0001554795-20-000267.txt : 20201030 0001554795-20-000267.hdr.sgml : 20201030 20201030134908 ACCESSION NUMBER: 0001554795-20-000267 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20201030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201030 DATE AS OF CHANGE: 20201030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14854 FILM NUMBER: 201276545 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 8-K 1 sal1027form8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

 

October 30, 2020

_____________________

Salisbury Bancorp, Inc.

(Exact name of registrant as specified in its charter)

_____________________

 

Connecticut

(State of other jurisdiction

of incorporation)

  

000-24751

(Commission

File Number)

  

06-1514263

(IRS Employer

Identification No.)

 

 

5 Bissell Street, Lakeville, Connecticut

(Address of principal executive offices)

  

 

 

06039

(Zip Code)

 

   
Registrant’s telephone number, including area code: (860) 435-9801  
   
(Former name or former address, if changed since last report)  
         

 

 

Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $0.10 par value per share SAL NASDAQ

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

   

 

 

 

Section 2. Financial Information

Item 2.02. Results of Operations and Financial Condition

On October 30, 2020 Salisbury Bancorp, Inc. (“Salisbury”) the holding company for Salisbury Bank and Trust Company (the “Bank”), issued a press release announcing results for its third quarter ended September 30, 2020. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.

 

Section 9. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Exhibit No.    Description
99.1   Press release dated October 30, 2020

   

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

    Salisbury Bancorp, Inc.
     

Date: October 30, 2020

 

 By:

/s/ Peter Albero                               

Peter Albero

Executive Vice President and Chief Financial Officer

 EX-99.1 2 sal1027form8kexh99_1.htm EXHIBIT 99.1

Exhibit 99.1

 

Friday, October 30, 2020

Company Press Release

 

Source: Salisbury Bancorp, Inc.

 

Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer

860-435-9801 or rcantele@salisburybank.com

 

FOR IMMEDIATE RELEASE

 

SALISBURY BANCORP, INC. REPORTS STRONG RESULTS FOR THIRD QUARTER 2020; DECLARES 29 CENT DIVIDEND

 

·Third Quarter 2020 Net Income of $1.53 per Basic Common Share
·Common Equity Tier 1 and Total Capital Ratios of 12.3% and 13.6%, Respectively
·Non-Performing Assets were 0.36% of Total Assets Compared with 0.35% at December 31, 2019
·Book Value and Tangible Book Value Per Common Share Increased 7% and 8%, Respectively in 2020

 

Lakeville, Connecticut, October 30, 2020 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its third quarter ended September 30, 2020.

Net income allocated to common shareholders was $4.3 million, or $1.53 per common share, for the quarter ended September 30, 2020 (third quarter 2020), compared with $2.7 million, or $0.96 per common share, for the second quarter ended June 30, 2020 (second quarter 2020), and $2.9 million, or $1.06 per common share, for the third quarter ended September 30, 2019 (third quarter 2019). Results for third quarter 2020 included a loan loss provision of $686 thousand, and a non-recurring non-taxable gain of $601 thousand, or $0.21 per basic common share, related to proceeds received from a bank-owned life insurance policy (“BOLI”) due to the death of a covered former employee.

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “I am extremely proud of our Salisbury Bank team, which has successfully met the challenges of serving our customers and communities during these difficult times. During this pandemic we extended $100 million in PPP loans and worked with numerous commercial and residential customers to accommodate their needs for temporary loan payment deferrals. Our efforts have assisted the economic survival of our customers. We reported strong earnings for the third quarter and we continued to bolster our allowance for loan losses and our capital base. We have also been able to increase book value and tangible book value per common share by 7% and 8%, respectively so far for this year. As we enter the colder months, however, the uncertainty surrounding COVID-19 and its impact on businesses is extremely high. As a result, we continue to closely monitor our loan portfolio and our lenders constantly communicate with our customers. Salisbury remains committed to providing outstanding customer service and supporting our local communities during this crisis.”

Net-Interest and Dividend Income

Tax equivalent net interest income of $10.1 million for the third quarter 2020 increased $313 thousand, or 3.2%, versus second quarter 2020, and increased $1.3 million, or 14.4%, versus third quarter 2019. Interest income was essentially unchanged compared to second quarter 2020 and third quarter 2019. Third quarter 2020 included PPP fees and interest of $651 thousand compared with $561 thousand in second quarter 2020. The cost of interest bearing liabilities declined $0.2 million, or 18.8%, from second quarter 2020 and declined $1.3 million, or 54.3%, from third quarter 2019.

Average earning assets increased $42.1 million, or 3.6%, versus second quarter 2020, and increased $150.9 million, or 14.1%, versus third quarter 2019. Average earning assets for third quarter 2020 included average PPP loan balances of $97.0 million. Average total interest bearing liabilities increased $23.0 million, or 2.8%, versus second quarter 2020 and increased $64.9 million, or 8.4%, versus third quarter 2019. The increase from third quarter 2019 primarily reflected the funding of PPP loans.

The tax equivalent net interest margin for the third quarter 2020 was 3.29% compared with 3.31% for the second quarter 2020 and 3.29% for the third quarter 2019. See SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income on pages 9-10 of this release for additional details.

Non-Interest Income

Non-interest income of $3.3 million for third quarter 2020 increased $1.0 million compared with second quarter 2020 and third quarter 2019. Non-interest income for third quarter 2020 included a non-recurring non-taxable BOLI gain of $601 thousand due to the death of a covered former employee. The increase in non-interest income from the comparative quarters also reflected higher realized gains on the sale of residential mortgages.

Trust and Wealth Advisory fees of $1.1 million increased slightly compared with both second quarter 2020 and third quarter 2019. Assets under administration were $748.2 million as of September 30, 2020 compared with $704.1 million at June 30, 2020 and $752.5 million as of September 30, 2019. Discretionary assets under administration of $515.0 million in third quarter 2020 increased from $480.5 million in second quarter 2020 and $475.5 million in third quarter 2019. The growth from second quarter 2020 primarily reflected higher market valuations whereas the growth versus third quarter 2019 primarily reflected new business activity. Non-discretionary assets under administration were $233.2 million in third quarter 2020 compared with $223.6 million in second quarter 2020 and $277.0 million in third quarter 2019. The increase from second quarter 2020 primarily reflected higher valuations whereas the decline from third quarter 2019 primarily reflected a lower valuation of shares in a partnership for one significant client relationship for which the trust and wealth business recorded only a nominal annual fee.

Service charges and fees of $711 thousand increased $113 thousand versus second quarter 2020 and decreased $292 thousand versus third quarter 2019. The increase from second quarter 2020 primarily reflected higher interchange fees whereas the decline from third quarter 2019 reflected lower deposit fees. To help support the financial needs of our customers and the communities in our markets, the Bank waived approximately $289 thousand and $558 thousand of deposit and transaction fees in the third quarter and the nine month period ended September 30, 2020, respectively.

Income from sales and servicing of mortgage loans of $736 thousand increased $418 thousand versus second quarter 2020 and increased $618 thousand from third quarter 2019. Mortgage loans of $26.6 million were sold during the third quarter 2020 compared with sales of $14.7 million for second quarter 2020 and $5.6 million in third quarter 2019.

Non-Interest Expense

Non-interest expense of $7.3 million for third quarter 2020 increased $470 thousand versus second quarter 2020 and increased $75 thousand versus third quarter 2019. Compensation expense of $4.2 million for third quarter 2020 increased $727 thousand from second quarter 2020 and decreased $48 thousand versus third quarter 2019. The second quarter 2020 included the deferral of approximately $540 thousand of compensation costs associated with originating PPP loans. These deferred costs will be amortized into income over the term of the PPP loans as an offset to loan interest income, which is a component of net interest margin. Third quarter 2020 also reflected higher salary expense and production accruals, which were driven by increased loan origination volume.

Excluding compensation, other non-interest expenses of $3.1 million for third quarter 2020 decreased $257 thousand from second quarter 2020 and increased $123 thousand from third quarter 2019. The decrease from second quarter 2020 primarily reflected lower consulting and director fees as well as a decline in community support donations, which were accelerated in second quarter 2020. The increase from third quarter 2019 primarily reflected FDIC assessment credits recorded in the prior year third quarter.

The effective income tax rates for third quarter 2020, second quarter 2020 and third quarter 2019 were 17.3%, 18.1% and 18.0%, respectively. The lower tax rate in third quarter 2020 primarily reflected the non-taxable BOLI proceeds received during the quarter.

Loans

Gross loans for third quarter 2020 of $1.0 billion included $99.9 million in PPP loans, which are categorized as commercial & industrial loans in the below table, and net deferred fees of $2.3 million. Excluding PPP loans, gross loans receivable were $947.0 million at September 30, 2020, compared with $955.8 million at June 30, 2020, and $923.9 million at September 30, 2019. Including PPP loans, the ratio of gross loans to deposits for third quarter 2020 was 95.4% compared with 97.0% for second quarter 2020 and 95.6% for third quarter 2019. Balances by loan type for the comparative periods were as follows:

Loan Type    Q3 2020      Q2 2020      Q3 2019  
Residential Real Estate  $429,221   $436,364   $421,843 
Commercial Real Estate   333,412    323,634    296,302 
Commercial & Industrial   237,448    247,440    164,078 
Farm Land   3,295    3,324    3,686 
Vacant Land   13,694    13,879    8,111 
Municipal   20,797    20,707    22,260 
Consumer   7,686    7,886    6,290 
Deferred (Fees) Costs   (959)   (1,339)   1,359 
Gross Loans Receivable  $1,044,594   $1,051,895   $923,929 

 

Asset Quality

In March 2020, Salisbury implemented a loan payment deferral program which allowed residential, commercial and consumer borrowers, who have been adversely affected by the COVID-19 pandemic, to defer loan payments for up to three months. Customers may also apply for additional deferments. As of September 30, 2020, loan payments were deferred on 21 residential and consumer loans ($7 million loan balance) and 37 commercial loans ($56 million loan balance).

Non-performing assets decreased $0.1 million during third quarter 2020 to $4.7 million, or 0.36% of total assets at September 30, 2020, from $4.8 million, or 0.37% of total assets at June 30, 2020, and decreased $1.0 million from $5.7 million, or 0.50% of total assets, at September 30, 2019.

The amount of total impaired and potential problem loans decreased $0.1 million during the third quarter 2020 to $26.8 million, or 2.56% of gross loans receivable, at September 30, 2020 compared to $26.9 million, or 2.55% of gross loans receivable, at June 30, 2020, and increased $4.2 million from $22.6 million, or 2.44% of gross loans receivable, at September 30, 2019.

Accruing loans receivable 30-to-89 days past due decreased $1.0 million during third quarter 2020 to $1.6 million, or 0.16% of gross loans receivable, from $2.7 million, or 0.25% of gross loans receivable at June 30, 2020, and decreased $0.2 million from $1.8 million, or 0.19% of gross loans receivable at September 30, 2019.

The allowance for loan losses at September 30, 2020 was $13.0 million compared with $12.4 million at June 30, 2020 and $8.8 million at September 30, 2019. The provision for loan losses expense was $0.7 million for third quarter 2020 versus $1.8 million for second quarter 2020, and $94 thousand for third quarter 2019. The provision for third quarter reflected management’s assessment of the impact of the COVID-19 pandemic on certain qualitative and environmental factors and impaired loans. Net loan charge-offs were $56 thousand for the third quarter 2020, $53 thousand for second quarter 2020 and $135 thousand for the third quarter 2019. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 1.24% for the third quarter 2020, versus 1.18% for second quarter 2020 and 0.96% for third quarter 2019. Excluding PPP loans and deferred net fees, the ratio of the allowance for loan losses to gross loans was 1.37% for third quarter 2020 compared with 1.29% for second quarter 2020.

Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.

Deposits and Borrowings

Deposits of $1.1 billion at September 30, 2020 increased $9.5 million from June 30, 2020 and increased $129.0 million from September 30, 2019. Deposits at September 30, 2020 included brokered deposits, including CDARS one-way buys, of $18.0 million compared with $38.2 million at June 30, 2020 and $32.9 million at September 30, 2019. Average total deposits for third quarter 2020 were $1.1 billion compared with $1.0 billion at June 30, 2020 and $938.5 million at September 30, 2019. Average total deposits for third quarter 2020 included average brokered deposits of $24.9 million compared with $44.2 million for second quarter 2020 and $31.6 million for third quarter 2019.

FHLB advances of $43.9 million at September 30, 2020 decreased $11.2 million from June 30, 2020 and increased $6.1 million from September 30, 2019. Salisbury’s excess borrowing capacity at FHLBB was approximately $234 million at September 30, 2020.

Capital

Book value per common share increased $1.33 during the third quarter 2020 to $42.99 per share and increased $3.47 from the third quarter 2019. Tangible book value per common share increased $1.36 during third quarter 2020 to $37.87 and increased $3.63 from the third quarter 2019.

Shareholders’ equity increased $3.8 million in third quarter 2020 to $122.2 million at September 30, 2020 as net income of $4.4 million and the issuance of restricted stock awards of $0.2 million were partly offset by common stock dividends paid of $0.8 million.

The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At September 30, 2020, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.93%, 13.6%, and 12.3%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

Dividends on Common Shares

The Board of Directors of Salisbury declared a $0.29 per common share quarterly cash dividend at its October 30, 2020 meeting. The dividend will be paid on November 27, 2020 to shareholders of record as of November 13, 2020.

Background

Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, New Paltz, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.

Forward-Looking Statements

This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.

Investor presentation slides, which include a review of financial results and trends through the period ended September 30, 2020, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under Shareholder Relations/News & Market Information/Presentations simultaneously with this Release.

 
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share data)    September 30, 2020      December 31, 2019  
ASSETS  (unaudited)      
Cash and due from banks  $6,828   $7,406 
Interest bearing demand deposits with other banks   88,513    19,479 
Total cash and cash equivalents   95,341    26,885 
Interest bearing Time Deposits with Financial Institutions   750    750 
Securities          
Available-for-sale at fair value   95,720    91,801 
CRA mutual fund at fair value   916    882 
Federal Home Loan Bank of Boston stock at cost   3,158    3,242 
Loans held-for-sale   2,761    332 
Loans receivable, net (allowance for loan losses: $13,001 and $8,895)   1,031,593    927,413 
Other real estate owned   —      314 
Bank premises and equipment, net   18,727    17,385 
Goodwill   13,815    13,815 
Intangible assets (net of accumulated amortization: $5,132 and $4,884)   748    995 
Accrued interest receivable   6,055    3,415 
Cash surrender value of life insurance policies   17,572    20,580 
Deferred taxes   2,252    1,249 
Other assets   3,352    3,390 
Total Assets  $1,292,760   $1,112,448 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $313,742   $237,852 
Demand (interest bearing)   201,760    153,314 
Money market   270,097    239,504 
Savings and other   181,691    161,112 
Certificates of deposit   127,851    127,724 
Total deposits   1,095,141    919,506 
Repurchase agreements   10,885    8,530 
Federal Home Loan Bank of Boston advances   43,880    50,887 
Subordinated debt   9,877    9,859 
Note payable   218    246 
Finance lease obligations   1,685    1,718 
Accrued interest and other liabilities   8,834    8,047 
Total Liabilities   1,170,520    998,793 
Shareholders' Equity          
Common stock - $0.10 per share par value          
Authorized: 5,000,000          
Issued: 2,843,292 and 2,825,912          
Outstanding: 2,843,292 and 2,825,912   284    283 
Unearned compensation - restricted stock awards   (906)   (795)
Paid-in capital   45,171    44,490 
Retained earnings   74,995    68,320 
Accumulated other comprehensive income, net   2,696    1,357 
Total Shareholders' Equity   122,240    113,655 
Total Liabilities and Shareholders' Equity  $1,292,760   $1,112,448 
 
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

   Three months ended  Nine months ended
Periods ended September 30, (in thousands, except per share amounts) 2020      2019      2020      2019  
Interest and dividend income                    
Interest and fees on loans  $10,362   $10,045   $30,662   $29,859 
Interest on debt securities                    
Taxable   396    530    1,260    1,734 
Tax exempt   157    166    513    355 
Other interest and dividends   87    282    229    761 
Total interest and dividend income   11,002    11,023    32,664    32,709 
Interest expense                    
Deposits   764    1,879    3,261    5,674 
Repurchase agreements   6    9    16    16 
Finance lease   35    43    106    135 
Note payable   3    4    11    12 
Subordinated debt   156    156    468    468 
Federal Home Loan Bank of Boston advances   113    265    472    956 
Total interest expense   1,077    2,356    4,334    7,261 
Net interest and dividend income   9,925    8,667    28,330    25,448 
Provision for loan losses   686    94    4,198    539 
Net interest and dividend income after provision for loan losses   9,239    8,573    24,132    24,909 
Non-interest income                    
Trust and wealth advisory   1,068    1,023    3,129    2,973 
Service charges and fees   711    1,003    2,214    2,935 
Gains on sales of mortgage loans, net   707    42    1,020    50 
Mortgage servicing, net   29    76    162    232 
Gains on CRA mutual fund   —      6    22    29 
Gains (losses) on available-for-sale securities, net   34    (9)   216    263 
BOLI income and gains   719    86    986    252 
Other   18    29    97    97 
Total non-interest income   3,286    2,256    7,846    6,831 
Non-interest expense                    
Salaries   3,114    3,042    8,375    8,994 
Employee benefits   1,061    1,181    3,244    3,408 
Premises and equipment   1,005    974    2,897    2,950 
Data processing   569    534    1,666    1,620 
Professional fees   635    572    2,020    1,690 
OREO gains, losses and write-downs, net   —      84    —      406 
Collections and other real estate owned   108    119    212    328 
FDIC insurance   123    (9)   331    294 
Marketing and community support   126    141    419    448 
Amortization of intangibles   78    93    247    297 
Other   440    453    1,572    1,398 
Total non-interest expense   7,259    7,184    20,983    21,833 
Income before income taxes   5,266    3,645    10,995    9,907 
Income tax provision   910    657    1,858    1,781 
Net income  $4,356   $2,988   $9,137   $8,126 
Net income available to common stock  $4,288   $2,940   $9,006   $8,016 
                     
Basic earnings per common share  $1.53   $1.06   $3.22   $2.88 
Diluted earnings per common share  $1.53   $1.05   $3.21   $2.87 
Common dividends per share  $0.29   $0.28   $0.87   $0.84 
 
 

Salisbury Bancorp, Inc. and Subsidiary

SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

 

At or for the quarters ended               
(in thousands, except per share amounts and ratios)    Q3 2020      Q2 2020      Q1 2020      Q4 2019      Q3 2019  
Total assets  $1,292,760   $1,287,137   $1,145,751   $1,112,448   $1,144,240 
Loans receivable, net   1,031,593    1,039,524    949,142    927,413    915,083 
Total securities   99,794    93,717    94,966    95,925    98,270 
Deposits   1,095,141    1,085,599    965,620    919,506    966,178 
FHLBB advances   43,880    55,118    40,932    50,887    37,828 
Shareholders’ equity   122,240    118,444    116,143    113,655    111,580 
Wealth assets under administration   748,188    704,052    639,457    777,503    752,467 
Discretionary wealth assets under administration   514,988    480,456    425,359    498,737    475,482 
Non-discretionary wealth assets under administration   233,200    223,596    214,098    278,766    276,985 
Non-performing loans   4,681    4,815    3,188    3,621    5,370 
Non-performing assets   4,681    4,815    3,188    3,935    5,687 
Accruing loans past due 30-89 days   1,638    2,656    6,109    2,077    1,784 
Net interest and dividend income   9,925    9,617    8,787    8,665    8,667 
Net interest and dividend income, tax equivalent(1)   10,101    9,786    8,954    8,839    8,830 
Provision for loan losses   686    1,806    1,706    417    94 
Non-interest income   3,286    2,316    2,245    2,419    2,256 
Non-interest expense   7,259    6,789    6,936    7,080    7,184 
Income before income taxes   5,266    3,338    2,390    3,587    3,645 
Income tax provision   910    604    343    578    657 
Net income   4,356    2,734    2,047    3,009    2,988 
Net income allocated to common shareholders   4,288    2,691    2,013    2,960    2,940 
                          
Per share data                         
Basic earnings per common share  $1.53   $0.96   $0.72   $1.06   $1.06 
Diluted earnings per common share   1.53    0.96    0.72    1.06    1.05 
Dividends per common share   0.29    0.29    0.29    0.28    0.28 
Book value per common share   42.99    41.66    41.05    40.22    39.52 
Tangible book value per common share - Non-GAAP ⁽2⁾   37.87    36.51    35.85    34.98    34.24 
Common shares outstanding at end of period (in thousands)   2,843    2,843    2,829    2,826    2,823 
Weighted average common shares outstanding, to calculate basic earnings per share (in thousands)   2,799    2,796    2,788    2,781    2,783 
Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands)   2,807    2,803    2,797    2,794    2,795 
                          
Profitability ratios                         
Net interest margin (tax equivalent) (1)   3.29%   3.31%   3.35%   3.34%   3.29%
Efficiency ratio (3)   56.33    56.23    61.36    61.81    62.90 
Effective income tax rate   17.28    18.11    14.35    16.11    18.02 
Return on average assets   1.34    0.89    0.73    1.07    1.05 
Return on average common shareholders’ equity   14.14    9.36    7.07    10.56    10.73 
                          
Credit quality ratios                         
Non-performing loans to loans receivable, gross   0.45    0.46    0.33    0.39    0.58 
Accruing loans past due 30-89 days to loans receivable, gross   0.16    0.25    0.64    0.22    0.19 
Allowance for loan losses to loans receivable, gross   1.24    1.18    1.11    0.95    0.96 
Allowance for loan losses to non-performing loans   277.8    256.9    333.0    245.64    164.73 
Non-performing assets to total assets   0.36    0.37    0.28    0.35    0.50 
                          
Capital ratios                         
Common shareholders' equity to assets   9.46%   9.20%   10.14%   10.22%   9.75%
Tangible common shareholders' equity to tangible assets - Non-GAAP(2)   8.42    8.16    8.97    9.01    8.56 
Tier 1 leverage capital (4)   8.93    8.95    9.65    9.60    9.27 
Total risk-based capital (4)   13.60    13.15    12.97    12.84    12.58 
Common equity tier 1 capital (4)   12.35    11.90    11.79    11.83    11.57 
                          

(1) Adjusted to reflect the U.S. federal statutory benefit on income derived from tax-exempt securities and loans.

(2) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(3) Calculated as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses.

(4) Represents the capital ratios of the Bank.

 

 
 

Salisbury Bancorp, Inc. and Subsidiary

SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)

 

At or for the quarters ended               
(in thousands, except per share amounts and ratios)    Q3 2020      Q2 2020      Q1 2020      Q4 2019      Q3 2019  
Common Shareholders' Equity  $122,240   $118,444   $116,143   $113,655   $111,580 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (748)   (825)   (908)   (995)   (1,086)
Tangible Common Shareholders' Equity  $107,677   $103,804   $101,420   $98,845   $96,679 
Total Assets  $1,292,760   $1,287,137   $1,145,751   $1,112,448   $1,144,240 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (748)   (825)   (908)   (995)   (1,086)
Tangible Total Assets  $1,278,197   $1,272,497   $1,131,028   $1,097,638   $1,129,339 
Common Shares outstanding   2,843    2,843    2,829    2,826    2,823 
                          
Book value per Common Share – GAAP  $42.99   $41.66   $41.05   $40.22   $39.52 
Tangible book value per Common Share - Non-GAAP   37.87    36.51    35.85    34.98    34.24 
Tangible common shareholders’ equity to tangible total assets - Non-GAAP   8.42%   8.16%   8.97%   9.01%   8.56%
Consolidated:                         
Non-interest expense  $7,259   $6,789   $6,936   $7,080   $7,184 
Less: Amortization of core deposit intangibles   (78)   (83)   (87)   (91)   (93)
Less: Foreclosed property expense including OREO gains, losses and Write downs   2    (7)   13    (27)   (115)
Adjusted non-interest expense  $7,183   $6,699   $6,862   $6,962   $6,976 
Net interest and dividend income, tax equivalent  $10,101   $9,786   $8,955   $8,839   $8,831 
Non-interest income   3,286    2,316    2,245    2,419    2,256 
(Gains) losses on securities   (34)   (188)   (15)   4    3 
BOLI proceeds   (601)   —      —      —      —   
Adjusted revenue  $12,752   $11,914   $11,185   $11,262   $11,090 
Efficiency Ratio – Non-GAAP 1   56.33%   56.23%   61.36%   61.81%   62.90%
                          

1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q3 2020: 54.76%; Q2 2020: 54.29%; Q1 2020: 59.83%; Q4 2019: 60.19%; Q3 2019: 61.13%. If Q3 2020 results were normalized to exclude the impact of the COVID-19 pandemic, non-interest expense would increase by $48 thousand for deferred compensation costs and revenue would be adjusted to include waived deposit fees of $289 thousand and exclude PPP loan interest and fee income of $251 thousand and $400 thousand, respectively. The resulting normalized efficiency ratio for Q3 2020 would have been 58.37% or 56.94%, excluding trust & wealth advisory.

   

 

Salisbury Bancorp, Inc. and Subsidiary

SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)

 

At or for the quarters ended Average Balance  Income / Expense  Average Yield / Rate
(dollars in thousands)    Q3 2020      Q2 2020      Q3 2019      Q3 2020      Q2 2020      Q3 2019      Q3 2020      Q2 2020      Q3 2019  
Loans (a)(d)  $1,049,313   $1,038,551   $920,946   $10,485   $10,428   $10,158    3.97%   4.02%   4.41%
Securities (c)(d)   89,220    86,987    96,317    606    634    747    2.72    2.92    3.10 
FHLBB stock   3,440    3,580    3,024    34    39    46    3.96    4.36    6.08 
Short term funds (b)   78,306    49,105    49,057    53    12    236    0.27    0.10    1.92 
Total earning assets   1,220,279    1,178,223    1,069,344    11,178    11,113    11,187    3.64    3.77    4.18 
Other assets   64,943    60,288    57,196                               
Total assets  $1,285,222   $1,238,511   $1,126,540                               
Interest-bearing demand deposits  $195,253   $172,811   $156,803    110    103    160    0.22    0.24    0.41 
Money market accounts   258,257    237,667    242,310    195    239    700    0.30    0.40    1.16 
Savings and other   176,963    171,436    165,297    69    102    323    0.15    0.24    0.78 
Certificates of deposit   135,238    157,288    152,475    390    544    697    1.15    1.38    1.83 
Total interest-bearing deposits   765,711    739,202    716,885    764    988    1,880    0.40    0.53    1.05 
Repurchase agreements   12,218    4,773    7,266    6    4    9    0.20    0.34    0.50 
Capital lease   2,928    2,987    4,356    35    35    42    4.80    4.69    3.86 
Note payable   221    231    258    3    4    4    6.08    6.93    6.20 
Subordinated debt (net of issuance costs)   9,872    9,866    9,849    156    156    156    6.32    6.32    6.34 
FHLBB advances   44,522    55,374    31,983    113    140    266    0.99    1.01    3.33 
Total interest-bearing liabilities   835,472    812,433    770,597    1,077    1,327    2,357    0.51    0.65    1.22 
Demand deposits   321,392    302,965    238,689                               
Other liabilities   7,592    6,029    6,669                               
Shareholders’ equity   120,766    117,084    110,585                               
Total liabilities & shareholders’ equity  $1,285,222   $1,238,511   $1,126,540                               
Net interest income                 $10,101   $9,786   $8,830                
Spread on interest-bearing funds                                 3.13    3.12    2.96 
Net interest margin (e)                                3.29    3.31    3.29 
                                              

(a)Includes non-accrual loans.

(b)Includes interest-bearing deposits in other banks and federal funds sold.
(c)Average balances of securities are based on historical cost.
(d)Includes tax exempt income benefit of $176,000, $170,000 and $164,000, respectively, for Q3 2020, Q2 2020 and Q3 2019 on tax-exempt securities and loans whose income and yields are calculated on a tax-equivalent basis. The income benefit reflected the U.S. federal statutory tax rate of 21.0% for 2020 and 2019.
(e)Net interest income divided by average interest-earning assets.

 

 
 

 

Salisbury Bancorp, Inc. and Subsidiary

SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)

 

Nine months ended September 30,  Average Balance  Income / Expense  Average Yield / Rate
(dollars in thousands)    2020      2019      2020      2019      2020      2019  
Loans (a)(d)  $1,012,070   $920,925   $31,010   $30,179    4.07%   4.36%
Securities (c)(d)   88,603    97,337    1,939    2,201    2.92    3.02 
FHLBB stock   3,354    3,487    106    183    4.24    7.03 
Short term funds (b)   50,312    38,682    123    577    0.33    2.00 
Total earning assets   1,154,339    1,060,431    33,178    33,140    3.83    4.18 
Other assets   63,265    56,769                     
Total assets  $1,217,604   $1,117,200                     
Interest-bearing demand deposits  $174,299   $154,885    331    458    0.25    0.40 
Money market accounts   245,581    217,290    994    1,732    0.54    1.07 
Savings and other   170,880    177,873    405    1,229    0.32    0.92 
Certificates of deposit   149,080    164,979    1,531    2,255    1.37    1.83 
Total interest-bearing deposits   739,840    715,027    3,261    5,674    0.59    1.06 
Repurchase agreements   7,572    4,463    16    16    0.29    0.48 
Capital lease   2,988    4,314    106    135    4.74    4.16 
Note payable   231    266    11    12    6.08    6.06 
Subordinated debt (net of issuance costs)   9,867    9,844    468    468    6.32    6.34 
FHLBB advances   45,667    42,938    472    957    1.36    2.94 
Total interest-bearing liabilities   806,165    776,852    4,334    7,262    0.72    1.25 
Demand deposits   286,608    226,182                     
Other liabilities   6,847    6,560                     
Shareholders’ equity   117,984    107,606                     
Total liabilities & shareholders’ equity  $1,217,604   $1,117,200                     
Net interest income            $28,844   $25,878           
Spread on interest-bearing funds                       3.11    2.93 
Net interest margin (e) 

  

                    3.32    3.24 
(a)Includes non-accrual loans.
(b)Includes interest-bearing deposits in other banks and federal funds sold.
(c)Average balances of securities are based on historical cost.
(d)Includes tax exempt income benefit of $514,000 and $432,000, respectively for 2020 and 2019 on tax-exempt securities and loans whose income and yields are calculated on a tax-equivalent basis. The income benefit reflected the U.S. federal statutory tax rate of 21.0% for 2020 and 2019.
(e)Net interest income divided by average interest-earning assets.

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