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

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

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

NOTE 22 – 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)		2018		2017
Assets
Cash and due from banks	$	2,105	$	2,519
Investment in bank subsidiary		110,525		104,404
Other assets		689		430
Total Assets	$	113,319	$	107,353
Liabilities and Shareholders' Equity
Subordinated debt	$	9,835	$	9,811
Other liabilities		25		28
Shareholders' equity		103,459		97,514
Total Liabilities and Shareholders' Equity	$	113,319	$	107,353

Statements of Income   Years ended December 31, (in thousands)		2018		2017		2016
Dividends from subsidiary	$	3,529	$	3,691	$	3,491
Interest income		10		8		6
Interest expense		624		624		624
Non-interest expenses		435		530		337
Income before taxes and equity in undistributed net income of subsidiary		2,480		2,545		2,536
Income tax benefit		256		421		369
Income before equity in undistributed net income of subsidiary		2,736		2,966		2,905
Equity in undistributed net income of subsidiary		6,088		3,290		3,780
Net income	$	8,824	$	6,256	$	6,685

Statements of Cash Flows   Years ended December 31, (in thousands)		2018			2017			2016
Net income	$	8,824		$	6,256		$	6,685
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(6,088	)		(3,290	)		(3,780	)
Other		(239	)		(410	)		(13	)
Net cash provided by operating activities		2,497			2,556			2,892
Investing Activities
Investment in bank		—			—			—
Net cash utilized by investing activities		—			—			—
Financing Activities
Common stock dividends paid		(3,133	)		(3,113	)		(3,086	)
Proceeds from issuance of common stock		222			395			263
Net cash (utilized) provided by financing activities		(2,911	)		(2,718	)		(2,823	)
Net (decrease) increase in cash and cash equivalents		(414	)		(162	)		69
Cash and cash equivalents, beginning of period		2,519			2,681			2,612
Cash and cash equivalents, end of period	$	2,105		$	2,519		$	2,681