which, along with this Management’s Discussion and Analysis, provide information on how significant assets are valued in the financial statements and how those values are determined. Management believes that the following accounting estimates are the most critical to aid in fully understanding and evaluating Salisbury’s reported financial results, and they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

Loans acquired in business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of cash flows initially expected to be collected and discounting those cash flows at an appropriate market rate of interest. The Bank continues to evaluate reasonableness of the timing and the amount of cash to be collected. Subsequent decreases in expected cash flows may result in changes in the amortization or accretion of fair market value adjustments, and in some cases may result in the loan being considered impaired.  For collateral dependent loans with deteriorated credit quality, the Bank estimates the fair value of the underlying collateral of the loans.  These values are discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral.

The allowance for loan losses represents management’s estimate of credit losses inherent in the loan portfolio. Determining the amount of the allowance for loan losses is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the amount and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience, and consideration of current economic trends and conditions, all of which may be susceptible to significant change. The loan portfolio also represents the largest asset type on the balance sheet. Note 1 describes the methodology used to determine the allowance for loan losses. A discussion of the factors driving changes in the amount of the allowance for loan losses are included in the “Provision and Allowance for Loan Losses” section of Management’s Discussion and Analysis.

Management evaluates goodwill and identifiable intangible assets for impairment annually using valuation techniques that involve estimates for discount rates, projected future cash flows and time period calculations, all of which are susceptible to change based on changes in economic conditions and other factors. Future events or changes in the estimates, which are used to determine the carrying value of goodwill and identifiable intangible assets or which otherwise adversely affect their value or estimated lives could have a material adverse impact on the results of operations.

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Management evaluates securities for other-than-temporary impairment giving consideration to the extent to which the fair value has been less than cost, estimates of future cash flows, delinquencies and default severity, and the intent and ability of Salisbury to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The consideration of the above factors is subjective and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements.

OVERVIEW AND HIGHLIGHTS

Selected 2015 highlights are as follows:

·Net income available to common shareholders was $8.3 million, or $3.04 per common share, for December 31, 2015, compared with $2.4 million, or $1.32 per common share, for December 31, 2014
·Redemption of $16 million of Senior Non-Cumulative Perpetual Preferred Stock and a $10 million private placement of subordinated debt
·Total assets increased $36 million, or 4.2%, as compared with December 2014
·Total deposits increased $39 million, or 5.5% as compared with December 2014
·Book value per share of $33.13 increased $1.59, or 5% as compared with December 2014
·Tangible book value per share of $ 27.69 increased $1.85, or 7% as compared with December 2014
·Earnings per share increased from 2014 by $1.72, or 130%, to $3.04

The following discussion and analysis of Salisbury's consolidated results of operations should be read in conjunction with the Consolidated Financial Statements and footnotes.

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RESULTS OF OPERATIONS

Comparison of the Years Ended December 31, 2015 and 2014

Net Interest and Dividend Income

Net interest and dividend income (presented on a tax-equivalent basis) increased $11,304,000 in 2015 over 2014. The net interest margin increased 35 basis points to 3.99% from 3.64%, due to a 26 basis point increase in the average yield on interest-earning assets and a 9 basis point decline in the average cost of interest-bearing liabilities. The net interest margin is affected by changes in the mix of interest-earning assets and funding liabilities, asset and liability growth, and the effects of changes in market interest rates on the pricing and re-pricing of assets and liabilities. The following table sets forth the components of Salisbury's net interest income and yields on average interest-earning assets and interest-bearing funds. Income and yields on tax-exempt securities are presented on a fully taxable equivalent basis.

  Years ended December 31,  Average Balance  Income / Expense  Average Yield / Rate
  (dollars in thousands)    2015      2014      2013      2015      2014      2013      2015      2014      2013  
Loans (a)(d)(f)  $687,755   $473,706   $419,193   $32,208   $20,041   $18,250    4.68%   4.23%   4.35%
Securities (c)(d)   78,420    86,956    106,603    3,359    3,980    4,650    4.28    4.58    4.36 
FHLBB stock   3,430    4,343    5,417    89    71    21    2.59    1.63    0.39 
Short term funds (b)   50,870    24,407    26,281    120    58    67    0.24    0.24    0.25 
Total earning assets   820,475    589,412    557,494    35,776    24,150    22,988    4.36    4.10    4.12 
Other assets   60,319    41,737    37,966                               
Total assets  $880,794   $631,149   $595,460                               
Interest-bearing demand deposits  $121,431   $84,212   $75,185    311    266    278    0.26    0.32    0.37 
Money market accounts   177,956    130,618    128,951    472    299    330    0.27    0.23    0.26 
Savings and other   125,181    116,524    106,224    220    204    206    0.18    0.18    0.19 
Certificates of deposit   134,577    87,516    88,352    841    696    999    0.62    0.80    1.13 
Total interest-bearing deposits   559,145    418,870    398,712    1,844    1,465    1,813    0.33    0.35    0.45 
Repurchase agreements   4,111    4,598    3,035    7    8    6    0.17    0.18    0.19 
Capital lease   423    424    —    70    47    —    16.57    11.08    0.00 
Note payable   138    —    —    6    —    —    4.62    0.00    0.00 
Subordinated Debt (net of issuance costs)   594    —    —    35    —    —    5.84    0.00    0.00 
FHLBB advances   27,827    30,214    31,176    1,064    1,184    1,243    3.82    3.92    3.99 
Total interest-bearing liabilities   592,238    454,106    432,923    3,026    2,704    3,062    0.51    0.60    0.71 
Demand deposits   178,943    96,199    84,416                               
Other liabilities   5,043    4,058    6,162                               
Shareholders’ equity   104,570    76,786    71,959                               
Total liabilities & shareholders’ equity  $880,794   $631,149   $595,460                               
Net interest income (f)                 $32,750   $21,446   $19,926                
Spread on interest-bearing funds                                 3.85    3.50    3.41 
Net interest margin (e)                                 3.99    3.64    3.57 

(a)Includes non-accrual loans.
 (b)Includes interest-bearing deposits in other banks and federal funds sold.
 (c)Average balances of securities are based on amortized cost.
 (d)Includes tax exempt income of $1,205,000, $1,295,000 and $1,238,000, respectively for 2015, 2014 and 2013 on tax-exempt securities and loans whose income and yields are calculated on a tax-equivalent basis.
 (e)Net interest income divided by average interest-earning assets.
 (f)Interest income for 2015 reflects net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $2.7 million.

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The following table sets forth the changes in net interest income (presented on a tax-equivalent basis) due to volume and rate.

  Years ended December 31, (in thousands)  2015 versus 2014  2014 versus 2013
Change in interest due to   Volume    Rate    Net    Volume    Rate    Net 
Loans  $9,540   $2,627   $12,167   $2,341   $(550)  $1,791 
Securities   (378)   (243)   (621)   (878)   208    (670)
FHLBB stock   (19)   37    18    (11)   61    50 
Short term funds   60    2    62    (4)   (5)   (9)
Interest-earning assets   9,203    2,423    11,626    1,448    (286)   1,162 
Deposits   572    (193)   379    46    (394)   (348)
Repurchase agreements   (1)   —    (1)   3    (1)   2 
Capital lease   —    23    23    24    23    47 
Note payable   3    3    6    —    —    — 
Subordinated Debt   18    17    35    —    —    — 
FHLBB advances   (92)   (28)   (120)   (37)   (22)   (59)
Interest-bearing liabilities   500    (178)   322    36    (394)   (358)
Net change in net interest income  $8,703   $2,601   $11,304   $1,412   $108   $1,520 

Net interest and dividend income represents the difference between interest and dividends earned on loans and securities and interest expense incurred on deposits and borrowings. The level of net interest income is a function of volume, rates and mix of both earning assets and interest-bearing liabilities. Net interest income can be affected by changes in interest rate levels, changes in the volume of assets and liabilities that are subject to re-pricing within different future time periods, and in the level of non-performing assets.

Interest and Dividend Income

Tax equivalent interest and dividend income increased $11.6 million, or 48.1%, to $35.8 million in 2015.

Loan income increased $12.2 million, or 60.7%, primarily due to a $214.0 million, or 45.2%, increase in average loans and a 45 basis point increase in average yield. Interest income for 2015 reflects purchase accounting adjustments consisting of net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $2.7 million.

Tax equivalent interest and dividend income from securities decreased $621,000, or 15.6%, in 2015, as a result of an $8.5 million decrease in average security balances, and a 30 basis point decrease in average yield. Contributing factors to the lower yield includes the maturity, sale, call or pay down of lower yielding securities resulting in a remaining mix of lower yielding securities in the portfolio. Interest from short term funds increased $62,000 in 2015 as a result of a $26.5 million increase in average short term balances.

Interest Expense

Interest expense increased $322,000, or 11.9%, to $3.0 million in 2015.

Interest expense on interest bearing deposit accounts increased $379,000, or 25.8%, in 2015, as a result of a $140.3 million, or 33.5%, increase in average interest bearing deposits, partially offset by a 2 basis point decline in the average rate to 0.33%. The decline in average rate was due to the decline in interest rates and changes in product mix.

Interest expense on FHLBB advances decreased $120,000, or 10.1%, due to a $2.4 million, or 7.9%, decrease in average advances as a result of scheduled maturities as well as the modification of two advances, in accordance with ASC 470-50, during the third quarter 2015. The modification extended $21 million in advances to a weighted average of 39 months. The average borrowing rate decreased to 3.82% from 3.92%.

In December 2015, Salisbury issued $10 million of subordinated debentures. Interest expense on the subordinated debt, along with issuance costs, in 2015 totaled $35,000. The proceeds of such issuance, along with cash-on-hand, were used by Salisbury to fully redeem $16 million of its outstanding Series B Preferred Stock, which was issued pursuant to the participation in the U.S. Treasury’s SBLF program.

Provision and Allowance for Loan Losses

The provision for loan losses was $917,000 for 2015, compared with $1,134,000 for 2014. Net loan charge-offs were $559,000 and $459,000, for the respective years. The higher provision for loan losses was supported by maintaining an adequate allowance to gross loans as gross loans continue to increase.

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The following table sets forth changes in the allowance for loan losses and other statistical data:

Business Activities Loans

  Years ended December 31, (dollars in thousands)    2015      2014      2013      2012      2011  
   Balance, beginning of period  $5,337   $4,683   $4,360   $4,076   $3,920 
Provision for loan losses   734    1,113    1,066    1,070    1,440 
Charge -offs                         
Real estate mortgages   (1,045)   (512)   (700)   (573)   (985)
Commercial and industrial   (69)   (19)   (4)   (222)   (180)
Consumer   (82)   (28)   (70)   (91)   (201)
Charge-offs   (1,196)   (559)   (774)   (886)   (1,366)
Recoveries                         
Real estate mortgages   124    60    6    36    26 
Commercial and industrial   464    16    1    38    29 
Consumer   18    24    24    26    27 
Recoveries   606    100    31    100    82 
  Net (charge-offs) recoveries   (590)   (459)   (743)   (786)   (1,284)
Balance, end of period  $5,481   $5,337   $4,683   $4,360   $4,076 
Acquired Loan                         
Years ended December 31, (dollars in thousands)   2015    2014                
  Balance, beginning of period  $21   $—                
Provision for loan losses   183    21                
Charge-offs                         
Real estate mortgages   (16)   —                
Charge-offs   (16)   —                
Recoveries                         
Real estate mortgages   5    —                
Commercial and industrial   34    —                
Consumer   8    —                
Recoveries   47    —                
  Net recoveries   31    —                
Balance, end of period  $235   $21                
                          
Loans receivable, gross  $703,545   $677,485   $441,679   $392,086   $373,838 
Non-performing loans   16,265    9,890    7,172    9,860    8,076 
Accruing loans past due 30-89 days   4,499    4,128    5,374    5,629    2,460 
Ratio of allowance for loan losses:                         
to loans receivable, gross    0.81%   0.79%   1.06%   1.11%   1.09%
to non-performing loans   35.15    54.18    65.30    44.22    50.47 
Ratio of non-performing loans                         
to loans receivable, gross   2.31    1.46    1.62    2.51    2.16 
Ratio of accruing loans past due 30-89 days                         
to loans receivable, gross   0.64    0.61    1.22    1.44    0.66 

The reserve coverage at December 31, 2015, as measured by the ratio of allowance for loan losses to gross loans, was 0.81%, as compared with 0.79% at December 31, 2014. Non-performing loans (non-accrual loans and accruing loans past-due 90 days or more) increased $6.4 million to $16.3 million, or 2.31% of gross loans receivable, at December 31, 2015, up from 1.46% at December 31, 2014. Such increase in non-performing loans is concentrated among a few specific relationships and is not considered to be generally indicative of any adverse trend. Accruing loans past due 30-89 days increased $0.4 million to $4.5 million, or 0.64% of gross loans receivable at December 31, 2015. See “Financial Condition – Loan Credit Quality” below for further discussion and analysis.

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The credit quality segments of loans receivable and the allowance for loan losses are as follows:

Business Activities Loans

  (in thousands)  December 31, 2015  December 31, 2014  December 31, 2013
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $527,905   $4,110   $457,744   $3,283   $416,734   $2,835 
Potential problem loans   1,223    44    9,423    509    8,687    282 
Unallocated   —    482    —    409    —    425 
Collectively evaluated   529,128    4,636    467,167    4,201    425,421    3,542 
Performing loans   —    —    —    —    157    69 
Potential problem loans   —    —    11    —    429    19 
Impaired loans   19,938    845    16,569    1,136    15,672    1,053 
Individually evaluated  $19,938   $845   $16,580   $1,136    16,258    1,141 
Totals  $549,066   $5,481   $483,747   $5,337   $441,679   $4,683 

Acquired Loans

  (in thousands)  December 31, 2015  December 31, 2014 
    Loans    Allowance    Loans    Allowance         
Performing loans  $148,580   $46   $187,966   $21            
Potential problem loans   2,119    2    2,708    —           
Unallocated   —    —    —    —           
Collectively evaluated   150,699    48    190,674    21           
Performing loans   —    —    —    —           
Potential problem loans   —    —    —    —           
Impaired loans   3,780    187    3,064    —           
Individually evaluated  $3,780   $187   $3,064   $—           
Totals  $154,479   $235   $193,738   $21           

The following table sets forth the allocation of the allowance for loan losses among the broad categories of the loan portfolio and the percentage of loans in each category to total loans. Although the allowance has been allocated among loan categories for purposes of the table, it is important to recognize that the allowance is applicable to the entire portfolio. Furthermore, future charge-offs may not necessarily occur in these amounts or proportions.

December 31,  2015  2014  2013  2012  2011
(dollars in thousands)(a)Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans 
Residential  $2,202    41.20%  $1,947    53.12%  $1,545    54.34%  $1,477    52.87%  $1,097    52.47%
Commercial   1,598    32.64    1,704    24.37    1,385    23.04    1,059    23.45    1,139    23.81 
Construction, land & land development   188    1.67    164    1.91    226    2.11    300    2.71    409    4.75 
Home equity lines of credit   354    4.98    359    7.20    393    7.92    457    9.03    382    9.27 
Real estate secured   4,342    80.49    4,174    86.60    3,549    87.41    3,293    88.06    3,027    90.30 
Commercial and industrial   707    17.26    597    11.25    561    10.72    499    9.94    704    7.85 
Consumer   124    0.89    117    0.87    105    0.87    92    1.09    79    1.20 
Municipal   61    1.36    61    1.28    43    1.00    36    0.91    24    0.65 
General unallocated   482    —    409    —    425    —    440    —    242    — 
Total allowance  $5,716    100.00%  $5,358    100.00%  $4,683    100.00%  $4,360    100.00%  $4,076    100.00%

(a) Percent of loans in each category to total loans.

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan, or portion of a loan, to be uncollectible. The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans are segmented into pools of loans based on similar risk characteristics such as loan product, collateral type and loan-to-value, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

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Impaired loans and certain potential problem loans, when warranted, are individually evaluated for impairment. Impairment is measured for each individual loan, or for a borrower’s aggregate loan exposure, using either the fair value of the collateral, if the loan is collateral dependent, or the present value of expected future cash flows discounted at the loan’s effective interest rate. A specific allowance is generally established when the collateral value or discounted cash flows of the loan is lower than the carrying value of that loan.

The component of the allowance for loan losses for loans collectively evaluated for impairment is estimated by stratifying loans into segments and credit risk ratings and then applying management’s general loss allocation factors. The general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels or trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. The qualitative factors are determined based on the various risk characteristics of each loan segment. There were no significant changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2015.

The unallocated component of the allowance is maintained to cover uncertainties that could affect management’s estimate of probable losses. It reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Determining the adequacy of the allowance at any given period is difficult, particularly during deteriorating or uncertain economic periods, and management must make estimates using assumptions and information that are often subjective and changing rapidly. The review of the loan portfolio is a continuing event in light of a changing economy and the dynamics of the banking and regulatory environment. Should the economic climate deteriorate, borrowers could experience difficulty and the level of non-performing loans, charge-offs and delinquencies could rise, requiring increased provisions. In management's judgment, Salisbury remains adequately reserved both against total loans and non-performing loans at December 31, 2015.

Management’s loan risk rating assignments, loss percentages and specific reserves are subjected annually to an independent credit review by an external firm. In addition, the Bank is examined annually on a rotational process by one of its two primary regulatory agencies, the FDIC and CTDOB. As an integral part of their examination process, the FDIC and CTDOB review the adequacy and methodology of the Bank's credit risk ratings and allowance for loan losses.

Non-Interest Income

The following table details the principal categories of non-interest income.

  Years ended December 31, (dollars in thousands)    2015      2014      2013      2015 vs. 2014      2014 vs. 2013  
Gains on securities, net  $192   $—   $—   $192    0.0%  $—    0.0%
Trust and wealth advisory   3,265    3,295    3,074    (30)   (0.9)   221    7.2 
Service charges and fees   3,070    2,473    2,298    597    24.1    175    7.6 
Gains on sales of mortgage loans, net   274    64    579    210    328.1    (515)   (88.9)
Mortgage servicing, net   1    94    35    (93)   (98.9)   59    168.6 
Bank-owned life insurance   371    245    234    126    51.4    11    4.7 
Other   139    81    85    58    71.6    (4)   (4.7)
Total non-interest income  $7,312   $6,252   $6,305   $1,060    17.0%  $(53)   (0.85)%

Non-interest income increased $1,060,000, or 16.95%, in 2015 versus 2014. Trust and Wealth Advisory revenues decreased $30,000 primarily due to decreased market values and a lower volume of assets under management, partially offset by increased estate fee income. Service charges and fees increased $597,000 mainly due to the increased volume of accounts due to the Riverside Bank merger in December 2014. Gains on sales of mortgage loans increased $210,000 due to higher volume of loans sold to the FHLBB Mortgage Partnership Finance Program. Mortgage loans sales totaled $8.4 million in 2015 versus $4.4 million in 2014. Income from servicing of mortgage loans decreased $93,000 due primarily to a slow-down in amortization and impairment charges. Loans serviced under the FHLBB Mortgage Partnership Finance Program totaled $130.8 million and $138.1 million at December 31, 2015 and 2014, respectively. BOLI income increased $58,000 reflecting the BOLI investments of Riverside Bank which Salisbury obtained as a result of the Riverside Bank acquisition.

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Non-Interest Expense

The following table details the principal categories of non-interest expense.

  Years ended December 31, (dollars in thousands)    2015      2014      2013      2015 vs. 2014      2014 vs. 2013  
Salaries  $10,301   $8,029   $7,467   $2,272    28.3%  $562    7.5%
Employee benefits   3,729    3,136    2,804    593    18.9    332    11.8 
Premises and equipment   3,541    2,831    2,398    710    25.1    433    18.1 
Data processing   1,677    1,502    1,514    175    11.7    (12)   (0.8)
Professional fees   2,150    1,331    1,212    819    61.5    119    9.8 
Collections, OREO, and appraisals   505    458    519    47    10.3    (61)   (11.9)
FDIC insurance   658    461    470    197    42.7    (9)   (1.9)
Marketing and community support   593    396    393    197    49.7    3    0.8 
Amortization of intangible assets   652    291    222    361    124.1    69    31.1 
Merger and acquisition related expenses   —    1,974    312    (1,974)   (100.00)   1,662    532.7 
Other   2,114    1,729    1,624    385    22.3    105    (6.5)
Non-interest expense  $25,920   $22,138   $18,935   $3,782    17.1%  $3,203    16.9%

Non-interest expense increased $3,782,000, or 17.1%, in 2015 versus 2014. Salary expense increased $2,272,000 due to changes in staffing levels and mix, merit increases, and increased personnel related to the Riverside Bank acquisition. Employee benefit expense increased $593,000 primarily as a result of increased personnel related to the Riverside Bank merger, partially offset by one-time 2014 expenses related to the termination of the Bank’s previously frozen defined benefit pension plan. Premises and equipment expense increased $710,000 primarily as a result of the increased buildings, computers and equipment related to the Riverside Bank merger. Data processing expense increased $175,000 mainly as a result of increased volume due to the Riverside bank merger. Professional fees increased $819,000 primarily due to increased consulting (core conversion, technology support, and imaging projects), legal, and merger related auditing services. Collections, OREO and appraisal expenses increased $47,000 mainly due to delinquent real estate taxes paid on acquired loans, partially offset by lower collection costs. Amortization of intangible assets increased $361,000 reflecting the increased intangible asset related to the Sharon branch acquisition and the Riverside Bank merger. FDIC insurance increased $197,000 due to the increase in assets mainly related to the Riverside Bank merger. Marketing and community support increased $197,000 mainly related to the acquired branches. 2014 merger and acquisition related expenses were primarily related to legal fees, consulting, and data conversion expenses. All other operating expenses increased $385,000.

Income Taxes

The effective income tax rates for 2015 and 2014 were 29.64% and 19.49%, respectively. Fluctuations in the effective tax rate result from changes in the mix of taxable and tax exempt income. Salisbury’s effective tax rate was less than the 34% federal statutory rate due to tax-exempt income, primarily from municipal bonds, tax advantaged loans and bank-owned life insurance. For further information on income taxes, see Note 12 of Notes to Consolidated Financial Statements.

Salisbury did not incur Connecticut income tax in 2015 or 2014, other than minimum state income tax, as a result of a Connecticut law that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company or PIC. In 2004, Salisbury availed itself of this benefit by forming a PIC, SBT Mortgage Service Corporation. Salisbury's income tax provision reflects the full impact of the Connecticut legislation. Salisbury does not expect to pay other than minimum state income tax in the foreseeable future unless there is a change in Connecticut tax law.

Comparison of the Years Ended December 31, 2014 and 2013

Net Interest and Dividend Income

Net interest and dividend income (presented on a tax-equivalent basis) increased $1,520,000 in 2014 over 2013. The net interest margin increased 7 basis points to 3.64% from 3.57%, due to an 11 basis point decline in the average cost of interest-bearing liabilities and a 2 basis point decline in the average yield on interest-earning assets. The net interest margin is affected by changes in the mix of interest-earning assets and funding liabilities, asset and liability growth, and the effects of changes in market interest rates on the pricing and re-pricing of assets and liabilities.

Interest and Dividend Income

Tax equivalent interest and dividend income increased $1.2 million, or 5.1%, to $24.2 million in 2014.

Loan income increased $1.8 million, or 9.8%, primarily due to a $54.5 million, or 13.0%, increase in average loans. This increase in volume was partially offset by a 12 basis point decline in average yield, due to lower market interest rates and their effect on new loan rates, loan re-pricing and loan re-financing activity in 2014.

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Tax equivalent interest and dividend income from securities decreased $670,000, or 14.4%, in 2014, as a result of a $19.6 million decrease in average security balances, offset partially by a 22 basis point increase in average yield. Contributing factors to the higher yield includes the maturity, call or pay down of lower yielding securities resulting in a remaining mix of higher yielding securities in the portfolio. Interest from short term funds decreased $9,000 in 2014 as a result of a $1.9 million decrease in average short term balances and by a 1 basis point decrease in average yield.

Interest Expense

Interest expense decreased $358,000, or 11.7%, to $2.7 million in 2014.

Interest expense on interest bearing deposit accounts decreased $348,000, or 19.2%, in 2014, as a result of a 10 basis point decline in the average rate, to 0.35%, offset in part by a $20.2 million, or 5.1%, increase in average interest bearing deposits. The decline in average rate was due to the decline in interest rates and changes in product mix.

Interest expense on FHLBB advances decreased $59,000, or 4.7%, due to a $962,000, or 3.1%, decrease in average advances as a result of scheduled maturities. The average borrowing rate decreased to 3.92% from 3.99%.

Provision and Allowance for Loan Losses

The provision for loan losses was $1,134,000 for 2014, compared with $1,066,000 for 2013. Net loan charge-offs were $459,000 and $743,000, for the respective years. The higher provision for loan losses was supported by maintaining an adequate allowance to gross loans as gross loans continue to increase.

The reserve coverage at December 31, 2014, as measured by the ratio of allowance for loan losses to gross loans, was 0.79%, as compared with 1.06% at December 31, 2013. Non-performing loans (non-accrual loans and accruing loans past-due 90 days or more) increased $2.7 million to $9.9 million, or 1.46% of gross loans receivable, at December 31, 2014, down from 1.62% at December 31, 2013, while accruing loans past due 30-89 days decreased $1.2 million to $4.1 million, or 0.61% of gross loans receivable at December 31, 2014. See “Financial Condition – Loan Credit Quality” below for further discussion and analysis.

Non-Interest Income

Non-interest income decreased $53,000, or 0.8%, in 2014 versus 2013. Trust and Wealth Advisory revenues increased $221,000 primarily due to increased market values and slightly higher estate fee income. Service charges and fees increased $175,000 due to increased interchange, deposit and loan servicing fees. Gains on sales of mortgage loans decreased $515,000 due to significantly lower mortgage volume of loans sold to the FHLBB Mortgage Partnership Finance Program. Mortgage loans sales totaled $4.4 million in 2014 versus $18.7 million in 2013. Income from servicing of mortgage loans increased $59,000 due primarily to a slow-down in amortization. Loans serviced under the FHLBB Mortgage Partnership Finance Program totaled $138.1 million and $146.3 million at December 31, 2014 and 2013, respectively. BOLI income increased $11,000 due to an increase in coverage previously provided by Riverside Bank.

Non-Interest Expense

Non-interest expense increased $3.2 million, or 16.9%, in 2014 versus 2013. Salary expense increased $562,000 due to changes in staffing levels and mix, merit increases, and expenses related to the Riverside Bank acquisition. Employee benefit expense increased $332,000 primarily as a result of incurring $208,000 (pre-tax) of expenses related to the termination of the Bank’s previously frozen defined benefit pension plan. Premises and equipment expense increased $433,000 primarily as a result of the opening of the Great Barrington, Massachusetts branch as well as the relocation, consolidation and renovation of the Sharon, Connecticut branch as a result of the acquisition of the Union Savings Bank branch in Sharon, Connecticut. Data processing expense decreased $12,000. Professional fees increased $119,000 primarily due to increased consulting, legal and other professional services. Collections and OREO expenses decreased $61,000 due to lower appraisal costs and lower OREO write-downs, offset partially by higher collection costs. Amortization of intangible assets increased $69,000 reflecting the increased intangible asset related to the Sharon branch acquisition and the Riverside Bank merger. Printing supplies increased $35,000 for the additional supplies needed at our new and acquired branches. Merger and acquisition related expenses were primarily related to legal fees, consulting, and data conversion expenses. All other operating expenses increased $64,000.

Income Taxes

The effective income tax rates for 2014 and 2013 were 19.49% and 18.21%, respectively. Fluctuations in the effective tax rate result from changes in the mix of taxable and tax exempt income. Salisbury’s effective tax rate was less than the 34% federal statutory rate due to tax-exempt income, primarily from municipal bonds, tax advantaged loans and bank-owned life insurance. For further information on income taxes, see Note 12 of Notes to Consolidated Financial Statements.

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Salisbury did not incur Connecticut income tax in 2014 or 2013, other than minimum state income tax, as a result of a Connecticut law that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company or PIC. In 2004, Salisbury availed itself of this benefit by forming a PIC, SBT Mortgage Service Corporation. Salisbury's income tax provision reflects the full impact of the Connecticut legislation. Salisbury does not expect to pay other than minimum state income tax in the foreseeable future unless there is a change in Connecticut tax law.

Overview

Assets

During 2015, Salisbury’s assets increased by $35.8 million to $891.2 million, while loans increased $25.7 million at December 31, 2015. At December 31, 2015, Salisbury’s tangible book value per common share was $27.69 and Tier 1 leverage and total risk-based capital ratios were 8.56% and 13.51%, respectively. As of December 31, 2015, the Bank was categorized as "well capitalized."

Securities and Short Term Funds

During 2015, securities decreased $14.9 million to $79.9 million, while short-term funds (interest-bearing deposits with other banks) increased $24.4 million to $47.2 million. The carrying values of securities are as follows:

  Years ended December 31, (dollars in thousands)    2015      2014      2013  
Available-for-Sale               
U.S. Treasury notes  $2,541   $2,806   $2,657 
U.S. Government agency notes   498    5,874    2,590 
Municipal bonds   30,385    40,352    40,437 
Mortgage-backed securities   32,202    27,709    33,892 
Collateralized mortgage obligations   6,962    9,275    11,888 
SBA bonds   3,096    4,465    2,230 
Other   1,010    831    797 
Non-Marketable               
FHLBB stock   3,176    3,515    5,340 
Total Securities  $79,870   $94,827   $99,831 

Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers its intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions are met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

Salisbury evaluates securities for strategic fit and may reduce its position in securities, although it is not more likely than not that Salisbury will be required to sell securities before recovery of their cost basis, which may be maturity. Therefore, management does not consider any of its securities, other than four non-agency CMO securities reflecting OTTI, to be OTTI at December 31, 2015.

In 2009 Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1,128,000. Salisbury deemed the four remaining securities not to have additional OTTI and all other CMO securities not to be OTTI as of December 31, 2014. It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI. Salisbury evaluates securities for strategic fit and may reduce its position in securities, although it is not more likely than not that Salisbury will be required to sell securities before recovery of their cost basis, which may be maturity. The carrying value of such securities judged to be OTTI are as follows:

Available-for-Sale (dollars in thousands)    Par value    Carrying value      Fair value  
Non-agency CMO               
December 31, 2015  $1,867   $1,419   $1,772 
December 31, 2014   2,452    1,968    2,369 
December 31, 2013   3,093    2,534    2,724 

Accumulated other comprehensive income at December 31, 2015 included net unrealized holding gains, net of tax, of $1.1 million, which is a decrease of $1.0 million from December 31, 2014.

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Loans

During 2015, net loans receivable increased $25.7 million, or 3.8%, to $699.0 million at December 31, 2015. Portfolio growth during 2015 reflects Salisbury’s strong market presence.

Salisbury’s retail lending department originates residential mortgage, home equity loans and lines of credit, and consumer loans for the portfolio. During 2015, Salisbury originated $48.0 million of residential mortgage loans and $8.1 million of home equity loans for the portfolio, compared with $52.1 million and $6.1 million, respectively, in 2014. During 2015, total residential mortgage and home equity loans receivable grew by $12.5 million to $324.9 million at December 31, 2015, and represent 46.2% of loans receivable. During 2015, Salisbury’s residential mortgage lending department also originated and sold $8.4 million of residential mortgage loans, compared with $4.4 million during 2014. All such sold loans were sold through the FHLBB Mortgage Partnership Finance Program with servicing retained by Salisbury. Consumer loans, amounting to $6.3 million at December 31, 2015, represent 0.9% of loans receivable.

Salisbury’s commercial lending department specializes in lending to small and mid-size companies, businesses and municipalities. More specifically, we meet our clients’ credit needs by providing short-term and long-term financing, construction loans, commercial mortgages, equipment, working capital, property improvement loans and municipal financing. The department also works with both the Small Business Administration (“SBA”) and United States Department of Agriculture (“USDA”) Government Guaranteed Lending Programs; however, such loans represent a very small percent of the commercial loan portfolio. Salisbury originated $121.1 million of commercial loans during 2015. During 2015, total commercial real estate, commercial and industrial and municipal loans increased $11.8 million to $372.4 million at December 31, 2015, and represent 53.3% of loans receivable.

The principal categories of loans receivable and loans held-for-sale are as follows:

Business Activities Loans

  December 31, (in thousands)    2015      2014      2013      2012      2011  
Residential 1-4 family  $261,495   $252,258   $231,113   $198,552   $187,676 
Residential 5+ multifamily   6,411    5,556    4,848    3,889    3,187 
Construction of residential 1-4 family   7,998    2,004    1,876    2,379    5,305 
Home equity lines of credit   35,017    34,627    34,139    34,162    34,621 
Residential real estate   310,921    294,445    271,976    238,982    230,789 
Commercial   129,446    98,498    91,853    87,382    81,958 
Construction of commercial   6,525    18,602    10,948    5,823    7,069 
Commercial real estate   135,971    117,100    102,801    93,205    89,027 
Farm land   3,193    3,239    3,402    4,320    4,925 
Vacant land   8,563    9,342    9,067    9,926    12,828 
Real estate secured   458,648    424,126    387,246    346,433    337,569 
Commercial and industrial   74,657    49,204    46,292    38,094    29,358 
Municipal   9,566    6,083    4,252    3,378    2,415 
Consumer   6,195    4,334    3,889    4,181    4,496 
Loans receivable, gross   549,066    483,747    441,679    392,086    373,838 
Deferred loan origination fees and costs, net   1,189    1,203    1,182    1,032    1,004 
Allowance for loan losses   (5,481)   (5,337)   (4,683)   (4,360)   (4,076)
Loans receivable, net  $544,774   $479,613   $438,178   $388,758   $370,766 
Loans held-for-sale                         
Residential 1-4 family  $763   $568   $173   $1,879   $948 

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Acquired Loans

December 31, (in thousands)    2015      2014           
Residential 1-4 family  $7,799   $9,223             
Residential 5+ multifamily   6,136    8,735                
Construction of residential 1-4 family   —    —                
Home equity lines of credit   —    —                
Residential real estate   13,935    17,958                
Commercial   88,829    97,899                
Construction of commercial   4,874    9,045                
Commercial real estate   93,703    106,944                
Farm land   —    —                
Vacant land   —    —                
Real estate secured   107,638    124,902                
Commercial and industrial   46,764    68,714                
Municipal   —    —                
Consumer   77    122                
Loans receivable, gross   154,479    193,738                
Deferred loan origination fees and costs, net   —    —                
Allowance for loan losses   (235)   (21)               
Loans receivable, net  $154,244   $193,717                
Loans held-for-sale                         
Residential 1-4 family  $—   $—                

The composition of loans receivable by forecasted maturity distribution is as follows:

December 31, 2015 (in thousands)    Within 1 year    Within 1-5 years      After 5 years      Total  
Residential  $6,408   $12,340   $271,091   $289,839 
Home equity lines of credit   1,049    737    33,231    35,017 
Commercial   15,913    63,809    138,553    218,275 
Construction of commercial   6,376    695    4,328    11,399 
Land   2,931    1,758    7,067    11,756 
Real estate secured   32677    79,339    454,270    566,286 
Commercial and industrial   35,567    36,634    49,220    121,421 
Municipal   2,942    1,119    5,505    9,566 
Consumer   522    4,111    1,639    6,272 
Loans receivable, gross  $71,708   $121,203   $510,634   $703,545 
                     
The composition of loans receivable due after one year with either fixed,  variable or adjustable interest rates is as follows:
December 31, 2015 (in thousands)    Fixed interest rates     

Variable or adjustable

interest rates

  
Residential  $130,305   $153,126 
Home equity lines of credit   —    33,968 
Commercial   115,172    87,190 
 Construction of commercial   2,193    2,830 
Land   47    8,778 
Real estate secured   247,717    285,892 
Commercial and industrial   49,194    36,660 
Municipal   4,251    2,373 
Consumer   4,880    870 
Loans receivable, gross  $306,042   $325,795 

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Loan Credit Quality

During 2015, total impaired and potential problem loans decreased by $4.6 million to $27.1 million, or 3.9% of gross loans receivable at December 31, 2015, from $31.7 million, compared to 4.7% of gross loans receivable at December 31, 2014.

The credit quality segments of loans receivable and their credit risk ratings are as follows:

Business Activities Loans

December 31, (in thousands)    2015      2014  
Pass  $514,154   $430,316 
Special mention   13,751    27,428 
Performing loans   527,905    457,744 
Substandard   1,223    9,434 
Doubtful   —    — 
Potential problem loans   1,223    9,434 
Pass          
Troubled debt restructured loans, accruing   2,874    442 
All other non-accrual loans   85    — 
Special mention          
Troubled debt restructured loans, accruing   2,532    2,610 
Substandard          
Troubled debt restructured loans, accruing   1,305    6,044 
Troubled debt restructured loans, non-accrual   3,044    628 
All other non-accrual loans   10,006    6,752 
Doubtful          
Troubled debt restructured loans, accruing   92    93 
Impaired loans   19,938    16,569 
Loans receivable, gross  $549,066   $483,747 

Acquired Loans

December 31, (in thousands)    2015      2014  
Pass  $143,412   $182,455 
Special mention   5,085    5,511 
Performing loans   148,497    187,966 
Substandard   2,119    2,708 
Doubtful   83    — 
Potential problem loans   2,202    2,708 
Pass          
Troubled debt restructured loans, accruing   —    — 
Special mention          
Troubled debt restructured loans, accruing   —    — 
Substandard          
Troubled debt restructured loans, accruing   742    571 
Troubled debt restructured loans, non-accrual   —    — 
All other non-accrual loans   3,038    1,967 
Doubtful          
Troubled debt restructured loans, accruing   —    — 
Troubled debt restructured loans, non-accrual   —    — 
All other non-accrual loans   —    526 
Impaired loans   3,780    3,064 
Loans receivable, gross  $154,479   $193,738 

 

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Changes in impaired and potential problem loans are as follows:

   2015   2014 
Years ended December 31,    Impaired loans    Potential        Impaired loans    Potential      
(in thousands)   Non-    Accruing    problem         Non-    Accruing    problem      
    accrual        loans    Total    accrual         loans    Total 
Net loans placed on non-accrual status  $9,695   $(3,181)  $(3,591)  $2,923   $6,356   $(378)  $(1,176)  $4,802 
Loans restored to accrual status   (1,178)   426    748    (4)   (856)   739    —    (117)
Loan risk rating downgrades to substandard   —    —    88    88    —    —    5,941    5,941 
Loan risk rating upgrades from substandard   —    —    (4,379)   (4,379)   —    —    —    — 
Loan repayments   (1,288)   (555)   (789)   (2,632)   (1,745)   (593)   (1,235)   (3,573)
Loan charge-offs (less charge offs for delinquent taxes)   (825)   —    —    (825)   (291)   (6)   (24)   (321)
Increase (decrease) in troubled debt restructuring   —    1,094    (766)   328    —    1,499    (480)   1,019 
Real estate acquired in settlement of loans   (103)   —    —    (103)   (764)   —    —    (764)
Increase (decrease) in loans  $6,301   $(2,216)  $(8,689)  $(4,604)  $2,700   $1,261   $3,026   $6,987 

Credit risk remained a focus of management’s attention during 2015. There was a decrease in total impaired and potential problem loans, down $4.6 million in 2015. Net loans placed on non-accrual status, due to payment and financial performance, decreased to $2.9 million in 2015 from $4.8 million in 2014. Loans restored to accrual status decreased slightly compared to $0.1 million in 2014. Downgrades in loan risk ratings to substandard increased to $0.1 million in 2015 from $5.9 million in 2014. $4.4 million in loans were upgraded from substandard in 2015 compared to no upgrades in 2014. Loan repayments decreased to $2.6 million in 2015 from $3.6 million in 2014. Loan charge-offs, primarily due to collateral deficiencies increased to $0.8 million in 2015 from $0.3 million in 2014. Troubled debt restructures decreased to $0.3 million in 2015 from $1.0 million in 2014. Real estate acquired in settlement of loans decreased to $0.1 million in 2015 from $0.8 million in 2014.

Salisbury has cooperative relationships with the vast majority of its non-performing loan customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral. Salisbury pursues the resolution of all non-performing loans through collections, restructures, voluntary liquidation of collateral by the borrower and, where necessary, legal action. When attempts to work with a customer to return a loan to performing status, including restructuring the loan, are unsuccessful, Salisbury will initiate appropriate legal action seeking to acquire property by deed in lieu of foreclosure or through foreclosure, or to liquidate business assets.

Credit Quality Segments

Salisbury categorizes loans receivable into the following credit quality segments.

·Impaired loans consist of all non-accrual loans and troubled debt restructured loans, and represent loans for which it is probable that Salisbury will not be able to collect all principal and interest amounts due according to the contractual terms of the loan agreements.
·Non-accrual loans, a sub-set of impaired loans, are loans for which the accrual of interest has been discontinued because, in the opinion of management, full collection of principal or interest is unlikely.
·Non-performing loans consist of non-accrual loans, and accruing loans past due 90 days and over that are well collateralized, in the process of collection and where full collection of principal and interest is reasonably assured. Non-performing assets consist of non-performing loans plus real estate acquired in settlement of loans.
·Troubled debt restructured loans are loans for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. Loan restructuring is employed when management believes the granting of a concession will increase the probability of the full or partial collection of principal and interest.
·Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.

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Credit Risk Ratings

Salisbury assigns credit risk ratings to loans receivable in order to manage credit risk and to determine the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. Salisbury’s rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are ratings (special mention, substandard, doubtful, and loss) defined by the Bank’s regulatory agencies, the FDIC and CTDOB. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

·Loans risk rated as "special mention" possess credit deficiencies or potential weaknesses deserving management’s close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.
·Loans risk rated as "substandard" are loans where the Bank’s position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.
·Loans risk rated as "doubtful" have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.
·Loans risk rated as "loss" are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank’s loan portfolio and risk ratings are examined annually on a rotating basis by its two primary regulatory agencies, the FDIC and CTDOB.

Impaired Loans

Impaired loans increased $4.1 million during 2015 to $23.7 million, or 3.37% of gross loans receivable at December 31, 2014, from $19.6 million, or 2.89% of gross loans receivable at December 31, 2014.

December 31, (in thousands)    2015      2014       2013  
Troubled debt restructurings, accruing  $7,544   $9,760   $8,500 
Troubled debt restructurings, non-accrual   3,044    628    1,753 
All other non-accrual loans   13,130    9,245    5,419 
Impaired loans  $23,718   $19,633   $15,672 

Non-Performing Assets

Non-performing assets increased $5.4 million to $16.3 million at December 31, 2015, or 1.82% of assets, from $10.9 million or 1.27% of assets at December 31, 2014. The components of non-performing assets are as follows:

December 31, (in thousands)    2015      2014      2013      2012      2011  
Commercial  $4,611   $3,150   $1,857   $2,235   $2,337 
Vacant land   2,855    2,862    2,870    3,995    3,658 
Farm land   1,031    384    384    —    — 
Residential 1-4 family   6,446    3,007    1,525    3,024    1,240 
Residential 5+ multifamily   89    89    —    —    — 
Home equity lines of credit   601    348    402    442    173 
Real estate secured   15,633    9,840    7,038    9,696    7,408 
Commercial and industrial   461    33    134    164    668 
Consumer   80    —    —    —    — 
Non-accrual loans   16,174    9,873    7,172    9,860    8,076 
Accruing loans past due 90 days and over   90    17    —    —    — 
Non-performing loans   16,264    9,890    7,172    9,860    8,076 
Real estate acquired in settlement of loans, net   —    1,002    377    244    2,744 
Non-performing assets  $16,264   $10,892   $7,549   $10,104   $10,820 

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Reductions in interest income associated with non-accrual loans are as follows:

Years ended December 31, (in thousands)    2015      2014      2013  
Income in accordance with original terms  $1,416   $680   $551 
Income recognized   327    48    64 
Reduction in interest income  $1,089   $632   $487 

The past due status of non-performing loans is as follows:

December 31, (in thousands)    2015      2014      2013  
Current  $4,496   $1,268   $1,274 
Past due 1-29 days   362    586    241 
Past due 30-59 days   306    54    134 
Past due 60-89 days   27    214    254 
Past due 90-179 days   1,320    1,464    588 
Past due 180 days and over   9,753    6,304    4,681 
Total non-performing loans  $16,264   $9,890   $7,172 

At December 31, 2015, 27.64% of non-accrual loans were current with respect to loan payments, compared with 12.81% at December 31, 2014. Loans past due 180 days and over include one loan of $2.8 million secured by vacant residential land where Salisbury initiated a foreclosure action that is discussed in Item 3 of Part I, Legal Proceedings of this Form 10-K.

On a combined basis, the five largest non-performing loan relationships account for 48% of the non-performing assets while the combined ten largest loan relationships account for 66% of total non-performing assets. Accordingly asset quality issues are confined to a small number of relationships and management does not consider them to be systemic. All of the ten largest non-performing relationships are secured by real estate and seven of these are actively moving through the legal process. Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.

Troubled Debt Restructured Loans

Troubled debt restructured loans increased $0.2 million in 2015 to $10.6 million, or 1.50% of gross loans receivable, from $10.4 million, or 1.54% of gross loans receivable at December 31, 2014. The components of troubled debt restructured loans are as follows:

December 31, (in thousands)    2015      2014      2013  
Residential 1-4 family  $4,351   $4,748   $4,956 
Home equity lines of credit   118    48    48 
Personal   222    —    22 
Vacant land   122    235    225 
Commercial   2,666    4,065    2,691 
Real estate secured   7,479    9,096    7,942 
Commercial and industrial   65    664    558 
Accruing troubled debt restructured loans   7,544    9,760    8,500 
Residential 1-4 family   1,149    295    999 
Home equity lines of credit   —    88    40 
Commercial   1,554    235    608 
Vacant land   —    —    — 
Real estate secured   2,703    618    1,647 
Commercial and Industrial   341    10    106 
Non-accrual troubled debt restructured loans   3,044    628    1,753 
Troubled debt restructured loans  $10,588   $10,388   $10,253 

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The past due status of troubled debt restructured loans is as follows:

December 31, (in thousands)    2015      2014      2013  
Current  $6,771   $6,514   $6,559 
Past due 1-29 days   453    2,704    1,490 
Past due 30-59 days   320    542    95 
Past due 60-89 days   —    —    356 
Accruing troubled debt restructured loans   7,544    9,760    8,500 
Current   1,810    49    999 
Past due 1-29 days   —    —    241 
Past due 30-59 days   28    —    64 
Past due 60-89 days   —    10    — 
Past due 90-179 days   1,206    333    449 
Past due 180 days and over   —    236    — 
Non-accrual troubled debt restructured loans   3,044    628    1,753 
Total troubled debt restructured loans  $10,588   $10,388   $10,253 

At December 31, 2015, 81.04% of troubled debt restructured loans were current with respect to loan payments, as compared with 63.18% at December 31, 2014.

Past Due Loans

Loans past due 30 days or more increased $3.7 million during 2015 to $15.9 million, or 2.26% of gross loans receivable at December 31, 2015, compared with $12.2 million, or 1.80% of gross loans receivable at December 31, 2014. The components of loans past due 30 days or greater are as follows:

December 31, (in thousands)    2015      2014      2013  
Past due 30-59 days  $3,533   $2,295   $2,535 
Past due 60-89 days   966    1,834    2,840 
Past due 90-179 days   —    17    — 
Past due 180 days+   90    —    — 
Accruing loans   4,589    4,146    5,375 
Past due 30-59 days   306    54    133 
Past due 60-89 days   27    214    254 
Past due 90-179 days   1,320    1,447    588 
Past due 180 days and over   9,663    6,305    4,681 
Non-accrual loans   11,316    8,020    5,656 
Total loans past due 30 days and over  $15,905   $12,166   $11,031 

Potential Problem Loans

Potential problem loans decreased $8.8 million during 2015 to $3.3 million or 0.48% of gross loans receivable at December 31, 2015, compared with $12.1 million, or 1.78% of gross loans receivable at December 31, 2014. The components of potential problem loans are as follows:

December 31, (in thousands)    2015      2014      2013  
Residential 1-4 family  $655   $2,829   $1,528 
Residential 5+ multifamily   —    975    975 
Construction of residential 1-4 family   —    —    — 
Home equity lines of credit   150    786    890 
Residential real estate   805    4,590    3,393 
Commercial   2,030    5,139    4,036 
Construction of commercial   —    450    589 
Commercial real estate   2,030    5,589    4,625 
Farm land   —    723    751 
Vacant land   23    66    44 
Real estate secured   2,858    10,968    8,813 
Commercial and industrial   478    1,146    288 
Consumer   6    28    15 
Other classified loans receivable  $3,342   $12,142   $9,116 

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The past due status of potential problem loans is as follows:

December 31, (in thousands)    2015      2014      2013  
Current  $2,716   $8,302   $7,646 
Past due 1-29 days   229    2,416    189 
Past due 30-59 days   150    100    298 
Past due 60-89 days   247    1,324    983 
Total potential problem loans  $3,342   $12,142   $9,116 

At December 31, 2015, 81.27% of potential problem loans were current with respect to loan payments, as compared with 68.08% at December 31, 2014.

Management cannot predict the extent to which economic or other factors may impact such borrowers’ future payment capacity, and there can be no assurance that such loans will not be placed on nonaccrual status, restructured, or require increased provision for loan losses.

Deposits and Borrowings

Deposits during 2015 increased $39.1 million, or 5.5%, to $754.5 million at December 31, 2015, compared with $715.4 million at December 31, 2014. Retail repurchase agreements decreased $0.2 million during 2015 to $3.9 million at December 31, 2015, compared with $4.2 million at December 31, 2014. Total deposits at December 31, 2015 include a single relationship totaling $28.5 million, or 3.78% of total deposits.

Scheduled maturities of time certificates of deposit in denominations of $250,000 or more are as follows:

December 31, 2015 (in thousands)  Within
3 months		  Within
3-6 months		  Within
6-12 months		  Over
1 year		  Total
Certificates of deposit $250,000 and over  $2,520   $2,624   $2,929   $3,195   $11,268 

FHLBB advances decreased $1.8 million during 2015 to $27.0 million at December 31, 2015, compared with $28.8 million at December 31, 2014. The decreases were due to amortizing payments of advances, maturities of advances that were not renewed, and in accordance with ASC 470-50 for two advances which were modified during the quarter ending September 30, 2015. The modification extended $21 million in advances a weighted average 39 months.

Subordinated Debentures

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed to Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury’s related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury’s payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.764 million at December 31, 2015, which includes $236 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.24%.

OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL CASH OBLIGATIONS

In the normal course of business, Salisbury enters into various contractual obligations that may require future cash payments. Contractual obligations at December 31, 2015 include operating leases, a capital lease, contractual purchases and certain other benefit plans. For further discussion regarding leases see Note 18 to the Consolidated Financial Statements.

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The accompanying table summarizes Salisbury’s off-balance sheet lending-related financial instruments and significant cash obligations, by remaining maturity, at December 31, 2015. Salisbury’s lending-related financial instruments include commitments that have maturities over one year. Contractual purchases include commitments for future cash expenditures, primarily for services and contracts that reflect the minimum contractual obligation under legally enforceable contracts with contract terms that are both fixed and determinable. Excluded from the following table are a number of obligations to be settled in cash, primarily in under one year. These obligations are reflected in Salisbury’s Consolidated Balance Sheets and include deposits, FHLBB advances and repurchase agreements that settle within standard market timeframes.

  December 31, 2015 (in thousands)
  By Remaining Maturity		  Within
1 year		  Within
1-3 years		  Within
4-5 years		  After
5 years		  Total
Residential  $819   $1,033   $500   $4,268   $6,620 
Home equity lines of credit   86    90    250    25,486    25,912 
Commercial   7,891    479    845    4,707    13,922 
Land   —    —    —    218    218 
Real estate secured   8,796    1,602    1,595    34,679    46,672 
Commercial and industrial   37,976    7,732    955    21,062    67,725 
Municipal   540    —    —    250    790 
Consumer   —    —    —    1,507    1,507 
Unadvanced portions of loans   47,312    9,334    2,550    57,498    116,694 
Commitments to originate loans   37,688    —    —    —    37,688 
Standby letters of credit   1,304    96    —    1    1,401 
Total  $86,304   $9,430   $2,550   $57,499   $155,783 

LIQUIDITY

Salisbury manages its liquidity position to ensure it has sufficient funding availability at all times to meet both anticipated and unanticipated deposit withdrawals, loan originations and advances, securities purchases and other operating cash outflows. Salisbury’s primary source of liquidity is deposits and though its preferred funding strategy is to attract and retain low cost deposits, its ability to do so is affected by competitive interest rates and terms in its marketplace, and other financial market conditions. Other sources of funding include cash flows from loan and securities principal payments and maturities, funds provided by operations, and discretionary use of national market certificates of deposit and FHLBB advances. Liquidity can also be provided through sales of securities and loans.

Salisbury manages its liquidity in accordance with a liquidity funding policy, and also maintains a contingency funding plan that provides for the prompt and comprehensive response to unexpected demands for liquidity. At December 31, 2015, Salisbury's liquidity ratio, as represented by cash, short term available-for-sale securities and marketable assets to net deposits and short term unsecured liabilities, was 22.67%, up from 17.95% at December 31, 2014. Management believes Salisbury’s funding sources will meet anticipated funding needs.

Operating activities for 2015 provided net cash of $8.4 million. Investing activities utilized net cash of $10.3 million, principally from sales, calls and maturities of securities of $29.8 million, offset by purchases of securities available-for-sale of $16.4 million and net loan originations and purchases of $24.5 million. Financing activities provided net cash of $28.0 million, principally from a net deposit and issuance of subordinated debt increase of $49.5 million, offset by payoff of SBLF preferred stock, repurchase agreements, repayment, modifications, and maturities of FHLBB advances of $18.0 million and cash dividend payments, on common and preferred stock, of $3.3 million.

Operating activities for 2014 provided net cash of $4.5 million. Investing activities provided net cash of $12.2 million, principally from cash acquired, calls and maturities of securities of $53.9 million, offset by net loan originations and purchases of $40.6 million. Financing activities provided net cash of $6.7 million, principally from a net deposit and repurchase agreement increase of $10.4 million, offset by repayment and maturities of FHLBB advances of $1.6 million and cash dividend payments, on common and preferred stock, of $2.1 million.

Operating activities for 2013 provided net cash of $9.7 million. Investing activities utilized net cash of $23.8 million, principally from net loan advances and sales of OREO of $50.6 million, partially offset by calls and maturities of securities of $27.7 million. Financing activities utilized net cash of $16.7 million, principally from a net deposit and repurchase agreement decline of $13.1 million, repayment and maturities of FHLBB advances of $1.6 million and cash dividend payments, on common and preferred stock, of $2.1 million.

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CAPITAL RESOURCES

Shareholders’ Equity

Shareholders’ equity decreased $11.2 million in 2015 to $90.6 million at December 31, 2015. Contributing to the decrease in shareholders’ equity for 2015 was an other comprehensive loss of $1.0 million, retirement of SBLF preferred stock of $16.0 million, and common and preferred stock dividends of $3.0 million and $0.2 million, respectively. The decrease was offset in part by net income of $8.5 million, and common stock issuance of $0.5 million.

Preferred Stock

In August 2011, Salisbury issued to the Treasury $16 million of its Series B Preferred Stock under the SBLF program. The SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The Preferred Stock qualifies as Tier 1 capital for regulatory purposes and ranks senior to the Common Stock.

The Series B Preferred Stock paid noncumulative dividends. The dividend rate on the Series B Preferred Stock for the initial quarterly dividend period ended September 30, 2011 and each of the next nine quarterly dividend periods the Series B Preferred Stock is outstanding was determined each quarter based on the increase in the Bank’s Qualified Small Business Lending. The dividend rate for the quarterly dividend period ended December 31, 2015, was 1.0%. For the eleventh quarterly dividend period through four and one-half years after its issuance, the dividend rate on the Series B Preferred Stock will be 1.0% and after four and one-half years from its issuance the dividend rate would have been fixed at 9.0% per annum. In December 2015, Salisbury issued $10 million of subordinated debentures and used the proceeds along with other cash-on-hand to redeem all of the Series B Preferred Stock.

Capital Requirements

Salisbury and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Under current regulatory definitions, Salisbury and the Bank meet all capital adequacy requirements to which they are subject and the Bank is considered to be well-capitalized. As a result, the Bank pays lower federal deposit insurance premiums than those banks that are not “well capitalized.” Requirements for classification as a well-capitalized institution and for minimum capital adequacy along with Salisbury’s and the Bank's regulatory capital ratios are as follows at December 31, 2015 and 2014 under the regulatory capital rules then in effect:

   Minimum for  Well            
   Capital Adequacy  CapitalizedDecember 31, 2015December 31, 2014
   2015  2014  2015  2014  Salisbury  Bank  Salisbury  Bank
Total Capital (to risk-weighted assets)  8.00%   8.00%   10.00%   10.00%   13.51%   13.10%   14.27%   12.75%
Common Equity Tier 1 Capital  4.50    N/A    6.50    N/A    11.17    12.23    N/A    N/A 
Tier 1 Capital (to risk-weighted assets)  6.00    4.00    8.00    6.00    11.17    12.23    13.38    11.86 
Tier 1 Capital (to average assets)   4.00    4.00    5.00    5.00    8.56    9.37    12.31    10.95 

A well-capitalized institution, which is the highest capital category for an institution as defined by the Prompt Corrective Action regulations issued by the FDIC and the FRB, is one which maintains a Total Risk-Based ratio of 10% or above, a Tier 1 Risk-Based ratio of 8% or above, a Common Equity to Tier 1 ratio of 6.5% or above, and a Leverage ratio of 5% or above, and is not subject to any written order, written agreement, capital directive, or prompt corrective action directive to meet and maintain a specific capital level. Maintaining strong capital is essential to Salisbury and the Bank’s safety and soundness. However, the effective management of capital resources requires generating attractive returns on equity to build value for shareholders while maintaining appropriate levels of capital to fund growth, meet regulatory requirements and be consistent with prudent industry practices.

In July 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements will increase for both the quantity and quality of capital held by the Bank and Company. The rules include a new common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A new capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer is being phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increases each subsequent year by an additional 0.625% until reaching its final level of 2.50% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

The phase-in period for the final rules began for Salisbury and the Bank on January 1, 2015. As of December 31, 2015, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

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Dividends

During 2015 and 2014, Salisbury declared and paid four quarterly common stock dividends of $0.28 per common share each quarter, totaling $3,054,000 and $1,918,000, respectively. The Board of Directors of Salisbury declared a common stock dividend of $0.28 per common share payable on February 26, 2016 to shareholders of record on February 12, 2016. Common stock dividends, when declared, will generally be paid the last business day of February, May, August and November, although Salisbury is not obligated to pay dividends on those dates or at any other time.

During 2015, Salisbury declared Series B Preferred Stock dividends of $158,000 to the Treasury. In December 2015, Salisbury redeemed all $16 million shares of its Series B Preferred Stock and, therefore, will not have to pay future dividends to the Treasury with respect to such stock.

Salisbury's ability to pay cash dividends is dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, states that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital position.

Salisbury believes that the payment of common stock cash dividends is appropriate, provided that such payment considers Salisbury's capital needs, asset quality, and overall financial condition and does not adversely affect the financial stability of Salisbury or the Bank. The continued payment of common stock cash dividends by Salisbury will be dependent on Salisbury's future core earnings, financial condition and capital needs, regulatory restrictions, and other factors deemed relevant by the Board of Directors of Salisbury.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

See Note 1 to the Consolidated Financial Statements for details of recently issued accounting pronouncements and their expected impact on Salisbury’s consolidated financial statements.

IMPACT OF INFLATION AND CHANGING PRICES

Salisbury’s consolidated financial statements and related notes thereto presented elsewhere in this Form 10-K are prepared in conformity with GAAP, which require the measurement of financial condition and operating results in terms of historical dollars without considering changes in the relative purchasing power of money, over time, due to inflation. Unlike some other types of companies, the financial nature of Salisbury’s consolidated financial statements is more clearly affected by changes in interest rates than by inflation. Interest rates do not necessarily fluctuate in the same direction or in the same magnitude as the prices of goods and services. However, inflation does affect Salisbury to some extent because, as prices increase, the money supply grows and interest rates are affected by inflationary expectations. There is no precise method, however, to measure the effects of inflation on the Company’s consolidated financial statements. Accordingly, any examination or analysis of the financial statements should take into consideration the possible effects of inflation. Although not a material factor in recent years, inflation could impact earnings in future periods.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Salisbury manages its exposure to interest rate risk through its Asset/Liability Management Committee (“ALCO”) using risk limits and policy guidelines to manage assets and funding liabilities to produce financial results that are consistent with Salisbury’s liquidity, capital adequacy, growth, risk and profitability targets. Interest rate risk is the risk of a negative impact to future earnings due to changes in interest rates.

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The ALCO manages interest rate risk using income simulation to measure interest rate risk inherent in Salisbury’s financial instruments at a given point in time by showing the effect of interest rate shifts on net interest income over a 24-month horizon. In management’s December 31, 2015 analysis, three of the simulations incorporate static growth assumptions over the simulation horizons, with allowances made for loan, deposit and security product mix shifts in selected interest rate scenarios, such as movements between lower rate savings and money market deposit accounts and higher rate time deposits, and changes in the reinvestment of loan and securities cash flows. The fourth simulation incorporates management’s balance sheet growth assumptions. Additionally, the simulations take into account the specific re-pricing, maturity and prepayment characteristics of differing financial instruments that may vary under different interest rate scenarios.

The ALCO reviews the simulation results to determine whether Salisbury’s exposure to change in net interest income remains within established tolerance levels over the simulation horizons and to develop appropriate strategies to manage this exposure. Salisbury’s tolerance levels for changes in net interest income in its income simulations varies depending on the magnitude of interest rate changes and level of risk-based capital. All changes are measured in comparison to the projected net interest income that would result from an “unchanged” rate scenario where interest rates remain stable over the forecast horizon. The ALCO also evaluates the directional trends of net interest income, net interest margin and other financial measures over the forecast horizon for consistency with its liquidity, capital adequacy, growth, risk and profitability targets.

ALCO uses four interest rate scenarios to evaluate interest risk exposure and may vary these interest rate scenarios to show the effect of steepening or flattening changes in yield curves as well as parallel changes in interest rates. At December 31, 2015, ALCO used the following interest rate scenarios: (1) unchanged interest rates; (2) immediately rising interest rates – immediate parallel upward shift in market interest rates ranging from 300 basis points for short term rates to 300 basis points for the 10-year Treasury; (3) immediately falling interest rates – immediate non-parallel downward shift in market interest rates ranging from 50 basis points for short term rates to 127 basis points for the 10-year Treasury; and (4) immediately rising interest rates – immediate parallel upward shift in market interest rates ranging from 200 basis points for short term rates to 200 basis points for the 10-year Treasury. Deposit rates are assumed to shift by lesser amounts due to their relative historical insensitivity to market interest rate movements. Further, deposits are assumed to have certain minimum rate levels below which they will not fall. Income simulations do not reflect adjustments in strategy that the ALCO could implement in response to rate shifts.

As of December 31, 2015, net interest income simulations indicated that Salisbury’s exposure to changing interest rates over the simulation horizons remained within its tolerance levels. The following table sets forth the estimated change in net interest income from an unchanged interest rate scenario over the periods indicated for changes in market interest rates using Salisbury’s financial instruments as of December 31, 2015.

  December 31, 2015 (in thousands)    Months 1-12      Months 13-24  
Immediately rising interest rates +300bp (static growth assumptions)   (2.41)%   4.56%
Immediately falling interest rates (static growth assumptions)   (2.17)   (4.47)
Immediately rising interest rates +200bp (static growth assumptions)   (0.87)   4.74 

The negative exposure of net interest income to immediately and gradually rising rates as compared to the unchanged rate scenario results from a faster projected rise in the cost of funds versus income from earning assets, as relatively rate-sensitive money market and time deposits re-price faster than longer duration earning assets. The negative exposure of net interest income to immediately falling rates as compared to an unchanged rate scenario results from a greater decline in earning asset yields compared to rates paid on funding liabilities, as a result of faster prepayments on existing assets and lower reinvestment rates on future loans originated and securities purchased.

While the ALCO reviews simulation assumptions and back-tests simulation results to ensure that they are reasonable and current, income simulation may not always prove to be an accurate indicator of interest rate risk or future net interest margin. Over time, the re-pricing, maturity and prepayment characteristics of financial instruments and the composition of Salisbury’s balance sheet may change to a different degree than estimated. Simulation modeling assumes Salisbury’s expectation for future balance sheet growth, which is a function of the business environment and customer behavior. Another significant simulation assumption is the sensitivity of core savings deposits to fluctuations in interest rates. Income simulation results assume that changes in both core savings deposit rates and balances are related to changes in short-term interest rates. The relationship between short-term interest rate changes and core deposit rate and balance changes may differ from those used in ALCO’s estimates for income simulation. Lastly, mortgage-backed securities and mortgage loans involve a level of risk that unforeseen changes in prepayment speeds may cause related cash flows to vary significantly in differing rate environments. Such changes could affect the level of reinvestment risk associated with cash flow from these instruments, as well as their market value. Changes in prepayment speeds could also increase or decrease the amortization of premium or accretion of discounts related to such instruments, thereby affecting interest income.

44
 

Salisbury also monitors the potential change in market value of its available-for-sale debt securities in changing interest rate environments. The purpose is to determine market value exposure that may not be captured by income simulation, but which might result in changes to Salisbury’s capital and liquidity position. Results are calculated using industry-standard analytical techniques and securities data. Available-for-sale equity securities are excluded from this analysis because the market value of such securities cannot be directly correlated with changes in interest rates. The following table summarizes the potential change in market value of available-for-sale debt securities resulting from immediate parallel rate shifts:

  December 31, 2015 (in thousands)    Rates up 100bp      Rates up 200bp  
U.S. Treasury notes  $(19)  $(30)
U.S. Government agency notes   (9)   (19)
Municipal bonds   (1,133)   (2,163)
Mortgage backed securities   (838)   (1,862)
Collateralized mortgage obligations   (123)   (271)
SBA pools   (13)   (27)
Other   (11)   (21)
Total available-for-sale debt securities  $(2,146)  $(4,393)

 

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Index to Consolidated Financial Statements

  Page
Reports of Independent Registered Public Accounting Firms 46-47
Consolidated Balance Sheets 48
Consolidated Statements of Income 49
Consolidated Statements of Comprehensive Income 50
Consolidated Statements of Changes in Shareholders' Equity 50
Consolidated Statements of Cash Flows 51-52
Notes to Consolidated Financial Statements 53-95

 

 45 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Board of Directors and Shareholders

Salisbury Bancorp, Inc.

Lakeville, Connecticut

 

We have audited the accompanying consolidated balance sheet of Salisbury Bancorp, Inc. and Subsidiary (the Company) as of December 31, 2015, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Salisbury Bancorp, Inc. and Subsidiary as of December 31, 2015, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 

/s/ Baker Newman & Noyes

      Limited Liability Company

 

Peabody, Massachusetts

March 30, 2016

46
 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Board of Directors and Shareholders

Salisbury Bancorp, Inc.

Lakeville, Connecticut

 

We have audited the accompanying consolidated balance sheet of Salisbury Bancorp, Inc. and Subsidiary (the Company) as of December 31, 2014, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the years ended December 31, 2014 and 2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Salisbury Bancorp, Inc. and Subsidiary as of December 31, 2014, and the results of their operations and their cash flows for the years ended December 31, 2014 and 2013, in conformity with accounting principles generally accepted in the United States of America.

 

/s/ Shatswell, MacLeod & Company, P.C.

      Shatswell, MacLeod & Company, P.C.

 

Peabody, Massachusetts

March 30, 2015

47
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

 

  Years ended December 31, (dollars in thousands, except par value)    2015      2014  
ASSETS          
Cash and due from banks  $14,891   $13,280 
Interest bearing demand deposits with other banks   47,227    22,825 
Total cash and cash equivalents   62,118    36,105 
Securities          
Available-for-sale at fair value   76,694    91,312 
Federal Home Loan Bank of Boston stock at cost   3,176    3,515 
Loans held-for-sale   763    568 
Loans receivable, net (allowance for loan losses: $5,716 and $5,358)   699,018    673,330 
Other real estate owned   —    1,002 
Bank premises and equipment, net   14,307    14,431 
Goodwill   12,552    12,552 
Intangible assets (net of accumulated amortization: $2,910 and $2,258)   2,338    2,990 
Accrued interest receivable   2,307    2,334 
Cash surrender value of life insurance policies   13,685    13,314 
Deferred taxes   1,989    2,428 
Other assets   2,245    1,546 
Total Assets  $891,192   $855,427 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $201,340   $161,386 
Demand (interest bearing)   125,465    117,169 
Money market   183,783    174,274 
Savings and other   119,651    121,387 
Certificates of deposit   124,294    141,210 
Total deposits   754,533    715,426 
Repurchase agreements   3,914    4,163 
Federal Home Loan Bank of Boston advances   26,979    28,813 
Subordinated debt(1)   9,764    — 
Note payable   376    — 
Capital lease liability   422    424 
Accrued interest and other liabilities   4,630    4,780 
Total Liabilities   800,618    753,606 
Shareholders' Equity          
Preferred stock - $.01 per share par value          
Authorized: 25,000; Issued: 16,000 (Series B); Outstanding: 0 and 16,000;          
Liquidation preference: $1,000 per share   —    16,000 
Common stock - $.10 per share par value          
Authorized: 5,000,000;          
Issued: 2,733,576 and 2,720,766   273    272 
Unearned compensation - restricted stock awards   (110)   (313)
Paid-in capital   41,364    41,077 
Retained earnings   47,922    42,677 
Accumulated other comprehensive income, net   1,125    2,108 
Total Shareholders' Equity   90,574    101,821 
Total Liabilities and Shareholders' Equity  $891,192   $855,427 

 

(1)Net of issuance costs, which are capitalized and amortized as a component of interest expense over a period of 10 years.

 

48
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME

 

  Years ended December 31, (in thousands except per share amounts)   2015      2014      2013  
Interest and dividend income               
Interest and fees on loans  $31,752   $19,616   $17,978 
Interest on debt securities               
Taxable   1,179    1,406    1,757 
Tax exempt   1,431    1,704    1,948 
Other interest and dividends   209    129    67 
Total interest and dividend income   34,571    22,855    21,750 
Interest expense               
Deposits   1,844    1,465    1,813 
Repurchase agreements   7    8    6 
Federal Home Loan Bank of Boston advances   1,064    1,184    1,243 
Capital lease   70    47    — 
Note payable   6    —    — 
Subordinated debt   35    —    — 
    Total interest expense   3,026    2,704    3,062 
Net interest and dividend income   31,545    20,151    18,688 
Provision for loan losses   917    1,134    1,066 
Net interest and dividend income after provision for loan losses   30,628    19,017    17,622 
Non-interest income               
Gains on securities, net   192    —    — 
Trust and wealth advisory   3,265    3,295    3,074 
Service charges and fees   3,070    2,473    2,298 
Gains on sales of mortgage loans, net   274    64    579 
Mortgage servicing, net   1    94    35 
Other   510    326    319 
Total non-interest income   7,312    6,252    6,305 
Non-interest expense               
Salaries   10,301    8,029    7,467 
Employee benefits   3,729    3,136    2,804 
Premises and equipment   3,541    2,831    2,398 
Data processing   1,677    1,502    1,514 
Professional fees   2,150    1,331    1,212 
Collections, OREO, and appraisals   505    458    519 
FDIC insurance   658    461    470 
Marketing and community support   593    396    393 
Amortization of intangibles   652    291    222 
Merger and acquisition related expenses   —    1,974    312 
Other   2,114    1,729    1,624 
Total non-interest expense   25,920    22,138    18,935 
Income before income taxes   12,020    3,131    4,992 
Income tax provision   3,563    610    909 
Net income  $8,457   $2,521   $4,083 
Net income available to common shareholders  $8,299   $2,355   $3,922 
                
Basic earnings per common share  $3.04   $1.32   $2.30 
Diluted earnings per common share   3.02    1.32    2.30 
Common dividends per share   1.12    1.12    1.12 

 

49
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

  Years ended December 31, (in thousands)    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Other comprehensive (loss)  income               
Net unrealized (losses) gains on securities available-for-sale   (1,297)   2,534    (3,743)
Reclassification of net realized gains in net income   (192)   —    — 
Unrealized (losses) gains on securities available-for-sale   (1,489)   2,534    (3,743)
Income tax benefit (expense)   506    (862)   1,273 
Unrealized (losses) gains on securities available-for-sale, net of tax   (983)   1,672    (2,470)
Change in unrecognized pension plan (expense) income   —    (924)   1,635 
Income tax benefit (expense)   —    314    (556)
Change in unrecognized pension plan (expense) income, net of tax   —    (610)   1,079 
Other comprehensive (loss) income, net of tax   (983)   1,062    (1,391)
Comprehensive income  $7,474   $3,583   $2,692 

 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

 

                             Unearned    Accumulated      
                             compensation-    other comp-    Total 
    Common Stock                   restricted    rehensive    share- 
(in thousands,             Preferred    Paid-in    Retained    stock    income    holders’ 
except share amounts)   Shares    Amount    Stock    capital    earnings    awards    (loss)    equity 
Balances at December 31, 2012    1,689,691   $169   $16,000   $13,158   $40,233   $—   $2,437   $71,997 
Net income for year   —    —    —    —    4,083    —    —    4,083 
Other comprehensive loss, net of tax   —    —    —    —    —    —    (1,391)   (1,391)
Common stock dividends declared ($1.12 per share)   —    —    —    —    (1,915)   —    —    (1,915)
Preferred stock dividends declared   —    —    —    —    (161)   —    —    (161)
Issuance of restricted common stock   19,600    2    —    488    —    (490)   —    — 
Forfeiture of restricted common stock   (500)   —    —    (12)   —    12    —    — 
Stock based compensation-restricted                                        
  stock awards   —    —    —    —    —    143    —    143 
Issuance of common stock for director fees   1,330    —    —    34    —    —    —    34 
Balances at December 31, 2013    1,710,121   $171   $16,000   $13,668   $42,240   $(335)  $1,046   $72,790 
Net income for year   —    —    —    —    2,521    —    —    2,521 
Other comprehensive income, net of tax   —    —    —    —    —    —    1,062    1,062 
Common stock dividends declared ($1.12 per share)   —    —    —    —    (1,918)   —    —    (1,918)
Preferred stock dividends declared   —    —    —    —    (166)   —    —    (166)
Acquisition of Riverside Bank   1,001,485    100    —    27,151    —    —    —    27,251 
Issuance of common stock for executives   2,250    —    —    61    —    —    —    61 
Issuance of restricted common stock   6,750    1    —    182    —    (183)   —    — 
Forfeiture of restricted common stock   (2,000)   —    —    (50)   —    50    —    — 
Stock based compensation-restricted                                        
  stock awards   —    —    —    —    —    155    —    155 
Issuance of common stock for director fees   2,160    —    —    65    —    —    —    65 
Balances at December 31, 2014    2,720,766   $272   $16,000   $41,077   $42,677   $(313)  $2,108   $101,821 
Net income for year   —    —    —    —    8,457    —    —    8,457 
Other comprehensive loss, net of tax   —    —    —    —    —    —    (983)   (983)
Common stock dividends declared ($1.12 per share)   —    —    —    —    (3,054)   —    —    (3,054)
Preferred stock dividends declared   —    —    —    —    (158)   —    —    (158)
Stock options exercised   9,450    1    —    182    —    —    —    183 
Issuance of common stock for executives   1,000    —    —    29    —    —    —    29 
Forfeiture of restricted common stock   (300)   —    —    (7)   —    7    —    — 
Issuance of common stock for directors fees   2,660    —    —    81    —    —    —    81 
Stock based compensation-restricted                                        
  stock awards   —    —    —    2    —    196    —    198 
Redemption of preferred stock   —    —    (16,000)   —    —    —    —    (16,000)
Balances at December 31, 2015   2,733,576   $273   $—   $41,364   $47,922   $(110)  $1,125   $90,574 

50
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CASH FLOWS

  Years ended December 31, (in thousands)    2015      2014      2013  
Operating Activities               
Net income  $8,457   $2,521   $4,083 
Adjustments to reconcile net income to net cash provided by operating activities:               
(Accretion), amortization and depreciation               
Securities   240    198    365 
Bank premises and equipment   1,234    1,031    856 
Core deposit intangible   652    291    222 
Mortgage servicing rights   356    303    389 
Fair value adjustment on loans   (2,725)   (181)   32 
Fair value adjustment on deposits   (417)   (69)   — 
(Gains) and losses, including write-downs               
Sales and calls of securities available-for-sale, net   (192)   —    — 
Gain on sales of loans, excluding capitalized servicing rights   (125)   (54)   (285)
Loss on other real estate owned   81    99    133 
Loss on sale/disposals of premises and equipment   45    6    34 
Provision for loan losses   917    1,134    1,066 
Proceeds from loans sold   8,549    4,449    18,693 
Loans originated for sale   (8,619)   (4,790)   (16,702)
Decrease (increase) in deferred loan origination fees and costs, net   14    (21)   (150)
Mortgage servicing rights originated   (148)   (17)   (294)
Increase (decrease) in mortgage servicing rights impairment reserve   3    (15)   (23)
Decrease (increase) in interest receivable   27    (162)   58 
Deferred tax expense (benefit)   945    (673)   (134)
(Increase) decrease in prepaid expenses   (295)   (57)   706 
Increase in cash surrender value of life insurance policies   (371)   (245)   (234)
(Increase) decrease in income tax receivable   (512)   —    311 
(Decrease) increase in income taxes payable   (86)   64    — 
(Increase) decrease  in other assets   (103)   41    (637)
Decrease (increase) in accrued expenses   (155)   269    734 
Decrease in interest payable   (16)   (3)   (55)
Increase in other liabilities   107    80    346 
Stock options exercised   183    —    — 
Issuance of shares for directors’ fees   81    65    34 
Stock based compensation-restricted stock awards   227    216    143 
Net cash provided by operating activities   8,354    4,480    9,691 
Investing Activities               
Maturity (purchase) of interest-bearing time deposits with other banks   —    738    (738)
Redemption of Federal Home Loan Bank of Boston stock   339    1,825    407 
Purchases of securities available-for-sale   (16,373)   (502)   — 
Proceeds from sales of securities available-for-sale   3,861    —    — 
Proceeds from calls of securities available-for-sale   10,925    8,115    3,800 
Proceeds from maturities of securities available-for-sale   14,668    9,644    23,888 
Loan originations and principal collections, net   (24,481)   (37,872)   (52,088)
Loans purchased   —    (2,711)   — 
Recoveries of loans previously charged off   653    101    31 
Proceeds from sales of other real estate owned   855    40    1,423 
Purchase of life insurance policies   —    (1,100)   — 
Capital expenditures   (779)   (2,156)   (556)
Cash and cash equivalents acquired               
Union Savings Bank branch acquisition   —    17,462    — 
Riverside Bank acquisition   —    18,650    — 
Net cash (utilized) provided by investing activities   (10,332)   12,234    (23,833)

51
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

 

 

Years ended December 31, (in thousands)    2015      2014      2013  
Financing Activities               
Increase (decrease) in deposit transaction accounts, net   56,023    16,306    (2,997)
Decrease in time deposits, net   (16,499)   (7,552)   (10,849)
(Decrease) increase in securities sold under agreements to repurchase, net   (249)   1,609    770 
Principal payments on Federal Home Loan Bank of Boston advances   (791)   (1,598)   (1,569)
Modification fees on Federal Home Loan Bank of Boston advances   (1,043)   —    — 
Decrease in capital lease obligation   (2)   (1)   — 
Payoff of preferred stock   (16,000)   —    — 
Issuance of subordinated debt, net of issuance costs   9,764    —    — 
Common stock dividends paid   (3,054)   (1,918)   (1,915)
Series B preferred stock dividends paid   (158)   (166)   (161)
Net cash provided (utilized) by financing activities   27,991    6,680    (16,721)
Net increase (decrease) in cash and cash equivalents   26,013    23,394    (30,863)
Cash and cash equivalents, beginning of year   36,105    12,711    43,574 
Cash and cash equivalents, end of year  $62,118   $36,105   $12,711 
Cash paid during year               
Interest  $3,460   $2,477   $3,117 
Income taxes   3,216    1,258    732 
Non-cash transfers               
Note payable to finance building purchase   376           
From loans to other real estate owned   101    764    1,689 
From other real estate owned to loans   167    —    — 
The Company recorded a capital lease asset and incurred a capital lease obligation in connection with the lease of a building   —    —    425 
Union Savings Bank, N.A. branch acquisition 2014               
Cash and cash equivalents acquired   —    17,462    — 
Net loans acquired   —    63    — 
Fixed assets acquired   —    158    — 
Core deposit intangible   —    490    — 
Deposits assumed   —    18,172    — 
Accrued interest payable assumed   —    1    — 
Riverside Bank acquisition 2014               
Cash and cash equivalents acquired   —    18,650    — 
Investments acquired   —    11,742    — 
Net loans acquired   —    196,305    — 
Fixed assets acquired   —    1,543    — 
Accrued interest receivable acquired   —    412    — 
Cash surrender value of life insurance policies acquired        4,440      
Other assets acquired   —    2,154    — 
Core deposit intangible   —    2,215    — 
Deposits assumed   —    211,200    — 
Accrued interest payable assumed   —    28    — 
Other liabilities assumed   —    1,705    — 

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Salisbury Bancorp, Inc. and Subsidiary

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Salisbury is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through thirteen full-service offices located in Litchfield, Berkshire and Dutchess and Orange Counties in Connecticut, Massachusetts and New York, respectively.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The following is a summary of significant accounting policies:

Principles of Consolidation

The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.

Basis of Financial Statement Presentation

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2014 and 2013 financial statements to make them consistent with the 2015 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. In 2015, a 3% reserve ratio was assessed on net transaction accounts over $14.5 million, up to and including $103.6 million (which may be adjusted by the FRB). A 10% reserve ratio was assessed on net transaction accounts in excess of $103.6 million (which may be adjusted by the FRB). In 2014, a 3% reserve ratio was assessed on net transaction accounts over $13.3 million up to and including $89.0 million. A 10% reserve ratio was assessed on net transaction accounts in excess of $89.0 million.

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The OTTI related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses.

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Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank’s FHLBB stock as of December 31, 2015. Deterioration of the FHLBB’s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (ASC) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

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For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management’s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management’s general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2015.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

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Commercial real estate - Loans in this segment are primarily income-producing properties throughout Salisbury’s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, has an effect on the credit quality in this segment.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury’s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity’s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are near 0%.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Other Real Estate Owned (“OREO”)

Salisbury's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.

As of December 31, 2015 the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $2.9 million.

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OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

  • Building /Improvements – 39 years
  • Land Improvements – 15 years
  • Furniture and Fixtures – 7 years
  • Computer Equipment – 5 years
  • Software – 3 years

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s assets at December 31, 2015, and 2014, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, and $2,723,000 arising from the acquisition of Riverside Bank in December 2014. See Note 8.

On an annual basis management assesses intangible assets for impairment, and for the year ending December 31, 2015, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

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Recent Accounting Pronouncements

In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 and 2015-14, “Revenue from Contracts with Customers (Topic 606).” The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). Salisbury is currently reviewing ASU 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. Salisbury adopted this guidance in 2015 and presented the costs related to the issuance of subordinated debt as a direct reduction of the carrying amount of the debt.

In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” Under the ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects (if any) as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument-specific credit risk. Salisbury is currently evaluating the impact of the new standard on the consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which provides new guidance related to accounting for leases.

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The ASU requires that an entity recognize substantially all leasing activities on its balance sheet.  Specifically, a lessee will be required to recognize a liability to make lease payments (the lease liability) and a “right-of-use” asset representing the right to use the underlying asset for the lease term.  The asset and liability will initially be measured at the present value of the future lease payments. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption will be permitted for all entities. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

NOTE 2 – MERGERS AND ACQUISITIONS

On December 5, 2014, the Company acquired Riverside Bank. Riverside Bank operated four banking offices serving Dutchess, Ulster and Orange Counties in New York, and was merged with and into the Bank.  This business combination is an extension of the Salisbury franchise and the goodwill recognized results from the expected synergies and earnings accretion from this combination, including future cost savings related to Riverside’s operations.  The combination was negotiated between the companies and was approved unanimously by their respective boards of directors.

Riverside Bank shareholders received 1,001,485 shares of the Company common stock. On the acquisition date, Riverside Bank had 741,876 outstanding common shares.  Salisbury exchanged its stock in a ratio of 1.35 shares of the Company’s common stock for each share of Riverside Bank stock.  The 1,001,485 shares of Salisbury common stock issued in this exchange were valued at $27.19 per share based on the closing price of Salisbury posted on December 5, 2014 resulting in consideration paid of $27 million.  Salisbury paid $1.0 thousand in cash consideration to settle all fractional shares outstanding of Riverside Bank.

The results of Riverside Bank’s operations are included in Salisbury’s Consolidated Statements of Income from the date of acquisition.

The assets and liabilities in the Riverside Bank acquisition were recorded at their fair value based on the utilization of third party specialists and management’s best estimate using information available at the date of acquisition.  Consideration paid, and fair values of Riverside Bank’s assets acquired and liabilities assumed are summarized in the following tables:

 

  Consideration Paid: (In thousands)    Amount  
Salisbury Bancorp common stock issued to Riverside Bank common stockholders  $27,230 
Cash consideration paid for fractional shares   1 
Riverside stock options, vested upon acquisition   20 
  Total consideration paid  $27,251 

 

  Recognized amounts of identifiable assets acquired and liabilities    Fair Value    As Recorded 
  assumed, at fair value:   As Acquired    Adjustment    at Acquisition 
Cash and cash equivalents  $18,650   $—   $18,650 
Investment securities   11,820    (78)(a)   11,742 
Loans   204,398    (8,093)(b)   196,305 
Premises and equipment   1,046    497(c)   1,543 
Other assets   7,006    —    7,006 
Core deposit intangible   —    2,215    2,215 
Deposits   (210,559)   (641)(d)   (211,200)
Other liabilities   (1,733)   —    (1,733)
  Total identifiable net assets  $30,628   $(6,100)  $24,528 
                
Goodwill   —    —     $2,723 

 

Explanation of Certain Fair Value Adjustments

(a)     The adjustment represents the decrease in the book value of investments to their estimated fair value based on fair values on the date of acquisition.
(b) The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio.  Loans that met the criteria and are being accounted for in accordance with ASC 310-30 had a carrying amount of $13.7 million at acquisition. Non-impaired loans not accounted for under ASU 310-30 had a carrying value of $190.7 million at acquisition.
(c) The adjustment represents the appraised value of the land and building acquired in the acquisition.  The land and building were recorded as fixed assets and the building will be amortized over its remaining useful life.
(d) The adjustment is necessary because the weighted average interest rate of deposits exceeded the cost of similar funding at the time of acquisition.

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Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Riverside Bank were estimated using cash flow projections based on the remaining maturity and repricing terms.  Cash flows were adjusted by estimating future credit losses and the rate of prepayments.  Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans.  For collateral dependent loans with deteriorated credit quality, to estimate the fair value, Salisbury analyzed the value of the underlying collateral of the loans, assuming the fair values of the loans were derived from the eventual sale of the collateral.  Those values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral.  There was no carryover of Riverside Bank’s allowance for credit losses associated with the loans that were acquired as the loans were recorded at fair value upon acquisition.

Information about the acquired loan portfolio subject to purchased credit impaired loan accounting guidance (ASC 310-30) as of December 5, 2014 (acquisition date) is as follows (in thousands): 

  (In thousands)    ASC 310-30 Loans  
  Contractually required principal and interest at acquisition  $16,209 
  Contractual cash flows not expected to be collected (nonaccretable discount)   (4,288)
  Expected cash flows at acquisition   11,921 
  Interest component of expected cash flows (accretable discount)   (1,293)
  Fair value of acquired loans  $10,628 


The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality.

  (In thousands)    2015      2014  
  Balance at beginning of period  $1,242   $— 
Acquisitions   —    1,293 
Accretion   (1,109)   (51)
Reclassification from non-accretable to accretable   1,768    — 
  Balance at end of period  $1,901   $1,242 

At December 31, 2015 and 2014, Salisbury ASC 310-30 loans had an outstanding balance totaling $10.9 million and $13.3 million, respectively. The carrying value was $8.9 million and $10.6 million, respectively.

The results of operations of Riverside Bank since the acquisition date of December 5, 2014, have been included in Salisbury’s consolidated financial statements.

The following pro forma information assumes that the acquisition occurred at the beginning of the earliest period presented.

  Years ended December 31, (in thousands)    2014    2013  
Total revenue  $39,841   $39,640 
Net income   6,411    7,136 
Net income available to common shareholders   6,245    6,975 
Earnings per share          
Basic  $2.26   $2.59 
Diluted   2.24    2.57 

 

The goodwill is not amortized for book purposes, and is not deductible for tax purposes.

The fair value of savings and transaction deposit accounts acquired from Riverside Bank was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand.  The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities.  

Direct merger, acquisition and integration costs of the Riverside Bank acquisition were expensed as incurred, and totaled $2.0 million in 2014 and $312,000 in 2013.

 

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NOTE 3 - SECURITIES

The composition of securities is as follows:

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2015                    
Available-for-sale                    
U.S. Treasury notes  $2,499   $42   $—   $2,541 
U.S. Government agency notes   498    —    —    498 
Municipal bonds   29,752    633    —    30,385 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   31,900    385    (83)   32,202 
Collateralized mortgage obligations                    
U.S. Government agencies   2,002    12    —    2,014 
Non-agency   4,487    468    (7)   4,948 
SBA bonds   3,065    31    —    3,096 
CRA mutual funds   766    —    (2)   764 
Preferred stock   20    226    —    246 
Total securities available-for-sale  $74,989   $1,797   $(92)  $76,694 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,176   $—   $—   $3,176 

 

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2014                    
Available-for-sale                    
U.S. Treasury notes  $2,699   $107   $—   $2,806 
U.S. Government agency notes   5,850    24    —    5,874 
Municipal bonds   38,962    1,455    (65)   40,352 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   27,036    688    (15)   27,709 
Collateralized mortgage obligations                    
U.S. Government agencies   2,657    22    —    2,679 
Non-agency   6,056    552    (12)   6,596 
SBA bonds   4,336    129    —    4,465 
CRA mutual funds   502    2    —    504 
Preferred stock   20    307    —    327 
Total securities available-for-sale  $88,118   $3,286   $(92)  $91,312 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,515   $—   $—   $3,515 
(1)Net of other-than-temporary impairment write-downs recognized in prior years.

Sales of securities available-for-sale and gains realized are as follows:

  Years ended December 31, (in thousands)    2015      2014      2013  
Proceeds  $3,861   $—   $— 
Gains realized   180    —    — 
Losses realized   (27)   —    — 
Net gains realized   153    —    — 
Income tax provision   52    —    — 

 

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The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the dates presented:

   Less than 12 Months  12 Months or Longer  Total
  (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

December 31, 2015                  
Available-for-sale                              
Mortgage-backed securities  $14,750   $83   $53   $—   $14,803   $83 
Collateralized mortgage obligations                              
Non-agency   237    —    226    7    463    7 
CRA mutual funds   764    2    —    —    764    2 
Total temporarily impaired securities  $15,751   $85   $279   $7   $16,030   $92 
                               
December 31, 2014                              
Available-for-sale                              
Municipal bonds  $177   $1   $1,589   $64   $1,766   $65 
Mortgage-backed securities   56    1    1,885    14    1,941    15 
Collateralized mortgage obligations                              
Non-agency   441    7    164    5    605    12 
Total temporarily impaired securities  $674   $9   $3,638   $83   $4,312   $92 

The amortized cost, fair value and tax equivalent yield of securities, by maturity, are as follows:

  December 31, 2015 (dollars in thousands)  Amortized cost      Fair value      Yield(1)  
U.S. Treasury notes    Within 1 year  $2,499   $2,541    3.00%
   Total   2,499    2,541    3.00%
U.S. Government agency notes  After 1 year but within 5 years   498    498    0.88%
   Total   498    498    0.88%
Municipal bonds  Within 1 year   254    254    5.60%
   After 1 year but within 5 years   1,217    1,225    5.57%
   After 5 years but within 10 years   1,894    1,922    6.38%
   After 10 years but within 15 years   2,632    2,708    6.30%
   After 15 years   23,755    24,276    6.68%
   Total   29,752    30,385    6.57%
Mortgage-backed securities  U.S. Government agency and U.S. Government-sponsored enterprises   31,900    32,202    2.96%
Collateralized mortgage obligations  U.S. Government agency and U.S. Government-sponsored enterprises   2,002    2,014    1.02%
   Non-agency   4,487    4,948    4.20%
SBA bonds      3,065    3,096    2.93%
CRA mutual funds      766    764    2.07%
Preferred stock      20    246    2.26%
Securities available-for-sale     $74,989   $76,694    4.47%

(1) Yield is based on amortized cost.

Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

The following summarizes, by security type, the basis for evaluating if the applicable securities were OTTI at December 31, 2015.

U.S. Government agency mortgage-backed securities: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider the sixteen securities with unrealized losses at December 31, 2015 to be OTTI.

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Non-agency CMOs: Salisbury performed a detailed cash flow analysis of its non-agency CMOs at December 31, 2015, to assess whether any of the securities were OTTI. Salisbury uses cash flow forecasts for each security based on a variety of market driven assumptions and securitization terms, including prepayment speed, default or delinquency rate, and default severity for losses including interest, legal fees, property repairs, expenses and realtor fees, that, together with the loan amount are subtracted from collateral sales proceeds to determine severity. In 2009, Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1,128,000. Salisbury judged the four remaining securities not to have additional OTTI and all other CMO securities not to be OTTI as of December 31, 2015. It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI for further deterioration in credit quality. Salisbury evaluates these securities for strategic fit and depending upon such factor could reduce its position in these securities, although it has no present intention to do so, and it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis.

CRA mutual funds consist of an investment in a fixed income mutual fund ($764,000 in total fair value and $2,000 in total unrealized losses).  The severity of the impairment (fair value is approximately 0.26% less than cost) and the duration of the impairment correlates with interest rates in 2015.  Salisbury evaluated the near-term prospects of this fund in relation to the severity and duration of the impairment.  Based on that evaluation, Salisbury does not consider this investment to be other-than-temporarily impaired at December 31, 2015.

The Company did not recognize any OTTI during the years ended December 31, 2015, 2014 and 2013.

NOTE 4 - LOANS

The composition of loans receivable and loans held-for-sale is as follows:

Years ended December 31,  2015  2014
(In thousands) 

Business

Activities

Loans

 

Acquired

Loans

  Total 

Business

Activities

Loans

 

Acquired 

Loans

  Total
Residential 1-4 family  $261,495   $7,799   $269,294   $252,258   $9,223   $261,481 
Residential 5+ multifamily   6,411    6,136    12,547    5,556    8,735    14,291 
Construction of residential 1-4 family   7,998    —    7,998    2,004    —    2,004 
Home equity lines of credit   35,017    —    35,017    34,627    —    34,627 
Residential real estate   310,921    13,935    324,856    294,445    17,958    312,403 
Commercial   129,446    88,829    218,275    98,498    97,899    196,397 
Construction of commercial   6,525    4,874    11,399    18,602    9,045    27,647 
Commercial real estate   135,971    93,703    229,674    117,100    106,944    224,044 
Farm land   3,193    —    3,193    3,239    —    3,239 
Vacant land   8,563    —    8,563    9,342    —    9,342 
Real estate secured   458,648    107,638    566,286    424,126    124,902    549,028 
Commercial and industrial   74,657    46,764    121,421    49,204    68,714    117,918 
Municipal   9,566    —    9,566    6,083    —    6,083 
Consumer   6,195    77    6,272    4,334    122    4,456 
Loans receivable, gross   549,066    154,479    703,545    483,747    193,738    677,485 
Deferred loan origination fees and costs, net   1,189    —    1,189    1,203    —    1,203 
Allowance for loan losses   (5,481)   (235)   (5,716)   (5,337)   (21)   (5,358)
Loans receivable, net  $544,774   $154,244   $699,018   $479,613   $193,717   $673,330 
Loans held-for-sale                              
Residential 1-4 family  $763   $—   $763   $568   $—   $568 

Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury’s loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties.

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Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks’ originated loans.  Purchased amounts are accounted for as loans without recourse to the originating bank.  Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan.  The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. 

At December 31, 2015 and 2014, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $63.0 million and $48.0 million, respectively. During 2015, Salisbury sold participation interests in 3 loans with gross outstanding loan balances of $37.3 million; retaining $13.8 million in net balances.  Additionally, Salisbury purchased a participant share in 11 loans with outstanding balances of $9.4 million. There are construction loans in the portfolio that have not been fully drawn as of December 31, 2015.

Concentrations of Credit Risk

Salisbury's loans consist primarily of residential and commercial real estate loans located principally in northwestern Connecticut, New York and Massachusetts towns, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, and installment and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury’s market area.

Credit Quality

Salisbury uses credit risk ratings to determine its allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

Loans rated as "special mention" possess credit deficiencies or potential weaknesses deserving management’s close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.

Loans rated as "substandard" are loans where the Bank’s position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.

Loans rated "doubtful" have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.

Loans classified as "loss" are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank’s loan portfolio is examined periodically by its regulatory agencies, the FDIC and the Connecticut Department of Banking.

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The composition of loans receivable by risk rating grade is as follows:

Business Activities Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2015                              
Residential 1-4 family  $248,027   $6,933   $6,444   $91   $—   $261,495 
Residential 5+ multifamily   4,507    1,815    89    —    —    6,411 
Construction of residential 1-4 family   7,111    887    —    —    —    7,998 
Home equity lines of credit   33,687    545    785    —    —    35,017 
Residential real estate   293,332    10,180    7,318    91    —    310,921 
Commercial   120,903    4,801    3,742    —    —    129,446 
Construction of commercial   6,525    —    —    —    —    6,525 
Commercial real estate   127,428    4,801    3,742    —    —    135,971 
Farm land   2,162    —    1,031    —    —    3,193 
Vacant land   5,567    69    2,927    —    —    8,563 
Real estate secured   428,489    15,050    15,018    91    —    458,648 
Commercial and industrial   72,887    1,214    555    1    —    74,657 
Municipal   9,566    —    —    —    —    9,566 
Consumer   6,171    18    6    —    —    6,195 
Loans receivable, gross  $517,113   $16,282   $15,579   $92   $—   $549,066 

Acquired Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2015                              
Residential 1-4 family  $6,824   $199   $776   $—   $—   $7,799 
Residential 5+ multifamily   6,136    —    —    —    —    6,136 
Construction of residential 1-4 family   —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    — 
Residential real estate   12,960    199    776    —    —    13,935 
Commercial   80,406    4,005    4,418    —    —    88,829 
Construction of commercial   4,612    —    262    —    —    4,874 
Commercial real estate   85,018    4,005    4,680    —    —    93,703 
Farm land   —    —    —    —    —    — 
Vacant land   —    —    —    —    —    — 
Real estate secured   97,978    4,204    5,456    —    —    107,638 
Commercial and industrial   45,363    875    443    83    —    46,764 
Municipal   —    —    —    —    —    — 
Consumer   71    6    —    —    —    77 
Loans receivable, gross  $143,412   $5,085   $5,899   $83   $—   $154,479 
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Business Activities Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2014                              
Residential 1-4 family  $232,628   $12,350   $7,187   $93   $—   $252,258 
Residential 5+ multifamily   3,420    1,072    1,064    —    —    5,556 
Construction of residential 1-4 family   2,004    —    —    —    —    2,004 
Home equity lines of credit   32,639    807    1,181    —    —    34,627 
Residential real estate   270,691    14,229    9,432    93    —    294,445 
Commercial   79,975    10,728    7,795    —    —    98,498 
Construction of commercial   18,024    —    578    —    —    18,602 
Commercial real estate   97,999    10,728    8,373    —    —    117,100 
Farm land   772    1,361    1,106    —    —    3,239 
Vacant land   6,039    140    3,163    —    —    9,342 
Real estate secured   375,501    26,458    22,074    93    —    424,126 
Commercial and industrial   44,903    3,527    774    —    —    49,204 
Municipal   6,083    —    —    —    —    6,083 
Consumer   4,271    53    10    —    —    4,334 
Loans receivable, gross  $430,758   $30,038   $22,858   $93   $—   $483,747 

Acquired Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2014                              
Residential 1-4 family  $8,661   $—   $562   $—   $—   $9,223 
Residential 5+ multifamily   8,735    —    —    —    —    8,735 
Construction of residential 1-4 family   —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    — 
Residential real estate   17,396    —    562    —    —    17,958 
Commercial   89,820    3,830    3,723    526    —    97,899 
Construction of commercial   9,045    —    —    —    —    9,045 
Commercial real estate   98,865    3,830    3,723    526    —    106,944 
Farm land   —    —    —    —    —    — 
Vacant land   —    —    —    —    —    — 
Real estate secured   116,261    3,830    4,285    526    —    124,902 
Commercial and industrial   66,098    1,675    941    —    —    68,714 
Municipal   —    —    —    —    —    — 
Consumer   96    7    19    —    —    122 
Loans receivable, gross  $182,455   $5,512   $5,245   $526   $—   $193,738 

The significant decrease, totaling $14.6 million, in Special Mention loans resulted primarily from various relationship upgrades to a pass rating. The largest relationship upgraded was $4.9 million, or 33%, of the total. The ten largest upgraded relationships equaled $10.8 million or 74% of total upgrades. Additionally, approximately $1.9 million of Special Mention loans paid off in 2015. Upgrades of smaller balance relationships, less than $300,000 each, accounted for the remainder of the change.

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The composition of loans receivable by delinquency status is as follows:

Business Activities Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2015                                             
Residential 1-4 family  $254,152   $1,781   $1,931   $683   $973   $1,975   $5,562   $—   $5,671 
Residential 5+ multifamily   6,254    —    68    —    —    89    157    —    89 
Construction of residential 1-4 family   7,826    172    —    —    —    —    —    —    — 
Home equity lines of credit   33,744    363    306    101    113    390    910    —    601 
Residential real estate   301,976    2,316    2,305    784    1,086    2,454    6,629    —    6,361 
Commercial   126,440    1,618    474    —    233    681    1,388    —    2,349 
Construction of commercial   6,525    —    —    —    —    —    —    —    — 
Commercial real estate   132,965    1,618    474    —    233    681    1,388    —    2,349 
Farm land   2,172    298    —    —    —    723    723    —    1,031 
Vacant land   5,734    —    6    —    —    2,823    2,829    —    2,855 
Real estate secured   442,847    4,232    2,785    784    1,319    6,681    11,569    —    12,596 
Commercial and industrial   73,698    906    35    —    —    18    53    —    461 
Municipal   9,566    —    —    —    —    —    —    —    — 
Consumer   6,096    61    21    17    —    —    38    —    80 
Loans receivable, gross  $532,207   $5,199   $2,841   $801   $1,319   $6,699   $11,660   $—   $13,137 

Acquired Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2015                                             
Residential 1-4 family  $6,823   $—   $—   $110   $—   $866   $976   $90   $776 
Residential 5+ multifamily   6,136    —    —    —    —    —    —    —    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   12,959    —    —    110    —    866    976    90    776 
Commercial   81,140    4,848    916    —    —    1,925    2,841    —    2,000 
Construction of commercial   4,612    —    —    —    —    262    262    —    262 
Commercial real estate   85,752    4,848    916    —    —    2,187    3,103    —    2,262 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   98,711    4,848    916    110    —    3,053    4,079    90    3,038 
Commercial and industrial   46,128    471    83    82    —    —    165    —    — 
Municipal   —    —    —    —    —    —    —    —    — 
Consumer   77    —    —    —    —    —    —    —    — 
Loans receivable, gross  $144,916   $5,319   $999   $192   $—   $3,053   $4,244   $90   $3,038 

67
 

Business Activities Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2014                                             
Residential 1-4 family  $241,567   $7,299   $1,250   $555   $976   $611   $3,392   $—   $2,445 
Residential 5+ multifamily   5,467    —    —    —    89    —    89    —    89 
Construction of residential 1-4 family   2,004    —    —    —    —    —    —    —    — 
Home equity lines of credit   33,488    387    122    528    39    63    752    —    348 
Residential real estate   282,526    7,686    1,372    1,083    1,104    674    4,233    —    2,882 
Commercial   94,598    2,079    602    —    —    1,219    1,821    —    1,219 
Construction of commercial   18,602    —    —    —    —    —    —    —    — 
Commercial real estate   113,200    2,079    602    —    —    1,219    1,821    —    1,219 
Farm land   2,119    —    13    723    —    384    1,120    —    384 
Vacant land   6,422    51    7    —    39    2,823    2,869    —    2,862 
Real estate secured   404,267    9,816    1,994    1,806    1,143    5,100    10,043    —    7,347 
Commercial and industrial   48,478    582    91    17    36    —    144    17    33 
Municipal   6,083    —    —    —    —    —    —    —    — 
Consumer   4,274    47    8    5    —    —    13    —    — 
Loans receivable, gross  $463,102   $10,445   $2,093   $1,828   $1,179   $5,100   $10,200   $17   $7,380 

Acquired Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2014                                             
Residential 1-4 family  $8,661   $—   $—   $—   $—   $562   $562   $—   $562 
Residential 5+ multifamily   8,735    —    —    —    —    —    —    —    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   17,396    —    —    —    —    562    562    —    562 
Commercial   95,695    1,109    167    —    285    643    1,095    —    1,931 
Construction of commercial   9,045    —    —    —    —    —    —    —    — 
Commercial real estate   104,740    1,109    167    —    285    643    1,095    —    1,931 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   122,136    1,109    167    —    285    1,205    1,657    —    2,493 
Commercial and industrial   67,665    740    89    220    —    —    309    —    — 
Municipal   —    —    —    —    —    —    —    —    — 
Consumer   117    5    —    —    —    —    —    —    — 
Loans receivable, gross  $189,918   $1,854   $256   $220   $285   $1,205   $1,966   $—   $2,493 

Interest on non-accrual loans that would have been recorded as additional interest income for the years ended December 31, 2015, 2014 and 2013 had the loans been current in accordance with their original terms totaled $1,089,000, $632,000 and $487,000, respectively.

 

68
 

Troubled Debt Restructurings (TDRs)

Troubled debt restructurings occurring during the periods are as follows:

  Business Activities Loans December 31, 2015  December 31, 2014
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   3   $1,071   $1,071    4   $308   $308 
Land   —    —    —    —    —    — 
Commercial real estate   1    294    294    4    1,076    1,076 
Construction of commercial    —    —    —    1    131    131 
Consumer   —    —    —    —    —    — 
Commercial and industrial   —    —    —    —    —    — 
HELOC   1    35    35    —    —    — 
Troubled debt restructurings   5   $1,400   $1,400    9   $1,515   $1,515 
Rate reduction and term extension   1   $294   $294    —   $—   $— 
Interest only pursuant to sale   —    —    —    1    24    24 
Interest only and term extension   —    —    —    1    48    48 
Interest only pursuant to sale and term extension   —    —    —    1    230    230 
Interest only   —    —    —    1    30    30 
Debt consolidation and term extension   1    148    148    2    447    447 
Rate reduction   —    —    —    —    —    — 
Rate reduction interest only   —    —    —    —    —    — 
Debt consolidation, rate reduction, term extension and note bifurcation   1    48    48    1    399    399 
Rate reduction and debt consolidation   —    —    —    —    —    — 
Term extension   2    910    910    2    337    337 
Troubled debt restructurings   5   $1,400   $1,400    9   $1,515   $1,515 
  Acquired Loans December 31, 2015  December 31, 2014
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   —   $—   $—    —   $—   $— 
Land   —    —    —    —    —    — 
Commercial real estate   1    184    184    1    571    571 
Construction of commercial    —    —    —    —    —    — 
Consumer   —    —    —    —    —    — 
Commercial and industrial   —    —    —    —    —    — 
HELOC   —    —    —    —    —    — 
Troubled debt restructurings   1   $184   $184    1   $571    571 
Rate reduction and term extension   1   $184   $184    —   $—   $— 
Interest only pursuant to sale   —    —    —    —    —    — 
Interest only and term extension   —    —    —    —    —    — 
Interest only pursuant to sale and term extension   —    —    —    —    —    — 
Interest only   —    —    —    —    —    — 
Debt consolidation and term extension   —    —    —    —    —    — 
Rate reduction   —    —    —    1    571    571 
Rate reduction interest only   —    —    —    —    —    — 
Debt consolidation, rate reduction, term extension and note bifurcation   —    —    —    —    —    — 
Rate reduction and debt consolidation   —    —    —    —    —    — 
Term extension   —    —    —    —    —    — 
Troubled debt restructurings   1   $184   $184    1   $571   $571 

Six loans were restructured during 2015. No concessions have been made with respect to loans that subsequently defaulted in the current reporting period. Salisbury currently does not have any commitments to lend additional funds to TDR loans.

 

69
 

The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated.

There were no modifications made in 2015 that subsequently defaulted in 2015.

   Modifications that Subsequently Defaulted 
   For the twelve months ending December 31, 2014 
   Quantity    Balance 
Troubled Debt Restructurings          
Residential 1-4 family   2   $38 
Commercial real estate (1)   1    — 
 Total   3   $38 
(1)Loan paid off as of December 31, 2014

Impaired loans

Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows:

Business Activities Loans

Years ended December 31, (in thousands)    2015      2014  
Non-accrual loans, excluding troubled debt restructured loans  $10,093   $6,752 
Non-accrual troubled debt restructured loans   3,044    628 
Accruing troubled debt restructured loans   6,802    9,189 
Total impaired loans  $19,939   $16,569 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

Acquired Loans

Years ended December 31, (in thousands)    2015      2014  
Non-accrual loans, excluding troubled debt restructured loans  $3,038   $2,493 
Non-accrual troubled debt restructured loans   —    — 
Accruing troubled debt restructured loans   742    571 
Total impaired loans  $3,780   $3,064 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

 

 

70
 

Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

   Business Activities Loans   Acquired Loans
  December 31, 2015   December 31, 2015
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
  Residential  $2,306   $746   $(698)  $123   $2,477   $—   $79   $—   $—   $79 
  Commercial   1,697    (18)   (214)    1    1,466    7    136    (16)    5    132 
  Land   164    157    (133)   —    188    —    —    —    —    — 
Real estate   4,167    885    (1,045)    124    4,131    7    215    (16)   5    211 
Commercial and industrial583    (295)   (69)    464    683    14    (24)    —    34    24 
Municipal   61    —    —    —    61    —    —    —    —    — 
Consumer   117    71    (82)    18    124    —    (8)    —    8    — 
Unallocated   409    73    —    —    482    —    —    —    —    — 
Totals  $5,337   $734   $(1,196)  $606   $5,481   $21   $183   $(16)  $47   $235 
                                                   
  December 31, 2014   December 31, 2014
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
  Residential  $1,938   $657   $(307)  $18   $2,306   $—   $—   $—   $—   $— 
  Commercial   1,385    355    (84)    41    1,697    —    7    —    —    7 
  Land   226    58    (121)    1    164    —    —    —    —    — 
Real estate   3,549    1,070    (512)    60    4,167    —    7    —    —    7 
Commercial and industrial561    25    (19)    16    583    —    14    —    —    14 
Municipal43    18    —    —    61    —    —    —    —    — 
Consumer105    16    (28)   24    117    —    —    —    —    — 
Unallocated   425    (16)    —    —    409    —    —    —    —    — 
Totals  $4,683   $1,113   $(559)  $100   $5,337   $—   $21   $—   $—   $21 

The composition of loans receivable and the allowance for loan losses is as follows:

Business Activities Loans

  (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2015                              
Residential 1-4 family  $253,156   $1,415   $8,339   $610   $261,495   $2,025 
Residential 5+ multifamily   4,640    33    1,771    —    6,411    33 
Construction of residential 1-4 family   7,998    65    —    —    7,998    65 
Home equity lines of credit   34,298    286    719    68    35,017    354 
Residential real estate   300,092    1,799    10,829    678    310,921    2,477 
Commercial   125,173    1,265    4,273    113    129,446    1,378 
Construction of commercial   6,403    87    122    1    6,525    88 
Commercial real estate   131,576    1,352    4,395    114    135,971    1,466 
Farm land   2,162    23    1,031    14    3,193    37 
Vacant land   5,486    122    3,077    29    8,563    151 
Real estate secured   439,316    3,296    19,332    835    458,648    4,131 
Commercial and industrial   74,131    673    526    10    74,657    683 
Municipal   9,566    61    —    —    9,566    61 
Consumer   6,115    124    80    —    6,195    124 
Unallocated allowance   —    482    —    —    —    482 
Totals  $529,128   $4,636   $19,938   $845   $549,066   $5,481 

 

 

71
 

Acquired Loans

  (in thousands)  Collectively evaluated  Individually evaluated  ASC 310-30 loans  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2015                                        
Residential 1-4 family  $7,023   $—   $776   $79   $—   $—   $7,799   $79 
Residential 5+ multifamily   6,136    —    —    —    —    —    6,136    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    — 
Residential real estate   13,159    —    776    79    —    —    13,935    79 
Commercial   81,300    19    2,742    107    4,787    2    88,829    128 
Construction of commercial   4,612    4    262    —    —    —    4,874    4 
Commercial real estate   85,912    23    3,004    107    4,787    2    93,703    132 
Farm land   —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    — 
Real estate secured   99,071    23    3,780    186    4,787    2    107,638    211 
Commercial and industrial   45,650    24    —    —    1,114    —    46,764    24 
Municipal   —    —    —    —    —    —    —    — 
Consumer   61    —    —    —    16    —    77    — 
Unallocated allowance   —    —    —    —    —    —    —    — 
Totals  $144,782   $47   $3,780   $186   $5,917   $2   $154,479   $235 

Business Activities Loans

  (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2014                              
Residential 1-4 family  $245,997   $1,316   $6,261   $549   $252,258   $1,865 
Residential 5+ multifamily   4,536    66    1,020    3    5,556    69 
Construction of residential 1-4 family   2,004    13    —    —    2,004    13 
Home equity lines of credit   34,231    350    396    9    34,627    359 
Residential real estate   286,768    1,745    7,677    561    294,445    2,306 
Commercial   93,784    1,018    4,714    486    98,498    1,504 
Construction of commercial   18,474    193    128    —    18,602    193 
Commercial real estate   112,258    1,211    4,842    486    117,100    1,697 
Farm land   2,855    59    384    —    3,239    59 
Vacant land   6,245    67    3,097    38    9,342    105 
Real estate secured   408,126    3,082    16,000    1,085    424,126    4,167 
Commercial and industrial   48,635    532    569    51    49,204    583 
Municipal   6,083    61    —    —    6,083    61 
Consumer   4,334    117    —    —    4,334    117 
Unallocated allowance   —    —    —    —    —    409 
Totals  $467,178   $3,792   $16,569   $1,136   $483,747   $5,337 

72
 

Acquired Loans

  (in thousands)  Collectively evaluated  Individually evaluated  ASC 310-30 loans  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2014                                        
Residential 1-4 family  $8,661   $—   $562   $—   $—   $—   $9,223   $— 
Residential 5+ multifamily   8,735    —    —    —    —    —    8,735    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    — 
Residential real estate   17,396    —    562    —    —    —    17,958    — 
Commercial   89,820    —    2,502    —    5,577    —    97,899    — 
Construction of commercial   9,045    7    —    —    —    —    9,045    7 
Commercial real estate   98,865    7    2,502    —    5,577    —    106,944    7 
Farm land   —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    — 
Real estate secured   116,261    7    3,064    —    5,577    —    124,902    7 
Commercial and industrial   66,874    14    —    —    1,840    —    68,714    14 
Municipal   —    —    —    —    —    —    —    — 
Consumer   103    —    —    —    19    —    122    — 
Unallocated allowance   —    —    —    —    —    —    —    — 
Totals  $183,238   $21   $3,064   $—   $7,436   $—   $193,738   $21 

The credit quality segments of loans receivable and the allowance for loan losses are as follows:

Business Activities Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2015  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $527,905   $4,110   $—   $—   $527,905   $4,110 
Potential problem loans   1,223    44    —    —    1,223    44 
Impaired loans   —    —    19,938    845    19,938    845 
Unallocated allowance   —    482    —    —    —    482 
Totals  $529,128   $4,636   $19,938   $845   $549,066   $5,481 

Acquired Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2015  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $148,580   $46   $—   $—   $148,580   $46 
Potential problem loans   2,119    2    —    —    2,119    2 
Impaired loans   —    —    3,780    187    3,780    187 
Unallocated allowance   —    —    —    —    —    — 
Totals  $150,699   $48   $3,780   $187   $154,479   $235 

Business Activities Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2014  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $457,744   $3,283   $—   $—   $457,744   $3,283 
Potential problem loans   9,423    509    11    —    9,434    509 
Impaired loans   —    —    16,569    1,136    16,569    1,136 
Unallocated allowance   —    409    —    —    —    409 
Totals  $467,167   $4,201   $16,580   $1,136   $483,747   $5,337 

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Acquired Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2014  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $187,966   $21   $—   $—   $187,966   $21 
Potential problem loans   2,708    —    —    —    2,708    — 
Impaired loans   —    —    3,064    —    3,064    — 
Unallocated allowance   —    —    —    —    —    — 
Totals  $190,674   $21   $3,064   $—   $193,738   $21 

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the fair value of expected cash flows or collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows:

Business Activities Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2015                                             
Residential  $7,482   $8,094   $6,449   $610   $167   $2,628   $2,770   $3,089   $98 
Home equity lines of credit   535    659    260    68    9    184    199    423    2 
Residential real estate   8,017    8,753    6,709    678    176    2,812    2,969    3,512    100 
Commercial   3,131    3,405    2,850    113    123    1,142    1,393    1,624    49 
Construction of commercial   122    128    9    1    7    —    —    116    — 
Farm land   733    773    400    14    25    298    352    461    — 
Vacant land   2,870    3,836    3,015    29    3    207    241    72    9 
Real estate secured   14,873    16,895    12,983    835    334    4,459    4,955    5,785    158 
Commercial and industrial   95    98    145    10    4    431    481    383    22 
Consumer   —    —    —    —    —    80    108    12    1 
Totals  $14,968   $16,993   $13,128   $845   $338   $4,970   $5,544   $6,180   $181 

Acquired Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2015                                             
Residential  $599   $716   $273   $79   $—   $177   $177   $376   $7 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   599    716    273    79    —    177    177    376    7 
Commercial   675    826    698    107    34    2,067    2,843    2,011    32 
Construction of commercial   —    —    —    —    —    262    273    167    22 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   1,274    1,542    971    186    34    2,506    3,293    2,554    61 
Commercial and industrial   —    —    6    —    —    —    4    —    — 
Consumer   —    —    —    —    —    —    —    —    — 
Totals  $1,274   $1,542   $977   $186   $34   $2,506   $3,297   $2,554   $61 

Business Activities Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2014                                             
Residential  $5,008   $5,157   $4,547   $552   $128   $2,273   $2,395   $2,703   $57 
Home equity lines of credit   9    24    91    9    —    387    405    441    4 
Residential real estate   5,017    5,181    4,638    561    128    2,660    2,800    3,144    61 
Commercial   3,383    3,563    3,262    486    108    1,331    1,520    1,468    54 
Construction of commercial   —    —    —    —    —    128    134    123    — 
Farm land   —    —    —    —    —    384    384    384    — 
Vacant land   3,097    3,996    3,090    38    12    —    —    —    — 
Real estate secured   11,497    12,740    10,990    1,085    248    4,503    4,838    5,119    115 
Commercial and industrial   102    161    106    51    2    467    469    516    30 
Consumer   —    —    —    —    —    —    —    19    — 
Totals  $11,599   $12,901   $11,096   $1,136   $250   $4,970   $5,307   $5,654   $145 

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Acquired Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2014                                             
Residential  $—   $—   $—   $—   $—   $562   $716   $562   $3 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   —    —    —    —    —    562    716    562    3 
Commercial   —    —    —    —    —    2,502    4,014    2,502    12 
Construction of commercial   —    —    —    —    —    —    —    —    — 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   —    —    —    —    —    3,064    4,730    3,064    15 
Commercial and industrial   —    —    —    —    —    —    4    —    — 
Consumer   —    —    —    —    —    —    —    —    — 
Totals  $—   $—   $—   $—   $—   $3,064   $4,734   $3,064   $15 

NOTE 5 - MORTGAGE SERVICING RIGHTS

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

  December 31, (in thousands)    2015      2014  
Residential mortgage loans serviced for others  $130,816   $138,106 
Fair value of mortgage servicing rights   1,315    1,568 

Changes in mortgage servicing rights are as follows:

  Years ended December 31, (in thousands)    2015      2014      2013  
Mortgage Servicing Rights               
Balance, beginning of period  $694   $980   $1,075 
Originated   148    17    294 
Amortization (1)   (356)   (303)   (389)
Balance, end of period   486    694    980 
Valuation Allowance               
Balance, beginning of period   —    (15)   (38)
(Increase) decrease  in impairment reserve (1)   (3)   15    23 
Balance, end of period   (3)   —    (15)
Mortgage servicing rights, net  $483   $694   $965 
(1)Amortization expense and changes in the impairment reserve are recorded in loan servicing fee income.

NOTE 6 - PLEDGED ASSETS

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available.

  December 31, (in thousands)    2015      2014  
Securities available-for-sale (at fair value)  $67,750   $69,055 
Loans receivable   153,269    157,581 
Total pledged assets  $221,019   $226,636 

 

At December 31, 2015 securities were pledged as follows: $60.4 million to secure public deposits, $7.3 million to secure repurchase agreements and $0.1 million to secure FHLBB and FRB advances. Additionally, loans receivable are pledged to secure FHLBB advances and credit facilities.

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NOTE 7 - BANK PREMISES AND EQUIPMENT

The components of premises and equipment are as follows:

  December 31, (in thousands)    2015      2014  
Land  $2,593   $2,237 
Buildings and improvements   11,514    11,070 
Leasehold improvements   1,682    1,953 
Capital lease   425    425 
Furniture, fixtures, equipment and software   6,220    5,869 
Construction in progress, including land acquisition and development   185    257 
Total cost   22,619    21,811 
Accumulated depreciation and amortization   (8,312)   (7,380)
Bank premises and equipment, net  $14,307   $14,431 

NOTE 8 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

  Years ended December 31, (in thousands)    2015      2014      2013  
Goodwill (1)               
Balance, beginning of period  $12,552   $9,829   $9,829 
Additions   —    2,723    — 
Impairment   —    —    — 
Balance, end of period  $12,552   $12,552   $9,829 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $2,543   $2,543 
Union Savings branch purchase   —    490    — 
Riverside Bank merger   —    2,215    — 
Impairment   —    —    — 
Cost, end of period   5,248    5,248    2,543 
Amortization, beginning of period   (2,258)   (1,967)   (1,745)
Amortization   (652)   (291)   (222)
Amortization, end of period   (2,910)   (2,258)   (1,967)
Core deposit intangibles, net  $2,338   $2,990   $576 
(1)Not subject to amortization.

In June 2014, Salisbury acquired the Sharon, Connecticut branch office of Union Savings Bank, and assumed approximately $18.2 million in deposits and acquired approximately $63,000 in loans secured by deposits. Salisbury realized no goodwill and assigned a core deposit intangible of $490,000 to the acquisition. In December 2014, Salisbury acquired Riverside Bank of Poughkeepsie, NY, which had approximately $211.2 million in deposits and $196.3 million in loans, and a property located at 11 Garden Street, Poughkeepsie, NY. Salisbury realized goodwill of $2.7 million and assigned a core deposit intangible of $2.2 million to the acquisition.

Salisbury evaluated its goodwill and intangible assets as of December 31, 2015 and 2014, and found no impairment.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

  Years ended December 31, (in thousands) CDI amortization
2016 $    601  
2017 461  
2018 342  
2019 288  
2020 234  
2021 180  
2022 130  
2023 78  
2024 24  

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NOTE 9 - DEPOSITS

Scheduled maturities of time certificates of deposit are as follows:

Years ended December 31, (in thousands) CD maturities
 2016   $71,932 
 2017    20,124 
 2018    10,319 
 2019    12,220 
 2020    7,900 
 2021    1,799 
 Total   $124,294 

The total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more were as follows:

Years ended December 31, (in thousands)    2015      2014  
Within three months  $2,520   $2,406 
After three through six months   2,624    3,568 
After six through twelve months   2,929    2,900 
Over one year   3,195    4,248 
Total  $11,268   $13,122 

NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows:

December 31, (in thousands)    2015      2014  
Repurchase agreements, ending balance  $3,914   $4,163 
Repurchase agreements, average balance during period   4,111    4,598 
Book value of collateral   7,287    10,034 
Market value of collateral   7,349    10,729 
Weighted average rate during period   0.17%   0.18%
Weighted average maturity    1 day     1 day 

NOTE 11 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

   December 31, 2015  December 31, 2014
  Years ended December 31, (dollars in thousands) Total  Callable (1)  Rate (2)  Total  Callable (1)  Rate (2)
 2015   $—   $—    —%  $791   $—    3.88%
 2016    21    —    5.06    15,022    15,000    4.05 
 2017    —    —    —    6,000    6,000    3.99 
 2018    7,000    —    3.69    7,000    —    3.69 
 2019    —    —    —    —    —    — 
 2020    14,337    —    2.08    —    —    — 
 2021    5,621    —    2.39    —    —      
 Total   $26,979   $—    2.58%  $28,813   $21,000    3.95%
(1)Net of modification costs
 (2)Represents the portion of advances that are callable. Callable advances are presented by scheduled maturity. Callable advances are callable quarterly or one time callable by the FHLBB.
 (3)Weighted average rate based on scheduled maturity dates.

In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $75.6 million and access to an unused FHLBB line of credit of $3.5 million at December 31, 2015. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

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In accordance with ASC 470-50, two advances were modified during the third quarter 2015. The modification extended $21 million in advances a weighted average 39 months.

The following table sets forth certain information concerning short-term FHLBB advances:

December 31, (dollars in thousands)    2015      2014  
Highest month-end balance during period  $—   $5,545 
Ending balance   —    — 
Average balance during period   —    664 
Weighted average rate during period   0.00%   0.29%

Subordinated Debentures:

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed to Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury’s related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury’s payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.764 million at December 31, 2015, which includes $236 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.24%.

NOTE 12 – NET DEFERRED TAX ASSET AND INCOME TAXES

Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows:

Years ended December 31, (in thousands)    2015      2014      2013  
Federal  $2,186   $1,057   $940 
State   432    226    103 
Current provision   2,618    1,283    1,043 
Federal   896    (553)   215 
State   49    (120)   — 
Change in valuation allowance   —    —    (349)
Deferred expense (benefit)   945    (673)   (134)
Income tax provision  $3,563   $610   $909 

The following is a reconciliation of the expected federal statutory tax to the income tax provision:

Years ended December 31,    2015      2014      2013  
Income tax at statutory federal tax rate   34.00%   34.00%   34.00%
State tax, net of federal tax benefit   2.63    2.23    1.35 
Tax exempt income and dividends received deduction   (7.38)   (30.22)   (18.18)
Expiration of capital loss carry forward   0.00    0.00    7.00 
Merger/acquisition related costs   0.00    7.77    0.00 
Other   0.39    5.71    1.04 
Change in valuation allowance   0.00    0.00    (7.00)
Effective income tax rates   29.64%   19.49%   18.21%

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The components of Salisbury's net deferred tax assets are as follows:

Years ended December 31, (in thousands)    2015      2014  
Allowance for loan losses  $1,877   $1,373 
Interest on non-performing loans   343    236 
Accrued deferred compensation   153    301 
Post-retirement benefits   17    17 
Other real estate owned write-downs   —    72 
Restricted stock awards   147    111 
Mark-to-market purchase accounting adjustments   1,109    2,180 
Write-down of securities   1,497    1,497 
Alternative minimum tax   —    540 
Other   22    10 
Gross deferred tax assets   5,165    6,337 
Deferred loan costs, net   (436)   (538)
Goodwill and core deposit intangible asset   (853)   (821)
Accelerated depreciation   (1,130)   (1,209)
Mortgage servicing rights   (177)   (255)
Net unrealized holding gain on available-for-sale securities   (580)   (1,086)
Gross deferred tax liabilities   (3,176)   (3,909)
Net deferred tax asset  $1,989   $2,428 

Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not.

At December 31, 2012, a valuation allowance was maintained for the entire amount of the state deferred tax assets as a result of Connecticut legislation that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company (“PIC”). In accordance with this legislation, in 2004, Salisbury formed a PIC, SBT Mortgage Service Corporation. Salisbury does not expect to pay state income tax in the foreseeable future unless there is a change in Connecticut law. Accordingly, Salisbury did not expect to be able to utilize the net operating losses generated by the PIC and established a valuation allowance. The capital loss carry-forwards generated by the PIC expired during 2013 and, as a result, the previously established valuation allowance was reversed.

Salisbury’s policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2015 and 2014, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2012 through December 31, 2015.

NOTE 13 – SHAREHOLDERS’ EQUITY

Capital Requirements

Salisbury and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on Salisbury’s and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Salisbury and the Bank must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Salisbury and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

In July 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements will increase for both the quantity and quality of capital held by the Bank and Company. The rules include a new common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A new capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The implementation of the capital conservation buffer is being phased in effective January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent January 1, by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

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The phase-in period for the final rules began for Salisbury on January 1, 2015. As of December 31, 2015, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

      To be Well Capitalized
   Actual 

For Capital Adequacy

Purposes

 

Under Prompt Corrective

Action Provisions

  (dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
  December 31, 2015                  
Total Capital (to risk-weighted assets)                              
Salisbury  $92,030    13.51%  $54,509    8.0%   n/a    — 
Bank   89,249    13.10    54,504    8.0   $68,131    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   76,120    11.17    40,878    6.0    n/a    — 
Bank   83,340    12.23    40,878    6.0    54,504    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                          
Salisbury   76,120    11.17    30,659    4.5    n/a    — 
Bank   83,340    12.23    30,659    4.5    44,285    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   76,120    8.56    36,102    4.0    n/a    — 
Bank   83,340    9.37    35,593    4.0    44,491    5.0 
December 31, 2014                              
Total Capital (to risk-weighted assets)                              
Salisbury  $89,783    14.27%  $50,334    8.0%   n/a    — 
Bank   80,492    12.75    50,492    8.0   $63,116    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   84,171    13.38    25,167    4.0    n/a    — 
Bank   74,881    11.86    25,246    4.0    37,869    6.0 
Tier 1 Capital (to average assets)                              
Salisbury   84,171    12.31    27,344    4.0    n/a    — 
Bank   74,881    10.95    27,345    4.0    34,181    5.0 

Restrictions on Cash Dividends to Common Shareholders

Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.

Preferred Stock

In August 2011, Salisbury issued to the U.S. Secretary of the Treasury (the “Treasury”) $16 million of its Series B Preferred Stock under the Small Business Lending Fund (the “SBLF”) program. The SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The Preferred Stock qualified as Tier 1 capital for regulatory purposes and ranked senior to the Common Stock.

During fourth quarter 2015, the Company completed an offering of $10 million of unsecured 6.00% fixed-to–floating rate subordinated notes due in 2025. The notes qualify as Tier II capital and are included as such within the Company's total risk-based capital ratio.

The net proceeds of the offering, along with cash on hand, were used during the fourth quarter 2015 to redeem the $16 million of Senior Non-Cumulative Perpetual Preferred Stock issued in conjunction with the Company’s participation in the U.S. Treasury’s SBLF program.

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NOTE 14 – PENSION AND OTHER BENEFITS

Salisbury had an insured noncontributory defined benefit retirement plan which was available to employees prior to December 31, 2012 based upon age and length of service. Effective December 31, 2012, the pension plan was frozen, by amending the plan to freeze retirement benefits at current levels and discontinue future benefit accruals. The plan was terminated effective October 15, 2014.  During 2012, Salisbury decided to complete its transition from providing retirement benefits under a defined benefit pension plan to a defined contribution 401(k) plan which is discussed below. 

Years ended December 31, (in thousands)    2014      2013  
Change in projected benefit obligation          
Benefit obligation at beginning of year  $5,250   $6,039 
Actuarial gain   (977)   (860)
Service cost   —    — 
Interest cost   277    255 
Curtailments and settlements   —    — 
Benefits paid   (4,550)   (184)
Benefit obligation at end of year   —    5,250 
Change in plan assets          
Plan assets at estimated fair value at beginning of year   6,868    6,019 
Actual return on plan assets   (2,318)   1,033 
Contributions by employer   —    — 
Curtailments and settlements   —    — 
Benefits paid   (4,550)   (184)
Fair value of plan assets at end of year   —    6,868 
Funded status and recognized asset          
included in other assets on the balance sheet  $—   $1,618 

The components of amounts recognized in accumulated other comprehensive income, before tax effect, are as follows:

Years ended December 31, (in thousands)    2014      2013  
Unrecognized gain (loss)  $—   $924 
Total  $—   $924 

The accumulated benefit obligation for the plan was $5,250,000 at December 31, 2013. The discount rate used in determining the actuarial present value of the projected benefit obligation was 5.10% for 2013.

The components of net periodic cost are as follows:

Years ended December 31, (in thousands)    2014      2013  
Service cost  $—   $— 
Interest cost on benefit obligation   277    255 
Expected return on plan assets   (297)   (258)
Amortization of net gain (loss)   (1)   — 
Net periodic benefit cost   (21)   (3)
Additional amount recognized due to settlement or curtailment   —    — 
    (21)   (3)
Other changes in plan assets and benefit obligations recognized          
in other comprehensive loss (income):          
Net actuarial loss (gain)   923    (1,635)
Amortization of net gain (loss)   1    — 
Total recognized in other comprehensive loss (income)   924    (1,635)
Total recognized in net periodic cost and other comprehensive loss (income)  $903   $(1,638)

The discount rate used to determine the net periodic benefit cost was 5.10% for 2014 and 4.35% for 2013; and the expected return on plan assets was 4.35% for 2014 and 2013.

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In 2014, Salisbury terminated the Defined Benefit Pension Plan.  Excess assets in the amount of $1,018,000 were distributed to the Bank’s Defined Contribution Plan (401k) and the Employee Stock Ownership Plan (ESOP) for future allocations to employees.  The division of the excess pension assets was 66.67% to the 401k account (or $679,000) and 33.33% to the ESOP account (or $339,000).

401(k) Plan

Salisbury offers a 401(k) Plan to eligible employees. Under the Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. Effective December 31, 2012, and simultaneously with the freezing of the pension plan, the 401(k) Plan was amended to include a safe harbor contribution of 4% for all qualifying employees. The Bank’s safe harbor contribution percentage is reviewed annually and, under provisions of the plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the plan’s qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the plan.

Both the safe harbor and additional discretionary match, if any, vest immediately.

Salisbury’s 401(k) Plan contribution expense for 2015, 2014 and 2013 was $679,000, $331,000 and $657,000, respectively.

Employee Stock Ownership Plan (ESOP)

Salisbury offers an Employee Stock Ownership Plan (ESOP) to eligible employees.  Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service:

20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $323,000, $15,000, and $160,000 in 2015, 2014, and 2013, respectively.

Other Retirement Plans

Salisbury adopted ASC 715-60, “Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury’s future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $672,000 and $581,000 at December 31, 2015, and 2014, respectively. Expense under this arrangement was $91,000 for 2015, $53,000 for 2014, and $49,000 for 2013.

The Bank entered into a Supplemental Retirement Plan Agreement with its former Chief Executive Officer that provides for supplemental post retirement payments for a ten year period as described in the agreement. The related liability was $88,000 and $105,000 at December 31, 2015, and 2014, respectively. The related expense amounted to $7,000, $8,000 and $9,000 for 2015, 2014 and 2013, respectively.

The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen year period as described in the agreement. The related liability was $629,000 and $668,000 at December 31, 2015 and December 31, 2014, respectively. The related expense amounted to $21,000 and $2,000 for 2015 and 2014, respectively.

A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section.

In 2015, 2014, and 2013, the Bank awarded six (6), seven (7) and six (6) Executives, respectively, with discretionary contributions to the plan. Expenses related to this plan amounted to $39,000 in 2015, $0 in 2014, and $60,000 for 2013. In 2014, there was also a recovery of $8,000 of prior expenses from contributions in 2013. Based on the Executive’s date of retirement, the vesting schedule ranges from 7.7% per year to 50% per year.

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NOTE 15 - LONG TERM INCENTIVE PLAN

The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013 and again on January 29, 2016. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.

The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of Common Stock, cash, or other property (collectively, “Awards”).

On January 2, 2015, the Compensation Committee granted a total of 48,894 Phantom Stock Appreciation Units pursuant to the 2013 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”), including 23,012 units to three Named Executive Officers. Mr. Cantele received 11,484 units, Mr. Davies received 5,963 units and Mr. White received 5,565 units. The units will vest on the third anniversary of the grant date.

Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury’s outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. In addition, the Plan limits the total number of shares of Common Stock that may be awarded as Incentive Stock Options (“ISOs”) to 42,000 and the total number of shares of Common Stock that may be issued as Directors Stock Retainer Awards to 15,000. The Directors stock retainer awards were increased from 120 shares per year to 240 shares per year effective January 25, 2013.  Effective January 29, 2016, the Directors stock retainer award was increased from 240 shares to 340 shares annually. 

In 2015, 2014, and 2013, there were 2,660, 2,160 and 1,330 shares issued, respectively, and the related compensation expense was $81,000, $65,000 and $34,000, respectively.

The persons eligible to receive awards under the Plan are the officers, directors and employees of Salisbury and the Bank. The Plan is administered by the Human Resources and Compensation Committee (“Compensation Committee“) appointed by the Board. However, the Board may exercise any power or authority granted to the Compensation Committee. Subject to the terms of the Plan, the Compensation Committee or the Board is authorized to select eligible persons to receive Awards, determine the type and number of Awards to be granted and the number of shares of Common Stock to which Awards will relate, specify times at which Awards will be exercisable or settleable, including performance conditions that may be required as a condition thereof, set other terms and conditions of Awards, prescribe forms of Award agreements, interpret and specify rules and regulations relating to the Plan, and make all other determinations that may be necessary or advisable for the administration of the Plan.

The Compensation Committee or the Board is authorized to grant (i) stock options, including (a) ISOs which can result in potentially favorable tax treatment to the participant, and (b) non-qualified stock options, and (ii) SARs entitling the participant to receive the amount by which the fair market value of a share of Common Stock on the date of exercise exceeds the grant price of the SAR. The exercise price per share subject to an option and the grant price of a SAR are determined by the Compensation Committee or the Board, but shall not be less than the fair market value of a share of Common Stock on the date of grant.

The Compensation Committee or the Board is authorized, subject to limitations under applicable law, to grant to participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of Common Stock, as deemed to be consistent with the purposes of the Plan. These could include shares of Common Stock awarded purely as a “bonus” and not subject to any restrictions or conditions, other rights convertible or exchangeable into shares of Common Stock and Awards valued by reference to book value of the Common Stock or the performance of Salisbury or the Bank. The Compensation Committee or the Board may determine the terms and conditions of such Awards.

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The Compensation Committee or the Board may amend, modify or terminate the Plan or the Compensation Committee’s authority to grant Awards without further shareholder approval, except shareholder approval must be obtained for any amendment that would (a) materially increase the number of shares of Common Stock available under the Plan; (b) expand the types of awards under the Plan; (c) materially expand the class of persons eligible to participate in the Plan; (d) materially expand the term of the Plan; or (e) be of a nature that would require shareholder approval pursuant to any law or regulation or under the rules of the NASDAQ Capital Market.

Unless earlier terminated by the Board, the Plan will terminate on the tenth anniversary of the effective date of the Plan (March 25, 2021) or, if the shareholders approve an amendment that increases the number of shares of Common Stock subject to the Plan, the tenth anniversary of such approval. The termination of the Plan on such date will not affect the validity of any Award outstanding on the date of termination, and any such Awards will continue to be governed by the applicable terms and conditions of the Plan.

The Plan provides that award agreements for any Awards that the Committee or the Board reasonably determines to constitute a “non-qualified deferred compensation plan” subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), will be construed in a manner consistent with the requirements of Section 409A and that the Committee or the Board may amend any Award agreement (and the provisions of the Plan) if and to the extent that the Committee or the Board determines that the amendment is necessary or appropriate to comply with the requirements of Section 409A of the Code. The Plan also provides that any such Award will be subject to certain additional requirements specified in the Plan if and to the extent required to comply with Section 409A of the Code.

Grants of Restricted Stock and Options

On March 27, 2015, Salisbury granted a total of 1,000 shares of restricted stock, pursuant to its 2011 Long Term Incentive Plan, to one (1) Named Executive Officer, Richard J. Cantele, Jr., President and Chief Executive Officer. The fair value of the stock as of the grant date was determined to be $29,000 and the stock vested immediately. On January 3, 2014, Salisbury granted a total of 3,000 shares of restricted stock, pursuant to its 2011 Long Term Incentive Plan, to two (2) employees, including 2,000 shares to Donald E. White, Chief Financial Officer, and 1,000 shares to Richard P. Kelly, Executive Vice President and Chief Credit Officer. The stock will be vested three years from the grant date.

On December 5, 2014, Salisbury granted a total of 6,000 shares of restricted stock pursuant to its 2011 Long Term Incentive Plan, to three (3) employees, including 1,000 shares to Richard J. Cantele, Jr., President and Chief Executive Officer, 3,000 shares to John Davies, New York Regional President and Chief Lending Officer, and 2,000 shares to Todd Rubino, Senior Vice President and Senior Commercial Loan Officer. Of these 6,000 shares, 2,250 immediately vested and the remaining 3,750 shares vest over a period of 36 months.

On February 8, 2013, Salisbury granted a total of 19,600 shares of restricted stock pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, to 22 employees, including 5,000 shares to one Named Executive Officer, Richard J. Cantele, Jr., President and Chief Executive Officer. The fair value of the stock as of the grant date was determined to be $490,000 and the stock will be vested three years from the grant date.

The remaining weighted average vesting period on restricted shares as of December 31, 2015, over which unrecognized compensation cost is expected to be recognized, is 0.5 years.

Expense in 2015, 2014, and 2013 totaled $222,000, $216,000 and $142,000, respectively. Unrecognized compensation cost relating to the awards as of December 31, 2015 and 2014 totaled $110,000 and $313,000, respectively. Forfeitures in 2015, 2014, and 2013 totaled 300, 2,000, and 500 shares, respectively.

NOTE 16 - RELATED PARTY TRANSACTIONS

In the normal course of business the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders):

Years ended December 31, (in thousands)    2015      2014  
Balance, beginning of period  $8,060   $1,279 
Additional related party loans acquired pursuant to Riverside Bank merger   —    6,828 
Advances   5,045    271 
Repayments   (4,985)   (318)
Balance, end of period  $8,120   $8,060 

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NOTE 17 - COMPREHENSIVE INCOME

Comprehensive income includes net income and any changes in equity from non-owner sources that are not recorded in the income statement (such as changes in net unrealized gains (losses) on securities). The purpose of reporting comprehensive income is to report a measure of all changes in shareholders’ equity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. The components of comprehensive income are as follows:

Years ended December 31, (in thousands)    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Other comprehensive (loss) income               
Net unrealized (losses) gains on securities available-for-sale            (1,297)   2,534    (3,743)
Reclassification of net realized gains in net income(1)   (192)   —    — 
Unrealized (losses) gains  on securities available-for-sale   (1,489)   2,534    (3,743)
Income tax benefit (expense)   506    (862)   1,273 
Unrealized (losses) gains on securities available-for-sale, net of tax   (983)   1,672    (2,470)
Pension plan (expense) income (see Note 14)   —    (924)   1,635 
Income tax benefit (expense)   —    314    (556)
Pension plan (expense) income, net of tax   —    (610)   1,079 
Other comprehensive (loss) income, net of tax   (983)   1,062    (1,391)
Comprehensive income  $7,474   $3,583   $2,692 

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gain on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income.

The components of accumulated other comprehensive income is as follows:

December 31, (in thousands)    2015      2014  
Unrealized gains on securities available-for-sale, net of tax  $1,125   $2,108 
Accumulated other comprehensive income  $1,125   $2,108 

NOTE 18 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Bank has entered into an agreement pursuant to which a third party is to provide the Bank with account processing services and other miscellaneous services. Under the agreement, the Bank is obligated to pay monthly processing fees through August 5, 2016. In the event the Bank chooses to cancel the agreement prior to the end of the contract term a lump sum termination fee will have to be paid. The fee shall be calculated as the average monthly billing, exclusive of pass through costs for the past twelve months, multiplied by the number of months and any portion of a month remaining in the contract term plus the total of any promotional or monthly allowances (as applicable), or discounted monthly fees, which were provided to the Bank for the affected processing services in consideration of the fulfillment of the entire term of the affected processing services, multiplied by the number of months the Bank was awarded each of those allowance(s) for; plus one half (1/2) of any migration allowance or installation allowance, as defined in the agreement. The Bank has decided not to renew the existing agreement and will go to a month to month processing fee arrangement with the current provider until an agreement with a new provider goes into effect.

On December 31, 2015, the Bank selected a new provider for account processing services and other miscellaneous services, and will switch over to the new provider in November of 2016. The new agreement will continue until the eighth anniversary of the commencement date. According to the agreement, “Commencement Date” means the first day on which any conversion services are completed and the Bank has the capability to input transactions or data for processing by the third party provider.

Salisbury leases facilities and equipment under operating leases that expire at various dates through 2023. The leases have varying renewal options, generally require a fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. Rent expense totaled $295,000, $147,000 and $85,000 for 2015, 2014 and 2013, respectively.

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Future minimum lease payments at December 31, 2015 are as follows:

Future minimum lease payments  (in thousands)  
 2016   $207 
 2017    166 
 2018    93 
 2019    79 
 2020    82 
 2021    28 
 2022    28 
 2023    16 
     $699 

 

Salisbury leases a facility under a capital lease that expires in 2029 with an option to terminate the lease in 2018. The lease has varying renewal options, requires a fixed annual rent, and provides that real estate taxes, insurance, and maintenance are to be paid by Salisbury. The following is a schedule by years of future minimum lease payments under the capital lease with the present value of the net minimum lease payments as of December 31, 2015.

Future minimum lease payments  (in thousands)  
 2016   $73 
 2017    73 
 2018    73 
 2019    84 
 2020    84 
 Thereafter    693 
 Total minimum lease payments1,080 
 Less amount representing interest658 
     $422 

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business.

As previously disclosed, the Bank, individually and in its capacity as a former Co-Trustee of the Erling C. Christophersen Revocable Trust (the “Trust”), was named as a defendant in litigation filed in the Connecticut Complex Litigation Docket in Stamford, captioned John Christophersen v. Erling Christophersen, et al., X08-CV-08-5009597S (the “First Action”). The Bank also was a counterclaim-defendant in related mortgage foreclosure litigation in the Connecticut Complex Litigation Docket in Stamford, captioned Salisbury Bank and Trust Company v. Erling C. Christophersen, et al., X08-CV-10-6005847-S (the “Foreclosure Action,” together with the First Action, the “Actions”). The other parties to the Actions were John R. Christophersen; Erling C. Christophersen, individually and as Co-Trustee of the Trust; Bonnie Christophersen and Elena Dreiske, individually and as Co-Trustees of the Mildred B. Blount Testamentary Trust; People’s United Bank; Law Offices of Gary Oberst, P.C.; Rhoda Rudnick; and Hinckley Allen & Snyder LLP.

The Actions involved a dispute over title to certain real property located in Westport, Connecticut that was conveyed by Erling Christophersen, as grantor, to the Trust on or about August 8, 2007. Subsequent to this conveyance, the Bank loaned $3,387,000 to the Trust, which was secured by a commercial mortgage in favor of the Bank on the Westport property. This mortgage is the subject of the Foreclosure Action brought by the Bank.

As previously disclosed, John R. Christophersen claimed an interest in the Westport real property transferred to the Trust and sought to quiet title to the property and to recover money damages from the defendants for the alleged wrongful divestiture of his claimed interest in the property.

On June 25, 2012, the Bank and John R. Christophersen entered into a Settlement Agreement, which resolved all differences between John R. Christophersen and the Bank and resulted in the withdrawal (with prejudice) of the claims made by John R. Christophersen. All claims against the Bank have been withdrawn and the Bank is no longer a defendant or counterclaim defendant in any litigation involving the Actions. As an additional consequence of the Settlement Agreement, Bonnie Christophersen, Elena Dreiske and People’s United Bank are no longer parties to any of the litigation referenced above.

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On July 27, 2012, Erling Christophersen filed a Motion to Restore the First Action, and on October 15, 2012 filed a Motion to Stay the Foreclosure Action pending resolution of the Motion to Restore. The Bank opposed both motions. On February 1, 2013, the Court issued orders denying both motions. On February 14, 2013, Erling Christophersen appealed the orders denying his Motion to Restore the First Action, and Motion to Stay the Foreclosure Action.

The Appellate Court dismissed the appeal of the Foreclosure Action in May 2013, and later denied Erling Christophersen’s motion for reconsideration of its decision.

The Bank proceeded in its Foreclosure Action against Erling Christophersen. Erling Christophersen asserted two special defenses and set-off claims alleging (1) that the Bank failed to defend the title claims against the properties, and (2) that the Bank took certain trustee fees without approval. The Bank moved to strike the special defenses and set off claims. In a decision issued on November 6, 2013, the Court granted the motion to strike as to the second special defense and set off, but denied the motion as to the first special defense and set off. Trial began on February 4, 2014, and concluded on February 14, 2014.

In a decision issued on June 2, 2014, the Court dismissed Erling Christophersen’s special defense, and made findings as to the amount of the debt owed by Erling Christophersen and the value of the property, reserving judgment on whether to order a strict foreclosure or foreclosure by sale pending a hearing on the amount of attorneys’ fees accrued, and the debt accrued since the commencement of the trial. That hearing was held on July 29, 2014. On July 25, 2014, Erling Christophersen moved to disqualify the Bank’s counsel, seeking, in part, the remedy of a new trial. The Court denied that motion in a decision dated July 30, 2014. On August 5, 2014, the Court issued a Judgment of Strict Foreclosure (the “Judgment”) in favor of the Bank and set September 16, 2014 as the Law Day, which is the final date fixed by the Court on which the debtor can pay off the debt or redeem the real property, with subsequent dates for subsequent encumbrances in inverse order of priority.

On September 15, 2014, Christophersen moved to open the Judgment, which motion was denied by order of the Court dated September 30, 2014.  On October 3, 2014, Christophersen filed an Appeal of the Judgment and of the denial of his motion to reopen.   Salisbury Bank moved to dismiss the Appeal on October 24, 2014, on grounds that Christophersen cannot represent the Trust as he is not an attorney, and that Christophersen in his individual capacity does not have any interest in this appeal.  On December 17, 2014, the motion was granted in part and dismissed in part, but the decision is moot because counsel submitted an appearance on behalf of the Trust on December 29, 2014.   On January 20, 2015, Christophersen filed a motion for reconsideration, which motion was denied by order of the Appellate Court on February 10, 2015.

The parties’ submitted briefs and oral arguments were heard by Appellate Court on January 7, 2016. On March 1, 2016, the Appellate Court affirmed the trial court’s judgment and remanded the case for the setting of new Law Days. Subsequently, the defendant filed an application for review with the Connecticut Supreme Court, which denied Mr. Christophersen’s Petition For Certification on March 23, 2016. The case will be remanded to the trial court to set new law days.

There are no other material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject.

NOTE 19 - FINANCIAL INSTRUMENTS

The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk.    These financial instruments include commitments to originate loans, letters of credit, and advance funds on loans.  The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments.  The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The Bank evaluates each customer's creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower.  Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties.

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Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.  As of December 31, 2015 and 2014, the maximum potential amount of the Bank’s obligation was $1,401,000 and $3,422,000, respectively, for financial, commercial and standby letters of credit.  If a letter of credit is drawn upon, the Bank may seek recourse through the customer’s underlying line of credit.  If the customer’s line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit.

Financial instrument liabilities with off-balance sheet credit risk are as follows:

December 31, (in thousands)    2015      2014  
Residential  $6,620   $3,030 
Home equity lines of credit   25,912    25,882 
Commercial   13,922    16,751 
Land   218    5 
Real estate secured   46,672    45,668 
Commercial and industrial   67,725    57,905 
Municipal   790    — 
Consumer   1,507    1,537 
Unadvanced portions of loans   116,694    105,110 
Commitments to originate loans   37,688    20,953 
Standby letters of credit   1,401    3,422 
Total  $155,783   $129,485 

There is no material difference between the notional amounts and the estimated fair values of the off-balance sheet liabilities.

The allowance for off balance sheet commitments is calculated by applying a reserve percentage discounted by a utilization factor to the sum of unguaranteed unused lines of credit and loan contracts that the Bank has committed to but not funded as of year-end. The allowance for off-balance sheet commitments was $93,000 and $115,000 as of December 31, 2015 and December 31, 2014, respectively.

NOTE 20 - FAIR VALUE MEASUREMENTS

Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption.

In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
•Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities.
•Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities.

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A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2015.

The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

•Securities available-for-sale. Securities available-for-sale are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows.
•Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3.
•Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3.

Other than discussed above, the following methods and assumptions were used by management to estimate the fair value of significant classes of financial instruments for which it is practicable to estimate that value.

Cash and cash equivalents. Carrying value is assumed to represent fair value for cash and cash equivalents that have original maturities of ninety days or less.

Loans held-for-sale. The fair value is determined using a factor based on the estimated gain on sale of the loan.

Loans, net. The carrying value of the loans in the loan portfolio is based on their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, the unamortized balance of any deferred fees or costs on originated loans and the unamortized balance of any premiums or discounts on loans purchased or acquired through mergers. The fair value of the loans is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality.

Accrued interest receivable/payable. Carrying value approximates fair value.

Cash surrender value of life insurance. The carrying value of this asset approximates its fair value.

Deposits. The fair value of demand, non-interest bearing checking, savings and money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using market rates offered for deposits of similar remaining maturities.

Borrowed funds. Advances from Federal Home Loan Bank – The fair value of these fixed-maturity advances is estimated by discounting future cash flows using rates currently offered for advances of similar remaining maturities. Subordinated Debentures – The fair value is estimated by using a discounted cash flow approach and applying discount rates currently offered on similar remaining terms and maturities.

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Assets measured at fair value are as follows:

  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2015                    
Assets at fair value on a recurring basis                    
U.S. Treasury notes  $—   $2,541   $—   $2,541 
U.S. Government agency notes   —    498    —    498 
Municipal bonds   —    30,385    —    30,385 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    32,202    —    32,202 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    2,014    —    2,014 
Non-agency   —    4,948    —    4,948 
SBA bonds   —    3,096    —    3,096 
CRA mutual funds   —    764    —    764 
Preferred stock   246    —    —    246 
Securities available-for-sale  $246   $76,448   $—   $76,694 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    15,211    15,211 
Mortgage servicing rights   —    1,315    —    1,315 
December 31, 2014                    
Assets at fair value on a recurring basis                    
U.S. Treasury notes  $—   $2,806   $—   $2,806 
U.S. Government agency notes   —    5,874    —    5,874 
Municipal bonds   —    40,352    —    40,352 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    27,709    —    27,709 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    2,679    —    2,679 
Non-agency   —    6,596    —    6,596 
SBA bonds   —    4,465    —    4,465 
CRA mutual funds   —    504    —    504 
Preferred stock   327    —    —    327 
Securities available-for-sale  $327   $90,985   $—   $91,312 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    10,463    10,463 
Mortgage servicing rights   —    1,568    —    1,568 
Other real estate owned   —    —    1,002    1,002 

 

 

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Carrying values and estimated fair values of financial instruments are as follows:

    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2015                         
Financial Assets                         
Cash and cash equivalents  $62,118   $62,118   $62,118   $—   $— 
Securities available-for-sale   76,694    76,694    246    76,448    — 
Federal Home Loan Bank stock   3,176    3,176    —    3,176    — 
Loans held-for-sale   763    778    —    —    778 
Loans receivable, net   699,018    707,154    —    —    707,154 
Accrued interest receivable   2,307    2,307    —    —    2,307 
Cash surrender value of life insurance   13,685    13,685    13,685    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $201,340   $201,340   $—   $—   $201,340 
Demand (interest-bearing)   125,465    125,465    —    —    125,465 
Money market   183,783    183,783    —    —    183,783 
Savings and other   119,651    119,651    —    —    119,651 
Certificates of deposit   124,294    125,437    —    —    125,437 
Deposits   754,533    755,676    —    —    755,676 
Repurchase agreements   3,914    3,914    —    —    3,914 
FHLBB advances   26,979    28,559    —    —    28,559 
Subordinated debt   9,764    9,764    —    —    9,764 
Note payable   376    405    —    —    405 
Capital lease liability   422    870    —    —    870 
Accrued interest payable    150    150    —    —    150 
December 31, 2014                         
Financial Assets                         
Cash and cash equivalents  $36,105   $36,105   $36,105   $—   $— 
Securities available-for-sale   91,312    91,312    327    90,985    — 
Federal Home Loan Bank stock   3,515    3,515    —    3,515    — 
Loans held-for-sale   568    572    —    —    572 
Loans receivable, net   673,330    683,845    —    —    683,845 
Accrued interest receivable   2,334    2,334    —    —    2,334 
Cash surrender value of life insurance   13,314    13,314    13,314    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $161,386   $161,386   $—   $—   $161,386 
Demand (interest-bearing)   117,169    117,169    —    —    117,169 
Money market   174,274    174,274    —    —    174,274 
Savings and other   121,387    121,387    —    —    121,387 
Certificates of deposit   141,210    142,261    —    —    142,261 
Deposits   715,426    716,477    —    —    716,477 
Repurchase agreements   4,163    4,163    —    —    4,163 
FHLBB advances   28,813    30,626    —    —    30,626 
Capital lease liability   424    929    —    —    929 
Accrued interest payable    166    166    —    —    166 

 

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NOTE 21 – SALISBURY BANCORP, INC. (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)		    2015      2014  
Assets          
Cash and due from banks  $2,612   $9,436 
Investment in bank subsidiary   97,794    92,531 
Other assets   5    6 
Total Assets  $100,411   $101,973 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,764   $— 
Other liabilities   73    152 
Shareholders' equity   90,574    101,821 
Total Liabilities and Shareholders' Equity  $100,411   $101,973 

 

  Statements of Income
  Years ended December 31, (in thousands)		    2015      2014      2013  
Dividends from subsidiary  $2,743   $2,143   $2,128 
Interest income   19    21    27 
Interest expense   35    —    — 
Expenses   511    986    394 
Income before taxes and equity in undistributed net income of subsidiary   2,216    1,178    1,761 
Income tax benefit   192    91    — 
Income before equity in undistributed net income of subsidiary   2,408    1,269    1,761 
Equity in undistributed net income of subsidiary   6,049    1,252    2,322 
Net income  $8,457   $2,521   $4,083 

 

  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Adjustments to reconcile net income to               
net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (6,049)   (1,252)   (2,322)
Other   (275)   85    24 
Net cash provided by operating activities   2,133    1,354    1,785 
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   —    —    — 
Net cash utilized by investing activities   —    (26,513)   (738)
Financing Activities               
Common stock dividends paid   (3,054)   (1,918)   (1,915)
Preferred stock dividends paid   (158)   (166)   (161)
Proceeds from issuance of subordinated debt, net of issue cost   9,764    —    — 
Payment to repurchase preferred stock   (16,000)   —    — 
Proceeds from issuance of common stock   491    126    34 
Issuance of Salisbury stock to Riverside shareholders   —    27,251    — 
Net cash (utilized) provided by financing activities   (8,957)   25,293    (2,042)
(Decrease) increase in cash and cash equivalents   (6,824)   134    (995)
Cash and cash equivalents, beginning of period   9,436    9,302    10,297 
Cash and cash equivalents, end of period  $2,612   $9,436   $9,302 

 

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NOTE 22 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

  Years ended December 31, (in thousands, except per share amounts)    2015      2014      2013  
  Net income  $8,457   $2,521   $4,083 
  Less: Preferred stock dividends declared   (158)   (166)   (161)
  Net income available to common shareholders   8,299    2,355    3,922 
  Less: Undistributed earnings allocated to participating securities   (72)   (27)   (39)
  Net income allocated to common stock  $8,227   $2,328   $3,883 
  Weighted average common shares issued   2,730    1,785    1,710 
  Less: Unvested restricted stock awards   (24)   (21)   (19)
  Weighted average common shares outstanding used to calculate basic earnings per common share   2,706    1,764    1,691 
  Add: Dilutive effect of unvested restricted stock awards   17    1    — 
  Weighted average common shares outstanding used to calculate diluted earnings per common share   2,723    1,765    1,691 
  Earnings per common share (basic)  $3.04   $1.32   $2.30 
  Earnings per common share (diluted)  $3.02   $1.32   $2.30 

NOTE 23 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their January 29, 2016 meeting. The dividend was paid on February 26, 2016 to shareholders of record as of February 12, 2016.

On January 29, 2016, Salisbury granted a total of 15,800 shares of restricted stock pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, to 42 employees, including 6,000 shares to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 5,000 and John Davies, President New York Region and Chief Lending Officer and Donald E. White, Chief Financial Officer each received 500 shares. The fair value of the stock as of the grant date was determined to be $466,000 and the stock will be vested three years from the grant date.

On January 29, 2016, the Compensation Committee granted a total of 47,470 Phantom Stock Appreciation Units pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, including 23,012 units to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 11,484 units, John Davies, President New York Region and Chief Lending Officer received 5,963 units and Donald E. White, Chief Financial Officer received 5,565 units. The units will vest on the third anniversary of the grant date.

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NOTE 24 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2015 and 2014 is as follows:

  Year ended December 31, 2015
  (in thousands, except ratios and per share amounts)		    Q1 2015      Q2 2015      Q3 2015      Q4 2015  
Statement of Income                    
Interest and dividend income  $8,671   $8,545   $8,650   $8,705 
Interest expense   745    753    753    775 
Net interest and dividend income   7,926    7,792    7,897    7,930 
(Benefit) provision for loan losses   (200)   196    655    266 
Gains on securities, net   175    11    6    — 
Trust and Wealth Advisory   822    890    798    755 
Service charges and fees   731    778    798    763 
Gains on sales of mortgage loans, net   93    87    47    47 
Mortgage servicing, net   (40)   20    5    16 
Other   115    114    115    166 
Non-interest income   1,896    1,900    1,769    1,747 
Non-interest expense   6,835    6,539    6,202    6,344 
Income before income taxes   3,187    2,957    2,809    3,067 
Income tax provision   953    885    824    901 
Net income   2,234    2,072    1,985    2,166 
Net income available to common shareholders   2,194    2,032    1,945    2,128 
Financial Condition                    
Total assets  $865,037   $860,794   $904,233   $891,192 
Loans, net   676,734    677,726    687,719    699,018 
Allowance for loan losses   5,182    5,059    5,659    5,716 
Securities   84,694    92,932    83,886    79,870 
Deposits   724,910    720,734    761,479    754,533 
Repurchase agreements   3,278    2,771    4,210    3,914 
FHLBB advances   28,403    28,033    26,928    26,979 
Shareholders' equity   103,211    104,104    105,450    90,574 
Non-performing assets   14,875    14,995    16,602    16,264 
Per Common Share Data                    
Earnings, basic  $0.81   $0.74   $0.71   $0.78 
Earnings, diluted   0.80    0.74    0.71    0.77 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   31.96    32.26    32.72    33.13 
Market price: (a)                    
High   30.39    32.30    31.74    33.70 
Low   26.08    28.80    28.38    28.80 
Statistical Data                    
Net interest margin (fully tax equivalent)   4.11%   4.01%   3.91%   3.88%
Efficiency ratio (fully tax equivalent)   65.45    62.91    60.40    63.64 
Return on average assets   1.03    0.94    0.87    0.94 
Return on average shareholders' equity   10.22    9.26    8.64    9.34 
Weighted average common shares outstanding, basic   2,699    2,706    2,708    2,710 
Weighted average common shares outstanding, diluted   2,716    2,724    2,724    2,727 
(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 $0.10 per share ("Common Stock") trades on the NASDAQ Capital Market under the symbol: SAL. As of March 1, 2016, there were approximately 2,141 shareholders of record of the Company’s Common Stock.

94
 

Selected quarterly consolidated financial data (unaudited) continued:

  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 and 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)                    
Efficiency ratio (fully tax equivalent)   3.72%   3.74%   3.39%   3.68%
Return on average assets   77.11    72.35    75.92    77.80 
Return on average shareholders' equity   0.35    0.62    0.45    0.11 
Weighted average equivalent shares outstanding, basic and 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.
95
 
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A. CONTROLS AND PROCEDURES

Controls and Procedures

Salisbury carried out an evaluation under the supervision and with the participation of Salisbury’s management, including Salisbury’s principal executive officer and principal financial officer, of the effectiveness of Salisbury’s disclosure controls and procedures at and for the year ended December 31, 2015. Based upon that evaluation, management, including the principal executive officer and principal financial officer, concluded that Salisbury’s disclosure controls and procedures were effective as of the end of the period covered by this report and (i) designed to ensure that information required to be disclosed by Salisbury in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms; and (ii) accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial Reporting

Management of Salisbury and its subsidiary are responsible for establishing and maintaining effective internal control over financial reporting. Pursuant to the rules and regulations of the SEC, internal control over financial reporting is a process designed by, or under the supervision of, Salisbury’s principal executive and principal financial officers, or persons performing similar functions, and effected by Salisbury’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles, and includes those policies and procedures that:

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Salisbury;
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles and that receipts and expenditures of Salisbury are being made only in accordance with authorizations of management and directors of Salisbury; and
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Salisbury’s assets that could have a material effect on the financial statements.

As of December 31, 2015, management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the framework established in Internal Control—Integrated Framework issued in 2013, by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has determined that the Company’s internal control over financial reporting as of December 31, 2015 was effective.

This annual report does not include an attestation report of Salisbury’s registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by Salisbury’s registered public accounting firm pursuant to rules of the SEC that permit Salisbury to provide only Management’s Report in this annual report.

Changes in internal control over financial reporting 

There were no significant changes in internal control over financial reporting during the fourth quarter of 2015 that materially affected or are reasonably likely to materially affect Salisbury’s internal control over financial reporting.

Item 9B. OTHER INFORMATION

Not Applicable.

PART III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this item will appear in Salisbury's Proxy Statement for the 2015 Annual Meeting of Shareholders, under the captions “Executive Officers;” “Directors and Nominees for Election for a Three Year Term and Director Independence” and "Corporate Governance - Meetings and Committees of the Board of Directors." Such information is incorporated herein by reference and made a part hereof.

Salisbury maintains a Code of Ethics and Conflicts of Interest Policy that applies to all of Salisbury’s directors, officers and employees, including Salisbury’s principal executive officer, principal financial officer and principal accounting officer. This Code of Ethics and Conflicts of Interest Policy is available upon request, without charge, by writing to Shelly L. Humeston, Secretary, Salisbury Bank and Trust Company, 5 Bissell Street, P.O. Box 1868, Lakeville, Connecticut 06039.

 

96
 

Item 11. EXECUTIVE COMPENSATION

The information required by this item appears in Salisbury's Proxy Statement for the 2016 Annual Meeting of Shareholders, under the captions: “Elements of Compensation” and "Executive Compensation" and “Board of Directors Compensation.” Such information is incorporated herein by reference and made a part hereof.

 
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

The information required by this item appears in Salisbury's Proxy Statement for the 2016 Annual Meeting of Shareholders, under the captions “Security Ownership of Certain Beneficial Owners ("Principal Shareholders")” "Directors and Nominees for Election for a Three Year Term and Director Independence" and "Executive Compensation." Such information is incorporated herein by reference and made a part hereof.

 
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this item appears in Salisbury's Proxy Statement for the 2016 Annual Meeting of Shareholders, under the captions “Directors and Nominees for Election for a Three Year Term and Director Independence” and "Transactions with Management and Others." Such information is incorporated herein by reference and made a part hereof.

 

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this item appears in Salisbury's Proxy Statement for the 2016 Annual Meeting of Shareholders, under the caption "Relationship with Independent Public Accountants" and “Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors.” Such information is incorporated herein by reference and made a part hereof.

PART IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)(1)Financial Statements. The Consolidated Financial Statements of Registrant and its subsidiary are included within Item 7 of Part II of this report.
(a)(2)Financial Statement schedules. All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted because they are either not applicable or the required information is included in the Consolidated Financial Statements or Notes thereto included within Item 8 of this Form 10-K.
(b)Exhibits. The following exhibits are included as part of this Form 10-K.

 

  Exhibit No. Description
  2.1     Agreement and Plan of Merger by and among Salisbury Bancorp, Inc., Salisbury Bank and Trust Company and Riverside Bank dated March 18, 2014 (incorporated by reference to Exhibit 2.1 of Form 8-K filed on March 19, 2014).
  3.1     Certificate of Incorporation of Salisbury Bancorp, Inc. (incorporated by reference to Exhibit 3.1 of Registrant’s 1998 Registration Statement on Form S-4 filed April 23, 1998, File No.: 33-50857).
  3.1.1     Amendment to Article Third of Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant’s Form 8-K filed March 11, 2009).
  3.1.2     Certificate of Amendment to Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant’s Form 8-K filed March 19, 2009).
  3.1.3     Certificate of Amendment to Certificate of Incorporation for the Series B Preferred Stock (incorporated by reference to Registrant’s Form 8-K filed on August 25, 2011).
  3.1.4     Certificate of Amendment to Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant’s Form 8-K filed October 30, 2014).
97
 
  3.2     Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 of Form 8-K filed November 25, 2014).
  4.1     Warrant to purchase Common Stock dated March 13, 2009. (incorporated by reference to Exhibit 4.1 of Registrant’s 2010 Annual Report on Form 10-K filed March 31, 2011).  (Such Warrant was repurchased by Salisbury on November 2, 2011 and simultaneously cancelled.  See Exhibit 10.8 below).
  4.2     Form of Subordinated Note, dated as of December 10, 2015, issued by Salisbury Bancorp, Inc. (incorporated by reference to Exhibit 4.1.of Registrant’s Form 8-K filed December 10, 2015).
  10.1     Consulting and Non-Compete Agreement dated June 1, 2009 by and between Salisbury and John F. Perotti. (incorporated by reference to Exhibit 10.2 of Registrant’s 2010 Annual Report on Form 10-K filed March 31, 2011).
  10.2     2001 Director’s Stock Retainer Plan (incorporated by reference to Exhibit 10.1 of Registrant’s 2001 Annual Report on Form 10-KSB/A filed May 8, 2002).  (Such Plan expired in 2011 and was replaced by the 2011 Long Term Incentive Plan.  See Exhibit 10.9 below).
  10.3     Securities Purchase Agreement dated August 25, 2011 with the U.S. Treasury Department relating to the Small Business Lending Fund (incorporated by reference to Exhibit 10.1 of Registrant’s Form 8-K filed on August 25, 2011).
  10.4     2011 Long Term Incentive Plan adopted by the Board on March 25, 2011 and approved by the shareholders at Salisbury’s 2011 Annual Meeting of Shareholders (incorporated by reference to Exhibit 10.9 of Registrant’s Annual Report on Form 10-K filed March 19, 2012).
  10.5     Amendment Number One to 2011 Long Term Incentive Plan dated as of January 18, 2013 (incorporated by reference to Exhibit 10.10 of Registrant’s Annual Report on Form 10-K filed March 7, 2013).
  10.6     Severance Agreement between Salisbury Bank and Trust and Mr. Richard J. Cantele, Jr. effective as of January 1, 2013 (incorporated by reference to Exhibit 10.1 of Registrant’s Form 8-K filed February 15, 2013).
  10.7     Non-qualified Deferred Compensation Plan effective as of January 1, 2013 (incorporated by reference to Exhibit 10.2 of Registrant’s Form 8-K filed February 15, 2013).
  10.8     Change in Control Agreement with Donald E. White dated April 1, 2013 (incorporated by reference to Exhibit 10.3 of Form 10-Q filed May 14, 2013).
  10.9     Employee Stock Ownership Plan (incorporated by reference to Exhibit 10.14 of Form 10-K filed March 28, 2014).
  10.10     Salisbury Bancorp, Inc. 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed January 2, 2015).
  10.11     Amendment Number One to Salisbury Bancorp, Inc. 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed January 30, 2015).
  10.12     Amendment Number Two to 2011 Long Term Incentive Plan dated as of January 29, 2016.
  10.13     Form of Split-dollar Life Insurance Agreements with Senior Executive Officers.
  10.14     Employment Agreement with John M. Davies.
  10.15     Form of Subordinated Note Purchase Agreement, dated as of December 10, 2015, between Salisbury Bancorp, Inc. and the Purchasers identified therein. (incorporated by reference to Exhibit 10.1 of Registrant’s Form 8-K filed December 10, 2015).
  21.1     Subsidiaries of the Registrant.
  23.1     Consent of Baker Newman & Noyes, LLC.
  23.2     Consent of Shatswell, MacLeod & Company, P.C.
  31.1     Chief Executive Officer Certification Pursuant to 17 CFR 240.13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  31.2     Chief Financial Officer Certification Pursuant to 17 CF 240.13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  32.1     Chief Executive Officer and Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 (c)Financial Statement Schedules
No financial statement schedules are required to be filed as Exhibits pursuant to Item 15(c).

98
 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SALISBURY BANCORP, INC.
 
/s/ Richard J. Cantele, Jr. 
Richard J. Cantele, Jr.
President and Chief Executive Officer
March 30, 2016

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 
/s/ Louis E. Allyn, II /s/ Michael D. Gordon
Louis E. Allyn, II Michael D. Gordon
Director Director
March 30, 2016 March 30, 2016
   
/s/ Charles M. Andola /s/ Polly Diane Hoe
Charles M. Andola Polly Diane Hoe
Director Director
March 30, 2016 March 30, 2016
   
/s/ George E. Banta /s/ Nancy F. Humphreys
George E. Banta Nancy F. Humphreys
Director Director
March 30, 2016 March 30, 2016
   
/s/ Arthur J. Bassin /s/ Holly J. Nelson
Arthur J. Bassin Holly J. Nelson
Director Director 
March 30, 2016 March 30, 2016
 
/s/ Louise F. Brown /s/ John F. Perotti
Louise F. Brown John F. Perotti
Director Director 
March 30, 2016 March 30, 2016
   
/s/ Richard J. Cantele, Jr. /s/ Rudolph P. Russo
Richard J. Cantele, Jr. Rudolph P. Russo
Director, President and Chief Executive Officer Director
March 30, 2016 March 30, 2016
   
/s/ Robert S. Drucker /s/ Michael A. Varet
Robert S. Drucker Michael A. Varet
Director Director, Chairman of the Board
March 30, 2016 March 30, 2016
   
/s/ David B. Farrell /s/ Donald E. White
David B. Farrell Donald E. White
Director Chief Financial Officer
March 30, 2016 and Chief Accounting Officer
  March 30, 2016

 

 99

 EX-10.12 2 sal0323form10kexh10_12.htm EXHIBIT 10.12

Exhibit 10.12

 

SALISBURY BANCORP, INC.

2011 LONG TERM INCENTIVE PLAN

______________________

 

Amendment Number Two

______________________

 

THIS AMENDMENT NUMBER TWO (the “Amendment”) to the Salisbury Bancorp, Inc. 2011 Long Term Incentive Plan (the “Plan”) is made by Salisbury Bancorp, Inc. (the “Company”) effective as of the 29th day of January, 2016.

 

WHEREAS, the Company maintains the Plan; and

 

WHEREAS, the Compensation Committee of the Company (the “Committee”) desires to amend the Plan in order to increase the number of shares granted annually to each Director as the Director’s Annual Stock Retainer from 240 shares to 340 shares; and

 

WHEREAS, Section 4.3(j) of the Plan authorizes the Committee to amend the Plan.

 

NOW, THEREFORE, the Amendment is hereby adopted as follows:

 

1.Subsection 13.2(a) of the Plan is hereby amended to read as follows:

 

“(a) “Annual Stock Retainer” means the 340 shares of Stock payable to each Director on an annual basis as part of each Director’s compensation for service on the Board.”

 

2.Subsection 13.2(f) of the Plan is hereby amended to read as follows:

 

“(f) “Pro-Rated Stock Retainer” means a number of Shares equal to 340 multiplied by a fraction, the numerator of which is the number of months of such a new Director’s service as a member of the Board (rounded to the nearest full month) and the denominator of which is 12, provided, however, that such fraction shall not be in excess of 1.0.”

 

3.Section 13.4 of the Plan is hereby amended to read as follows:

 

“NUMBER OF SHARES AND GRANT DATE. On each annual Grant Date beginning with the first Grant Date after the Effective Date, each Director whose term of office begins with or continues after such Grant Date shall be issued a number of whole shares of Stock set forth in the Annual Stock Retainer (340 shares). Each Director who is first elected to the Board after the Effective Date (and who was not then a member of the Board) other than on an Annual Meeting Date shall be granted a number of whole shares of Stock equal to the Pro-Rated Stock Retainer.”

 

 

IN WITNESS WHEREOF, this Amendment has been executed as of the date set forth below.

 

 

      SALISBURY BANCORP, INC.
       
       
Date: January 29, 2016   By: ___________________________________
      Print Name:  Richard J. Cantele, Jr.
      Title:  President and Chief Executive Officer

 EX-10.13 3 sal0323form10kexh10_13.htm EXHIBIT 10.13

Exhibit 10.13

 

Salisbury Bank and Trust Company

Form of Split Dollar Agreement for Executives

Participant Election Form

I, _____________________________, an Employee designated as set forth in Article 2 of the Salisbury Bank and Trust Company Split Dollar Insurance Plan (the “Plan”), hereby elect to become a Participant of this Plan according to Article 2 of the Plan.

Additionally, I acknowledge that I have read the Plan document and understand that commencement of participation is contingent on issuance of an insurance policy or policies applied for by the Bank on my life which names the Bank as beneficiary. I further agree to be bound by the terms of the Plan.

Executed this ______ day of ______________________, 201__



                                                                
Participant

 

  
   

 

Acknowledged by the Plan Administrator this ________ day of ___________________, 201___

By:                                                             
Title:                                                          

 

 

   

 

SPLIT DOLLAR POLICY ENDORSEMENT
AND
BENEFICIARY DESIGNATION FORM

Insured:

MetLife                                            Policy #

 

Supplementing and amending the application of Salisbury Bank and Trust Company to MetLife (“Insurer”) with respect to the policy(ies) identified above, the applicant requests and directs that:

BENEFICIARIES

1. Subject to Section 2 below and the Salisbury Bank and Trust Company Split Dollar Insurance Plan (the “Plan”), the terms and conditions of which are incorporated by reference herein:

(a) The beneficiary designated by the Insured, or his/her transferee, shall be the beneficiary of an amount equal to three (3) times base annual salary, not to exceed $400,000, less $50,000.  (For example: A base annual salary of $150,000 would provide for a Death Benefit under this Agreement of: $150,000 x 3 = $450,000, reduced to maximum of $400,000, less $50,000 = $350,000) on the date of the Insured’s death prior to termination of employment. The benefit shall be paid to the Beneficiary in a lump sum within sixty (60) days following the Participant’s death.

(b) If the Participant’s employment with the Bank terminates on or after the Participant attains Normal Retirement Age, the beneficiary designated by the Insured, or his/her transferee, shall be the beneficiary of an amount equal to a multiple of final base annual salary, not to exceed $400,000, less $50,000 on the date of the Insured’s death prior. The benefit shall be paid to the Beneficiary in a lump sum within sixty (60) days following the Participant’s death. The multiple under this paragraph shall be:

Age 65 through Age 71 1.5 times Final Base Salary
Age 72 through Age 79 1.0 times Final Base Salary
Age 80 and After 0.5 times Final Base Salary

 

2. Notwithstanding Section 1 above, the benefit shall never exceed the Net at Risk. The Net at Risk insurance portion is the total proceeds less the cash value of the Policy(ies).

3. The beneficiary of any remaining death proceeds shall be the Salisbury Bank and Trust Company or any successor thereto.

OWNERSHIP

4. The Owner of the policy(ies) shall be Salisbury Bank and Trust Company. The Owner shall have all ownership rights in the policy(ies) except as may be specifically granted to the Insured or his/her transferee in paragraph (1) of this endorsement.

5. The Insured or his/her transferee shall have the right to assign all rights and interests in the policy(ies) with respect to that portion of the death proceeds designated in paragraph (1) of this endorsement, and to exercise all settlement options with respect to such death proceeds.

MODIFICATION OF ASSIGNMENT PROVISIONS OF THE POLICY

Upon the death of the Insured, the interest of any collateral assignee of the Owner of the policy(ies) designated in paragraph (4) above shall be limited to the portion of the proceeds described in paragraph (3) above.

 
 

OWNERS AUTHORITY

The Insurer is hereby authorized to recognize the Owner’s claim to rights hereunder without investigating the reason for any action taken by the Owner, including its statement of the amount of premiums it has paid on the policy(ies). The signature of the Owner shall be sufficient for the exercise of any rights under this Endorsement and the receipt of the Owner for any sums received by it shall be a full discharge and release to the Insurer. Any transferee’s rights shall be subject to this Endorsement.

Signed this _____ day of _________________, 201___ .

SALISBURY BANK AND TRUST COMPANY

By: _____________________________
Its: _____________________________

  

 

Acceptance and Beneficiary Designation

The Insured accepts and agrees to the foregoing and, subject to the rights of the Owner as stated above, make the following beneficiary designation(s) to receive the portion of the proceeds described in paragraph (1) above:

A.Primary Beneficiary/ies

Name/Address/Telephone ___________________________________
________________________________________________________
Relationship to Participant ___________________________________
% of Plan Benefit __________________________________________
Date of Birth ______________________________________________
Social Security Number _____________________________________

B.Contingent Beneficiary/ies (Will receive indicated portions of the proceeds if no Primary Beneficiary/ies survive the Participant)

Name/Address/Telephone ___________________________________
________________________________________________________
Relationship to Participant___________________________________
% of Plan Benefit __________________________________________
Date of Birth ______________________________________________
Social Security Number _____________________________________

 

Signed this ______ day of ________________, 201____.

_________________________________________
Insured

  

 

 

Accepted by the Plan Administrator or its designated agent this ______ day of ________________, 201____.

 

 _____________________________________
Signature

______________________________________

Print Name

 

______________________________________

Title

  

 

   

 

 

Schedule to Form of Split Dollar Agreement

 

The Split Dollar Agreement with Named Executive Officer, Richard J. Cantele, Jr., President and CEO is substantially the same as the above agreement, except the post retirement benefit is 1.5 times Final Base Salary and does not decline with age.

 

 EX-10.14 4 sal0323form10kexh10_14.htm EXHIBIT 10.14

Exhibit 10.14

 

EMPLOYMENT AGREEMENT

by and between

SALISBURY BANK AND TRUST COMPANY

and

 

JOHN DAVIES

 

This Employment Agreement (this “Agreement”), which is contingent upon consummation of the Merger, as defined herein, and which shall be effective upon the Effective Time of the Merger (the “Effective Date”), is made and entered into on March 18, 2014, by and between Salisbury Bank and Trust Company, a Connecticut-chartered commercial bank with its principal administrative office at 5 Bissell Street, Lakeville, CT 06039-1868 (together with its successors and assigns, the “Bank”) and John Davies (“Executive”). Any reference to the “Company” hereunder shall mean Salisbury Bancorp, Inc. (together with its successors and assigns), the parent of the Bank that owns 100% of the Bank.

 

RECITALS

 

WHEREAS, the Bank, the Company and Riverside Bank have contemporaneously entered into an Agreement and Plan of Merger, dated as of March 18, 2014 (the “Merger Agreement”), pursuant to which Riverside Bank will merge with and into the Bank, and the Bank will be the surviving institution (the “Merger”); and

 

WHEREAS, the parties hereto agree that the Executive’s commitment to the long-term success of the combined institution and the ability of Executive to retain and build upon the relationships he developed with Riverside Bank and those he will continue to develop in the future with the Bank are important factors in the decision of the Bank and Company to enter into the Merger Agreement; and

 

WHEREAS, Executive possesses unique and valued experience with, and essential knowledge about the relevant banking market served by Riverside Bank; and

 

WHEREAS, the Bank and the Executive desire to enter into this Agreement, which shall supersede any change in control or employment agreement by and between Riverside Bank and the Executive, including but not limited to, Executive’s employment agreement, as amended with Riverside Bank, Executive’s supplemental executive retirement plan, and Executive’s rights, benefits and interest in a bank owned split dollar life insurance policy, and which shall be contingent upon the consummation of the Merger and shall become effective immediately upon the Effective Time of the Merger (as defined in the Merger Agreement); and

 

WHEREAS, In order to induce Executive to be and remain employed with the Bank, the Bank and Executive desire to set forth in writing the terms of employment.

 

NOW, THEREFORE, in consideration of the mutual covenants and obligations herein contained, it is mutually agreed between the parties hereto as follows:

 

1. Term. The initial term of this Agreement shall continue for a term commencing on the Effective Date and ending on the third anniversary of the Effective Date (the “Term”). Beginning on the second anniversary of the Effective Date and continuing on each annual anniversary of the Effective Date (each an “Anniversary Date”) this Agreement shall automatically renew for an additional year (each succeeding period shall also be referred to herein as the “Term”), unless at least thirty (30) days prior to such Anniversary Date, either party gives written notice of non-renewal to the other. If such notice of non-renewal is given as permitted hereunder, the Agreement will expire at the conclusion of the then current Term. Notwithstanding any provision of this Agreement to the contrary, Executive’s employment may be terminated at any time prior to the expiration of the Term subject to the provisions of this Agreement, including, without limitation, Sections 4, 5, 6, 9, 10, 11, 12 and 13. Notwithstanding the foregoing, in the event that at any time during the Term of this Agreement, the Company or the Bank has entered into an agreement to effect a transaction which would be a Change in Control (as defined in Section 3 hereof), then the Term of this Agreement shall be automatically extended through the date that is twelve (12) months following the date on which the Change in Control occurs, provided, however, that if the Change in Control does not occur as contemplated, then the Term of the Agreement shall be the Term in effect prior to entry into the agreement referred to above. Provided further that in the event Executive fails to commence his duties under Section 2 of this Agreement at the commencement of the initial term of this Agreement, then Executive shall forfeit all benefits to which he would otherwise be entitled pursuant to a change in control of Riverside Bank.

 

 
 

2. Duties. Executive shall serve as the President of the New York Region of the Bank and report directly to the President and Chief Executive Officer of the Bank. The Bank shall pay and Executive shall accept as full consideration for his services hereunder, compensation consisting of the following:

 

1. Base Salary. Executive’s initial base salary will be $225,000.00 per year. “Base Salary” is payable in installments in accordance with the Bank’s normal payroll practices, less such deductions or withholdings as are required by law. Such base salary shall be evaluated at least annually and shall be not less than $225,000.00.

 

2. Initial Cash Bonus. The Bank shall pay, or shall direct Riverside Bank to pay immediately prior to the Effective Time of the Merger, Executive an initial cash success bonus of $70,000.00, contingent upon (i) the happening of the Effective Time at or prior to December 31, 2014, and (ii) as of the Effective Time, the dollar amount of the gross loan portfolio of Riverside Bank will equal at least 90% of the dollar amount of the gross loan portfolio of Riverside Bank as of December 31, 2013.

 

3. Incentives.

 

(a) Benefit Plans. During his employment with the Bank under this Agreement, Executive shall participate in any current or future bonus or incentive plans of the Bank, made available at the sole discretion of the Bank’s Board of Directors upon the recommendation of the Human Resources and Compensation Committee of the Board, whether such plans provide for awards in cash or securities, including an award of units pursuant to the Phantom Stock Appreciation Unit and Long-Term Incentive Plan and future participation in the Non-qualified Deferred Compensation Plan.

 

(b) Stay Bonuses. Executive shall be entitled to receive the following cash payments, subject to the vesting requirements set forth below. Upon the vesting of each award, the cash award shall be paid to Executive:

 

·$100,000 awarded in 2015 on the anniversary of the Effective Date and fully vested and paid to Executive in 2016 on the anniversary of the Effective Date;
·$100,000 awarded in 2016 on the anniversary of the Effective Date and fully vested and paid to Executive in 2018 on the anniversary of the Effective Date; and
·$100,000 awarded in 2017 on the anniversary of the Effective Date and fully vested in 2018 on the anniversary of the Effective Date.

 

In order for the forgoing awards to vest and be paid over to Executive, Executive must be employed by Bank on both the award date and the vesting date; provided, however, that (i) in the event Executive’s employment is terminated by the Bank for any reason other than “Cause”, (ii) Executive terminates his employment with Bank for Good Reason, or (iii) there occurs a Change in Control, then in that case (x) any award set forth above which has not yet been awarded to Executive shall be awarded to Executive, and (y) all such awards shall be deemed fully vested and paid to Executive, all as of his termination date or the effective date of such Change in Control, whichever is applicable.

 

(c) Restricted Stock Grant. Bank shall grant to Executive 3,000 shares of restricted Company common stock on the Effective Time of the Merger, which shall vest at a rate of 750 shares on the Effective Date and on each of the subsequent three anniversaries of the Effective Date, provided Executive is still employed by the Bank on such anniversary date; provided, however, that (i) in the event Executive’s employment is terminated by the Bank for any reason other than “Cause”, (ii) Executive terminates his employment with Bank for Good Reason, or (iii) there occurs a Change in Control, then in that case any unvested shares of restricted stock then held by Executive shall be deemed fully vested as of his termination date or the effective date of such Change in Control, whichever is applicable.

 

(d) Split Dollar Life Insurance. Executive will participate in Bank’s split dollar life insurance policy and receive a death benefit of $400,000.

 

(e) Existing Car Lease. As of the date hereof, Executive has use of a car leased by Riverside Bank. Bank agrees to keep such lease in force and effect and to make all lease payments required thereunder until the expiration of the current term of such lease, and Executive shall continue to have the right to use such car until the expiration of the current term of such lease. In addition, during such period, Bank shall pay for or reimburse Executive for insurance and maintenance of such vehicle, and for gasoline used by Executive in such vehicle.

 

 
 

4. Reimbursement of Expenses. The Bank will reimburse Executive for all reasonable travel, entertainment and other expenses incurred or paid by Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement subject to the policies of the Bank.

 

5. Benefits. Subject to all applicable eligibility requirements, and legal limitations, Executive will be able to participate in any and all 401(k), vacation, medical, dental, life and long-term disability insurance and/or other benefit plans which from time to time may be established for other executives of the Bank.

 

3. Definitions. As used in this Agreement, the following terms shall have the meanings set forth herein.

 

“Cause” shall mean (i) the conviction of the Executive of a felony or of any lesser criminal offense involving moral turpitude; (ii) the willful commission by the Executive of any act that, in the judgment of the Board will likely cause substantial economic damage to the Bank or substantial injury to the business reputation of the Bank; (iii) the commission by the Executive of an act of fraud in the performance of his duties on behalf of the Bank; (iv) the continuing willful failure of the Executive to perform his duties to the Bank after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to cure such failure are given to the Executive; or (v) an order of a federal or state regulatory agency or a court of competent jurisdiction requiring the termination of the Executive’s employment by the Bank. For this purpose, no act, or failure to act, on the part of Executive shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interests of the Bank. Without limiting the foregoing, in no event shall Executive be deemed to be acting in good faith or in the best interests of the Bank for purposes of the preceding sentence with respect to acts of omission or commission taken in contravention of any direction(s), rule(s) or requirement(s) issued, authorized, approved or ratified by the Board.

 

Notwithstanding the foregoing provisions, in no event shall Cause be deemed to exist unless (i) the Bank shall provide Executive with written notice making reference to this Agreement, stating that the Bank intends to terminate Executive for Cause within the meaning of this Agreement, and setting forth in reasonable detail the facts and circumstances allegedly constituting Cause, and (ii) the Bank affords Executive a period of two (2) weeks after issuance of such notice either to demonstrate, through written rebuttal, that Cause does not exist under this Section 3, or to cure the circumstances constituting such Cause; provided, however, that the determination of whether Cause exists or whether Executive has sufficiently cured any Cause, shall be made in the reasonable discretion of the Board, as evidenced by the affirmative vote of not less than three-fourths of the entire membership of the Board (excluding Executive) at a meeting of the Board (excluding Executive) called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel, to be heard before the Board). Nothing in this Section 3 shall prevent the Bank from terminating Executive for Cause prior to the issuance of the above-referenced notice or expiration of the above-referenced two (2) week rebuttal/cure period; provided however that if, upon the expiration of such two (2) week period, it is determined that facts or circumstances sufficient to constitute Cause did not (or, if applicable, do not) exist or has/have been cured, then such earlier termination of Executive by the Bank shall be deemed to be without Cause. Without limiting the foregoing, the Bank may suspend Executive, with or without pay, during the above-referenced two (2) week rebuttal/cure period, and such suspension shall not constitute either a termination of employment by the Bank under this Agreement or Good Reason for separation by Executive.

 

“Change in Control” shall mean (i) a change in the ownership of the Company or Bank, (ii) a change in the effective control of the Company or Bank, or (iii) a change in the ownership of a substantial portion of the assets of the Company or Bank, as described below.

 

(i) A change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company or Bank that, together with stock held by such person or group, constitutes more than fifty (50) percent of the total fair market value or total voting power of the stock of such corporation. For these purposes, a change in ownership will not be deemed to have occurred if no stock of the Company or Bank is outstanding.

 

(ii) A change in the effective control of the Company or Bank occurs on the date that either (A) any one person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company or Bank possessing thirty (30) percent or more of the total voting power of the stock of the Company or Bank, or (B) a majority of the members of the Company’s or Bank’s board of directors is replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s or Bank’s board of directors prior to the date of the appointment or election, provided that this subsection “(B)” is inapplicable where a majority shareholder of the entity that experiences the change in control is another corporation.

 
 

 

(iii) A change in a substantial portion of the Company’s or Bank’s assets occurs on the date that any one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company or Bank that have a total gross fair market value equal to or more than forty (40) percent of the total gross fair market value of (A) all of the assets of the Company or Bank, or (B) the value of the assets being disposed of, either of which is determined without regard to any liabilities associated with such assets.

 

For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

 

“Good Reason” shall mean any of the following circumstances if they occur without the Executive’s consent: (i) a material reduction in the Executive’s Base Salary not warranted by general across the board reductions due to economic necessity; (ii) a material reduction in the Executive’s incentive bonus and other benefits generally provided to executives generally (except due to general across the board reductions due to economic necessity); (iii) a material reduction in Executive’s authority, duties or responsibilities such that Executive no longer holds a position with Executive level responsibilities consistent with Executive’s training and experience; (iv) the permanent relocation of Executive’s principal place of business to a location that is more than thirty-five (35) miles from Executive’s workplace at the initial effective date of this Agreement; or (v) a breach by the Bank of this Agreement; provided that for a termination to be deemed for Good Reason, Executive must give, within the ninety (90) day period commencing on the initial existence of the condition(s) constituting Good Reason, written notice of the intention to terminate for Good Reason, and, upon receipt of such notice, the Bank shall have a thirty (30) day period within which to cure such condition(s); and provided further that the Bank may waive such right to notice and opportunity to cure. In no event may facts or circumstances constituting “Good Reason” arise after the occurrence of facts or circumstances that the Bank relies upon, in whole or in material part, in terminating Executive for Cause.

 

4. Effect of Involuntary Termination or Voluntary Termination for Good Reason other than on or after a Change in Control. In the event of Executive’s involuntary termination of employment by the Bank for reasons other than Cause (or Executive’s death or disability) or a voluntary termination of the employment for Good Reason, in either case, other than on or after a Change in Control, Executive shall be entitled to the following:

 

(a) A severance benefit in an amount equal to the value of the Executive’s annual base salary that the Executive would have earned if he had continued working for the Bank for the remainder of the Term of his employment at the rate in effect on the date of such termination, or, if greater, the value of the Executive’s annual base salary for a twelve (12) month period at the rate in effect on the date of such termination. Any severance benefit to which the Executive is entitled under this Section 4(a) shall be distributed in a lump sum within sixty (60) days following Executive’s separation from service.

 

(b) Subject to Executive’s payment of a premium portion equal or substantially equal to the premium portion paid by executive employees of the Bank for comparable coverage, for two years following separation from service, Executive may continue Executive’s participation (and, if applicable, that of Executive’s beneficiaries) in the Bank’s group health plan in which Executive participated immediately prior to separation from service; provided, however, that this sub-section is not intended to reduce the amount of time that Executive may obtain coverage at his own expense under the provision of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and comparable state law; except that Executive’s coverage for such two year period shall be counted against and deducted from the maximum COBRA period (if the applicable maximum COBRA period is 18 months, then following Executive’s coverage hereunder, Executive shall be entitled to no further health care coverage under the Bank’s group health plan). Notwithstanding anything herein to the contrary, if as the result of any change in, or interpretation of, the laws applicable to the continued welfare benefits hereunder, such benefits are deemed illegal or subject to penalties, then the Bank shall, to the extent permitted under such laws, pay to the Executive a cash lump sum payment reasonably estimated to be equal to the amount of welfare benefits (or the remainder of such amount) that the Executive is no longer permitted to receive in-kind. Such lump sum payment shall be required to be made within sixty (60) days following the Executive’s separation from service, or if later, within sixty (60) days following a determination that such payment would be illegal or subject to penalties.

 

 
 

(c) Executive shall also be entitled to be reimbursed by the Bank for final expenses that Executive reasonably and necessarily incurred on behalf of the Bank prior to Executive’s termination of employment, provided that Executive submits expense reports and supporting documentation of such expenses in accordance with the Bank’s expense reimbursement policies in effect at that time. Such reimbursement payment or payments shall be made no later than the time required by applicable law (or, if earlier, by Bank or Company policy, practice or rule), but in no event later than the sixtieth (60th) day following Executive’s date of the termination.

 

5. Termination in Connection with a Change in Control. In the event of Executive’s involuntary termination of employment for reasons other than Cause or a voluntary termination of employment for Good Reason occurring on or after a Change in Control, Executive shall be entitled to the following:

 

(a) A lump sum cash payment equal to two (2.0) times the Executive’s annual rate of base salary in effect on Executive’s date of termination or, if greater, Executive’s average annual base salary rate for the twelve (12) month period ending on the last day of the calendar month immediately prior to the date of such termination. Such amount shall be paid to Executive within sixty (60) days following Executive’s separation from service.

 

(b) Life insurance coverage and non-taxable medical and dental coverage, at no cost to Executive, that is substantially comparable (and on substantially the same terms and conditions) to the coverage maintained by the Bank for Executive immediately prior to his date of termination. Such life insurance and non-taxable medical and dental coverage shall be provided by the Bank to the Executive for two (2) years following Executive’s separation from service and subject to the same terms and conditions as the benefits provided under Section 4(b). Notwithstanding anything herein to the contrary, if as the result of any change in, or interpretation of, the laws applicable to the continued welfare benefits hereunder, such benefits are deemed illegal or subject to penalties, then the Bank shall, to the extent permitted under such laws, pay to the Executive a cash lump sum payment reasonably estimated to be equal to the amount of welfare benefits (or the remainder of such amount) that the Executive is no longer permitted to receive in-kind. Such lump sum payment shall be required to be within sixty (60) days following the Executive’s separation from service, or if later, within sixty (60) days following a determination that such payment would be illegal or subject to penalties.

 

(c) Unpaid compensation and benefits, and unused vacation, accrued through the date of Executive’s termination of employment. Executive shall also be entitled to be reimbursed by the Bank for final expenses that Executive reasonably and necessarily incurred on behalf of the Bank prior to Executive’s termination of employment, provided that Executive submits expense reports and supporting documentation of such expenses in accordance with the Bank’s expense reimbursement policies in effect at that time. Such reimbursement payment or payments shall be made no later than the time required by applicable law (or, if earlier, by Bank or Company policy, practice or rule), but in no event later than the sixtieth (60th) day following Executive’s date of the termination.

 

(d) Notwithstanding the foregoing, no compensation and benefits shall be payable pursuant to both Sections 4 and 5 of this Agreement.

 

6. Conditions of Severance Benefits; Effect on Executive’s Post-Employment Obligations.

 

(a) Notwithstanding the foregoing, in no event shall any compensation payable to the Executive pursuant to the provisions of Section 4(a), 4(b), 5(a) and (b) above that is subject to Section 409A of the Internal Revenue Code (“Code”) be paid to the Executive unless and until the Executive has incurred a “separation from service” as defined in Code Section 409A and in regulations and guidance issued thereunder, unless such payment is required by applicable law. For purposes of this Agreement, a “separation from service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after his date of the termination (whether as an employee or as an independent contractor) or the level of further services performed is less than fifty (50) percent of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of separation from service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

 

 
 

(b) Executive shall receive the severance benefits set forth in Section 4(a) and 4(b) hereof only if Executive (a) executes a general release, in a form reasonably acceptable to the Bank, within sixty (60) days of the date of the termination of the Executive’s employment in accordance with the provisions of Section 4 hereof; (b) presents satisfactory evidence to the Bank that Executive has returned all Bank property; and (c) provides the Bank with a signed, written resignation of Executive’s status as an officer and/or director of the Bank and/or any holding company, subsidiary or affiliate as applicable. In the event the Bank reasonably believes that Executive has breached, or has threatened to breach, any provision of this Agreement, the Executive shall no longer be entitled to such benefits and further shall be required to reimburse all severance benefits, including payments under Section 4(a), previously made by the Bank. Such termination of benefits shall be in addition to any and all legal and equitable remedies available to the Bank, including injunctive relief. Without limiting the foregoing, Executive acknowledges and agrees that the provisions of Sections 12, 13, 16, 18, 19 and 20 of this Agreement (i) are supported by adequate consideration in addition to the severance benefits provided under Section 4(a) and 4(b) and all other amounts and things of value to which Executive would be entitled if Executive did not enter into this Agreement, and (ii) shall be enforceable notwithstanding Executive’s failure of refusal to satisfy, in whole or in part, the conditions for the severance benefits set forth under this Section 6. Notwithstanding the foregoing, the conditions set forth in this Section 6 shall not apply in the event that any compensation or benefits are payable pursuant to Section 5 of this Agreement.

 

7. Taxes. All payments and benefits described in this Agreement shall be subject to any and all applicable federal, state and local income, employment and other taxes, and the Bank will deduct from each payment to be made to Executive under this Agreement such amounts, if any, required to be deducted or withheld under applicable law. Executive hereby acknowledges and agrees that the Bank makes no representations or warranties regarding the tax treatment or tax consequences of any compensation, benefits or other payments under the Agreement, or under any statute, or regulation or guidance thereunder, or under any successor statute, regulation and guidance thereunder.

 

8. Code Section 409A. The cash severance payments under this Agreement are intended to be exempt from Section 409A of the Code under the “short term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). If and to the extent this Agreement provides for a deferral of compensation subject to Section 409A of the Code, it is the intent of the parties that this Agreement, and all payments of deferred compensation subject to Code Section 409A made hereunder, shall be in compliance with such requirements and the regulations and other guidance thereunder. Notwithstanding any other provision with respect to the timing of payments under Sections 4(a) or 5(a), if, at the time of Executive’s separation from service, Executive is a “specified employee” (meaning a key employee as defined in Section 416(i) of the Code without regard to paragraph 5 thereof) of the Bank (or a Bank affiliate), then to the extent necessary to comply with the requirements of Code Section 409A, any payments to which Executive is entitled under Sections 4(a) or 5(a) during the six (6) month period commencing on the Executive’s separation from service which are subject to Code Section 409A (and not otherwise exempt from its application, including, without limitation, by operation of Treasury Regulation Section 1.409A-1(n)) will be withheld until the first business day of the seventh (7th) month following Executive’s separation from service, at which time such withheld amount shall be paid in a lump sum distribution. The Bank and Executive agree that they will negotiate in good faith and jointly execute an amendment to modify this Agreement to the extent necessary to comply with the requirements of Code Section 409A, or any successor statute, regulation and guidance thereunder.

 

9. Limitation on Benefits. In no event shall the Bank be obligated to make any payment pursuant to this Agreement that is prohibited by Section 18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. §1828(k)), 12 C.F.R. Part 359, or any other applicable law.

 

10. Section 280G Cut-back. Notwithstanding anything in this Agreement to the contrary, if the severance amounts provided for in this Agreement, together with any other payments which the Executive has the right to receive from the Bank, the Company, Riverside Bank, or any corporation which is a member of an “affiliated group” (as defined in Code Section 1504(a), without regard to Code Section 1504(b)) of which the Bank or Riverside Bank is a member, would constitute an “excess parachute payment” (as defined in Code Section 280G(b)(2)), payments pursuant to this Agreement shall be reduced to the extent necessary (but only to the minimum extent necessary) to ensure that no portion of such payments will be subject to the excise tax imposed by Code Section 4999. Any determination required under this Section 10 shall be made by the Bank and its tax advisors, whose determination shall be conclusive and binding upon the Executive and Riverside Bank.

 

 
 

11. No Mitigation. The Bank agrees that Executive is not required to use reasonable good faith efforts to seek other employment and to reduce any amounts payable to Executive by the Bank pursuant to this Agreement.

 

12. Non-Competition; Non-Solicitation; Non-Disclosure.

 

(a) The benefits provided to Executive under Section 4 of this Agreement are specifically conditioned on Executive’s covenant that, for a period of one (1) year following the Executive’s separation from service with the Bank, the Executive will not, without the written consent of the Bank, either directly or indirectly:

 

(i) solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or any of its affiliates to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business or other entity;

 

(ii) become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity-owner or stockholder, partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other entity that has headquarters or offices within any county in which the Bank maintains a branch office or has filed an application for regulatory approval to establish an office as of the date of Executive’s termination; provided, however, that this restriction shall not apply if the Executive’s employment is terminated following a Change in Control; or

 

(iii) solicit, provide any information, advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Bank or its affiliates to terminate an existing business or commercial relationship with the Bank or its affiliates.

 

(b) Executive further agrees that Executive shall not at any time or in any manner, directly or indirectly, use or disclose Confidential Information (as hereinafter defined) to any party other than the Bank either during or after Executive’s termination of employment or the termination of this Agreement for any reason, except for purposes consistent with the administration and performance of Executive’s obligations hereunder, or as required by law, provided that written notice of any legally required disclosure shall be given to the Bank promptly prior to any such disclosure and Executive shall reasonably cooperate with the Bank to protect the confidentiality thereof pursuant to applicable law or regulation. For purposes of this Agreement, the term “Confidential Information” includes any confidential or proprietary information furnished or provided by the Bank to Executive after Executive first became employed by the Bank, under this Agreement or otherwise (whether before or after the Execution Date) (and without regard to whether such information is conveyed directly or on the Bank’s behalf), or otherwise acquired by Executive as a consequence of Executive’s employment with the Bank and that is not generally known in the industry in which the Bank is engaged and that in any way relates to the products, services, purchasing, marketing, names of customers, vendors or suppliers, merchandising and selling, plans, data, specifications or any other confidential and proprietary information of the Bank or any affiliate. Any Confidential Information supplied to Executive by the Bank prior to the Execution Date shall be considered in the same manner and be subject to the same treatment as the Confidential Information made available after the execution of this Agreement. The term “Confidential Information” does not include information (i) which was already in the public domain, (ii) which is disclosed as a matter of right by a third party source after the execution of this Agreement, provided such third party source is not bound by a confidentiality agreement with the Bank or (iii) which passes into the public domain by acts other than the unauthorized acts of Executive, whether acting alone or in concert; provided, however, that any disclosure of Confidential Information may be made by Executive if the Bank expressly consents thereto in writing prior to such disclosure.

 

13. Exclusive Remedy. Except as expressly set forth herein, or in any other agreement or benefit plan of the Bank not superseded by this Agreement to which Executive is a party or in which Executive participates, or otherwise required by law, Executive shall not be entitled to any compensation, benefits, or other payments from the Bank as a result of, or in connection with, Executive’ s separation from service at any time, for any reason. The payments and benefits set forth in Sections 4 or 5 hereof shall constitute Executive’s sole and exclusive remedy for any claims, causes of action or demands arising under or in connection with this Agreement or its alleged breach, or the termination of Executive’s employment relationship with the Bank.

 

 
 

14. Governing Law/Interpretation. Executive and the Bank agree that this Agreement and any claims arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut, without giving effect to the principles of conflicts of laws thereof.

 

15. Entire Agreement; Termination of other Agreements. This Agreement shall constitute the sole and entire agreement between the parties with respect to the subject matter hereof, and supersedes and cancels all prior, concurrent and/or contemporaneous arrangements, understandings, promises, offers, agreements and/or discussions, including, but not limited to, those concerning employment agreements and/or severance benefits, whether written or oral, by or between the parties, regarding the subject matter hereof; provided, however, that this Agreement is not intended to, and shall not, supersede, affect, limit, modify or terminate any written agreement or arrangement between Executive and the Bank that does not relate to the subject matter hereof. By way of illustration and not limitation, this Agreement specifically supersedes that certain Employment Agreement between Executive and Riverside Bank dated as of July 5, 2011 and amended effective as of January 1, 2013, which, as of the Effective Date, shall be deemed terminated; provided however, that in the event the Effective Date does not occur because the Merger is not consummated, this Agreement shall be deemed null and void and of no further force and effect, and the foregoing agreement shall remain in place. In addition, from the date hereof through the Effective Date, Executive agrees not to exercise or transfer those certain options to purchase 15,000 shares of Riverside Bank granted pursuant to that certain grant dated as of February 2, 2013 (the “Option”) and that upon the Effective Date, the Option will be terminated, null and void and of no further force and effect. Finally, Executive agrees that upon the Effective Date, that certain Supplemental Executive Retirement Plan dates February 1, 2013 (the “SERP”) will also be null and void and of no further force and effect. In the event the Effective Date does not occur because the Merger is not consummated, then the Option and the SERP will not be terminated, and will remain in effect in accordance with their terms.

 

16. Assignment. Executive acknowledges that the services to be rendered hereunder are unique and personal in nature. Accordingly, Executive may not assign any rights or delegate any duties or obligations under this Agreement. The rights and obligations of the Bank under this Agreement shall automatically be assigned to the successors and assigns of the Bank (including, but not limited to, any successor in the event of a Change in Control, as well as any other entity that controls, is controlled by, or is under common control with, any such successor), and shall inure to the benefit of, and be binding upon, such successors and assigns. This Agreement shall be binding upon Executive, as well as, Executive’s heir, executors and administrators of Executive or Executive’s estate and property.

 

17. Notices. All notices required hereunder shall be in writing and shall be delivered in person, by facsimile or by certified or registered mail, return receipt requested, and shall be effective upon sending if by facsimile, or upon receipt if by personal delivery, or upon the fourth (4th) business day after being sent by certified or registered mail. All notices shall be addressed as follows or to such other address as the parties may later provide in writing:

 

If to the Bank:

 

Salisbury Bank and Trust Company

5 Bissell Street,

P.O. Box 1868

Lakeville, CT 06039-1868

Attn: Richard J. Cantele, Jr.
  President and Chief Executive Officer
   
  and, if to Executive: 

 

at the address set forth in the human resources files of the Bank.

 

18. Severability/Reformation. If any one or more of the provisions (or any part thereof) of this Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions (or any part thereof) shall not in any way be affected or impaired thereby, and this Agreement shall be construed and reformed to the maximum extent permitted by law. The language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against either of the parties.

 

 
 

19. Modification. This Agreement and the rights, remedies and obligations contained in any provision hereof, may be modified or waived only in accordance with this Section 19. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. This Agreement and its terms may not be waived, changed, discharged or terminated orally or by any course of dealing between the parties, but only by a written instrument signed by the party against whom any waiver, change, discharge or termination is sought. No modification or waiver by the Bank is effective without written consent of the Board.

 

20. Arbitration. Subject to the mutual agreement of the parties hereto at the time a dispute exists between such parties, any dispute, controversy or claim arising out of, or in connection with, this Agreement shall be exclusively subject to arbitration before the American Arbitration Association (“AAA”). Such arbitration shall take place in Hartford, Connecticut, before a single arbitrator in accordance with AAA’s then current National Rules for the Resolution of Employment Disputes. Judgment upon any arbitration award may be entered in any court of competent jurisdiction. All parties shall cooperate in the process of arbitration for the purpose of expediting discovery and completing the arbitration proceedings. Notwithstanding any provision in this Agreement to the contrary, nothing contained in this Section 20 or elsewhere in this Agreement shall in any way deprive the Bank of its right to obtain injunctive relief, specific performance or other legal or equitable relief in a court of competent jurisdiction for purposes of enforcing the provisions of Section 12 hereof.

 

21. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

 

22. Section Headings. The descriptive section headings herein have been inserted for convenience only and shall not be deemed to define, limit, or otherwise affect the construction of any provision hereof.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal effective as of the date below.

 

  SALISBURY BANK AND TRUST COMPANY
   
   
March 18, 2014                         By: /s/ Richard J. Cantele, Jr.
Date: Richard J. Cantele, Jr.
  President and Chief Executive Officer
   
  EXECUTIVE
   
   
March 18, 2014                         By: /s/ John Davies
Date: John Davies

 EX-21.1 5 sal0323form10kexh21_1.htm EXHIBIT 21.1

Exhibit 21.1

SALISBURY BANCORP, INC.

SUBSIDIARIES OF REGISTRANT

 

Salisbury Bank and Trust Company, a Connecticut state chartered commercial bank.

 

Subsidiaries of Salisbury Bank and Trust Company:

SBT Mortgage Service Corporation, a Connecticut corporation.

S.B.T. Realty, Incorporated, a New York corporation.

 

 

 

 

 

 EX-23.1 6 sal0323form10kexh23_1.htm EXHIBIT 23.1

Exhibit 23.1

SALISBURY BANCORP, INC.

CONSENT OF BAKER NEWMAN & NOYES, LLC.

 

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

We consent to the incorporation by reference in Registration Statement Nos. 333-160767 and 333-152930 on Form S-8 of Salisbury Bancorp, Inc. and Subsidiary of our report dated March 30, 2016, relating to our audit of the consolidated balance sheet of Salisbury Bancorp, Inc. and Subsidiary as of December 31, 2015, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, which appear in the Annual Report on Form 10-K of Salisbury Bancorp, Inc. for the year ended December 31, 2015.

 

 

/s/ Baker Newman & Noyes

      Limited Liability Company

 

 

Peabody, Massachusetts

March 30, 2016

 

 EX-23.2 7 sal0323form10kexh23_2.htm EXHIBIT 23.2

Exhibit 23.2

SALISBURY BANCORP, INC.

CONSENT OF SHATSWELL, MACLEOD & COMPANY, P.C.

 

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

We consent to the incorporation by reference in Registration Statement Nos. 333-160767 and 333-152930 on Form S-8 of Salisbury Bancorp, Inc. and Subsidiary of our report dated March 30, 2015, relating to our audit of the consolidated balance sheet of Salisbury Bancorp, Inc. and Subsidiary as of December 31, 2014 and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the years ended December 31, 2014 and 2013, which appear in the Annual Report on Form 10-K of Salisbury Bancorp, Inc. for the year ended December 31, 2015.

 

 

/s/ Shatswell, MacLeod & Company, P.C.

      Shatswell, MacLeod & Company, P.C.

 

Peabody, Massachusetts

March 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 EX-31.1 8 sal0323form10kexh31_1.htm EXHIBIT 31.1

Exhibit 31.1

SALISBURY BANCORP, INC.

CERTIFICATION

 

I, Richard J. Cantele, Jr., certify that: 

1)I have reviewed this annual report on Form 10-K of Salisbury Bancorp, Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

 

March 30, 2016

 By   /s/ RICHARD J. CANTELE JR.
  Richard J. Cantele, Jr.,
  President and Chief Executive Officer
 EX-31.2 9 sal0323form10kexh31_2.htm EXHIBIT 31.2

Exhibit 31.2

SALISBURY BANCORP, INC.

CERTIFICATION

 

I, Donald E. White, certify that:

1)I have reviewed this annual report on Form 10-K of Salisbury Bancorp, Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

 

March 30, 2016

 By   /s/ DONALD E. WHITE
  Donald E. White,
  Chief Financial Officer
and Chief Accounting Officer
 EX-32.1 10 sal0323form10kexh32_1.htm EXHIBIT 32.1

Exhibit 32.1

SALISBURY BANCORP, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned officer of Salisbury Bancorp, Inc. (the “Corporation”), hereby certifies that the Corporation’s Annual Report on Form 10-K for the period ended December 31, 2015 to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

 

March 30, 2016

 By   /s/ RICHARD J. CANTELE, JR.
  Richard J. Cantele, Jr.,
  President and Chief Executive Officer

 

 

The undersigned officer of Salisbury Bancorp, Inc. (the “Corporation”), hereby certifies that the Corporation’s Annual Report on Form 10-K for the period ended December 31, 2015 to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

 

March 30, 2016

 By   /s/ DONALD E. WHITE
  Donald E. White,
  Chief Financial Officer
and Chief Accounting Officer
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158000 166000 161000 158000 166000 161000 -8957000 25293000 -2042000 27991000 6680000 -16721000 -6824000 134000 -995000 26013000 23394000 -30863000 <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 1in; text-indent: -1in">NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury is the bank holding company for Salisbury Bank (the &#147;Bank&#148;), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the &#34;FDIC&#34;) insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through thirteen full-service offices located in Litchfield, Berkshire and Dutchess and Orange Counties in Connecticut, Massachusetts and New York, respectively.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The following is a summary of significant accounting policies:</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Principles of Consolidation</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.</p> <p style="font: bold 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Basis of Financial Statement Presentation</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Certain reclassifications have been made to the 2014 and 2013 financial statements to make them consistent with the 2015 presentation.</p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Cash and Cash Equivalents</b></font></p> <p style="font: 9pt/10pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; background-color: white"><font style="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisb<font style="font-size: 9pt">ury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank&#146;s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. In 2015, a 3% reserve ratio was assessed on net transaction accounts over $14.5 million, up to and including $103.6 million (which may be adjusted by the FRB). A 10% reserve ratio was assessed on net transaction accounts in excess of $103.6 million (which may be adjusted by the FRB). I<font style="letter-spacing: -0.1pt">n 2014, </font>a<font style="letter-spacing: -0.1pt"> 3% reserve ratio </font>was<font style="letter-spacing: -0.1pt"> assessed on net transaction accounts over $13.3 million up to and including $89.0 million</font>.<font style="letter-spacing: -0.1pt"> A 10% reserve ratio </font>was<font style="letter-spacing: -0.1pt"> assessed on net transaction accounts in excess of $89.0</font> million.</font></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt"><b>Securities</b></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (&#147;OTTI&#148;). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The OTTI related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are </font><font style="letter-spacing: -0.2pt">reflected in earnings as realized losses.</font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Federal Home Loan Bank of Boston Stock</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.2pt">The Bank is a member of the Federal Home Loan Bank of Boston (&#147;FHLBB&#148;). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank&#146;s FHLBB stock as of December 31, 2015. Deterioration of the FHLBB&#146;s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.</font></p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Loans</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower&#146;s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans are classified as accruing or non-accruing based on management&#146;s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.</p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Acquired Loans</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that meet the criteria stipulated in Accounting Standards Codification (ASC) 310-30, &#147;Loans and Debt Securities Acquired with Deteriorated Credit Quality,&#148; Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan&#146;s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, &#147;Contingencies&#148; by collectively evaluating these loans for an allowance for loan losses.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Allowance for Loan Losses</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses represents management&#146;s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The determination of the adequacy of the allowance is based on management&#146;s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management&#146;s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans collectively evaluated for impairment</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management&#146;s general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury&#146;s policies or methodology pertaining to the general component of the allowance for loan losses during 2015.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial real estate - Loans in this segment are primarily income-producing properties throughout Salisbury&#146;s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, has an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Municipal loans &#150; Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury&#146;s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity&#146;s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are near 0%.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans individually evaluated for impairment</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan&#146;s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower&#146;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#34;TDR&#34;). All TDRs are classified as impaired.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Unallocated</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">An unallocated component is maintained to cover uncertainties that could affect management&#146;s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Other Real Estate Owned (&#147;OREO&#148;)</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury's loans collateralized by real estate and all other real estate owned (&#147;OREO&#148;) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury&#146;s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury&#146;s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">As of December 31, 2015 the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $2.9 million.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Income Taxes</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank Premises and Equipment</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif"> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left; width: 5%"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify; width: 88%"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Building /Improvements &#150; 39 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Land Improvements &#150; 15 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Furniture and Fixtures &#150; 7 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Computer Equipment &#150; 5 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Softwar</font>e &#150; 3 years</td></tr> </table> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt; letter-spacing: -0.1pt; text-align: justify"></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Intangible Assets</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury&#146;s assets at December 31, 2015, and 2014, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, and $2,723,000 arising from the acquisition of Riverside Bank in December 2014. See Note 8.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">On an annual basis management assesses intangible assets for impairment, and for the year ending December 31, 2015, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Statements of Cash Flows</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Computation of Earnings per Share</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method.</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal">The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Recent Accounting Pronouncements</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 and 2015-14, &#147;Revenue from Contracts with Customers (Topic 606).&#148; The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). Salisbury is currently reviewing ASU 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements.</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In April 2015, the FASB issued ASU 2015-03, &#147;Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#148; The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. Salisbury adopted this guidance in 2015 and presented the costs related to the issuance of subordinated debt as a direct reduction of the carrying amount of the debt.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In April 2015, the FASB issued ASU 2015-05, &#147;Intangibles &#150; Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#146;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#148; This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer&#146;s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In September 2015, the FASB issued ASU 2015-16, &#147;Simplifying the Accounting for Measurement-Period Adjustments.&#148; Under the ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects (if any) as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In January 2016, the FASB issued ASU 2016-01, &#147;Financial Instruments &#150; Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.&#148; This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument-specific credit risk. Salisbury is currently evaluating the impact of the new standard on the consolidated financial statements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In February 2016, the FASB issued ASU 2016-02, &#147;Leases (Topic 842),&#148; which provides new guidance related to accounting for leases.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">The ASU requires that an entity recognize substantially all leasing activities on its balance sheet.&#160; Specifically, a lessee will be required to recognize a liability to make lease payments (the lease liability) and a &#147;right-of-use&#148; asset representing the right to use the underlying asset for the lease term.&#160; The asset and liability will initially be measured at the present value of the future lease payments. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption will be permitted for all entities. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Principles of Consolidation</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.</p> <p style="font: bold 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Basis of Financial Statement Presentation</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Certain reclassifications have been made to the 2014 and 2013 financial statements to make them consistent with the 2015 presentation.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt"><b>Securities</b></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (&#147;OTTI&#148;). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The OTTI related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are </font><font style="letter-spacing: -0.2pt">reflected in earnings as realized losses.</font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Federal Home Loan Bank of Boston Stock</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.2pt">The Bank is a member of the Federal Home Loan Bank of Boston (&#147;FHLBB&#148;). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank&#146;s FHLBB stock as of December 31, 2015. Deterioration of the FHLBB&#146;s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.</font></p> <p style="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Loans</b></font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower&#146;s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans are classified as accruing or non-accruing based on management&#146;s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Allowance for Loan Losses</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses represents management&#146;s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The determination of the adequacy of the allowance is based on management&#146;s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management&#146;s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans collectively evaluated for impairment</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and Home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management&#146;s general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury&#146;s policies or methodology pertaining to the general component of the allowance for loan losses during 2015.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial real estate - Loans in this segment are primarily income-producing properties throughout Salisbury&#146;s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, has an effect on the credit quality in this segment.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Municipal loans &#150; Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury&#146;s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity&#146;s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are near 0%.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans individually evaluated for impairment</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan&#146;s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower&#146;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#34;TDR&#34;). All TDRs are classified as impaired.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Unallocated</u></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">An unallocated component is maintained to cover uncertainties that could affect management&#146;s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Other Real Estate Owned (&#147;OREO&#148;)</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury's loans collateralized by real estate and all other real estate owned (&#147;OREO&#148;) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury&#146;s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury&#146;s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">As of December 31, 2015 the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $2.9 million.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Income Taxes</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank Premises and Equipment</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif"> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left; width: 5%"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify; width: 88%"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Building /Improvements &#150; 39 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Land Improvements &#150; 15 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Furniture and Fixtures &#150; 7 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: middle; text-align: justify"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Computer Equipment &#150; 5 years</font></td></tr> <tr> <td style="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td> <td style="vertical-align: top; text-align: left"><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#149;</font></td> <td style="vertical-align: bottom"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Softwar</font>e &#150; 3 years</td></tr></table> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt; letter-spacing: -0.1pt; text-align: justify"></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Intangible Assets</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury&#146;s assets at December 31, 2015, and 2014, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, and $2,723,000 arising from the acquisition of Riverside Bank in December 2014. See Note 8.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">On an annual basis management assesses intangible assets for impairment, and for the year ending December 31, 2015, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Statements of Cash Flows</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.</p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Computation of Earnings per Share</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method.</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal">The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Recent Accounting Pronouncements</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 and 2015-14, &#147;Revenue from Contracts with Customers (Topic 606).&#148; The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). Salisbury is currently reviewing ASU 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements.</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In April 2015, the FASB issued ASU 2015-03, &#147;Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#148; The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. Salisbury adopted this guidance in 2015 and presented the costs related to the issuance of subordinated debt as a direct reduction of the carrying amount of the debt.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In April 2015, the FASB issued ASU 2015-05, &#147;Intangibles &#150; Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#146;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#148; This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer&#146;s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In September 2015, the FASB issued ASU 2015-16, &#147;Simplifying the Accounting for Measurement-Period Adjustments.&#148; Under the ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects (if any) as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In January 2016, the FASB issued ASU 2016-01, &#147;Financial Instruments &#150; Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.&#148; This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument-specific credit risk. Salisbury is currently evaluating the impact of the new standard on the consolidated financial statements.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">In February 2016, the FASB issued ASU 2016-02, &#147;Leases (Topic 842),&#148; which provides new guidance related to accounting for leases.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">The ASU requires that an entity recognize substantially all leasing activities on its balance sheet.&#160; Specifically, a lessee will be required to recognize a liability to make lease payments (the lease liability) and a &#147;right-of-use&#148; asset representing the right to use the underlying asset for the lease term.&#160; The asset and liability will initially be measured at the present value of the future lease payments. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption will be permitted for all entities. 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In a decision issued on November 6, 2013, the Court granted the motion to strike as to the second special defense and set off, but denied the motion as to the first special defense and set off. Trial began on February 4, 2014, and concluded on February 14, 2014.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">In a decision issued on June 2, 2014, the Court dismissed Erling Christophersen&#146;s special defense, and made findings as to the amount of the debt owed by Erling Christophersen and the value of the property, reserving judgment on whether to order a strict foreclosure or foreclosure by sale pending a hearing on the amount of attorneys&#146; fees accrued, and the debt accrued since the commencement of the trial. That hearing was held on July 29, 2014. On July 25, 2014, Erling Christophersen moved to disqualify the Bank&#146;s counsel, seeking, in part, the remedy of a new trial. The Court denied that motion in a decision dated July 30, 2014. On August 5, 2014, the Court issued a Judgment of Strict Foreclosure (the &#147;Judgment&#148;) in favor of the Bank and set September 16, 2014 as the Law Day, which is the final date fixed by the Court on which the debtor can pay off the debt or redeem the real property, with subsequent dates for subsequent encumbrances in inverse order of priority.</p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">On September 15, 2014, Christophersen moved to open the Judgment, which motion was denied by order of the Court dated September 30, 2014.&#160; On October 3, 2014, Christophersen filed an Appeal of the Judgment and of the denial of his motion to reopen.&#160; &#160;Salisbury Bank moved to dismiss the Appeal on October 24, 2014, on grounds that Christophersen cannot represent the Trust as he is not an attorney, and that Christophersen in his individual capacity does not have any interest in this appeal.&#160; On December 17, 2014, the motion was granted in part and dismissed in part, but the decision is moot because counsel submitted an appearance on behalf of the Trust on December 29, 2014.&#160;&#160; On January 20, 2015, Christophersen filed a motion for reconsideration, which motion was denied by order of the Appellate Court on February 10, 2015.</font></p> <p style="font: 9pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">The parties&#146; submitted briefs and oral arguments were heard by Appellate Court on January 7, 2016. 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(Parent Only) Balance Sheet Location [Axis] Income Statement Location [Axis] Legal Entity [Axis] Selected quarterly consolidated financial data Scenario [Axis] Statements of Income Balance Sheets Statements of Comprehensive Income Other Comprehensive Income Location [Axis] Statements of Cash Flows Operating Activities [Axis] Components of sales of securities Gain Contingencies, Nature [Axis] Activity related to credit losses recognized into earnings Reclassification out of Accumulated Other Comprehensive Income [Axis] Total Receivable Type [Axis] Business Activities Loans Loans Details Balance of loans serviced for others and fair value of mortgage servicing rights Mortgage Loans on Real Estate, Loan Type [Axis] Changes in mortgage servicing rights Participating Mortgage Loans [Axis] Securities and loans pledged Financial Instruments Owned and Pledged as Collateral by Type [Axis] Components of premises and equipment Property, Plant and Equipment, Type [Axis] Changes in carrying values of goodwill and intangible assets Indefinite-lived Intangible Assets [Axis] CDI in demoninations of $250,000 or more Finite-Lived Intangible Assets by Major Class [Axis] Acquisition of Sharon, Connecticut branch office of Union Savings Bank Securities sold under repurchase agreements Securities or Other Assets Sold under Agreements to Repurchase [Axis] Short-term FHLBB advances Information Components of income tax provision Income Tax Authority [Axis] Components of net deferred tax assets Valuation Allowance by Deferred Tax Asset [Axis] Shareholders' Equity Details Transition from defined pension plan to defined contribution 401(k) plan Components of amounts recognized in accumulated other comprehensive income, before tax effect Calculation of earnings per share Dividends [Axis] Unearned compensation-restricted stock awards Union Savings Bank, N.A. branch acquisition 2014 Riverside Bank acquisition 2014 Canaan National Bancorp, Inc. acquisition in 2004 Branch office purchase in New York State in 2007 Riverside Bank acquisition in December 2014 Building/Improvements Land Improvements Furniture and Fixtures Computer Equipment Software Consideration Paid Noncash or Part Noncash Acquisitions by Unique Description [Axis] As Acquired Business Acquisition [Axis] Fair Value Adjustment As Recorded at Aquisition ASC 310-30 Loans Receivables Acquired with Deteriorated Credit Quality [Axis] Mergers and Acquisitions Business Activites Loans Acquired Loans Acquired Loans - Pass Acquired Loans - Special Mention Acquired Loans - Substandard Acquired Loans - Doubtful Acquired Loans - Loss Acquired Loans - Total Acquired Loans - Current Acquired Loans - Past due 1-29 days Acquired Loans - Past due 30-59 days Acquired Loans - Past due 60-89 days Acquired Loans - Past due 90-179 days Acquired Loans - Past due 180 days and over Acquired Loans - Past due 30 days and over Acquired Loans - Accruing 90 days and over Acquired Loans - Non-accrual Residential 1-4 family Troubled Debt Restructuring, Debtor, Subsequent Periods [Axis] Commercial real estate Commercial and industrial Total Acquired Loans Acquired Loans - Beginning balance Acquired Loans - Provision Acquired Loans - Recoveries Acquired Loans - Ending balance Acquired Loans - Charge-offs Acquired Loans - Collectively evaluated Loans Acquired Loans - Collectively evaluated Allowance Acquired Loans - Individually evaluated Loans Acquired Loans - Individually evaluated Allowance Acquired Loans - Total portfolio Loans Acquired Loans - Total portfolio Allowance Acquired Loans - ASC 310-30 Loans Acquired Loans - ASC 310-30 loans Allowance Acquired Loans - Impaired loans with specific allowance - Loan balance - Book Acquired Loans - Impaired loans with specific allowance - Loan balance - Note Acquired Loans - Impaired loans with specific allowance - Loan balance - Average Acquired Loans - Impaired loans with specific allowance - Income recognized Acquired Loans - Impaired loans with no specific allowance - Loan balance - Book Acquired Loans - Impaired loans with no specific allowance - Loan balance - Note Acquired Loans - Impaired loans with no specific allowance - Loan balance - Average Acquired Loans - Impaired loans with no specific allowance - Income recognized Acquisition of Riverside Bank As a result of acquisition of Riverside Bank As a result of tax effect of related adjustments to goodwill Related party transactions Related Party Transaction [Axis] Components of accumulated other comprehensive income Financial instrument liabilities with off-balance sheet credit risk Fair Value, Estimate Not Practicable, Disclosure Items [Axis] Subsequent Events Subsequent Event Type [Axis] Business Activities Loans - Collectively evaluated Loans Business Activities Loans - Collectively evaluated Allowance Business Activities Loans - Individually evaluated Loans Business Activities Loans - Individually evaluated Allowance Business Activities Loans - Total portfolio Loans Business Activities Loans - Total portfolio Allowance Pro forma results of operations of Riverside Bank since acquisition date Acquired Loans - Collectively evaluated Loans Acquired Loans - Collectively evaluated Allowance Acquired Loans - Individually evaluated Loans Acquired Loans - Individually evaluated Allowance Acquired Loans - Total portfolio Loans Acquired Loans - Total portfolio Allowance Net transaction accounts over $14.5 million, up to and including $103.6 million Cash and Cash Equivalents [Axis] Net transaction accounts in excess of $103.6 million Net transaction accounts over $13.3 million, up to and including $89.0 million Net transaction accounts in excess of $89.0 million Business Activities Loans - Residential real estate Business Activities Loans - Land Business Activities Loans - Commercial real estate Business Activities Loans - Construction of commercial Business Activities Loans - Consumer Business Activities Loans - Commercial and industrial Business Activities Loans - Total Troubled debt restructurings Business Activities Loans - Rate reduction and term extension Business Activities Loans - Interest only pursuant to sale Business Activities Loans - Interest only and term extension Business Activities Loans - Interest only pursuant to sale and term extension Business Activities Loans - Interest only Business Activities Loans - Debt consolidation and term extension Business Activities Loans - Rate reduction Business Activities Loans - Rate reduction interest only Business Activities Loans - Debt consolidation, rate reduction, term extension and note bifurcation Business Activities Loans - Rate reduction and debt consolidation Business Activities Loans - Term extension Acquired Loans - Residential real estate Acquired Loans - Land Acquired Loans - Commercial real estate Acquired Loans - Construction of commercial Acquired Loans - Consumer Acquired Loans - Commercial and industrial Acquired Loans - HELOC Acquired Loans - Total Troubled debt restructurings Acquired Loans - Rate reduction and term extension Acquired Loans - Interest only pursuant to sale Acquired Loans - Interest only and term extension Acquired Loans - Interest only pursuant to sale and term extension Acquired Loans - Interest only Acquired Loans - Debt consolidation and term extension Acquired Loans - Rate reduction Acquired Loans - Rate reduction interest only Acquired Loans - Debt consolidation, rate reduction, term extension and note bifurcation Acquired Loans - Rate reduction and debt consolidation Acquired Loans - Term extension Business Activities Loans - HELOC Acquired Loans - Impaired loans with specific allowance - Specific allowance CD maturities Restricted Cash and Cash Equivalents [Axis] CD maturities Total CDI maturities Financial Instrument [Axis] Total shareholders' equity FHLBB advances information Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] ASSETS Cash and due from banks Interest bearing demand deposits with other banks Total cash and cash equivalents Securities Available-for-sale at fair value Federal Home Loan Bank of Boston stock at cost Loans held-for-sale Loans receivable, net (allowance for loan losses: $5,716 and $5,358) Other real estate owned Bank premises and equipment, net Goodwill Intangible assets (net of accumulated amortization: $2,910 and $2,258) Accrued interest receivable Cash surrender value of life insurance policies Deferred taxes Other assets Total Assets LIABILITIES and SHAREHOLDERS' EQUITY Deposits Demand (non-interest bearing) Demand (interest bearing) Money market Savings and other Certificates of deposit Total deposits Repurchase agreements Federal Home Loan Bank of Boston advances Subordinated debt Note payable Capital lease liability Accrued interest and other liabilities Total Liabilities Shareholders' Equity Preferred stock - $.01 per share par value, Authorized: 25,000; Issued: 16,000 (Series B); Outstanding: 0 and 16,000; Liquidation preference: $1,000 per share Common stock - $.10 per share par value, Authorized: 5,000,000; Issued: 2,733,576 and 2,720,766 Unearned Compensation - restricted stock awards Paid-in capital Retained earnings Accumulated other comprehensive income, net Total Shareholders' Equity Total Liabilities and Shareholders' Equity Allowance for loan losses of loans receivable Accumulated amortization of intangible assets Preferred stock, par value Preferred stock, authorized Preferred stock, issued (Series B) Preferred stock, outstanding Preferred stock, liquidation preference Common stock, par value Common stock, authorized Common stock, issued Interest and dividend income Interest and fees on loans Interest on debt securities Taxable Tax exempt Other interest and dividends Total interest and dividend income Interest expense Deposits Repurchase agreements Federal Home Loan Bank of Boston advances Capital lease Note payable Subordinated debt Total interest expense Net interest and dividend income Provision for loan losses Net interest and dividend income after provision for loan losses Non-interest income Gains on securities, net Trust and wealth advisory Service charges and fees Gains on sales of mortgage loans, net Mortgage servicing, net Other Total non-interest income Non-interest expense Salaries Employee benefits Premises and equipment Data processing Professional fees Collections, OREO, and appraisals FDIC insurance Marketing and community support Amortization of intangibles Merger and acquisition related expenses Other Total non-interest expense Income before income taxes Income tax provision Net income Net income available to common shareholders Basic earnings per common share Diluted earnings per common share Common dividends per share Net income Other comprehensive (loss) income Net unrealized (losses) gains on securities available-for-sale Reclassification of net realized gains in net income Unrealized (losses) gains on securities available-for-sale Income tax benefit (expense) Unrealized (losses) gains on securities available-for-sale, net of tax Change in unrecognized pension plan (expense) income Income tax benefit (expense) Change in unrecognized pension plan (expense) income, net of tax Other comprehensive (loss) income, net of tax Comprehensive income Balance - Beginning, amount Balance - Beginning, shares Net income for year Other comprehensive income, net of tax Common stock dividends declared Preferred stock dividends declared Acquisition of Riverside Bank, amount Acquisition of Riverside Bank, shares Stock options exercised, amount Stock options exercised, shares Issuance of common stock for executives, amount Issuance of common stock for executives, shares Issuance of restricted common stock, amount Issuance of restricted common stock, shares Forfeiture of restricted common stock, amount Forfeiture of restricted common stock, shares Stock based compensation-restricted stock awards Issuance of common stock for director fees, amount Issuance of common stock for director fees, shares Redemption of preferred stock Balance - Ending Balance - Ending, shares Operating Activities Adjustments to reconcile net income to net cash provided by operating activities: (Accretion), amortization and depreciation Securities Bank premises and equipment Core deposit intangible Mortgage servicing rights Fair value adjustment on loans Fair value adjustment on deposits (Gains) and losses, including write-downs Sales and calls of securities available-for-sale, net Gains on sales of loans, excluding capitalized servicing rights Loss on other real estate owned Loss on sale/disposals of premises and equipment Provision for loan losses Proceeds from loans sold Loans originated for sale Decrease (increase) in deferred loan origination fees and costs, net Mortgage servicing rights originated Increase (decrease) in mortgage servicing rights impairment reserve Decrease (increase) in interest receivable Deferred tax expense (benefit) (Increase) decrease in prepaid expenses Increase in cash surrender value of life insurance policies (Increase) decrease in income tax receivable (Decrease) increase in income taxes payable (Increase) decrease in other assets Decrease (increase) in accrued expenses Decrease in interest payable Increase in other liabilities Stock options exercised Issuance of shares for directors' fees Stock based compensation - restricted stock awards Net cash provided by operating activities Investing Activities Maturity (purchase) of interest-bearing time deposits with other banks Redemption of Federal Home Loan Bank of Boston stock Purchases of securities available-for-sale Proceeds from sale of securities available-for-sale Proceeds from calls of securities available-for-sale Proceeds from maturities of securities available-for-sale Loan originations and principle collections, net Loans purchased Recoveries of loans previously charged off Proceeds from sale of other real estate owned Purchase of life insurance policies Capital expenditures Cash and cash equivalents acquired in acquisitions Net cash (utilized) provided by investing activities Financing Activities Increase (decrease) in deposit transaction accounts, net Decrease in time deposits, net (Decrease) increase in securities sold under agreements to repurchase, net Principal payments on Federal Home Loan Bank of Boston advances Modification fees on Federal Home Loan Bank of Boston advances Decrease in capital lease obligation Payoff of preferred stock Issuance of subordinated debt, net of issuance costs Common stock dividends paid Series B preferred stock dividends paid Net cash provided (utilized) by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Cash paid during year Interest Income taxes Non-cash transfers Note payable to finance building purchase From loans to other real estate owned From other real estate owned to loans The Company recorded a capital lease asset and incurred a capital lease obligation in connection with the lease of a building Cash and cash equivalents acquired Investments acquired Net loans acquired Fixed assets acquired Accrued interest receivable acquired Cash surrender value of life insurance policies acquired Other assets acquired Core deposit intangible Deposits assumed Accrued interest payable assumed Other liabilities assumed Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Combinations [Abstract] MERGERS AND ACQUISITIONS Investments, Debt and Equity Securities [Abstract] SECURITIES Receivables [Abstract] LOANS Mortgage Loans on Real Estate [Abstract] MORTGAGE SERVICING RIGHTS Guarantees [Abstract] PLEDGED ASSETS Property, Plant and Equipment [Abstract] BANK PREMISES AND EQUIPMENT Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND INTANGIBLE ASSETS Banking and Thrift [Abstract] DEPOSITS SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE FEDERAL HOME LOAN BANK OF BOSTON ADVANCES Income Tax Disclosure [Abstract] NET DEFERRED TAX ASSETS AND INCOME TAXES Equity [Abstract] SHAREHOLDERS' EQUITY Compensation and Retirement Disclosure [Abstract] PENSIONS AND OTHER BENEFITS LONG TERM INCENTIVE PLAN Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS COMPREHENSIVE INCOME Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENT LIABILITIES Investments, All Other Investments [Abstract] FINANCIAL INSTRUMENTS Fair Value Disclosures [Abstract] FAIR VALUE MEASUREMENTS Condensed Financial Information of Parent Company Only Disclosure [Abstract] SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION Earnings Per Share [Abstract] EARNINGS PER SHARE Subsequent Events [Abstract] SUBSEQUENT EVENTS Quarterly Financial Information Disclosure [Abstract] SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) Principles of Consolidation Basis of Financial Statement Presentation Cash and Cash Equivalents Securities Federal Home Loan Bank of Boston Stock Loans Acquired Loans Allowance for Loan Losses Other Real Estate Owned ("OREO") Income Taxes Bank Premises and Equipment Intangible Assets Statement of Cash Flows Computation of Earnings per Share Recent Accounting Pronouncements Consideration paid Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value Acquired loan portfolio and activity in the accretable yield Pro forma results of operations of Riverside Bank since acquisition date Composition of Securities Sales of securities available-for-sale and gains realized Aggreggate fair value and gross unrealized loss of securities Securities amortized cost; fair value and tax equivalent yield by maturity Composition of loans receivable and loans held-for-sale Composition of loans receivable by risk rating grade Composition of loans receivable by delinquency status Troubled debt restructurings Recorded investment and number of modifications for TDRs Components of impaired loans Changes in allowance for loan losses Composition of loans receivable and allowance for loan losses Credit quality segments of loans receivable and allowance for loan losses Certain data with respect to loans individually evaluated for impairment Balance of loans serviced for others and fair value of mortgage servicing rights Changes in mortgage servicing rights Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available Components of premises and equipment Changes in carrying values of goodwill and intangible assets Estimated annual amortization expense of core deposit intangibles Scheduled maturities of time certificates of deposit Total amount and scheduled maturities of time certificates of deposit Securities sold under repurchase agreements Federal Home Loan Bank of Boston ("FHLBB") advances Certain information concerning short-term FHLBB advances Components of income tax provision Reconciliation of expected federal statutory tax to income tax provision Components of net deferred tax assets Actual regulatory capital position and minimum capital requirements Transition from providing retirement benefits under defined pension plan to defined contribution 401(K) plan Components of amounts recognized in accumulated other comprehensive income, before tax effect Components of net periodic cost Changes in loans to executive officers, directors and their related associates Components of comprehensive income Components of accumulated other comprehensive income Future minimum lease payments Future minimum lease payments under capital lease with present value of net minimum lease payments Financial instrument liabilities with off-balance sheet credit risk Assets measured at fair value Carrying value and estimated fair values of financial instruments Unconsolidated balance sheets of Salisbury Bancorp, Inc. Unconsolidated statements of income of Salisbury Bancorp, Inc. Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. Calculation of earnings per share Selected quarterly consolidated financial data Expected useful life Reserve ratio Goodwill from purchases and acquisitions Summary Of Significant Accounting Policies - Other Real Estate Owned Details Narrative Recorded investment in residential mortgage loans collateralized by residential real estate in process of foreclosure Salisbury Bancorp common stock issued to Riverside Bank common stockholders Cash consideration paid for fractional shares Riverside stock options, vested upon acquisition Total consideration paid Cash and cash equivalents Investment securities Loans Premises and equipment Other assets Core deposit intangible Deposits Other liabilities Total identifiable net assets Acquired loan portfolio subject to purchased credit impaired loan accounting guidance Contractually required principal and interest at acquisition Contractual cash flows not expected to be collected (nonaccretable discount) Expected cash flows at acquisition Interest component of expected cash flows (accretable discount) Fair value of acquired loans Activity in accretable yield for acquired loan portfolio Balance at beginning of period Acquisitions Accretion Reclassification from non-accretable to accretable Balance at end of period Total revenue Net income Net income available to common shareholders Earnings per share Basic Diluted Stock issued to Riverside Bank shareholders Outstanding shares of Riverside Bank on acquisition date Exchange ratio for each share of Riverside Bank stock Value per share of stock issued Consideration paid Cash consideration paid to settle all fractional shares outstanding of Riverside bank Carrying amount of loans accounted for in accordance with ASC 310-30 Carrying value of non-impaired loans not accounted for under ASC 310-30 ASC 310-30 loans, outstanding balance ASC 310-30 loans, carrying value Direct merger, acquisition and integration costs expensed Available-for-sale U.S. Treasury notes U.S. Government Agency notes Municipal bonds Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises Collateralized mortgage obligations, U.S. Government agencies Collateralized mortgage obligations, Non-agency SBA bonds CRA mutual funds Preferred Stock Total securities available-for-sale Non-marketable securities Federal Home Loan Bank of Boston stock Proceeds Gains realized Losses realized Net gains realized Income tax provision Municipal bonds Mortgage-backed securities Total temporarily impaired securities U.S. Treasury notes, Yield U.S. Government Agency notes, Yield Municipal bonds, Yield Mortgage-backed securities, U.S. Government agency and U.S. Government-sponsored enterprises Mortgage-backed securities, U.S. Government agency and U.S. Government-sponsored enterprises, Yield Collateralized mortgage obligations, U.S. Government agency and U.S. Government-sponsored enterprises Collateralized mortgage obligations, U.S. Government agency and U.S. Government-sponsored enterprises, Yield Collateralized mortgage obligations, Non-agency, Yield SBA bonds, Yield CRA mutual funds, Yield Preferred Stock, Yield Securities available-for-sale Securities available-for-sale, Yield Recognized losses for deterioration in credit quality CRA mutual funds total fair value CRA mutual funds total unrealized losses Residential 1-4 family Residential 5+ multifamily Construction of residential 1-4 family Home equity lines of credit Residential real estate Commercial Construction of commercial Commercial real estate Farm land Vacant land Real estate secured Commercial and industrial Municipal Consumer Loans receivable, gross Deferred loan origination fees and costs, net Allowance for loan losses Loans receivable, net Loans held-for-sale Residential 1-4 family Quantity of troubled debt restructurings Pre-modification balance Post-modification balance Quanity, TDRs with Modifications that Subsequently Defaulted Balance, TDRs with Modifications that Subsequently Defaulted Non-accrual loans, excluding troubled debt restructured loans Non-accrual troubled debt restructured loans Accruing troubled debt restructured loans Total impaired loans Commitments to lend additional amounts to impaired borrowers Residential Commercial Land Real estate Commercial and industrial Municipal Consumer Unallocated Totals Performing loans Potential problem loans Impaired loans Unallocated allowance Totals Unallocated allowance Commercial loans for other banks serviced by Company under loan participation agreements Participation interests sold, gross outstanding balances Participation interests sold, net balances retained Purchase of share of participation loans, outstanding balances Significant decrease in loans receivable by risk rating grade Interest on non-accrual loans that would have been recorded as additional interest income had the loans been current Residential mortgage loans serviced for others Fair value of mortgage servicing rights Mortgage Servicing Rights Balance, beginning of period Originated Amortization (1) Balance, end of period Valuation Allowance Balance, beginning of period (Increase) decrease in impairment reserve (1) Balance, end of period Mortgage servicing rights, net Securities available-for-sale (at fair value) Loans receivable Total pledged assets Securities pledged to secure public deposits Securities pledged to secure repurchase agreements Securities pledged to secure FHLBB and FRB advances Land Buildings and improvements Leasehold improvements Capital lease Furniture, fixtures, equipment and software Construction in progress, including land acquisition and development Total cost Accumulated depreciation and amortization Bank premises and equipment, net Goodwill (1) Balance, beginning of period Additions Impairment Balance, end of period Core Deposit Intangibles Cost, beginning of period Union Savings branch purchase Riverside Bank merger Impairment Cost, end of period Amortization, beginning of period Amortization Amortization, end of period Core deposit intangibles, net Core deposit intangibles amortization Deposits assumed from acquisition Loans acquired from acquisition Goodwill realized Core deposit intangible assigned to acquisition 2016 2017 2018 2019 2020 2021 Total Within three months Within three-to-six months Within six-to-twelve months Over one year Total Repurchase agreements, ending balance Repurchase agreements, average balance during period Book value of collateral Market value of collateral Weighted average rate during period Weighted average maturity 2015 advances 2015 rate 2016 advances 2016 rate 2017 advances 2017 rate 2018 advances 2018 rate 2019 advances 2019 rate 2020 advances 2020 rate 2021 advances 2021 rate Total advances Total weighted average rate Highest month-end balance during period Ending balance Average balance during period Weighted average rate during period Additional available borrowing capacity in addition to outstanding FHLBB advances Unused FHLBB line of credit Company has access to Modification extension of advances, amount Modification extension of advances, weight average term Subordinated Debentures Issuance of debt in private placement, aggregate principal amount Portion to certain related parties Maturity date Annual interest rate Total subordinated debentures Remaining unamortized debt issuance costs Effective interest rate of subordinated debentures Federal State Current provision Federal State Change in valuation allowance Deferred expense (benefit) Income tax at statutory federal tax rate State tax, net of federal tax benefit Tax exempt income and dividends received deduction Expiration of capital loss carry forward Merger/acquisition related costs Other Change in valuation allowance Effective income tax rates Deferred Tax Assets Allowance for loan losses Interest on non-performing loans Accrued deferred compensation Post-retirement benefits Other real estate owned write-down Restricted stock awards Mark-to-market purchase accounting adjustments Write-down of securities Alternative minimum tax Other Gross deferred tax assets Deferred tax liabilities Deferred loan costs, net Goodwill and core deposit intangible asset Accelerated depreciation Mortgage servicing rights Net unrealized holding gain on available-for-sale securities Gross deferred tax liabilities Net deferred tax asset Total Capital (to risk-weighted assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Tier 1 Capital (to risk-weighted assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Common Equity Tier 1 Capital (to risk-weighted assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized - Amount To Be Well Capitalized - Ratio Tier 1 Capital (to average assets) Actual - Amount Actual - Ratio For Capital Adequacy - Amount For Capital Adequacy - Ratio To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Series B Preferred Stock issued to Treasury under SBLF program Preferred stock redeemed Change in projected benefit obligation Benefit obligation at beginning of year Actuarial gain Service cost Interest cost Curtailments and settlements Benefits paid Benefit obligation at end of year Change in plan assets Plan assets at estimated fair value at beginning of year Actual return on plan assets Contributions by employer Curtailments and settlements Benefits paid Fair value of plan assets at end of year Funded status and recognized asset included in other assets on the balance sheet Unrecognized gain (loss) Interest cost on benefit obligation Expected return on plan assets Amortization of net gain (loss) Net periodic benefit cost Additional amount recognized due to settlement or curtailment Total recognized in net periodic cost Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income): Net actuarial loss (gain) Amortization of net gain (loss) Total recognized in other comprehensive loss (income) Total recognized in net periodic cost and other comprehensive loss (income) Accumulated benefit obligation for plan Discount rate used in determining actuarial present value of projected benefit obligation Discount rate used to determine net periodic benefit cost Expected return on plan assets Excess assets distributed to 401k and ESOP for future allocations to employees 401(k) Plan 401(k) Plan contribution expense Employee Stock Ownership Plan (ESOP) 2013 benefit expenses Other Retirement Plans Total liability for endorsement split-dollar life insurance arrangements included in other liabilities Expense under endorsement split-dollar life insurance arrangement Former CEO supplemental post retirement payment liability Former CEO supplemental post retirement payments related expense Former Riverside CEO supplemental post retirement payment liability Former Riverside CEO supplemental post retirement payments related expense Expenses related to discretionary contribution to Executives' account Recovery of prior expenses from contributions Annual stock retainer, individual director maximum Total Phantom Stock Appreciation Units granted pursuant to the Plan Total number of shares of Common Stock reserved and available for issuance Total shares of Common Stock that may be issued pursuant to Awards in any one calendar year Total number of shares that may be awarded as Incentive Stock Options Total number of shares that may be issued as Directors Stock Retainer Awards Shares issued under the Plan Related compensation expense of Plan issuances Grants of Restricted Stock and Options Shares of restricted stock granted pursuant to the Plan Fair value of stock granted pursuant to the Plan Deferred compensation expense Unrecognized compensation cost relating to awards Stock award forfeitures Balance, beginning of period Additional related party loans acquired pursuant to Riverside Bank merger Advances Repayments Balance, end of period Net income Other comprehensive (loss) income Reclassification of net realized gains in net income Unrealized (losses) gains on securities available-for-sale Income tax benefit (expense) Unrealized (losses) gains on securities available-for-sale, net of tax Pension plan (expense) income (see Note 14) Pension plan (expense) income, net of tax Comprehensive income Unrealized gains on securities available-for-sale, net of tax Accumulated other comprehensive income Future minimum lease payments 2016 2017 2018 2019 2020 2021 2022 2023 Total Future minimum lease payments 2016 2017 2018 2019 2020 Thereafter Total minimum lease payments Less amount representing interest Total minimum lease payments, net Rent expense Loan to Trust, secured by commercial mortgage in favor to Bank on Westport property Residential Home equity lines of credit Commercial Land Real estate secured Commercial and industrial Consumer Unadvanced portions of loans Commitments to originate loans Standby letters of credit Total Maximum potential amount of Bank's obligation for financial, commercial and standby letters of credit Allowance for off-balance sheet commitments Assets at fair value on a recurring basis U.S. Government agency notes Assets at fair value on a non-recurring basis Collateral dependent impaired loans Mortgage servicing rights Financial Assets Cash and cash equivalents Federal Home Loan Bank stock Loans held-for-sale Loans receivable, net Accrued interest receivable Cash surrender value of life insurance Financial Liabilities Demand (non-interest-bearing) Demand (interest-bearing) Money market Savings and other Certificates of deposit Deposits Repurchase agreements FHLBB advances Capital lease liability Accrued interest payable Assets Investment in bank subsidiary Total Assets Liabilities and Shareholders' Equity Other liabilities Shareholders' equity Total Liabilities and Shareholders' Equity Dividends from subsidiary Interest income Interest expense Expenses Income before taxes and equity in undistributed net income of subsidiary Income tax benefit Income before equity in undistributed net income of subsidiary Equity in undistributed net income of subsidiary Net income Equity in undistributed net income of subsidiary Other Investment in bank Maturities (purchases) of interest-bearing time deposits of other banks Maturities of securities available-for-sale Net cash utilized by investing activities Preferred stock dividends paid Proceeds from issuance of subordinated debt, net of issue cost Payment to repurchase preferred stock Proceeds from issuance of Common Stock Issuance of Salisbury stock to Riverside shareholders Net cash (utilized) provided by financing activities (Decrease) increase in cash and cash equivalents Less: Preferred stock dividends declared Less: Undistributed earnings allocated to participating securities Net income allocated to common stock Weighted average common shares issued Less: Unvested restricted stock awards Weighted average common shares outstanding used to calculate basic earnings per common share Add: Dilutive effect of unvested restricted stock awards Weighted average common shares outstanding used to calculate diluted earnings per common share Earnings per common share (basic) Earnings per common share (diluted) Quarterly cash dividend declared and paid Statement of Income Interest and dividend income Net interest and dividend income (Benefit) provision for loan losses Trust and Wealth Advisory Non-interest income Non-interest expense Income tax provision Financial Condition Total assets Loans, net Allowance for loan losses Securities Deposits Repurchase agreements FHLBB advances Shareholders' equity Non-performing assets Per Common Share Data Earnings, basic and diluted Earnings, basic Earnings, diluted Cash dividends declared Cash dividends paid Book value Market price: High Market price: Low Statistical Data Net interest margin (fully tax equivalent) Efficiency ratio (fully tax equivalent) Return on average assets Return on average shareholders' equity Weighted average equivalent shares outstanding, diluted Weighted average common shares outstanding, basic Weighted average common shares outstanding, diluted Loans Receivable [Member] TroubledDebtRestructuringsTotalRealEstateIndustrialModificationsThatSubsequentlyDefaultedMember LoansAndFinanceReceivablesAcquiredMember AllowanceForLoanAndLeaseLossesCollectivelyEvaluatedLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesRealEstateCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesIndividuallyEvaluatedLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesTotalPortfolioLoansCreditQualitySegmentMember AllowanceForLoansAndLeasesReceivableCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesCollectivelyEvaluatedLoansCreditQualitySegmentAcquiredMember AllowanceForLoanAndLeaseLossesRealEstateCreditQualitySegmentAcquiredMember AllowanceForLoanAndLeaseLossesIndividuallyEvaluatedLoansCreditQualitySegmentAcquiredMember AllowanceForLoanAndLeaseLossesCreditQualitySegmentAcquiredMember AllowanceForLoanAndLeaseLossesTotalPortfolioLoansCreditQualitySegmentAcquiredMember AllowanceForLoansAndLeasesReceivableCreditQualitySegmentAcquiredMember Cash and Cash Equivalents, at Carrying Value Deposits [Default Label] Liabilities Additional Paid in Capital Retained Earnings (Accumulated Deficit) Interest and Dividend Income, Operating Interest Expense, Deposits Repurchase Agreements, Interest Expense Amount Interest Expense, Loans from Other Federal Home Loan Banks Proceeds from Notes Payable Proceeds from Subordinated Short-term Debt Interest Expense Interest Income (Expense), after Provision for Loan Loss Noninterest Income Other Noninterest Expense Noninterest Expense Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax Other Comprehensive Income (Loss), Tax Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax Common Stock, Shares, Outstanding Dividends, Preferred Stock, Cash Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Payments for Repurchase of Redeemable Convertible Preferred Stock Accretion (Amortization) of Discounts and Premiums, Investments Depreciation, Nonproduction Other Asset Impairment Charges Increase (Decrease) in Income Taxes Payable Increase (Decrease) in Other Accrued Liabilities Increase (Decrease) in Interest Payable, Net Increase (Decrease) in Other Accounts Payable and Accrued Liabilities Issuance of Stock and Warrants for Services or Claims Payments for (Proceeds from) Federal Home Loan Bank Stock Payments to Acquire Marketable Securities Payments for Origination of Mortgage Loans Held-for-sale Payments for Origination and Purchases of Loans Held-for-sale Payments to Acquire Life Insurance Policies Payments to Acquire Property, Plant, and Equipment Repayments of Federal Home Loan Bank Borrowings Prepayment Fees on Advances, Net Increase (Decrease) in Lease Acquisition Costs Payments of Ordinary Dividends, Common Stock Payments of Ordinary Dividends, Preferred Stock and Preference Stock Marketable Securities, Policy [Policy Text Block] Business Combinations Policy [Policy Text Block] Business Acquisition, Pro Forma Information [Table Text Block] Schedule of Participating Mortgage Loans [Table Text Block] Servicing Liability at Amortized Cost [Table Text Block] Property, Plant and Equipment [Table Text Block] Schedule of Intangible Assets and Goodwill [Table Text Block] Schedule of Repurchase Agreements [Table Text Block] Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Quarterly Financial Information [Table Text Block] Business Combination, Acquired Receivables, Fair Value Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition Certain Loans Acquired in Transfer, Nonaccretable Difference Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition Certain Loans Acquired in Transfer, Accretable Yield Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value Certain Loans Acquired in Transfer Accounted for as Debt Securities, Outstanding Balance Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Accretion Business Acquisition, Pro Forma Net Income (Loss) Net Income (Loss) Available to Common Stockholders, Diluted Secured Debt, Current Marketable Securities, Equity Securities Other Comprehensive Income (Loss), Available-for-sale Securities, Tax Loans and Leases Receivable, Gross, Consumer Loans Receivable, Gross, Commercial, Real Estate Loans Receivable, Gross, Commercial and Industrial Loans Receivable Held-for-sale, Net, Not Part of Disposal Group [Abstract] Inventory, Real Estate, Mortgage Loans Held in Inventory Loans and Leases Receivable, Commercial, Allowance LoansReceivableCommercialAndIndustrialAllowance LoansAndLeasesReceivableMunicipalAllowance Loans and Leases Receivable, Consumer, Allowance Servicing Asset Servicing Asset at Amortized Cost Land [Default Label] Capital Leased Assets, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Other, Net Goodwill, Gross Other Indefinite-lived Intangible Assets Asset Impairment Charges Other Intangible 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Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized Loans and Leases Receivable, Related Parties Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] Operating Leases, Future Minimum Payments Receivable, Current Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments, Due in Five Years Operating Leases, Future Minimum Payments, Due Thereafter Operating Leases, Future Minimum Payments Due Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] Capital Leases, Future Minimum Payments Due, Next Twelve Months Capital Leases, Future Minimum Payments Due in Two Years Capital Leases, Future Minimum Payments Due in Three Years Capital Leases, Future Minimum Payments Due in Four Years Capital Leases, Future Minimum Payments Due in Five Years Loans and Leases Receivable, Consumer, Loans in Process Loans and Leases Receivable, Other, Loans in Process Loans and Leases Receivable, Commercial, Loans in Process Ground Leases, Accumulated Amortization Real Estate Liabilities Associated with Assets Held for Development and Sale Loans and Leases Receivable, Deferred Income, Commercial Loans and Leases Receivable, Deferred Income, Consumer Loans and Leases Receivable, Loans in Process Long-Lived Assets Loans Held-for-sale, Fair Value Disclosure Notes, Loans and Financing Receivable, Net, Current Accrued Investment Income Receivable Interest-bearing Domestic Deposit, Money Market Interest-bearing Domestic Deposit, Savings Interest-bearing Domestic Deposit, Certificates of Deposits Deposits, Fair Value Disclosure Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation Net Income (Loss) Attributable to Parent, Diluted Other Noncash Income (Expense) Increase (Decrease) in Deposits with Other Federal Home Loan Banks Loans and Leases Receivable, Allowance, Covered Trading Securities Deposit Assets Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest EX-101.PRE 16 sal-20151231_pre.xml XBRL PRESENTATION FILE XML 17 R1.htm IDEA: XBRL DOCUMENT v3.3.1.900
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Mar. 01, 2016
Jun. 30, 2015
Document And Entity Information      
Entity Registrant Name SALISBURY BANCORP INC    
Entity Central Index Key 0001060219    
Document Type 10-K    
Document Period End Date Dec. 31, 2015    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? No    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 73,900
Entity Common Stock, Shares Outstanding   2,753,426  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2015    
XML 18 R2.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED BALANCE SHEETS - Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Cash and due from banks $ 14,891 $ 13,280
Interest bearing demand deposits with other banks 47,227 22,825
Total cash and cash equivalents 62,118 36,105
Securities    
Available-for-sale at fair value 76,694 91,312
Federal Home Loan Bank of Boston stock at cost 3,176 3,515
Loans held-for-sale 763 568
Loans receivable, net (allowance for loan losses: $5,716 and $5,358) $ 699,018 673,330
Other real estate owned 1,002
Bank premises and equipment, net $ 14,307 14,431
Goodwill 12,552 12,552
Intangible assets (net of accumulated amortization: $2,910 and $2,258) 2,338 2,990
Accrued interest receivable 2,307 2,334
Cash surrender value of life insurance policies 13,685 13,314
Deferred taxes 1,989 2,428
Other assets 2,245 1,546
Total Assets 891,192 855,427
Deposits    
Demand (non-interest bearing) 201,340 161,386
Demand (interest bearing) 125,465 117,169
Money market 183,783 174,274
Savings and other 119,651 121,387
Certificates of deposit 124,294 141,210
Total deposits 754,533 715,426
Repurchase agreements 3,914 4,163
Federal Home Loan Bank of Boston advances 26,979 $ 28,813
Subordinated debt 9,764
Note payable 376
Capital lease liability 422 $ 424
Accrued interest and other liabilities 4,630 4,780
Total Liabilities $ 800,618 753,606
Shareholders' Equity    
Preferred stock - $.01 per share par value, Authorized: 25,000; Issued: 16,000 (Series B); Outstanding: 0 and 16,000; Liquidation preference: $1,000 per share 16,000
Common stock - $.10 per share par value, Authorized: 5,000,000; Issued: 2,733,576 and 2,720,766 $ 273 272
Unearned Compensation - restricted stock awards (110) (313)
Paid-in capital 41,364 41,077
Retained earnings 47,922 42,677
Accumulated other comprehensive income, net 1,125 2,108
Total Shareholders' Equity 90,574 101,821
Total Liabilities and Shareholders' Equity $ 891,192 $ 855,427
XML 19 R3.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED BALANCE SHEETS (Parenthetical) - Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Allowance for loan losses of loans receivable $ 5,716 $ 5,358
Accumulated amortization of intangible assets $ 2,910 $ 2,258
Shareholders' Equity    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, authorized 25,000 25,000
Preferred stock, issued (Series B) 16,000 16,000
Preferred stock, outstanding 0 16,000
Preferred stock, liquidation preference $ 1,000 $ 1,000
Common stock, par value $ 0.10 $ 0.10
Common stock, authorized 5,000,000 5,000,000
Common stock, issued 2,733,576 2,720,766
XML 20 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF INCOME - Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest and dividend income      
Interest and fees on loans $ 31,752 $ 19,616 $ 17,978
Interest on debt securities      
Taxable 1,179 1,406 1,757
Tax exempt 1,431 1,704 1,948
Other interest and dividends 209 129 67
Total interest and dividend income 34,571 22,855 21,750
Interest expense      
Deposits 1,844 1,465 1,813
Repurchase agreements 7 8 6
Federal Home Loan Bank of Boston advances 1,064 1,184 $ 1,243
Capital lease 70 $ 47
Note payable 6
Subordinated debt 35
Total interest expense 3,026 $ 2,704 $ 3,062
Net interest and dividend income 31,545 20,151 18,688
Provision for loan losses 917 1,134 1,066
Net interest and dividend income after provision for loan losses 30,628 $ 19,017 $ 17,622
Non-interest income      
Gains on securities, net 192
Trust and wealth advisory 3,265 $ 3,295 $ 3,074
Service charges and fees 3,070 2,473 2,298
Gains on sales of mortgage loans, net 274 64 579
Mortgage servicing, net 1 94 35
Other 510 326 319
Total non-interest income 7,312 6,252 6,305
Non-interest expense      
Salaries 10,301 8,029 7,467
Employee benefits 3,729 3,136 2,804
Premises and equipment 3,541 2,831 2,398
Data processing 1,677 1,502 1,514
Professional fees 2,150 1,331 1,212
Collections, OREO, and appraisals 505 458 519
FDIC insurance 658 461 470
Marketing and community support 593 396 393
Amortization of intangibles $ 652 291 222
Merger and acquisition related expenses 1,974 312
Other $ 2,114 1,729 1,624
Total non-interest expense 25,920 22,138 18,935
Income before income taxes 12,020 3,131 4,992
Income tax provision 3,563 610 909
Net income 8,457 2,521 4,083
Net income available to common shareholders $ 8,299 $ 2,355 $ 3,922
Basic earnings per common share $ 3.04 $ 1.32 $ 2.30
Diluted earnings per common share 3.02 1.32 2.30
Common dividends per share $ 1.12 $ 1.12 $ 1.12
XML 21 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income $ 8,457 $ 2,521 $ 4,083
Other comprehensive (loss) income      
Net unrealized (losses) gains on securities available-for-sale (1,297) $ 2,534 $ (3,743)
Reclassification of net realized gains in net income (192)
Unrealized (losses) gains on securities available-for-sale (1,489) $ 2,534 $ (3,743)
Income tax benefit (expense) 506 (862) 1,273
Unrealized (losses) gains on securities available-for-sale, net of tax $ (983) 1,672 (2,470)
Change in unrecognized pension plan (expense) income (924) 1,635
Income tax benefit (expense) 314 (556)
Change in unrecognized pension plan (expense) income, net of tax (610) 1,079
Other comprehensive (loss) income, net of tax $ (983) 1,062 (1,391)
Comprehensive income $ 7,474 $ 3,583 $ 2,692
XML 22 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Preferred Stock
Paid-in capital
Retained earnings
Long Term Incentive Plan
Accumulated other comprehensive income (loss)
Total shareholders' equity
Balance - Beginning, amount at Dec. 31, 2012 $ 169 $ 16,000 $ 13,158 $ 40,233 $ 2,437 $ 71,997
Balance - Beginning, shares at Dec. 31, 2012 1,689,731            
Net income for year $ 4,083 4,083
Other comprehensive income, net of tax $ (1,391) (1,391)
Common stock dividends declared $ (1,915) (1,915)
Preferred stock dividends declared $ (161) $ (161)
Issuance of restricted common stock, amount $ 2 $ 488 $ (490)
Issuance of restricted common stock, shares 19,600            
Forfeiture of restricted common stock, amount $ (12) 12
Forfeiture of restricted common stock, shares (500)            
Stock based compensation-restricted stock awards $ 143 $ 143
Issuance of common stock for director fees, amount $ 34 34
Issuance of common stock for director fees, shares 1,330            
Balance - Ending at Dec. 31, 2013 $ 171 $ 16,000 $ 13,668 $ 42,240 $ (335) $ 1,046 72,790
Balance - Ending, shares at Dec. 31, 2013 1,710,121            
Net income for year $ 2,521 2,521
Other comprehensive income, net of tax $ 1,062 1,062
Common stock dividends declared $ (1,918) (1,918)
Preferred stock dividends declared $ (166) (166)
Acquisition of Riverside Bank, amount $ 100 $ 27,151 27,251
Acquisition of Riverside Bank, shares 1,001,485            
Issuance of common stock for executives, amount 61 $ 61
Issuance of common stock for executives, shares 2,250            
Issuance of restricted common stock, amount $ 1 182 $ (183)
Issuance of restricted common stock, shares 6,750            
Forfeiture of restricted common stock, amount $ (50) 50
Forfeiture of restricted common stock, shares (2,000)            
Stock based compensation-restricted stock awards $ 155 $ 155
Issuance of common stock for director fees, amount $ 65 65
Issuance of common stock for director fees, shares 2,160            
Balance - Ending at Dec. 31, 2014 $ 272 $ 16,000 $ 41,077 $ 42,677 $ (313) $ 2,108 101,821
Balance - Ending, shares at Dec. 31, 2014 2,720,766            
Net income for year $ 8,457 8,457
Other comprehensive income, net of tax $ (983) (983)
Common stock dividends declared $ (3,054) (3,054)
Preferred stock dividends declared $ (158) (158)
Stock options exercised, amount $ 1 $ 182 183
Stock options exercised, shares 9,450            
Issuance of common stock for executives, amount 29   $ 29
Issuance of common stock for executives, shares 1,000            
Forfeiture of restricted common stock, amount (7) $ 7
Forfeiture of restricted common stock, shares (300)            
Stock based compensation-restricted stock awards 2 $ 196 $ 198
Issuance of common stock for director fees, amount $ 81 81
Issuance of common stock for director fees, shares 2,660            
Redemption of preferred stock $ (16,000) (16,000)
Balance - Ending at Dec. 31, 2015 $ 273 $ 41,364 $ 47,922 $ (110) $ 1,125 $ 90,574
Balance - Ending, shares at Dec. 31, 2015 2,733,576            
XML 23 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Statements of Cash Flows      
Operating Activities      
Net income $ 8,457 $ 2,521 $ 4,083
(Accretion), amortization and depreciation      
Securities 240 198 365
Bank premises and equipment 1,234 1,031 856
Core deposit intangible 652 291 222
Mortgage servicing rights 356 303 389
Fair value adjustment on loans (2,725) (181) $ 32
Fair value adjustment on deposits (417) $ (69)
(Gains) and losses, including write-downs      
Sales and calls of securities available-for-sale, net (192)
Gains on sales of loans, excluding capitalized servicing rights (125) $ (54) $ (285)
Loss on other real estate owned 81 99 133
Loss on sale/disposals of premises and equipment 45 6 34
Provision for loan losses 917 1,134 1,066
Proceeds from loans sold 8,549 4,449 18,693
Loans originated for sale (8,619) (4,790) (16,702)
Decrease (increase) in deferred loan origination fees and costs, net 14 (21) (150)
Mortgage servicing rights originated (148) (17) (294)
Increase (decrease) in mortgage servicing rights impairment reserve 3 (15) (23)
Decrease (increase) in interest receivable 27 (162) 58
Deferred tax expense (benefit) 945 (673) (134)
(Increase) decrease in prepaid expenses (295) (57) 706
Increase in cash surrender value of life insurance policies (371) $ (245) (234)
(Increase) decrease in income tax receivable (512) $ 311
(Decrease) increase in income taxes payable (86) $ 64
(Increase) decrease in other assets (103) 41 $ (637)
Decrease (increase) in accrued expenses (155) 269 734
Decrease in interest payable (16) (3) (55)
Increase in other liabilities 107 $ 80 $ 346
Stock options exercised 183
Issuance of shares for directors' fees 81 $ 65 $ 34
Stock based compensation - restricted stock awards 227 216 143
Net cash provided by operating activities $ 8,354 4,480 9,691
Investing Activities      
Maturity (purchase) of interest-bearing time deposits with other banks 738 (738)
Redemption of Federal Home Loan Bank of Boston stock $ 339 1,825 $ 407
Purchases of securities available-for-sale (16,373) $ (502)
Proceeds from sale of securities available-for-sale 3,861
Proceeds from calls of securities available-for-sale 10,925 $ 8,115 $ 3,800
Proceeds from maturities of securities available-for-sale 14,668 9,644 23,888
Loan originations and principle collections, net $ (24,481) (37,872) $ (52,088)
Loans purchased (2,711)
Recoveries of loans previously charged off $ 653 101 $ 31
Proceeds from sale of other real estate owned $ 855 40 $ 1,423
Purchase of life insurance policies (1,100)
Capital expenditures $ (779) (2,156) $ (556)
Cash and cash equivalents acquired in acquisitions 36,112
Net cash (utilized) provided by investing activities $ (10,332) 12,234 $ (23,833)
Financing Activities      
Increase (decrease) in deposit transaction accounts, net 56,023 16,306 (2,997)
Decrease in time deposits, net (16,499) (7,552) (10,849)
(Decrease) increase in securities sold under agreements to repurchase, net (249) 1,609 770
Principal payments on Federal Home Loan Bank of Boston advances (791) $ (1,598) $ (1,569)
Modification fees on Federal Home Loan Bank of Boston advances (1,043)
Decrease in capital lease obligation (2) $ (1)
Payoff of preferred stock (16,000)
Issuance of subordinated debt, net of issuance costs 9,764
Common stock dividends paid (3,054) $ (1,918) $ (1,915)
Series B preferred stock dividends paid (158) (166) (161)
Net cash provided (utilized) by financing activities 27,991 6,680 (16,721)
Net increase (decrease) in cash and cash equivalents 26,013 23,394 (30,863)
Cash and cash equivalents, beginning of year 36,105 12,711 43,574
Cash and cash equivalents, end of year 62,118 36,105 12,711
Cash paid during year      
Interest 3,460 2,477 3,117
Income taxes 3,216 1,258 732
Non-cash transfers      
Note payable to finance building purchase 376    
From loans to other real estate owned 101 $ 764 $ 1,689
From other real estate owned to loans $ 167
The Company recorded a capital lease asset and incurred a capital lease obligation in connection with the lease of a building $ 425
Union Savings Bank, N.A. branch acquisition 2014      
Non-cash transfers      
Cash and cash equivalents acquired   $ 17,462  
Net loans acquired   63  
Fixed assets acquired   158  
Core deposit intangible   490  
Deposits assumed   18,172  
Accrued interest payable assumed   1  
Riverside Bank acquisition 2014      
Non-cash transfers      
Cash and cash equivalents acquired   18,650  
Investments acquired   11,742  
Net loans acquired   196,305  
Fixed assets acquired   1,543  
Accrued interest receivable acquired   412  
Cash surrender value of life insurance policies acquired   4,440  
Other assets acquired   2,154  
Core deposit intangible   2,215  
Deposits assumed   211,200  
Accrued interest payable assumed   28  
Other liabilities assumed   $ 1,705  
XML 24 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Salisbury is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through thirteen full-service offices located in Litchfield, Berkshire and Dutchess and Orange Counties in Connecticut, Massachusetts and New York, respectively.

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The following is a summary of significant accounting policies:

Principles of Consolidation

The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.

Basis of Financial Statement Presentation

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2014 and 2013 financial statements to make them consistent with the 2015 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. In 2015, a 3% reserve ratio was assessed on net transaction accounts over $14.5 million, up to and including $103.6 million (which may be adjusted by the FRB). A 10% reserve ratio was assessed on net transaction accounts in excess of $103.6 million (which may be adjusted by the FRB). In 2014, a 3% reserve ratio was assessed on net transaction accounts over $13.3 million up to and including $89.0 million. A 10% reserve ratio was assessed on net transaction accounts in excess of $89.0 million.

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The OTTI related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses.

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank’s FHLBB stock as of December 31, 2015. Deterioration of the FHLBB’s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (ASC) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management’s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management’s general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2015.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily income-producing properties throughout Salisbury’s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, has an effect on the credit quality in this segment.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury’s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity’s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are near 0%.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Other Real Estate Owned (“OREO”)

Salisbury's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2015 the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $2.9 million.

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

  • Building /Improvements – 39 years
  • Land Improvements – 15 years
  • Furniture and Fixtures – 7 years
  • Computer Equipment – 5 years
  • Software – 3 years

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s assets at December 31, 2015, and 2014, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, and $2,723,000 arising from the acquisition of Riverside Bank in December 2014. See Note 8.

On an annual basis management assesses intangible assets for impairment, and for the year ending December 31, 2015, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Recent Accounting Pronouncements

In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 and 2015-14, “Revenue from Contracts with Customers (Topic 606).” The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). Salisbury is currently reviewing ASU 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. Salisbury adopted this guidance in 2015 and presented the costs related to the issuance of subordinated debt as a direct reduction of the carrying amount of the debt.

In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” Under the ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects (if any) as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument-specific credit risk. Salisbury is currently evaluating the impact of the new standard on the consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which provides new guidance related to accounting for leases.

The ASU requires that an entity recognize substantially all leasing activities on its balance sheet.  Specifically, a lessee will be required to recognize a liability to make lease payments (the lease liability) and a “right-of-use” asset representing the right to use the underlying asset for the lease term.  The asset and liability will initially be measured at the present value of the future lease payments. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption will be permitted for all entities. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
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MERGERS AND ACQUISITIONS
 12 Months Ended
Dec. 31, 2015
Business Combinations [Abstract]  
MERGERS AND ACQUISITIONS

NOTE 2 – MERGERS AND ACQUISITIONS

On December 5, 2014, the Company acquired Riverside Bank. Riverside Bank operated four banking offices serving Dutchess, Ulster and Orange Counties in New York, and was merged with and into the Bank.  This business combination is an extension of the Salisbury franchise and the goodwill recognized results from the expected synergies and earnings accretion from this combination, including future cost savings related to Riverside’s operations.  The combination was negotiated between the companies and was approved unanimously by their respective boards of directors.

Riverside Bank shareholders received 1,001,485 shares of the Company common stock. On the acquisition date, Riverside Bank had 741,876 outstanding common shares.  Salisbury exchanged its stock in a ratio of 1.35 shares of the Company’s common stock for each share of Riverside Bank stock.  The 1,001,485 shares of Salisbury common stock issued in this exchange were valued at $27.19 per share based on the closing price of Salisbury posted on December 5, 2014 resulting in consideration paid of $27 million.  Salisbury paid $1.0 thousand in cash consideration to settle all fractional shares outstanding of Riverside Bank.

The results of Riverside Bank’s operations are included in Salisbury’s Consolidated Statements of Income from the date of acquisition.

The assets and liabilities in the Riverside Bank acquisition were recorded at their fair value based on the utilization of third party specialists and management’s best estimate using information available at the date of acquisition.  Consideration paid, and fair values of Riverside Bank’s assets acquired and liabilities assumed are summarized in the following tables:

 

  Consideration Paid: (In thousands)    Amount  
Salisbury Bancorp common stock issued to Riverside Bank common stockholders  $27,230 
Cash consideration paid for fractional shares   1 
Riverside stock options, vested upon acquisition   20 
  Total consideration paid  $27,251 

 

  Recognized amounts of identifiable assets acquired and liabilities    Fair Value    As Recorded 
  assumed, at fair value:   As Acquired    Adjustment    at Acquisition 
Cash and cash equivalents  $18,650   $—   $18,650 
Investment securities   11,820    (78)(a)   11,742 
Loans   204,398    (8,093)(b)   196,305 
Premises and equipment   1,046    497(c)   1,543 
Other assets   7,006    —    7,006 
Core deposit intangible   —    2,215    2,215 
Deposits   (210,559)   (641)(d)   (211,200)
Other liabilities   (1,733)   —    (1,733)
  Total identifiable net assets  $30,628   $(6,100)  $24,528 
                
Goodwill   —    —     $2,723 

 

Explanation of Certain Fair Value Adjustments

(a)     The adjustment represents the decrease in the book value of investments to their estimated fair value based on fair values on the date of acquisition.
(b) The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio.  Loans that met the criteria and are being accounted for in accordance with ASC 310-30 had a carrying amount of $13.7 million at acquisition. Non-impaired loans not accounted for under ASU 310-30 had a carrying value of $190.7 million at acquisition.
(c) The adjustment represents the appraised value of the land and building acquired in the acquisition.  The land and building were recorded as fixed assets and the building will be amortized over its remaining useful life.
(d) The adjustment is necessary because the weighted average interest rate of deposits exceeded the cost of similar funding at the time of acquisition.

 

Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Riverside Bank were estimated using cash flow projections based on the remaining maturity and repricing terms.  Cash flows were adjusted by estimating future credit losses and the rate of prepayments.  Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans.  For collateral dependent loans with deteriorated credit quality, to estimate the fair value, Salisbury analyzed the value of the underlying collateral of the loans, assuming the fair values of the loans were derived from the eventual sale of the collateral.  Those values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral.  There was no carryover of Riverside Bank’s allowance for credit losses associated with the loans that were acquired as the loans were recorded at fair value upon acquisition.

Information about the acquired loan portfolio subject to purchased credit impaired loan accounting guidance (ASC 310-30) as of December 5, 2014 (acquisition date) is as follows (in thousands): 

  (In thousands)    ASC 310-30 Loans  
  Contractually required principal and interest at acquisition  $16,209 
  Contractual cash flows not expected to be collected (nonaccretable discount)   (4,288)
  Expected cash flows at acquisition   11,921 
  Interest component of expected cash flows (accretable discount)   (1,293)
  Fair value of acquired loans  $10,628 


The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality.

  (In thousands)    2015      2014  
  Balance at beginning of period  $1,242   $— 
Acquisitions   —    1,293 
Accretion   (1,109)   (51)
Reclassification from non-accretable to accretable   1,768    — 
  Balance at end of period  $1,901   $1,242 

At December 31, 2015 and 2014, Salisbury ASC 310-30 loans had an outstanding balance totaling $10.9 million and $13.3 million, respectively. The carrying value was $8.9 million and $10.6 million, respectively.

The results of operations of Riverside Bank since the acquisition date of December 5, 2014, have been included in Salisbury’s consolidated financial statements.

The following pro forma information assumes that the acquisition occurred at the beginning of the earliest period presented.

  Years ended December 31, (in thousands)    2014    2013  
Total revenue  $39,841   $39,640 
Net income   6,411    7,136 
Net income available to common shareholders   6,245    6,975 
Earnings per share          
Basic  $2.26   $2.59 
Diluted   2.24    2.57 

 

The goodwill is not amortized for book purposes, and is not deductible for tax purposes.

The fair value of savings and transaction deposit accounts acquired from Riverside Bank was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand.  The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities.  

Direct merger, acquisition and integration costs of the Riverside Bank acquisition were expensed as incurred, and totaled $2.0 million in 2014 and $312,000 in 2013.
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SECURITIES
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
SECURITIES

NOTE 3 - SECURITIES

The composition of securities is as follows:

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2015                    
Available-for-sale                    
U.S. Treasury notes  $2,499   $42   $—   $2,541 
U.S. Government agency notes   498    —    —    498 
Municipal bonds   29,752    633    —    30,385 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   31,900    385    (83)   32,202 
Collateralized mortgage obligations                    
U.S. Government agencies   2,002    12    —    2,014 
Non-agency   4,487    468    (7)   4,948 
SBA bonds   3,065    31    —    3,096 
CRA mutual funds   766    —    (2)   764 
Preferred stock   20    226    —    246 
Total securities available-for-sale  $74,989   $1,797   $(92)  $76,694 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,176   $—   $—   $3,176 

 

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2014                    
Available-for-sale                    
U.S. Treasury notes  $2,699   $107   $—   $2,806 
U.S. Government agency notes   5,850    24    —    5,874 
Municipal bonds   38,962    1,455    (65)   40,352 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   27,036    688    (15)   27,709 
Collateralized mortgage obligations                    
U.S. Government agencies   2,657    22    —    2,679 
Non-agency   6,056    552    (12)   6,596 
SBA bonds   4,336    129    —    4,465 
CRA mutual funds   502    2    —    504 
Preferred stock   20    307    —    327 
Total securities available-for-sale  $88,118   $3,286   $(92)  $91,312 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,515   $—   $—   $3,515 
(1)Net of other-than-temporary impairment write-downs recognized in prior years.

Sales of securities available-for-sale and gains realized are as follows:

  Years ended December 31, (in thousands)    2015      2014      2013  
Proceeds  $3,861   $—   $— 
Gains realized   180    —    — 
Losses realized   (27)   —    — 
Net gains realized   153    —    — 
Income tax provision   52    —    — 

The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the dates presented:

   Less than 12 Months  12 Months or Longer  Total
  (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

December 31, 2015                  
Available-for-sale                              
Mortgage-backed securities  $14,750   $83   $53   $—   $14,803   $83 
Collateralized mortgage obligations                              
Non-agency   237    —    226    7    463    7 
CRA mutual funds   764    2    —    —    764    2 
Total temporarily impaired securities  $15,751   $85   $279   $7   $16,030   $92 
                               
December 31, 2014                              
Available-for-sale                              
Municipal bonds  $177   $1   $1,589   $64   $1,766   $65 
Mortgage-backed securities   56    1    1,885    14    1,941    15 
Collateralized mortgage obligations                              
Non-agency   441    7    164    5    605    12 
Total temporarily impaired securities  $674   $9   $3,638   $83   $4,312   $92 

The amortized cost, fair value and tax equivalent yield of securities, by maturity, are as follows:

  December 31, 2015 (dollars in thousands)  Amortized cost      Fair value      Yield(1)  
U.S. Treasury notes    Within 1 year  $2,499   $2,541    3.00%
   Total   2,499    2,541    3.00%
U.S. Government agency notes  After 1 year but within 5 years   498    498    0.88%
   Total   498    498    0.88%
Municipal bonds  Within 1 year   254    254    5.60%
   After 1 year but within 5 years   1,217    1,225    5.57%
   After 5 years but within 10 years   1,894    1,922    6.38%
   After 10 years but within 15 years   2,632    2,708    6.30%
   After 15 years   23,755    24,276    6.68%
   Total   29,752    30,385    6.57%
Mortgage-backed securities  U.S. Government agency and U.S. Government-sponsored enterprises   31,900    32,202    2.96%
Collateralized mortgage obligations  U.S. Government agency and U.S. Government-sponsored enterprises   2,002    2,014    1.02%
   Non-agency   4,487    4,948    4.20%
SBA bonds      3,065    3,096    2.93%
CRA mutual funds      766    764    2.07%
Preferred stock      20    246    2.26%
Securities available-for-sale     $74,989   $76,694    4.47%

(1) Yield is based on amortized cost.

Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

The following summarizes, by security type, the basis for evaluating if the applicable securities were OTTI at December 31, 2015.

U.S. Government agency mortgage-backed securities: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider the sixteen securities with unrealized losses at December 31, 2015 to be OTTI.

Non-agency CMOs: Salisbury performed a detailed cash flow analysis of its non-agency CMOs at December 31, 2015, to assess whether any of the securities were OTTI. Salisbury uses cash flow forecasts for each security based on a variety of market driven assumptions and securitization terms, including prepayment speed, default or delinquency rate, and default severity for losses including interest, legal fees, property repairs, expenses and realtor fees, that, together with the loan amount are subtracted from collateral sales proceeds to determine severity. In 2009, Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1,128,000. Salisbury judged the four remaining securities not to have additional OTTI and all other CMO securities not to be OTTI as of December 31, 2015. It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI for further deterioration in credit quality. Salisbury evaluates these securities for strategic fit and depending upon such factor could reduce its position in these securities, although it has no present intention to do so, and it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis.

CRA mutual funds consist of an investment in a fixed income mutual fund ($764,000 in total fair value and $2,000 in total unrealized losses).  The severity of the impairment (fair value is approximately 0.26% less than cost) and the duration of the impairment correlates with interest rates in 2015.  Salisbury evaluated the near-term prospects of this fund in relation to the severity and duration of the impairment.  Based on that evaluation, Salisbury does not consider this investment to be other-than-temporarily impaired at December 31, 2015.

The Company did not recognize any OTTI during the years ended December 31, 2015, 2014 and 2013.
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LOANS
 12 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
LOANS

NOTE 4 - LOANS

The composition of loans receivable and loans held-for-sale is as follows:

Years ended December 31,  2015  2014
(In thousands) 

Business

Activities

Loans

 

Acquired

Loans

  Total 

Business

Activities

Loans

 

Acquired 

Loans

  Total
Residential 1-4 family  $261,495   $7,799   $269,294   $252,258   $9,223   $261,481 
Residential 5+ multifamily   6,411    6,136    12,547    5,556    8,735    14,291 
Construction of residential 1-4 family   7,998    —    7,998    2,004    —    2,004 
Home equity lines of credit   35,017    —    35,017    34,627    —    34,627 
Residential real estate   310,921    13,935    324,856    294,445    17,958    312,403 
Commercial   129,446    88,829    218,275    98,498    97,899    196,397 
Construction of commercial   6,525    4,874    11,399    18,602    9,045    27,647 
Commercial real estate   135,971    93,703    229,674    117,100    106,944    224,044 
Farm land   3,193    —    3,193    3,239    —    3,239 
Vacant land   8,563    —    8,563    9,342    —    9,342 
Real estate secured   458,648    107,638    566,286    424,126    124,902    549,028 
Commercial and industrial   74,657    46,764    121,421    49,204    68,714    117,918 
Municipal   9,566    —    9,566    6,083    —    6,083 
Consumer   6,195    77    6,272    4,334    122    4,456 
Loans receivable, gross   549,066    154,479    703,545    483,747    193,738    677,485 
Deferred loan origination fees and costs, net   1,189    —    1,189    1,203    —    1,203 
Allowance for loan losses   (5,481)   (235)   (5,716)   (5,337)   (21)   (5,358)
Loans receivable, net  $544,774   $154,244   $699,018   $479,613   $193,717   $673,330 
Loans held-for-sale                              
Residential 1-4 family  $763   $—   $763   $568   $—   $568 

Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury’s loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties.

Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks’ originated loans.  Purchased amounts are accounted for as loans without recourse to the originating bank.  Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan.  The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. 

At December 31, 2015 and 2014, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $63.0 million and $48.0 million, respectively. During 2015, Salisbury sold participation interests in 3 loans with gross outstanding loan balances of $37.3 million; retaining $13.8 million in net balances.  Additionally, Salisbury purchased a participant share in 11 loans with outstanding balances of $9.4 million. There are construction loans in the portfolio that have not been fully drawn as of December 31, 2015.

Concentrations of Credit Risk

Salisbury's loans consist primarily of residential and commercial real estate loans located principally in northwestern Connecticut, New York and Massachusetts towns, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, and installment and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury’s market area.

Credit Quality

Salisbury uses credit risk ratings to determine its allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

Loans rated as "special mention" possess credit deficiencies or potential weaknesses deserving management’s close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.

Loans rated as "substandard" are loans where the Bank’s position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.

Loans rated "doubtful" have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.

Loans classified as "loss" are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank’s loan portfolio is examined periodically by its regulatory agencies, the FDIC and the Connecticut Department of Banking.

The composition of loans receivable by risk rating grade is as follows:

Business Activities Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2015                              
Residential 1-4 family  $248,027   $6,933   $6,444   $91   $—   $261,495 
Residential 5+ multifamily   4,507    1,815    89    —    —    6,411 
Construction of residential 1-4 family   7,111    887    —    —    —    7,998 
Home equity lines of credit   33,687    545    785    —    —    35,017 
Residential real estate   293,332    10,180    7,318    91    —    310,921 
Commercial   120,903    4,801    3,742    —    —    129,446 
Construction of commercial   6,525    —    —    —    —    6,525 
Commercial real estate   127,428    4,801    3,742    —    —    135,971 
Farm land   2,162    —    1,031    —    —    3,193 
Vacant land   5,567    69    2,927    —    —    8,563 
Real estate secured   428,489    15,050    15,018    91    —    458,648 
Commercial and industrial   72,887    1,214    555    1    —    74,657 
Municipal   9,566    —    —    —    —    9,566 
Consumer   6,171    18    6    —    —    6,195 
Loans receivable, gross  $517,113   $16,282   $15,579   $92   $—   $549,066 

Acquired Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2015                              
Residential 1-4 family  $6,824   $199   $776   $—   $—   $7,799 
Residential 5+ multifamily   6,136    —    —    —    —    6,136 
Construction of residential 1-4 family   —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    — 
Residential real estate   12,960    199    776    —    —    13,935 
Commercial   80,406    4,005    4,418    —    —    88,829 
Construction of commercial   4,612    —    262    —    —    4,874 
Commercial real estate   85,018    4,005    4,680    —    —    93,703 
Farm land   —    —    —    —    —    — 
Vacant land   —    —    —    —    —    — 
Real estate secured   97,978    4,204    5,456    —    —    107,638 
Commercial and industrial   45,363    875    443    83    —    46,764 
Municipal   —    —    —    —    —    — 
Consumer   71    6    —    —    —    77 
Loans receivable, gross  $143,412   $5,085   $5,899   $83   $—   $154,479 

Business Activities Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2014                              
Residential 1-4 family  $232,628   $12,350   $7,187   $93   $—   $252,258 
Residential 5+ multifamily   3,420    1,072    1,064    —    —    5,556 
Construction of residential 1-4 family   2,004    —    —    —    —    2,004 
Home equity lines of credit   32,639    807    1,181    —    —    34,627 
Residential real estate   270,691    14,229    9,432    93    —    294,445 
Commercial   79,975    10,728    7,795    —    —    98,498 
Construction of commercial   18,024    —    578    —    —    18,602 
Commercial real estate   97,999    10,728    8,373    —    —    117,100 
Farm land   772    1,361    1,106    —    —    3,239 
Vacant land   6,039    140    3,163    —    —    9,342 
Real estate secured   375,501    26,458    22,074    93    —    424,126 
Commercial and industrial   44,903    3,527    774    —    —    49,204 
Municipal   6,083    —    —    —    —    6,083 
Consumer   4,271    53    10    —    —    4,334 
Loans receivable, gross  $430,758   $30,038   $22,858   $93   $—   $483,747 

Acquired Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2014                              
Residential 1-4 family  $8,661   $—   $562   $—   $—   $9,223 
Residential 5+ multifamily   8,735    —    —    —    —    8,735 
Construction of residential 1-4 family   —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    — 
Residential real estate   17,396    —    562    —    —    17,958 
Commercial   89,820    3,830    3,723    526    —    97,899 
Construction of commercial   9,045    —    —    —    —    9,045 
Commercial real estate   98,865    3,830    3,723    526    —    106,944 
Farm land   —    —    —    —    —    — 
Vacant land   —    —    —    —    —    — 
Real estate secured   116,261    3,830    4,285    526    —    124,902 
Commercial and industrial   66,098    1,675    941    —    —    68,714 
Municipal   —    —    —    —    —    — 
Consumer   96    7    19    —    —    122 
Loans receivable, gross  $182,455   $5,512   $5,245   $526   $—   $193,738 

The significant decrease, totaling $14.6 million, in Special Mention loans resulted primarily from various relationship upgrades to a pass rating. The largest relationship upgraded was $4.9 million, or 33%, of the total. The ten largest upgraded relationships equaled $10.8 million or 74% of total upgrades. Additionally, approximately $1.9 million of Special Mention loans paid off in 2015. Upgrades of smaller balance relationships, less than $300,000 each, accounted for the remainder of the change.

The composition of loans receivable by delinquency status is as follows:

Business Activities Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2015                                             
Residential 1-4 family  $254,152   $1,781   $1,931   $683   $973   $1,975   $5,562   $—   $5,671 
Residential 5+ multifamily   6,254    —    68    —    —    89    157    —    89 
Construction of residential 1-4 family   7,826    172    —    —    —    —    —    —    — 
Home equity lines of credit   33,744    363    306    101    113    390    910    —    601 
Residential real estate   301,976    2,316    2,305    784    1,086    2,454    6,629    —    6,361 
Commercial   126,440    1,618    474    —    233    681    1,388    —    2,349 
Construction of commercial   6,525    —    —    —    —    —    —    —    — 
Commercial real estate   132,965    1,618    474    —    233    681    1,388    —    2,349 
Farm land   2,172    298    —    —    —    723    723    —    1,031 
Vacant land   5,734    —    6    —    —    2,823    2,829    —    2,855 
Real estate secured   442,847    4,232    2,785    784    1,319    6,681    11,569    —    12,596 
Commercial and industrial   73,698    906    35    —    —    18    53    —    461 
Municipal   9,566    —    —    —    —    —    —    —    — 
Consumer   6,096    61    21    17    —    —    38    —    80 
Loans receivable, gross  $532,207   $5,199   $2,841   $801   $1,319   $6,699   $11,660   $—   $13,137 

Acquired Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2015                                             
Residential 1-4 family  $6,823   $—   $—   $110   $—   $866   $976   $90   $776 
Residential 5+ multifamily   6,136    —    —    —    —    —    —    —    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   12,959    —    —    110    —    866    976    90    776 
Commercial   81,140    4,848    916    —    —    1,925    2,841    —    2,000 
Construction of commercial   4,612    —    —    —    —    262    262    —    262 
Commercial real estate   85,752    4,848    916    —    —    2,187    3,103    —    2,262 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   98,711    4,848    916    110    —    3,053    4,079    90    3,038 
Commercial and industrial   46,128    471    83    82    —    —    165    —    — 
Municipal   —    —    —    —    —    —    —    —    — 
Consumer   77    —    —    —    —    —    —    —    — 
Loans receivable, gross  $144,916   $5,319   $999   $192   $—   $3,053   $4,244   $90   $3,038 

Business Activities Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2014                                             
Residential 1-4 family  $241,567   $7,299   $1,250   $555   $976   $611   $3,392   $—   $2,445 
Residential 5+ multifamily   5,467    —    —    —    89    —    89    —    89 
Construction of residential 1-4 family   2,004    —    —    —    —    —    —    —    — 
Home equity lines of credit   33,488    387    122    528    39    63    752    —    348 
Residential real estate   282,526    7,686    1,372    1,083    1,104    674    4,233    —    2,882 
Commercial   94,598    2,079    602    —    —    1,219    1,821    —    1,219 
Construction of commercial   18,602    —    —    —    —    —    —    —    — 
Commercial real estate   113,200    2,079    602    —    —    1,219    1,821    —    1,219 
Farm land   2,119    —    13    723    —    384    1,120    —    384 
Vacant land   6,422    51    7    —    39    2,823    2,869    —    2,862 
Real estate secured   404,267    9,816    1,994    1,806    1,143    5,100    10,043    —    7,347 
Commercial and industrial   48,478    582    91    17    36    —    144    17    33 
Municipal   6,083    —    —    —    —    —    —    —    — 
Consumer   4,274    47    8    5    —    —    13    —    — 
Loans receivable, gross  $463,102   $10,445   $2,093   $1,828   $1,179   $5,100   $10,200   $17   $7,380 

Acquired Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2014                                             
Residential 1-4 family  $8,661   $—   $—   $—   $—   $562   $562   $—   $562 
Residential 5+ multifamily   8,735    —    —    —    —    —    —    —    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   17,396    —    —    —    —    562    562    —    562 
Commercial   95,695    1,109    167    —    285    643    1,095    —    1,931 
Construction of commercial   9,045    —    —    —    —    —    —    —    — 
Commercial real estate   104,740    1,109    167    —    285    643    1,095    —    1,931 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   122,136    1,109    167    —    285    1,205    1,657    —    2,493 
Commercial and industrial   67,665    740    89    220    —    —    309    —    — 
Municipal   —    —    —    —    —    —    —    —    — 
Consumer   117    5    —    —    —    —    —    —    — 
Loans receivable, gross  $189,918   $1,854   $256   $220   $285   $1,205   $1,966   $—   $2,493 

Interest on non-accrual loans that would have been recorded as additional interest income for the years ended December 31, 2015, 2014 and 2013 had the loans been current in accordance with their original terms totaled $1,089,000, $632,000 and $487,000, respectively.

Troubled Debt Restructurings (TDRs)

Troubled debt restructurings occurring during the periods are as follows:

  Business Activities Loans December 31, 2015  December 31, 2014
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   3   $1,071   $1,071    4   $308   $308 
Land   —    —    —    —    —    — 
Commercial real estate   1    294    294    4    1,076    1,076 
Construction of commercial    —    —    —    1    131    131 
Consumer   —    —    —    —    —    — 
Commercial and industrial   —    —    —    —    —    — 
HELOC   1    35    35    —    —    — 
Troubled debt restructurings   5   $1,400   $1,400    9   $1,515   $1,515 
Rate reduction and term extension   1   $294   $294    —   $—   $— 
Interest only pursuant to sale   —    —    —    1    24    24 
Interest only and term extension   —    —    —    1    48    48 
Interest only pursuant to sale and term extension   —    —    —    1    230    230 
Interest only   —    —    —    1    30    30 
Debt consolidation and term extension   1    148    148    2    447    447 
Rate reduction   —    —    —    —    —    — 
Rate reduction interest only   —    —    —    —    —    — 
Debt consolidation, rate reduction, term extension and note bifurcation   1    48    48    1    399    399 
Rate reduction and debt consolidation   —    —    —    —    —    — 
Term extension   2    910    910    2    337    337 
Troubled debt restructurings   5   $1,400   $1,400    9   $1,515   $1,515 
  Acquired Loans December 31, 2015  December 31, 2014
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   —   $—   $—    —   $—   $— 
Land   —    —    —    —    —    — 
Commercial real estate   1    184    184    1    571    571 
Construction of commercial    —    —    —    —    —    — 
Consumer   —    —    —    —    —    — 
Commercial and industrial   —    —    —    —    —    — 
HELOC   —    —    —    —    —    — 
Troubled debt restructurings   1   $184   $184    1   $571    571 
Rate reduction and term extension   1   $184   $184    —   $—   $— 
Interest only pursuant to sale   —    —    —    —    —    — 
Interest only and term extension   —    —    —    —    —    — 
Interest only pursuant to sale and term extension   —    —    —    —    —    — 
Interest only   —    —    —    —    —    — 
Debt consolidation and term extension   —    —    —    —    —    — 
Rate reduction   —    —    —    1    571    571 
Rate reduction interest only   —    —    —    —    —    — 
Debt consolidation, rate reduction, term extension and note bifurcation   —    —    —    —    —    — 
Rate reduction and debt consolidation   —    —    —    —    —    — 
Term extension   —    —    —    —    —    — 
Troubled debt restructurings   1   $184   $184    1   $571   $571 

Six loans were restructured during 2015. No concessions have been made with respect to loans that subsequently defaulted in the current reporting period. Salisbury currently does not have any commitments to lend additional funds to TDR loans.

The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated.

There were no modifications made in 2015 that subsequently defaulted in 2015.

   Modifications that Subsequently Defaulted 
   For the twelve months ending December 31, 2014 
   Quantity    Balance 
Troubled Debt Restructurings          
Residential 1-4 family   2   $38 
Commercial real estate (1)   1    — 
 Total   3   $38 
(1)Loan paid off as of December 31, 2014

Impaired loans

Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows:

Business Activities Loans

Years ended December 31, (in thousands)    2015      2014  
Non-accrual loans, excluding troubled debt restructured loans  $10,093   $6,752 
Non-accrual troubled debt restructured loans   3,044    628 
Accruing troubled debt restructured loans   6,802    9,189 
Total impaired loans  $19,939   $16,569 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

Acquired Loans

Years ended December 31, (in thousands)    2015      2014  
Non-accrual loans, excluding troubled debt restructured loans  $3,038   $2,493 
Non-accrual troubled debt restructured loans   —    — 
Accruing troubled debt restructured loans   742    571 
Total impaired loans  $3,780   $3,064 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

   Business Activities Loans   Acquired Loans
  December 31, 2015   December 31, 2015
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
  Residential  $2,306   $746   $(698)  $123   $2,477   $—   $79   $—   $—   $79 
  Commercial   1,697    (18)   (214)    1    1,466    7    136    (16)    5    132 
  Land   164    157    (133)   —    188    —    —    —    —    — 
Real estate   4,167    885    (1,045)    124    4,131    7    215    (16)   5    211 
Commercial and industrial583    (295)   (69)    464    683    14    (24)    —    34    24 
Municipal   61    —    —    —    61    —    —    —    —    — 
Consumer   117    71    (82)    18    124    —    (8)    —    8    — 
Unallocated   409    73    —    —    482    —    —    —    —    — 
Totals  $5,337   $734   $(1,196)  $606   $5,481   $21   $183   $(16)  $47   $235 
                                                   
  December 31, 2014   December 31, 2014
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
  Residential  $1,938   $657   $(307)  $18   $2,306   $—   $—   $—   $—   $— 
  Commercial   1,385    355    (84)    41    1,697    —    7    —    —    7 
  Land   226    58    (121)    1    164    —    —    —    —    — 
Real estate   3,549    1,070    (512)    60    4,167    —    7    —    —    7 
Commercial and industrial561    25    (19)    16    583    —    14    —    —    14 
Municipal43    18    —    —    61    —    —    —    —    — 
Consumer105    16    (28)   24    117    —    —    —    —    — 
Unallocated   425    (16)    —    —    409    —    —    —    —    — 
Totals  $4,683   $1,113   $(559)  $100   $5,337   $—   $21   $—   $—   $21 

The composition of loans receivable and the allowance for loan losses is as follows:

Business Activities Loans

  (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2015                              
Residential 1-4 family  $253,156   $1,415   $8,339   $610   $261,495   $2,025 
Residential 5+ multifamily   4,640    33    1,771    —    6,411    33 
Construction of residential 1-4 family   7,998    65    —    —    7,998    65 
Home equity lines of credit   34,298    286    719    68    35,017    354 
Residential real estate   300,092    1,799    10,829    678    310,921    2,477 
Commercial   125,173    1,265    4,273    113    129,446    1,378 
Construction of commercial   6,403    87    122    1    6,525    88 
Commercial real estate   131,576    1,352    4,395    114    135,971    1,466 
Farm land   2,162    23    1,031    14    3,193    37 
Vacant land   5,486    122    3,077    29    8,563    151 
Real estate secured   439,316    3,296    19,332    835    458,648    4,131 
Commercial and industrial   74,131    673    526    10    74,657    683 
Municipal   9,566    61    —    —    9,566    61 
Consumer   6,115    124    80    —    6,195    124 
Unallocated allowance   —    482    —    —    —    482 
Totals  $529,128   $4,636   $19,938   $845   $549,066   $5,481 

Acquired Loans

  (in thousands)  Collectively evaluated  Individually evaluated  ASC 310-30 loans  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2015                                        
Residential 1-4 family  $7,023   $—   $776   $79   $—   $—   $7,799   $79 
Residential 5+ multifamily   6,136    —    —    —    —    —    6,136    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    — 
Residential real estate   13,159    —    776    79    —    —    13,935    79 
Commercial   81,300    19    2,742    107    4,787    2    88,829    128 
Construction of commercial   4,612    4    262    —    —    —    4,874    4 
Commercial real estate   85,912    23    3,004    107    4,787    2    93,703    132 
Farm land   —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    — 
Real estate secured   99,071    23    3,780    186    4,787    2    107,638    211 
Commercial and industrial   45,650    24    —    —    1,114    —    46,764    24 
Municipal   —    —    —    —    —    —    —    — 
Consumer   61    —    —    —    16    —    77    — 
Unallocated allowance   —    —    —    —    —    —    —    — 
Totals  $144,782   $47   $3,780   $186   $5,917   $2   $154,479   $235 

Business Activities Loans

  (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2014                              
Residential 1-4 family  $245,997   $1,316   $6,261   $549   $252,258   $1,865 
Residential 5+ multifamily   4,536    66    1,020    3    5,556    69 
Construction of residential 1-4 family   2,004    13    —    —    2,004    13 
Home equity lines of credit   34,231    350    396    9    34,627    359 
Residential real estate   286,768    1,745    7,677    561    294,445    2,306 
Commercial   93,784    1,018    4,714    486    98,498    1,504 
Construction of commercial   18,474    193    128    —    18,602    193 
Commercial real estate   112,258    1,211    4,842    486    117,100    1,697 
Farm land   2,855    59    384    —    3,239    59 
Vacant land   6,245    67    3,097    38    9,342    105 
Real estate secured   408,126    3,082    16,000    1,085    424,126    4,167 
Commercial and industrial   48,635    532    569    51    49,204    583 
Municipal   6,083    61    —    —    6,083    61 
Consumer   4,334    117    —    —    4,334    117 
Unallocated allowance   —    —    —    —    —    409 
Totals  $467,178   $3,792   $16,569   $1,136   $483,747   $5,337 

Acquired Loans

  (in thousands)  Collectively evaluated  Individually evaluated  ASC 310-30 loans  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2014                                        
Residential 1-4 family  $8,661   $—   $562   $—   $—   $—   $9,223   $— 
Residential 5+ multifamily   8,735    —    —    —    —    —    8,735    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    — 
Residential real estate   17,396    —    562    —    —    —    17,958    — 
Commercial   89,820    —    2,502    —    5,577    —    97,899    — 
Construction of commercial   9,045    7    —    —    —    —    9,045    7 
Commercial real estate   98,865    7    2,502    —    5,577    —    106,944    7 
Farm land   —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    — 
Real estate secured   116,261    7    3,064    —    5,577    —    124,902    7 
Commercial and industrial   66,874    14    —    —    1,840    —    68,714    14 
Municipal   —    —    —    —    —    —    —    — 
Consumer   103    —    —    —    19    —    122    — 
Unallocated allowance   —    —    —    —    —    —    —    — 
Totals  $183,238   $21   $3,064   $—   $7,436   $—   $193,738   $21 

The credit quality segments of loans receivable and the allowance for loan losses are as follows:

Business Activities Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2015  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $527,905   $4,110   $—   $—   $527,905   $4,110 
Potential problem loans   1,223    44    —    —    1,223    44 
Impaired loans   —    —    19,938    845    19,938    845 
Unallocated allowance   —    482    —    —    —    482 
Totals  $529,128   $4,636   $19,938   $845   $549,066   $5,481 

Acquired Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2015  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $148,580   $46   $—   $—   $148,580   $46 
Potential problem loans   2,119    2    —    —    2,119    2 
Impaired loans   —    —    3,780    187    3,780    187 
Unallocated allowance   —    —    —    —    —    — 
Totals  $150,699   $48   $3,780   $187   $154,479   $235 

Business Activities Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2014  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $457,744   $3,283   $—   $—   $457,744   $3,283 
Potential problem loans   9,423    509    11    —    9,434    509 
Impaired loans   —    —    16,569    1,136    16,569    1,136 
Unallocated allowance   —    409    —    —    —    409 
Totals  $467,167   $4,201   $16,580   $1,136   $483,747   $5,337 

Acquired Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2014  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $187,966   $21   $—   $—   $187,966   $21 
Potential problem loans   2,708    —    —    —    2,708    — 
Impaired loans   —    —    3,064    —    3,064    — 
Unallocated allowance   —    —    —    —    —    — 
Totals  $190,674   $21   $3,064   $—   $193,738   $21 

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the fair value of expected cash flows or collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows:

Business Activities Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2015                                             
Residential  $7,482   $8,094   $6,449   $610   $167   $2,628   $2,770   $3,089   $98 
Home equity lines of credit   535    659    260    68    9    184    199    423    2 
Residential real estate   8,017    8,753    6,709    678    176    2,812    2,969    3,512    100 
Commercial   3,131    3,405    2,850    113    123    1,142    1,393    1,624    49 
Construction of commercial   122    128    9    1    7    —    —    116    — 
Farm land   733    773    400    14    25    298    352    461    — 
Vacant land   2,870    3,836    3,015    29    3    207    241    72    9 
Real estate secured   14,873    16,895    12,983    835    334    4,459    4,955    5,785    158 
Commercial and industrial   95    98    145    10    4    431    481    383    22 
Consumer   —    —    —    —    —    80    108    12    1 
Totals  $14,968   $16,993   $13,128   $845   $338   $4,970   $5,544   $6,180   $181 

Acquired Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2015                                             
Residential  $599   $716   $273   $79   $—   $177   $177   $376   $7 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   599    716    273    79    —    177    177    376    7 
Commercial   675    826    698    107    34    2,067    2,843    2,011    32 
Construction of commercial   —    —    —    —    —    262    273    167    22 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   1,274    1,542    971    186    34    2,506    3,293    2,554    61 
Commercial and industrial   —    —    6    —    —    —    4    —    — 
Consumer   —    —    —    —    —    —    —    —    — 
Totals  $1,274   $1,542   $977   $186   $34   $2,506   $3,297   $2,554   $61 

Business Activities Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2014                                             
Residential  $5,008   $5,157   $4,547   $552   $128   $2,273   $2,395   $2,703   $57 
Home equity lines of credit   9    24    91    9    —    387    405    441    4 
Residential real estate   5,017    5,181    4,638    561    128    2,660    2,800    3,144    61 
Commercial   3,383    3,563    3,262    486    108    1,331    1,520    1,468    54 
Construction of commercial   —    —    —    —    —    128    134    123    — 
Farm land   —    —    —    —    —    384    384    384    — 
Vacant land   3,097    3,996    3,090    38    12    —    —    —    — 
Real estate secured   11,497    12,740    10,990    1,085    248    4,503    4,838    5,119    115 
Commercial and industrial   102    161    106    51    2    467    469    516    30 
Consumer   —    —    —    —    —    —    —    19    — 
Totals  $11,599   $12,901   $11,096   $1,136   $250   $4,970   $5,307   $5,654   $145 

Acquired Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2014                                             
Residential  $—   $—   $—   $—   $—   $562   $716   $562   $3 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   —    —    —    —    —    562    716    562    3 
Commercial   —    —    —    —    —    2,502    4,014    2,502    12 
Construction of commercial   —    —    —    —    —    —    —    —    — 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   —    —    —    —    —    3,064    4,730    3,064    15 
Commercial and industrial   —    —    —    —    —    —    4    —    — 
Consumer   —    —    —    —    —    —    —    —    — 
Totals  $—   $—   $—   $—   $—   $3,064   $4,734   $3,064   $15 
XML 28 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
MORTGAGE SERVICING RIGHTS
 12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 5 - MORTGAGE SERVICING RIGHTS

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

  December 31, (in thousands)    2015      2014  
Residential mortgage loans serviced for others  $130,816   $138,106 
Fair value of mortgage servicing rights   1,315    1,568 

Changes in mortgage servicing rights are as follows:

  Years ended December 31, (in thousands)    2015      2014      2013  
Mortgage Servicing Rights               
Balance, beginning of period  $694   $980   $1,075 
Originated   148    17    294 
Amortization (1)   (356)   (303)   (389)
Balance, end of period   486    694    980 
Valuation Allowance               
Balance, beginning of period   —    (15)   (38)
(Increase) decrease  in impairment reserve (1)   (3)   15    23 
Balance, end of period   (3)   —    (15)
Mortgage servicing rights, net  $483   $694   $965 
(1)Amortization expense and changes in the impairment reserve are recorded in loan servicing fee income.
XML 29 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
PLEDGED ASSETS
 12 Months Ended
Dec. 31, 2015
Guarantees [Abstract]  
PLEDGED ASSETS

NOTE 6 - PLEDGED ASSETS

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available.

  December 31, (in thousands)    2015      2014  
Securities available-for-sale (at fair value)  $67,750   $69,055 
Loans receivable   153,269    157,581 
Total pledged assets  $221,019   $226,636 

 

At December 31, 2015 securities were pledged as follows: $60.4 million to secure public deposits, $7.3 million to secure repurchase agreements and $0.1 million to secure FHLBB and FRB advances. Additionally, loans receivable are pledged to secure FHLBB advances and credit facilities.
XML 30 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900
BANK PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
BANK PREMISES AND EQUIPMENT

NOTE 7 - BANK PREMISES AND EQUIPMENT

The components of premises and equipment are as follows:

  December 31, (in thousands)    2015      2014  
Land  $2,593   $2,237 
Buildings and improvements   11,514    11,070 
Leasehold improvements   1,682    1,953 
Capital lease   425    425 
Furniture, fixtures, equipment and software   6,220    5,869 
Construction in progress, including land acquisition and development   185    257 
Total cost   22,619    21,811 
Accumulated depreciation and amortization   (8,312)   (7,380)
Bank premises and equipment, net  $14,307   $14,431 
XML 31 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 8 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

  Years ended December 31, (in thousands)    2015      2014      2013  
Goodwill (1)               
Balance, beginning of period  $12,552   $9,829   $9,829 
Additions   —    2,723    — 
Impairment   —    —    — 
Balance, end of period  $12,552   $12,552   $9,829 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $2,543   $2,543 
Union Savings branch purchase   —    490    — 
Riverside Bank merger   —    2,215    — 
Impairment   —    —    — 
Cost, end of period   5,248    5,248    2,543 
Amortization, beginning of period   (2,258)   (1,967)   (1,745)
Amortization   (652)   (291)   (222)
Amortization, end of period   (2,910)   (2,258)   (1,967)
Core deposit intangibles, net  $2,338   $2,990   $576 
(1)Not subject to amortization.

In June 2014, Salisbury acquired the Sharon, Connecticut branch office of Union Savings Bank, and assumed approximately $18.2 million in deposits and acquired approximately $63,000 in loans secured by deposits. Salisbury realized no goodwill and assigned a core deposit intangible of $490,000 to the acquisition. In December 2014, Salisbury acquired Riverside Bank of Poughkeepsie, NY, which had approximately $211.2 million in deposits and $196.3 million in loans, and a property located at 11 Garden Street, Poughkeepsie, NY. Salisbury realized goodwill of $2.7 million and assigned a core deposit intangible of $2.2 million to the acquisition.

Salisbury evaluated its goodwill and intangible assets as of December 31, 2015 and 2014, and found no impairment.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

  Years ended December 31, (in thousands) CDI amortization
2016 $    601  
2017 461  
2018 342  
2019 288  
2020 234  
2021 180  
2022 130  
2023 78  
2024 24  
XML 32 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
DEPOSITS
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
DEPOSITS

NOTE 9 - DEPOSITS

Scheduled maturities of time certificates of deposit are as follows:

Years ended December 31, (in thousands) CD maturities
 2016   $71,932 
 2017    20,124 
 2018    10,319 
 2019    12,220 
 2020    7,900 
 2021    1,799 
 Total   $124,294 

The total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more were as follows:

Years ended December 31, (in thousands)    2015      2014  
Within three months  $2,520   $2,406 
After three through six months   2,624    3,568 
After six through twelve months   2,929    2,900 
Over one year   3,195    4,248 
Total  $11,268   $13,122 
XML 33 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows:

December 31, (in thousands)    2015      2014  
Repurchase agreements, ending balance  $3,914   $4,163 
Repurchase agreements, average balance during period   4,111    4,598 
Book value of collateral   7,287    10,034 
Market value of collateral   7,349    10,729 
Weighted average rate during period   0.17%   0.18%
Weighted average maturity    1 day     1 day 
XML 34 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES

NOTE 11 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

   December 31, 2015  December 31, 2014
  Years ended December 31, (dollars in thousands) Total  Callable (1)  Rate (2)  Total  Callable (1)  Rate (2)
 2015   $—   $—    —%  $791   $—    3.88%
 2016    21    —    5.06    15,022    15,000    4.05 
 2017    —    —    —    6,000    6,000    3.99 
 2018    7,000    —    3.69    7,000    —    3.69 
 2019    —    —    —    —    —    — 
 2020    14,337    —    2.08    —    —    — 
 2021    5,621    —    2.39    —    —      
 Total   $26,979   $—    2.58%  $28,813   $21,000    3.95%
(1)Net of modification costs
 (2)Represents the portion of advances that are callable. Callable advances are presented by scheduled maturity. Callable advances are callable quarterly or one time callable by the FHLBB.
 (3)Weighted average rate based on scheduled maturity dates.

In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $75.6 million and access to an unused FHLBB line of credit of $3.5 million at December 31, 2015. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

In accordance with ASC 470-50, two advances were modified during the third quarter 2015. The modification extended $21 million in advances a weighted average 39 months.

The following table sets forth certain information concerning short-term FHLBB advances:

December 31, (dollars in thousands)    2015      2014  
Highest month-end balance during period  $—   $5,545 
Ending balance   —    — 
Average balance during period   —    664 
Weighted average rate during period   0.00%   0.29%

Subordinated Debentures:

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed to Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury’s related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury’s payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.764 million at December 31, 2015, which includes $236 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.24%.
XML 35 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
NET DEFERRED TAX ASSETS AND INCOME TAXES
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
NET DEFERRED TAX ASSETS AND INCOME TAXES

NOTE 12 – NET DEFERRED TAX ASSET AND INCOME TAXES

Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows:

Years ended December 31, (in thousands)    2015      2014      2013  
Federal  $2,186   $1,057   $940 
State   432    226    103 
Current provision   2,618    1,283    1,043 
Federal   896    (553)   215 
State   49    (120)   — 
Change in valuation allowance   —    —    (349)
Deferred expense (benefit)   945    (673)   (134)
Income tax provision  $3,563   $610   $909 

The following is a reconciliation of the expected federal statutory tax to the income tax provision:

Years ended December 31,    2015      2014      2013  
Income tax at statutory federal tax rate   34.00%   34.00%   34.00%
State tax, net of federal tax benefit   2.63    2.23    1.35 
Tax exempt income and dividends received deduction   (7.38)   (30.22)   (18.18)
Expiration of capital loss carry forward   0.00    0.00    7.00 
Merger/acquisition related costs   0.00    7.77    0.00 
Other   0.39    5.71    1.04 
Change in valuation allowance   0.00    0.00    (7.00)
Effective income tax rates   29.64%   19.49%   18.21%

The components of Salisbury's net deferred tax assets are as follows:

Years ended December 31, (in thousands)    2015      2014  
Allowance for loan losses  $1,877   $1,373 
Interest on non-performing loans   343    236 
Accrued deferred compensation   153    301 
Post-retirement benefits   17    17 
Other real estate owned write-downs   —    72 
Restricted stock awards   147    111 
Mark-to-market purchase accounting adjustments   1,109    2,180 
Write-down of securities   1,497    1,497 
Alternative minimum tax   —    540 
Other   22    10 
Gross deferred tax assets   5,165    6,337 
Deferred loan costs, net   (436)   (538)
Goodwill and core deposit intangible asset   (853)   (821)
Accelerated depreciation   (1,130)   (1,209)
Mortgage servicing rights   (177)   (255)
Net unrealized holding gain on available-for-sale securities   (580)   (1,086)
Gross deferred tax liabilities   (3,176)   (3,909)
Net deferred tax asset  $1,989   $2,428 

Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not.

At December 31, 2012, a valuation allowance was maintained for the entire amount of the state deferred tax assets as a result of Connecticut legislation that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company (“PIC”). In accordance with this legislation, in 2004, Salisbury formed a PIC, SBT Mortgage Service Corporation. Salisbury does not expect to pay state income tax in the foreseeable future unless there is a change in Connecticut law. Accordingly, Salisbury did not expect to be able to utilize the net operating losses generated by the PIC and established a valuation allowance. The capital loss carry-forwards generated by the PIC expired during 2013 and, as a result, the previously established valuation allowance was reversed.

Salisbury’s policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2015 and 2014, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2012 through December 31, 2015.

XML 36 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 13 – SHAREHOLDERS’ EQUITY

Capital Requirements

Salisbury and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on Salisbury’s and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Salisbury and the Bank must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Salisbury and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

In July 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for bank holding companies and their bank subsidiaries. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements will increase for both the quantity and quality of capital held by the Bank and Company. The rules include a new common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A new capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The implementation of the capital conservation buffer is being phased in effective January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent January 1, by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

The phase-in period for the final rules began for Salisbury on January 1, 2015. As of December 31, 2015, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank’s category.

      To be Well Capitalized
   Actual 

For Capital Adequacy

Purposes

 

Under Prompt Corrective

Action Provisions

  (dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
  December 31, 2015                  
Total Capital (to risk-weighted assets)                              
Salisbury  $92,030    13.51%  $54,509    8.0%   n/a    — 
Bank   89,249    13.10    54,504    8.0   $68,131    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   76,120    11.17    40,878    6.0    n/a    — 
Bank   83,340    12.23    40,878    6.0    54,504    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                          
Salisbury   76,120    11.17    30,659    4.5    n/a    — 
Bank   83,340    12.23    30,659    4.5    44,285    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   76,120    8.56    36,102    4.0    n/a    — 
Bank   83,340    9.37    35,593    4.0    44,491    5.0 
December 31, 2014                              
Total Capital (to risk-weighted assets)                              
Salisbury  $89,783    14.27%  $50,334    8.0%   n/a    — 
Bank   80,492    12.75    50,492    8.0   $63,116    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   84,171    13.38    25,167    4.0    n/a    — 
Bank   74,881    11.86    25,246    4.0    37,869    6.0 
Tier 1 Capital (to average assets)                              
Salisbury   84,171    12.31    27,344    4.0    n/a    — 
Bank   74,881    10.95    27,345    4.0    34,181    5.0 

Restrictions on Cash Dividends to Common Shareholders

Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.

Preferred Stock

In August 2011, Salisbury issued to the U.S. Secretary of the Treasury (the “Treasury”) $16 million of its Series B Preferred Stock under the Small Business Lending Fund (the “SBLF”) program. The SBLF program is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The Preferred Stock qualified as Tier 1 capital for regulatory purposes and ranked senior to the Common Stock.

During fourth quarter 2015, the Company completed an offering of $10 million of unsecured 6.00% fixed-to–floating rate subordinated notes due in 2025. The notes qualify as Tier II capital and are included as such within the Company's total risk-based capital ratio.

The net proceeds of the offering, along with cash on hand, were used during the fourth quarter 2015 to redeem the $16 million of Senior Non-Cumulative Perpetual Preferred Stock issued in conjunction with the Company’s participation in the U.S. Treasury’s SBLF program.
XML 37 R21.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSIONS AND OTHER BENEFITS
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
PENSIONS AND OTHER BENEFITS

NOTE 14 – PENSION AND OTHER BENEFITS

Salisbury had an insured noncontributory defined benefit retirement plan which was available to employees prior to December 31, 2012 based upon age and length of service. Effective December 31, 2012, the pension plan was frozen, by amending the plan to freeze retirement benefits at current levels and discontinue future benefit accruals. The plan was terminated effective October 15, 2014.  During 2012, Salisbury decided to complete its transition from providing retirement benefits under a defined benefit pension plan to a defined contribution 401(k) plan which is discussed below. 

Years ended December 31, (in thousands)    2014      2013  
Change in projected benefit obligation          
Benefit obligation at beginning of year  $5,250   $6,039 
Actuarial gain   (977)   (860)
Service cost   —    — 
Interest cost   277    255 
Curtailments and settlements   —    — 
Benefits paid   (4,550)   (184)
Benefit obligation at end of year   —    5,250 
Change in plan assets          
Plan assets at estimated fair value at beginning of year   6,868    6,019 
Actual return on plan assets   (2,318)   1,033 
Contributions by employer   —    — 
Curtailments and settlements   —    — 
Benefits paid   (4,550)   (184)
Fair value of plan assets at end of year   —    6,868 
Funded status and recognized asset          
included in other assets on the balance sheet  $—   $1,618 

The components of amounts recognized in accumulated other comprehensive income, before tax effect, are as follows:

Years ended December 31, (in thousands)    2014      2013  
Unrecognized gain (loss)  $—   $924 
Total  $—   $924 

The accumulated benefit obligation for the plan was $5,250,000 at December 31, 2013. The discount rate used in determining the actuarial present value of the projected benefit obligation was 5.10% for 2013.

The components of net periodic cost are as follows:

Years ended December 31, (in thousands)    2014      2013  
Service cost  $—   $— 
Interest cost on benefit obligation   277    255 
Expected return on plan assets   (297)   (258)
Amortization of net gain (loss)   (1)   — 
Net periodic benefit cost   (21)   (3)
Additional amount recognized due to settlement or curtailment   —    — 
    (21)   (3)
Other changes in plan assets and benefit obligations recognized          
in other comprehensive loss (income):          
Net actuarial loss (gain)   923    (1,635)
Amortization of net gain (loss)   1    — 
Total recognized in other comprehensive loss (income)   924    (1,635)
Total recognized in net periodic cost and other comprehensive loss (income)  $903   $(1,638)

The discount rate used to determine the net periodic benefit cost was 5.10% for 2014 and 4.35% for 2013; and the expected return on plan assets was 4.35% for 2014 and 2013.

In 2014, Salisbury terminated the Defined Benefit Pension Plan.  Excess assets in the amount of $1,018,000 were distributed to the Bank’s Defined Contribution Plan (401k) and the Employee Stock Ownership Plan (ESOP) for future allocations to employees.  The division of the excess pension assets was 66.67% to the 401k account (or $679,000) and 33.33% to the ESOP account (or $339,000).

401(k) Plan

Salisbury offers a 401(k) Plan to eligible employees. Under the Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. Effective December 31, 2012, and simultaneously with the freezing of the pension plan, the 401(k) Plan was amended to include a safe harbor contribution of 4% for all qualifying employees. The Bank’s safe harbor contribution percentage is reviewed annually and, under provisions of the plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the plan’s qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the plan.

Both the safe harbor and additional discretionary match, if any, vest immediately.

Salisbury’s 401(k) Plan contribution expense for 2015, 2014 and 2013 was $679,000, $331,000 and $657,000, respectively.

Employee Stock Ownership Plan (ESOP)

Salisbury offers an Employee Stock Ownership Plan (ESOP) to eligible employees.  Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service:

20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $323,000, $15,000, and $160,000 in 2015, 2014, and 2013, respectively.

Other Retirement Plans

Salisbury adopted ASC 715-60, “Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury’s future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $672,000 and $581,000 at December 31, 2015, and 2014, respectively. Expense under this arrangement was $91,000 for 2015, $53,000 for 2014, and $49,000 for 2013.

The Bank entered into a Supplemental Retirement Plan Agreement with its former Chief Executive Officer that provides for supplemental post retirement payments for a ten year period as described in the agreement. The related liability was $88,000 and $105,000 at December 31, 2015, and 2014, respectively. The related expense amounted to $7,000, $8,000 and $9,000 for 2015, 2014 and 2013, respectively.

The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen year period as described in the agreement. The related liability was $629,000 and $668,000 at December 31, 2015 and December 31, 2014, respectively. The related expense amounted to $21,000 and $2,000 for 2015 and 2014, respectively.

A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section.

In 2015, 2014, and 2013, the Bank awarded six (6), seven (7) and six (6) Executives, respectively, with discretionary contributions to the plan. Expenses related to this plan amounted to $39,000 in 2015, $0 in 2014, and $60,000 for 2013. In 2014, there was also a recovery of $8,000 of prior expenses from contributions in 2013. Based on the Executive’s date of retirement, the vesting schedule ranges from 7.7% per year to 50% per year.
XML 38 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
LONG TERM INCENTIVE PLAN
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
LONG TERM INCENTIVE PLAN

NOTE 15 - LONG TERM INCENTIVE PLAN

The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013 and again on January 29, 2016. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.

The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of Common Stock, cash, or other property (collectively, “Awards”).

On January 2, 2015, the Compensation Committee granted a total of 48,894 Phantom Stock Appreciation Units pursuant to the 2013 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”), including 23,012 units to three Named Executive Officers. Mr. Cantele received 11,484 units, Mr. Davies received 5,963 units and Mr. White received 5,565 units. The units will vest on the third anniversary of the grant date.

Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury’s outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. In addition, the Plan limits the total number of shares of Common Stock that may be awarded as Incentive Stock Options (“ISOs”) to 42,000 and the total number of shares of Common Stock that may be issued as Directors Stock Retainer Awards to 15,000. The Directors stock retainer awards were increased from 120 shares per year to 240 shares per year effective January 25, 2013.  Effective January 29, 2016, the Directors stock retainer award was increased from 240 shares to 340 shares annually. 

In 2015, 2014, and 2013, there were 2,660, 2,160 and 1,330 shares issued, respectively, and the related compensation expense was $81,000, $65,000 and $34,000, respectively.

The persons eligible to receive awards under the Plan are the officers, directors and employees of Salisbury and the Bank. The Plan is administered by the Human Resources and Compensation Committee (“Compensation Committee“) appointed by the Board. However, the Board may exercise any power or authority granted to the Compensation Committee. Subject to the terms of the Plan, the Compensation Committee or the Board is authorized to select eligible persons to receive Awards, determine the type and number of Awards to be granted and the number of shares of Common Stock to which Awards will relate, specify times at which Awards will be exercisable or settleable, including performance conditions that may be required as a condition thereof, set other terms and conditions of Awards, prescribe forms of Award agreements, interpret and specify rules and regulations relating to the Plan, and make all other determinations that may be necessary or advisable for the administration of the Plan.

The Compensation Committee or the Board is authorized to grant (i) stock options, including (a) ISOs which can result in potentially favorable tax treatment to the participant, and (b) non-qualified stock options, and (ii) SARs entitling the participant to receive the amount by which the fair market value of a share of Common Stock on the date of exercise exceeds the grant price of the SAR. The exercise price per share subject to an option and the grant price of a SAR are determined by the Compensation Committee or the Board, but shall not be less than the fair market value of a share of Common Stock on the date of grant.

The Compensation Committee or the Board is authorized, subject to limitations under applicable law, to grant to participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of Common Stock, as deemed to be consistent with the purposes of the Plan. These could include shares of Common Stock awarded purely as a “bonus” and not subject to any restrictions or conditions, other rights convertible or exchangeable into shares of Common Stock and Awards valued by reference to book value of the Common Stock or the performance of Salisbury or the Bank. The Compensation Committee or the Board may determine the terms and conditions of such Awards.

The Compensation Committee or the Board may amend, modify or terminate the Plan or the Compensation Committee’s authority to grant Awards without further shareholder approval, except shareholder approval must be obtained for any amendment that would (a) materially increase the number of shares of Common Stock available under the Plan; (b) expand the types of awards under the Plan; (c) materially expand the class of persons eligible to participate in the Plan; (d) materially expand the term of the Plan; or (e) be of a nature that would require shareholder approval pursuant to any law or regulation or under the rules of the NASDAQ Capital Market.

Unless earlier terminated by the Board, the Plan will terminate on the tenth anniversary of the effective date of the Plan (March 25, 2021) or, if the shareholders approve an amendment that increases the number of shares of Common Stock subject to the Plan, the tenth anniversary of such approval. The termination of the Plan on such date will not affect the validity of any Award outstanding on the date of termination, and any such Awards will continue to be governed by the applicable terms and conditions of the Plan.

The Plan provides that award agreements for any Awards that the Committee or the Board reasonably determines to constitute a “non-qualified deferred compensation plan” subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), will be construed in a manner consistent with the requirements of Section 409A and that the Committee or the Board may amend any Award agreement (and the provisions of the Plan) if and to the extent that the Committee or the Board determines that the amendment is necessary or appropriate to comply with the requirements of Section 409A of the Code. The Plan also provides that any such Award will be subject to certain additional requirements specified in the Plan if and to the extent required to comply with Section 409A of the Code.

Grants of Restricted Stock and Options

On March 27, 2015, Salisbury granted a total of 1,000 shares of restricted stock, pursuant to its 2011 Long Term Incentive Plan, to one (1) Named Executive Officer, Richard J. Cantele, Jr., President and Chief Executive Officer. The fair value of the stock as of the grant date was determined to be $29,000 and the stock vested immediately. On January 3, 2014, Salisbury granted a total of 3,000 shares of restricted stock, pursuant to its 2011 Long Term Incentive Plan, to two (2) employees, including 2,000 shares to Donald E. White, Chief Financial Officer, and 1,000 shares to Richard P. Kelly, Executive Vice President and Chief Credit Officer. The stock will be vested three years from the grant date.

On December 5, 2014, Salisbury granted a total of 6,000 shares of restricted stock pursuant to its 2011 Long Term Incentive Plan, to three (3) employees, including 1,000 shares to Richard J. Cantele, Jr., President and Chief Executive Officer, 3,000 shares to John Davies, New York Regional President and Chief Lending Officer, and 2,000 shares to Todd Rubino, Senior Vice President and Senior Commercial Loan Officer. Of these 6,000 shares, 2,250 immediately vested and the remaining 3,750 shares vest over a period of 36 months.

On February 8, 2013, Salisbury granted a total of 19,600 shares of restricted stock pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, to 22 employees, including 5,000 shares to one Named Executive Officer, Richard J. Cantele, Jr., President and Chief Executive Officer. The fair value of the stock as of the grant date was determined to be $490,000 and the stock will be vested three years from the grant date.

The remaining weighted average vesting period on restricted shares as of December 31, 2015, over which unrecognized compensation cost is expected to be recognized, is 0.5 years.

Expense in 2015, 2014, and 2013 totaled $222,000, $216,000 and $142,000, respectively. Unrecognized compensation cost relating to the awards as of December 31, 2015 and 2014 totaled $110,000 and $313,000, respectively. Forfeitures in 2015, 2014, and 2013 totaled 300, 2,000, and 500 shares, respectively.
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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 16 - RELATED PARTY TRANSACTIONS

In the normal course of business the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders):

Years ended December 31, (in thousands)    2015      2014  
Balance, beginning of period  $8,060   $1,279 
Additional related party loans acquired pursuant to Riverside Bank merger   —    6,828 
Advances   5,045    271 
Repayments   (4,985)   (318)
Balance, end of period  $8,120   $8,060 
XML 40 R24.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
COMPREHENSIVE INCOME

NOTE 17 - COMPREHENSIVE INCOME

Comprehensive income includes net income and any changes in equity from non-owner sources that are not recorded in the income statement (such as changes in net unrealized gains (losses) on securities). The purpose of reporting comprehensive income is to report a measure of all changes in shareholders’ equity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. The components of comprehensive income are as follows:

Years ended December 31, (in thousands)    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Other comprehensive (loss) income               
Net unrealized (losses) gains on securities available-for-sale            (1,297)    2,534    (3,743)
Reclassification of net realized gains in net income(1)   (192)   —    — 
Unrealized (losses) gains  on securities available-for-sale   (1,489)   2,534    (3,743)
Income tax benefit (expense)   506    (862)   1,273 
Unrealized (losses) gains on securities available-for-sale, net of tax   (983)   1,672    (2,470)
Pension plan (expense) income (see Note 14)   —    (924)   1,635 
Income tax benefit (expense)   —    314    (556)
Pension plan (expense) income, net of tax   —    (610)   1,079 
Other comprehensive (loss) income, net of tax   (983)   1,062    (1,391)
Comprehensive income  $7,474   $3,583   $2,692 

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gain on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income.

The components of accumulated other comprehensive income is as follows:

December 31, (in thousands)    2015      2014  
Unrealized gains on securities available-for-sale, net of tax  $1,125   $2,108 
Accumulated other comprehensive income  $1,125   $2,108 
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COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 18 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Bank has entered into an agreement pursuant to which a third party is to provide the Bank with account processing services and other miscellaneous services. Under the agreement, the Bank is obligated to pay monthly processing fees through August 5, 2016. In the event the Bank chooses to cancel the agreement prior to the end of the contract term a lump sum termination fee will have to be paid. The fee shall be calculated as the average monthly billing, exclusive of pass through costs for the past twelve months, multiplied by the number of months and any portion of a month remaining in the contract term plus the total of any promotional or monthly allowances (as applicable), or discounted monthly fees, which were provided to the Bank for the affected processing services in consideration of the fulfillment of the entire term of the affected processing services, multiplied by the number of months the Bank was awarded each of those allowance(s) for; plus one half (1/2) of any migration allowance or installation allowance, as defined in the agreement. The Bank has decided not to renew the existing agreement and will go to a month to month processing fee arrangement with the current provider until an agreement with a new provider goes into effect.

On December 31, 2015, the Bank selected a new provider for account processing services and other miscellaneous services, and will switch over to the new provider in November of 2016. The new agreement will continue until the eighth anniversary of the commencement date. According to the agreement, “Commencement Date” means the first day on which any conversion services are completed and the Bank has the capability to input transactions or data for processing by the third party provider.

Salisbury leases facilities and equipment under operating leases that expire at various dates through 2023. The leases have varying renewal options, generally require a fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. Rent expense totaled $295,000, $147,000 and $85,000 for 2015, 2014 and 2013, respectively.

Future minimum lease payments at December 31, 2015 are as follows:

Future minimum lease payments  (in thousands)  
 2016   $ 207 
 2017    166 
 2018    93 
 2019    79 
 2020    82 
 2021    28 
 2022    28 
 2023    16 
     $699 

 

Salisbury leases a facility under a capital lease that expires in 2029 with an option to terminate the lease in 2018. The lease has varying renewal options, requires a fixed annual rent, and provides that real estate taxes, insurance, and maintenance are to be paid by Salisbury. The following is a schedule by years of future minimum lease payments under the capital lease with the present value of the net minimum lease payments as of December 31, 2015.

Future minimum lease payments  (in thousands)  
 2016   $73 
 2017    73 
 2018    73 
 2019    84 
 2020    84 
 Thereafter    693 
 Total minimum lease payments1,080 
 Less amount representing interest658 
     $422 

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business.

As previously disclosed, the Bank, individually and in its capacity as a former Co-Trustee of the Erling C. Christophersen Revocable Trust (the “Trust”), was named as a defendant in litigation filed in the Connecticut Complex Litigation Docket in Stamford, captioned John Christophersen v. Erling Christophersen, et al., X08-CV-08-5009597S (the “First Action”). The Bank also was a counterclaim-defendant in related mortgage foreclosure litigation in the Connecticut Complex Litigation Docket in Stamford, captioned Salisbury Bank and Trust Company v. Erling C. Christophersen, et al., X08-CV-10-6005847-S (the “Foreclosure Action,” together with the First Action, the “Actions”). The other parties to the Actions were John R. Christophersen; Erling C. Christophersen, individually and as Co-Trustee of the Trust; Bonnie Christophersen and Elena Dreiske, individually and as Co-Trustees of the Mildred B. Blount Testamentary Trust; People’s United Bank; Law Offices of Gary Oberst, P.C.; Rhoda Rudnick; and Hinckley Allen & Snyder LLP.

The Actions involved a dispute over title to certain real property located in Westport, Connecticut that was conveyed by Erling Christophersen, as grantor, to the Trust on or about August 8, 2007. Subsequent to this conveyance, the Bank loaned $3,387,000 to the Trust, which was secured by a commercial mortgage in favor of the Bank on the Westport property. This mortgage is the subject of the Foreclosure Action brought by the Bank.

As previously disclosed, John R. Christophersen claimed an interest in the Westport real property transferred to the Trust and sought to quiet title to the property and to recover money damages from the defendants for the alleged wrongful divestiture of his claimed interest in the property.

On June 25, 2012, the Bank and John R. Christophersen entered into a Settlement Agreement, which resolved all differences between John R. Christophersen and the Bank and resulted in the withdrawal (with prejudice) of the claims made by John R. Christophersen. All claims against the Bank have been withdrawn and the Bank is no longer a defendant or counterclaim defendant in any litigation involving the Actions. As an additional consequence of the Settlement Agreement, Bonnie Christophersen, Elena Dreiske and People’s United Bank are no longer parties to any of the litigation referenced above.

On July 27, 2012, Erling Christophersen filed a Motion to Restore the First Action, and on October 15, 2012 filed a Motion to Stay the Foreclosure Action pending resolution of the Motion to Restore. The Bank opposed both motions. On February 1, 2013, the Court issued orders denying both motions. On February 14, 2013, Erling Christophersen appealed the orders denying his Motion to Restore the First Action, and Motion to Stay the Foreclosure Action.

The Appellate Court dismissed the appeal of the Foreclosure Action in May 2013, and later denied Erling Christophersen’s motion for reconsideration of its decision.

The Bank proceeded in its Foreclosure Action against Erling Christophersen. Erling Christophersen asserted two special defenses and set-off claims alleging (1) that the Bank failed to defend the title claims against the properties, and (2) that the Bank took certain trustee fees without approval. The Bank moved to strike the special defenses and set off claims. In a decision issued on November 6, 2013, the Court granted the motion to strike as to the second special defense and set off, but denied the motion as to the first special defense and set off. Trial began on February 4, 2014, and concluded on February 14, 2014.

In a decision issued on June 2, 2014, the Court dismissed Erling Christophersen’s special defense, and made findings as to the amount of the debt owed by Erling Christophersen and the value of the property, reserving judgment on whether to order a strict foreclosure or foreclosure by sale pending a hearing on the amount of attorneys’ fees accrued, and the debt accrued since the commencement of the trial. That hearing was held on July 29, 2014. On July 25, 2014, Erling Christophersen moved to disqualify the Bank’s counsel, seeking, in part, the remedy of a new trial. The Court denied that motion in a decision dated July 30, 2014. On August 5, 2014, the Court issued a Judgment of Strict Foreclosure (the “Judgment”) in favor of the Bank and set September 16, 2014 as the Law Day, which is the final date fixed by the Court on which the debtor can pay off the debt or redeem the real property, with subsequent dates for subsequent encumbrances in inverse order of priority.

On September 15, 2014, Christophersen moved to open the Judgment, which motion was denied by order of the Court dated September 30, 2014.  On October 3, 2014, Christophersen filed an Appeal of the Judgment and of the denial of his motion to reopen.   Salisbury Bank moved to dismiss the Appeal on October 24, 2014, on grounds that Christophersen cannot represent the Trust as he is not an attorney, and that Christophersen in his individual capacity does not have any interest in this appeal.  On December 17, 2014, the motion was granted in part and dismissed in part, but the decision is moot because counsel submitted an appearance on behalf of the Trust on December 29, 2014.   On January 20, 2015, Christophersen filed a motion for reconsideration, which motion was denied by order of the Appellate Court on February 10, 2015.

The parties’ submitted briefs and oral arguments were heard by Appellate Court on January 7, 2016. On March 1, 2016, the Appellate Court affirmed the trial court’s judgment and remanded the case for the setting of new Law Days. Subsequently, the defendant filed an application for review with the Connecticut Supreme Court, which denied Mr. Christophersen’s Petition For Certification on March 23, 2016. The case will be remanded to the trial court to set new law days.

There are no other material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject.
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FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2015
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS

NOTE 19 - FINANCIAL INSTRUMENTS

The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk.    These financial instruments include commitments to originate loans, letters of credit, and advance funds on loans.  The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments.  The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The Bank evaluates each customer's creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower.  Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.  As of December 31, 2015 and 2014, the maximum potential amount of the Bank’s obligation was $1,401,000 and $3,422,000, respectively, for financial, commercial and standby letters of credit.  If a letter of credit is drawn upon, the Bank may seek recourse through the customer’s underlying line of credit.  If the customer’s line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit.

Financial instrument liabilities with off-balance sheet credit risk are as follows:

December 31, (in thousands)    2015      2014  
Residential  $6,620   $3,030 
Home equity lines of credit   25,912    25,882 
Commercial   13,922    16,751 
Land   218    5 
Real estate secured   46,672    45,668 
Commercial and industrial   67,725    57,905 
Municipal   790    — 
Consumer   1,507    1,537 
Unadvanced portions of loans   116,694    105,110 
Commitments to originate loans   37,688    20,953 
Standby letters of credit   1,401    3,422 
Total  $155,783   $129,485 

There is no material difference between the notional amounts and the estimated fair values of the off-balance sheet liabilities.

The allowance for off balance sheet commitments is calculated by applying a reserve percentage discounted by a utilization factor to the sum of unguaranteed unused lines of credit and loan contracts that the Bank has committed to but not funded as of year-end. The allowance for off-balance sheet commitments was $93,000 and $115,000 as of December 31, 2015 and December 31, 2014, respectively.
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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 20 - FAIR VALUE MEASUREMENTS

Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption.

In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
•Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities.
•Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2015.

The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

•Securities available-for-sale. Securities available-for-sale are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows.
•Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3.
•Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3.

Other than discussed above, the following methods and assumptions were used by management to estimate the fair value of significant classes of financial instruments for which it is practicable to estimate that value.

Cash and cash equivalents. Carrying value is assumed to represent fair value for cash and cash equivalents that have original maturities of ninety days or less.

Loans held-for-sale. The fair value is determined using a factor based on the estimated gain on sale of the loan.

Loans, net. The carrying value of the loans in the loan portfolio is based on their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, the unamortized balance of any deferred fees or costs on originated loans and the unamortized balance of any premiums or discounts on loans purchased or acquired through mergers. The fair value of the loans is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality.

Accrued interest receivable/payable. Carrying value approximates fair value.

Cash surrender value of life insurance. The carrying value of this asset approximates its fair value.

Deposits. The fair value of demand, non-interest bearing checking, savings and money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using market rates offered for deposits of similar remaining maturities.

Borrowed funds. Advances from Federal Home Loan Bank – The fair value of these fixed-maturity advances is estimated by discounting future cash flows using rates currently offered for advances of similar remaining maturities. Subordinated Debentures – The fair value is estimated by using a discounted cash flow approach and applying discount rates currently offered on similar remaining terms and maturities.

Assets measured at fair value are as follows:

  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2015                    
Assets at fair value on a recurring basis                    
U.S. Treasury notes  $—   $2,541   $—   $2,541 
U.S. Government agency notes   —    498    —    498 
Municipal bonds   —    30,385    —    30,385 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    32,202    —    32,202 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    2,014    —    2,014 
Non-agency   —    4,948    —    4,948 
SBA bonds   —    3,096    —    3,096 
CRA mutual funds   —    764    —    764 
Preferred stock   246    —    —    246 
Securities available-for-sale  $246   $76,448   $—   $76,694 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    15,211    15,211 
Mortgage servicing rights   —    1,315    —    1,315 
December 31, 2014                    
Assets at fair value on a recurring basis                    
U.S. Treasury notes  $—   $2,806   $—   $2,806 
U.S. Government agency notes   —    5,874    —    5,874 
Municipal bonds   —    40,352    —    40,352 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    27,709    —    27,709 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    2,679    —    2,679 
Non-agency   —    6,596    —    6,596 
SBA bonds   —    4,465    —    4,465 
CRA mutual funds   —    504    —    504 
Preferred stock   327    —    —    327 
Securities available-for-sale  $327   $90,985   $—   $91,312 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    10,463    10,463 
Mortgage servicing rights   —    1,568    —    1,568 
Other real estate owned   —    —    1,002    1,002 

 

Carrying values and estimated fair values of financial instruments are as follows:

    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2015                         
Financial Assets                         
Cash and cash equivalents  $62,118   $62,118   $62,118   $—   $— 
Securities available-for-sale   76,694    76,694    246    76,448    — 
Federal Home Loan Bank stock   3,176    3,176    —    3,176    — 
Loans held-for-sale   763    778    —    —    778 
Loans receivable, net   699,018    707,154    —    —    707,154 
Accrued interest receivable   2,307    2,307    —    —    2,307 
Cash surrender value of life insurance   13,685    13,685    13,685    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $201,340   $201,340   $—   $—   $201,340 
Demand (interest-bearing)   125,465    125,465    —    —    125,465 
Money market   183,783    183,783    —    —    183,783 
Savings and other   119,651    119,651    —    —    119,651 
Certificates of deposit   124,294    125,437    —    —    125,437 
Deposits   754,533    755,676    —    —    755,676 
Repurchase agreements   3,914    3,914    —    —    3,914 
FHLBB advances   26,979    28,559    —    —    28,559 
Subordinated debt   9,764    9,764    —    —    9,764 
Note payable   376    405    —    —    405 
Capital lease liability   422    870    —    —    870 
Accrued interest payable    150    150    —    —    150 
December 31, 2014                         
Financial Assets                         
Cash and cash equivalents  $36,105   $36,105   $36,105   $—   $— 
Securities available-for-sale   91,312    91,312    327    90,985    — 
Federal Home Loan Bank stock   3,515    3,515    —    3,515    — 
Loans held-for-sale   568    572    —    —    572 
Loans receivable, net   673,330    683,845    —    —    683,845 
Accrued interest receivable   2,334    2,334    —    —    2,334 
Cash surrender value of life insurance   13,314    13,314    13,314    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $161,386   $161,386   $—   $—   $161,386 
Demand (interest-bearing)   117,169    117,169    —    —    117,169 
Money market   174,274    174,274    —    —    174,274 
Savings and other   121,387    121,387    —    —    121,387 
Certificates of deposit   141,210    142,261    —    —    142,261 
Deposits   715,426    716,477    —    —    716,477 
Repurchase agreements   4,163    4,163    —    —    4,163 
FHLBB advances   28,813    30,626    —    —    30,626 
Capital lease liability   424    929    —    —    929 
Accrued interest payable    166    166    —    —    166 
XML 44 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 21 – SALISBURY BANCORP, INC. (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)		    2015      2014  
Assets          
Cash and due from banks  $2,612   $9,436 
Investment in bank subsidiary   97,794    92,531 
Other assets   5    6 
Total Assets  $100,411   $101,973 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,764   $— 
Other liabilities   73    152 
Shareholders' equity   90,574    101,821 
Total Liabilities and Shareholders' Equity  $100,411   $101,973 

 

  Statements of Income
  Years ended December 31, (in thousands)		    2015      2014      2013  
Dividends from subsidiary  $2,743   $2,143   $2,128 
Interest income   19    21    27 
Interest expense   35    —    — 
Expenses   511    986    394 
Income before taxes and equity in undistributed net income of subsidiary   2,216    1,178    1,761 
Income tax benefit   192    91    — 
Income before equity in undistributed net income of subsidiary   2,408    1,269    1,761 
Equity in undistributed net income of subsidiary   6,049    1,252    2,322 
Net income  $8,457   $2,521   $4,083 

 

  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Adjustments to reconcile net income to               
net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (6,049)   (1,252)   (2,322)
Other   (275)   85    24 
Net cash provided by operating activities   2,133    1,354    1,785 
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   —    —    — 
Net cash utilized by investing activities   —    (26,513)   (738)
Financing Activities               
Common stock dividends paid   (3,054)   (1,918)   (1,915)
Preferred stock dividends paid   (158)   (166)   (161)
Proceeds from issuance of subordinated debt, net of issue cost   9,764    —    — 
Payment to repurchase preferred stock   (16,000)   —    — 
Proceeds from issuance of common stock   491    126    34 
Issuance of Salisbury stock to Riverside shareholders   —    27,251    — 
Net cash (utilized) provided by financing activities   (8,957)   25,293    (2,042)
(Decrease) increase in cash and cash equivalents   (6,824)   134    (995)
Cash and cash equivalents, beginning of period   9,436    9,302    10,297 
Cash and cash equivalents, end of period  $2,612   $9,436   $9,302 
XML 45 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 22 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

  Years ended December 31, (in thousands, except per share amounts)    2015      2014      2013  
  Net income  $8,457   $2,521   $4,083 
  Less: Preferred stock dividends declared   (158)   (166)   (161)
  Net income available to common shareholders   8,299    2,355    3,922 
  Less: Undistributed earnings allocated to participating securities   (72)   (27)   (39)
  Net income allocated to common stock  $8,227   $2,328   $3,883 
  Weighted average common shares issued   2,730    1,785    1,710 
  Less: Unvested restricted stock awards   (24)   (21)   (19)
  Weighted average common shares outstanding used to calculate basic earnings per common share   2,706    1,764    1,691 
  Add: Dilutive effect of unvested restricted stock awards   17    1    — 
  Weighted average common shares outstanding used to calculate diluted earnings per common share   2,723    1,765    1,691 
  Earnings per common share (basic)  $3.04   $1.32   $2.30 
  Earnings per common share (diluted)  $3.02   $1.32   $2.30 
XML 46 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 23 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at their January 29, 2016 meeting. The dividend was paid on February 26, 2016 to shareholders of record as of February 12, 2016.

On January 29, 2016, Salisbury granted a total of 15,800 shares of restricted stock pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, to 42 employees, including 6,000 shares to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 5,000 and John Davies, President New York Region and Chief Lending Officer and Donald E. White, Chief Financial Officer each received 500 shares. The fair value of the stock as of the grant date was determined to be $466,000 and the stock will be vested three years from the grant date.

On January 29, 2016, the Compensation Committee granted a total of 47,470 Phantom Stock Appreciation Units pursuant to its 2011 Long Term Incentive Plan, which was approved by shareholders at the 2011 Annual Meeting, including 23,012 units to three Named Executive Officers. Richard J. Cantele, Jr., President and Chief Executive Officer received 11,484 units, John Davies, President New York Region and Chief Lending Officer received 5,963 units and Donald E. White, Chief Financial Officer received 5,565 units. The units will vest on the third anniversary of the grant date.

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SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014 is as follows:

  Year ended December 31, 2015
  (in thousands, except ratios and per share amounts)		    Q1 2015      Q2 2015      Q3 2015      Q4 2015  
Statement of Income                    
Interest and dividend income  $8,671   $8,545   $8,650   $8,705 
Interest expense   745    753    753    775 
Net interest and dividend income   7,926    7,792    7,897    7,930 
(Benefit) provision for loan losses   (200)   196    655    266 
Gains on securities, net   175    11    6    — 
Trust and Wealth Advisory   822    890    798    755 
Service charges and fees   731    778    798    763 
Gains on sales of mortgage loans, net   93    87    47    47 
Mortgage servicing, net   (40)   20    5    16 
Other   115    114    115    166 
Non-interest income   1,896    1,900    1,769    1,747 
Non-interest expense   6,835    6,539    6,202    6,344 
Income before income taxes   3,187    2,957    2,809    3,067 
Income tax provision   953    885    824    901 
Net income   2,234    2,072    1,985    2,166 
Net income available to common shareholders   2,194    2,032    1,945    2,128 
Financial Condition                    
Total assets  $865,037   $860,794   $904,233   $891,192 
Loans, net   676,734    677,726    687,719    699,018 
Allowance for loan losses   5,182    5,059    5,659    5,716 
Securities   84,694    92,932    83,886    79,870 
Deposits   724,910    720,734    761,479    754,533 
Repurchase agreements   3,278    2,771    4,210    3,914 
FHLBB advances   28,403    28,033    26,928    26,979 
Shareholders' equity   103,211    104,104    105,450    90,574 
Non-performing assets   14,875    14,995    16,602    16,264 
Per Common Share Data                    
Earnings, basic  $0.81   $0.74   $0.71   $0.78 
Earnings, diluted   0.80    0.74    0.71    0.77 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   31.96    32.26    32.72    33.13 
Market price: (a)                    
High   30.39    32.30    31.74    33.70 
Low   26.08    28.80    28.38    28.80 
Statistical Data                    
Net interest margin (fully tax equivalent)   4.11%   4.01%   3.91%   3.88%
Efficiency ratio (fully tax equivalent)   65.45    62.91    60.40    63.64 
Return on average assets   1.03    0.94    0.87    0.94 
Return on average shareholders' equity   10.22    9.26    8.64    9.34 
Weighted average common shares outstanding, basic   2,699    2,706    2,708    2,710 
Weighted average common shares outstanding, diluted   2,716    2,724    2,724    2,727 
(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 $0.10 per share ("Common Stock") trades on the NASDAQ Capital Market under the symbol: SAL. As of March 1, 2016, there were approximately 2,141 shareholders of record of the Company’s Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

  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 and 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)                    
Efficiency ratio (fully tax equivalent)   3.72%   3.74%   3.39%   3.68%
Return on average assets   77.11    72.35    75.92    77.80 
Return on average shareholders' equity   0.35    0.62    0.45    0.11 
Weighted average equivalent shares outstanding, basic and 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.
XML 48 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include those of Salisbury and its subsidiary after elimination of all inter-company accounts and transactions.
Basis of Financial Statement Presentation

Basis of Financial Statement Presentation

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, expected cash flows from loans acquired in a business combination, other-than-temporary impairment of securities and impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2014 and 2013 financial statements to make them consistent with the 2015 presentation.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions. In 2015, a 3% reserve ratio was assessed on net transaction accounts over $14.5 million, up to and including $103.6 million (which may be adjusted by the FRB). A 10% reserve ratio was assessed on net transaction accounts in excess of $103.6 million (which may be adjusted by the FRB). In 2014, a 3% reserve ratio was assessed on net transaction accounts over $13.3 million up to and including $89.0 million. A 10% reserve ratio was assessed on net transaction accounts in excess of $89.0 million.
Securities

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair market value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. The OTTI related to all other factors will be recorded in other comprehensive income. Declines in marketable equity securities below their cost that are deemed other than temporary are reflected in earnings as realized losses.
Federal Home Loan Bank of Boston Stock

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank’s FHLBB stock as of December 31, 2015. Deterioration of the FHLBB’s capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.
Loans

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.
Acquired Loans

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (ASC) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.
Allowance for Loan Losses

Allowance for Loan Losses

The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management’s estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and Home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management’s general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury’s policies or methodology pertaining to the general component of the allowance for loan losses during 2015.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily income-producing properties throughout Salisbury’s market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, has an effect on the credit quality in this segment.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury’s market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity’s reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are near 0%.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Salisbury periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.
Other Real Estate Owned ("OREO")

Other Real Estate Owned (“OREO”)

Salisbury's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review Salisbury's allowance for loan losses and valuation of OREO. Such agencies may require Salisbury to recognize additions to the allowance or write-downs based on their judgments of information available to them at the time of their examination.

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2015 the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $2.9 million.
Income Taxes

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.
Bank Premises and Equipment

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

  • Building /Improvements – 39 years
  • Land Improvements – 15 years
  • Furniture and Fixtures – 7 years
  • Computer Equipment – 5 years
  • Software – 3 years
Intangible Assets

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s assets at December 31, 2015, and 2014, include goodwill of $2,358,000 arising from the purchase of a branch office in 2001, $7,152,000 arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319,000 arising from the 2007 purchase of a branch office in New York State, and $2,723,000 arising from the acquisition of Riverside Bank in December 2014. See Note 8.

On an annual basis management assesses intangible assets for impairment, and for the year ending December 31, 2015, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.
Statement of Cash Flows

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.
Computation of Earnings per Share

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014 and August 2015, respectively, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09 and 2015-14, “Revenue from Contracts with Customers (Topic 606).” The objective of ASU 2014-09 is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, the amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before the original effective date (i.e. interim and annual reporting periods beginning after December 15, 2016). Salisbury is currently reviewing ASU 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. Salisbury adopted this guidance in 2015 and presented the costs related to the issuance of subordinated debt as a direct reduction of the carrying amount of the debt.

In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” Under the ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects (if any) as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. The ASU also requires that the acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument-specific credit risk. Salisbury is currently evaluating the impact of the new standard on the consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which provides new guidance related to accounting for leases.

The ASU requires that an entity recognize substantially all leasing activities on its balance sheet.  Specifically, a lessee will be required to recognize a liability to make lease payments (the lease liability) and a “right-of-use” asset representing the right to use the underlying asset for the lease term.  The asset and liability will initially be measured at the present value of the future lease payments. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018, and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption will be permitted for all entities. Salisbury anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.
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MERGERS AND ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2015
Business Combinations [Abstract]  
Consideration paid
  Consideration Paid: (In thousands)    Amount  
Salisbury Bancorp common stock issued to Riverside Bank common stockholders  $27,230 
Cash consideration paid for fractional shares   1 
Riverside stock options, vested upon acquisition   20 
  Total consideration paid  $27,251 
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value
  Recognized amounts of identifiable assets acquired and liabilities    Fair Value    As Recorded 
  assumed, at fair value:   As Acquired    Adjustment    at Acquisition 
Cash and cash equivalents  $18,650   $—   $18,650 
Investment securities   11,820    (78)(a)   11,742 
Loans   204,398    (8,093)(b)   196,305 
Premises and equipment   1,046    497(c)   1,543 
Other assets   7,006    —    7,006 
Core deposit intangible   —    2,215    2,215 
Deposits   (210,559)   (641)(d)   (211,200)
Other liabilities   (1,733)   —    (1,733)
  Total identifiable net assets  $30,628   $(6,100)  $24,528 
                
Goodwill   —    —     $2,723 
Acquired loan portfolio and activity in the accretable yield

  (In thousands)    ASC 310-30 Loans  
  Contractually required principal and interest at acquisition  $16,209 
  Contractual cash flows not expected to be collected (nonaccretable discount)   (4,288)
  Expected cash flows at acquisition   11,921 
  Interest component of expected cash flows (accretable discount)   (1,293)
  Fair value of acquired loans  $10,628 

  (In thousands)    2015      2014  
  Balance at beginning of period  $1,242   $— 
Acquisitions   —    1,293 
Accretion   (1,109)   (51)
Reclassification from non-accretable to accretable   1,768    — 
  Balance at end of period  $1,901 
Pro forma results of operations of Riverside Bank since acquisition date
  Years ended December 31, (in thousands)    2014    2013  
Total revenue  $39,841   $39,640 
Net income   6,411    7,136 
Net income available to common shareholders   6,245    6,975 
Earnings per share          
Basic  $2.26   $2.59 
Diluted   2.24    2.57 
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SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Composition of Securities
  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2015                    
Available-for-sale                    
U.S. Treasury notes  $2,499   $42   $—   $2,541 
U.S. Government agency notes   498    —    —    498 
Municipal bonds   29,752    633    —    30,385 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   31,900    385    (83)   32,202 
Collateralized mortgage obligations                    
U.S. Government agencies   2,002    12    —    2,014 
Non-agency   4,487    468    (7)   4,948 
SBA bonds   3,065    31    —    3,096 
CRA mutual funds   766    —    (2)   764 
Preferred stock   20    226    —    246 
Total securities available-for-sale  $74,989   $1,797   $(92)  $76,694 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,176   $—   $—   $3,176 

 

  (in thousands)  Amortized
cost (1)		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2014                    
Available-for-sale                    
U.S. Treasury notes  $2,699   $107   $—   $2,806 
U.S. Government agency notes   5,850    24    —    5,874 
Municipal bonds   38,962    1,455    (65)   40,352 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   27,036    688    (15)   27,709 
Collateralized mortgage obligations                    
U.S. Government agencies   2,657    22    —    2,679 
Non-agency   6,056    552    (12)   6,596 
SBA bonds   4,336    129    —    4,465 
CRA mutual funds   502    2    —    504 
Preferred stock   20    307    —    327 
Total securities available-for-sale  $88,118   $3,286   $(92)  $91,312 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,515   $—   $—   $3,515 
(1)Net of other-than-temporary impairment write-downs recognized in prior years.
Sales of securities available-for-sale and gains realized
  Years ended December 31, (in thousands)    2015      2014      2013  
Proceeds  $3,861   $—   $— 
Gains realized   180    —    — 
Losses realized   (27)   —    — 
Net gains realized   153    —    — 
Income tax provision   52    —    — 
Aggreggate fair value and gross unrealized loss of securities
   Less than 12 Months  12 Months or Longer  Total
  (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

December 31, 2015                  
Available-for-sale                              
Mortgage-backed securities  $14,750   $83   $53   $—   $14,803   $83 
Collateralized mortgage obligations                              
Non-agency   237    —    226    7    463    7 
CRA mutual funds   764    2    —    —    764    2 
Total temporarily impaired securities  $15,751   $85   $279   $7   $16,030   $92 
                               
December 31, 2014                              
Available-for-sale                              
Municipal bonds  $177   $1   $1,589   $64   $1,766   $65 
Mortgage-backed securities   56    1    1,885    14    1,941    15 
Collateralized mortgage obligations                              
Non-agency   441    7    164    5    605    12 
Total temporarily impaired securities  $674   $9   $3,638   $83   $4,312   $92 
Securities amortized cost; fair value and tax equivalent yield by maturity
  December 31, 2015 (dollars in thousands)  Amortized cost      Fair value      Yield(1)  
U.S. Treasury notes    Within 1 year  $2,499   $2,541    3.00%
   Total   2,499    2,541    3.00%
U.S. Government agency notes  After 1 year but within 5 years   498    498    0.88%
   Total   498    498    0.88%
Municipal bonds  Within 1 year   254    254    5.60%
   After 1 year but within 5 years   1,217    1,225    5.57%
   After 5 years but within 10 years   1,894    1,922    6.38%
   After 10 years but within 15 years   2,632    2,708    6.30%
   After 15 years   23,755    24,276    6.68%
   Total   29,752    30,385    6.57%
Mortgage-backed securities  U.S. Government agency and U.S. Government-sponsored enterprises   31,900    32,202    2.96%
Collateralized mortgage obligations  U.S. Government agency and U.S. Government-sponsored enterprises   2,002    2,014    1.02%
   Non-agency   4,487    4,948    4.20%
SBA bonds      3,065    3,096    2.93%
CRA mutual funds      766    764    2.07%
Preferred stock      20    246    2.26%
Securities available-for-sale     $74,989   $76,694    4.47%
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LOANS (Tables)
 12 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
Composition of loans receivable and loans held-for-sale
Years ended December 31,  2015  2014
(In thousands) 

Business

Activities

Loans

 

Acquired

Loans

  Total 

Business

Activities

Loans

 

Acquired 

Loans

  Total
Residential 1-4 family  $261,495   $7,799   $269,294   $252,258   $9,223   $261,481 
Residential 5+ multifamily   6,411    6,136    12,547    5,556    8,735    14,291 
Construction of residential 1-4 family   7,998    —    7,998    2,004    —    2,004 
Home equity lines of credit   35,017    —    35,017    34,627    —    34,627 
Residential real estate   310,921    13,935    324,856    294,445    17,958    312,403 
Commercial   129,446    88,829    218,275    98,498    97,899    196,397 
Construction of commercial   6,525    4,874    11,399    18,602    9,045    27,647 
Commercial real estate   135,971    93,703    229,674    117,100    106,944    224,044 
Farm land   3,193    —    3,193    3,239    —    3,239 
Vacant land   8,563    —    8,563    9,342    —    9,342 
Real estate secured   458,648    107,638    566,286    424,126    124,902    549,028 
Commercial and industrial   74,657    46,764    121,421    49,204    68,714    117,918 
Municipal   9,566    —    9,566    6,083    —    6,083 
Consumer   6,195    77    6,272    4,334    122    4,456 
Loans receivable, gross   549,066    154,479    703,545    483,747    193,738    677,485 
Deferred loan origination fees and costs, net   1,189    —    1,189    1,203    —    1,203 
Allowance for loan losses   (5,481)   (235)   (5,716)   (5,337)   (21)   (5,358)
Loans receivable, net  $544,774   $154,244   $699,018   $479,613   $193,717   $673,330 
Loans held-for-sale                              
Residential 1-4 family  $763   $—   $763   $568   $—   $568 
Composition of loans receivable by risk rating grade

Business Activities Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2015                              
Residential 1-4 family  $248,027   $6,933   $6,444   $91   $—   $261,495 
Residential 5+ multifamily   4,507    1,815    89    —    —    6,411 
Construction of residential 1-4 family   7,111    887    —    —    —    7,998 
Home equity lines of credit   33,687    545    785    —    —    35,017 
Residential real estate   293,332    10,180    7,318    91    —    310,921 
Commercial   120,903    4,801    3,742    —    —    129,446 
Construction of commercial   6,525    —    —    —    —    6,525 
Commercial real estate   127,428    4,801    3,742    —    —    135,971 
Farm land   2,162    —    1,031    —    —    3,193 
Vacant land   5,567    69    2,927    —    —    8,563 
Real estate secured   428,489    15,050    15,018    91    —    458,648 
Commercial and industrial   72,887    1,214    555    1    —    74,657 
Municipal   9,566    —    —    —    —    9,566 
Consumer   6,171    18    6    —    —    6,195 
Loans receivable, gross  $517,113   $16,282   $15,579   $92   $—   $549,066 

Acquired Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2015                              
Residential 1-4 family  $6,824   $199   $776   $—   $—   $7,799 
Residential 5+ multifamily   6,136    —    —    —    —    6,136 
Construction of residential 1-4 family   —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    — 
Residential real estate   12,960    199    776    —    —    13,935 
Commercial   80,406    4,005    4,418    —    —    88,829 
Construction of commercial   4,612    —    262    —    —    4,874 
Commercial real estate   85,018    4,005    4,680    —    —    93,703 
Farm land   —    —    —    —    —    — 
Vacant land   —    —    —    —    —    — 
Real estate secured   97,978    4,204    5,456    —    —    107,638 
Commercial and industrial   45,363    875    443    83    —    46,764 
Municipal   —    —    —    —    —    — 
Consumer   71    6    —    —    —    77 
Loans receivable, gross  $143,412   $5,085   $5,899   $83   $—   $154,479 

Business Activities Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2014                              
Residential 1-4 family  $232,628   $12,350   $7,187   $93   $—   $252,258 
Residential 5+ multifamily   3,420    1,072    1,064    —    —    5,556 
Construction of residential 1-4 family   2,004    —    —    —    —    2,004 
Home equity lines of credit   32,639    807    1,181    —    —    34,627 
Residential real estate   270,691    14,229    9,432    93    —    294,445 
Commercial   79,975    10,728    7,795    —    —    98,498 
Construction of commercial   18,024    —    578    —    —    18,602 
Commercial real estate   97,999    10,728    8,373    —    —    117,100 
Farm land   772    1,361    1,106    —    —    3,239 
Vacant land   6,039    140    3,163    —    —    9,342 
Real estate secured   375,501    26,458    22,074    93    —    424,126 
Commercial and industrial   44,903    3,527    774    —    —    49,204 
Municipal   6,083    —    —    —    —    6,083 
Consumer   4,271    53    10    —    —    4,334 
Loans receivable, gross  $430,758   $30,038   $22,858   $93   $—   $483,747 

Acquired Loans

  (in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2014                              
Residential 1-4 family  $8,661   $—   $562   $—   $—   $9,223 
Residential 5+ multifamily   8,735    —    —    —    —    8,735 
Construction of residential 1-4 family   —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    — 
Residential real estate   17,396    —    562    —    —    17,958 
Commercial   89,820    3,830    3,723    526    —    97,899 
Construction of commercial   9,045    —    —    —    —    9,045 
Commercial real estate   98,865    3,830    3,723    526    —    106,944 
Farm land   —    —    —    —    —    — 
Vacant land   —    —    —    —    —    — 
Real estate secured   116,261    3,830    4,285    526    —    124,902 
Commercial and industrial   66,098    1,675    941    —    —    68,714 
Municipal   —    —    —    —    —    — 
Consumer   96    7    19    —    —    122 
Loans receivable, gross  $182,455   $5,512   $5,245   $526   $—   $193,738 
Composition of loans receivable by delinquency status

Business Activities Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2015                                             
Residential 1-4 family  $254,152   $1,781   $1,931   $683   $973   $1,975   $5,562   $—   $5,671 
Residential 5+ multifamily   6,254    —    68    —    —    89    157    —    89 
Construction of residential 1-4 family   7,826    172    —    —    —    —    —    —    — 
Home equity lines of credit   33,744    363    306    101    113    390    910    —    601 
Residential real estate   301,976    2,316    2,305    784    1,086    2,454    6,629    —    6,361 
Commercial   126,440    1,618    474    —    233    681    1,388    —    2,349 
Construction of commercial   6,525    —    —    —    —    —    —    —    — 
Commercial real estate   132,965    1,618    474    —    233    681    1,388    —    2,349 
Farm land   2,172    298    —    —    —    723    723    —    1,031 
Vacant land   5,734    —    6    —    —    2,823    2,829    —    2,855 
Real estate secured   442,847    4,232    2,785    784    1,319    6,681    11,569    —    12,596 
Commercial and industrial   73,698    906    35    —    —    18    53    —    461 
Municipal   9,566    —    —    —    —    —    —    —    — 
Consumer   6,096    61    21    17    —    —    38    —    80 
Loans receivable, gross  $532,207   $5,199   $2,841   $801   $1,319   $6,699   $11,660   $—   $13,137 

Acquired Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2015                                             
Residential 1-4 family  $6,823   $—   $—   $110   $—   $866   $976   $90   $776 
Residential 5+ multifamily   6,136    —    —    —    —    —    —    —    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   12,959    —    —    110    —    866    976    90    776 
Commercial   81,140    4,848    916    —    —    1,925    2,841    —    2,000 
Construction of commercial   4,612    —    —    —    —    262    262    —    262 
Commercial real estate   85,752    4,848    916    —    —    2,187    3,103    —    2,262 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   98,711    4,848    916    110    —    3,053    4,079    90    3,038 
Commercial and industrial   46,128    471    83    82    —    —    165    —    — 
Municipal   —    —    —    —    —    —    —    —    — 
Consumer   77    —    —    —    —    —    —    —    — 
Loans receivable, gross  $144,916   $5,319   $999   $192   $—   $3,053   $4,244   $90   $3,038 

Business Activities Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2014                                             
Residential 1-4 family  $241,567   $7,299   $1,250   $555   $976   $611   $3,392   $—   $2,445 
Residential 5+ multifamily   5,467    —    —    —    89    —    89    —    89 
Construction of residential 1-4 family   2,004    —    —    —    —    —    —    —    — 
Home equity lines of credit   33,488    387    122    528    39    63    752    —    348 
Residential real estate   282,526    7,686    1,372    1,083    1,104    674    4,233    —    2,882 
Commercial   94,598    2,079    602    —    —    1,219    1,821    —    1,219 
Construction of commercial   18,602    —    —    —    —    —    —    —    — 
Commercial real estate   113,200    2,079    602    —    —    1,219    1,821    —    1,219 
Farm land   2,119    —    13    723    —    384    1,120    —    384 
Vacant land   6,422    51    7    —    39    2,823    2,869    —    2,862 
Real estate secured   404,267    9,816    1,994    1,806    1,143    5,100    10,043    —    7,347 
Commercial and industrial   48,478    582    91    17    36    —    144    17    33 
Municipal   6,083    —    —    —    —    —    —    —    — 
Consumer   4,274    47    8    5    —    —    13    —    — 
Loans receivable, gross  $463,102   $10,445   $2,093   $1,828   $1,179   $5,100   $10,200   $17   $7,380 

Acquired Loans

        Past due      
(In thousands)   Current    1-29 days    30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2014                                             
Residential 1-4 family  $8,661   $—   $—   $—   $—   $562   $562   $—   $562 
Residential 5+ multifamily   8,735    —    —    —    —    —    —    —    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   17,396    —    —    —    —    562    562    —    562 
Commercial   95,695    1,109    167    —    285    643    1,095    —    1,931 
Construction of commercial   9,045    —    —    —    —    —    —    —    — 
Commercial real estate   104,740    1,109    167    —    285    643    1,095    —    1,931 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   122,136    1,109    167    —    285    1,205    1,657    —    2,493 
Commercial and industrial   67,665    740    89    220    —    —    309    —    — 
Municipal   —    —    —    —    —    —    —    —    — 
Consumer   117    5    —    —    —    —    —    —    — 
Loans receivable, gross  $189,918   $1,854   $256   $220   $285   $1,205   $1,966   $—   $2,493 
Troubled debt restructurings
  Business Activities Loans December 31, 2015  December 31, 2014
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   3   $1,071   $1,071    4   $308   $308 
Land   —    —    —    —    —    — 
Commercial real estate   1    294    294    4    1,076    1,076 
Construction of commercial    —    —    —    1    131    131 
Consumer   —    —    —    —    —    — 
Commercial and industrial   —    —    —    —    —    — 
HELOC   1    35    35    —    —    — 
Troubled debt restructurings   5   $1,400   $1,400    9   $1,515   $1,515 
Rate reduction and term extension   1   $294   $294    —   $—   $— 
Interest only pursuant to sale   —    —    —    1    24    24 
Interest only and term extension   —    —    —    1    48    48 
Interest only pursuant to sale and term extension   —    —    —    1    230    230 
Interest only   —    —    —    1    30    30 
Debt consolidation and term extension   1    148    148    2    447    447 
Rate reduction   —    —    —    —    —    — 
Rate reduction interest only   —    —    —    —    —    — 
Debt consolidation, rate reduction, term extension and note bifurcation   1    48    48    1    399    399 
Rate reduction and debt consolidation   —    —    —    —    —    — 
Term extension   2    910    910    2    337    337 
Troubled debt restructurings   5   $1,400   $1,400    9   $1,515   $1,515 
  Acquired Loans December 31, 2015  December 31, 2014
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   —   $—   $—    —   $—   $— 
Land   —    —    —    —    —    — 
Commercial real estate   1    184    184    1    571    571 
Construction of commercial    —    —    —    —    —    — 
Consumer   —    —    —    —    —    — 
Commercial and industrial   —    —    —    —    —    — 
HELOC   —    —    —    —    —    — 
Troubled debt restructurings   1   $184   $184    1   $571    571 
Rate reduction and term extension   1   $184   $184    —   $—   $— 
Interest only pursuant to sale   —    —    —    —    —    — 
Interest only and term extension   —    —    —    —    —    — 
Interest only pursuant to sale and term extension   —    —    —    —    —    — 
Interest only   —    —    —    —    —    — 
Debt consolidation and term extension   —    —    —    —    —    — 
Rate reduction   —    —    —    1    571    571 
Rate reduction interest only   —    —    —    —    —    — 
Debt consolidation, rate reduction, term extension and note bifurcation   —    —    —    —    —    — 
Rate reduction and debt consolidation   —    —    —    —    —    — 
Term extension   —    —    —    —    —    — 
Troubled debt restructurings   1   $184   $184    1   $571   $571 
Recorded investment and number of modifications for TDRs
   Modifications that Subsequently Defaulted 
   For the twelve months ending December 31, 2014 
   Quantity    Balance 
Troubled Debt Restructurings          
Residential 1-4 family   2   $38 
Commercial real estate (1)   1    — 
 Total   3   $38 
(1)Loan paid off as of December 31, 2014
Components of impaired loans

Business Activities Loans

Years ended December 31, (in thousands)    2015      2014  
Non-accrual loans, excluding troubled debt restructured loans  $10,093   $6,752 
Non-accrual troubled debt restructured loans   3,044    628 
Accruing troubled debt restructured loans   6,802    9,189 
Total impaired loans  $19,939   $16,569 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

Acquired Loans

Years ended December 31, (in thousands)    2015      2014  
Non-accrual loans, excluding troubled debt restructured loans  $3,038   $2,493 
Non-accrual troubled debt restructured loans   —    — 
Accruing troubled debt restructured loans   742    571 
Total impaired loans  $3,780   $3,064 
Commitments to lend additional amounts to impaired borrowers  $—   $— 
Changes in allowance for loan losses
   Business Activities Loans   Acquired Loans
  December 31, 2015   December 31, 2015
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
  Residential  $2,306   $746   $(698)  $123   $2,477   $—   $79   $—   $—   $79 
  Commercial   1,697    (18)   (214)    1    1,466    7    136    (16)    5    132 
  Land   164    157    (133)   —    188    —    —    —    —    — 
Real estate   4,167    885    (1,045)    124    4,131    7    215    (16)   5    211 
Commercial and industrial583    (295)   (69)    464    683    14    (24)    —    34    24 
Municipal   61    —    —    —    61    —    —    —    —    — 
Consumer   117    71    (82)    18    124    —    (8)    —    8    — 
Unallocated   409    73    —    —    482    —    —    —    —    — 
Totals  $5,337   $734   $(1,196)  $606   $5,481   $21   $183   $(16)  $47   $235 
                                                   
  December 31, 2014   December 31, 2014
(In thousands)Beginning         Charge-    Reco-    Ending    Beginning         Charge-    Reco-    Ending 
    balance    Provision    offs    veries    balance    balance    Provision    offs    veries    balance 
  Residential  $1,938   $657   $(307)  $18   $2,306   $—   $—   $—   $—   $— 
  Commercial   1,385    355    (84)    41    1,697    —    7    —    —    7 
  Land   226    58    (121)    1    164    —    —    —    —    — 
Real estate   3,549    1,070    (512)    60    4,167    —    7    —    —    7 
Commercial and industrial561    25    (19)    16    583    —    14    —    —    14 
Municipal43    18    —    —    61    —    —    —    —    — 
Consumer105    16    (28)   24    117    —    —    —    —    — 
Unallocated   425    (16)    —    —    409    —    —    —    —    — 
Totals  $4,683   $1,113   $(559)  $100   $5,337   $—   $21   $—   $—   $21 
Composition of loans receivable and allowance for loan losses

Business Activities Loans

  (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2015                              
Residential 1-4 family  $253,156   $1,415   $8,339   $610   $261,495   $2,025 
Residential 5+ multifamily   4,640    33    1,771    —    6,411    33 
Construction of residential 1-4 family   7,998    65    —    —    7,998    65 
Home equity lines of credit   34,298    286    719    68    35,017    354 
Residential real estate   300,092    1,799    10,829    678    310,921    2,477 
Commercial   125,173    1,265    4,273    113    129,446    1,378 
Construction of commercial   6,403    87    122    1    6,525    88 
Commercial real estate   131,576    1,352    4,395    114    135,971    1,466 
Farm land   2,162    23    1,031    14    3,193    37 
Vacant land   5,486    122    3,077    29    8,563    151 
Real estate secured   439,316    3,296    19,332    835    458,648    4,131 
Commercial and industrial   74,131    673    526    10    74,657    683 
Municipal   9,566    61    —    —    9,566    61 
Consumer   6,115    124    80    —    6,195    124 
Unallocated allowance   —    482    —    —    —    482 
Totals  $529,128   $4,636   $19,938   $845   $549,066   $5,481 

Acquired Loans

  (in thousands)  Collectively evaluated  Individually evaluated  ASC 310-30 loans  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2015                                        
Residential 1-4 family  $7,023   $—   $776   $79   $—   $—   $7,799   $79 
Residential 5+ multifamily   6,136    —    —    —    —    —    6,136    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    — 
Residential real estate   13,159    —    776    79    —    —    13,935    79 
Commercial   81,300    19    2,742    107    4,787    2    88,829    128 
Construction of commercial   4,612    4    262    —    —    —    4,874    4 
Commercial real estate   85,912    23    3,004    107    4,787    2    93,703    132 
Farm land   —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    — 
Real estate secured   99,071    23    3,780    186    4,787    2    107,638    211 
Commercial and industrial   45,650    24    —    —    1,114    —    46,764    24 
Municipal   —    —    —    —    —    —    —    — 
Consumer   61    —    —    —    16    —    77    — 
Unallocated allowance   —    —    —    —    —    —    —    — 
Totals  $144,782   $47   $3,780   $186   $5,917   $2   $154,479   $235 

Business Activities Loans

  (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2014                              
Residential 1-4 family  $245,997   $1,316   $6,261   $549   $252,258   $1,865 
Residential 5+ multifamily   4,536    66    1,020    3    5,556    69 
Construction of residential 1-4 family   2,004    13    —    —    2,004    13 
Home equity lines of credit   34,231    350    396    9    34,627    359 
Residential real estate   286,768    1,745    7,677    561    294,445    2,306 
Commercial   93,784    1,018    4,714    486    98,498    1,504 
Construction of commercial   18,474    193    128    —    18,602    193 
Commercial real estate   112,258    1,211    4,842    486    117,100    1,697 
Farm land   2,855    59    384    —    3,239    59 
Vacant land   6,245    67    3,097    38    9,342    105 
Real estate secured   408,126    3,082    16,000    1,085    424,126    4,167 
Commercial and industrial   48,635    532    569    51    49,204    583 
Municipal   6,083    61    —    —    6,083    61 
Consumer   4,334    117    —    —    4,334    117 
Unallocated allowance   —    —    —    —    —    409 
Totals  $467,178   $3,792   $16,569   $1,136   $483,747   $5,337 

Acquired Loans

  (in thousands)  Collectively evaluated  Individually evaluated  ASC 310-30 loans  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2014                                        
Residential 1-4 family  $8,661   $—   $562   $—   $—   $—   $9,223   $— 
Residential 5+ multifamily   8,735    —    —    —    —    —    8,735    — 
Construction of residential 1-4 family   —    —    —    —    —    —    —    — 
Home equity lines of credit   —    —    —    —    —    —    —    — 
Residential real estate   17,396    —    562    —    —    —    17,958    — 
Commercial   89,820    —    2,502    —    5,577    —    97,899    — 
Construction of commercial   9,045    7    —    —    —    —    9,045    7 
Commercial real estate   98,865    7    2,502    —    5,577    —    106,944    7 
Farm land   —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    — 
Real estate secured   116,261    7    3,064    —    5,577    —    124,902    7 
Commercial and industrial   66,874    14    —    —    1,840    —    68,714    14 
Municipal   —    —    —    —    —    —    —    — 
Consumer   103    —    —    —    19    —    122    — 
Unallocated allowance   —    —    —    —    —    —    —    — 
Totals  $183,238   $21   $3,064   $—   $7,436   $—   $193,738   $21 
Credit quality segments of loans receivable and allowance for loan losses

Business Activities Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2015  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $527,905   $4,110   $—   $—   $527,905   $4,110 
Potential problem loans   1,223    44    —    —    1,223    44 
Impaired loans   —    —    19,938    845    19,938    845 
Unallocated allowance   —    482    —    —    —    482 
Totals  $529,128   $4,636   $19,938   $845   $549,066   $5,481 

Acquired Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2015  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $148,580   $46   $—   $—   $148,580   $46 
Potential problem loans   2,119    2    —    —    2,119    2 
Impaired loans   —    —    3,780    187    3,780    187 
Unallocated allowance   —    —    —    —    —    — 
Totals  $150,699   $48   $3,780   $187   $154,479   $235 

Business Activities Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2014  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $457,744   $3,283   $—   $—   $457,744   $3,283 
Potential problem loans   9,423    509    11    —    9,434    509 
Impaired loans   —    —    16,569    1,136    16,569    1,136 
Unallocated allowance   —    409    —    —    —    409 
Totals  $467,167   $4,201   $16,580   $1,136   $483,747   $5,337 

Acquired Loans

  Collectively evaluated  Individually evaluated  Total portfolio
December 31, 2014  (in thousands)   Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $187,966   $21   $—   $—   $187,966   $21 
Potential problem loans   2,708    —    —    —    2,708    — 
Impaired loans   —    —    3,064    —    3,064    — 
Unallocated allowance   —    —    —    —    —    — 
Totals  $190,674   $21   $3,064   $—   $193,738   $21 
Certain data with respect to loans individually evaluated for impairment

Business Activities Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2015                                             
Residential  $7,482   $8,094   $6,449   $610   $167   $2,628   $2,770   $3,089   $98 
Home equity lines of credit   535    659    260    68    9    184    199    423    2 
Residential real estate   8,017    8,753    6,709    678    176    2,812    2,969    3,512    100 
Commercial   3,131    3,405    2,850    113    123    1,142    1,393    1,624    49 
Construction of commercial   122    128    9    1    7    —    —    116    — 
Farm land   733    773    400    14    25    298    352    461    — 
Vacant land   2,870    3,836    3,015    29    3    207    241    72    9 
Real estate secured   14,873    16,895    12,983    835    334    4,459    4,955    5,785    158 
Commercial and industrial   95    98    145    10    4    431    481    383    22 
Consumer   —    —    —    —    —    80    108    12    1 
Totals  $14,968   $16,993   $13,128   $845   $338   $4,970   $5,544   $6,180   $181 

Acquired Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2015                                             
Residential  $599   $716   $273   $79   $—   $177   $177   $376   $7 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   599    716    273    79    —    177    177    376    7 
Commercial   675    826    698    107    34    2,067    2,843    2,011    32 
Construction of commercial   —    —    —    —    —    262    273    167    22 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   1,274    1,542    971    186    34    2,506    3,293    2,554    61 
Commercial and industrial   —    —    6    —    —    —    4    —    — 
Consumer   —    —    —    —    —    —    —    —    — 
Totals  $1,274   $1,542   $977   $186   $34   $2,506   $3,297   $2,554   $61 

Business Activities Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2014                                             
Residential  $5,008   $5,157   $4,547   $552   $128   $2,273   $2,395   $2,703   $57 
Home equity lines of credit   9    24    91    9    —    387    405    441    4 
Residential real estate   5,017    5,181    4,638    561    128    2,660    2,800    3,144    61 
Commercial   3,383    3,563    3,262    486    108    1,331    1,520    1,468    54 
Construction of commercial   —    —    —    —    —    128    134    123    — 
Farm land   —    —    —    —    —    384    384    384    — 
Vacant land   3,097    3,996    3,090    38    12    —    —    —    — 
Real estate secured   11,497    12,740    10,990    1,085    248    4,503    4,838    5,119    115 
Commercial and industrial   102    161    106    51    2    467    469    516    30 
Consumer   —    —    —    —    —    —    —    19    — 
Totals  $11,599   $12,901   $11,096   $1,136   $250   $4,970   $5,307   $5,654   $145 

Acquired Loans

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    Recognized 
December 31, 2014                                             
Residential  $—   $—   $—   $—   $—   $562   $716   $562   $3 
Home equity lines of credit   —    —    —    —    —    —    —    —    — 
Residential real estate   —    —    —    —    —    562    716    562    3 
Commercial   —    —    —    —    —    2,502    4,014    2,502    12 
Construction of commercial   —    —    —    —    —    —    —    —    — 
Farm land   —    —    —    —    —    —    —    —    — 
Vacant land   —    —    —    —    —    —    —    —    — 
Real estate secured   —    —    —    —    —    3,064    4,730    3,064    15 
Commercial and industrial   —    —    —    —    —    —    4    —    — 
Consumer   —    —    —    —    —    —    —    —    — 
Totals  $—   $—   $—   $—   $—   $3,064   $4,734   $3,064   $15 
XML 52 R36.htm IDEA: XBRL DOCUMENT v3.3.1.900
MORTGAGE SERVICING RIGHTS (Tables)
 12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
Balance of loans serviced for others and fair value of mortgage servicing rights
  December 31, (in thousands)    2015      2014  
Residential mortgage loans serviced for others  $130,816   $138,106 
Fair value of mortgage servicing rights   1,315    1,568 
Changes in mortgage servicing rights
  Years ended December 31, (in thousands)    2015      2014      2013  
Mortgage Servicing Rights               
Balance, beginning of period  $694   $980   $1,075 
Originated   148    17    294 
Amortization (1)   (356)   (303)   (389)
Balance, end of period   486    694    980 
Valuation Allowance               
Balance, beginning of period   —    (15)   (38)
(Increase) decrease  in impairment reserve (1)   (3)   15    23 
Balance, end of period   (3)   —    (15)
Mortgage servicing rights, net  $483   $694   $965 
(1)Amortization expense and changes in the impairment reserve are recorded in loan servicing fee income.
XML 53 R37.htm IDEA: XBRL DOCUMENT v3.3.1.900
PLEDGED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2015
Guarantees [Abstract]  
Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available
  December 31, (in thousands)    2015      2014  
Securities available-for-sale (at fair value)  $67,750   $69,055 
Loans receivable   153,269    157,581 
Total pledged assets  $221,019   $226,636 
XML 54 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
BANK PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
Components of premises and equipment
  December 31, (in thousands)    2015      2014  
Land  $2,593   $2,237 
Buildings and improvements   11,514    11,070 
Leasehold improvements   1,682    1,953 
Capital lease   425    425 
Furniture, fixtures, equipment and software   6,220    5,869 
Construction in progress, including land acquisition and development   185    257 
Total cost   22,619    21,811 
Accumulated depreciation and amortization   (8,312)   (7,380)
Bank premises and equipment, net  $14,307   $14,431 
XML 55 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in carrying values of goodwill and intangible assets
  Years ended December 31, (in thousands)    2015      2014      2013  
Goodwill (1)               
Balance, beginning of period  $12,552   $9,829   $9,829 
Additions   —    2,723    — 
Impairment   —    —    — 
Balance, end of period  $12,552   $12,552   $9,829 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $2,543   $2,543 
Union Savings branch purchase   —    490    — 
Riverside Bank merger   —    2,215    — 
Impairment   —    —    — 
Cost, end of period   5,248    5,248    2,543 
Amortization, beginning of period   (2,258)   (1,967)   (1,745)
Amortization   (652)   (291)   (222)
Amortization, end of period   (2,910)   (2,258)   (1,967)
Core deposit intangibles, net  $2,338   $2,990   $576 
(1)Not subject to amortization.
Estimated annual amortization expense of core deposit intangibles
  Years ended December 31, (in thousands) CDI amortization
2016 $    601  
2017 461  
2018 342  
2019 288  
2020 234  
2021 180  
2022 130  
2023 78  
2024 24  
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DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
Scheduled maturities of time certificates of deposit
Years ended December 31, (in thousands) CD maturities
 2016   $71,932 
 2017    20,124 
 2018    10,319 
 2019    12,220 
 2020    7,900 
 2021    1,799 
 Total   $124,294 
Total amount and scheduled maturities of time certificates of deposit
Years ended December 31, (in thousands)    2015      2014  
Within three months  $2,520   $2,406 
After three through six months   2,624    3,568 
After six through twelve months   2,929    2,900 
Over one year   3,195    4,248 
Total  $11,268   $13,122 
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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
Securities sold under repurchase agreements
December 31, (in thousands)    2015      2014  
Repurchase agreements, ending balance  $3,914   $4,163 
Repurchase agreements, average balance during period   4,111    4,598 
Book value of collateral   7,287    10,034 
Market value of collateral   7,349    10,729 
Weighted average rate during period   0.17%   0.18%
Weighted average maturity    1 day     1 day 
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FEDERAL HOME LOAN BANK OF BOSTON ADVANCES (Tables)
 12 Months Ended
Dec. 31, 2015
Banking and Thrift [Abstract]  
Federal Home Loan Bank of Boston ("FHLBB") advances
   December 31, 2015  December 31, 2014
  Years ended December 31, (dollars in thousands) Total  Callable (1)  Rate (2)  Total  Callable (1)  Rate (2)
 2015   $—   $—    —%  $791   $—    3.88%
 2016    21    —    5.06    15,022    15,000    4.05 
 2017    —    —    —    6,000    6,000    3.99 
 2018    7,000    —    3.69    7,000    —    3.69 
 2019    —    —    —    —    —    — 
 2020    14,337    —    2.08    —    —    — 
 2021    5,621    —    2.39    —    —      
 Total   $26,979   $—    2.58%  $28,813   $21,000    3.95%
(1)Net of modification costs
 (2)Represents the portion of advances that are callable. Callable advances are presented by scheduled maturity. Callable advances are callable quarterly or one time callable by the FHLBB.
 (3)Weighted average rate based on scheduled maturity dates.
Certain information concerning short-term FHLBB advances
December 31, (dollars in thousands)    2015      2014  
Highest month-end balance during period  $—   $5,545 
Ending balance   —    — 
Average balance during period   —    664 
Weighted average rate during period   0.00%   0.29%
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NET DEFERRED TAX ASSETS AND INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Components of income tax provision
Years ended December 31, (in thousands)    2015      2014      2013  
Federal  $2,186   $1,057   $940 
State   432    226    103 
Current provision   2,618    1,283    1,043 
Federal   896    (553)   215 
State   49    (120)   — 
Change in valuation allowance   —    —    (349)
Deferred expense (benefit)   945    (673)   (134)
Income tax provision  $3,563   $610   $909 
Reconciliation of expected federal statutory tax to income tax provision
Years ended December 31,    2015      2014      2013  
Income tax at statutory federal tax rate   34.00%   34.00%   34.00%
State tax, net of federal tax benefit   2.63    2.23    1.35 
Tax exempt income and dividends received deduction   (7.38)   (30.22)   (18.18)
Expiration of capital loss carry forward   0.00    0.00    7.00 
Merger/acquisition related costs   0.00    7.77    0.00 
Other   0.39    5.71    1.04 
Change in valuation allowance   0.00    0.00    (7.00)
Effective income tax rates   29.64%   19.49%   18.21%
Components of net deferred tax assets
Years ended December 31, (in thousands)    2015      2014  
Allowance for loan losses  $1,877   $1,373 
Interest on non-performing loans   343    236 
Accrued deferred compensation   153    301 
Post-retirement benefits   17    17 
Other real estate owned write-downs   —    72 
Restricted stock awards   147    111 
Mark-to-market purchase accounting adjustments   1,109    2,180 
Write-down of securities   1,497    1,497 
Alternative minimum tax   —    540 
Other   22    10 
Gross deferred tax assets   5,165    6,337 
Deferred loan costs, net   (436)   (538)
Goodwill and core deposit intangible asset   (853)   (821)
Accelerated depreciation   (1,130)   (1,209)
Mortgage servicing rights   (177)   (255)
Net unrealized holding gain on available-for-sale securities   (580)   (1,086)
Gross deferred tax liabilities   (3,176)   (3,909)
Net deferred tax asset  $1,989   $2,428 
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SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Actual regulatory capital position and minimum capital requirements
      To be Well Capitalized
   Actual 

For Capital Adequacy

Purposes

 

Under Prompt Corrective

Action Provisions

  (dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio
  December 31, 2015                  
Total Capital (to risk-weighted assets)                              
Salisbury  $92,030    13.51%  $54,509    8.0%   n/a    — 
Bank   89,249    13.10    54,504    8.0   $68,131    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   76,120    11.17    40,878    6.0    n/a    — 
Bank   83,340    12.23    40,878    6.0    54,504    8.0 
Common Equity Tier 1 Capital (to risk-weighted assets)                          
Salisbury   76,120    11.17    30,659    4.5    n/a    — 
Bank   83,340    12.23    30,659    4.5    44,285    6.5 
Tier 1 Capital (to average assets)                              
Salisbury   76,120    8.56    36,102    4.0    n/a    — 
Bank   83,340    9.37    35,593    4.0    44,491    5.0 
December 31, 2014                              
Total Capital (to risk-weighted assets)                              
Salisbury  $89,783    14.27%  $50,334    8.0%   n/a    — 
Bank   80,492    12.75    50,492    8.0   $63,116    10.0%
Tier 1 Capital (to risk-weighted assets)                              
Salisbury   84,171    13.38    25,167    4.0    n/a    — 
Bank   74,881    11.86    25,246    4.0    37,869    6.0 
Tier 1 Capital (to average assets)                              
Salisbury   84,171    12.31    27,344    4.0    n/a    — 
Bank   74,881    10.95    27,345    4.0    34,181    5.0 
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PENSIONS AND OTHER BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Transition from providing retirement benefits under defined pension plan to defined contribution 401(K) plan
Years ended December 31, (in thousands)    2014      2013  
Change in projected benefit obligation          
Benefit obligation at beginning of year  $5,250   $6,039 
Actuarial gain   (977)   (860)
Service cost   —    — 
Interest cost   277    255 
Curtailments and settlements   —    — 
Benefits paid   (4,550)   (184)
Benefit obligation at end of year   —    5,250 
Change in plan assets          
Plan assets at estimated fair value at beginning of year   6,868    6,019 
Actual return on plan assets   (2,318)   1,033 
Contributions by employer   —    — 
Curtailments and settlements   —    — 
Benefits paid   (4,550)   (184)
Fair value of plan assets at end of year   —    6,868 
Funded status and recognized asset          
included in other assets on the balance sheet  $—   $1,618 
Components of amounts recognized in accumulated other comprehensive income, before tax effect
Years ended December 31, (in thousands)    2014      2013  
Unrecognized gain (loss)  $—   $924 
Total  $—   $924 
Components of net periodic cost
Years ended December 31, (in thousands)    2014      2013  
Service cost  $—   $— 
Interest cost on benefit obligation   277    255 
Expected return on plan assets   (297)   (258)
Amortization of net gain (loss)   (1)   — 
Net periodic benefit cost   (21)   (3)
Additional amount recognized due to settlement or curtailment   —    — 
    (21)   (3)
Other changes in plan assets and benefit obligations recognized          
in other comprehensive loss (income):          
Net actuarial loss (gain)   923    (1,635)
Amortization of net gain (loss)   1    — 
Total recognized in other comprehensive loss (income)   924    (1,635)
Total recognized in net periodic cost and other comprehensive loss (income)  $903   $(1,638)
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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
Changes in loans to executive officers, directors and their related associates
Years ended December 31, (in thousands)    2015      2014  
Balance, beginning of period  $8,060   $1,279 
Additional related party loans acquired pursuant to Riverside Bank merger   —    6,828 
Advances   5,045    271 
Repayments   (4,985)   (318)
Balance, end of period  $8,120   $8,060 
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COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Components of comprehensive income
Years ended December 31, (in thousands)    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Other comprehensive (loss) income               
Net unrealized (losses) gains on securities available-for-sale            (1,297)    2,534    (3,743)
Reclassification of net realized gains in net income(1)   (192)   —    — 
Unrealized (losses) gains  on securities available-for-sale   (1,489)   2,534    (3,743)
Income tax benefit (expense)   506    (862)   1,273 
Unrealized (losses) gains on securities available-for-sale, net of tax   (983)   1,672    (2,470)
Pension plan (expense) income (see Note 14)   —    (924)   1,635 
Income tax benefit (expense)   —    314    (556)
Pension plan (expense) income, net of tax   —    (610)   1,079 
Other comprehensive (loss) income, net of tax   (983)   1,062    (1,391)
Comprehensive income  $7,474   $3,583   $2,692 

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gain on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income.
Components of accumulated other comprehensive income
December 31, (in thousands)    2015      2014  
Unrealized gains on securities available-for-sale, net of tax  $1,125   $2,108 
Accumulated other comprehensive income  $1,125   $2,108 
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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Future minimum lease payments
Future minimum lease payments  (in thousands)  
 2016   $ 207 
 2017    166 
 2018    93 
 2019    79 
 2020    82 
 2021    28 
 2022    28 
 2023    16 
     $699 
Future minimum lease payments under capital lease with present value of net minimum lease payments
Future minimum lease payments  (in thousands)  
 2016   $73 
 2017    73 
 2018    73 
 2019    84 
 2020    84 
 Thereafter    693 
 Total minimum lease payments1,080 
 Less amount representing interest658 
     $422 
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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
Investments, All Other Investments [Abstract]  
Financial instrument liabilities with off-balance sheet credit risk
December 31, (in thousands)    2015      2014  
Residential  $6,620   $3,030 
Home equity lines of credit   25,912    25,882 
Commercial   13,922    16,751 
Land   218    5 
Real estate secured   46,672    45,668 
Commercial and industrial   67,725    57,905 
Municipal   790    — 
Consumer   1,507    1,537 
Unadvanced portions of loans   116,694    105,110 
Commitments to originate loans   37,688    20,953 
Standby letters of credit   1,401    3,422 
Total  $155,783   $129,485 
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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Assets measured at fair value
  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2015                    
Assets at fair value on a recurring basis                    
U.S. Treasury notes  $—   $2,541   $—   $2,541 
U.S. Government agency notes   —    498    —    498 
Municipal bonds   —    30,385    —    30,385 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    32,202    —    32,202 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    2,014    —    2,014 
Non-agency   —    4,948    —    4,948 
SBA bonds   —    3,096    —    3,096 
CRA mutual funds   —    764    —    764 
Preferred stock   246    —    —    246 
Securities available-for-sale  $246   $76,448   $—   $76,694 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    15,211    15,211 
Mortgage servicing rights   —    1,315    —    1,315 
December 31, 2014                    
Assets at fair value on a recurring basis                    
U.S. Treasury notes  $—   $2,806   $—   $2,806 
U.S. Government agency notes   —    5,874    —    5,874 
Municipal bonds   —    40,352    —    40,352 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    27,709    —    27,709 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    2,679    —    2,679 
Non-agency   —    6,596    —    6,596 
SBA bonds   —    4,465    —    4,465 
CRA mutual funds   —    504    —    504 
Preferred stock   327    —    —    327 
Securities available-for-sale  $327   $90,985   $—   $91,312 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans   —    —    10,463    10,463 
Mortgage servicing rights   —    1,568    —    1,568 
Other real estate owned   —    —    1,002    1,002 
Carrying value and estimated fair values of financial instruments
    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2015                         
Financial Assets                         
Cash and cash equivalents  $62,118   $62,118   $62,118   $—   $— 
Securities available-for-sale   76,694    76,694    246    76,448    — 
Federal Home Loan Bank stock   3,176    3,176    —    3,176    — 
Loans held-for-sale   763    778    —    —    778 
Loans receivable, net   699,018    707,154    —    —    707,154 
Accrued interest receivable   2,307    2,307    —    —    2,307 
Cash surrender value of life insurance   13,685    13,685    13,685    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $201,340   $201,340   $—   $—   $201,340 
Demand (interest-bearing)   125,465    125,465    —    —    125,465 
Money market   183,783    183,783    —    —    183,783 
Savings and other   119,651    119,651    —    —    119,651 
Certificates of deposit   124,294    125,437    —    —    125,437 
Deposits   754,533    755,676    —    —    755,676 
Repurchase agreements   3,914    3,914    —    —    3,914 
FHLBB advances   26,979    28,559    —    —    28,559 
Subordinated debt   9,764    9,764    —    —    9,764 
Note payable   376    405    —    —    405 
Capital lease liability   422    870    —    —    870 
Accrued interest payable    150    150    —    —    150 
December 31, 2014                         
Financial Assets                         
Cash and cash equivalents  $36,105   $36,105   $36,105   $—   $— 
Securities available-for-sale   91,312    91,312    327    90,985    — 
Federal Home Loan Bank stock   3,515    3,515    —    3,515    — 
Loans held-for-sale   568    572    —    —    572 
Loans receivable, net   673,330    683,845    —    —    683,845 
Accrued interest receivable   2,334    2,334    —    —    2,334 
Cash surrender value of life insurance   13,314    13,314    13,314    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $161,386   $161,386   $—   $—   $161,386 
Demand (interest-bearing)   117,169    117,169    —    —    117,169 
Money market   174,274    174,274    —    —    174,274 
Savings and other   121,387    121,387    —    —    121,387 
Certificates of deposit   141,210    142,261    —    —    142,261 
Deposits   715,426    716,477    —    —    716,477 
Repurchase agreements   4,163    4,163    —    —    4,163 
FHLBB advances   28,813    30,626    —    —    30,626 
Capital lease liability   424    929    —    —    929 
Accrued interest payable    166    166    —    —    166 
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SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Unconsolidated balance sheets of Salisbury Bancorp, Inc.
  Balance Sheets
  December 31, (in thousands)		    2015      2014  
Assets          
Cash and due from banks  $2,612   $9,436 
Investment in bank subsidiary   97,794    92,531 
Other assets   5    6 
Total Assets  $100,411   $101,973 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,764   $— 
Other liabilities   73    152 
Shareholders' equity   90,574    101,821 
Total Liabilities and Shareholders' Equity  $100,411   $101,973 
Unconsolidated statements of income of Salisbury Bancorp, Inc.
  Statements of Income
  Years ended December 31, (in thousands)		    2015      2014      2013  
Dividends from subsidiary  $2,743   $2,143   $2,128 
Interest income   19    21    27 
Interest expense   35    —    — 
Expenses   511    986    394 
Income before taxes and equity in undistributed net income of subsidiary   2,216    1,178    1,761 
Income tax benefit   192    91    — 
Income before equity in undistributed net income of subsidiary   2,408    1,269    1,761 
Equity in undistributed net income of subsidiary   6,049    1,252    2,322 
Net income  $8,457   $2,521   $4,083 
Unconsolidated statements of cash flows of Salisbury Bancorp, Inc.
  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2015      2014      2013  
Net income  $8,457   $2,521   $4,083 
Adjustments to reconcile net income to               
net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (6,049)   (1,252)   (2,322)
Other   (275)   85    24 
Net cash provided by operating activities   2,133    1,354    1,785 
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   —    —    — 
Net cash utilized by investing activities   —    (26,513)   (738)
Financing Activities               
Common stock dividends paid   (3,054)   (1,918)   (1,915)
Preferred stock dividends paid   (158)   (166)   (161)
Proceeds from issuance of subordinated debt, net of issue cost   9,764    —    — 
Payment to repurchase preferred stock   (16,000)   —    — 
Proceeds from issuance of common stock   491    126    34 
Issuance of Salisbury stock to Riverside shareholders   —    27,251    — 
Net cash (utilized) provided by financing activities   (8,957)   25,293    (2,042)
(Decrease) increase in cash and cash equivalents   (6,824)   134    (995)
Cash and cash equivalents, beginning of period   9,436    9,302    10,297 
Cash and cash equivalents, end of period  $2,612   $9,436   $9,302 
XML 68 R52.htm IDEA: XBRL DOCUMENT v3.3.1.900
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Calculation of earnings per share
  Years ended December 31, (in thousands, except per share amounts)    2015      2014      2013  
  Net income  $8,457   $2,521   $4,083 
  Less: Preferred stock dividends declared   (158)   (166)   (161)
  Net income available to common shareholders   8,299    2,355    3,922 
  Less: Undistributed earnings allocated to participating securities   (72)   (27)   (39)
  Net income allocated to common stock  $8,227   $2,328   $3,883 
  Weighted average common shares issued   2,730    1,785    1,710 
  Less: Unvested restricted stock awards   (24)   (21)   (19)
  Weighted average common shares outstanding used to calculate basic earnings per common share   2,706    1,764    1,691 
  Add: Dilutive effect of unvested restricted stock awards   17    1    — 
  Weighted average common shares outstanding used to calculate diluted earnings per common share   2,723    1,765    1,691 
  Earnings per common share (basic)  $3.04   $1.32   $2.30 
  Earnings per common share (diluted)  $3.02   $1.32   $2.30 
XML 69 R53.htm IDEA: XBRL DOCUMENT v3.3.1.900
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly consolidated financial data
  Year ended December 31, 2015
  (in thousands, except ratios and per share amounts)		    Q1 2015      Q2 2015      Q3 2015      Q4 2015  
Statement of Income                    
Interest and dividend income  $8,671   $8,545   $8,650   $8,705 
Interest expense   745    753    753    775 
Net interest and dividend income   7,926    7,792    7,897    7,930 
(Benefit) provision for loan losses   (200)   196    655    266 
Gains on securities, net   175    11    6    — 
Trust and Wealth Advisory   822    890    798    755 
Service charges and fees   731    778    798    763 
Gains on sales of mortgage loans, net   93    87    47    47 
Mortgage servicing, net   (40)   20    5    16 
Other   115    114    115    166 
Non-interest income   1,896    1,900    1,769    1,747 
Non-interest expense   6,835    6,539    6,202    6,344 
Income before income taxes   3,187    2,957    2,809    3,067 
Income tax provision   953    885    824    901 
Net income   2,234    2,072    1,985    2,166 
Net income available to common shareholders   2,194    2,032    1,945    2,128 
Financial Condition                    
Total assets  $865,037   $860,794   $904,233   $891,192 
Loans, net   676,734    677,726    687,719    699,018 
Allowance for loan losses   5,182    5,059    5,659    5,716 
Securities   84,694    92,932    83,886    79,870 
Deposits   724,910    720,734    761,479    754,533 
Repurchase agreements   3,278    2,771    4,210    3,914 
FHLBB advances   28,403    28,033    26,928    26,979 
Shareholders' equity   103,211    104,104    105,450    90,574 
Non-performing assets   14,875    14,995    16,602    16,264 
Per Common Share Data                    
Earnings, basic  $0.81   $0.74   $0.71   $0.78 
Earnings, diluted   0.80    0.74    0.71    0.77 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   31.96    32.26    32.72    33.13 
Market price: (a)                    
High   30.39    32.30    31.74    33.70 
Low   26.08    28.80    28.38    28.80 
Statistical Data                    
Net interest margin (fully tax equivalent)   4.11%   4.01%   3.91%   3.88%
Efficiency ratio (fully tax equivalent)   65.45    62.91    60.40    63.64 
Return on average assets   1.03    0.94    0.87    0.94 
Return on average shareholders' equity   10.22    9.26    8.64    9.34 
Weighted average common shares outstanding, basic   2,699    2,706    2,708    2,710 
Weighted average common shares outstanding, diluted   2,716    2,724    2,724    2,727 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

  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 and 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)                    
Efficiency ratio (fully tax equivalent)   3.72%   3.74%   3.39%   3.68%
Return on average assets   77.11    72.35    75.92    77.80 
Return on average shareholders' equity   0.35    0.62    0.45    0.11 
Weighted average equivalent shares outstanding, basic and 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.
XML 70 R54.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bank Premises and Equipment (Details Narrative)
 12 Months Ended
Dec. 31, 2015
Building/Improvements  
Expected useful life 39 years
Land Improvements  
Expected useful life 15 years
Furniture and Fixtures  
Expected useful life 7 years
Computer Equipment  
Expected useful life 5 years
Software  
Expected useful life 3 years
XML 71 R55.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details Narrative)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Net transaction accounts over $14.5 million, up to and including $103.6 million    
Reserve ratio 3.00%  
Net transaction accounts in excess of $103.6 million    
Reserve ratio 10.00%  
Net transaction accounts over $13.3 million, up to and including $89.0 million    
Reserve ratio   3.00%
Net transaction accounts in excess of $89.0 million    
Reserve ratio   10.00%
XML 72 R56.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Changes in carrying values of goodwill and intangible assets    
Goodwill from purchases and acquisitions $ 2,358 $ 2,358
Canaan National Bancorp, Inc. acquisition in 2004    
Goodwill from purchases and acquisitions 7,152 7,152
Branch office purchase in New York State in 2007    
Goodwill from purchases and acquisitions 319 319
Riverside Bank acquisition in December 2014    
Goodwill from purchases and acquisitions $ 2,723 $ 2,723
XML 73 R57.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Real Estate Owned (Details Narrative)
$ in Thousands
Dec. 31, 2015
USD ($)
Summary Of Significant Accounting Policies - Other Real Estate Owned Details Narrative  
Recorded investment in residential mortgage loans collateralized by residential real estate in process of foreclosure $ 2,900
XML 74 R58.htm IDEA: XBRL DOCUMENT v3.3.1.900
MERGERS AND ACQUISITIONS - Consideration paid (Details) - Consideration Paid
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Salisbury Bancorp common stock issued to Riverside Bank common stockholders $ 27,230
Cash consideration paid for fractional shares 1
Riverside stock options, vested upon acquisition 20
Total consideration paid $ 27,251
XML 75 R59.htm IDEA: XBRL DOCUMENT v3.3.1.900
MERGERS AND ACQUISITIONS - Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value (Details)
$ in Thousands
Dec. 31, 2015
USD ($)
As Acquired  
Cash and cash equivalents $ 18,650
Investment securities 11,820
Loans 204,398
Premises and equipment 1,046
Other assets $ 7,006
Core deposit intangible
Deposits $ (210,559)
Other liabilities (1,733)
Total identifiable net assets $ 30,628
Goodwill
Fair Value Adjustment  
Cash and cash equivalents
Investment securities $ (78)
Loans (8,093)
Premises and equipment $ 497
Other assets
Core deposit intangible $ 2,215
Deposits $ (641)
Other liabilities
Total identifiable net assets $ (6,100)
Goodwill
As Recorded at Aquisition  
Cash and cash equivalents $ 18,650
Investment securities 11,742
Loans 196,305
Premises and equipment 1,543
Other assets 7,006
Core deposit intangible 2,215
Deposits (211,200)
Other liabilities (1,733)
Total identifiable net assets 24,528
Goodwill $ 2,723
XML 76 R60.htm IDEA: XBRL DOCUMENT v3.3.1.900
MERGERS AND ACQUISITIONS - Acquired loan portfolio and activity in the accretable yield (Details) - ASC 310-30 Loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Acquired loan portfolio subject to purchased credit impaired loan accounting guidance    
Contractually required principal and interest at acquisition   $ 16,209
Contractual cash flows not expected to be collected (nonaccretable discount)   (4,288)
Expected cash flows at acquisition   11,921
Interest component of expected cash flows (accretable discount)   (1,293)
Fair value of acquired loans   $ 10,628
Activity in accretable yield for acquired loan portfolio    
Balance at beginning of period $ 1,242
Acquisitions $ 1,293
Accretion $ (1,109) $ (51)
Reclassification from non-accretable to accretable 1,768
Balance at end of period $ 1,901 $ 1,242
XML 77 R61.htm IDEA: XBRL DOCUMENT v3.3.1.900
MERGERS AND ACQUISITIONS - Pro forma results of operations of Riverside Bank since acquisition date (Details) - Pro forma results of operations of Riverside Bank since acquisition date - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Total revenue $ 39,841 $ 39,640
Net income 6,411 7,136
Net income available to common shareholders $ 6,245 $ 6,975
Earnings per share    
Basic $ 2.26 $ 2.59
Diluted $ 2.24 $ 2.57
XML 78 R62.htm IDEA: XBRL DOCUMENT v3.3.1.900
MERGERS AND ACQUISITIONS (Details Narrative)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2014
USD ($)
shares
Dec. 31, 2013
USD ($)
Dec. 31, 2015
USD ($)
Dec. 05, 2014
USD ($)
$ / shares
shares
ASC 310-30 loans, outstanding balance $ 13,300   $ 10,900  
ASC 310-30 loans, carrying value $ 10,600   $ 8,900  
Mergers and Acquisitions        
Stock issued to Riverside Bank shareholders | shares 1,001,485      
Outstanding shares of Riverside Bank on acquisition date | shares       741,876
Exchange ratio for each share of Riverside Bank stock       1.35
Value per share of stock issued | $ / shares       $ 27.19
Consideration paid $ 27,251      
Cash consideration paid to settle all fractional shares outstanding of Riverside bank 1      
Carrying amount of loans accounted for in accordance with ASC 310-30       $ 13,700
Carrying value of non-impaired loans not accounted for under ASC 310-30       $ 190,700
Direct merger, acquisition and integration costs expensed $ 2,000 $ 312    
XML 79 R63.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES - Composition of Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Amortized cost (1)    
Available-for-sale    
U.S. Treasury notes $ 2,499 $ 2,699
U.S. Government Agency notes 498 5,850
Municipal bonds 29,752 38,962
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 31,900 27,036
Collateralized mortgage obligations, U.S. Government agencies 2,002 2,657
Collateralized mortgage obligations, Non-agency 4,487 6,056
SBA bonds 3,065 4,336
CRA mutual funds 766 502
Preferred Stock 20 20
Total securities available-for-sale 74,989 88,118
Non-marketable securities    
Federal Home Loan Bank of Boston stock 3,176 3,515
Gross unrealized gains    
Available-for-sale    
U.S. Treasury notes $ 42 107
U.S. Government Agency notes 24
Municipal bonds $ 633 1,455
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 385 688
Collateralized mortgage obligations, U.S. Government agencies 12 22
Collateralized mortgage obligations, Non-agency 468 552
SBA bonds $ 31 129
CRA mutual funds 2
Preferred Stock $ 226 307
Total securities available-for-sale $ 1,797 $ 3,286
Non-marketable securities    
Federal Home Loan Bank of Boston stock
Gross unrealized losses    
Available-for-sale    
U.S. Treasury notes
U.S. Government Agency notes
Municipal bonds $ (65)
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises $ (83) $ (15)
Collateralized mortgage obligations, U.S. Government agencies
Collateralized mortgage obligations, Non-agency $ (7) $ (12)
SBA bonds
CRA mutual funds $ (2)
Preferred Stock
Total securities available-for-sale $ (92) $ (92)
Non-marketable securities    
Federal Home Loan Bank of Boston stock
Fair value    
Available-for-sale    
U.S. Treasury notes $ 2,541 $ 2,806
U.S. Government Agency notes 498 5,874
Municipal bonds 30,385 40,352
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 32,202 27,709
Collateralized mortgage obligations, U.S. Government agencies 2,014 2,679
Collateralized mortgage obligations, Non-agency 4,948 6,596
SBA bonds 3,096 4,465
CRA mutual funds 764 504
Preferred Stock 246 327
Total securities available-for-sale 76,694 91,312
Non-marketable securities    
Federal Home Loan Bank of Boston stock $ 3,176 $ 3,515
XML 80 R64.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES - Sales of securities available-for-sale and gains realized (Details) - Components of sales of securities - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Proceeds $ 3,861
Gains realized 180
Losses realized (27)
Net gains realized 153
Income tax provision $ 52
XML 81 R65.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES - Aggreggate fair value and gross unrealized loss of securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Less Than 12 Months, Fair value    
Available-for-sale    
Municipal bonds   $ 177
Mortgage-backed securities $ 14,750 56
Collateralized mortgage obligations, Non-agency 237 441
CRA mutual funds 764  
Total temporarily impaired securities 15,751 674
Less Than 12 Months, Unrealized losses    
Available-for-sale    
Municipal bonds   1
Mortgage-backed securities $ 83 1
Collateralized mortgage obligations, Non-agency 7
CRA mutual funds $ 2  
Total temporarily impaired securities 85 9
12 Months or Longer, Fair value    
Available-for-sale    
Municipal bonds   1,589
Mortgage-backed securities 53 1,885
Collateralized mortgage obligations, Non-agency $ 226 164
CRA mutual funds  
Total temporarily impaired securities $ 279 3,638
12 Months or Longer, Unrealized losses    
Available-for-sale    
Municipal bonds   64
Mortgage-backed securities 14
Collateralized mortgage obligations, Non-agency $ 7 5
CRA mutual funds  
Total temporarily impaired securities $ 7 83
Total, Fair value    
Available-for-sale    
Municipal bonds   1,766
Mortgage-backed securities 14,803 1,941
Collateralized mortgage obligations, Non-agency 463 605
CRA mutual funds 764  
Total temporarily impaired securities 16,030 4,312
Total, Unrealized losses    
Available-for-sale    
Municipal bonds   65
Mortgage-backed securities 83 15
Collateralized mortgage obligations, Non-agency 7 12
CRA mutual funds 2  
Total temporarily impaired securities $ 92 $ 92
XML 82 R66.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES - Securities amortized cost; fair value and tax equivalent yield by maturity (Details)
$ in Thousands
Dec. 31, 2015
USD ($)
Amortized cost, Within 1 year  
U.S. Treasury notes $ 2,499
Municipal bonds 254
Fair value, Within 1 year  
U.S. Treasury notes 2,541
Municipal bonds $ 254
Yield, Within 1 year  
U.S. Treasury notes, Yield 3.00%
Municipal bonds, Yield 5.60%
Amortized cost, After 1 year but within 5 years  
U.S. Treasury notes $ 2,497
U.S. Government Agency notes 498
Municipal bonds 1,217
Fair value, After 1 year but within 5 years  
U.S. Treasury notes 2,604
U.S. Government Agency notes 498
Municipal bonds $ 1,225
Yield, After 1 year but within 5 years  
U.S. Treasury notes, Yield 3.00%
U.S. Government Agency notes, Yield 0.88%
Municipal bonds, Yield 5.57%
Amortized cost, After 5 years but within 10 years  
Municipal bonds $ 1,894
Fair value, After 5 years but within 10 years  
Municipal bonds $ 1,922
Yield, After 5 years but within 10 years  
U.S. Government Agency notes, Yield 1.25%
Municipal bonds, Yield 6.38%
Amortized cost, After 10 years but within 15 years  
Municipal bonds $ 2,632
Fair value, After 10 years but within 15 years  
Municipal bonds $ 2,708
Yield, After 10 years but within 15 years  
Municipal bonds, Yield 6.30%
Amortized cost, After 15 years  
Municipal bonds $ 23,755
Fair value, After 15 years  
Municipal bonds $ 24,276
Yield, After 15 years  
U.S. Government Agency notes, Yield 5.38%
Municipal bonds, Yield 6.68%
Amortized cost, total  
U.S. Treasury notes $ 2,499
U.S. Government Agency notes 498
Municipal bonds 29,752
Mortgage-backed securities, U.S. Government agency and U.S. Government-sponsored enterprises 31,900
Collateralized mortgage obligations, U.S. Government agency and U.S. Government-sponsored enterprises 2,002
Collateralized mortgage obligations, Non-agency 4,487
SBA bonds 3,065
CRA mutual funds 766
Preferred Stock 20
Securities available-for-sale 74,989
Fair value, total  
U.S. Treasury notes 2,541
U.S. Government Agency notes 498
Municipal bonds 30,385
Mortgage-backed securities, U.S. Government agency and U.S. Government-sponsored enterprises 32,202
Collateralized mortgage obligations, U.S. Government agency and U.S. Government-sponsored enterprises 2,014
Collateralized mortgage obligations, Non-agency 4,948
SBA bonds 3,096
CRA mutual funds 764
Preferred Stock 246
Securities available-for-sale $ 76,694
Yield, total  
U.S. Treasury notes, Yield 3.00%
U.S. Government Agency notes, Yield 0.88%
Municipal bonds, Yield 6.57%
Mortgage-backed securities, U.S. Government agency and U.S. Government-sponsored enterprises, Yield 2.96%
Collateralized mortgage obligations, U.S. Government agency and U.S. Government-sponsored enterprises, Yield 1.02%
Collateralized mortgage obligations, Non-agency, Yield 4.20%
SBA bonds, Yield 2.93%
CRA mutual funds, Yield 2.07%
Preferred Stock, Yield 2.26%
Securities available-for-sale, Yield 4.47%
XML 83 R67.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2010
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]    
Recognized losses for deterioration in credit quality $ 1,128  
CRA mutual funds total fair value   $ 764
CRA mutual funds total unrealized losses $ 2  
XML 84 R68.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Composition of loans receivable and loans held-for-sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Business Activites Loans    
Residential 1-4 family $ 261,495 $ 252,258
Residential 5+ multifamily 6,411 5,556
Construction of residential 1-4 family 7,998 2,004
Home equity lines of credit 35,017 34,627
Residential real estate 310,921 294,445
Commercial 129,446 98,498
Construction of commercial 6,525 18,602
Commercial real estate 135,971 117,100
Farm land 3,193 3,239
Vacant land 8,563 9,342
Real estate secured 458,648 424,126
Commercial and industrial 74,657 49,204
Municipal 9,566 6,083
Consumer 6,195 4,334
Loans receivable, gross 549,066 483,747
Deferred loan origination fees and costs, net 1,189 1,203
Allowance for loan losses (5,481) (5,337)
Loans receivable, net 544,774 479,613
Loans held-for-sale    
Residential 1-4 family 763 568
Acquired Loans    
Residential 1-4 family 7,799 9,223
Residential 5+ multifamily $ 6,136 $ 8,735
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 13,935 $ 17,958
Commercial 88,829 97,899
Construction of commercial 4,874 9,045
Commercial real estate $ 93,703 $ 106,944
Farm land
Vacant land
Real estate secured $ 107,638 $ 124,902
Commercial and industrial $ 46,764 $ 68,714
Municipal
Consumer $ 77 $ 122
Loans receivable, gross $ 154,479 $ 193,738
Deferred loan origination fees and costs, net
Allowance for loan losses $ (235) $ (21)
Loans receivable, net $ 154,244 $ 193,717
Loans held-for-sale    
Residential 1-4 family
Total    
Residential 1-4 family $ 269,294 $ 261,481
Residential 5+ multifamily 12,547 14,291
Construction of residential 1-4 family 7,998 2,004
Home equity lines of credit 35,017 34,627
Residential real estate 324,856 312,403
Commercial 218,275 196,397
Construction of commercial 11,399 27,647
Commercial real estate 229,674 224,044
Farm land 3,193 3,239
Vacant land 8,563 9,342
Real estate secured 566,286 549,028
Commercial and industrial 121,421 117,918
Municipal 9,566 6,083
Consumer 6,272 4,456
Loans receivable, gross 703,545 677,485
Deferred loan origination fees and costs, net 1,189 1,203
Allowance for loan losses (5,716) (5,358)
Loans receivable, net 699,018 673,330
Loans held-for-sale    
Residential 1-4 family $ 763 $ 568
XML 85 R69.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Composition of loans receivable by risk rating grade (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Business Activities Loans - Pass    
Residential 1-4 family $ 248,027 $ 232,628
Residential 5+ multifamily 4,507 3,420
Construction of residential 1-4 family 7,111 2,004
Home equity lines of credit 33,687 32,639
Residential real estate 293,332 270,691
Commercial 120,903 79,975
Construction of commercial 6,525 18,024
Commercial real estate 127,428 97,999
Farm land 2,162 772
Vacant land 5,567 6,039
Real estate secured 428,489 375,501
Commercial and industrial 72,887 44,903
Municipal 9,566 6,083
Consumer 6,171 4,271
Loans receivable, gross 517,113 430,758
Business Activities Loans - Special mention    
Residential 1-4 family 6,933 12,350
Residential 5+ multifamily 1,815 $ 1,072
Construction of residential 1-4 family 887
Home equity lines of credit 545 $ 807
Residential real estate 10,180 14,229
Commercial $ 4,801 $ 10,728
Construction of commercial
Commercial real estate $ 4,801 $ 10,728
Farm land 1,361
Vacant land $ 69 140
Real estate secured 15,050 26,458
Commercial and industrial $ 1,214 $ 3,527
Municipal
Consumer $ 18 $ 53
Loans receivable, gross 16,282 30,038
Business Activities Loans - Substandard    
Residential 1-4 family 6,444 7,187
Residential 5+ multifamily $ 89 $ 1,064
Construction of residential 1-4 family
Home equity lines of credit $ 785 $ 1,181
Residential real estate 7,318 9,432
Commercial $ 3,742 7,795
Construction of commercial 578
Commercial real estate $ 3,742 8,373
Farm land 1,031 1,106
Vacant land 2,927 3,163
Real estate secured 15,018 22,074
Commercial and industrial $ 555 $ 774
Municipal
Consumer $ 6 $ 10
Loans receivable, gross 15,579 22,858
Business Activities Loans - Doubtful    
Residential 1-4 family $ 91 $ 93
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 91 $ 93
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured $ 91 $ 93
Commercial and industrial $ 1
Municipal
Consumer
Loans receivable, gross $ 92 $ 93
Business Activities Loans - Loss    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial
Municipal
Consumer
Loans receivable, gross
Business Activities Loans - Total    
Residential 1-4 family $ 261,495 $ 252,258
Residential 5+ multifamily 6,411 5,556
Construction of residential 1-4 family 7,998 2,004
Home equity lines of credit 35,017 34,627
Residential real estate 310,921 294,445
Commercial 129,446 98,498
Construction of commercial 6,525 18,602
Commercial real estate 135,971 117,100
Farm land 3,193 3,239
Vacant land 8,563 9,342
Real estate secured 458,648 424,126
Commercial and industrial 74,657 49,204
Municipal 9,566 6,083
Consumer 6,195 4,334
Loans receivable, gross 549,066 483,747
Acquired Loans - Pass    
Residential 1-4 family 6,824 8,661
Residential 5+ multifamily $ 6,136 $ 8,735
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 12,960 $ 17,396
Commercial 80,406 89,820
Construction of commercial 4,612 9,045
Commercial real estate $ 85,018 $ 98,865
Farm land
Vacant land
Real estate secured $ 97,978 $ 116,261
Commercial and industrial $ 45,363 $ 66,098
Municipal
Consumer $ 71 $ 96
Loans receivable, gross 143,412 $ 182,455
Acquired Loans - Special Mention    
Residential 1-4 family $ 199
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 199
Commercial $ 4,005 $ 3,830
Construction of commercial
Commercial real estate $ 4,005 $ 3,830
Farm land
Vacant land
Real estate secured $ 4,204 $ 3,830
Commercial and industrial $ 875 $ 1,675
Municipal
Consumer $ 6 $ 7
Loans receivable, gross 5,085 5,512
Acquired Loans - Substandard    
Residential 1-4 family $ 776 $ 562
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 776 $ 562
Commercial 4,418 $ 3,723
Construction of commercial 262
Commercial real estate $ 4,680 $ 3,723
Farm land
Vacant land
Real estate secured $ 5,456 $ 4,285
Commercial and industrial $ 443 $ 941
Municipal
Consumer $ 19
Loans receivable, gross $ 5,899 $ 5,245
Acquired Loans - Doubtful    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 526
Construction of commercial
Commercial real estate $ 526
Farm land
Vacant land
Real estate secured $ 526
Commercial and industrial $ 83
Municipal
Consumer
Loans receivable, gross $ 83 $ 526
Acquired Loans - Loss    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial
Municipal
Consumer
Loans receivable, gross
Acquired Loans - Total    
Residential 1-4 family $ 7,799 $ 9,223
Residential 5+ multifamily $ 6,136 $ 8,735
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 13,935 $ 17,958
Commercial 88,829 97,899
Construction of commercial 4,874 9,045
Commercial real estate $ 93,703 $ 106,944
Farm land
Vacant land
Real estate secured $ 107,638 $ 124,902
Commercial and industrial $ 46,764 $ 68,714
Municipal
Consumer $ 77 $ 122
Loans receivable, gross $ 154,479 $ 193,738
XML 86 R70.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Composition of loans receivable by delinquency status (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Business Activities Loans - Current    
Residential 1-4 family $ 254,152 $ 241,567
Residential 5+ multifamily 6,254 5,467
Construction of residential 1-4 family 7,826 2,004
Home equity lines of credit 33,744 33,488
Residential real estate 301,976 282,526
Commercial 126,440 94,598
Construction of commercial 6,525 18,602
Commercial real estate 132,965 113,200
Farm land 2,172 2,119
Vacant land 5,734 6,422
Real estate secured 442,847 404,267
Commercial and industrial 73,698 48,478
Municipal 9,566 6,083
Consumer 6,096 4,274
Loans receivable, gross 532,207 463,102
Business Activities Loans - Past due 1-29 days    
Residential 1-4 family $ 1,781 $ 7,299
Residential 5+ multifamily
Construction of residential 1-4 family $ 172
Home equity lines of credit 363 $ 387
Residential real estate 2,316 7,686
Commercial $ 1,618 $ 2,079
Construction of commercial
Commercial real estate $ 1,618 $ 2,079
Farm land $ 298
Vacant land $ 51
Real estate secured $ 4,232 9,816
Commercial and industrial $ 906 $ 582
Municipal
Consumer $ 61 $ 47
Loans receivable, gross 5,199 10,445
Business Activities Loans - Past due 30-59 days    
Residential 1-4 family 1,931 $ 1,250
Residential 5+ multifamily $ 68
Construction of residential 1-4 family
Home equity lines of credit $ 306 $ 122
Residential real estate 2,305 1,372
Commercial $ 474 $ 602
Construction of commercial
Commercial real estate $ 474 $ 602
Farm land 13
Vacant land $ 6 7
Real estate secured 2,785 1,994
Commercial and industrial $ 35 $ 91
Municipal
Consumer $ 21 $ 8
Loans receivable, gross 2,841 2,093
Business Activities Loans - Past due 60-89 days    
Residential 1-4 family $ 683 $ 555
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit $ 101 $ 528
Residential real estate $ 784 $ 1,083
Commercial
Construction of commercial
Commercial real estate
Farm land $ 723
Vacant land
Real estate secured $ 784 $ 1,806
Commercial and industrial $ 17
Municipal
Consumer $ 17 $ 5
Loans receivable, gross 801 1,828
Business Activities Loans - Past due 90-179 days    
Residential 1-4 family $ 973 976
Residential 5+ multifamily $ 89
Construction of residential 1-4 family
Home equity lines of credit $ 113 $ 39
Residential real estate 1,086 $ 1,104
Commercial $ 233
Construction of commercial
Commercial real estate $ 233
Farm land
Vacant land $ 39
Real estate secured $ 1,319 1,143
Commercial and industrial $ 36
Municipal
Consumer
Loans receivable, gross $ 1,319 $ 1,179
Business Activities Loans - Past due 180 days and over    
Residential 1-4 family 1,975 $ 611
Residential 5+ multifamily $ 89
Construction of residential 1-4 family
Home equity lines of credit $ 390 $ 63
Residential real estate 2,454 674
Commercial $ 681 $ 1,219
Construction of commercial
Commercial real estate $ 681 $ 1,219
Farm land 723 384
Vacant land 2,823 2,823
Real estate secured 6,681 $ 5,100
Commercial and industrial $ 18
Municipal
Consumer
Loans receivable, gross $ 6,699 $ 5,100
Business Activities Loans - Past due 30 days and over    
Residential 1-4 family 5,562 3,392
Residential 5+ multifamily $ 157 $ 89
Construction of residential 1-4 family
Home equity lines of credit $ 910 $ 752
Residential real estate 6,629 4,233
Commercial $ 1,388 $ 1,821
Construction of commercial
Commercial real estate $ 1,388 $ 1,821
Farm land 723 1,120
Vacant land 2,829 2,869
Real estate secured 11,569 10,043
Commercial and industrial $ 53 $ 144
Municipal
Consumer $ 13
Loans receivable, gross $ 11,660 $ 10,200
Business Activities Loans - Accruing 90 days and over    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial $ 17
Municipal
Consumer
Loans receivable, gross $ 17
Business Activities Loans - Non-accrual    
Residential 1-4 family $ 5,671 2,445
Residential 5+ multifamily $ 89 $ 89
Construction of residential 1-4 family
Home equity lines of credit $ 601 $ 348
Residential real estate 6,361 2,882
Commercial $ 2,349 $ 1,219
Construction of commercial
Commercial real estate $ 2,349 $ 1,219
Farm land 1,031 384
Vacant land 2,855 2,862
Real estate secured 12,596 7,347
Commercial and industrial $ 461 $ 33
Municipal
Consumer $ 80
Loans receivable, gross 13,137 $ 7,380
Acquired Loans - Current    
Residential 1-4 family 6,823 8,661
Residential 5+ multifamily $ 6,136 $ 8,735
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 12,959 $ 17,396
Commercial 81,140 95,695
Construction of commercial 4,612 3,045
Commercial real estate $ 85,752 $ 104,740
Farm land
Vacant land
Real estate secured $ 98,711 $ 122,136
Commercial and industrial $ 46,128 $ 67,665
Municipal
Consumer $ 77 $ 117
Loans receivable, gross $ 144,916 $ 189,918
Acquired Loans - Past due 1-29 days    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 4,848 $ 1,109
Construction of commercial
Commercial real estate $ 4,848 $ 1,109
Farm land
Vacant land
Real estate secured $ 4,848 $ 1,109
Commercial and industrial $ 471 $ 740
Municipal
Consumer $ 5
Loans receivable, gross $ 5,319 $ 1,854
Acquired Loans - Past due 30-59 days    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 916 $ 167
Construction of commercial
Commercial real estate $ 916 $ 167
Farm land
Vacant land
Real estate secured $ 916 $ 167
Commercial and industrial $ 83 $ 89
Municipal
Consumer
Loans receivable, gross $ 999 $ 256
Acquired Loans - Past due 60-89 days    
Residential 1-4 family $ 110
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 110
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured $ 110
Commercial and industrial $ 82 $ 220
Municipal
Consumer
Loans receivable, gross $ 192 $ 220
Acquired Loans - Past due 90-179 days    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 285
Construction of commercial
Commercial real estate $ 285
Farm land
Vacant land
Real estate secured $ 285
Commercial and industrial
Municipal
Consumer
Loans receivable, gross $ 285
Acquired Loans - Past due 180 days and over    
Residential 1-4 family $ 866 $ 562
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 866 $ 562
Commercial 1,925 $ 643
Construction of commercial 262
Commercial real estate $ 2,187 $ 643
Farm land
Vacant land
Real estate secured $ 3,053 $ 1,205
Commercial and industrial
Municipal
Consumer
Loans receivable, gross $ 3,053 $ 1,205
Acquired Loans - Past due 30 days and over    
Residential 1-4 family $ 976 $ 562
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 976 $ 562
Commercial 2,841 $ 1,095
Construction of commercial 262
Commercial real estate $ 3,103 $ 1,095
Farm land
Vacant land
Real estate secured $ 4,079 $ 1,657
Commercial and industrial $ 165 $ 309
Municipal
Consumer
Loans receivable, gross $ 4,244 $ 1,966
Acquired Loans - Accruing 90 days and over    
Residential 1-4 family $ 90
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 90
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured $ 90
Commercial and industrial
Municipal
Consumer
Loans receivable, gross $ 90
Acquired Loans - Non-accrual    
Residential 1-4 family $ 766 $ 562
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 766 $ 562
Commercial 2,000 $ 1,931
Construction of commercial 262
Commercial real estate $ 2,262 $ 1,931
Farm land
Vacant land
Real estate secured $ 3,038 $ 2,493
Commercial and industrial
Municipal
Consumer
Loans receivable, gross $ 3,038 $ 2,493
XML 87 R71.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Troubled debt restructurings (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
USD ($)
Integer
Dec. 31, 2014
USD ($)
Integer
Business Activities Loans - Residential real estate    
Quantity of troubled debt restructurings | Integer 3 4
Pre-modification balance $ 1,071 $ 308
Post-modification balance $ 1,071 $ 308
Business Activities Loans - Land    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Commercial real estate    
Quantity of troubled debt restructurings | Integer 1 4
Pre-modification balance $ 294 $ 1,076
Post-modification balance $ 294 $ 1,076
Business Activities Loans - Construction of commercial    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 131
Post-modification balance $ 131
Business Activities Loans - Consumer    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Commercial and industrial    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - HELOC    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 35
Post-modification balance $ 35
Business Activities Loans - Total Troubled debt restructurings    
Quantity of troubled debt restructurings | Integer 5 9
Pre-modification balance $ 1,400 $ 1,515
Post-modification balance $ 1,400 $ 1,515
Business Activities Loans - Rate reduction and term extension    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 294
Post-modification balance $ 294
Business Activities Loans - Interest only pursuant to sale    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 24
Post-modification balance $ 24
Business Activities Loans - Interest only and term extension    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 48
Post-modification balance $ 48
Business Activities Loans - Interest only pursuant to sale and term extension    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 230
Post-modification balance $ 230
Business Activities Loans - Interest only    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 30
Post-modification balance $ 30
Business Activities Loans - Debt consolidation and term extension    
Quantity of troubled debt restructurings | Integer 1 2
Pre-modification balance $ 148 $ 447
Post-modification balance $ 148 $ 447
Business Activities Loans - Rate reduction    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Rate reduction interest only    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Debt consolidation, rate reduction, term extension and note bifurcation    
Quantity of troubled debt restructurings | Integer 1 1
Pre-modification balance $ 48 $ 399
Post-modification balance $ 48 $ 399
Business Activities Loans - Rate reduction and debt consolidation    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Business Activities Loans - Term extension    
Quantity of troubled debt restructurings | Integer 2 2
Pre-modification balance $ 910 $ 337
Post-modification balance $ 910 $ 337
Acquired Loans - Residential real estate    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Land    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Commercial real estate    
Quantity of troubled debt restructurings | Integer 1 1
Pre-modification balance $ 184 $ 571
Post-modification balance $ 184 $ 571
Acquired Loans - Construction of commercial    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Consumer    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Commercial and industrial    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - HELOC    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Total Troubled debt restructurings    
Quantity of troubled debt restructurings | Integer 1 1
Pre-modification balance $ 184 $ 571
Post-modification balance $ 184 $ 571
Acquired Loans - Rate reduction and term extension    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 184
Post-modification balance $ 184
Acquired Loans - Interest only pursuant to sale    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Interest only and term extension    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Interest only pursuant to sale and term extension    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Interest only    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Debt consolidation and term extension    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Rate reduction    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 571
Post-modification balance $ 571
Acquired Loans - Rate reduction interest only    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Debt consolidation, rate reduction, term extension and note bifurcation    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Rate reduction and debt consolidation    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
Acquired Loans - Term extension    
Quantity of troubled debt restructurings | Integer
Pre-modification balance
Post-modification balance
XML 88 R72.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Recorded investment and number of modifications for TDRs (Details)
$ in Thousands
Dec. 31, 2014
USD ($)
Integer
Residential 1-4 family  
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 2
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 38
Commercial real estate  
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1
Balance, TDRs with Modifications that Subsequently Defaulted | $
Commercial and industrial  
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer
Balance, TDRs with Modifications that Subsequently Defaulted | $
Total  
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 3
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 38
XML 89 R73.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Components of impaired loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Business Activities Loans    
Non-accrual loans, excluding troubled debt restructured loans $ 10,093 $ 6,752
Non-accrual troubled debt restructured loans 3,044 628
Accruing troubled debt restructured loans 6,802 9,189
Total impaired loans $ 19,939 $ 16,569
Commitments to lend additional amounts to impaired borrowers
Acquired Loans    
Non-accrual loans, excluding troubled debt restructured loans $ 3,038 $ 2,493
Non-accrual troubled debt restructured loans
Accruing troubled debt restructured loans $ 742 $ 571
Total impaired loans $ 3,780 $ 3,064
Commitments to lend additional amounts to impaired borrowers
XML 90 R74.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Changes in allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Business Activities Loans - Beginning balance    
Residential $ 2,306 $ 1,938
Commercial 1,697 1,385
Land 164 226
Real estate 4,167 3,549
Commercial and industrial 583 561
Municipal 61 43
Consumer 117 105
Unallocated 409 425
Totals 5,337 4,683
Business Activities Loans - Provision    
Residential 746 657
Commercial (18) 355
Land 157 58
Real estate 885 1,070
Commercial and industrial $ (295) 25
Municipal 18
Consumer $ 71 16
Unallocated 73 (16)
Totals 734 1,113
Business Activities Loans - Charge-offs    
Residential (698) (307)
Commercial (214) (84)
Land (133) (121)
Real estate (1,045) (512)
Commercial and industrial $ (69) $ (19)
Municipal
Consumer $ (82) $ (28)
Unallocated
Totals $ (1,196) $ (559)
Business Activities Loans - Recoveries    
Residential 123 18
Commercial $ 1 41
Land 1
Real estate $ 124 60
Commercial and industrial $ 464 $ 16
Municipal
Consumer $ 18 $ 24
Unallocated
Totals $ 606 $ 100
Business Activities Loans - Ending balance    
Residential 2,477 2,306
Commercial 1,466 1,697
Land 188 164
Real estate 4,131 4,167
Commercial and industrial 683 583
Municipal 61 61
Consumer 124 117
Unallocated 482 409
Totals $ 5,481 $ 5,337
Acquired Loans - Beginning balance    
Residential
Commercial $ 7
Land
Real estate $ 7
Commercial and industrial $ 14
Municipal
Consumer
Unallocated
Totals $ 21
Acquired Loans - Provision    
Residential 79
Commercial $ 136 $ 7
Land
Real estate $ 215 $ 7
Commercial and industrial $ (24) $ 14
Municipal
Consumer $ (8)
Unallocated
Totals $ 183 $ 21
Acquired Loans - Charge-offs    
Residential
Commercial $ (16)
Land
Real estate $ (16)
Commercial and industrial
Municipal
Consumer
Unallocated
Totals $ (16)
Acquired Loans - Recoveries    
Residential
Commercial $ 5
Land
Real estate $ 5
Commercial and industrial $ 34
Municipal
Consumer $ 8
Unallocated
Totals $ 47
Acquired Loans - Ending balance    
Residential 79
Commercial $ 132 $ 7
Land
Real estate $ 211 $ 7
Commercial and industrial $ 24 $ 14
Municipal
Consumer
Unallocated
Totals $ 235 $ 21
XML 91 R75.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Credit quality segments of loans receivable and allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Business Activities Loans - Collectively evaluated Loans    
Performing loans $ 527,905 $ 457,744
Potential problem loans $ 1,223 $ 9,423
Impaired loans
Unallocated allowance
Totals $ 529,128 $ 467,167
Business Activities Loans - Collectively evaluated Allowance    
Performing loans 4,110 3,283
Potential problem loans $ 44 $ 509
Impaired loans
Unallocated allowance $ 482 $ 409
Totals $ 4,636 $ 4,201
Business Activities Loans - Individually evaluated Loans    
Performing loans
Potential problem loans $ 11
Impaired loans $ 19,938 $ 16,569
Unallocated allowance
Totals $ 19,938 $ 16,580
Business Activities Loans - Individually evaluated Allowance    
Performing loans
Potential problem loans
Impaired loans $ 845 $ 1,136
Unallocated allowance
Totals $ 845 $ 1,136
Business Activities Loans - Total portfolio Loans    
Performing loans 527,905 457,744
Potential problem loans 1,223 9,434
Impaired loans $ 19,938 $ 16,569
Unallocated allowance
Totals $ 549,066 $ 483,747
Business Activities Loans - Total portfolio Allowance    
Performing loans 4,110 3,283
Potential problem loans 44 509
Impaired loans 845 1,136
Unallocated allowance 482 409
Totals 5,481 5,337
Acquired Loans - Collectively evaluated Loans    
Performing loans 148,580 187,966
Potential problem loans $ 2,119 $ 2,708
Impaired loans
Unallocated allowance
Totals $ 150,699 $ 190,674
Acquired Loans - Collectively evaluated Allowance    
Performing loans 46 $ 21
Potential problem loans $ 2
Impaired loans
Unallocated allowance
Totals $ 48 $ 21
Acquired Loans - Individually evaluated Loans    
Performing loans
Potential problem loans
Impaired loans $ 3,780 $ 3,064
Unallocated allowance
Totals $ 3,780 $ 3,064
Acquired Loans - Individually evaluated Allowance    
Performing loans
Potential problem loans
Impaired loans $ 187
Unallocated allowance
Totals $ 187
Acquired Loans - Total portfolio Loans    
Performing loans 148,580 $ 187,966
Potential problem loans 2,119 2,708
Impaired loans $ 3,780 $ 3,064
Unallocated allowance
Totals $ 154,479 $ 193,738
Acquired Loans - Total portfolio Allowance    
Performing loans 46 $ 21
Potential problem loans 2
Impaired loans $ 187
Unallocated allowance
Totals $ 235 $ 21
XML 92 R76.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS - Composition of loans receivable and allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Business Activities Loans - Collectively evaluated Loans    
Residential 1-4 family $ 253,156 $ 245,997
Residential 5+ multifamily 4,640 4,536
Construction of residential 1-4 family 7,998 2,004
Home equity lines of credit 34,298 34,231
Residential real estate 300,092 286,768
Commercial 125,173 93,784
Construction of commercial 6,403 18,474
Commercial real estate 131,576 112,258
Farm land 2,162 2,855
Vacant land 5,486 6,245
Real estate secured 439,316 408,126
Commercial and industrial 74,131 48,635
Municipal 9,566 6,083
Consumer $ 6,115 $ 4,334
Unallocated allowance
Totals $ 529,128 $ 467,178
Business Activities Loans - Collectively evaluated Allowance    
Residential 1-4 family 1,415 1,316
Residential 5+ multifamily 33 66
Construction of residential 1-4 family 65 13
Home equity lines of credit 286 350
Residential real estate 1,799 1,745
Commercial 1,265 1,018
Construction of commercial 87 193
Commercial real estate 1,352 1,211
Farm land 23 59
Vacant land 122 67
Real estate secured 3,296 3,082
Commercial and industrial 673 532
Municipal 61 61
Consumer 124 $ 117
Unallocated allowance 482
Totals 4,636 $ 3,792
Business Activities Loans - Individually evaluated Loans    
Residential 1-4 family 8,339 6,261
Residential 5+ multifamily $ 1,771 $ 1,020
Construction of residential 1-4 family
Home equity lines of credit $ 719 $ 396
Residential real estate 10,829 7,677
Commercial 4,273 4,714
Construction of commercial 122 128
Commercial real estate 4,395 4,842
Farm land 1,031 384
Vacant land 3,077 3,097
Real estate secured 19,332 16,000
Commercial and industrial $ 526 $ 569
Municipal
Consumer $ 80
Unallocated allowance
Totals $ 19,938 $ 16,569
Business Activities Loans - Individually evaluated Allowance    
Residential 1-4 family $ 610 549
Residential 5+ multifamily $ 3
Construction of residential 1-4 family
Home equity lines of credit $ 68 $ 9
Residential real estate 678 561
Commercial 113 $ 486
Construction of commercial 1
Commercial real estate 114 $ 486
Farm land 14
Vacant land 29 $ 38
Real estate secured 835 1,085
Commercial and industrial $ 10 $ 51
Municipal
Consumer
Unallocated allowance
Totals $ 845 $ 1,136
Business Activities Loans - Total portfolio Loans    
Residential 1-4 family 261,495 252,258
Residential 5+ multifamily 6,411 5,556
Construction of residential 1-4 family 7,998 2,004
Home equity lines of credit 35,017 34,627
Residential real estate 310,921 294,445
Commercial 129,446 98,498
Construction of commercial 6,525 18,602
Commercial real estate 135,971 117,100
Farm land 3,193 3,239
Vacant land 8,563 9,342
Real estate secured 458,648 424,126
Commercial and industrial 74,657 49,204
Municipal 9,566 6,083
Consumer $ 6,195 $ 4,334
Unallocated allowance
Totals $ 549,066 $ 483,747
Business Activities Loans - Total portfolio Allowance    
Residential 1-4 family 2,025 1,865
Residential 5+ multifamily 33 69
Construction of residential 1-4 family 65 13
Home equity lines of credit 354 359
Residential real estate 2,477 2,306
Commercial 1,378 1,504
Construction of commercial 88 193
Commercial real estate 1,466 1,697
Farm land 37 59
Vacant land 151 105
Real estate secured 4,131 4,167
Commercial and industrial 683 583
Municipal 61 61
Consumer 124 117
Unallocated allowance 482 409
Totals 5,481 5,337
Acquired Loans - Collectively evaluated Loans    
Residential 1-4 family 7,023 8,661
Residential 5+ multifamily $ 6,136 $ 8,735
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 13,159 $ 17,396
Commercial 81,300 89,820
Construction of commercial 4,612 9,045
Commercial real estate $ 85,912 $ 98,865
Farm land
Vacant land
Real estate secured $ 99,071 $ 116,261
Commercial and industrial $ 45,650 $ 66,874
Municipal
Consumer $ 61 $ 103
Unallocated allowance
Totals $ 144,782 $ 183,238
Acquired Loans - Collectively evaluated Allowance    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 19
Construction of commercial 4 $ 7
Commercial real estate $ 23 $ 7
Farm land
Vacant land
Real estate secured $ 23 $ 7
Commercial and industrial $ 24 $ 14
Municipal
Consumer
Unallocated allowance
Totals $ 47 $ 21
Acquired Loans - Individually evaluated Loans    
Residential 1-4 family $ 776 $ 562
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 776 $ 562
Commercial 2,742 $ 2,502
Construction of commercial 262
Commercial real estate $ 3,004 $ 2,502
Farm land
Vacant land
Real estate secured $ 3,780 $ 3,064
Commercial and industrial
Municipal
Consumer
Unallocated allowance
Totals $ 3,780 $ 3,064
Acquired Loans - Individually evaluated Allowance    
Residential 1-4 family $ 79
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 79
Commercial $ 107
Construction of commercial
Commercial real estate $ 107
Farm land
Vacant land
Real estate secured $ 186
Commercial and industrial
Municipal
Consumer
Unallocated allowance
Totals $ 186
Acquired Loans - ASC 310-30 Loans    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 4,787 $ 5,577
Construction of commercial
Commercial real estate $ 4,787 $ 5,577
Farm land
Vacant land
Real estate secured $ 4,787 $ 5,577
Commercial and industrial $ 1,114 $ 1,840
Municipal
Consumer $ 16 $ 19
Unallocated allowance
Totals $ 5,917 $ 7,436
Acquired Loans - ASC 310-30 loans Allowance    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial $ 2
Construction of commercial
Commercial real estate $ 2
Farm land
Vacant land
Real estate secured $ 2
Commercial and industrial
Municipal
Consumer
Unallocated allowance
Totals $ 2
Acquired Loans - Total portfolio Loans    
Residential 1-4 family 7,799 $ 9,223
Residential 5+ multifamily $ 6,136 $ 8,735
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 13,935 $ 17,958
Commercial 88,829 97,899
Construction of commercial 4,874 9,045
Commercial real estate $ 93,703 $ 106,944
Farm land
Vacant land
Real estate secured $ 107,638 $ 124,902
Commercial and industrial $ 46,764 $ 68,714
Municipal
Consumer $ 77 $ 122
Unallocated allowance
Totals $ 154,479 $ 193,738
Acquired Loans - Total portfolio Allowance    
Residential 1-4 family $ 79
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate $ 79
Commercial 128
Construction of commercial 4 $ 7
Commercial real estate $ 132 $ 7
Farm land
Vacant land
Real estate secured $ 211 $ 7
Commercial and industrial $ 24 $ 14
Municipal
Consumer
Unallocated allowance
Totals $ 235 $ 21
XML 93 R77.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS (Details Narrative) - Loans Details - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Commercial loans for other banks serviced by Company under loan participation agreements $ 63,000 $ 48,000  
Participation interests sold, gross outstanding balances 37,300    
Participation interests sold, net balances retained 13,800    
Purchase of share of participation loans, outstanding balances 9,400    
Significant decrease in loans receivable by risk rating grade (14,600)    
Interest on non-accrual loans that would have been recorded as additional interest income had the loans been current $ 1,089 $ 632 $ 487
XML 94 R78.htm IDEA: XBRL DOCUMENT v3.3.1.900
MORTGAGE SERVICING RIGHTS - Balance of loans serviced for others and fair value of mortgage servicing rights (Details) - Balance of loans serviced for others and fair value of mortgage servicing rights - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Residential mortgage loans serviced for others $ 130,816 $ 138,106
Fair value of mortgage servicing rights $ 1,315 $ 1,568
XML 95 R79.htm IDEA: XBRL DOCUMENT v3.3.1.900
MORTGAGE SERVICING RIGHTS - Changes in mortgage servicing rights (Details) - Changes in mortgage servicing rights - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Mortgage Servicing Rights      
Balance, beginning of period $ 694 $ 980 $ 1,075
Originated 148 17 294
Amortization (1) (356) (303) (389)
Balance, end of period $ 486 694 980
Valuation Allowance      
Balance, beginning of period (15) (38)
(Increase) decrease in impairment reserve (1) $ (3) $ 15 23
Balance, end of period (3) (15)
Mortgage servicing rights, net $ 483 $ 694 $ 965
XML 96 R80.htm IDEA: XBRL DOCUMENT v3.3.1.900
PLEDGED ASSETS - Securities and loans pledged (Details) - Securities and loans pledged - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Securities available-for-sale (at fair value) $ 67,750 $ 69,055
Loans receivable 153,269 157,581
Total pledged assets $ 221,019 $ 226,636
XML 97 R81.htm IDEA: XBRL DOCUMENT v3.3.1.900
PLEDGED ASSETS (Details Narrative)
$ in Thousands
Dec. 31, 2015
USD ($)
Guarantees [Abstract]  
Securities pledged to secure public deposits $ 60,400
Securities pledged to secure repurchase agreements 7,300
Securities pledged to secure FHLBB and FRB advances $ 100
XML 98 R82.htm IDEA: XBRL DOCUMENT v3.3.1.900
BANK PREMISES AND EQUIPMENT - Components of premises and equipment (Details) - Components of premises and equipment - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Land $ 2,593 $ 2,237
Buildings and improvements 11,514 11,070
Leasehold improvements 1,682 1,953
Capital lease 425 425
Furniture, fixtures, equipment and software 6,220 5,869
Construction in progress, including land acquisition and development 185 257
Total cost 22,619 21,811
Accumulated depreciation and amortization (8,312) (7,380)
Bank premises and equipment, net $ 14,307 $ 14,431
XML 99 R83.htm IDEA: XBRL DOCUMENT v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS - Changes in carrying values of goodwill and intangible assets (Details) - Changes in carrying values of goodwill and intangible assets - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Goodwill (1)      
Balance, beginning of period $ 12,552 $ 9,829 $ 9,829
Additions $ 2,723
Impairment
Balance, end of period $ 12,552 $ 12,552 $ 9,829
Core Deposit Intangibles      
Cost, beginning of period $ 5,248 2,543 $ 2,543
Union Savings branch purchase 490
Riverside Bank merger $ 2,215
Impairment
Cost, end of period $ 5,248 $ 5,248 $ 2,543
Amortization, beginning of period (2,258) (1,967) (1,745)
Amortization (652) (291) (222)
Amortization, end of period (2,910) (2,258) (1,967)
Core deposit intangibles, net $ 2,338 $ 2,990 $ 576
XML 100 R84.htm IDEA: XBRL DOCUMENT v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS - Estimated annual amortization expense of core deposit intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CDI in demoninations of $250,000 or more                  
Core deposit intangibles amortization $ 24 $ 78 $ 130 $ 180 $ 234 $ 288 $ 342 $ 461 $ 601
XML 101 R85.htm IDEA: XBRL DOCUMENT v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($)
$ in Thousands
 1 Months Ended
Dec. 31, 2014
Jun. 30, 2014
Acquisition of Sharon, Connecticut branch office of Union Savings Bank    
Deposits assumed from acquisition   $ 18,200
Loans acquired from acquisition   $ 63
Goodwill realized  
Core deposit intangible assigned to acquisition   $ 490
Acquisition of Riverside Bank    
Deposits assumed from acquisition $ 211,200  
Loans acquired from acquisition 196,300  
Goodwill realized 2,700  
Core deposit intangible assigned to acquisition $ 2,200  
XML 102 R86.htm IDEA: XBRL DOCUMENT v3.3.1.900
DEPOSITS - Scheduled maturities of time certificates of deposit (Details) - CDI maturities
$ in Thousands
Dec. 31, 2015
USD ($)
2016 $ 71,932
2017 20,214
2018 10,319
2019 12,220
2020 7,900
2021 1,799
Total $ 124,294
XML 103 R87.htm IDEA: XBRL DOCUMENT v3.3.1.900
DEPOSITS - Total amount and scheduled maturities of time certificates of deposit (Details) - CDI in demoninations of $250,000 or more - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Within three months $ 2,520 $ 2,406
Within three-to-six months 2,624 3,568
Within six-to-twelve months 2,929 2,900
Over one year 3,195 4,248
Total $ 11,268 $ 13,122
XML 104 R88.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities sold under repurchase agreements (Details) - Securities sold under repurchase agreements - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Repurchase agreements, ending balance $ 3,914 $ 4,163
Repurchase agreements, average balance during period 4,111 4,598
Book value of collateral 7,287 10,034
Market value of collateral $ 7,349 $ 10,729
Weighted average rate during period 0.17% 0.18%
Weighted average maturity 1 day 1 day
XML 105 R89.htm IDEA: XBRL DOCUMENT v3.3.1.900
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES - Federal Home Loan Bank of Boston ("FHLBB") advances (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Total    
2015 advances $ 791
2016 advances $ 21 15,022
2017 advances 6,000
2018 advances $ 7,000 $ 7,000
2019 advances
2020 advances $ 14,337
2021 advances 5,621
Total advances $ 26,979 $ 28,813
Callable (1)    
2015 advances
2016 advances $ 15,000
2017 advances $ 6,000
2018 advances
2019 advances
2020 advances
2021 advances
Total advances $ 21,000
Rate (2)    
2015 rate 3.88%
2016 rate 5.06% 4.05%
2017 rate 3.99%
2018 rate 3.69% 3.69%
2019 rate
2020 rate 2.08%
2021 rate 2.39%
Total weighted average rate 2.58% 3.95%
XML 106 R90.htm IDEA: XBRL DOCUMENT v3.3.1.900
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES - Certain information concerning short-term FHLBB advances (Details) - Short-term FHLBB advances Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Highest month-end balance during period $ 5,545
Ending balance
Average balance during period $ 664
Weighted average rate during period 0.00% 0.29%
XML 107 R91.htm IDEA: XBRL DOCUMENT v3.3.1.900
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES (Details Narrative) - FHLBB advances information - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Additional available borrowing capacity in addition to outstanding FHLBB advances $ 75,600  
Unused FHLBB line of credit Company has access to 3,500  
Modification extension of advances, amount   $ 21,000
Modification extension of advances, weight average term   39 months
Subordinated Debentures    
Issuance of debt in private placement, aggregate principal amount 10,000  
Portion to certain related parties $ 500  
Maturity date Dec. 25, 2025  
Annual interest rate 6.00%  
Total subordinated debentures $ 9,764  
Remaining unamortized debt issuance costs $ 236  
Effective interest rate of subordinated debentures 6.24%  
XML 108 R92.htm IDEA: XBRL DOCUMENT v3.3.1.900
NET DEFERRED TAX ASSETS AND INCOME TAXES - Components of income tax provision (Details) - Components of income tax provision - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Federal $ 2,186 $ 1,057 $ 940
State 432 226 103
Current provision 2,618 1,283 1,043
Federal 896 (553) $ 215
State $ 49 $ (120)
Change in valuation allowance $ (349)
Deferred expense (benefit) $ 945 $ (673) (134)
Income tax provision $ 3,563 $ 610 $ 909
XML 109 R93.htm IDEA: XBRL DOCUMENT v3.3.1.900
NET DEFERRED TAX ASSETS AND INCOME TAXES - Reconciliation of expected federal statutory tax to income tax provision (Details)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Disclosure [Abstract]      
Income tax at statutory federal tax rate 34.00% 34.00% 34.00%
State tax, net of federal tax benefit 2.63% 2.23% 1.35%
Tax exempt income and dividends received deduction (7.38%) (30.22%) (18.18%)
Expiration of capital loss carry forward 0.00% 0.00% 7.00%
Merger/acquisition related costs 0.00% 7.77% 0.00%
Other 0.39% 5.71% 1.04%
Change in valuation allowance 0.00% 0.00% (7.00%)
Effective income tax rates 29.64% 19.49% 18.21%
XML 110 R94.htm IDEA: XBRL DOCUMENT v3.3.1.900
NET DEFERRED TAX ASSETS AND INCOME TAXES - Components of net deferred tax assets (Details) - Components of net deferred tax assets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Deferred Tax Assets    
Allowance for loan losses $ 1,877 $ 1,373
Interest on non-performing loans 343 236
Accrued deferred compensation 153 301
Post-retirement benefits $ 17 17
Other real estate owned write-down 72
Restricted stock awards $ 147 111
Mark-to-market purchase accounting adjustments 1,109 2,180
Write-down of securities $ 1,497 1,497
Alternative minimum tax 540
Other $ 22 10
Gross deferred tax assets 5,165 6,337
Deferred tax liabilities    
Deferred loan costs, net (436) (538)
Goodwill and core deposit intangible asset (853) (821)
Accelerated depreciation (1,130) (1,209)
Mortgage servicing rights (177) (255)
Net unrealized holding gain on available-for-sale securities (580) (1,086)
Gross deferred tax liabilities (3,176) (3,909)
Net deferred tax asset $ 1,989 $ 2,428
XML 111 R95.htm IDEA: XBRL DOCUMENT v3.3.1.900
SHAREHOLDERS' EQUITY - Actual regulatory capital position and minimum capital requirements (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Salisbury    
Total Capital (to risk-weighted assets)    
Actual - Amount $ 92,030 $ 89,783
Actual - Ratio 13.51% 14.27%
For Capital Adequacy - Amount $ 54,509 $ 50,334
For Capital Adequacy - Ratio 8.00% 8.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio
Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 76,120 $ 84,171
Actual - Ratio 11.17% 13.38%
For Capital Adequacy - Amount $ 40,878 $ 25,167
For Capital Adequacy - Ratio 6.00% 4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio
Common Equity Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 76,120  
Actual - Ratio 11.17%  
For Capital Adequacy - Amount $ 30,659  
For Capital Adequacy - Ratio 4.50%  
To Be Well Capitalized - Amount  
To Be Well Capitalized - Ratio  
Tier 1 Capital (to average assets)    
Actual - Amount $ 76,120 $ 84,171
Actual - Ratio 8.56% 12.31%
For Capital Adequacy - Amount $ 36,102 $ 27,344
For Capital Adequacy - Ratio 4.00% 4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio  
Bank    
Total Capital (to risk-weighted assets)    
Actual - Amount $ 89,249 $ 80,492
Actual - Ratio 13.10% 12.75%
For Capital Adequacy - Amount $ 54,504 $ 50,492
For Capital Adequacy - Ratio 8.00% 8.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 68,131 $ 63,116
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 10.00% 10.00%
Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 83,340 $ 74,881
Actual - Ratio 12.23% 11.86%
For Capital Adequacy - Amount $ 40,878 $ 25,246
For Capital Adequacy - Ratio 6.00% 4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 54,504 $ 37,869
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 8.00% 6.00%
Common Equity Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 83,340  
Actual - Ratio 12.23%  
For Capital Adequacy - Amount $ 30,659  
For Capital Adequacy - Ratio 4.50%  
To Be Well Capitalized - Amount $ 44,285  
To Be Well Capitalized - Ratio 6.50%  
Tier 1 Capital (to average assets)    
Actual - Amount $ 83,340 $ 74,881
Actual - Ratio 9.37% 10.95%
For Capital Adequacy - Amount $ 35,593 $ 27,345
For Capital Adequacy - Ratio 4.00% 4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 44,491 $ 34,181
To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 5.00% 5.00%
XML 112 R96.htm IDEA: XBRL DOCUMENT v3.3.1.900
SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2015
Aug. 31, 2012
Preferred stock redeemed $ 16,000  
Shareholders' Equity Details    
Series B Preferred Stock issued to Treasury under SBLF program   $ 16,000
XML 113 R97.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSIONS AND OTHER BENEFITS - Transition from providing retirement benefits under defined pension plan to defined contribution 401(K) plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Change in projected benefit obligation    
Service cost
Interest cost $ 277 $ 255
Transition from defined pension plan to defined contribution 401(k) plan    
Change in projected benefit obligation    
Benefit obligation at beginning of year 5,250 6,039
Actuarial gain $ (977) $ (860)
Service cost
Interest cost $ 277 $ 255
Curtailments and settlements
Benefits paid $ (4,550) $ (184)
Benefit obligation at end of year 5,250
Change in plan assets    
Plan assets at estimated fair value at beginning of year $ 6,868 6,019
Actual return on plan assets $ (2,318) $ 1,033
Contributions by employer
Curtailments and settlements
Benefits paid $ (4,550) $ (184)
Fair value of plan assets at end of year 6,868
Funded status and recognized asset included in other assets on the balance sheet $ 1,618
XML 114 R98.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSIONS AND OTHER BENEFITS - Components of amounts recognized in accumulated other comprehensive income, before tax effect (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Components of amounts recognized in accumulated other comprehensive income, before tax effect    
Unrecognized gain (loss) $ 924
XML 115 R99.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSIONS AND OTHER BENEFITS - Components of net periodic cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]    
Service cost
Interest cost on benefit obligation $ 277 $ 255
Expected return on plan assets (297) $ (258)
Amortization of net gain (loss) (1)
Net periodic benefit cost $ (21) $ (3)
Additional amount recognized due to settlement or curtailment
Total recognized in net periodic cost $ (21) $ (3)
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income):    
Net actuarial loss (gain) 923 $ (1,635)
Amortization of net gain (loss) 1
Total recognized in other comprehensive loss (income) 924 $ (1,635)
Total recognized in net periodic cost and other comprehensive loss (income) $ 903 $ (1,638)
XML 116 R100.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSIONS AND OTHER BENEFITS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]      
Accumulated benefit obligation for plan     $ 5,250
Discount rate used in determining actuarial present value of projected benefit obligation     5.10%
Discount rate used to determine net periodic benefit cost   5.10% 4.35%
Expected return on plan assets   4.35% 4.35%
Excess assets distributed to 401k and ESOP for future allocations to employees   $ 1,018  
401(k) Plan      
401(k) Plan contribution expense $ 679 331 $ 657
Employee Stock Ownership Plan (ESOP)      
2013 benefit expenses 323 15 160
Other Retirement Plans      
Total liability for endorsement split-dollar life insurance arrangements included in other liabilities 672 581  
Expense under endorsement split-dollar life insurance arrangement 91 53 49
Former CEO supplemental post retirement payment liability 88 105  
Former CEO supplemental post retirement payments related expense 7 8 9
Former Riverside CEO supplemental post retirement payment liability 629 668  
Former Riverside CEO supplemental post retirement payments related expense 21 2  
Expenses related to discretionary contribution to Executives' account $ 39 0 $ 60
Recovery of prior expenses from contributions   $ 8  
XML 117 R101.htm IDEA: XBRL DOCUMENT v3.3.1.900
LONG TERM INCENTIVE PLAN (Details Narrative) - Long Term Incentive Plan - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended 120 Months Ended
Mar. 27, 2015
Jan. 03, 2015
Jan. 02, 2015
Dec. 05, 2014
Feb. 08, 2013
Jan. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2022
Annual stock retainer, individual director maximum           340 240 240 240  
Total Phantom Stock Appreciation Units granted pursuant to the Plan     48,894              
Total number of shares of Common Stock reserved and available for issuance                   84,000
Total shares of Common Stock that may be issued pursuant to Awards in any one calendar year             30,000 30,000 30,000  
Total number of shares that may be awarded as Incentive Stock Options                   42,000
Total number of shares that may be issued as Directors Stock Retainer Awards                   15,000
Shares issued under the Plan             2,660 2,160 1,330  
Related compensation expense of Plan issuances             $ 81 $ 65 $ 34  
Grants of Restricted Stock and Options                    
Shares of restricted stock granted pursuant to the Plan 1,000 3,000   6,000 19,600          
Fair value of stock granted pursuant to the Plan $ 29       $ 490          
Deferred compensation expense             222 216 $ 142  
Unrecognized compensation cost relating to awards             $ 110 $ 313    
Stock award forfeitures             300 2,000 500  
XML 118 R102.htm IDEA: XBRL DOCUMENT v3.3.1.900
RELATED PARTY TRANSACTIONS - Changes in loans to executive officers, directors and their related associates (Details) - Related party transactions - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Balance, beginning of period $ 8,060 $ 1,279
Additional related party loans acquired pursuant to Riverside Bank merger 6,828
Advances $ 5,045 271
Repayments (4,985) (318)
Balance, end of period $ 8,120 $ 8,060
XML 119 R103.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMPREHENSIVE INCOME - Components of comprehensive income (Details) - Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income $ 8,457 $ 2,521 $ 4,083
Other comprehensive (loss) income      
Net unrealized (losses) gains on securities available-for-sale (1,297) $ 2,534 $ (3,743)
Reclassification of net realized gains in net income (192)
Unrealized (losses) gains on securities available-for-sale (1,489) $ 2,534 $ (3,743)
Income tax benefit (expense) 506 (862) 1,273
Unrealized (losses) gains on securities available-for-sale, net of tax $ (983) 1,672 (2,470)
Pension plan (expense) income (see Note 14) (924) 1,635
Income tax benefit (expense) 314 (556)
Pension plan (expense) income, net of tax (610) 1,079
Other comprehensive (loss) income, net of tax $ (983) 1,062 (1,391)
Comprehensive income $ 7,474 $ 3,583 $ 2,692
XML 120 R104.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMPREHENSIVE INCOME - Components of accumulated other comprehensive income (Details) - Components of accumulated other comprehensive income - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Unrealized gains on securities available-for-sale, net of tax $ 1,125 $ 2,108
Accumulated other comprehensive income $ 1,125 $ 2,108
XML 121 R105.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMITMENTS AND CONTINGENT LIABILITIES - Future minimum lease payments (Details)
$ in Thousands
Dec. 31, 2015
USD ($)
Future minimum lease payments  
2016 $ 207
2017 166
2018 93
2019 79
2020 82
2021 28
2022 28
2023 16
Total $ 699
XML 122 R106.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMITMENTS AND CONTINGENT LIABILITIES - Future minimum lease payments under capital lease with present value of net minimum lease payments (Details)
$ in Thousands
Dec. 31, 2015
USD ($)
Future minimum lease payments  
2016 $ 73
2017 73
2018 73
2019 84
2020 84
Thereafter 693
Total minimum lease payments 1,080
Less amount representing interest 658
Total minimum lease payments, net $ 422
XML 123 R107.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMITMENTS AND CONTINGENT LIABILITIES (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Aug. 08, 2007
Commitments and Contingencies Disclosure [Abstract]        
Rent expense $ 295 $ 147 $ 85  
Loan to Trust, secured by commercial mortgage in favor to Bank on Westport property       $ 3,387
XML 124 R108.htm IDEA: XBRL DOCUMENT v3.3.1.900
FINANCIAL INSTRUMENTS - Financial instrument liabilities with off-balance sheet credit risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Standby letters of credit $ 1,401 $ 3,422
Financial instrument liabilities with off-balance sheet credit risk    
Residential 6,620 3,030
Home equity lines of credit 25,912 25,882
Commercial 13,922 16,751
Land 218 5
Real estate secured 46,672 45,668
Commercial and industrial 67,725 $ 57,905
Municipal 790
Consumer 1,507 $ 1,537
Unadvanced portions of loans 116,694 105,110
Commitments to originate loans 37,688 20,953
Standby letters of credit 1,401 3,422
Total $ 155,783 $ 129,485
XML 125 R109.htm IDEA: XBRL DOCUMENT v3.3.1.900
FINANCIAL INSTRUMENTS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Investments, All Other Investments [Abstract]    
Maximum potential amount of Bank's obligation for financial, commercial and standby letters of credit $ 1,401 $ 3,422
Allowance for off-balance sheet commitments $ 93 $ 115
XML 126 R110.htm IDEA: XBRL DOCUMENT v3.3.1.900
FAIR VALUE MEASUREMENTS - Assets measured at fair value (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Fair Value Measurements Using - Level 1    
Assets at fair value on a recurring basis    
U.S. Treasury notes
U.S. Government agency notes
Municipal bonds
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises
Collateralized mortgage obligations, U.S. Government agencies
Collateralized mortgage obligations, Non-agency
SBA bonds
CRA mutual funds
Preferred Stock $ 246 $ 327
Securities available-for-sale $ 246 $ 246
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans
Mortgage servicing rights
Other real estate owned  
Fair Value Measurements Using - Level 2    
Assets at fair value on a recurring basis    
U.S. Treasury notes $ 2,541 $ 2,806
U.S. Government agency notes 498 5,874
Municipal bonds 30,385 40,352
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 32,202 27,709
Collateralized mortgage obligations, U.S. Government agencies 2,014 2,679
Collateralized mortgage obligations, Non-agency 4,948 6,596
SBA bonds 3,096 4,465
CRA mutual funds $ 764 $ 504
Preferred Stock
Securities available-for-sale $ 76,448 $ 76,448
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans
Mortgage servicing rights $ 1,315 $ 1,568
Other real estate owned  
Fair Value Measurements Using - Level 3    
Assets at fair value on a recurring basis    
U.S. Treasury notes
U.S. Government agency notes
Municipal bonds
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises
Collateralized mortgage obligations, U.S. Government agencies
Collateralized mortgage obligations, Non-agency
SBA bonds
CRA mutual funds
Preferred Stock
Securities available-for-sale
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans $ 15,211 $ 10,463
Mortgage servicing rights
Other real estate owned   $ 1,002
Assets at fair value    
Assets at fair value on a recurring basis    
U.S. Treasury notes $ 2,541 2,806
U.S. Government agency notes 498 5,874
Municipal bonds 30,385 40,352
Mortgage backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 32,202 27,709
Collateralized mortgage obligations, U.S. Government agencies 2,014 2,679
Collateralized mortgage obligations, Non-agency 4,948 6,596
SBA bonds 3,096 4,465
CRA mutual funds 764 504
Preferred Stock 246 327
Securities available-for-sale 76,694 91,312
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans 15,211 10,463
Mortgage servicing rights $ 1,315 1,568
Other real estate owned   $ 1,002
XML 127 R111.htm IDEA: XBRL DOCUMENT v3.3.1.900
FAIR VALUE MEASUREMENTS - Carrying value and estimated fair values of financial instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Carrying value    
Financial Assets    
Cash and cash equivalents $ 62,118 $ 36,105
Securities available-for-sale 76,694 91,312
Federal Home Loan Bank stock 3,176 3,515
Loans held-for-sale 763 568
Loans receivable, net 699,018 673,330
Accrued interest receivable 2,307 2,334
Cash surrender value of life insurance 13,685 13,314
Financial Liabilities    
Demand (non-interest-bearing) 201,340 161,386
Demand (interest-bearing) 125,465 117,169
Money market 183,783 174,274
Savings and other 119,651 121,387
Certificates of deposit 124,294 141,210
Deposits 754,533 715,426
Repurchase agreements 3,914 4,163
FHLBB advances 26,979 28,813
Subordinated debt 9,764  
Note payable 376  
Capital lease liability 422 424
Accrued interest payable 150 166
Estimated fair value    
Financial Assets    
Cash and cash equivalents 62,118 36,105
Securities available-for-sale 76,694 91,312
Federal Home Loan Bank stock 3,176 3,515
Loans held-for-sale 778 572
Loans receivable, net 707,154 683,845
Accrued interest receivable 2,307 2,334
Cash surrender value of life insurance 13,685 13,314
Financial Liabilities    
Demand (non-interest-bearing) 201,340 161,386
Demand (interest-bearing) 125,465 117,169
Money market 183,783 174,274
Savings and other 119,651 121,387
Certificates of deposit 125,437 142,261
Deposits 755,676 716,477
Repurchase agreements 3,914 4,163
FHLBB advances 28,559 30,626
Subordinated debt 9,764  
Note payable 405  
Capital lease liability 870 929
Accrued interest payable 150 166
Fair Value Measurements Using - Level 1    
Financial Assets    
Cash and cash equivalents 62,118 36,105
Securities available-for-sale $ 246 $ 246
Federal Home Loan Bank stock
Loans held-for-sale
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance $ 13,685 $ 13,314
Financial Liabilities    
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt  
Note payable  
Capital lease liability
Accrued interest payable
Fair Value Measurements Using - Level 2    
Financial Assets    
Cash and cash equivalents
Securities available-for-sale $ 76,448 $ 76,448
Federal Home Loan Bank stock $ 3,176 $ 3,515
Loans held-for-sale
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance
Financial Liabilities    
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt  
Note payable  
Capital lease liability
Accrued interest payable
Fair Value Measurements Using - Level 3    
Financial Assets    
Cash and cash equivalents
Securities available-for-sale
Federal Home Loan Bank stock
Loans held-for-sale $ 788 $ 572
Loans receivable, net 707,154 683,845
Accrued interest receivable $ 2,307 $ 2,334
Cash surrender value of life insurance
Financial Liabilities    
Demand (non-interest-bearing) $ 201,340 $ 161,386
Demand (interest-bearing) 125,465 117,169
Money market 183,783 174,274
Savings and other 119,651 121,387
Certificates of deposit 125,437 142,261
Deposits 755,676 716,477
Repurchase agreements 3,914 4,163
FHLBB advances 28,559 30,626
Subordinated debt 9,764  
Note payable 405  
Capital lease liability 870 929
Accrued interest payable $ 150 $ 166
XML 128 R112.htm IDEA: XBRL DOCUMENT v3.3.1.900
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated balance sheets of Salisbury Bancorp, Inc. (Details) - Salisbury Bancorp, Inc. (Parent Only) - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Assets    
Cash and due from banks $ 2,612 $ 9,436
Investment in bank subsidiary 97,794 92,531
Other assets 5 6
Total Assets 100,411 $ 101,973
Liabilities and Shareholders' Equity    
Subordinated debt 9,764
Other liabilities 73 $ 152
Shareholders' equity 90,574 101,821
Total Liabilities and Shareholders' Equity $ 100,411 $ 101,973
XML 129 R113.htm IDEA: XBRL DOCUMENT v3.3.1.900
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of income of Salisbury Bancorp, Inc. (Details) - Salisbury Bancorp, Inc. (Parent Only) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dividends from subsidiary $ 2,743 $ 2,143 $ 2,128
Interest income 19 $ 21 $ 27
Interest expense 35
Expenses 511 $ 986 $ 394
Income before taxes and equity in undistributed net income of subsidiary 2,216 1,178 $ 1,761
Income tax benefit 192 91
Income before equity in undistributed net income of subsidiary 2,408 1,269 $ 1,761
Equity in undistributed net income of subsidiary 6,049 1,252 2,322
Net income $ 8,457 $ 2,521 $ 4,083
XML 130 R114.htm IDEA: XBRL DOCUMENT v3.3.1.900
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. (Details) - Salisbury Bancorp, Inc. (Parent Only) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income $ 8,457 $ 2,521 $ 4,083
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in undistributed net income of subsidiary (6,049) (1,252) (2,322)
Other (275) 85 24
Net cash provided by operating activities $ 2,133 1,354 $ 1,785
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
Net cash utilized by investing activities $ (26,513) $ (738)
Financing Activities      
Common stock dividends paid $ (3,054) (1,918) (1,915)
Preferred stock dividends paid (158) $ (166) $ (161)
Proceeds from issuance of subordinated debt, net of issue cost 9,764
Payment to repurchase preferred stock (16,000)
Proceeds from issuance of Common Stock $ 491 $ 126 $ 34
Issuance of Salisbury stock to Riverside shareholders 27,251
Net cash (utilized) provided by financing activities $ (8,957) 25,293 $ (2,042)
(Decrease) increase in cash and cash equivalents (6,824) 134 (995)
Cash and cash equivalents, beginning of year 9,436 9,302 10,297
Cash and cash equivalents, end of year $ 2,612 $ 9,436 $ 9,302
XML 131 R115.htm IDEA: XBRL DOCUMENT v3.3.1.900
EARNINGS PER SHARE - Calculation of earnings per share (Details) - Calculation of earnings per share - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income $ 8,457 $ 2,521 $ 4,083
Less: Preferred stock dividends declared (158) (166) (161)
Net income available to common shareholders 8,299 2,355 3,922
Less: Undistributed earnings allocated to participating securities (72) (27) (39)
Net income allocated to common stock $ 8,227 $ 2,328 $ 3,883
Weighted average common shares issued 2,730 1,785 1,710
Less: Unvested restricted stock awards $ (24) $ (21) $ (19)
Weighted average common shares outstanding used to calculate basic earnings per common share 2,706 1,764 1,691
Add: Dilutive effect of unvested restricted stock awards $ 17 $ 1
Weighted average common shares outstanding used to calculate diluted earnings per common share 2,723 1,765 1,691
Earnings per common share (basic) $ 3.04 $ 1.32 $ 2.30
Earnings per common share (diluted) $ 3.02 $ 1.32 $ 2.30
XML 132 R116.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Events
$ / shares in Units, $ in Thousands
Jan. 29, 2016
USD ($)
$ / shares
shares
Quarterly cash dividend declared and paid | $ / shares $ 0.28
Shares of restricted stock granted pursuant to the Plan 15,800
Fair value of stock granted pursuant to the Plan | $ $ 466
Total Phantom Stock Appreciation Units granted pursuant to the Plan 47,470
XML 133 R117.htm IDEA: XBRL DOCUMENT v3.3.1.900
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA - Selected quarterly consolidated financial data (Details) - Selected quarterly consolidated financial data - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Statement of Income                
Interest and dividend income $ 8,705 $ 8,650 $ 8,545 $ 8,671 $ 6,416 $ 5,444 $ 5,552 $ 5,443
Interest expense 775 753 753 745 699 690 647 668
Net interest and dividend income 7,930 7,897 7,792 7,926 5,717 4,754 4,905 4,775
(Benefit) provision for loan losses $ 266 655 196 (200) 165 318 314 337
Gains on securities, net 6 11 175        
Trust and Wealth Advisory $ 755 798 890 822 786 791 939 779
Service charges and fees 763 798 778 731 666 $ 639 626 542
Gains on sales of mortgage loans, net 47 47 87 93 21 32 11
Mortgage servicing, net 16 5 20 (40) 15 $ 41 11 27
Other 166 115 114 115 91 82 74 79
Non-interest income 1,747 1,769 1,900 1,896 1,579 1,553 1,682 1,438
Non-interest expense 6,344 6,202 6,539 6,835 6,852 5,108 5,068 5,110
Income before income taxes 3,067 2,809 2,957 3,187 279 881 1,205 766
Income tax provision 901 824 885 953 43 113 239 215
Net income 2,166 1,985 2,072 2,234 236 768 966 551
Net income available to common shareholders 2,128 1,945 2,032 2,194 196 728 926 505
Financial Condition                
Total assets 891,192 904,233 860,794 865,037 855,427 638,089 621,476 589,771
Loans, net 699,018 687,719 677,726 676,734 673,330 461,913 456,627 446,518
Allowance for loan losses 5,716 5,659 5,059 5,182 5,358 5,384 5,102 4,894
Securities 79,870 83,886 92,932 84,694 94,827 88,960 92,884 98,015
Deposits 754,533 761,479 720,734 724,910 715,426 522,294 507,361 477,512
Repurchase agreements 3,914 4,210 2,771 3,278 4,163 6,500 4,344 2,643
FHLBB advances 26,979 26,928 28,033 28,403 28,813 29,218 29,619 30,017
Shareholders' equity 90,574 105,450 104,104 103,211 101,821 75,516 75,000 74,001
Non-performing assets $ 16,264 $ 16,602 $ 14,995 $ 14,875 $ 10,892 $ 8,945 $ 8,757 $ 8,526
Per Common Share Data                
Earnings, basic and diluted         $ .10 $ .43 $ .54 $ .29
Earnings, basic $ .78 $ .71 $ .74 $ .81        
Earnings, diluted .77 .71 .74 .80        
Cash dividends declared 0.28 0.28 0.28 .28 0.28 0.28 0.28 0.28
Cash dividends paid 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28
Book value 33.13 32.72 32.26 31.96 31.54 34.74 34.44 33.90
Market price: High 33.70 31.74 32.30 30.39 28.39 30.70 30.98 27.58
Market price: Low $ 28.80 $ 28.38 $ 28.80 $ 26.08 $ 25.88 $ 26.95 $ 27.13 $ 25.90
Statistical Data                
Net interest margin (fully tax equivalent) 3.88% 3.91% 4.01% 4.11% 3.68% 3.39% 3.74% 3.72%
Efficiency ratio (fully tax equivalent) 63.64% 60.40% 62.91% 65.45% 77.80% 75.92% 72.35% 77.11%
Return on average assets 0.94% 0.87% 0.94% 1.03% 0.11% 0.45% 0.62% 0.35%
Return on average shareholders' equity 9.34% 8.64% 9.26% 10.22% 1.18% 4.85% 6.32% 3.53%
Weighted average equivalent shares outstanding, diluted         1,981 1,693 1,691 1,691
Weighted average common shares outstanding, basic 2,710 2,708 2,706 2,699        
Weighted average common shares outstanding, diluted 2,727 2,724 2,724 2,716        
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