NOTE 24 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

NOTE 24 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 24 – 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)		2021		2020
Assets
Cash and due from banks	$	6,412	$	1,968
Investment in bank subsidiary		154,292		132,407
Other assets		386		273
Total Assets	$	161,090	$	134,648
Liabilities and Shareholders' Equity
Subordinated debt	$	24,474	$	9,883
Other liabilities		16		13
Shareholders' equity		136,600		124,752
Total Liabilities and Shareholders' Equity	$	161,090	$	134,648

Statements of Income   Years ended December 31, (in thousands)		2021		2020		2019
Dividends from subsidiary	$	3,994	$	3,787	$	3,546
Interest income		11		6		10
Interest expense		1,000		618		624
Non-interest expenses		574		495		417
Income before taxes and equity in undistributed net income of subsidiary		2,431		2,680		2,515
Income tax benefit		386		273		252
Income before equity in undistributed net income of subsidiary		2,817		2,953		2,767
Equity in undistributed net income of subsidiary		13,656		8,987		8,369
Net income	$	16,473	$	11,940	$	11,136

Statements of Cash Flows   Years ended December 31, (in thousands)		2021			2020			2019
Net income	$	16,473		$	11,940		$	11,136
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(13,656	)		(8,987	)		(8,369	)
Other		63			(25	)		474
Net cash provided by operating activities		2,880			2,928			3,241
Investing Activities
Investment in bank		(9,433	)		—			—
Net cash utilized by investing activities		(9,433	)		—			—
Financing activities
Issuance of subordinated debt, net of issuance cost		24,418			—			—
Payoff of subordinated debt		(10,000	)		—			—
Common stock dividends paid		(3,452	)		(3,286	)		(3,155	)
Proceeds from issuance of common stock		31			53			82
Net cash provided (utilized) by financing activities		10,997			(3,233	)		(3,073	)
Net increase (decrease) in cash and cash equivalents		4,444			(305	)		168
Cash and cash equivalents, beginning of period		1,968			2,273			2,105
Cash and cash equivalents, end of period	$	6,412		$	1,968		$	2,273