SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected quarterly consolidated financial data (unaudited)

Year ended December 31, 2017   (in thousands, except ratios and per share amounts)		Q1 2017			Q2 2017			Q3 2017			Q4 2017
Statement of Income
Interest and dividend income	$	8,785		$	8,687		$	8,882		$	9,167
Interest expense		953			1,026			1,116			1,143
Net interest and dividend income		7,832			7,661			7,766			8,024
Provision (benefit) for loan losses		352			364			237			67
Gains on securities, net		—			(14	)		—			192
Trust and Wealth Advisory		854			892			874			857
Service charges and fees		962			902			935			919
Gains on sales of mortgage loans, net		49			30			25			21
Mortgage servicing, net		45			31			104			75
Other		113			110			142			118
Non-interest income		2,023			1,951			2,080			2,182
Non-interest expense		7,306			6,751			7,220			8,052
Income before income taxes		2,197			2,497			2,389			2,087
Income tax provision		593			615			695			1,011
Net income		1,604			1,882			1,694			1,076
Net income allocated to common stock		1,594			1,866			1,677			1,064
Financial Condition
Total assets		939,549			974,806			979,469			986,984
Loans, net		764,665			771,850			784,136			801,703
Allowance for loan losses		6,285			6,493			6,494			6,776
Securities		80,359			84,468			88,546			82,860
Deposits		772,416			811,341			831,989			815,495
Repurchase agreements		2,350			2,126			4,529			1,668
FHLBB advances		52,745			47,302			27,364			54,422
Shareholders' equity		95,221			96,545			97,526			97,514
Non-performing assets		10,890			11,690			12,257			7,354
Per Common Share Data
Earnings, basic	$	0.58		$	0.68		$	0.61		$	0.39
Earnings, diluted		0.58			0.67			0.60			0.38
Cash dividends declared		0.28			0.28			0.28			0.28
Cash dividends paid		0.28			0.28			0.28			0.28
Book value		34.38			34.66			35.01			35.01
Market price: (a)
High		40.00			41.50			46.90			48.35
Low		37.30			38.50			40.40			44.00
Statistical Data
Net interest margin (fully tax equivalent)		3.69	%		3.58	%		3.50	%		3.58	%
Efficiency ratio (fully tax equivalent)		68.68			66.56			67.18			64.90
Return on average assets		0.70			0.77			0.69			0.43
Return on average shareholders' equity		6.83			7.82			6.89			4.38
Weighted average common shares outstanding, basic		2,749			2,757			2,757			2,757
Weighted average common shares outstanding, diluted		2,768			2,775			2,777			2,778

(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, 2018, there were approximately 2,340 shareholders of record of the Company’s Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

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			983			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.