SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 22 – 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)		2016		2015
Assets
Cash and due from banks	$	2,681	$	2,612
Investment in bank subsidiary		101,146		97,794
Other assets		11		5
Total Assets	$	103,838	$	100,411
Liabilities and Shareholders' Equity
Subordinated debt	$	9,788	$	9,764
Other liabilities		43		73
Shareholders' equity		94,007		90,574
Total Liabilities and Shareholders' Equity	$	103,838	$	100,411

Statements of Income   Years ended December 31, (in thousands)		2016		2015		2014
Dividends from subsidiary	$	3,491	$	2,743	$	2,143
Interest income		6		19		21
Interest expense		624		35		—
Expenses		337		511		986
Income before taxes and equity in undistributed net income of subsidiary		2,536		2,216		1,178
Income tax benefit		369		192		91
Income before equity in undistributed net income of subsidiary		2,905		2,408		1,269
Equity in undistributed net income of subsidiary		3,780		6,049		1,252
Net income	$	6,685	$	8,457	$	2,521

Statements of Cash Flows   Years ended December 31, (in thousands)		2016			2015			2014
Net income	$	6,685		$	8,457		$	2,521
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(3,780	)		(6,049	)		(1,252	)
Other		(13	)		(275	)		85
Net cash provided by operating activities		2,892			2,133			1,354
Investing Activities
Investment in bank		—			—			(27,251	)
Maturities of interest-bearing time deposits of other banks		—			—			738
Net cash utilized by investing activities		—			—			(26,513	)
Financing Activities
Common stock dividends paid		(3,086	)		(3,054	)		(1,918	)
Preferred stock dividends paid		—			(158	)		(166	)
Proceeds from issuance of subordinated debt, net of issuance costs		—			9,764			—
Redemption of preferred stock		—			(16,000	)		—
Proceeds from issuance of common stock		263			491			126
Issuance of Salisbury stock to Riverside shareholders		—			—			27,251
Net cash (utilized) provided by financing activities		(2,823	)		(8,957	)		25,293
Increase (decrease) in cash and cash equivalents		69			(6,824	)		134
Cash and cash equivalents, beginning of period		2,612			9,436			9,302
Cash and cash equivalents, end of period	$	2,681		$	2,612		$	9,436