EX-99.1 2 sal0724form8kexh99_1.htm EXHIBIT 99.1

Exhibit 99.1 

 

Friday, July 26, 2019

 

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 RESULTS FOR SECOND QUARTER 2019; DECLARES 28 CENT DIVIDEND

 

·Record Net Income Increased to $0.96 per Share for Second Quarter, Up 41% Versus a Year Ago
·Non-performing Assets Decreased to 0.49% of Total Assets, Down From 0.64% Last Quarter
·Wealth Assets Under Administration Increased to $713 Million, Up $45 Million from One Year Ago

 

Lakeville, Connecticut, July 26, 2019 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its second quarter ended June 30, 2019.

Net income allocated to common shareholders was $2.7 million, or $0.96 per common share, for the quarter ended June 30, 2019 (second quarter 2019), compared with $2.4 million, or $0.87 per common share, for the first quarter ended March 31, 2019 (first quarter 2019), and $1.9 million, or $0.68 per common share, for the second quarter ended June 30, 2018 (second quarter 2018).

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “We reported record earnings in a quarter that reflected declining interest rates and persistent competition for loans and deposits. The mixed economic outlook, increased probability for interest rate reductions and renewed geo-political tensions contributed to flat overall loan growth compared with last quarter. Despite these challenges, our asset quality remains strong and our non-performing assets continue to decline. In this uncertain environment we remain intently focused on upholding our vigorous underwriting standards and enhancing profitability while we continue to provide outstanding service to our customers and earn the continued support of our investors.”

Net-Interest Income

Tax equivalent net interest income of $8.5 million for the second quarter 2019 decreased $76 thousand, or 0.9%, versus first quarter 2019, and increased $331 thousand, or 4.1%, versus second quarter 2018. Net interest income for the second quarter 2019 included a charge of $140 thousand for the write-off of unamortized premiums on purchased loans which paid off during the quarter. Average earning assets increased $11.6 million versus second quarter 2018, and increased $74.9 million versus second quarter 2018. Average total interest bearing deposits increased $27.6 million versus first quarter 2019 and increased $95.4 million versus second quarter 2018. The tax equivalent net interest margin for the second quarter 2019 was 3.19% compared with 3.28% for the first quarter 2019 and 3.31% for the second quarter 2018. The write-off of the unamortized premiums reduced second quarter tax equivalent net interest margin by approximately 0.05%.

Non-Interest Income

Non-interest income of $2.5 million for second quarter 2019 increased $521 thousand versus first quarter 2019 and increased $490 thousand versus second quarter 2018. Non-interest income for the second quarter 2019 included realized gains of $281 thousand on the sale of available-for-sale securities compared with realized losses of $9 thousand in the first quarter 2019 and realized gains of $17 thousand in the second quarter 2018.

Trust and Wealth Advisory fees increased $138 thousand versus first quarter 2019 and increased $95 thousand versus second quarter 2018. The quarter-over-quarter increase primarily reflected higher asset-based fees and seasonal tax preparation fees. The year-over-year increase primarily reflected higher asset-based fees. Assets under administration were $713 million as of June 30, 2019 compared with $692 million at March 31, 2019 and $668 million as of June 30, 2018. The increase from the first quarter 2019 was primarily attributed to growth in discretionary assets.

Service charges and fees increased $92 thousand versus first quarter 2019 and increased $120 thousand versus second quarter 2018. The increase from the first quarter 2019 and the second quarter 2018 reflected higher interchange and loan pre-payment fees. The increase from second quarter 2018 also reflected higher deposit fees.

Income from sales and servicing of mortgage loans was essentially unchanged versus first quarter 2019 and second quarter 2018. Mortgage loans of $0.3 million were sold during the second quarter 2019 compared with sales of $0.2 million for first quarter 2019. No mortgage loans were sold during the second quarter 2018.

Non-Interest Expense

Non-interest expense of $7.4 million for second quarter 2019 increased $228 thousand versus first quarter 2019 and increased $22 thousand versus second quarter 2018. Non-interest expense for the second quarter 2019 included a loss of $270 thousand on the sale of an OREO property compared with losses of $52 thousand and $1 thousand in the first quarter 2019 and second quarter 2018, respectively.

Total compensation expense decreased $176 thousand versus first quarter 2019 and increased $93 thousand from second quarter 2018. The decrease from first quarter 2019 primarily reflected lower payroll taxes and benefits expense and higher deferred expenses related to loan originations. The increase from second quarter 2019 primarily reflected higher benefits expense and lower deferred expenses related to loan originations.

Premises and equipment expense increased $31 thousand versus first quarter 2019 and decreased $97 thousand versus second quarter 2018. The increase from the first quarter 2019 primarily reflected higher building and machine maintenance and repairs expense, partly offset by a seasonal decrease in utilities costs. The decline versus second quarter 2018 was primarily attributed to costs incurred in the prior year second quarter associated with the relocation and consolidation of the Newburgh and Fishkill, N.Y. branches into new locations.

Data processing expenses, which also include data communications, increased $68 thousand versus first quarter 2019 and increased $21 thousand versus second quarter 2018. The increase from the first quarter 2019 primarily reflected higher core system data processing charges and ATM network processing fees. The increase from second quarter 2018 primarily reflected higher core system data processing charges and ATM network processing fees, which were partly offset by lower data communications expenses.

Professional fees increased $48 thousand versus first quarter 2019, and decreased $28 thousand versus second quarter 2018. The increase from the first quarter 2019 primarily reflected higher legal, consultation and investment management expenses partly offset by lower audit fees. The decline from the second quarter 2018 reflected lower consultation fees partly offset by higher audit and legal costs. The second quarter 2018 included one-time legal and consultation costs of approximately $75 thousand related to the acquisition of the Fishkill, N.Y. branch from Orange Bank & Trust Company.

Loan related expenses decreased $51 thousand compared to first quarter 2019 and decreased $156 thousand versus second quarter 2018. The decrease over both comparable periods was primarily driven by lower OREO carrying costs and litigation expense. The decline versus second quarter 2018 also reflected lower delinquent taxes paid on properties in the foreclosure process and other taxes.

The effective income tax rates for second quarter 2019, first quarter 2019 and second quarter 2018 were 18.1%, 17.8% and 14.4%, respectively.

Loans

Gross loans receivable decreased $0.4 million during second quarter 2019 to $919.5 million at June 30, 2019, compared with $919.9 million at March 31, 2019, and increased $39.3 million from $880.2 million at June 30, 2018. Balances by loan type for the comparative periods were as follows:

Loan Type  Q2 2019  Q1 2019  2Q 2018
Residential Real Estate  $419,811   $418,077   $407,123 
Commercial Real Estate   298,121    300,626    283,939 
Commercial & Industrial   163,487    167,503    150,911 
Farm Land   3,714    4,155    4,432 
Vacant Land   8,050    8,164    8,847 
Municipal   19,782    15,702    18,608 
Consumer   5,166    4,377    4,867 
Deferred Fees   1,329    1,333    1,451 
Gross Loans Receivable  $919,460   $919,937   $880,178 

 

The ratio of gross loans to deposits for second quarter 2019 was 96.7% compared with 97.7% for first quarter 2019 and 98.1% for second quarter 2018.

Asset Quality

Asset quality continued to improve during the second quarter 2019. Non-performing assets decreased $1.7 million during second quarter 2019 to $5.5 million, or 0.49% of total assets at June 30, 2019, from $7.1 million, or 0.64% of total assets at March 31, 2019, and decreased $0.9 million from $6.4 million, or 0.58% of total assets, at June 30, 2018.

The amount of total impaired and potential problem loans decreased $0.7 million during the second quarter ended June 30, 2019 to $22.2 million (2.42% of gross loans receivable), compared to $22.9 million, or 2.49% of gross loans receivable at March 31, 2019, and decreased $1.1 million from $23.3 million, or 2.7% of gross loans receivable at June 30, 2018.

Accruing loans receivable 30-to-89 days past due increased $0.2 million during second quarter 2019 to $2.5 million, or 0.27% of gross loans receivable, from $2.2 million, or 0.24% of gross loans receivable at March 31, 2019, and increased $1.0 million from $1.5 million, or 0.17% of gross loans receivable at June 30, 2018.

The allowance for loan losses at June 30, 2019 was $8.9 million compared with $8.8 million at March 31, 2019 and $7.4 million at June 30, 2018.

The provision for loan losses expense was $151 thousand for second quarter 2019 versus $294 thousand for first quarter 2019, and $467 thousand for second quarter 2018. The decrease in the provision from both comparable periods primarily reflected lower loan growth and lower net charge-offs. Net loan charge-offs were $15 thousand for the second quarter 2019, $38 thousand for first quarter 2019 and $144 thousand for the second quarter 2018. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.97% for the second quarter 2019, versus 0.95% for first quarter 2019 and 0.84% for second quarter 2018.

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 were $950.7 million at June 30, 2019 compared with $942.0 million at March 31, 2019 and $897.5 million at June 30, 2018. Deposits at June 30, 2019 included brokered deposits, including CDARS one-way buys, of $52.7 million compared with $49.7 million at March 31, 2019 and $12.2 million at June 30, 2018. Average total deposits for the second quarter 2019 were $947.1 million compared with $918.8 million at March 31, 2018 and $847.8 million at June 30, 2018. Average total deposits for the second quarter 2019 included average brokered deposits of $56.4 million compared with $42.2 million for first quarter 2019 and $9.3 million for second quarter 2018.

FHLB advances decreased $14.9 million during the quarter to $32.8 million at June 30, 2019 and decreased $46.8 million from June 30, 2018.

Capital

Book value per common share increased $0.78 during the second quarter to $38.59 per share and increased $3.21 from the second quarter 2018. Tangible book value per common share increased $0.85 during second quarter 2019 to $33.28 and increased $3.40 from the second quarter 2018.

Shareholders’ equity increased $2.8 million in second quarter 2019 to $108.9 million at June 30, 2019 as net income of $2.7 million, unrealized gains in the AFS portfolio of $0.8 million and the issuance of restricted stock awards of $0.1 million was 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 June 30, 2019, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.10%, 12.57%, and 11.54%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

Second Quarter 2019 Dividends on Common Shares

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at its July 26, 2019 meeting. The dividend will be paid on August 30, 2019 to shareholders of record as of August 16, 2019.

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 future results of 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 June 30, 2019, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under News & Market Information/Presentations.

 
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share data)    June 30, 2019      December 31, 2018  
ASSETS   (unaudited)      
Cash and due from banks  $8,010   $7,238 
Interest bearing demand deposits with other banks   40,503    51,207 
Total cash and cash equivalents   48,513    58,445 
Securities          
Available-for-sale at fair value   100,149    91,818 
CRA mutual fund   869    836 
Federal Home Loan Bank of Boston stock at cost   2,839    4,496 
Loans held-for-sale   403    — 
Loans receivable, net (allowance for loan losses: $8,887 and $7,831)   910,573    909,279 
Other real estate owned   401    1,810 
Bank premises and equipment, net   17,609    18,175 
Goodwill   13,815    13,815 
Intangible assets (net of accumulated amortization: $4,700 and $4,497)   1,180    1,383 
Accrued interest receivable   3,439    3,148 
Cash surrender value of life insurance policies   15,355    14,438 
Deferred taxes   707    1,276 
Other assets   3,360    2,635 
Total Assets  $1,119,212   $1,121,554 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $231,019   $228,448 
Demand (interest bearing)   156,687    153,586 
Money market   231,987    204,219 
Savings and other   158,809    178,807 
Certificates of deposit   172,221    161,679 
Total deposits   950,723    926,739 
Repurchase agreements   6,308    4,104 
Federal Home Loan Bank of Boston advances   32,769    67,154 
Subordinated debt   9,847    9,835 
Note payable   263    280 
Finance lease obligations   3,011    3,081 
Accrued interest and other liabilities   7,343    6,902 
Total Liabilities   1,010,264    1,018,095 
Shareholders' Equity          
Common stock - $0.10 per share par value          
Authorized: 5,000,000;          
Issued: 2,899,658 and 2,884,988          
Outstanding: 2,823,476 and 2,806,781   282    281 
Unearned compensation - restricted stock awards   (1,075)   (711)
Paid-in capital   44,382    43,770 
Retained earnings   63,905    60,339 
Accumulated other comprehensive  income (loss), net   1,454    (220)
Total Shareholders' Equity   108,948    103,459 
Total Liabilities and Shareholders' Equity  $1,119,212   $1,121,554 
 
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

     Three months ended      Six months ended  
Periods ended June 30, (in thousands, except per share amounts)    2019      2018      2019      2018  
Interest and dividend income                    
Interest and fees on loans  $9,880   $9,007   $19,814   $17,656 
Interest on debt securities:                    
Taxable   583    532    1,204    992 
Tax exempt   117    29    189    61 
Other interest and dividends   252    181    479    340 
Total interest and dividend income   10,832    9,749    21,686    19,049 
Interest expense                    
Deposits   1,999    997    3,795    1,774 
Repurchase agreements   4    1    7    3 
Finance lease   46    48    92    83 
Note payable   4    4    8    9 
Subordinated debt   156    156    312    312 
Federal Home Loan Bank of Boston advances   279    500    691    833 
Total interest expense   2,488    1,706    4,905    3,014 
Net interest and dividend income   8,344    8,043    16,781    16,035 
Provision for loan losses   151    467    445    793 
Net interest and dividend income after provision for loan losses   8,193    7,576    16,336    15,242 
Non-interest income                    
Trust and wealth advisory   1,044    949    1,950    1,843 
Service charges and fees   1,012    892    1,932    1,760 
Gains (losses) on sales of mortgage loans, net   1    (1)   8    17 
Mortgage servicing, net   80    84    156    167 
Gains (losses) on CRA mutual fund   12    (7)   23    (20)
Gains on available-for-sale securities, net   281    17    272    16 
Other   118    124    234    249 
Total non-interest income   2,548    2,058    4,575    4,032 
Non-interest expense                    
Salaries   2,959    2,939    5,952    5,785 
Employee benefits   1,042    969    2,227    2,128 
Premises and equipment   1,004    1,101    1,976    2,125 
Data processing   577    556    1,086    1,042 
Professional fees   583    611    1,118    1,230 
OREO losses and write-downs   270    1    322    53 
Collections and other real estate owned   79    235    209    316 
FDIC insurance   140    123    303    253 
Marketing and community support   151    222    307    463 
Amortization of core deposit intangibles   99    116    203    236 
Other   535    544    947    965 
Total non-interest expense   7,439    7,417    14,650    14,596 
Income before income taxes   3,302    2,217    6,261    4,678 
Income tax provision   599    318    1,124    763 
Net income  $2,703   $1,899   $5,137   $3,915 
Net income allocated to common stock  $2,671   $1,877   $5,079   $3,873 
Basic earnings per common share  $0.96   $0.68   $1.83   $1.40 
Weighted average common shares outstanding, to calculate basic earnings per share   2,780    2,762    2,779    2,760 
Diluted earnings per common share  $0.95   $0.68   $1.82   $1.39 
Weighted average common shares outstanding, to calculate diluted earnings per share   2,800    2,779    2,795    2,780 
Common dividends per share  $0.28   $0.28   $0.56   $0.56 
 
 

Salisbury Bancorp, Inc. and Subsidiary

SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

 

At or for the three month periods ended               
(in thousands, except per share amounts and ratios)    Q2 2019      Q1 2019      Q4 2018      Q3 2018      Q2 2018  
Total assets  $1,119,212   $1,118,925   $1,121,554   $1,098,715   $1,096,780 
Loans receivable, net   910,573    911,188    909,279    898,625    872,796 
Total securities   103,857    102,479    97,150    101,591    90,870 
Deposits   950,723    941,969    926,739    902,161    897,481 
FHLBB advances   32,769    47,712    67,154    67,596    79,538 
Shareholders’ equity   108,948    106,109    103,459    100,767    99,180 
Wealth assets under administration   713,319    691,731    648,027    690,448    667,933 
Discretionary wealth assets under administration   464,537    444,110    398,287    435,357    397,637 
Non-Discretionary wealth assets under administration   248,782    247,621    249,740    255,091    270,296 
Non-performing loans   5,062    6,389    6,514    8,173    5,881 
Non-performing assets   5,463    7,130    8,324    8,513    6,359 
Accruing loans past due 30-89 days   2,473    2,228    2,165    1,784    1,507 
Net interest and dividend income   8,344    8,437    8,615    8,500    8,043 
Net interest and dividend income, tax equivalent(1)   8,486    8,562    8,736    8,615    8,155 
Provision for loan losses   151    294    558    378    467 
Non-interest income   2,548    2,027    2,824    2,088    2,058 
Non-interest expense   7,439    7,211    7,909    7,329    7,417 
Income before income taxes   3,302    2,959    2,972    2,881    2,217 
Income tax provision   599    525    408    537    318 
Net income   2,703    2,434    2,564    2,344    1,899 
Net income applicable to common shareholders   2,671    2,408    2,528    2,311    1,877 
Per share data                         
Basic earnings per common share  $0.96   $0.87   $0.91   $0.84   $0.68 
Diluted earnings per common share   0.95    0.86    0.91    0.83    0.68 
Dividends per common share   0.28    0.28    0.28    0.28    0.28 
Book value per common share   38.59    37.81    36.86    35.93    35.38 
Tangible book value per common share - Non-GAAP(2)   33.28    32.43    31.45    30.47    29.88 
                          
Common shares outstanding at end of period (in thousands)   2,823    2,807    2,807    2,805    2,803 
Weighted average common shares outstanding, to calculate basic earnings per share (in thousands)   2,780    2,777    2,766    2,764    2,761 
Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands)   2,793    2,789    2,779    2,779    2,779 
                          
Profitability ratios                         
Net interest margin (tax equivalent)(1)   3.19%   3.28%   3.34%   3.29%   3.31%
Efficiency ratio(3)   65.81    66.15    69.13    66.91    70.87 
Effective income tax rate   18.14    17.75    13.74    18.65    14.35 
Return on average assets   0.97    0.89    0.92    0.85    0.69 
Return on average common shareholders’ equity   10.07    9.45    9.99    9.26    7.68 
                          
Credit quality ratios                         
Non-performing loans to loans receivable, gross   0.55    0.69    0.71    0.90    0.67 
Accruing loans past due 30-89 days to loans receivable, gross   0.27    0.24    0.24    0.20    0.17 
Allowance for loan losses to loans receivable, gross   0.97    0.95    0.85    0.85    0.84 
Allowance for loan losses to non-performing loans   175.56    136.96    120.21    94.77    125.51 
Non-performing assets to total assets   0.49    0.64    0.74    0.77    0.58 
                          
Capital ratios                         
Common shareholders' equity to assets   9.73%   9.48%   9.22%   9.17%   9.04%
Tangible common shareholders' equity to tangible assets - Non-GAAP(2)   8.51    8.25    7.98    7.89    7.75 
Tier 1 leverage capital (4)   9.10    8.98    8.83    8.66    8.98 
Total risk-based capital (4)   12.57    12.38    12.09    11.91    11.92 
Common equity tier 1 capital (4)      11.54    11.35    11.17    10.99    11.02 

 

1 Adjusted to reflect the U.S. federal statutory tax 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)    Q2 2019      Q1 2019      Q4 2018      Q3 2018      Q2 2018  
                
Common Shareholders' Equity  $108,948   $106,108   $103,459   $100,767   $99,180 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (1,180)   (1,279)   (1,383)   (1,490)   (1,601)
Tangible Common Shareholders' Equity  $93,953   $91,014   $88,261   $85,462   $83,764 
Total Assets  $1,119,212   $1,118,925   $1,121,554   $1,098,715   $1,096,780 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (1,180)   (1,279)   (1,383)   (1,490)   (1,601)
Tangible Total Assets  $1,104,217   $1,103,831   $1,106,356   $1,083,410   $1,081,364 
Common Shares outstanding   2,823    2,807    2,807    2,805    2,803 
                          
Book value per Common Share – GAAP  $38.59   $37.81   $36.86   $35.93   $35.38 
Tangible book value per Common Share - Non-GAAP   33.28    32.43    31.45    30.47    29.88 
                          
Consolidated:                         
Non-interest expense  $7,438   $7,211   $7,909   $7,329   $7,417 
Less: Amortization of core deposit intangibles   (99)   (104)   (107)   (111)   (116)
Less: Foreclosed property expense including OREO gains, losses and Write downs   (271)   (103)   (260)   (52)   (71)
Adjusted non-interest expense  $7,068   $7,004   $7,542   $7,166   $7,230 
Net interest and dividend income, tax equivalent  $8,486   $8,562   $8,736   $8,615   $8,155 
Non-interest income   2,548    2,027    2,824    2,088    2,058 
(Gains) losses on securities   (294)   (2)   (300)   6    (11)
BOLI proceeds receivable   —    —    (341)   —    — 
Adjusted revenue  $10,740   $10,588   $10,909   $10,709   $10,202 
Efficiency Ratio – Non-GAAP 1   65.81%   66.15%   69.13%   66.91%   70.87%

 

1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q2 2019: 64.09%; Q1 2019: 64.51%; Q4 2018: 67.17%; Q3 2018: 65.65%; Q2 2018: 69.47%.