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

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

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

NOTE 23 – 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)		2019		2018
Assets
Cash and due from banks	$	2,273	$	2,105
Investment in bank subsidiary		121,027		110,525
Other assets		252		689
Total Assets	$	123,552	$	113,319
Liabilities and Shareholders' Equity
Subordinated debt	$	9,859	$	9,835
Other liabilities		38		25
Shareholders' equity		113,655		103,459
Total Liabilities and Shareholders' Equity	$	123,552	$	113,319

Statements of Income   Years ended December 31, (in thousands)		2019		2018		2017
Dividends from subsidiary	$	3,546	$	3,529	$	3,691
Interest income		10		10		8
Interest expense		624		624		624
Non-interest expenses		417		435		530
Income before taxes and equity in undistributed net income of subsidiary		2,515		2,480		2,545
Income tax benefit		252		256		421
Income before equity in undistributed net income of subsidiary		2,767		2,736		2,966
Equity in undistributed net income of subsidiary		8,369		6,088		3,290
Net income	$	11,136	$	8,824	$	6,256

Statements of Cash Flows   Years ended December 31, (in thousands)		2019			2018			2017
Net income	$	11,136		$	8,824		$	6,256
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(8,369	)		(6,088	)		(3,290	)
Other		474			(239	)		(410	)
Net cash provided by operating activities		3,241			2,497			2,556
Investing Activities
Investment in bank		—			—			—
Net cash utilized by investing activities		—			—			—
Financing Activities
Common stock dividends paid		(3,155	)		(3,133	)		(3,113	)
Proceeds from issuance of common stock		82			222			395
Net cash (utilized) by financing activities		(3,073	)		(2,911	)		(2,718	)
Net increase (decrease) in cash and cash equivalents		168			(414	)		(162	)
Cash and cash equivalents, beginning of period		2,105			2,519			2,681
Cash and cash equivalents, end of period	$	2,273		$	2,105		$	2,519