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.