SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 is as follows:

Year ended December 31, 2019   (in thousands, except ratios and per share amounts)		Q1 2019			Q2 2019			Q3 2019			Q4 2019
Statement of Income
Interest and dividend income	$	10,854		$	10,832		$	11,023		$	10,705
Interest expense		2,417			2,488			2,356			2,040
Net interest and dividend income		8,437			8,344			8,667			8,665
Provision for loan losses		294			151			94			417
Trust and Wealth Advisory		906			1,044			1,023			1,022
Service charges and fees		920			1,012			1,003			1,092
Gains on sales of mortgage loans, net		7			1			42			67
Mortgage servicing, net		76			80			76			75
Gains (Losses) on CRA mutual fund		11			12			6			(4	)
(Losses) Gains on sales of available -for-sale- securities, net		(9	)		281			(9	)		—
BOLI income and gains		79			87			86			139
Other		37			31			29			28
Non-interest income		2,027			2,548			2,256			2,419
Non-interest expense		7,211			7,439			7,184			7,080
Income before income taxes		2,959			3,302			3,645			3,587
Income tax provision		525			599			657			578
Net income		2,434			2,703			2,988			3,009
Net income allocated to common stock		2,408			2,671			2,940			2,960
Financial Condition
Total assets		1,118,925			1,119,212			1,144,240			1,112,448
Loans, net		911,188			910,573			915,083			927,413
Allowance for loan losses		8,750			8,887			8,846			8,895
Securities		102,479			103,857			98,270			95,925
Deposits		941,969			950,723			966,178			919,506
Repurchase agreements		2,951			6,308			8,588			8,530
FHLBB advances		47,712			32,769			37,828			50,887
Shareholders' equity		106,109			108,948			111,580			113,655
Non-performing assets		7,130			5,463			5,687			3,935
Per Common Share Data
Earnings, basic	$	0.87		$	0.96		$	1.06		$	1.06
Earnings, diluted		0.86			0.95			1.05			1.06
Cash dividends declared		0.28			0.28			0.28			0.28
Cash dividends paid		0.28			0.28			0.28			0.28
Book value		37.81			38.59			39.52			40.22
Market price: (a)
High		44.20			42.60			40.00			47.05
Low		35.25			37.20			35.26			37.42
Statistical Data
Net interest margin (fully tax equivalent)		3.28	%		3.19	%		3.29	%		3.34	%
Efficiency ratio (fully tax equivalent)		66.15			65.81			62.90			61.81
Return on average assets		0.89			0.97			1.05			1.07
Return on average shareholders' equity		9.45			10.07			10.73			10.56
Weighted average common shares outstanding, basic		2,777			2,780			2,783			2,781
Weighted average common shares outstanding, diluted		2,789			2,793			2,795			2,794

(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 under the symbol: SAL. As of March 9, 2020, there were approximately 2,308 shareholders of record of the Company's Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

Year ended December 31, 2018   (in thousands, except ratios and per share amounts)		Q1 2018			Q2 2018			Q3 2018			Q4 2018
Statement of Income
Interest and dividend income	$	9,300		$	9,749		$	10,516		$	10,807
Interest expense		1,306			1,706			2,016			2,192
Net interest and dividend income		7,993			8,043			8,500			8,615
Provision (benefit) for loan losses		325			467			378			558
Trust and Wealth Advisory		894			949			936			921
Service charges and fees		868			892			932			1,025
Gains (Losses) on sales of mortgage loans, net		18			(1	)		21			51
Mortgage servicing, net		83			84			84			57
(Losses) Gains on CRA mutual fund		(13	)		(7	)		(6	)		8
(Losses) Gains on sales of available -for-sale- securities, net		(2	)		17			—			302
BOLI income and gains		82			82			83			432
Other		45			42			38			28
Non-interest income		1,975			2,058			2,088			2,824
Non-interest expense		7,180			7,417			7,329			7,909
Income before income taxes		2,463			2,217			2,881			2,972
Income tax provision		446			318			537			408
Net income		2,017			1,899			2,344			2,564
Net income allocated to common stock		1,997			1,877			2,311			2,528
Financial Condition
Total assets		1,014,934			1,096,780			1,098,715			1,121,554
Loans, net		830,370			872,796			898,625			909,279
Allowance for loan losses		7,058			7,381			7,745			7,831
Securities		84,878			90,870			101,591			97,150
Deposits		831,837			897,481			902,161			926,739
Repurchase agreements		3,962			1,691			6,658			4,104
FHLBB advances		62,480			79,538			67,596			67,154
Shareholders' equity		98,097			99,180			100,767			103,459
Non-performing assets		5,761			6,359			8,513			8,324
Per Common Share Data
Earnings, basic	$	0.72		$	0.68		$	0.84		$	0.91
Earnings, diluted		0.71			0.68			0.83			0.91
Cash dividends declared		0.28			0.28			0.28			0.28
Cash dividends paid		0.28			0.28			0.28			0.28
Book value		35.20			35.38			35.93			36.86
Market price: (a)
High		49.85			46.70			48.44			43.04
Low		44.00			38.15			40.36			35.25
Statistical Data
Net interest margin (fully tax equivalent)		3.46	%		3.31	%		3.29	%		3.34	%
Efficiency ratio (fully tax equivalent)		69.35			70.87			66.91			69.13
Return on average assets		0.81			0.69			0.85			0.92
Return on average shareholders' equity		8.33			7.68			9.26			9.99
Weighted average common shares outstanding, basic		2,759			2,761			2,764			2,766
Weighted average common shares outstanding, diluted		2,780			2,779			2,779			2,779

(a) The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.