SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

NOTE 25 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2016 and 2015 is as follows:

Year ended December 31, 2016   (in thousands, except ratios and per share amounts)		Q1 2016			Q2 2016			Q3 2016			Q4 2016
Statement of Income
Interest and dividend income	$	8,583		$	8,522		$	8,670		$	8,679
Interest expense		919			955			9,833			992
Net interest and dividend income		7,664			7,567			7,687			7,687
Provision (benefit) for loan losses		463			525			344			503
Gains on securities, net		2			146			9			427
Trust and Wealth Advisory		784			884			849			821
Service charges and fees		702			753			822			856
Gains on sales of mortgage loans, net		39			57			55			78
Mortgage servicing, net		34			45			40			37
Other		114			116			113			108
Non-interest income		1,675			2,001			1,888			2,327
Non-interest expense		6,837			6,640			6,500			7,411
Income before income taxes		2,039			2,403			2,731			2,100
Income tax provision		527			669			812			580
Net income		1,512			1,734			1,919			1,520
Net income allocated to common stock		1,499			1,721			1,904			1,509
Financial Condition
Total assets	$	891,804		$	913,494		$	928,445		$	935,366
Loans, net		728,845			749,523			753,623			763,184
Allowance for loan losses		5,877			5,718			5,892			6,127
Securities		82,151			83,874			79,738			82,834
Deposits		755,658			754,471			786,730			781,770
Repurchase agreements		2,620			3,355			3,581			5,535
FHLBB advances		27,031			47,083			27,134			37,188
Shareholders' equity		91,402			92,584			93,554			94,007
Non-performing assets		16,829			14,579			14,496			12,565
Per Common Share Data
Earnings, basic	$	0.55		$	0.63		$	0.70		$	0.55
Earnings, diluted		0.55			0.63			0.69			0.55
Cash dividends declared		0.28			0.28			0.28			0.28
Cash dividends paid		0.28			0.28			0.28			0.28
Book value		27.84			28.28			28.63			28.90
Market price: (a)
High		34.43			32.75			32.52			38.15
Low		29.51			29.78			29.60			30.92
Statistical Data
Net interest margin (fully tax equivalent)		3.79	%		3.71	%		3.57	%		3.45	%
Efficiency ratio (fully tax equivalent)		69.28			66.51			64.13			67.08
Return on average assets		0.68			0.77			0.81			0.65
Return on average shareholders' equity		6.68			7.58			8.20			6.43
Weighted average common shares outstanding, basic		2,723			2,735			2,737			2,737
Weighted average common shares outstanding, diluted		2,741			2,749			2,751			2,755

(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, 2017, there were approximately 3,149 shareholders of record of the Company's Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

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	$	8,682		$	8,555		$	8,664		$	8,709
Interest expense		744			754			753			775
Net interest and dividend income		7,938			7,801			7,911			7,934
(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		710			759			773			744
Gains on sales of mortgage loans, net		94			86			47			47
Mortgage servicing, net		(30	)		30			18			29
Other		114			115			115			166
Non-interest income		1,885			1,891			1,757			1,741
Non-interest expense		6,835			6,539			6,205			6,342
Income before income taxes		3,188			2,957			2,808			3,067
Income tax provision		953			886			824			900
Net income		2,234			2,071			1,984			2,167
Net income allocated to common stock		2,194			2,032			1,945			2,127
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.