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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Statements of Income, USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Statements of Income
       
Interest and dividend income        
Interest and fees on loans $ 4,656 $ 4,516 $ 13,983 $ 13,415
Interest on debt securities        
Taxable 330 418 1,075 1,359
Tax exempt 416 475 1,294 1,441
Other interest and dividends 42 22 87 58
Total interest and dividend income 5,444 5,431 16,439 16,273
Interest expense        
Deposits 379 459 1,079 1,437
Repurchase agreements 3 2 5 4
Capital lease 12    29   
Federal Home Loan Bank of Boston advances 296 311 892 935
Total interest expense 690 772 2,005 2,376
Net interest income 4,754 4,659 14,434 13,897
Provision for loan losses 318 240 969 876
Net interest and dividend income after provision for loan losses 4,436 4,419 13,465 13,021
Non-interest income        
Trust and wealth advisory 791 750 2,509 2,299
Service charges and fees 639 595 1,807 1,687
Gains on sales of mortgage loans, net    69 43 501
Mortgage servicing, net 41 (37) 80 (3)
Other 82 82 234 251
Total non-interest income 1,553 1,459 4,673 4,735
Non-interest expense        
Salaries 1,980 1,922 5,776 5,508
Employee benefits 697 693 2,176 2,140
Premises and equipment 728 622 2,102 1,789
Data processing 420 358 1,254 1,145
Professional fees 441 [1] 306 1,485 [1] 996
Collections and OREO 77 74 298 305
FDIC insurance 119 111 340 350
Marketing and community support 115 99 355 326
Amortization of intangibles 75 56 193 167
Other 456 402 1,307 1,232
Total non-interest expense 5,108 4,643 15,286 13,958
Income before income taxes 881 1,235 2,852 3,798
Income tax provision 113 219 567 695
Net income 768 1,016 2,285 3,103
Net income available to common shareholders $ 728 $ 976 $ 2,159 $ 2,982
Basic earnings per common share $ 0.43 $ 0.57 $ 1.26 $ 1.75
Diluted earnings per common share $ 0.43 $ 0.57 $ 1.26 $ 1.75
Common dividends per share $ 0.28 $ 0.28 $ 0.84 $ 0.84
[1] Includes one-time professional fees of $126,000 and $464,000 incurred in conjunction with the following strategic initiatives for the three and nine month periods ended September 30, 2014: (i) the acquisition of the Sharon, CT branch office of another institution and related branch deposits and the consolidation of an existing Salisbury branch office in Sharon, CT with such branch, which was consummated in June of 2014, and (ii) the execution of an agreement to merge Riverside Bank of Poughkeepsie, NY with and into Salisbury Bank, which agreement was announced March 19, 2014, approved by the shareholders of both Salisbury and Riverside Bank on October 29, 2014 and approved by the FDIC and Connecticut Department of Banking on November 3, 2014 and November 5, 2014, respectively.