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

12 Months Ended

Dec. 31, 2022

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)		2022		2021
Assets
Cash and due from banks	$	5,443	$	6,412
Investment in bank subsidiary		146,772		154,292
Other assets		796		386
Total Assets	$	153,011	$	161,090
Liabilities and Shareholders' Equity
Subordinated debt	$	24,531	$	24,474
Other liabilities		125		16
Shareholders' equity		128,355		136,600
Total Liabilities and Shareholders' Equity	$	153,011	$	161,090

Statements of Income   Years ended December 31, (in thousands)		2022		2021		2020
Dividends from subsidiary	$	4,321	$	3,994	$	3,787
Interest income		10		11		6
Interest expense		932		1,000		618
Non-interest expenses		1,063		574		495
Income before taxes and equity in undistributed net income of subsidiary		2,336		2,431		2,680
Income tax benefit		409		386		273
Income before equity in undistributed net income of subsidiary		2,745		2,817		2,953
Equity in undistributed net income of subsidiary		13,129		13,656		8,987
Net income	$	15,874	$	16,473	$	11,940

Statements of Cash Flows   Years ended December 31, (in thousands)		2022			2021			2020
Net income	$	15,874		$	16,473		$	11,940
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(13,129	)		(13,656	)		(8,987	)
Other		(245	)		63			(25	)
Net cash provided by operating activities		2,500			2,880			2,928
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		(3,691	)		(3,452	)		(3,286	)
Proceeds from issuance of common stock		222			31			53
Net cash (utilized) provided by financing activities		(3,469	)		10,997			(3,233	)
Net (decrease) increase in cash and cash equivalents		(969	)		4,444			(305	)
Cash and cash equivalents, beginning of period		6,412			1,968			2,273
Cash and cash equivalents, end of period	$	5,443		$	6,412		$	1,968