SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SALISBURY BANCORP, INC. (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)		2017		2016
Assets
Cash and due from banks	$	2,519	$	2,681
Investment in bank subsidiary		104,404		101,146
Other assets		430		11
Total Assets	$	107,353	$	103,838
Liabilities and Shareholders' Equity
Subordinated debt	$	9,811	$	9,788
Other liabilities		28		43
Shareholders' equity		97,514		94,007
Total Liabilities and Shareholders' Equity	$	107,353	$	103,838

Statements of Income   Years ended December 31, (in thousands)		2017		2016		2015
Dividends from subsidiary	$	3,691	$	3,491	$	2,743
Interest income		8		6		19
Interest expense		624		624		35
Non-interest expenses		530		337		511
Income before taxes and equity in undistributed net income of subsidiary		2,545		2,536		2,216
Income tax benefit		421		369		192
Income before equity in undistributed net income of subsidiary		2,966		2,905		2,408
Equity in undistributed net income of subsidiary		3,290		3,780		6,049
Net income	$	6,256	$	6,685	$	8,457

Statements of Cash Flows   Years ended December 31, (in thousands)		2017			2016			2015
Net income	$	6,256		$	6,685		$	8,457
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(3,290	)		(3,780	)		(6,049	)
Other		(410	)		(13	)		(275	)
Net cash provided by operating activities		2,556			2,892			2,133
Investing Activities
Investment in bank		—			—			—
Maturities of interest-bearing time deposits of other banks		—			—			—
Net cash utilized by investing activities		—			—			—
Financing Activities
Common stock dividends paid		(3,113	)		(3,086	)		(3,054	)
Preferred stock dividends paid		—			—			(158	)
Proceeds from issuance of subordinated debt, net of issuance costs		—			—			9,764
Redemption of preferred stock		—			—			(16,000	)
Proceeds from issuance of common stock		395			263			491
Net cash (utilized) provided by financing activities		(2,718	)		(2,823	)		(8,957	)
Net (decrease) increase in cash and cash equivalents		(162	)		69			(6,824	)
Cash and cash equivalents, beginning of period		2,681			2,612			9,436
Cash and cash equivalents, end of period	$	2,519		$	2,681		$	2,612