0001554795-20-000066.txt : 20200313 0001554795-20-000066.hdr.sgml : 20200313 20200313114509 ACCESSION NUMBER: 0001554795-20-000066 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 137 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200313 DATE AS OF CHANGE: 20200313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14854 FILM NUMBER: 20711440 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST STREET 2: PO BOX 1868 CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 10-K 1 sal0228form10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 0-24751

SALISBURY BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

Connecticut  06-1514263
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
5 Bissell Street, Lakeville, CT  06039
(Address of principal executive offices) (Zip code)
   
Registrant's telephone number, including area code: (860) 435-9801

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, Par Value $0.10 per share SAL NASDAQ

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☑ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an “emerging growth company” in Rule 12b-2 of the Exchange Act. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐    Accelerated filer ☑    Non-accelerated filer ☐    Smaller reporting company ☑
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). ☐ Yes ☑ No

The aggregate market value of common stock held by non-affiliates of the registrant on June 30, 2019 was $110.1 million based on the closing sales price of $39.00 of such stock. The number of shares of the registrant's Common Stock outstanding as of March 1, 2020, was 2,827,667.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's definitive Proxy Statement for the 2019 Annual Meeting of Shareholders to be held on May 13, 2020, which will be filed within 120 days of fiscal year ended December 31, 2019, are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K.

 
 

FORM 10-K

SALISBURY BANCORP, INC.

For the Year Ended December 31, 2019

TABLE OF CONTENTS

 

  Description Page
PART I    
Item 1. BUSINESS 3
Item 1A. RISK FACTORS 12
Item 1B. UNRESOLVED STAFF COMMENTS 15
Item 2. PROPERTIES 15
Item 3. LEGAL PROCEEDINGS 15
Item 4. MINE SAFETY DISCLOSURES 15
     
PART II    
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER  PURCHASES OF EQUITY SECURITIES 16
Item 6. SELECTED FINANCIAL DATA 17
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 35
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 73
Item 9A. CONTROLS AND PROCEDURES 73
Item 9B. OTHER INFORMATION 73
     
PART III    
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 73
Item 11. EXECUTIVE COMPENSATION 73
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 73
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 74
Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES  74
     
PART IV    
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 74
Item 16. Form 10-K Summary 75

 

 2 

 

PART I

Forward-Looking Statements

This Annual Report on Form 10-K may contain and incorporates by reference statements relating to future results of Salisbury Bancorp, Inc. (the “Company”) and its Subsidiary, Salisbury Bank and Trust Company (the “Bank”) (collectively, "Salisbury"), that are considered “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may,” “plans,” “estimates,” and similar references to future periods; however, such words are not the exclusive means of identifying such statements. These statements relate to, among other things, expectations concerning loan demand, growth and performance, simulated changes in interest rates and the adequacy of the allowance for loan losses.  Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties, including, but not limited to, changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures within Salisbury's markets, equity and fixed income market fluctuations, personal and corporate customers' bankruptcies, inflation, acquisitions and integrations of acquired businesses, technological changes and cybersecurity matters, changes in law and regulations, changes in fiscal, monetary, regulatory and tax policies, monetary fluctuations, success in gaining  regulatory approvals when required as well as other risks and uncertainties reported from time to time in Salisbury's filings with the Securities and Exchange Commission. See also, the “Risk Factors” set forth below.

Forward-looking statements made by Salisbury in this Annual Report on Form 10-K 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, except as may be required by law.

Item 1.BUSINESS

Salisbury Bancorp, Inc.

Salisbury Bancorp, Inc., a Connecticut corporation, formed in 1998, is the bank holding company for Salisbury Bank and Trust Company (the "Bank"), a Connecticut-chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. Salisbury's common stock is traded on the NASDAQ Capital Market under the symbol “SAL.” Salisbury's principal business consists of its operation and control of the business of the Bank.

The Bank, formed in 1848, currently provides commercial banking, consumer financing, retail banking and trust and wealth advisory services through a network of fourteen banking offices and ten ATMs located in: Litchfield County, Connecticut; Dutchess, Orange and Ulster Counties, New York; and Berkshire County, Massachusetts and through its internet website (salisburybank.com).

Abbreviations Used Herein

Bank Salisbury Bank and Trust Company  FRA Federal Reserve Act
BHC Bank Holding Company  FRB Federal Reserve Board
BHCA Bank Holding Company Act  GAAP Generally Accepted Accounting Principles in the United States of America
BOLI Bank Owned Life Insurance  GLBA Gramm-Leach-Bliley Act
CFPB Consumer Financial Protection Bureau  LIBOR London Interbank Offered Rate
CRA Community Reinvestment Act of 1977  OREO Other Real Estate Owned
CTDOB State of Connecticut Department of Banking  OTTI Other Than Temporarily Impaired

Dodd-

Frank Act

 Dodd-Frank Wall Street Reform and Consumer Protection Act  PIC Passive Investment Company
ESOP Employee Stock Ownership Plan  Salisbury Salisbury Bancorp, Inc. and Subsidiary
FACT Act Fair and Accurate Credit Transactions Act  SBLF Small Business Lending Fund
FASB Financial Accounting Standards Board  SEC Securities and Exchange Commission
FDIC Federal Deposit Insurance Corporation  SOX Sarbanes-Oxley Act of 2002
FHLBB Federal Home Loan Bank of Boston  Treasury United States Department of the Treasury

 

Lending Activities

The Bank originates commercial loans, commercial real estate loans, residential and commercial construction loans, residential real estate loans collateralized by one-to-four family residences, home equity lines of credit and fixed rate loans and other consumer loans predominately in Connecticut's Litchfield County, New York's Dutchess, Orange and Ulster Counties and Massachusetts' Berkshire County in towns proximate to the Bank's fourteen full service offices.

The majority of the Bank's loans as of December 31, 2019, including some loans classified as commercial loans, were secured by real estate. Interest rates charged on loans are affected principally by the Bank's current asset/liability strategy, the demand for such loans, the cost and supply of money available for lending purposes and the rates offered by competitors. These factors are, in turn, affected by general economic and credit conditions, monetary policies of the federal government, including the FRB, federal and state tax policies and budgetary matters.

Residential Real Estate Loans

A principal lending activity of the Bank is to originate loans secured by first mortgages on one-to-four family residences. The Bank typically originates residential real estate loans through employees who are commissioned licensed mortgage originators (in accordance with the mortgage lending compensation guidelines issued by the CFPB). The Bank originates both fixed rate and adjustable rate mortgages.

The Bank currently sells the majority of the fixed rate 30 year residential mortgage loans it originates to the FHLBB under the Mortgage Partnership Finance Program. The Bank typically retains loan servicing. The Bank retains some fixed rate residential mortgage loans and those loans originated under its first time home owner program.

The retention of adjustable rate residential mortgage loans in the portfolio and the sale of longer term, fixed rate residential mortgage loans helps reduce the Bank's exposure to interest rate risk. However, adjustable rate mortgages generally pose credit risks different from the credit risks inherent in fixed rate loans primarily because as interest rates rise, the underlying debt service payments of the borrowers rise, thereby increasing the potential for default. Management believes that these risks, which have not had a material adverse effect on the Bank to date, generally are less onerous than the interest rate risks associated with holding long-term fixed rate loans in the loan portfolio.

 3 

 

Commercial Real Estate Loans

The Bank makes commercial real estate loans for the purpose of allowing borrowers to acquire, develop, construct, improve or refinance commercial real estate where the property is the primary collateral securing the loan, and the income generated from the property is the primary repayment source. Office buildings, light industrial, retail facilities or multi-family income properties, normally collateralize commercial real estate loans. Among the reasons for management's continued emphasis on commercial real estate lending is the desire to invest in assets with yields which are generally higher than yields on one-to-four family residential mortgage loans, and are more sensitive to changes in interest rates. These loans typically have terms/amortizations of up to ten and twenty five years, respectively, and interest rates, which adjust over periods of three to ten years, based on one of various rate indices.

Commercial real estate lending generally poses a greater credit risk than residential mortgage lending to owner-occupants. The repayment of commercial real estate loans depends on the business and financial condition of the borrower. Economic events and changes in government regulations, which the Bank and its borrowers do not control, could have an adverse impact on the cash flows generated by properties securing commercial real estate loans and on the market value of such properties.

Construction Loans

The Bank originates both residential and commercial construction loans. Typically, loans are made to owner-borrowers who will occupy the properties as either their primary or secondary residence and to licensed and experienced developers for the construction of single-family homes or commercial properties.

The proceeds of commercial construction loans are disbursed in stages. Bank officers, appraisers and/or independent engineers inspect each project's progress before additional funds are disbursed to verify that borrowers have completed project phases.

Residential construction loans to owner-borrowers generally convert to a fully amortizing long-term mortgage loan upon completion of construction. The typical construction phase is generally twelve months.

Construction lending, particularly commercial construction lending, poses greater credit risk than mortgage lending to owner-occupants. The repayment of commercial construction loans depends on the business, the financial condition of the borrower, and on the economic viability of the project financed. Economic events and changes in government regulations, which the Bank and its borrowers do not control, could have an adverse impact on the value of properties securing construction loans and on the borrower's ability to complete projects financed and sell them for amounts anticipated at the time the projects commenced.

Commercial Loans

Commercial loans are generally made on a secured basis and are primarily collateralized by equipment, inventory, accounts receivable and/or leases. Commercial loans primarily provide working capital, equipment financing, financing for leasehold improvements and financing for expansion. The Bank offers both term and revolving commercial loans. Term loans have either fixed or adjustable rates of interest and, generally, terms of between two and seven years. Term loans generally amortize during their life, although some loans require a balloon payment at maturity if the amortization exceeds seven years. Revolving commercial lines of credit typically are renewable annually and have a floating rate of interest normally indexed to the prime rate as published in the Wall Street Journal.

Commercial lending generally poses a higher degree of credit risk than real estate lending. Repayment of both secured and unsecured commercial loans depends substantially on the success of the borrower's underlying business, financial condition and cash flows. Unsecured loans generally involve a higher degree of risk of loss than do secured loans because, without collateral, repayment is primarily dependent upon the success of the borrower's business.

Secured commercial loans are generally collateralized by equipment, inventory, accounts receivable and leases. Compared to real estate, such collateral is more difficult to monitor, its value is more difficult to validate, it may depreciate more rapidly and it may not be as readily saleable if repossessed.

Consumer Loans

The Bank originates various types of consumer loans, including home equity loans and lines of credit, auto and personal installment loans. Home equity loans and lines of credit are generally secured by second mortgages placed on one-to-four family owner-occupied properties. Home equity loans have fixed interest rates, while home equity lines of credit adjust based on the prime rate as published in the Wall Street Journal. Consumer loans are originated through the branch network with the exception of Home Equity Lines of Credit, which are originated by licensed Mortgage Lending Originator staff.

Municipal Loans

The Bank makes commercial loans to municipalities and municipal entities (i.e., fire districts, school districts) located within its geographic market area. The most common loans are one-year interest-only Bond Anticipation Notes. The Bank also makes medium-term amortizing loans (two to seven years) for acquisition of capital equipment. The Bank has also underwritten several long-term amortizing loans to finance municipal buildings and infrastructure. These loans, which are unsecured, are general obligations of each municipality backed by its full faith and credit and taxing authority. Most municipal borrowers maintain a strong deposit relationship with the Bank. Loans to municipalities and municipal entities are bank-qualified tax-exempt loans and are considered to be a lower credit risk relative to most other commercial loans.

Credit Risk Management and Asset Quality

One of the Bank's key objectives is to maintain a high level of asset quality. The Bank utilizes the following general practices to manage credit risk: ensuring compliance with prudent written policies; limiting the amount of credit that individual lenders may extend; establishing a process for credit approval accountability; careful initial underwriting and analysis of borrower, transaction, market and collateral risks; ongoing servicing of individual loans and lending relationships; continuous monitoring and risk rating of the portfolio, market dynamics and the economy; and periodically reevaluating the Bank's strategy and overall exposure as economic, market and other relevant conditions change.

Credit Administration is responsible for determining loan loss reserve adequacy and preparing monthly and quarterly reports regarding the credit quality of the loan portfolio, which are submitted to the Loan Committee to ensure compliance with the credit policy, and managing non-performing and classified assets as well as oversight of all collection activity.

In addition to loan review's performed by Credit Administration, loan review activities are also performed by an independent third-party loan review firm that evaluates the creditworthiness of borrowers and the appropriateness of the Bank's risk rating classifications. The firm's findings are reported to Credit Administration, Senior Management, and the Board level Loan and Audit Committees.

 4 

 

Trust and Wealth Advisory Services

The Bank provides a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions.

Securities

Salisbury's securities portfolio is structured to diversify the earnings, assets and risk structure of Salisbury, provide liquidity consistent with both projected and potential needs, collateralize certain types of deposits, assist with maintaining a satisfactory net interest margin and comply with regulatory capital and liquidity requirements. Types of securities in the portfolio generally include U.S. Government and Agency securities, mortgage-backed securities, collateralized mortgage obligations, corporate bonds and tax-exempt municipal bonds, among others.

Sources of Funds

The Bank uses deposits, proceeds from loan and security maturities, repayments and sales, and borrowings to fund lending, investing and general operations. Deposits represent the Bank's primary source of funds.

Deposits

The Bank offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Retail and commercial deposits are primarily received through the Bank's banking offices. Additional depositor related services provided to customers include Landlord/Tenant Lease Security Accounts and Services, Merchant Services, Payroll Services, Cash Management (Remote Deposit Capture, ACH Origination, Wire Transfers and Positive Pay), ATM, Bank-by-Phone, Internet Banking, Internet Bill Pay, Person to Person Payments, Bank to Bank Transfers, Mobile Banking with remote deposit, and Online Financial Management with Account Aggregation Services.

The FDIC provides separate insurance coverage of $250 thousand per depositor for each account ownership category. Deposit flows are significantly influenced by economic conditions, the general level of interest rates and the relative attractiveness of competing deposit and investment alternatives. When determining deposit pricing, the Bank considers strategic objectives, competitive market rates, deposit flows, funding commitments and investment alternatives, FHLBB advance rates and rates on other sources of funds.

National, regional and local economic and credit conditions, changes in competitor money market, savings and time deposit rates, prevailing market interest rates and competing investment alternatives all have a significant impact on the level of the Bank's deposits. Deposit generation is a key focus for the Bank as a source of liquidity and to fund continuing asset growth. Competition for deposits has been, and is expected to, remain strong.

Borrowings

The Bank is a member of the FHLBB, which provides credit facilities for regulated, federally insured depository institutions and certain other home financing institutions. Members of the FHLBB are required to own capital stock in the FHLBB and are authorized to apply for advances on the security of their FHLBB stock and certain home mortgages and other assets (principally securities, which are obligations of, or guaranteed by, the United States Government or its agencies) provided certain creditworthiness standards have been met. Under its current credit policies, the FHLBB limits advances based on a member's assets, total borrowings and net worth. Long-term and short-term FHLBB advances may be utilized as a source of funding to meet liquidity and planning needs when the cost of these funds is favorable as compared to deposits or alternate funding sources. During 2015, Salisbury issued $10 million of subordinated debentures; See “Deposits and Borrowings” in Item 7.

Additional funding sources are available through securities sold under agreements to repurchase and the Federal Reserve Bank of Boston.

Acquisitions

In April 2018 the Bank completed its purchase and assumption of the Fishkill, New York branch of Orange Bank & Trust Company, which included approximately $8 million in deposits and $8 million in branch related loans. The Bank did not purchase any additional branches in 2019.

Subsidiaries

Salisbury has one wholly-owned subsidiary, Salisbury Bank and Trust Company. The Bank has two wholly-owned subsidiaries, SBT Mortgage Service Corporation and S.B.T. Realty, Inc. SBT Mortgage Service Corporation is a passive investment company ("PIC") that holds loans collateralized by real estate originated or purchased by the Bank. Income of the PIC and its dividends to Salisbury are exempt from the Connecticut Corporate Business Tax. S.B.T. Realty, Inc. was formed to hold New York state real estate.

Employees

At December 31, 2019, the Bank had 173 full-time employees and 28 part-time employees. The employees are not represented by a collective bargaining group. The Bank maintains a comprehensive employee benefit program providing, among other benefits, group medical and dental insurance, life insurance, disability insurance, an ESOP and an employee 401(k) plan. Management considers relations with its employees to be good.

Market Area

Salisbury and the Bank are headquartered in Lakeville, Connecticut, which is located in the northwestern quadrant of Connecticut's Litchfield County. The Bank has a total of fourteen banking offices, four of which are located in Connecticut's Litchfield County; three of which are located in Massachusetts' Berkshire County; five of which are located in New York's Dutchess County, one of which is located in New York's Ulster County, and one of which is located in New York's Orange County. The Bank's primary deposit gathering and lending area consists of the communities and surrounding towns that are served by its branch network in these counties. The Bank also has deposit, lending and trust relationships outside of these areas.

 5 

 

Competition

The Bank faces strong competition in attracting and retaining deposits and in making loans. The primary factors in competing for deposits are interest rates, personalized services, the quality and range of financial services, convenience of office locations, automated services and office hours. Its most direct competition for deposits and loans has come from other commercial banks, savings institutions and credit unions located in its market area. Competition for deposits also comes from mutual funds and other investment alternatives, which offer a range of deposit and deposit-like products. Although the Bank expects this continuing competition to have an effect upon the cost of funds, it does not anticipate any substantial adverse effect on maintaining the current deposit base. The Bank is competitive within its market area in the various deposit products it offers to depositors. Due to this fact, management believes the Bank has the ability to maintain its deposit base.

The Bank's competition for real estate loans comes primarily from mortgage banking companies, savings banks, commercial banks, insurance companies, and other institutional lenders. The primary factors in competing for loans are interest rates, loan origination fees, the quality and range of lending services and personalized service. Factors that affect competition include, among others, the general availability of funds and credit, general and local economic conditions, current interest rate levels and volatility in the mortgage markets.

The banking industry is also experiencing rapid changes in technology. In addition to improving customer services, effective use of technology increases efficiency and enables financial institutions to reduce costs. Technological advances are likely to increase competition by enabling more companies to provide cost effective products and services.

Regulation and Supervision

General

Salisbury is required to file reports and otherwise comply with the rules and regulations of the FRB, the FDIC, the SEC and NASDAQ as well as the state banking supervisory authorities in Connecticut, New York and Massachusetts.

The Bank is subject to extensive regulation by the CTDOB, as its chartering agency, and by the FDIC, as its primary federal supervisory agency. The Bank is required to file reports with, and is periodically examined by, the FDIC and the CTDOB concerning its activities and financial condition. It must obtain regulatory approvals prior to entering into certain transactions, such as mergers.

The following discussion of the laws, regulations and policies material to the operations of Salisbury and the Bank is a summary and is qualified in its entirety by reference to such laws, regulations and policies. Such statutes, regulations and policies are continually under review by Congress and the Connecticut, New York and Massachusetts State Legislatures and federal and state regulatory agencies. Changes in such laws, regulations, or policies could potentially have a material adverse impact on the banking industry, including Salisbury and the Bank.

Bank Holding Company Regulation

SEC and NASDAQ

Salisbury is subject to the rules and regulations of the SEC and is required to comply with the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as administered by the SEC. Salisbury's common stock is listed on the NASDAQ under the trading symbol “SAL” and, accordingly, Salisbury is also subject to the rules of NASDAQ for listed companies.

Federal Reserve Board Regulation

Salisbury is a registered bank holding company under the BHCA and is subject to comprehensive regulation and regular examinations by the FRB. The FRB also has extensive enforcement authority over bank holding companies, including, among other things, the ability to assess civil money penalties, to issue cease and desist or removal orders and to require that a holding company divest subsidiaries (including its bank subsidiaries). In general, enforcement actions may be initiated for violations of law and regulations and unsafe or unsound practices.

Under FRB policy, a bank holding company must serve as a source of financial and managerial strength for its subsidiary bank. Under this policy, Salisbury is expected to commit resources to support the Bank. The FRB may require a holding company to contribute additional capital to an undercapitalized subsidiary bank.

Bank holding companies must obtain FRB approval before: (i) acquiring, directly or indirectly, ownership or control of another bank or bank holding company; (ii) acquiring all or substantially all of the assets of another bank or bank holding company; or (iii) merging or consolidating with another bank holding company.

The BHCA also prohibits a bank holding company, with certain exceptions, from acquiring direct or indirect ownership or control of any company, which is not a bank or bank holding company, or from engaging directly or indirectly in activities other than those of banking, managing or controlling banks, or providing services for its subsidiaries. The principal exceptions to these prohibitions involve certain non-bank activities, which, by statute or by FRB regulation or order, have been identified as activities closely related to the business of banking or managing or controlling banks. The list of activities permitted by the FRB includes, among other things: (i) operating a savings institution, mortgage company, finance company, credit card company or factoring company; (ii) performing certain data processing operations; (iii) providing certain investment and financial advice; (iv) underwriting and acting as an insurance agent for certain types of credit-related insurance; (v) leasing property on a full-payout, non-operating basis; (vi) selling money orders; (vii) real estate and personal property appraising; (viii) providing tax planning and preparation services; (ix) financing and investing in certain community development activities; and (x) subject to certain limitations, providing securities brokerage services for customers.

Connecticut Bank Holding Company Regulation

Salisbury is a Connecticut corporation and is also subject to the Connecticut Business Corporation Act and Connecticut banking law applicable to Connecticut bank holding companies. Under Connecticut banking law, no person may acquire beneficial ownership of more than 10% of any class of voting securities of a Connecticut-chartered bank, or any bank holding company of such a bank, without prior notification to, and lack of disapproval by, the CTDOB. The CTDOB will disapprove the acquisition if the bank or holding company to be acquired has been in existence for less than five years, unless the CTDOB waives this five-year restriction, or if the acquisition would result in the acquirer controlling 30% or more of the total amount of deposits in insured depository institutions in Connecticut. Similar restrictions apply to any person who holds in excess of 10% of any such class and desires to increase its holdings to 25% or more of such class.

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Dividends

Salisbury's dividends to shareholders are substantially dependent upon Salisbury's receipt of dividends from the Bank. The FRB has issued a policy statement on the payment of cash dividends by bank holding companies, which expresses the FRB's view that a bank holding company should be a “source of strength” to its bank subsidiary and should pay cash dividends only to the extent that the holding company's net income for the past year is sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the holding company's capital needs, asset quality and overall financial condition. The FRB also indicated its view that, generally, it would be inappropriate for a company experiencing serious financial problems to borrow funds to pay dividends. Furthermore, the FRB may prohibit a bank holding company from paying any dividends if the holding company's bank subsidiary is classified as “undercapitalized” or if the dividend would violate applicable law or would be an unsafe or unsound banking practice.

Financial Modernization

GLBA permits greater affiliation among banks, securities firms, insurance companies, and other companies under a type of financial services company known as a “financial holding company.” A financial holding company essentially is a bank holding company with expanded powers. Financial holding companies are authorized by statute to engage in a number of financial activities previously impermissible for bank holding companies, including securities underwriting, dealing and market making; sponsoring mutual funds and investment companies; insurance underwriting and agency; and merchant banking activities. The act also permits the FRB and the Treasury to authorize additional activities for financial holding companies if they are “financial in nature” or “incidental” to financial activities. A bank holding company may become a financial holding company if each of its subsidiary banks is “well capitalized” and “well managed” as defined in the FRB's Regulation Y, and has at least a “satisfactory” Community Reinvestment Act rating. A financial holding company must provide notice to the FRB within 30 days after commencing activities previously determined to be permissible by statute or by the FRB and the Treasury. Salisbury is a registered financial holding company.

All financial institutions are required to establish policies and procedures with respect to the ability of the Bank to share nonpublic customer data with nonaffiliated parties and to protect customer data from unauthorized access. The Bank has developed policies and procedures, and believes it is in compliance with all privacy, information sharing, and notification provisions of GLBA and the FACT Act.

State Banking Laws and Supervision

The Bank is a state-chartered commercial bank under Connecticut law and as such is subject to regulation and examination by the CTDOB. In addition, because the Bank operates branch offices in Massachusetts and New York, the Bank is also subject to certain Massachusetts and New York laws and the supervisory authority of the Massachusetts Division of Banks, and New York Department of Financial Services (“NYDFS”) with respect to its branch offices in Massachusetts and New York, respectively. The approval of the state banking regulators is generally required for, among other things, the establishment of branch offices and business combination transactions. The CTDOB conducts periodic examinations of Connecticut-chartered banks. The FDIC also regulates many of the areas regulated by the CTDOB, and federal law may limit some of the authority provided to Connecticut-chartered banks by Connecticut law.

Lending Activities

Connecticut banking laws grant commercial banks broad lending authority. With certain limited exceptions, total secured and unsecured loans made to any one obligor generally may not exceed 15% of the Bank's equity capital and reserves for loan and lease losses. However, if the loan is fully secured, such limitations generally may be increased by an additional 10%.

Dividends

The Bank may pay cash dividends only out of its net profits. For purposes of this restriction, “net profits” represents the remainder of all earnings from current operations. Further, the total amount of all dividends declared by any Connecticut Bank in any year may not exceed the sum of its net profits for the year in question combined with its retained net profits from the preceding two years, unless the CTDOB approves the larger dividend. Federal law also prevents the Bank from paying dividends or making other capital distributions that would cause it to become “undercapitalized.” The FDIC may also limit a bank's ability to pay dividends based upon safety and soundness considerations.

Powers

Connecticut law permits Connecticut banks to sell insurance and fixed and variable-rate annuities if licensed to do so by the Connecticut Insurance Department. With the prior approval of the CTDOB, Connecticut banks are also authorized to engage in a broad range of activities related to the business of banking, or that are financial in nature or that are permitted under the BHCA, other federal statutes, or the regulations promulgated pursuant to these statutes. Connecticut banks generally are also authorized to engage in any activity permitted for a federal bank or upon filing prior written notice of its intention to engage in such activity with the CTDOB, unless the CTDOB disapproves the activity.

Assessments

Connecticut banks are required to pay assessments to the CTDOB based upon a bank's asset size to fund the CTDOB's operations. The assessments are generally made annually.

Enforcement Authority

Under Connecticut law, the CTDOB has extensive enforcement authority over Connecticut banks and, under certain circumstances, affiliated parties, insiders, and agents. The CTDOB's enforcement authority includes cease and desist orders, fines, receivership, conservatorship, removal of officers and directors, emergency closures, dissolution and liquidation.

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New York and Massachusetts Banking Laws and Supervision

The Bank conducts activities and operates branch offices in New York and Massachusetts as well as Connecticut. Generally, with respect to its business in New York and Massachusetts, the Bank may conduct any activity that is authorized under Connecticut law that is permissible for either New York or Massachusetts state banks or for an out-of-state national bank, at its New York and Massachusetts branch offices, respectively. The New York State Superintendent of Financial Services may exercise regulatory authority with respect to the Bank's New York branch offices. The Bank is subject to certain rules related to community reinvestment, consumer protection, fair lending, establishment of intra-state branches and the conduct of banking activities with respect to its branches located in New York State. The Massachusetts Commissioner of Banks may exercise similar authority, and the Bank is subject to similar rules under Massachusetts Banking Law with respect to the Bank's Massachusetts branch offices. Federal and state laws authorize the interstate merger of banks. Among other things, banks may establish new branches on an interstate basis provided that such action is specifically authorized by the law of the host state.

Federal Regulations

Capital Requirements

Under FDIC regulations, federally insured state-chartered banks, such as the Bank, that are not members of the Federal Reserve System (“state non-member banks”) are required to comply with the following minimum leverage capital requirements: common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. The existing capital requirements became effective January 1, 2015 and are the result of a final rule implementing regulatory amendments based on recommendations of the Basel Committee on Banking Supervision and certain requirements of the Dodd-Frank Act. Common equity Tier 1 capital is generally defined as common stockholders' equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for loan and lease losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of accumulated other comprehensive income (“AOCI”), up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. The Bank chose the opt-out election. Institutions that have not exercised the AOCI opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-for-sale securities). Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations.

The FDIC regulations require state non-member banks to maintain certain levels of regulatory capital in relation to regulatory risk-weighted assets. The ratio of regulatory capital to regulatory risk-weighted assets is referred to as a bank's “risk-based capital ratio.” Risk-based capital ratios are determined by allocating assets and specified off-balance sheet items (including recourse obligations, direct credit substitutes and residual interests) to risk-weighted categories ranging from 0% to 1,250%, with higher levels of capital being required for the categories perceived as representing greater risk.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increased each year until it was fully implemented at 2.5% on January 1, 2019.

In assessing an institution's capital adequacy, the FDIC takes into consideration not only these numeric factors, but qualitative factors as well, and has the authority to establish higher capital requirements for individual institutions where deemed necessary. As a bank holding company, the Company is also subject to regulatory capital requirements, as described in a subsequent section.

As a bank holding company, Salisbury is subject to FRB capital adequacy guidelines for bank holding companies similar to those of the FDIC for state-chartered banks.

As of December 31, 2019, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank's category.

Prompt Corrective Regulatory Action

Federal law requires, among other things, that federal bank regulatory authorities take “prompt corrective action” with respect to banks that do not meet minimum capital requirements. For these purposes, the law establishes five capital categories:

•Well capitalized – at least 5% leverage capital, 6.5% Common Equity Tier 1 capital, 8% Tier 1 risk-based capital and 10% total risk-based capital.
•Adequately capitalized – at least 4% leverage capital, 4.5% Common Equity Tier 1 capital, 6% Tier 1 risk-based capital and 8% total risk-based capital.
•Undercapitalized – less than 4% leverage capital, 4.5% Common Equity Tier 1 capital, 6% Tier 1 risk-based capital and 8% total risk-based capital. “Undercapitalized” banks must adhere to growth, capital distribution (including dividend) and other limitations and are required to submit a capital restoration plan. A bank's compliance with such a plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5% of the institution's total assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized.
•Significantly undercapitalized – less than 3% leverage capital, 3% Common Equity Tier 1 capital, 4% Tier 1 risk-based capital and 6% total risk-based capital. “Significantly undercapitalized” banks must comply with one or more of a number of additional restrictions, including but not limited to an order by the FDIC to sell sufficient voting stock to become adequately capitalized, requirements to reduce total assets, cease receipt of deposits from correspondent banks or dismiss directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers and capital distributions by the parent holding company.
•Critically undercapitalized – less than 2% tangible capital. “Critically undercapitalized” institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after it obtains such status.

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Transactions with Affiliates

Under federal law, transactions between depository institutions and their affiliates are governed by Sections 23A and 23B of the FRA. In a holding company structure, at a minimum, the parent holding company of a bank, and any companies that are controlled by such parent holding company, are deemed affiliates of its subsidiary bank. Generally, Sections 23A and 23B are intended to protect insured depository institutions from suffering losses arising from transactions with non-insured affiliates by limiting the extent to which a bank or its subsidiaries may engage in covered transactions with any one affiliate and with all affiliates of the bank in the aggregate, and by requiring that such transactions be on terms that are consistent with safe and sound banking practices.

The FRA and Regulation O impose restrictions on loans to directors, executive officers, and principal shareholders (“insiders”). Loans to insiders and their related interests may not exceed, together with all other outstanding loans to such persons and affiliated entities, the institution's total capital and surplus. Loans to insiders above specified amounts must receive the prior approval of the board of directors and must be made on terms substantially the same as offered in comparable transactions to other persons. The FRA imposes additional limitations on loans to executive officers.

Enforcement

The FDIC has extensive enforcement authority over insured banks, including the Bank. This enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders and remove directors and officers. In general, these enforcement actions may be initiated in response to violations of laws and regulations and unsafe or unsound practices.

Standards for Safety and Soundness

The FDIC, together with the other federal bank regulatory agencies, prescribe standards of safety and soundness by regulations or guidelines, relating generally to operations and management, asset growth, asset quality, earnings, stock valuation and compensation. The federal bank regulatory agencies have adopted a set of guidelines prescribing safety and soundness standards, which establish general standards relating to internal controls and information systems, internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, and compensation, fees and benefits. In general, the guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the guidelines. The guidelines prohibit excessive compensation as an unsafe and unsound practice and describe compensation as excessive when the amounts paid are unreasonable or disproportionate to the services performed by an executive officer, employee, director or principal shareholder. In addition, the federal bank regulatory agencies adopted regulations that authorize, but do not require, the agencies to order an institution that has been given notice that it is not satisfying the safety and soundness guidelines to submit a compliance plan. The federal bank regulatory agencies have also adopted guidelines for asset quality and earning standards. As a state-chartered bank, the Bank is also subject to state statutes, regulations and guidelines relating to safety and soundness, in addition to the federal requirements.

Insurance of Deposit Accounts

The Bank's deposit accounts are insured by the Deposit Insurance Fund (“DIF”) of the FDIC up to applicable legal limits (generally, $250 thousand per depositor for each account ownership category and $250 thousand for certain retirement plan accounts) and are subject to deposit insurance assessments. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The FDIC utilizes a risk-based assessment system that imposes insurance premiums based upon a risk matrix that considers a bank's capital level and supervisory rating. The FDIC assigns an institution to one of the following capital categories based on the institution's financial condition consisting of (1) well capitalized, (2) adequately capitalized or (3) undercapitalized, and one of three supervisory subcategories within each capital group. The supervisory subgroup to which an institution is assigned is based on a supervisory evaluation by the institution's primary federal regulator and information which the FDIC determines to be relevant to the institution's financial condition and the risk posed to the deposit insurance funds. An institution's assessment rate depends on the capital category and supervisory category to which it is assigned.

FDIC insured institutions are required to pay assessments to the FDIC to fund the DIF. The Bank's current annual assessment rate is approximately 4.66 basis points of total assets. Additionally, FDIC insured institutions are required to pay assessments to the FDIC to fund interest payments on bonds issued by The Financing Corporation, an agency of the federal government established to recapitalize the predecessor to the Savings Association Insurance Fund. The assessment rate is adjusted quarterly to reflect changes in the assessment bases of the DIF based on quarterly Call Report submissions. From time to time, the FDIC may impose a supplemental special assessment in addition to other special assessments and regular premium rates to replenish the DIF during periods of economic difficulty. The amount of an emergency special assessment imposed on a bank will be determined by the FDIC if such amount is necessary to provide sufficient assessment income to repay amounts borrowed from the Treasury; to provide sufficient assessment income to repay obligations issued to and other amounts borrowed from insured depository institutions; or for any other purpose the FDIC may deem necessary.

The FDIC may terminate insurance of deposits, after notice and a hearing, if it finds that the institution is in an unsafe or unsound condition to continue operations, has engaged in unsafe or unsound practices, or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. The management of the Bank does not know of any practice, condition or violation that might lead to termination of deposit insurance.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”)

The Dodd-Frank Act, enacted in July 2010, significantly changed the bank regulatory landscape and has impacted lending, deposit, investment, trading and operating activities of financial institutions and their holding companies. The Dodd-Frank Act revised the statutory authorities governing the FDIC's management of the DIF. The Dodd-Frank Act granted the FDIC new DIF management tools: maintaining a positive fund balance even during a banking crisis and maintaining moderate, steady assessment rates throughout economic and credit cycles.

Among other things, the Dodd-Frank Act: (1) raised the minimum Designated Reserve Ratio (“DRR”), which the FDIC must set each year, to 1.35% (from the former minimum of 1.15%) and removed the upper limit on the DRR (which was formerly capped at 1.5%) and therefore on the size of the DIF; (2) required that the DIF reserve ratio reach 1.35% by September 30, 2020 (rather than 1.15% by the end of 2016, as formerly required); (3) required that, in setting assessments, the FDIC offset the effect of requiring that the reserve ratio reach 1.35% by September 30, 2020 (rather than 1.15% by the end of 2016) on insured depository institutions with total consolidated assets of less than $10 billion; (4) eliminated the requirement that the FDIC provide dividends from the Fund when the reserve ratio is between 1.35% and 1.50%; and (5) continued the FDIC's authority to declare dividends when the reserve ratio at the end of a calendar year is at least 1.50%, but granted the FDIC sole discretion in determining whether to suspend or limit the declaration or payment of dividends.

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The Dodd-Frank Act also required that the FDIC amend its regulations to redefine the assessment base used for calculating deposit insurance assessments. Under the Dodd-Frank Act, the assessment base must, with some possible exceptions, equal average consolidated total assets minus average tangible equity.

The FDIC amended 12 CFR 327 to implement revisions to the Federal Deposit Insurance Act made by the Dodd-Frank Act by modifying the definition of an institution's deposit insurance assessment base; to change the assessment rate adjustments; to revise the deposit insurance assessment rate schedules in light of the new assessment base and altered adjustments; to implement the Dodd-Frank Act's dividend provisions; to revise the large insured depository institution assessment system to better differentiate for risk and better take into account losses from large institution failures that the FDIC may incur; and to make technical and other changes to the FDIC's assessment rules. The FDIC Board of Directors adopted the final rule, which redefined the deposit insurance assessment base as required by the Dodd-Frank Act; made changes to assessment rates; implemented the Dodd-Frank Act's DIF dividend provisions; and revised the risk-based assessment system for all large insured depository institutions, generally, those institutions with at least $10 billion in total assets. Nearly all institutions with assets less than $10 billion, including the Bank, have benefited from a reduction in their assessments as a result of this final rule.

The Dodd-Frank Act requires publicly traded companies to give shareholders a non-binding vote of executive compensation at least every three (3) years. The legislation also authorizes the SEC to prohibit broker discretion on any voting on election of directors, executive compensation matters, and any other significant matter.

The Dodd-Frank Act also adopts various mortgage lending and predatory lending provisions and requires loan originators to retain 5% of any loan sold and securitized, unless it is a “qualified residential mortgage,” which includes standard 30 and 15-year fixed rate loans.

Consumer Protection and the Financial Protection Bureau

The Dodd-Frank Act created the Consumer Financial Protection Bureau (“CFPB”). As required by the Dodd-Frank Act, jurisdiction for all existing consumer protection laws and regulations has been transferred to the CFPB. In addition, the CFPB is granted authority to promulgate new consumer protection regulations for banks and nonbank financial firms offering consumer financial services or products to ensure that consumers are protected from “unfair, deceptive, or abusive” acts or practices.

Salisbury is subject to a number of federal and state laws designed to protect borrowers and promote lending to various sectors of the economy and population. These laws include the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, various state law counterparts, and the Consumer Financial Protection Act of 2010, which constitutes part of the Dodd-Frank Act and establishes the CFPB, as described above.

The CFPB issued a final rule implementing the ability-to-repay and qualified mortgage (“QM”) provisions of the Truth in Lending Act, as amended by the Dodd-Frank Act (the “QM Rule”), which became effective on January 10, 2014. The ability-to-repay provision requires creditors to make reasonable, good faith determinations that borrowers are able to repay their mortgages before extending the credit based on a number of factors and consideration of financial information about the borrower from reasonably reliable third-party documents. Under the Dodd-Frank Act and the QM Rule, loans meeting the definition of “qualified mortgage” are entitled to a presumption that the lender satisfied the ability-to-repay requirements. The presumption is a conclusive presumption/safe harbor for prime loans meeting the QM requirements and a rebuttable presumption for higher-priced/subprime loans meeting the QM requirements. The definition of a “qualified mortgage” incorporates the statutory requirements, such as not allowing negative amortization or terms longer than 30 years. The QM Rule also adds an explicit maximum 43% debt-to-income ratio limit for borrowers if the loan is to meet the QM definition, with some exceptions.

Federal Reserve System

All depository institutions must hold a percentage of certain types of deposits as reserves. Reserve requirements currently are assessed on the depository institution's net transaction accounts (mostly checking accounts). Depository institutions must also regularly submit deposit reports of their deposits and other reservable liabilities. The Bank was in compliance with these requirements.

Federal Home Loan Bank System

The Bank is a member of the Boston region of the Federal Home Loan Bank System, which consists of 11 regional Federal Home Loan Banks. The FHLBB provides a central credit facility primarily for member institutions. Member institutions are required to acquire and hold shares of capital stock in the FHLBB calculated periodically based primarily on its level of borrowings from the FHLBB. The Bank was in compliance with this requirement. At December 31, 2019, the Bank had FHLBB stock of $3.2 million and FHLBB advances of $50.9 million.

No market exists for shares of the FHLBB and, therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB.

Other Regulations

Sarbanes-Oxley Act of 2002

The stated goals of SOX are to increase corporate responsibility, to provide for enhanced penalties for accounting and auditing improprieties at publicly traded companies and to protect investors by improving the accuracy and reliability of corporate disclosures pursuant to the securities laws.

SOX includes very specific disclosure requirements and corporate governance rules, requires the SEC and securities exchanges to adopt extensive additional disclosure, corporate governance and other related rules, and mandates further studies of certain issues by the SEC and the Comptroller General. SOX represents significant federal involvement in matters traditionally left to state regulatory systems, such as the regulation of the accounting profession, and to state corporate law, such as the relationship between a board of directors and management and between a board of directors and its committees.

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SOX addresses, among other matters, audit committees; certification of financial statements and internal controls by the Chief Executive Officer and Chief Financial Officer; the forfeiture of bonuses or other incentive-based compensation and profits from the sale of an issuer's securities by directors and senior officers in the twelve-month period following initial publication of any financial statements that later require restatement; a prohibition on insider trading during pension plan black-out periods; disclosure of off-balance sheet transactions; a prohibition on certain loans to directors and officers; expedited filing requirements for Forms 4; disclosure of a code of ethics and filing a Form 8-K for significant changes or waivers of such code; “real time” filing of periodic reports; the formation of a Public Company Accounting Oversight Board; auditor independence; and various increased criminal penalties for violations of securities laws. The SEC has enacted rules to implement various provisions of SOX.

As of December 31, 2019, the Bank is subject to section 404(b) of SOX, which requires public companies' annual reports to include the company's own assessment of internal control over financial reporting, and an auditor's attestation. See Item 9A “CONTROLS AND PROCEDURES” for management's assessment of internal controls and Item 8 “FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA” for the auditor's attestation.

USA PATRIOT Act

Under the USA PATRIOT Act, all financial institutions are required to take certain measures to identify their customers, prevent money laundering, monitor customer transactions and report suspicious activity to U.S. law enforcement agencies. Financial institutions also are required to respond to requests for information from federal banking regulatory authorities and law enforcement agencies. Information sharing among financial institutions for the above purposes is encouraged by an exemption granted to complying financial institutions from the privacy provisions of GLBA and other privacy laws. Financial institutions that hold correspondent accounts for foreign banks or provide private banking services to foreign individuals are required to take measures to avoid dealing with certain foreign individuals or entities, including foreign banks with profiles that raise money laundering concerns, and are prohibited from dealing with foreign “shell banks” and persons from jurisdictions of particular concern. The primary federal banking regulators and the Secretary of the Treasury have adopted regulations to implement several of these provisions. All financial institutions are also required to establish internal anti-money laundering programs. The effectiveness of a financial institution in combating money laundering activities is a factor to be considered in any application submitted by the financial institution under the Bank Merger Act or the BHCA. Salisbury has in place a Bank Secrecy Act and USA PATRIOT Act compliance program, and has implemented internal practices, procedures, and controls to comply with anti-money laundering requirements.

Community Reinvestment Act and Fair Lending Laws

The Bank has a responsibility under the CRA to help meet the credit needs of our communities, including low and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution's discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. In connection with its examination, the FDIC assesses the Bank's record of compliance with the CRA. In addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit discrimination in lending practices on the basis of characteristics specified in those statutes. The Bank's failure to comply with the provisions of the CRA could, at a minimum, result in regulatory restrictions on our activities. The Bank's failure to comply with the Equal Credit Opportunity Act and the Fair Housing Act could result in enforcement actions against the Bank by the FDIC as well as other federal regulatory agencies and the Department of Justice. The Bank's most recent FDIC CRA rating was “satisfactory.”

The Electronic Funds Transfer Act, Regulation E and Related Laws

The Electronic Funds Transfer Act (the “EFTA”) provides a basic framework for establishing the rights, liabilities, and responsibilities of consumers who use electronic funds transfer (“EFT”) systems. The EFTA is implemented by the Federal Reserve's Regulation E, which governs transfers initiated through ATMs, point-of-sale terminals, payroll cards, automated clearing house (“ACH”) transactions, telephone bill-payment plans, or remote banking services. Regulation E requires consumers to opt in (affirmatively consent) to participation in a bank's overdraft service program for ATM and one-time debit card transactions before overdraft fees may be assessed on the consumer's account. Notice of the opt-in right must be provided to all new customers who are consumers, and the customer's affirmative consent must be obtained, before charges may be assessed on the consumer's account for paying such overdrafts.

Regulation E also provides bank customers with an ongoing right to revoke consent to participation in an overdraft service program for ATM and one-time debit card transactions and prohibits banks from conditioning the payment of overdrafts for checks, ACH transactions, or other types of transactions that overdraw the consumer's account on the consumer's opting into an overdraft service for ATM and one-time debit card transactions. For customers who do not affirmatively consent to overdraft service for ATM and one-time debit card transactions, a bank must provide those customers with the same account terms, conditions, and features that it provides to consumers who do affirmatively consent, except for the overdraft service for ATM and one-time debit card transactions. Salisbury does not provide an overdraft service with respect to one time point-of-sale or ATM transactions.

Future Legislative Initiatives

In light of the recent changes in the composition of Congress and many state legislatures, it is anticipated that state legislatures and financial regulatory agencies will introduce various legislative and regulatory initiatives that may impact the financial services industry, generally. Such initiatives may include proposals to expand or contract the powers of bank holding companies and/or depository institutions or proposals to substantially change the financial institution regulatory system. Such legislation could change banking statutes and the operating environment of Salisbury in significant and unpredictable ways. For example, if enacted, such legislation could increase or decrease the cost of doing business, limit or expand permissible activities, or affect the competitive balance among banks, savings associations, credit unions, and other financial institutions. Salisbury cannot predict whether any such legislation will be enacted, and, if enacted, what effects that such legislation would have on the financial condition or results of operations of Salisbury. A change in statutes, regulations, or regulatory policies applicable to Salisbury or any of its subsidiaries could have a material effect on the business of Salisbury.

Impact of Inflation and Changing Prices

The Consolidated Financial Statements and their Notes presented within this document have been prepared in accordance with GAAP, which require the measurement of financial position and operating results in terms of historical dollar amounts without considering changes in the relative purchasing power of money over time due to inflation. The impact of inflation is reflected in the increased cost of Salisbury's operations. Unlike the assets and liabilities of industrial companies, nearly all of the assets and liabilities of Salisbury are monetary in nature. As a result, interest rates have a greater impact on Salisbury's performance than do the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Availability of Securities and Exchange Commission Filings

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Salisbury makes available free of charge on its website (salisburybank.com) under shareholder relations a link to its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 as soon as practicable after such reports are electronically filed with or furnished to the SEC. Such reports filed with the SEC are also available on its website (www.sec.gov). Information about accessing company filings can be obtained by calling 1-800-SEC-0330. Information on Salisbury's website is not incorporated by reference into this report. Investors are encouraged to access these reports and the other information about Salisbury's business and operations on its website. Copies of these filings may also be obtained from Salisbury free of charge upon request.

Guide 3 Statistical Disclosure by Bank Holding Companies

The following information required by Securities Act Guide 3 “Statistical Disclosure by Bank Holding Companies” is located on the pages noted below.

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I. Distribution of Assets, Liabilities and Shareholders' Equity; Interest Rates and Interest Differential 19-20, 24-32
II. Investment Portfolio 24, 49-51
III. Loan Portfolio 25-29, 51-56
IV. Summary of Loan Loss Experience 21, 51-56
V. Deposits 29, 59
VI. Return on Equity and Assets 31
VII. Short-Term Borrowings 29-30, 60

Item 1A.RISK FACTORS

Salisbury is the registered bank holding company for the Bank, its wholly-owned subsidiary. Salisbury's business and activity is currently limited to the holding of the Bank's outstanding capital stock, and the Bank is Salisbury's primary investment.

An investment in Salisbury common stock entails certain risks, some of which are inherent in the financial services industry and others of which are more specific to the Bank's business. Salisbury considers the most significant factors of which we are aware affecting risk in Salisbury common stock as those that are set forth below. These are not the only risks to which an investment in Salisbury common stock is subject, and none of the factors set forth below relates to the personal circumstances of individual investors. Investors should read this entire Form 10-K, as well as other documents and exhibits that are incorporated by reference in the 10-K and that have been filed with the SEC, in order to better understand these risks and to evaluate investment in Salisbury common stock.

Changes in interest rates and spreads could have a negative impact on earnings and financial condition.

Salisbury's earnings and financial condition are dependent to a large degree upon net interest income, which is the difference between interest earned from loans and investments and interest paid on deposits and borrowings. The narrowing of interest rate spreads, meaning the difference between interest rates earned on loans and investments, and the interest rates paid on deposits and borrowings, could adversely affect Salisbury's earnings and financial condition. Salisbury cannot predict with certainty or control changes in interest rates. Global, national, regional, and local economic conditions and the policies of regulatory authorities, including monetary policies of the FRB, affect interest income and interest expense. Salisbury has ongoing policies and procedures designed to manage the risks associated with changes in market interest rates.

However, changes in interest rates still may have an adverse effect on Salisbury's profitability. For example, high interest rates could also affect the volume of loans that Salisbury originates, because higher rates could cause customers to apply for fewer mortgages, or cause depositors to shift funds from accounts that have a comparatively lower rate, to accounts with a higher rate, or experience customer attrition due to competitor pricing or disintermediation. If the cost of interest-bearing deposits increases at a rate greater than the yields on interest-earning assets increase, net interest income will be negatively affected. Changes in the asset and liability mix may also affect net interest income. Similarly, lower interest rates cause higher yielding assets to prepay and floating or adjustable rate assets to reset to lower rates. If Salisbury is not able to reduce its funding costs sufficiently, due to either competitive factors or the maturity schedule of existing liabilities, then Salisbury's net interest margin will decline.

Weakness in the markets for residential or commercial real estate, including the secondary residential mortgage loan markets, could reduce Salisbury's net income and profitability.

Declines in home prices, increases in delinquency and default rates, and constrained secondary credit markets affect the mortgage industry generally. Salisbury's financial results may be adversely affected by changes in real estate values. Decreases in real estate values could adversely affect the value of property used as collateral for loans and investments. If poor economic conditions result in decreased demand for real estate loans, Salisbury's net income and profits may decrease.

Weakness in the secondary market for residential lending could have an adverse impact upon Salisbury's profitability. The effects of ongoing mortgage market challenges, combined with the ongoing correction in residential real estate market prices and reduced levels of home sales, could result in further price reductions in single family home values, adversely affecting the value of collateral securing mortgage loans held, mortgage loan originations and gains on sale of mortgage loans. Declines in real estate values and home sales volumes, and financial stress on borrowers as a result of job losses, or other factors, could have further adverse effects on borrowers that result in higher delinquencies and greater charge-offs in future periods beyond that which is provided for in Salisbury's allowance for loan losses, which would adversely affect Salisbury's financial condition or results of operations.

Fluctuations in economic conditions and collateral values could impact the adequacy of Salisbury's allowance for loan losses.

Salisbury's business is subject to periodic fluctuations based on national and local economic conditions. These fluctuations are not predictable, cannot be controlled and may have a material adverse impact on Salisbury's operations and financial condition. For example, declines in housing activity including declines in building permits, housing sales and home prices may make it more difficult for Salisbury's borrowers to sell their homes or refinance their debt. Slow sales could strain the resources of real estate developers and builders. The ongoing economic uncertainty has affected employment levels and could impact the ability of Salisbury's borrowers to service their debt. Bank regulatory agencies also periodically review Salisbury's allowance for loan losses and may require an increase in the provision for credit losses or the recognition of further loan charge-offs, based on judgments different than those of management. In addition, if charge-offs in future periods exceed the allowance for loan losses Salisbury will need additional provisions to increase the allowance for loan losses. Any increases in the allowance for loan losses will result in a decrease in net income and, possibly, capital, and may have a material adverse effect on Salisbury's financial condition and results of operations. Salisbury may suffer higher loan losses as a result of these factors and the resulting impact on its borrowers.

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Credit market conditions may impact Salisbury's investments.

Significant credit market anomalies may impact the valuation and liquidity of Salisbury's investment securities. Illiquidity could reduce the market value of Salisbury's investments, even those with no apparent credit exposure. The valuation of Salisbury's investments requires judgment, and as market conditions change investment values may also change.

Salisbury's securities portfolio performance in difficult market conditions could have adverse effects on Salisbury's results of operations.

Under GAAP, Salisbury is required to review Salisbury's investment portfolio periodically for the presence of other-than-temporary impairment of its securities, taking into consideration current market conditions, the extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, current analysts' evaluations, Salisbury's ability and intent to hold investments until a recovery of amortized cost, as well as other factors. Adverse developments with respect to one or more of the foregoing factors may require Salisbury to deem particular securities to be other-than-temporarily impaired, with the credit related portion of the reduction in the value recognized as a charge to Salisbury's earnings. Market volatility may make it extremely difficult to value certain securities of Salisbury. Subsequent valuations, in light of factors prevailing at that time, may result in significant changes in the values of these securities in future periods. Any of these factors could require Salisbury to recognize further impairments in the value of Salisbury's securities portfolio, which may have an adverse effect on Salisbury's results of operations in future periods.

If the goodwill that Salisbury has recorded in connection with its acquisitions becomes impaired, it could have a negative impact on Salisbury's profitability.

Applicable accounting standards require that the purchase method of accounting be used for all business combinations. Under purchase accounting, if the purchase price of an acquired company exceeds the fair value of the acquired company's net assets, the excess is carried on the acquirer's balance sheet as goodwill. At December 31, 2019, Salisbury had $13.8 million of goodwill on its balance sheet. Salisbury must evaluate goodwill for impairment at least annually. Write-downs of the amount of any impairment, if necessary, are to be charged to the results of operations in the period in which the impairment occurs. There can be no assurance that future evaluations of goodwill will not result in findings of impairment and related write-downs, which may have a material adverse effect on Salisbury's financial condition and results of operations.

Salisbury's ability to pay dividends substantially depends upon its receipt of dividends from the Bank.

Cash dividends from the Bank and Salisbury's liquid assets are the principal sources of funds for paying cash dividends on Salisbury's common stock. Unless Salisbury receives dividends from the Bank or chooses to use its liquid assets, it may not be able to pay dividends. The Bank's ability to pay dividends to Salisbury is subject to its condition and profitability as well as its regulatory requirements.

Strong competition within Salisbury's market areas may limit growth and profitability.

Competition in the banking and financial services industry is intense. Salisbury competes with commercial banks, savings institutions, mortgage brokerage firms, credit unions, finance companies, mutual funds, insurance companies, and brokerage and investment banking firms operating locally and elsewhere. As Salisbury grows, it may expand into contiguous market areas where it may not be as well-known as other institutions that have been operating in those areas for some time. In addition, larger banking institutions may become increasingly active in Salisbury's market areas, may have substantially greater resources and lending limits and may offer certain services that Salisbury does not, or cannot efficiently, provide. Salisbury's profitability depends upon its continued ability to successfully compete in its market areas. The greater resources and deposit and loan products offered by some competitors may limit its ability to grow profitably.

Salisbury and the Bank are subject to extensive federal and state regulation and supervision.

Salisbury and the Bank are subject to extensive federal and state regulation and supervision. Banking regulations are primarily intended to protect depositors' funds, federal deposit insurance funds and the banking system as a whole, not shareholders. These regulations affect Salisbury's lending practices, capital structure, investment practices, and dividend policy and growth, among other things. State and federal legislatures and regulatory agencies continually review banking laws, regulations and policies for possible changes. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of statutes, regulations or policies, could affect Salisbury in substantial and unpredictable ways. Such changes could subject Salisbury to additional costs, limit the types of financial services and products it may offer and/or increase the ability of non-banks to offer competing financial services and products, among other things. Failure to comply with laws, regulations or policies could result in sanctions by regulatory agencies, civil money penalties and/or reputation damage, which could have a material adverse effect on Salisbury's business, financial condition and results of operations. While Salisbury has policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. See the section captioned “Regulation and Supervision” in Item 1 of this report for further information.

Salisbury's stock price may be volatile.

Salisbury's stock is inactively traded and its stock price may fluctuate widely in response to a variety of factors including:

•Actual or anticipated variations in quarterly operating results
•Recommendations by securities analysts
•New technology used, or services offered, by competitors
•Significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving Salisbury or Salisbury's competitors
•Failure to integrate acquisitions or realize anticipated benefits from acquisitions
•Operating and stock price performance of other companies that investors deem comparable to Salisbury
•News reports relating to trends, concerns and other issues in the financial services industry
•Changes in government regulations
•Geopolitical conditions such as acts or threats of terrorism or military conflicts
•Changes in the economic environment of the market areas the Bank serves

General market fluctuations, industry factors and general economic and political conditions and events, such as economic slowdowns or recessions, interest rate changes, credit loss trends or currency fluctuations could also cause Salisbury's stock price to decrease regardless of Salisbury's operating results.

 13 

 

Salisbury's ability to attract and retain skilled personnel may impact its success.

Salisbury's success depends, in large part, on its ability to attract and retain key people. Competition for people with specialized knowledge and skills can be intense, and Salisbury may not be able to hire people or to retain them. The unexpected loss of services of one or more of Salisbury's key personnel could have a material adverse impact on the business because of their skills, knowledge of the market, years of industry experience and the difficulty of promptly finding qualified replacement personnel.

Salisbury continually encounters technological change.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services as well as the emergence of online bank competitors. The effective use of technology can increase efficiency and enable financial institutions to better serve customers and to reduce costs. However, some new technologies needed to compete effectively result in incremental operating costs. Salisbury's future success depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in operations. Many of Salisbury's competitors have substantially greater resources to invest in technological improvements. Salisbury may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to its customers. Failure to successfully keep pace with technological change affecting the financial services industry could have a material adverse impact on Salisbury's business and, in turn, its financial condition and results of operations.

A failure involving controls and procedures may have an adverse effect on Salisbury.

Management regularly reviews and updates Salisbury's internal controls, disclosure controls and procedures, and corporate governance policies and procedures. Any system of controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure or circumvention of the controls and procedures or failure to comply with regulations related to controls and procedures could have a material adverse effect on Salisbury's business, results of operations and financial condition.

If customer information was to be misappropriated and used fraudulently, due to a breach of our systems, or those of third-party vendors or service providers, including as a result of cyberattacks, Salisbury could be exposed to potential liability and reputation risk as well as increased costs.

Risk of theft of customer information resulting from security breaches by third parties exposes banks to reputation risk and potential monetary loss. Like other financial institutions, Salisbury has exposure to fraudulent misuse of its customers' personal information resulting from its general business operations through loss or theft of the information and through misappropriation of information by third parties in connection with customer use of financial instruments, such as debit cards.

In addition, Salisbury relies upon a variety of computing platforms and networks over the internet for the purposes of data processing, communications and information exchange. Despite the safeguards instituted by Salisbury, any system is susceptible to a breach of security. In addition, Salisbury relies on the services of a variety of third-party vendors to meet Salisbury's data processing and communication needs. The occurrence of any failures, interruptions or security breaches of Salisbury's information systems or that of its vendors could damage Salisbury's reputation, result in a loss of customer business or expose Salisbury to civil litigation and possible financial loss. Such costs and/or losses could materially impact Salisbury's earnings.

Changes in accounting standards can materially impact Salisbury's financial statements.

Salisbury's accounting policies and methods are fundamental to how Salisbury records and reports its financial condition and results of operations. From time to time, the Financial Accounting Standards Board or regulatory authorities change the financial accounting and reporting standards that govern the preparation of Salisbury's financial statements. These changes can be hard to predict and can materially impact how Salisbury records and reports its financial condition and results of operations. In some cases, Salisbury could be required to apply a new or revised standard retroactively, resulting in Salisbury restating prior period financial statements.

Changes and interpretations of tax laws and regulations may adversely impact Salisbury's financial statements.

Local, state or federal tax authorities may interpret tax laws and regulations differently than Salisbury and challenge tax positions that Salisbury has taken on its tax returns. This may result in the disallowance of deductions or differences in the timing of deductions and result in the payment of additional taxes, interest or penalties that could materially affect Salisbury's performance.

In addition, changes in tax law, such as the federal tax reform provisions recently enacted, may adversely affect Salisbury's lending business and performance, especially those provisions regarding the deductibility of residential mortgage interest and state property taxes.

The risks presented by recent or future acquisitions could adversely affect our financial condition and results of operations.

Our business strategy has included, and may continue to include, growth through acquisition from time to time. Any recent and future acquisitions will be accompanied by the risks commonly encountered in acquisitions. These risks may include, among other things: our ability to realize anticipated cost savings; the difficulty of integrating operations and personnel; the loss of key employees; the potential disruption of our or the acquired company's ongoing business in such a way that could result in decreased revenues; the inability of our management to maximize our financial and strategic position; the inability to maintain uniform standards, controls, procedures and policies; and the impairment of relationships with the acquired company's employees and customers as a result of changes in ownership and management.

Salisbury may be adversely impacted by the discontinuance of LIBOR as a short-term interest rate utilized for the Company's issued subordinated debentures and other financing agreements.

In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company-specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. The Company has subordinated notes in connection with its issuance of subordinated debt in 2015, which in December 2020 transition to variable rates that are indexed to USD-LIBOR. Salisbury is monitoring the transition from LIBOR to a new reference rate and its impact on the repricing of Salisbury's subordinated debt.

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Salisbury may be adversely affected by a world-wide pandemic.

Although Salisbury does not generally engage in international business activities directly, certain of our customers may be engaged in international trade, travel and tourism. Their businesses may be adversely affected by quarantines and travel restrictions in countries most affected by the coronavirus or other potential virus outbreaks. In addition, entire industries such as agriculture and aviation, may be adversely impacted due to lower economic activity in the affected countries. As a result, the coronavirus outbreak may have an adverse impact generally on the economy in the United States and on Salisbury.

Salisbury may be adversely affected by the 2020 election.

Uncertainty around the 2020 election may result in reduced economic activity as businesses and individuals wait to evaluate the outcome of elections and control of Congress and the White House. In addition, if enacted, certain proposals of the various candidates may have an adverse impact on the conduct and profitability of businesses, including companies and banks like Salisbury and the Bank through increased regulation.

Item 1B.UNRESOLVED STAFF COMMENTS

None.

Item 2.PROPERTIES

Salisbury does not directly own or lease any properties. The properties described below are owned or leased by the Bank.

The Bank conducts its business at its main office, located at 5 Bissell Street, Lakeville, Connecticut, and through an additional thirteen full service branch offices located in Canaan, 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 owns its main office and seven of its branch offices and its Canaan Operations office, and currently leases six branch offices.

In addition, in April 2018 the Bank completed its purchase and assumption of the Fishkill, New York branch of Orange Bank & Trust Company. The Bank also consolidated its previous Fishkill, New York branch with the new Fishkill, New York branch. In March 2018, the Bank relocated its current branch in Newburgh, New York to another location in the same city. The Bank entered into a lease agreement for the new facility and it ceased paying rent for the previous location as of April 1, 2018. In September 2019, the Bank completed the purchase of its New Paltz, New York branch, which had been previously treated as a finance lease. For additional information, see Note 8, “Bank Premises and Equipment,” and Note 5 “Leases” to the Consolidated Financial Statements.

The following table includes all property owned or leased by the Bank, but does not include Other Real Estate Owned.

Offices  Location  Owned/Leased  Lease expiration 
Lakeville Office 1  5 Bissell Street, Lakeville, CT  Owned  — 
Administrative Office  19 Bissell Street, Lakeville, CT  Owned  — 
Salisbury Office  18 Main Street, Salisbury, CT  Owned  — 
Sharon Office  5 Gay Street, Sharon, CT  Owned  — 
Canaan Operations  94 Main Street, Canaan, CT  Owned  — 
Canaan Office  100 Main Street, Canaan, CT  Owned  — 
South Egremont Office  51 Main Street, South Egremont, MA  Leased  9/9/201 
Sheffield Office  640 North Main Street, Sheffield, MA  Owned  — 
Gt. Barrington Office  210 Main Street, Gt. Barrington, MA  Leased  12/30/28 
Millerton Office  87 Main Street, Millerton, NY  Owned  — 
Poughkeepsie Office  11 Garden Street, Poughkeepsie, NY  Owned  — 
Fishkill Office  701 Route 9, Fishkill, NY  Leased  9/29/29 
Red Oaks Mill Office  2064 New Hackensack Road, Poughkeepsie, NY  Leased  8/01/23 
Dover Plains Office  5 Dover Village Plaza, Dover Plains, NY  Leased  7/31/22 
Newburgh Office  801 Auto Park Place, Newburgh, NY  Leased  12/31/21 
New Paltz Office  275 Main Street, New Paltz, NY *  Owned  — 

1Salisbury has the option to renew this lease for a two year term, which would expire on 9/8/22.

Item 3.LEGAL PROCEEDINGS

The Bank is involved in various claims and legal proceedings arising in the ordinary course of business, which management currently believes are not material, individually or in the aggregate, to the business, financial condition or operating results of Salisbury or any of its subsidiaries.

There are no material pending legal proceedings, other than ordinary routine litigation incidental to Salisbury's business, to which Salisbury is a party or any of its subsidiaries is a party or of which any of their property is subject.

Item 4.MINE SAFETY DISCLOSURES

Not applicable.

 15 

 

PART II

Item 5.MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Salisbury's common stock trades on the NASDAQ Capital Market under the symbol “SAL”.

Holders

There were approximately 2,308 holders of record of the common stock of Salisbury as of March 9, 2020. This number includes brokerage firms and other financial institutions that hold stock in their name, but which is actually beneficially owned by third parties.

Dividends

For a discussion of Salisbury's dividend policy and restrictions on dividends see "Management's Discussion and Analysis of Financial Condition and Results of Operations" under the caption “Dividends.” See also, Note 14 – “Shareholders' Equity” of Notes to Consolidated Financial Statements.

Equity Compensation Plan Information

For the information required by this item see Note 16 – “Long Term Incentive Plans” of Notes to Consolidated Financial Statements.

Recent Sales of Unregistered Securities and Use of Proceeds

None.

Issuer Purchases of Equity Securities

None.

 16 

 

Item 6.SELECTED FINANCIAL DATA

The following table contains certain information concerning the financial position and results of operations of Salisbury at the dates and for the periods indicated. This information should be read in conjunction with the Consolidated Financial Statements and related notes.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except ratios and per share amounts)

At or for the years ended December 31,    2019      2018      2017      2016      2015  
Statement of Income                         
Interest and dividend income  $43,413   $40,372   $35,521   $34,454   $34,610 
Interest expense   9,301    7,221    4,238    3,849    3,026 
Net interest and dividend income   34,112    33,151    31,283    30,605    31,584 
Provision for loan losses   955    1,728    1,020    1,835    917 
Gains on securities, net   263    318    178    584    192 
Trust and wealth advisory   3,995    3,700    3,477    3,338    3,265 
Service charges and fees   4,028    3,718    3,718    3,133    2,986 
Gains on sales of mortgage loans, net   116    89    125    229    274 
Mortgage servicing, net   307    308    255    156    47 
Other   541    812    483    451    510 
Non-interest income   9,250    8,945    8,236    7,891    7,274 
Non-interest expense   28,912    29,835    29,329    27,387    25,921 
Income before income taxes   13,495    10,533    9,170    9,274    12,020 
Income tax provision   2,359    1,709    2,914    2,589    3,563 
Net income   11,136    8,824    6,256    6,685    8,457 
Net income allocated to common stock   10,976    8,713    6,201    6,633    8,298 
Financial Condition                         
Total assets  $1,112,448   $1,121,554   $986,984   $935,366   $891,192 
Loans receivable, net   927,413    909,279    801,703    763,184    699,018 
Allowance for loan losses   8,895    7,831    6,776    6,127    5,716 
Securities   95,925    97,150    82,860    82,834    79,870 
Deposits   919,506    926,739    815,495    781,770    754,533 
Federal Home Loan Bank of Boston advances   50,887    67,154    54,422    37,188    26,979 
Repurchase agreements   8,530    4,104    1,668    5,535    3,914 
Subordinated debt, net of issuance costs   9,859    9,835    9,811    9,788    9,764 
Total shareholders' equity   113,655    103,459    97,514    94,007    90,574 
Non-performing assets   3,934    8,324    7,354    12,565    16,264 
Wealth assets under administration   777,503    648,027    610,218    516,350    371,012 
Discretionary wealth assets under administration   498,737    398,287    394,673    366,167    299,148 
Non-discretionary assets under administration   278,766    249,740    215,545    150,183    71,864 
Per Common Share Data                         
Earnings, basic  $3.95   $3.15   $2.25   $2.43   $3.04 
Earnings, diluted   3.93    3.13    2.24    2.41    3.02 
Cash dividends declared and paid   1.12    1.12    1.12    1.12    1.12 
Tangible book value   34.98    31.45    29.39    28.90    27.69 
Statistical Data                         
Net interest margin (taxable equivalent)   3.27%   3.35%   3.58%   3.69%   3.99%
Efficiency ratio (taxable equivalent)   64.12    69.13    66.79    66.74    63.03 
Effective tax rate   17.48    16.23    31.78    27.92    29.64 
Return on average assets   1.00    0.83    0.63    0.72    0.94 
Return on average common shareholders' equity   10.22    8.84    6.42    7.16    9.36 
Dividend payout ratio   28.36    35.56    49.76    46.16    36.82 
Allowance for loan losses to loans receivable, gross   0.95    0.85    0.84    0.80    0.81 
Non-performing assets to total assets   0.35    0.74    0.74    1.34    1.82 
Tier 1 leverage capital (Bank)   9.60    8.83    9.25    9.51    9.37 
Total risk-based capital (Bank)   12.84    12.09    12.54    12.92    13.10 
Weighted average common shares outstanding, basic   2,782    2,763    2,755    2,733    2,706 
Weighted average common shares outstanding, diluted   2,794    2,780    2,774    2,749    2,723 

 

 17 

 

Item 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS

Salisbury, a Connecticut corporation, formed in 1998, is the bank holding company for the Bank, a Connecticut-chartered and FDIC insured commercial bank headquartered in Lakeville, Connecticut. Salisbury's principal business consists of the business of the Bank. The Bank, formed in 1848, is engaged in customary banking activities, including general deposit taking and lending activities to both retail and commercial markets, and trust and wealth advisory services. The Bank conducts its banking business from fourteen full-service offices in the towns of: Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and, Fishkill, Newburgh, New Paltz, Poughkeepsie, Red Oaks Mill, Dover Plains and Millerton, New York, and its trust and wealth advisory services from offices in Lakeville, Connecticut.

In June 2017, the Bank completed its acquisition of the New Paltz, New York branch of Empire State Bank. In April 2018, the Bank completed its acquisition of the Fishkill, New York branch of Orange Bank & Trust Company and consolidated its existing Fishkill branch into that new location. In September 2019, the Bank completed the purchase of its New Paltz, New York branch, which had previously treated as a finance lease.

Critical Accounting Policies and Estimates

Salisbury's consolidated financial statements follow U. S. GAAP as applied to the banking industry in which it operates. Application of these principles requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements. These estimates, assumptions and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions and judgments are necessary when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not carried at fair value warrants an impairment write-down or valuation reserve to be established, or when an asset or liability needs to be recorded contingent upon a future event.

Salisbury's significant accounting policies are presented in Note 1 of Notes to Consolidated Financial Statements, which, along with this Management's Discussion and Analysis, provide information on how significant assets are valued in the financial statements and how those values are determined. Management believes that the following accounting estimates are the most critical to aid in fully understanding and evaluating Salisbury's reported financial results, and they require management's most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

The allowance for loan losses represents management's estimate of credit losses inherent in the loan portfolio. Determining the amount of the allowance for loan losses is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the amount and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on historical loss experience, and consideration of current economic trends and conditions, all of which may be susceptible to significant change. The loan portfolio also represents the largest asset type on the balance sheet. Note 1 describes the methodology used to determine the allowance for loan losses. A discussion of the factors driving changes in the amount of the allowance for loan losses is included in the “Provision and Allowance for Loan Losses” section of Management's Discussion and Analysis.

Management, with the assistance of a third party, evaluates goodwill and identifiable intangible assets for impairment annually using valuation techniques that involve observations and adjustments as to comparable transactions, estimates for discount rates, projected future cash flows and time period calculations, all of which are susceptible to change based on changes in economic conditions and other factors.

For both goodwill and for the core deposit intangible, the comparable transaction methodology was used to assess, and conclude that there was no impairment at December 31, 2019.

Future events, or changes in the estimates, which are used to determine the carrying value of goodwill and identifiable intangible assets or which otherwise adversely affect their value or estimated lives could have a material adverse impact on the results of operations.

Management evaluates securities for other-than-temporary impairment giving consideration to the extent to which the fair value has been less than cost, estimates of future cash flows, delinquencies and default severity, the intent and ability of Salisbury to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value, and the likelihood that Salisbury will be required to sell the security before recovery in fair value to meet liquidity needs. The consideration of the above factors is subjective and involves estimates and assumptions about matters that are inherently uncertain. Should actual factors and conditions differ materially from those used by management, the actual realization of gains or losses on investment securities could differ materially from the amounts recorded in the financial statements.

The following discussion and analysis of Salisbury's consolidated results of operations should be read in conjunction with the Consolidated Financial Statements and footnotes.

 18 

 

RESULTS OF OPERATIONS

Comparison of the Years Ended December 31, 2019 and 2018

Net Interest and Dividend Income

Net interest and dividend income (presented on a tax-equivalent basis) increased $1.1 million in 2019 over 2018. The net interest margin decreased 8 basis points to 3.27% from 3.35%, due to a 22 basis point increase in the average cost of interest-bearing liabilities partly offset by a 10 basis point increase in the average yield on interest-earning assets. The net interest margin was affected by changes in the mix of interest-earning assets and funding liabilities, asset and liability growth, and the effects of changes in market interest rates on the pricing and re-pricing of assets and liabilities. The following table sets forth the components of Salisbury's net interest income and yields on average interest-earning assets and interest-bearing funds. Income and yields on tax-exempt securities are presented on a fully taxable equivalent basis.

Years ended December 31,  Average Balance  Income / Expense  Average Yield / Rate
(dollars in thousands)    2019      2018      2017      2019      2018      2017      2019      2018      2017  
Loans (a)(d)(f)  $922,906   $871,557   $780,968   $40,176   $37,504   $33,824    4.35%   4.30%   4.33%
Securities (c)(d)   96,150    87,880    79,767    2,940    2,406    2,130    3.06    2.74    2.67 
FHLBB stock   3,287    4,748    3,551    227    238    142    6.91    5.01    4.00 
Short term funds (b)   36,109    41,348    36,351    675    695    343    1.87    1.68    0.94 
Total earning assets   1,058,452    1,005,533    900,637    44,018    40,843    36,439    4.16    4.06    4.05 
Other assets   58,204    53,630    56,859                               
Total assets  $1,116,656   $1,059,163   $957,496                               
Interest-bearing demand deposits  $155,463   $147,751   $135,756    602    460    319    0.39    0.31    0.23 
Money market accounts   222,090    195,741    191,407    2,333    1,391    685    1.05    0.71    0.36 
Savings and other   175,011    171,662    145,779    1,517    1,100    425    0.87    0.64    0.29 
Certificates of deposit   159,862    134,057    116,608    2,872    1,706    1,054    1.80    1.27    0.90 
Total interest-bearing deposits   712,426    649,211    589,550    7,324    4,657    2,483    1.03    0.72    0.42 
Repurchase agreements   4,913    3,340    2,517    24    12    5    0.49    0.36    0.20 
Finance lease   4,010    2,839    1,157    170    178    96    4.24    6.27    8.30 
Note payable   262    296    327    16    18    18    6.11    6.08    5.50 
Subordinated debt (net of issuance costs)   9,847    9,823    9,799    624    624    624    6.34    6.35    6.37 
FHLBB advances   38,303    64,250    35,309    1,143    1,734    1,012    2.98    2.70    2.87 
Total interest-bearing liabilities   769,761    729,759    638,659    9,301    7,223    4,238    1.21    0.99    0.66 
Demand deposits   231,221    223,329    216,151                               
Other liabilities   6,699    6,266    5,937                               
Shareholders' equity   108,975    99,809    96,749                               
Total liabilities & shareholders' equity  $1,116,656   $1,059,163   $957,496                               
Net interest income (d),(f)                 $34,717   $33,620   $32,201                
Spread on interest-bearing funds                                 2.95    3.07    3.39 
Net interest margin (e)                                 3.27    3.35    3.58 
(a)Includes non-accrual loans.
(b)Includes interest-bearing deposits in other banks and federal funds sold.
(c)Average balances of securities are based on amortized cost.
(d)Includes tax exempt income of $0.6 million, $0.5 million and $0.9 million, respectively for 2019, 2018 and 2017 on tax-exempt securities and loans for which income and yields are calculated on a tax-equivalent basis.
(e)Net interest income divided by average interest-earning assets.
(f)Interest income for 2019, 2018 and 2017 reflects net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $0 million, $0.8 million and $1.2 million, respectively.

 

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The following table sets forth the changes in net interest income (presented on a tax-equivalent basis) due to volume and rate.

Years ended December 31, (in thousands)  2019 versus 2018  2018 versus 2017
Change in interest due to  Volume  Rate  Net  Volume  Rate  Net
Loans  $2,222   $450   $2,672   $3,911   $(231)  $3,680 
Securities   240    294    534    219    57    276 
FHLBB stock   (87)   76    (11)   54    42    96 
Short term funds   (93)   73    (20)   66    286    352 
Interest-earning assets   2,282    893    3,175    4,250    154    4,404 
Deposits   552    2,114    2,666    340    1,834    2,174 
Repurchase agreements   7    5    12    2    5    7 
Finance lease   62    (70)   (8)   123    (41)   82 
Note payable   (2)   —    (2)   (2)   2    — 
Subordinated Debt   2    (2)   —    2    (2)   — 
FHLBB advances   (737)   146    (591)   805    (83)   722 
Interest-bearing liabilities   (116)   2,193    2,077    1,270    1,715    2,985 
Net change in net interest income  $2,398   $(1,300)  $1,098   $2,980   $(1,561)  $1,419 

Net interest and dividend income represents the difference between interest and dividends earned on loans and securities and interest expense incurred on deposits and borrowings. The level of net interest income is a function of volume, rates and mix of both earning assets and interest-bearing liabilities. Net interest income can be affected by changes in interest rate levels, changes in the volume of assets and liabilities that are subject to re-pricing within different future time periods, and in the level of non-performing assets.

Interest and Dividend Income

Tax equivalent interest and dividend income increased $3.2 million, or 7.8%, to $44.0 million in 2019.

Loan income increased $2.7 million, or 7.1%, to $40.2 million in 2019. The increase was primarily due to a $51.3 million, or 5.9%, increase in average loans, and a 5 basis point increase in average yield. Interest income for 2019 and 2018 reflects purchase accounting adjustments consisting of net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $0 million and $0.8 million, respectively.

Tax equivalent interest and dividend income from securities increased $0.5 million, or 22.2%, to $2.9 million in 2019, as a result of a $8.3 million, or 9.4%, increase in average security balances, and a 32-basis point increase in average yield. Interest from short term funds decreased $20 thousand in 2019 as a result of a 19 basis point increase in average yield, partially offset by a $5.2 million, or 12.7%, decrease in average short term balances.

Interest Expense

Interest expense increased $2.1 million, or 28.8%, to $9.3 million in 2019.

Interest expense on interest bearing deposit accounts increased $2.7 million, or 57.2%, to $7.3 million in 2019, as a result of a $63.2 million, or 9.7%, increase in average interest-bearing deposits and a 31 basis point increase in the average rate to 1.03%. The increase in the average certificate of deposit balance from 2018 reflected higher average brokered certificates of deposits balances of $20.3 million and a $3.0 million increase in average one-way buys executed through the Certificate of Deposit Account Registry Service (“CDARS”). CDARS is a product offered by Promontory Interfinancial Network that enables participating financial institutions to buy or sell excess funds to other members to fund operations and to manage liquidity.

Interest expense on FHLBB advances decreased $0.6 million, or 34.1%, due to a $25.9 million, or 40.4%, decrease in average advances, partially offset by a 28 basis point increase in the average borrowing rate to 2.98%.

In December 2015, Salisbury issued $10 million of subordinated debentures. The proceeds of such issuance, along with cash-on-hand, were used by Salisbury to fully redeem $16 million of its outstanding Series B Preferred Stock, which was issued pursuant to the participation in the U.S. Treasury's SBLF program. Interest expense on the subordinated debt for 2019 and 2018 was $0.6 million and $0.6 million, respectively.

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Provision and Allowance for Loan Losses

The provision for loan losses was $1.0 million for 2019, compared with $1.7 million for 2018. Net loan charge-offs were $0.6 million and $0.7 million, for the respective years. The lower provision for loan losses in 2019 primarily reflected lower originations. In first quarter 2019, Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan loss reserves. As a result of this transfer, which is reflected in the table below as the “acquisition discount transfer”, gross loans receivable and the allowance for loan losses increased by $0.7 million. The balance of net loans receivable did not change as a result of this transfer.

The following table sets forth changes in the allowance for loan losses and other statistical data:

 

Years ended December 31, (dollars in thousands)    2019      2018      2017      2016      2015  
Balance, beginning of period  $7,831   $6,776   $6,127   $5,716   $5,358 
Acquisition Discount Transfer   663    —    —    —    — 
Provision for loan losses   955    1,728    1,020    1,835    917 
Charge–offs                         
Real estate mortgages   (461)   (558)   (733)   (1,031)   (1,061)
Commercial and industrial   (145)   (108)   (162)   (452)   (69)
Consumer   (36)   (81)   (76)   (67)   (82)
Charge-offs   (642)   (747)   (971)   (1,550)   (1,212)
Recoveries                         
Real estate mortgages   5    18    286    32    129 
Commercial and industrial   46    27    296    72    498 
Consumer   37    29    18    22    26 
Recoveries   88    74    600    126    653 
Net charge-offs   (554)   (673)   (371)   (1,424)   (559)
Balance, end of period  $8,895   $7,831   $6,776   $6,127   $5,716 
                          
Loans receivable, gross  $934,946   $915,689   $807,190   $768,064   $703,545 
Non-performing loans   3,620    6,514    6,635    8,792    16,265 
Accruing loans past due 30-89 days   2,077    2,165    3,536    4,537    4,499 
Ratio of allowance for loan losses:                         
to loans receivable, gross   0.95%   0.85%   0.84%   0.80%   0.81%
to non-performing loans   245.65    120.21    102.13    69.69    35.15 
Ratio of non-performing loans to loans receivable, gross   0.39    0.71    0.82    1.14    2.31 
Ratio of accruing loans past due 30-89 days to loans receivable, gross   0.22    0.24    0.44    0.59    0.64 

 

The reserve coverage at December 31, 2019, as measured by the ratio of allowance for loan losses to gross loans, was 0.95%, as compared with 0.85% at December 31, 2018. Non-performing loans (non-accrual loans and accruing loans past-due 90 days or more) decreased $2.9 million to $3.6 million, or 0.39% of gross loans receivable, at December 31, 2019, down from $6.5 million or 0.71% of gross loans receivable at December 31, 2018. The decline in non-performing loans from the prior year end primarily reflected pay-offs of $1.6 million, upgrades to performing status of $0.9 million and write-downs of $0.4 million. Accruing loans past due 30-89 days decreased $0.1 million to $2.1 million, or 0.22% of gross loans receivable at December 31, 2019. See “Overview – Loan Credit Quality” below for further discussion and analysis.

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Non-Interest Income

The following table details the principal categories of non-interest income.

Years ended December 31, (dollars in thousands)    2019      2018      2017    2019 vs. 2018  2018 vs. 2017
Trust and wealth advisory  $3,995   $3,700   $3,477   $295    8.0%  $223    6.4%
Service charges and fees   4,028    3,718    3,718    310    8.3    —    — 
Gains on sales of mortgage loans, net   116    89    125    27    30.3    (36)   (28.8)
Mortgage servicing, net   307    308    255    (1)   (0.3)   53    20.9 
Gains (Losses) on CRA mutual fund   25    (18)   —    43    (238.9)   (18)   n/a 
Gains on securities, net   263    318    178    (55)   (17.3)   140    78.7 
Bank-owned life insurance (“BOLI”) income   392    337    343    55    16.3    (6)   (1.7)
Gain on bank-owned life insurance   —    341    —    (341)   (100.0)   341    n/a 
Other   124    152    140    (28)   (18.4)   12    8.6 
Total non-interest income  $9,250   $8,945   $8,236   $305    3.4%  $709    8.6%

Non-interest income increased $305 thousand, or 3.4%, in 2019 versus 2018. Trust and Wealth Advisory revenues increased $295 thousand primarily due to increased market values and a higher volume of assets under management. Service charges and fees increased $310 thousand from 2018 on higher interchange and wire fees as well as higher loan prepayment penalties. Gains on sales of mortgage loans increased $27 thousand on higher sales volume. Mortgage loans sales totaled $6.4 million in 2019 versus $4.6 million in 2018. Loans serviced under the FHLBB Mortgage Partnership Finance Program totaled $106.3 million and $111.4 million at December 31, 2019 and 2018, respectively. In 2018, the Bank recorded a non-taxable gain of $341 thousand related to proceeds received from a BOLI policy due to the death of a covered former employee.

Non-Interest Expense

The following table details the principal categories of non-interest expense.

Years ended December 31, (dollars in thousands)    2019      2018      2017    2019 vs. 2018  2018 vs. 2017
Salaries  $12,048   $12,003   $11,135   $45    0.4%  $868    7.8%
Employee benefits   4,384    4,280    3,767    104    2.4    513    13.6 
Premises and equipment   4,016    4,535    3,831    (519)   (11.4)   704    18.4 
Data processing   2,201    2,119    2,057    82    3.9    62    3.0 
Professional fees   2,213    2,236    2,499    (23)   (1.0)   (263)   (10.6)
OREO gains, losses and write-downs, net   408    275    1,716    133    48.4    (1,441)   (84.0)
Collections, OREO, and loan related   436    578    463    (142)   (24.6)   115    24.8 
FDIC insurance   261    579    497    (318)   (54.9)   82    16.5 
Marketing and community support   619    815    793    (196)   (24.0)   22    2.8 
Amortization of intangibles   388    454    533    (66)   (14.5)   (79)   (14.8)
Other   1,938    1,961    2,038    (23)   (1.2)   (77)   (3.8)
Non-interest expense  $28,912   $29,835   $29,329   ($923)   (3.1%)  $506    1.7%

Non-interest expenses decreased $923 thousand, or 3.1%, in 2019 versus 2018. Salaries expense increased $45 thousand due to higher base salaries, merit increases, and short-term incentive accruals partly offset by lower production accruals due to lower loan volume. Employee benefits expense for 2019 included a non-recurring reduction of $328 thousand, which reflected changes to the calculation of death benefits for bank-owned life insurance policies. This credit, as well as lower 401K and ESOP accruals, was mostly offset by higher medical insurance costs and higher deferred compensation accruals. Premises and equipment expense decreased $519 thousand from 2018 as the prior year included a charge of $171 thousand to write-off the remainder of the lease and fixed assets related to the Bank's previously occupied Fishkill, New York branch location as well as a charge of $95 thousand to write-off the remaining term of a third-party software contract. Software maintenance costs and depreciation costs were also lower. Data processing expense increased $82 thousand mainly as a result of higher core data processing costs. The decrease of $23 thousand in professional fees reflected lower consulting and internal audit costs partly offset by higher external audit and regulatory exam costs, as well as higher investment management expenses. OREO losses and write-downs increased $133 thousand from 2018. Collections, OREO and appraisal expenses decreased $142 thousand primarily due to lower appraisal fees, lower carrying costs and lower taxes. The $318 thousand decrease in FDIC insurance reflected $240 thousand in non-recurring assessment credits received by the Bank in 2019. Marketing and community support decreased $196 thousand due to costs incurred in the prior year for the Fishkill, New York branch relocation, the timing of contributions and lower overall marketing spend. Amortization of intangibles and all other operating expenses collectively decreased $89 thousand from 2018.

Income Taxes

The effective income tax rates for 2019 and 2018 were 17.5% and 16.2%, respectively. Salisbury's effective tax rate was less than the 21% federal statutory rate due to tax-exempt income, primarily from municipal bonds, tax advantaged loans and bank-owned life insurance. Fluctuations in the effective tax rate generally result from changes in the mix of taxable and tax-exempt income. For further information on income taxes, see Note 13 of Notes to Consolidated Financial Statements.

Salisbury did not incur Connecticut income tax in 2019, 2018 or 2017, other than minimum state income tax, as a result of a Connecticut law that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company or PIC. Salisbury avails itself of this benefit through its PIC, SBT Mortgage Service Corporation. Salisbury's income tax provision reflects the full impact of the Connecticut legislation. Salisbury does not expect to pay other than minimum Connecticut state income tax in the foreseeable future unless there is a change in Connecticut tax law.

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Comparison of the Years Ended December 31, 2018 and 2017

Net Interest and Dividend Income

Net interest and dividend income represents the difference between interest and dividends earned on loans and securities and interest expense incurred on deposits and borrowings. The level of net interest income is a function of volume, rates and mix of both earning assets and interest-bearing liabilities. Net interest income can be affected by changes in interest rate levels, changes in the volume of assets and liabilities that are subject to re-pricing within different future time periods, and in the level of non-performing assets.

Interest and Dividend Income

Tax equivalent interest and dividend income increased $4.4 million, or 12.1%, to $40.8 million in 2018.

Loan income increased $3.7 million, or 10.9%, to $37.5 million in 2018. The increase was primarily due to a $90.6 million, or 11.6%, increase in average loans, partially offset by a 3 basis point decrease in average yield. Interest income for 2018 and 2017 reflects purchase accounting adjustments consisting of net accretion related to the fair value adjustments of loans acquired in the Riverside Bank acquisition in the amount of $0.8 million and $1.2 million, respectively.

Tax equivalent interest and dividend income from securities increased $276 thousand, or 13.0%, to $2.4 million in 2018, as a result of a $8.1 million, or 10.2%, increase in average security balances, and a 7 basis point increase in average yield. Interest from short term funds increased $352 thousand in 2018 as a result of a 74 basis point increase in average yield and $5.0 million, or 13.7%, increase in average short term balances.

Interest Expense

Interest expense increased $3.0 million, or 70.4%, to $7.2 million in 2018.

Interest expense on interest bearing deposit accounts increased $2.2 million, or 87.6%, to $4.7 million in 2018, as a result of a $59.7 million, or 10.1%, increase in average interest-bearing deposits and a 30 basis point increase in the average rate to 0.72%. The increase in the certificate of deposit balance from 2017 included $20 million of brokered certificates of deposits and $19.4 million of one-way buys executed through the Certificate of Deposit Account Registry Service (“CDARS”). CDARS is a product offered by Promontory Interfinancial Network that enables participating financial institutions to buy or sell excess funds to other members to fund operations and to manage liquidity.

Interest expense on FHLBB advances increased $722 thousand, or 71.3%, due to a $28.9 million, or 82.0%, increase in average advances, partially offset by a 17 basis point decrease in the average borrowing rate to 2.70%.

In December 2015, Salisbury issued $10 million of subordinated debentures. The proceeds of such issuance, along with cash-on-hand, were used by Salisbury to fully redeem $16 million of its outstanding Series B Preferred Stock, which was issued pursuant to the participation in the U.S. Treasury's SBLF program. Interest expense on the subordinated debt for 2018 and 2017 was $624 thousand and $624 thousand, respectively.

Provision and Allowance for Loan Losses

The provision for loan losses was $1.7 million for 2018, compared with $1.0 million for 2017. Net loan charge-offs were $0.7 million and $0.4 million, for the respective years. The higher provision for loan losses in 2018 reflected lower recoveries partly offset by lower charge-offs.

The reserve coverage at December 31, 2018, as measured by the ratio of allowance for loan losses to gross loans, was 0.85%, as compared with 0.84% at December 31, 2017. Non-performing loans (non-accrual loans and accruing loans past-due 90 days or more) decreased $0.1 million to $6.5 million, or 0.71% of gross loans receivable, at December 31, 2018, down from 0.82% at December 31, 2017. Accruing loans past due 30-89 days decreased $1.4 million to $2.2 million, or 0.24% of gross loans receivable at December 31, 2018. See “Overview – Loan Credit Quality” below for further discussion and analysis.

Non-Interest Income

Non-interest income increased $709 thousand, or 8.6%, in 2018 versus 2017. Trust and Wealth Advisory revenues increased $223 thousand primarily due to increased market values and a higher volume of assets under management, as well as higher estate planning fees. Service charges and fees were unchanged from 2017 as higher interchange fees were offset by lower deposit fees. Gains on sales of mortgage loans decreased $36 thousand on lower sales volume. Mortgage loans sales totaled $4.6 million in 2018 versus $5.4 million in 2017. Income from servicing of mortgage loans increased $53 thousand due primarily to a reduction in the amortization of mortgage servicing rights. Loans serviced under the FHLBB Mortgage Partnership Finance Program totaled $111.4 million and $117.5 million at December 31, 2018 and 2017, respectively. Gains on the sale of securities increased $140 thousand in 2018 versus 2017. In 2018, the Bank recorded a non-taxable gain of $341 thousand related to proceeds receivable from a BOLI policy due to the death of a covered former employee, and combined with $337 thousand in income on BOLI resulted in a $335 thousand increase over 2017.

Non-Interest Expense

Non-interest expenses of $29.8 million for 2018 included charges of $275 thousand related to the write down of OREO properties compared with OREO charges of $1.7 million in 2017. Excluding OREO related charges, non-interest expenses increased $1.9 million, or 7.05% in 2018 versus 2017. Salaries expense increased $868 thousand due to higher base salaries, merit increases, sales production, as a result of higher loan volume, and short-term incentive accruals. Employee benefits expense increased primarily due to higher 401K, ESOP and deferred compensation expenses. Premises and equipment expense increased $704 thousand from 2017. The increase included a charge of $171 thousand to write-off the remainder of the lease and fixed assets related to the Bank's previously occupied Fishkill, New York branch location as well as a charge of $95 thousand to write-off the remaining term of a third-party software contract. Building maintenance and depreciation costs were also higher. Data processing expense increased $62 thousand mainly as a result of higher core data processing costs. The decrease of $263 thousand in professional fees reflected lower legal, consulting, audit and investment management expenses. Collections, OREO and appraisal expenses decreased $1.3 million primarily due to the decline in OREO charges noted above, which were partly offset by a reduction of accruals in 2017 related to OREO carrying costs and delinquent real estate taxes on bank-owned OREO properties. Marketing and community support increased $22 thousand mainly related to an increase in community donations. Amortization of intangibles and all other operating expenses decreased $79 thousand and $77 thousand respectively, for 2017.

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Income Taxes

The effective income tax rates for 2018 and 2017 were 16.23% and 31.78%, respectively. The decline in the effective tax rate from 2017 primarily reflected the enactment of the Tax Cuts and Jobs Act (“TCJA”) in December 2017, which reduced the federal statutory tax rate from 34% to 21% for tax years beginning in 2018, and also included a discrete charge of $445 thousand related to the remeasurement of Salisbury's net deferred tax assets as a result of the enactment of the new law. Salisbury's effective tax rate was less than the 21% federal statutory rate due to tax-exempt income, primarily from municipal bonds, tax advantaged loans and bank-owned life insurance. Fluctuations in the effective tax rate generally result from changes in the mix of taxable and tax exempt income. For further information on income taxes, see Note 13 of Notes to Consolidated Financial Statements.

Salisbury did not incur Connecticut income tax in 2019, 2018 or 2017, other than minimum state income tax, as a result of a Connecticut law that permits banks to shelter certain mortgage income from the Connecticut corporation business tax through the use of a special purpose entity called a Passive Investment Company or PIC. Salisbury avails itself of this benefit through its PIC, SBT Mortgage Service Corporation. Salisbury's income tax provision reflects the full impact of the Connecticut legislation. Salisbury does not expect to pay other than minimum Connecticut state income tax in the foreseeable future unless there is a change in Connecticut tax law.

Overview

Assets

During 2019, Salisbury's assets decreased by $9.1 million to $1.112 billion, while net loans increased $18.1 million at December 31, 2019. At December 31, 2019, Salisbury's tangible book value and book value per common share were $34.98 and $40.22, respectively. The Bank's Tier 1 leverage and total risk-based capital ratios were 9.60% and 12.84%, respectively. As of December 31, 2019, the Bank was categorized as "well capitalized."

Securities and Short-Term Funds

During 2019, securities decreased $1.2 million to $95.9 million, while short-term funds (cash and due from banks and interest-bearing deposits with other banks) decreased $31.6 million to $26.9 million. The carrying values of securities are as follows:

  December 31, (dollars in thousands)    2019      2018      2017  
  Available-for-Sale               
U.S. Government agency notes  $4,644   $7,670   $— 
Municipal bonds   27,193    5,379    3,486 
  Mortgage-backed securities:               
U.S. Government agencies and U.S. Government- sponsored enterprises   29,357    57,446    56,157 
  Collateralized mortgage obligations:               
U.S. Government agencies   25,499    17,747    15,019 
  Corporate bonds   5,108    3,576    3,550 
  CRA mutual fund   882    836    835 
  Non-Marketable               
FHLBB stock   3,242    4,496    3,813 
  Total Securities  $95,925   $97,150   $82,860 

Salisbury evaluates securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

Salisbury evaluates securities for strategic fit and may reduce its position in securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. In 2009 Salisbury determined that five non-agency CMO securities reflected OTTI and recognized losses for deterioration in credit quality of $1.1 million. In 2018 Salisbury sold its remaining non-agency CMO securities for a pre-tax gain of $302 thousand. Management does not consider any of its securities to be OTTI at December 31, 2019.

It is possible that future loss assumptions could change necessitating Salisbury to recognize future OTTI. Salisbury evaluates securities for strategic fit and may reduce its position in securities, although it is not more likely than not that Salisbury will be required to sell securities before recovery of their cost basis, which may be maturity.

The carrying value of such securities judged to be OTTI are as follows:

Available-for-Sale (dollars in thousands)    Par value    Carrying value      Fair value  
Non-agency CMO               
December 31, 2019  $—   $—   $— 
December 31, 2018   —    —    — 
December 31, 2017   1,055    651    981 

Accumulated other comprehensive income at December 31, 2019 included net unrealized holding gains, net of tax, of $1.4 million, which is an increase of $1.6 million from December 31, 2018.

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Loans

During 2019, net loans receivable increased $18.1 million, or 2%, to $927.4 million at December 31, 2019. Salisbury's retail lending department originates residential mortgage, home equity loans and lines of credit, and consumer loans for the portfolio. During 2019, Salisbury originated $53.4 million of residential mortgage loans and $7.5 million of home equity loans for the portfolio, compared with $64.0 million and $7.7 million, respectively, in 2018. During 2019, total residential mortgage and home equity loans receivable declined by $1.4 million to $427.4 million at December 31, 2019, and represent 45.7% of gross loans receivable. The decline from year end 2018 partly reflected the pay-off of a residential mortgage loan of approximately $8.0 million in the first quarter of 2019. During 2019, Salisbury's residential mortgage lending department also originated and sold $6.4 million of residential mortgage loans, compared with $4.6 million during 2018. All such sold loans were sold through the FHLBB Mortgage Partnership Finance Program with servicing retained by Salisbury. Consumer loans, amounted to $6.4 million at December 31, 2019, represent 0.7% of gross loans receivable.

Salisbury's commercial lending department specializes in lending to small and mid-size companies, businesses and municipalities. More specifically, we meet our clients' credit needs by providing short-term and long-term financing, construction loans, commercial mortgages, equipment, working capital, property improvement loans and municipal financing. The department also works with both the Small Business Administration (“SBA”) and United States Department of Agriculture (“USDA”) Government Guaranteed Lending Programs; however, such loans represent a very small percent of the commercial loan portfolio. Salisbury originated $155.4 million of commercial loans during 2019 compared with $198.4 million in 2018. Total commercial loans, which include commercial real estate, commercial and industrial and municipal loans, increased $19.8 million to $489.6 million at December 31, 2019, and represent 52.4% of gross loans receivable.

The principal categories of loans receivable and loans held-for-sale are as follows:

December 31, (in thousands)    2019      2018      2017      2016      2015  
Residential 1-4 family  $346,299   $345,862   $317,639   $301,128   $269,294 
Residential 5+ multifamily   35,455    36,510    18,108    13,625    12,547 
Construction of residential 1-4 family   11,889    12,041    11,197    10,951    7,998 
Home equity lines of credit   33,798    34,433    33,771    35,487    35,017 
Residential real estate   427,441    428,846    380,715    361,191    324,856 
Commercial   289,795    283,599    249,311    235,482    218,275 
Construction of commercial   8,466    8,976    9,988    5,398    11,399 
Commercial real estate   298,261    292,575    259,299    240,880    229,674 
Farm land   3,641    4,185    4,274    3,914    3,193 
Vacant land   7,893    8,322    7,883    6,600    8,563 
Real estate secured   737,236    733,928    652,171    612,585    566,286 
Commercial and industrial   169,411    162,905    132,731    141,473    121,421 
Municipal   21,914    14,344    17,494    8,626    9,566 
Consumer   6,385    4,512    4,794    5,380    6,272 
Loans receivable, gross   934,946    915,689    807,190    768,064    703,545 
Deferred loan origination fees and costs, net   1,362    1,421    1,289    1,247    1,189 
Allowance for loan losses   (8,895)   (7,831)   (6,776)   (6,127)   (5,716)
Loans receivable, net  $927,413   $909,279   $801,703   $763,184   $699,018 
Loans Held-for-sale                         
Residential 1-4 family  $332   $—   $669   $—   $763 

 

The composition of loans receivable by forecasted maturity distribution is as follows:

December 31, 2019 (in thousands)    Within 1 year    Within 2-5 years      After 5 years      Total  
Residential  $3,411   $7,741   $382,491   $393,643 
Home equity lines of credit   1,153    534    32,111    33,798 
Commercial   16,611    16,071    257,113    289,795 
Construction of commercial   —    1,189    7,277    8,466 
Land   2,319    192    9,023    11,534 
Real estate secured   23,494    25,727    688,015    737,236 
Commercial and industrial   31,360    36,268    101,783    169,411 
Municipal   6,447    10,056    5,411    21,914 
Consumer   1,267    2,178    2,940    6,385 
Loans receivable, gross  $62,568   $74,229   $798,149   $934,946 

 

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The composition of loans receivable with either fixed, variable or adjustable interest rates is as follows:    

December 31, 2019 (in thousands)  Fixed interest rates  Variable or adjustable interest rates  Total Loans
Residential  $179,415   $214,228   $393,643 
Home equity lines of credit   —    33,798    33,798 
Commercial   83,657    206,138    289,795 
Construction of commercial   7,746    720    8,466 
Land   2,391    9,143    11,534 
Real estate secured   273,209    464,027    737,236 
Commercial and industrial   70,581    98,830    169,411 
Municipal   20,203    1,711    21,914 
Consumer   3,783    2,602    6,385 
Loans receivable, gross  $367,776   $567,170   $934,946 
Percentage of Total   39.3%   60.7%   100.0%

Loan Credit Quality

Salisbury has cooperative relationships with the vast majority of its non-performing loan 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. Salisbury pursues the resolution of all non-performing loans through collections, restructures, voluntary liquidation of collateral by the borrower and, where necessary, legal action. When attempts to work with a customer to return a loan to performing status, including restructuring the loan, are unsuccessful, Salisbury will initiate appropriate legal action seeking to acquire property by deed in lieu of foreclosure or through foreclosure, or to liquidate business assets.

Past Due Loans

Loans past due 30 days or more decreased $3.2 million during 2019 to $4.4 million, or 0.47% of gross loans receivable at December 31, 2019, compared with $7.6 million, or 0.83% of gross loans receivable at December 31, 2018. The components of loans past due 30 days or greater are as follows:

(in thousands)    2019      2018      2017  
Past due 30-59 days  $1,351   $1,435   $2,594 
Past due 60-89 days   726    730    942 
Past due 90-179 days   3    795    31 
Accruing loans   2,080    2,960    3,567 
Past due 30-59 days   290    208    1,186 
Past due 60-89 days   —    108    684 
Past due 90-179 days   271    812    516 
Past due 180 days and over   1,775    3,517    3,164 
Non-accrual loans   2,336    4,645    5,550 
Total loans past due 30 days and over  $4,416   $7,605   $9,117 

 

Credit Quality Segments

Salisbury categorizes loans receivable into the following credit quality segments.

·Impaired loans consist of all non-accrual loans and troubled debt restructured loans, and represent loans for which it is probable that Salisbury will not be able to collect all principal and interest amounts due according to the contractual terms of the loan agreements.
·Non-accrual loans, a sub-set of impaired loans, are loans for which the accrual of interest has been discontinued because, in the opinion of management, full collection of principal or interest is unlikely.
·Non-performing loans consist of non-accrual loans, and accruing loans past due 90 days and over that are well collateralized, in the process of collection and where full collection of principal and interest is reasonably assured. Non-performing assets consist of non-performing loans plus real estate acquired in settlement of loans.
·Troubled debt restructured loans are loans for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower's financial condition. Loan restructuring is employed when management believes the granting of a concession will increase the probability of the full or partial collection of principal and interest.
·Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.

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Non-Performing Assets

Non-performing assets decreased $4.4 million to $3.9 million at December 31, 2019, or 0.35% of assets, from $8.3 million or 0.74% of assets at December 31, 2018. The components of non-performing assets are as follows:

December 31, (in thousands)    2019      2018      2017      2016      2015  
Residential 1-4 family  $1,551   $2,092   $2,045   $1,920   $6,446 
Residential 5+ multifamily   861    1,000    151    163    89 
Home equity lines of credit   105    411    66    519    601 
Commercial   914    1,640    3,622    4,901    4,611 
Farm land   186    216    250    1,002    1,031 
Vacant land   —    —    —    —    2,855 
Real estate secured   3,617    5,359    6,134    8,505    15,633 
Commercial and industrial   —    360    470    27    461 
Consumer   —    —    —    4    80 
Non-accrual loans   3,617    5,719    6,604    8,536    16,174 
Accruing loans past due 90 days and over   3    795    31    256    90 
Non-performing loans   3,620    6,514    6,635    8,792    16,264 
Foreclosed assets   314    1,810    719    3,773    — 
Non-performing assets  $3,934   $8,324   $7,354   $12,565   $16,264 

Reductions in interest income associated with non-accrual loans are as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Income in accordance with original terms  $302   $328   $992 
Income recognized   40    36    673 
Reduction in interest income  $262   $292   $319 

The past due status of non-performing loans is as follows:

December 31, (in thousands)    2019      2018      2017  
Current  $1,281   $1,074   $1,054 
Past due 30-59 days   290    208    1,186 
Past due 60-89 days   —    108    684 
Past due 90-179 days   274    1,607    546 
Past due 180 days and over   1,775    3,517    3,165 
Total non-performing loans  $3,620   $6,514   $6,635 

At December 31, 2019, 35.39% of non-performing loans were current with respect to loan payments, compared with 16.49% at December 31, 2018. Loans past due 180 days and over are substantially all mortgage loans in the process of foreclosure or litigation.

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.

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Troubled Debt Restructured Loans

Troubled debt restructured loans increased $0.7 million in 2019 to $8.8 million, or 0.94% of gross loans receivable, from $8.1 million, or 0.88% of gross loans receivable at December 31, 2018. The components of troubled debt restructured loans are as follows:

December 31, (in thousands)    2019      2018      2017  
Residential 1-4 family  $3,901   $2,824   $3,138 
Residential 5+ multifamily   116    675    1,595 
Home equity lines of credit   —    47    47 
Personal   36    —    — 
Vacant land   180    190    199 
Commercial   3,419    2,924    2,454 
Real estate secured   7,652    6,660    7,433 
Commercial and industrial   126    141    49 
Accruing troubled debt restructured loans   7,778    6,801    7,482 
Residential 1-4 family   152    289    269 
Residential 5+ multifamily   861    1,000    151 
Commercial   —    —    624 
Real estate secured   1,013    1,289    1,044 
Commercial and Industrial   —    —    110 
Non-accrual troubled debt restructured loans   1,013    1,289    1,154 
Troubled debt restructured loans  $8,791   $8,090   $8,636 

The past due status of troubled debt restructured loans is as follows:

December 31, (in thousands)    2019      2018      2017  
Current  $7,227   $6,340   $7,293 
Past due 30-59 days   470    461    189 
Past due 60-89 days   81    —    — 
Accruing troubled debt restructured loans   7,778    6,801    7,482 
Current   19    359    530 
Past due 30-59 days   —    67    — 
Past due 60-89 days   —    —    624 
Past due 90-179 days   133    634    — 
Past due 180 days and over   861    229    — 
Non-accrual troubled debt restructured loans   1,013    1,289    1,154 
Total troubled debt restructured loans  $8,791   $8,090   $8,636 

At December 31, 2019, 82.43% of troubled debt restructured loans were current with respect to loan payments, as compared with 82.82% at December 31, 2018. As of December 31, 2019, 2018 and 2017, there were specific reserves on troubled debt restructured loans amounting to $582 thousand, $252 thousand, and $245 thousand, respectively.

Potential Problem Loans

Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired. Potential problem loans increased $2.3 million during 2019 to $9.9 million or 1.06% of gross loans receivable at December 31, 2019, compared with $7.6 million, or 0.83% of gross loans receivable at December 31, 2018. The components of potential problem loans were as follows:

December 31, (in thousands)    2019      2018      2017  
Residential 1-4 family  $2,109   $1,300   $1,432 
Residential 5+ multifamily   760    —    — 
Home equity lines of credit   —    29    104 
Residential real estate   2,869    1,329    1,536 
Commercial   3,886    5,567    7,905 
Construction of commercial   241    141    — 
Commercial real estate   4,127    5,708    7,905 
Farm land   1,521    —    — 
Real estate secured   8,517    7,037    9,441 
Commercial and industrial   1,384    605    457 
Consumer   2    —    — 
Total potential problem loans  $9,903   $7,642   $9,898 
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The past due status of potential problem loans was as follows:

December 31, (in thousands)    2019      2018      2017  
Current  $9,654   $6,543   $8,520 
Past due 30-59 days   108    78    1,291 
Past due 60-89 days    138    226    56 
Past due 90-179 days   3    795    31 
Total potential problem loans  $9,903   $7,642   $9,898 

At December 31, 2019, 97.49% of potential problem loans were current with respect to loan payments, as compared with 85.62% at December 31, 2018. Management cannot predict the extent to which economic or other factors may impact such borrowers' future payment capacity, and there can be no assurance that such loans will not be placed on nonaccrual status, restructured, or require increased provisions for loan losses.

Deposits and Borrowings

Deposits decreased $7.2 million during 2019, or 0.8%, to $919.5 million at December 31, 2019, compared with $926.7 million at December 31, 2018. Retail repurchase agreements increased $4.4 million during 2019 to $8.5 million at December 31, 2019, compared with $4.1 million at December 31, 2018. Total deposits at December 31, 2019 included two separate relationships totaling $51.6 million, or 5.6% of total deposits.

The distribution of average total deposits by account type was as follows:

 

   December 31, 2019  December 31, 2018
(in thousands)  Average Balance  Percent  Weighted Average  Average Balance  Percent  Weighted Average
Demand deposits  $231,169    24.50%   0.00%  $223,356    25.61%   0.00%
Interest-bearing checking accounts   155,463    16.48    0.39    147,751    16.93    0.31 
Regular savings accounts   175,011    18.55    0.87    171,662    19.67    0.71 
Money market savings   222,090    23.54    1.05    195,741    22.43    0.64 
Certificates of deposit   159,863    16.94    1.80    134,057    15.36    1.27 
Total deposits  $943,596    100.00%   0.78%  $872,567    100.00%   0.31%

 

The classification of certificates of deposit by interest rates was as follows:

   At December 31,
Interest rates  2019  2018
Less than 1.00%  $34,261   $38,992 
1.00% to 1.99%   46,502    47,175 
2.00% to 2.99%   46,463    75,512 
3.00%   498    — 
Total  $127,724   $161,679 

  

The decline in certificate of deposit balances of $34.0 million from December 31, 2018 primarily reflected the maturity of $30.0 million of brokered deposits. These funds were replaced with short-term FHLB advances. The distribution of certificates of deposit by interest rate and maturity was as follows:

 

   At December 31, 2019
Interest rates  Less Than or Equal to One Year  More Than One to Two Years  More Than Two to Three Years 

More Than Three Years

  Total  Percent of Total
Less than 1.00%  $30,171   $4,087   $1   $—   $34,259    26.82%
1.00% to 1.99%   24,273    7,580    7,714    6,937    46,504    36.41%
2.00% to 2.99%   31,581    7,675    1,536    5,671    46,463    36.38%
3.00% to 3.99%   —    —    498    —    498    0.39%
Total  $86,025   $19,342   $9,749   $12,608   $127,724    100.00%

 

Scheduled maturities of time certificates of deposit in denominations of $100 thousand or more were as follows:

December 31, 2019 (in thousands)  Within
3 months		  Within
3-6 months		  Within
6-12 months		  Over
1 year		  Total
Certificates of deposit $100,000 and over  $18,006   $11,083   $22,682   $22,620   $74,391 

FHLBB advances decreased $16.3 million during 2019 to $50.9 million at December 31, 2019, compared with $67.2 million at December 31, 2018. The net decrease primarily reflected net new borrows of $20.5 million offset by $37.0 million of maturities in 2019. Salisbury also has an Irrevocable Letter of Credit Reimbursement Agreement with the FHLBB, whereby upon the Bank's request an irrevocable letter of credit is issued to secure municipal and certain other transactional deposit accounts. These letters of credit are secured primarily by residential mortgage loans.  The amount of funds available from the FHLBB to the Bank is reduced by any letters of credit outstanding. At December 31, 2019, $18.0 million of letters of credit were outstanding compared with $33.0 million at December 31, 2018. Salisbury's excess borrowing capacity at the FHLB was $233.7 million compared with $143.7 million at December 31, 2018. The increase in capacity reflected the pledging of additional residential and commercial loans as collateral.

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The following table sets forth certain information concerning short-term FHLBB advances:

December 31, (dollars in thousands)    2019    2018  
Highest month-end balance during period  $47,000   $25,000 
Ending balance   30,000    9,500 
Average balance during period   5,670    14,843 

Subordinated Debentures

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed to Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury's related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the terms of the note payable provide that the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. Salisbury is monitoring the industry's transition from LIBOR as a market reference rate. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury's payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.9 million at December 31, 2019, which includes $141 thousand of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.33%.

OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL CASH OBLIGATIONS

In the normal course of business, Salisbury enters into various contractual obligations that may require future cash payments. Contractual obligations at December 31, 2019 include operating leases, capital leases, contractual purchases and certain other benefit plans. For further discussion regarding leases see Note 5 to the Consolidated Financial Statements.

The accompanying table summarizes Salisbury's off-balance sheet lending-related financial instruments and significant cash obligations, by remaining maturity, at December 31, 2019. Salisbury's lending-related financial instruments include commitments that have maturities over one year. Contractual purchases include commitments for future cash expenditures, primarily for services and contracts that reflect the minimum contractual obligation under legally enforceable contracts with contract terms that are both fixed and determinable. Excluded from the following table are a number of obligations to be settled in cash, primarily in under one year. These obligations are reflected in Salisbury's Consolidated Balance Sheets and include deposits, FHLBB advances and repurchase agreements that settle within standard market timeframes.

December 31, 2019 (in thousands)  Within  Within  Within  After   
By Remaining Maturity  1 year  1-3 years  4-5 years  5 years  Total
Residential  $50   $108   $1,090   $4,567   $5,815 
Home equity lines of credit   410    —    70    27,680    28,160 
Commercial   2,911    1,160    813    9,974    14,858 
Land   —    1,000    —    14    1,014 
Real estate secured   3,371    2,268    1,973    42,235    49,847 
Commercial and industrial   22,333    1,168    141    54,644    78,286 
Municipal   —    2,249    —    250    2,499 
Consumer   447    —    —    1,701    2,148 
Unadvanced portions of loans   26,151    5,685    2,114    98,830    132,780 
Commitments to originate loans   33,781    —    —    —    33,781 
Standby letters of credit   2,739    1,897    20    1    4,657 
Total  $62,671   $7,582   $2,134   $98,831   $171,218 

 

LIQUIDITY

Salisbury manages its liquidity position to ensure it has sufficient funding availability at all times to meet both anticipated and unanticipated deposit withdrawals, loan originations and advances, securities purchases and other operating cash outflows. Salisbury's primary source of liquidity is deposits and though its preferred funding strategy is to attract and retain low cost deposits, its ability to do so is affected by competitive interest rates and terms in its marketplace, and other financial market conditions. Other sources of funding include cash flows from loan and securities principal payments and maturities, funds provided by operations, and discretionary use of national market certificates of deposit and FHLBB advances. Liquidity can also be provided through sales of securities and loans. Salisbury manages its liquidity in accordance with a liquidity funding policy, and also maintains a contingency funding plan that provides for the prompt and comprehensive response to unexpected demands for liquidity. Management believes Salisbury's funding sources will meet anticipated funding needs.

Operating activities for 2019 provided net cash of $14.3 million. Investing activities utilized net cash of $23.4 million, principally from purchases of securities of $53.5 million, loan originations and principal collections, net of $19.2 million, a $5.8 million investment in BOLI and capital expenditures of $2.0 million, offset by sales, calls, and maturities of securities of $55.4 million. Financing activities utilized net cash of $22.6 million, principally from the maturity of FHLBB advances of $37.0 million, a net deposit decrease of $7.2 million, and common stock dividends of $3.2 million, partly offset by FHLB advances of $20.5 million and an increase of $4.4 million in securities sold under agreements to repurchase.

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Operating activities for 2018 provided net cash of $13.3 million. Investing activities utilized net cash of $118.2 million, principally from loan originations and principal collections, net of $102.3 million and purchases of securities of $41.6 million, offset by sales, calls, and maturities of securities of $27.8 million. Financing activities provided net cash of $114.8 million, principally from a net deposit increase of $103.0 million, FHLBB advances of $37.0 million and an increase of $2.4 million in securities sold under agreements to repurchase, partly offset by net principal payments on FHLB advances of $24.5 million and common stock dividends of $3.1 million.

Operating activities for 2017 provided net cash of $10.2 million. Investing activities utilized net cash of $9.9 million, principally from loan originations and principal collections of $32.5 million and purchases of securities of $36.7 million, offset by sales, calls, and maturities of securities of $36.8 million. Financing activities provided net cash of $12.7 million, principally from a net deposit increase of $2.4 million and FHLBB advances of $17 million, offset by a decrease of $3.9 million in securities sold under agreements to repurchase and common stock dividends of $3.1 million.

CAPITAL RESOURCES

Shareholders' Equity

Shareholders' equity increased $10.2 million in 2019 to $113.7 million at December 31, 2019. Contributing to the increase in shareholders' equity was net income of $11.1 million, a gain in other comprehensive income of $1.6 million and restricted stock awards of $0.6 million, partially offset by common stock dividends declared of $3.2 million.

Capital Requirements

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Under current regulatory definitions, the Bank meets all capital adequacy requirements to which it is subject and the Bank is considered to be well-capitalized. As a result, the Bank pays lower federal deposit insurance premiums than those banks that are not “well capitalized.” Requirements for classification as a well-capitalized institution and for minimum capital adequacy along with the Bank's regulatory capital ratios are as follows at December 31, 2019 and 2018 under the regulatory capital rules then in effect:

   Minimum Capital Adequacy Requirement  Minimum Ratios to be
Well Capitalized		  Actual Bank Ratios
    2019    2018    2019    2018    2019    2018 
Total Capital (to risk-weighted assets)   8.00%   8.00%   10.00%   10.00%   12.84%   12.09%
Common Equity Tier 1 Capital   4.50    4.50    6.50    6.50    11.83    11.17 
Tier 1 Capital (to risk-weighted assets)   6.00    6.00    8.00    8.00    11.83    11.17 
Tier 1 Capital (to average assets)   4.00    4.00    5.00    5.00    9.60    8.83 

A well-capitalized institution, which is the highest capital category for an institution as defined by the Prompt Corrective Action regulations issued by the FDIC and the FRB, is one which maintains a Total Risk-Based ratio of 10% or above, a Tier 1 Risk-Based ratio of 8% or above, a Common Equity Tier 1 ratio of 6.5% or above, and a Leverage ratio of 5% or above, and is not subject to any written order, written agreement, capital directive, or prompt corrective action directive to meet and maintain a specific capital level. Maintaining strong capital is essential to Salisbury and the Bank's safety and soundness. However, the effective management of capital resources requires generating attractive returns on equity to build value for shareholders while maintaining appropriate levels of capital to fund growth, meet regulatory requirements and be consistent with prudent industry practices.

The FRB's final rules implementing the Basel Committee on Banking Supervision's capital guidelines for bank holding companies and their bank subsidiaries include a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5%, a minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increases each subsequent year by an additional 0.625% until reaching its final level of 2.50% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules.

The phase-in period for the final rules began for Salisbury and the Bank on January 1, 2015. As of December 31, 2019, the Company and the Bank met each of their capital requirements and the most recent notification from the FDIC categorized the Bank as “well-capitalized.” There are no conditions or events since that notification that management believes have changed the Bank's category.

On September 17, 2019, the Office of the Comptroller of the Currency, the FRB and the FDIC published its final rule establishing a “Community Bank Leverage Ratio” (“CBLR”) that simplifies capital requirements for certain community banking organizations with less than $10 billion in total consolidated assets (such as the Bank). Under the final rule, depository institutions and their holding companies that meet certain criteria (generally, those with limited amounts of off-balance sheet exposures, trading assets and liabilities, mortgage servicing assets, and temporary difference deferred tax assets) (“qualifying community banking organizations”) will be required to report the components of its tier 1 leverage ratio as a measure of capital adequacy. A qualifying community banking organization with a CBLR of greater than 9% that “elects to use the CBLR framework” will not be subject to other risk-based and leverage capital requirements and will be considered to have met the well-capitalized ratio requirements for purposes of the agencies' Prompt Corrective Action (“PCA”) framework. Under the final rule, if a bank that has opted to use the CBLR framework subsequently fails to satisfy one or more of the qualifying criteria, but continues to report a leverage ratio of greater than 8 %, the bank may continue to use the framework and will be deemed “well capitalized” for a grace period of up to two quarters. A qualifying community banking organization will be required to comply with the generally applicable capital rule and file the relevant regulatory reports if the banking organization: (1) is unable to restore compliance with all qualifying criteria during the two-quarter grace period( including achieving compliance with the greater than 9% leverage ratio requirement); (2) reports a leverage ratio of 8% or less; or (3) ceases to satisfy the qualifying criteria due to consummation of a merger transaction. The final rule became effective on January 1, 2020. The Bank would qualify for the CBLR methodology and would also be considered to be well capitalized if it elected to utilize such methodology. The Bank is currently evaluating the benefits of transitioning to this simplified methodology for assessing capital adequacy.

Dividends

During 2019 and 2018, Salisbury declared and paid four quarterly common stock dividends of $0.28 per common share each quarter, totaling $3.2 million and $3.1 million, respectively. The Board of Directors of Salisbury declared a common stock dividend of $0.29 per common share payable on February 28, 2020 to shareholders of record on February 14, 2020. Common stock dividends, when declared, will generally be paid the last business day of February, May, August and November, although Salisbury is not obligated to pay dividends on those dates or at any other time.

 31 

 

Salisbury's ability to pay cash dividends is dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, states that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital position.

Salisbury believes that the payment of common stock cash dividends is appropriate, provided that such payment considers Salisbury's capital needs, asset quality, and overall financial condition and does not adversely affect the financial stability of Salisbury or the Bank. The continued payment of common stock cash dividends by Salisbury will be dependent on Salisbury's future core earnings, financial condition and capital needs, regulatory restrictions, and other factors deemed relevant by the Board of Directors of Salisbury.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

See Note 1 to the Consolidated Financial Statements for details of recently issued accounting pronouncements and their expected impact on Salisbury's consolidated financial statements.

IMPACT OF INFLATION AND CHANGING PRICES

Salisbury's consolidated financial statements and related notes thereto presented elsewhere in this Form 10-K are prepared in conformity with U.S. GAAP, which require the measurement of financial condition and operating results in terms of historical dollars without considering changes in the relative purchasing power of money, over time, due to inflation. Unlike some other types of companies, the financial nature of Salisbury's consolidated financial statements is more clearly affected by changes in interest rates than by inflation. Interest rates do not necessarily fluctuate in the same direction or in the same magnitude as the prices of goods and services. However, inflation does affect Salisbury to some extent because, as prices increase, the money supply grows and interest rates are affected by inflationary expectations. There is no precise method, however, to measure the effects of inflation on the Company's consolidated financial statements. Accordingly, any examination or analysis of the financial statements should take into consideration the possible effects of inflation. Although not a material factor in recent years, inflation could impact earnings in future periods.

 32 

 

Item 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Salisbury manages its exposure to interest rate risk through its internal Asset/Liability Management Committee (“ALCO”) using risk limits and policy guidelines to manage assets and funding liabilities to produce financial results that are consistent with Salisbury's liquidity, capital adequacy, growth, risk and profitability targets. Interest rate risk is the risk of a negative impact to future earnings due to changes in interest rates.

The ALCO manages interest rate risk using income simulation to measure interest rate risk inherent in Salisbury's financial instruments at a given point in time by showing the effect of interest rate shifts on net interest income over a 24-month horizon. In management's December 31, 2019 analysis, the simulations incorporate static growth assumptions over the simulation horizons for regulatory compliance and interest rate risk measurement purposes. In the dynamic growth scenarios, allowances are made for loan, deposit and security product mix shifts in selected interest rate scenarios, such as movements between lower rate savings and money market deposit accounts and higher rate time deposits, and changes in the reinvestment of loan and securities cash flows. Additionally, the simulations take into account the specific re-pricing, maturity and prepayment characteristics of differing financial instruments that may vary under different interest rate scenarios.

The ALCO reviews the simulation results to determine whether Salisbury's exposure to change in net interest income remains within established tolerance levels over the simulation horizons and to develop appropriate strategies to manage this exposure. Salisbury's tolerance levels for changes in net interest income in its income simulations varies depending on the magnitude of interest rate changes and level of risk-based capital. All changes are measured in comparison to the projected net interest income that would result from an “unchanged” rate scenario where interest rates remain stable over the forecast horizon. The ALCO also evaluates the directional trends of net interest income, net interest margin and other financial measures over the forecast horizon for consistency with its liquidity, capital adequacy, growth, risk and profitability targets.

ALCO uses four interest rate scenarios to evaluate interest risk exposure and may vary these interest rate scenarios to show the effect of steepening or flattening changes in yield curves as well as parallel changes in interest rates.  At December 31, 2019, ALCO used the following interest rate scenarios: (1) unchanged interest rates; (2) immediately rising interest rates – immediate parallel upward shift in market interest rates of 300 basis points across the yield curve; (3) immediately falling interest rates – immediate parallel downward shift in market interest rates of 100 basis points across the yield curve; and (4) gradual and non-parallel declines in interest rates – a relatively unchanged interest rate environment over the first nine months of 2020 with interest rates declining during the fourth quarter of 2020 with rates on Fed Funds, two year treasury, five year treasury and ten year treasury ending the year lower than each individual rate at the end of 2019; then in year two the Fed Funds rate is projected to drop 75 basis points with treasury rates increasing modestly. In this non-parallel decline in rate scenario, the yield curve is flat through most of 2020 with the entire treasury curve declining during the fourth quarter 2020 and being flat and below the Fed Funds rate at the end of 2020. In 2021, Fed Funds rate declines and treasury rates increase modestly so that the yield curve slopes upward but at very low overall market interest rates. Simulations do not reflect adjustments in strategy that the ALCO could implement in response to rate shifts.

As of December 31, 2019, net interest income simulations indicated that Salisbury's exposure to changing interest rates over the simulation horizons remained within its tolerance levels.

The following table sets forth the estimated change in net interest income from an unchanged interest rate scenario over the periods indicated for changes in market interest rates using Salisbury's financial instruments as of December 31, 2019.

  December 31, 2019 (in thousands)    Months 1-12      Months 13-24  
Immediately rising interest rates +300bp (static growth assumptions)   (10.6)%   (5.6)%
Immediately falling interest rates -100bp (static growth assumptions)   (0.2)   (2.4)
Immediately rising interest rates +400bp (static growth assumptions)   (14.3)   (7.9)

The negative exposure of net interest income to immediately and gradually rising rates as compared to the unchanged rate scenario results from a faster projected rise in the cost of funds versus income from earning assets, as relatively rate-sensitive money market and time deposits re-price faster than longer duration earning assets. The negative exposure of net interest income to immediately falling rates as compared to an unchanged rate scenario results from a greater decline in earning asset yields compared to rates paid on funding liabilities, as a result of faster prepayments on existing assets and lower reinvestment rates on future loans originated and securities purchased.

While the ALCO reviews simulation assumptions and back-tests simulation results to ensure that they are reasonable and current, income simulation may not always prove to be an accurate indicator of interest rate risk or future net interest margin. Over time, the re-pricing, maturity and prepayment characteristics of financial instruments and the composition of Salisbury's balance sheet may change to a different degree than estimated. Simulation modeling assumes Salisbury's expectation for future balance sheet growth, which is a function of the business environment and customer behavior. Another significant simulation assumption is the sensitivity of core savings deposits to fluctuations in interest rates. Income simulation results assume that changes in both core savings deposit rates and balances are related to changes in short-term interest rates. The relationship between short-term interest rate changes and core deposit rate and balance changes may differ from those used in ALCO's estimates for income simulation. Lastly, mortgage-backed securities and mortgage loans involve a level of risk that unforeseen changes in prepayment speeds may cause related cash flows to vary significantly in differing rate environments. Such changes could affect the level of reinvestment risk associated with cash flow from these instruments, as well as their market value. Changes in prepayment speeds could also increase or decrease the amortization of premium or accretion of discounts related to such instruments, thereby affecting interest income.

 33 

 

Salisbury also monitors the potential change in market value of its available-for-sale debt securities in changing interest rate environments. The purpose is to determine market value exposure that may not be captured by income simulation, but which might result in changes to Salisbury's capital and liquidity position. Results are calculated using industry-standard analytical techniques and securities data. Equity securities are excluded from this analysis because the market value of such securities cannot be directly correlated with changes in interest rates. The following table summarizes the potential change in market value of available-for-sale debt securities resulting from immediate parallel rate shifts:

  December 31, 2019 (in thousands)Rates up 100bp  Rates up 200bp  
U.S. Government agency notes  $(16)  $(206)
Municipal bonds   (1,467)   (3,364)
Mortgage backed securities          
U.S. Government agencies and U.S. Government- sponsored enterprises   (637)   (1,948)
Collateralized mortgage obligations          
U.S. Government agencies   (343)   (1,492)
Corporate bonds   (52)   (156)
Total available-for-sale debt securities  $(2,515)  $(7,166)

 

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Item 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Index to Consolidated Financial Statements

 

  Page
Reports of Independent Registered Public Accounting Firms 36
Consolidated Balance Sheets 37
Consolidated Statements of Income 38
Consolidated Statements of Comprehensive Income 39
Consolidated Statements of Changes in Shareholders' Equity 39
Consolidated Statements of Cash Flows 40-41
Notes to Consolidated Financial Statements 42-72

 

 35 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Shareholders of Salisbury Bancorp, Inc.

 

Opinion on the Financial Statements and Internal Control Over Financial Reporting

 

We have audited the accompanying consolidated balance sheets of Salisbury Bancorp, Inc. and Subsidiary (the Company) as of December 31, 2019 and 2018, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as the financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2019, in conformity with accounting principles general accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework issued by COSO in 2013.

 

Basis for Opinions

 

The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report of Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. 

 

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

 

Definition and Limitations of Internal Control Over Financial Reporting

 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

 

/s/ Baker Newman & Noyes LLC

Portsmouth, New Hampshire

March 13, 2020

 

We have served as the Company's auditor consecutively since 2015.

 

 36 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

 

  December 31, (dollars in thousands, except par value)    2019      2018  
ASSETS          
Cash and due from banks  $7,406   $7,238 
Interest bearing demand deposits with other banks   19,479    51,207 
Total cash and cash equivalents   26,885    58,445 
Interest bearing Time Deposits with Financial Institutions   750    — 
Securities          
Available-for-sale at fair value   91,801    91,818 
CRA mutual fund   882    836 
Federal Home Loan Bank of Boston stock at cost   3,242    4,496 
Loans held-for-sale   332    — 
Loans receivable, net (allowance for loan losses: $8,895 and $7,831)   927,413    909,279 
Other real estate owned   314    1,810 
Bank premises and equipment, net   17,385    18,175 
Goodwill   13,815    13,815 
Intangible assets (net of accumulated amortization: $4,886 and $4,498)   995    1,383 
Accrued interest receivable   3,415    3,148 
Cash surrender value of life insurance policies   20,580    14,438 
Deferred taxes   1,249    1,276 
Other assets   3,390    2,635 
Total Assets  $1,112,448   $1,121,554 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $237,852   $228,448 
Demand (interest bearing)   153,314    153,586 
Money market   239,504    204,219 
Savings and other   161,112    178,807 
Certificates of deposit   127,724    161,679 
Total deposits   919,506    926,739 
Repurchase agreements   8,530    4,104 
Federal Home Loan Bank of Boston advances   50,887    67,154 
Subordinated debt   9,859    9,835 
Note payable   246    280 
Finance lease obligations   1,718    3,081 
Accrued interest and other liabilities   8,047    6,902 
Total Liabilities   998,793    1,018,095 
Shareholders' Equity          
Common stock - $0.10 per share par value          
Authorized: 5,000,000;          
Issued: 2,825,912 and 2,806,781          
Outstanding: 2,825,912 and 2,806,781   283    281 
Unearned compensation – restricted stock awards   (795)   (711)
Paid-in capital   44,490    43,770 
Retained earnings   68,320    60,339 
Accumulated other comprehensive income (loss) , net   1,357    (220)
Total Shareholders' Equity   113,655    103,459 
Total Liabilities and Shareholders' Equity  $1,112,448   $1,121,554 

 

The accompanying notes are an integral part of these audited consolidated financial statements.

 37 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME

 

  Years ended December 31, (in thousands except per share amounts)   2019      2018      2017  
Interest and dividend income               
Interest and fees on loans  $39,742   $37,072   $33,090 
Interest on debt securities               
Taxable   2,223    2,231    1,566 
Tax exempt   545    136    380 
Other interest and dividends   903    933    485 
Total interest and dividend income   43,413    40,372    35,521 
Interest expense               
Deposits   7,324    4,656    2,483 
Repurchase agreements   24    12    5 
Finance lease   170    178    96 
Note payable   16    18    18 
Subordinated debt   624    624    624 
Federal Home Loan Bank of Boston advances   1,143    1,733    1,012 
    Total interest expense   9,301    7,221    4,238 
Net interest and dividend income   34,112    33,151    31,283 
Provision for loan losses   955    1,728    1,020 
Net interest and dividend income after provision for loan losses   33,157    31,423    30,263 
Non-interest income               
Trust and wealth advisory   3,995    3,700    3,477 
Service charges and fees   4,028    3,718    3,718 
Gains on sales of mortgage loans, net   116    89    125 
Mortgage servicing, net   307    308    255 
Gains (Losses) on CRA mutual fund   25    (18)   — 
Gains on securities, net   263    318    178 
BOLI income and gains   392    678    343 
Other   124    152    140 
Total non-interest income   9,250    8,945    8,236 
Non-interest expense               
Salaries   12,048    12,003    11,135 
Employee benefits   4,384    4,280    3,767 
Premises and equipment   4,016    4,535    3,831 
Data processing   2,201    2,119    2,057 
Professional fees   2,213    2,236    2,499 
OREO gains, losses and write-downs, net   408    275    1,716 
Collections, OREO, and appraisals   436    578    463 
FDIC insurance   261    579    497 
Marketing and community support   619    815    793 
Amortization of intangibles   388    454    533 
Other   1,938    1,961    2,038 
Total non-interest expense   28,912    29,835    29,329 
Income before income taxes   13,495    10,533    9,170 
Income tax provision   2,359    1,709    2,914 
Net income  $11,136   $8,824   $6,256 
Net income available to common stock  $10,976   $8,713   $6,201 
                
Basic earnings per common share  $3.95   $3.15   $2.25 
Weighted average common shares outstanding, to calculate basic earnings per share   2,782    2,763    2,755 
Diluted earnings per common share  $3.93   $3.13   $2.24 
Weighted average common shares outstanding, to calculate diluted earnings per share   2,794    2,780    2,774 
Common dividends per share  $1.12   $1.12   $1.12 

 

The accompanying notes are an integral part of these audited consolidated financial statements.

 38 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

  Years ended December 31, (in thousands)   2019      2018      2017  
Net income  $11,136   $8,824   $6,256 
Other comprehensive income (loss)               
Net unrealized gains (losses) on securities available-for-sale   2,258    (202)   (318)
Reclassification of net realized gains in net income   (263)   (318)   (178)
Unrealized gains (losses) on securities available-for-sale   1,995    (520)   (496)
Income tax (expense) benefit   (418)   105    198 
Unrealized gains (losses) on securities available-for-sale, net of tax   1,577    (415)   (298)
Other comprehensive income (loss), net of tax   1,577    (415)   (298)
Comprehensive income  $12,713   $8,409   $5,958 

 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

 

(in thousands,  Common Stock  Paid-in  Retained  Unearned compensation- restricted stock  Accumulated
other comp-
rehensive income		  Total
share-holders'
except share amounts)   Shares    Amount    capital    earnings    awards    (loss)    equity 
Balances at December 31, 2016   2,758,086   $276   $42,085   $51,521   $(352)  $477   $94,007 
Net income for year   —    —    —    6,256    —    —    6,256 
Other comprehensive loss, net of tax   —    —    —    —    —    (298)   (298)
Common stock dividends declared ($1.12 per share)   —    —    —    (3,113)   —    —    (3,113)
Stock options exercised   12,150    1    315    —    —    —    316 
Issuance of restricted common stock   11,800    2    462    —    (464)   —    — 
Forfeiture of restricted common stock   (900)   —    (28)   —    28    —    — 
Issuance of common stock for directors fees   2,056    —    81    —    —    —    81 
Issuance of directors restricted stock awards   2,024    —    83    —    (83)   —    — 
Stock based compensation-restricted stock awards   —    —    —    —    265    —    265 
Balances at December 31, 2017   2,785,216   $279   $42,998   $54,664   $(606)  $179   $97,514 
Net income for year   —    —    —    8,824    —    —    8,824 
Adoption of ASU 2016-01   —    —         (16)   —    16    — 
Other comprehensive loss, net of tax   —    —    —    —    —    (415)   (415)
Common stock dividends declared ($1.12 per share)   —    —    —    (3,133)   —    —    (3,133)
Stock options exercised   9,155    1    221    —    —    —    222 
Issuance of restricted common stock   9,250    1    409    —    (410)   —    — 
Forfeiture of restricted common stock   (800)   —    (33)   —    33    —    — 
Issuance of directors restricted stock awards   3,960    —    175    —    (175)   —    — 
Stock based compensation-restricted stock awards   —    —    —    —    447    —    447 
Balances at December 31, 2018   2,806,781   $281   $43,770   $60,339   $(711)  $(220)  $103,459 
Net income for year   —    —    —    11,136    —    —    11,136 
Other comprehensive income, net of tax   —    —    —    —    —    1,577    1,577 
Common stock dividends declared ($1.12 per share)   —    —    —    (3,155)   —    —    (3,155)
Stock options exercised   4,725    —    82    —    —    —    82 
Issuance of restricted common stock   11,530    2    457    —    (459)   —    — 
Forfeiture of restricted common stock   (710)   —    (31)   —    31    —    — 
Issuance of directors restricted stock awards   3,600    —    142    —    (142)   —    — 
Retired Common Stock   (14)   —    —    —    —    —    — 
Stock based compensation-restricted stock awards   —    —    70    —    486    —    556 
Balances at December 31, 2019   2,825,912   $283   $44,490   $68,320   $(795)  $1,357   $113,655 

 

The accompanying notes are an integral part of these audited consolidated financial statements.

 

 39 

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CASH FLOWS

  Years ended December 31, (in thousands)   2019      2018      2017  
Operating Activities               
Net income  $11,136   $8,824   $6,256 
Adjustments to reconcile net income to net cash provided by operating activities               
(Accretion), amortization and depreciation               
Securities   332    31    145 
Bank premises and equipment   1,591    1,668    1,441 
Core deposit intangible   388    454    533 
Modification fees on Federal Home Loan Bank of Boston advances   232    232    234 
Subordinated debt issuance costs   24    24    23 
Mortgage servicing rights   51    48    169 
Fair value adjustment on loans   (64)   (779)   (1,207)
Fair value adjustment on deposits   (8)   (37)   (78)
(Gains) and losses, including write-downs               
Sales and calls of securities available-for-sale, net   (263)   (318)   (178)
Sales of loans, excluding capitalized servicing rights   (82)   (71)   (95)
CRA Mutual Fund   (25)   18    — 
Other real estate owned   408    274    1,717 
Sales/disposals of premises and equipment   —    85    1 
Gain from BOLI   —    (341)   — 
Provision for loan losses   955    1,728    1,020 
Proceeds from loans sold   6,447    4,555    5,440 
Loans originated for sale   (6,697)   (3,815)   (6,014)
Decrease (increase) in deferred loan origination fees and costs, net   59    (132)   (42)
Mortgage servicing rights originated   (61)   (43)   (63)
Decrease in mortgage servicing rights impairment reserve   —    —    (23)
Increase in interest receivable   (267)   (478)   (229)
Deferred tax (benefit) expense   (391)   (494)   888 
(Increase) decrease in prepaid expenses   (174)   (50)   123 
Increase in cash surrender value of life insurance policies   (392)   (337)   (343)
Decrease (increase) in income tax receivable   137    760    (173)
Increase in income tax payable   235    —    — 
Decrease in other assets   846    48    790 
Increase (decrease) in accrued expenses   352    769    (643)
(Decrease) increase in interest payable   (159)   138    10 
(Decrease) increase in other liabilities   (835)   69    240 
Stock based compensation-restricted stock awards   556    447    265 
Net cash provided by operating activities   14,330    13,277    10,207 
Investing Activities               
Redemptions (purchases) of Federal Home Loan Bank of Boston stock, net   1,254    (683)   (602)
Purchases of securities available-for-sale   (53,467)   (41,631)   (36,654)
Purchases of interest-bearing time deposits with financial institutions   (750)   —    — 
Proceeds from sales of securities available-for-sale   41,814    10,036    199 
Proceeds from calls of securities available-for-sale   75    695    16,141 
Proceeds from maturities of securities available-for-sale   13,521    17,061    20,427 
Reinvestment of CRA Mutual Fund   (21)   (19)   — 
Loan originations and principal collections, net   (19,172)   (102,273)   (32,536)
Recoveries of loans previously charged off   88    74    600 
Proceeds from sales of other real estate owned   1,088    289    2,080 
Capital expenditures   (2,055)   (1,393)   (1,954)
Investment in BOLI   (5,750)   —    — 
Net cash and cash equivalents (paid) acquired in branch acquisition   —    (298)   22,396 
Net cash utilized by investing activities   (23,375)   (118,142)   (9,903)

 

The accompanying notes are an integral part of these audited consolidated financial statements.

 

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Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

 

  Years ended December 31, (in thousands)   2019      2018      2017  
Financing Activities               
Increase in deposit transaction accounts, net  $26,722   $58,658   $7,578 
(Decrease) increase in time deposits, net   (33,947)   44,300    (5,208)
Increase (decrease) in securities sold under agreements to repurchase, net   4,426    2,436    (3,867)
Short-term Federal Home Loan Bank of Boston advances, net   20,500    (17,500)   17,000 
Long-term Federal Home Loan Bank of Boston advances, net   (37,000)   30,000    — 
Principal payments on note payable   (34)   (33)   (31)
Decrease in finance lease obligation   (109)   (127)   (59)
Stock options exercised   82    222    316 
Issuance of shares for directors' fees   —    1    81 
Common stock dividends paid   (3,155)   (3,133)   (3,113)
Net cash (applied to) provided by financing activities   (22,515)   114,824    12,697 
Net (decrease) increase in cash and cash equivalents   (31,560)   9,959    13,001 
Cash and cash equivalents, beginning of year   58,445    48,486    35,485 
Cash and cash equivalents, end of year  $26,885   $58,445   $48,486 
Cash paid during year               
Interest  $9,212   $6,864   $4,049 
Income taxes   2,378    1,443    2,291 
Non-cash transfers               
From loans to other real estate owned   —    1,654    743 
Finance Lease Obligation   —    1,373    — 
Finance Lease Paid-off               
Fixed Asset   (1,158)   —    — 
Lease liability   1,254    —    — 
    Deferred gain applied to bank premises and equipment   (96)   —    — 
Transfer of unearned credit-related discount to allowance for loan losses   663    —    — 
Adoption of ASU 2016-02 - Other assets   1,552    —    — 
Adoption of ASU 2016-02 – Other  Liabilities   (1,552)   —    — 
Adoption of ASU 2016-01   —    16    — 
BOLI proceeds included in other assets   —    621    — 
Branch acquisition (1)               
Cash and cash equivalents (paid) acquired  $—   $(298)  $22,387 
Net loans acquired   —    7,849    7,097 
Fixed assets acquired (including capital leases)   —    761    1,605 
Accrued interest receivable acquired   —    5    12 
Other assets acquired   —    6    20 
Core deposit intangible   —    —    633 
Goodwill   —    —    1,263 
Deposits assumed   —    8,323    31,433 
Capital lease assumed   —    —    1,476 
Other liabilities assumed   —    —    3 

 

(1)Includes branch acquisitions of Empire State Bank's New Paltz, New York branch in 2017 and Orange Bank & Trust Company's Fishkill, New York branch in 2018.

The accompanying notes are an integral part of these audited consolidated financial statements.

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Salisbury Bancorp, Inc. and Subsidiary

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Salisbury Bancorp, Inc. (“Salisbury” or the “Company”) is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in Litchfield, Berkshire and Dutchess, Orange and Ulster Counties in Connecticut, Massachusetts and New York, respectively.

Principles of Consolidation

The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions.

Basis of Financial Statement Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, potential other-than-temporary impairment of securities and potential impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements to make them consistent with the 2019 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank's business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions.

Interest Bearing Time Deposits with Financial Institutions

Interest bearing time deposits are balances held in CD's in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par.

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses.

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans and unamortized premiums on purchased loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

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The Bank's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury's service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury's service area.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower's financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management's assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (“ASC”) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan loss reserves. As a result of this transfer, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.

Allowance for Loan Losses

The allowance for loan losses represents management's estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management's ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

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While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management's estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management's general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury's policies or methodology pertaining to the general component of the allowance for loan losses during 2019.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and generally does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury's market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner-occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.

Farm – Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.

Vacant land – Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury's market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity's reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan's effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

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Unallocated

An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Mortgage Servicing Rights

As part of our growth and risk management strategy, Salisbury from time to time sells whole loans. These are typically fixed rate residential loans. Salisbury's ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage Servicing Rights (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included in other assets on the consolidated balance sheets and are accounted for under the amortization method. Under that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.

Other Real Estate Owned (“OREO”)

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2019, and 2018, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $0.1 million and $0.5 million, respectively.

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

• Buildings/Improvements – 39 years
• Land Improvements – 15 years
• Furniture and Fixtures – 7 years
• Computer Equipment – 5 years
• Software – 3 years

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury's intangible assets at December 31, 2019, and 2018, include goodwill of $2.4 million arising from the purchase of a branch office in 2001, $7.2 million arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319 thousand arising from the 2007 purchase of a branch office in New York State, $2.7 million arising from the acquisition of Riverside Bank in December 2014 and $1.3 million from the purchase of an additional branch office in New York in 2017. See Note 9.

On an annual basis, management assesses intangible assets for impairment and, for the year ending December 31, 2019, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.

Bank-Owned Life Insurance

Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital.

Stock Based Compensation

Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date.

Advertising Expense

Advertising costs of $480 thousand and $608 thousand in 2019 and 2018, respectively, are expensed as incurred and not capitalized.

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Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (“EPS”) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Revenue Recognition

A significant portion of Salisbury's revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury's Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury's anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are distinct from the existing contract and are accounted for as if they were a new and separate contract. The original contract is still accounted for according to its original terms.

Trust and Wealth Advisory

The Trust and Wealth Advisory business generates revenue through a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions. Revenue from these services is generally recognized over time and are typically based on the market value of assets under administration and established fee schedules. Certain fees, such as real estate sale fees, asset liquidation fees, special asset fees, and daily money management fees, are recorded as revenue at a point in time at the completion of the service.

Service Charges and Fees

Salisbury offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Monthly deposit account fees and account research fees are recognized over time using the right to invoice measure of progress. Overdraft protection, ATM services, cash management, bill pay, money transfers, among others, are generally recognized at point in time at the completion of the service.

Interchange Fees

Salisbury earns interchange fee revenue through customers' use of the Bank's debit cards. Interchange fees are generally recognized as revenue at a point in time when customers make a purchase using their debit card.

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Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)”. Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases): (1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity's leasing activities. In July 2018, the FASB issued ASU 2018-10 which provided technical corrections to the new lease standard. In August 2018, the FASB issued ASU 2018-11 Leases – Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to the new lease standard. ASU 2018-11 has the same effective date as ASU 2016-02 (January 1, 2019 for the Company). Salisbury adopted ASU 2018-11 and elected the transition option. In March 2019, the FASB issued ASU 2019-01, the transition guidance related to certain interim disclosures provided in the year of adoption. To coincide with the adoption of AU 2016-02, Salisbury elected to early adopt ASU 2019-01 on January 1, 2019. Salisbury's consolidated assets and liabilities increased by approximately $1.6 million due to the recording of operating leases as a result of adopting ASU 2016-02 effective January 1, 2019. In conformance with ASU 2018-11, Salisbury elected not to recast comparative periods. See also Note 5 to the Consolidated Financial Statement for further information.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company because its public float is less than $250 million. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses” which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan and losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury does not expect the provisions of ASU 2017-04 to have a material impact on its Consolidated Financial Statements.

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In March 2017, the FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under previous generally accepted accounting principles, entities generally amortized the premium as an adjustment of yield over the contractual life of the instrument. On January 1, 2019, the Bank adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-03, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-03 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. As ASU 2018-13 only revises disclosure requirements, it will not have a material impact on Salisbury's Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting or Income Taxes.” The amendments in this Update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years; early adoption is permitted. Salisbury is currently evaluating the provisions of ASU 2019-12 to determine the potential impact the new standard will have on Salisbury's Consolidated Financial Statements.

NOTE 2 – MERGERS AND ACQUISITIONS

On December 5, 2014, the Company acquired Riverside Bank. Riverside Bank operated four banking offices serving Dutchess, Ulster and Orange Counties in New York, and was merged with and into the Bank. In first quarter 2019, Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan losses.

The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30. 

  (In thousands)    2019      2018  
Balance at beginning of period  $204   $517 
Acquisitions   —    — 
Accretion   (204)   (164)
Disposals   —    (149)
Reclassification from non-accretable to accretable   —    — 
Balance at end of period  $—   $204 

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan losses. At December 31, 2018, Salisbury ASC 310-30 loans had an outstanding balance totaling $2.1 million and a carrying value of $1.9 million. 

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NOTE 3 - SECURITIES

The composition of securities is as follows:

  (in thousands)  Amortized
cost basis		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2019                    
Available-for-sale                    
U.S. Government Agency notes  $4,520   $125   $1   $4,644 
Municipal bonds   26,562    704    73    27,193 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government- sponsored enterprises   28,961    420    24    29,357 
Collateralized mortgage obligations:                    
U.S. Government agencies   25,041    468    10    25,499 
Corporate bonds   5,000    108    —    5,108 
Total securities available-for-sale  $90,084   $1,825   $108   $91,801 
CRA mutual fund                                 $882 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,242   $—   $—   $3,242 
  (in thousands)  Amortized
cost basis		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2018                    
Available-for-sale                    
U.S. Government Agency notes  $7,590   $83   $3   $7,670 
Municipal bonds   5,334    45    —    5,379 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government sponsored enterprises   57,837    170    561    57,446 
Collateralized mortgage obligations:                    
U.S. Government agencies   17,835    85    173    17,747 
Corporate bonds   3,500    76    —    3,576 
Total securities available-for-sale  $92,096   $459   $737   $91,818 
CRA mutual fund                 $836 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $4,496   $—   $—   $4,496 

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

  Years ended December 31, (in thousands)    2019      2018      2017  
Proceeds  $41,814   $10,036   $199 
Gains realized   371    361    192 
Losses realized   (108)   (43)   (14)
Net gains realized   263    318    178 
Income tax provision   55    67    61 
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The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the dates presented:

   Less than 12 Months  12 Months or Longer  Total
  December 31, 2019 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
U.S. Government Agency notes  $—   $—   $195   $1   $195   $1 
Municipal bonds   6,273    73    —    —    6,273    73 
Mortgage- backed securities:                              
U.S. Government agencies and U.S. Government - sponsored enterprises   5,781    22    704    2    6,485    24 
Collateralized mortgage obligations:                              
U.S. Government Agencies   1,438    10    —    —    1,438    10 
Total temporarily impaired securities  $13,492   $105   $899   $3   $14,391   $108 
                               
   Less than 12 Months  12 Months or Longer  Total
  December 31, 2018 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
U.S. Government Agency notes  $34   $—   $532   $3   $566   $3 
Mortgage-backed securities:                              
U.S. Government agencies and U.S. Government –sponsored enterprises   13,063    175    26,777    386    39,840    561 
Collateralized mortgage obligations:                              
U.S. Government Agencies   —    —    8,281    173    8,281    173 
Total temporarily impaired securities  $13,097   $175   $35,590   $562   $48,687   $737 

 

The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity. Debt securities issued by U.S. Government agencies (SBA securities), MBS, and CMOS are disclosed separately in the table below as these securities may prepay prior to the scheduled contractual maturity dates.

  December 31, 2019 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
U.S. Government Agency notes  After 5 year but within 10 years  $2,497   $2,551    3.48%
   Total   2,497    2,551    3.48 
Municipal bonds  Within 1 year   60    60    2.63 
   After 5 year but within 10 years   1,734    1,833    3.16 
   After 10 years   24,768    25,300    3.48 
   Total   26,562    27,193    3.46 
Corporate bonds  After 5 years but within 10 years   5,000    5,108    5.21 
Mortgage-backed securities, CMO securities and SBA securities      56,025    56,949    2.85 
Securities available-for-sale     $90,084   $91,801    3.17%

(1)       Yield is based on amortized cost.

Salisbury evaluates debt securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

The following summarizes, by security type, the basis for evaluating if the applicable debt securities were OTTI at December 31, 2019.

U.S. Government Agency notes: The contractual cash flows are guaranteed by the U.S. government. Four securities had unrealized losses at December 31, 2019, which approximated 0.75% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality since time of purchase. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2019.

Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Six securities had unrealized losses at December 31, 2019, which approximated 1.15% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2019.

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U.S. Government agency and U.S. Government-sponsored mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Nine securities had unrealized losses at December 31, 2019, which approximated 0.42% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider these investments to be other-than-temporarily impaired at December 31, 2019.

The Federal Home Loan Bank of Boston (FHLBB) is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

See Note 7 to the Consolidated Financial Statements for further information.

NOTE 4 - LOANS

The composition of loans receivable and loans held-for-sale is as follows:

December 31,    2019      2018  
(in thousands)    Total Loans      Total Loans  
Residential 1-4 family  $346,299   $345,862 
Residential 5+ multifamily   35,455    36,510 
Construction of residential 1-4 family   11,889    12,041 
Home equity lines of credit   33,798    34,433 
Residential real estate   427,441    428,846 
Commercial   289,795    283,599 
Construction of commercial   8,466    8,976 
Commercial real estate   298,261    292,575 
Farm land   3,641    4,185 
Vacant land   7,893    8,322 
Real estate secured   737,236    733,928 
Commercial and industrial   169,411    162,905 
Municipal   21,914    14,344 
Consumer   6,385    4,512 
Loans receivable, gross   934,946    915,689 
Deferred loan origination fees and costs, net   1,362    1,421 
Allowance for loan losses   (8,895)   (7,831)
Loans receivable, net  $927,413   $909,279 
Loans held-for-sale          
Residential 1-4 family  $332   $— 

Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury's loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties.

Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks' originated loans.  Purchased amounts are accounted for as loans without recourse to the originating bank.  Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan.  The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. 

At December 31, 2019 and 2018, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $67.0 million and $66.4 million, respectively.

Concentrations of Credit Risk

Salisbury's loans consist primarily of residential and commercial real estate loans located principally in Litchfield County, Connecticut; Dutchess, Orange and Ulster Counties, New York; and Berkshire County, Massachusetts, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, installment loans and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury's market area. Salisbury's commercial real estate exposure as a percentage of the Bank's total risk-based capital, which represents Tier 1 plus Tier 2 capital, was approximately 169% as of December 31, 2019 and 170% at December 31, 2018 compared to the regulatory monitoring guideline of 300%.

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Credit Quality

Salisbury uses credit risk ratings as part of its determination of the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

Loans rated as "special mention" (5) possess credit deficiencies or potential weaknesses deserving management's close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.

Loans rated as "substandard" (6) are loans where the Bank's position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.

Loans rated "doubtful" (7) have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.

Loans classified as "loss" (8) are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank's loan portfolio is examined periodically by its regulatory agencies, the FDIC and the CTDOB.

The composition of loans receivable by risk rating grade is as follows:

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2019                              
Residential 1-4 family  $337,302   $4,278   $4,719   $—   $—   $346,299 
Residential 5+ multifamily   33,619    99    1,737    —    —    35,455 
Construction of residential 1-4 family   11,889    —    —    —    —    11,889 
Home equity lines of credit   33,381    312    105    —    —    33,798 
Residential real estate   416,191    4,689    6,561    —    —    427,441 
Commercial   271,708    10,964    7,052    71    —    289,795 
Construction of commercial   8,225    —    241    —    —    8,466 
Commercial real estate   279,933    10,964    7,293    71    —    298,261 
Farm land   1,934    —    1,707    —    —    3,641 
Vacant land   7,834    59    —    —    —    7,893 
Real estate secured   705,892    15,712    15,561    71    —    737,236 
Commercial and industrial   167,458    443    1,510    —    —    169,411 
Municipal   21,914    —    —    —    —    21,914 
Consumer   6,344    3    38    —    —    6,385 
Loans receivable, gross  $901,608   $16,158   $17,109   $71   $—   $934,946 

 

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2018                              
Residential 1-4 family  $337,520   $4,281   $4,061   $—   $—   $345,862 
Residential 5+ multifamily   34,726    784    1,000    —    —    36,510 
Construction of residential 1-4 family   12,041    —    —    —    —    12,041 
Home equity lines of credit   33,728    265    440    —    —    34,433 
Residential real estate   418,015    5,330    5,501    —    —    428,846 
Commercial   270,461    4,530    8,608    —    —    283,599 
Construction of commercial   8,482    —    494    —    —    8,976 
Commercial real estate   278,943    4,530    9,102    —    —    292,575 
Farm land   3,969    —    216    —    —    4,185 
Vacant land   8,253    69    —    —    —    8,322 
Real estate secured   709,180    9,929    14,819    —    —    733,928 
Commercial and industrial   159,127    2,672    1,106    —    —    162,905 
Municipal   14,344    —    —    —    —    14,344 
Consumer   4,502    10    —    —    —    4,512 
Loans receivable, gross  $887,153   $12,611   $15,925   $—   $—   $915,689 

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The composition of loans receivable by delinquency status is as follows:

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2019                        
Residential 1-4 family  $344,085   $971   $351   $200   $692   $2,214   $—   $1,551 
Residential 5+ multifamily   34,594    —    —    —    861    861    —    861 
Construction of residential 1-4 family   11,889    —    —    —    —    —    —    — 
Home equity lines of credit   33,522    152    46    —    78    276    —    105 
Residential real estate   424,090    1,123    397    200    1,631    3,351    —    2,517 
Commercial   289,103    336    141    71    144    692    —    914 
Construction of commercial   8,466    —    —    —    —    —    —    — 
Commercial real estate   297,569    336    141    71    144    692    —    914 
Farm land   3,461    180    —    —    —    180    —    186 
Vacant land   7,852    —    41    —    —    41    —    — 
Real estate secured   732,972    1,639    579    271    1,775    4,264    —    3,617 
Commercial and industrial   169,262    2    146    1    —    149    1    — 
Municipal   21,914    —    —    —    —    —    —    — 
Consumer   6,382    —    1    2    —    3    2    — 
Loans receivable, gross  $930,530   $1,641   $726   $274   $1,775   $4,416   $3   $3,617 

 

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2018                        
Residential 1-4 family  $342,881   $1,100   $521   $—   $1,360   $2,981   $—   $2,092 
Residential 5+ multifamily   35,648    —    —    633    229    862    —    1,000 
Construction of residential 1-4 family   12,041    —    —    —    —    —    —    — 
Home equity lines of credit   33,806    235    33    —    359    627    —    411 
Residential real estate   424,376    1,335    554    633    1,948    4,470    —    3,503 
Commercial   281,053    264    240    833    1,209    2,546    654    1,388 
Construction of commercial   8,835    —    —    141    —    141    141    252 
Commercial real estate   289,888    264    240    974    1,209    2,687    795    1,640 
Farm land   4,185    —    —    —    —    —    —    216 
Vacant land   8,280    42    —    —    —    42    —    — 
Real estate secured   726,729    1,641    794    1,607    3,157    7,199    795    5,359 
Commercial and industrial   162,507    —    38    —    360    398    —    360 
Municipal   14,344    —    —    —    —    —    —    — 
Consumer   4,504    2    6    —    —    8    —    — 
Loans receivable, gross  $908,084   $1,643   $838   $1,607   $3,517   $7,605   $795   $5,719 

 

Troubled Debt Restructurings (TDRs)

Troubled debt restructurings occurring during the years ended December 31, 2019 and 2018:

  Business Activities Loans December 31, 2019  December 31, 2018
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   3   $1,416   $1,416    1   $68   $68 
Commercial real estate   4    977    1,191    1    566    566 
Consumer   1    —    36    —    —    — 
Troubled debt restructurings   8   $2,393   $2,643    2   $634   $634 
Interest only payments to sell property   1   $791   $791    —   $—   $— 
Rate reduction   —    —    —    2    634    634 
Modification and Rate reduction   2    625    625    —    —    — 
Extension of new funds to pay outstanding taxes   3    259    442    —    —    — 
Modification and term extension   2    718    785    —    —    — 
Troubled debt restructurings   8   $2,393   $2,643    2   $634   $634 

For the twelve months ended December 2019, there were eight troubled debt restructurings. Salisbury currently does not have any commitments to lend additional funds to TDR loans.

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The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated.

   Modifications that Subsequently Defaulted
  

For the twelve months ending

December 31, 2019

 

For the twelve months ending

December 31, 2018

   Quantity  Balance  Quantity  Balance
Troubled Debt Restructurings                    
Residential 1-4 family —   $—    1   $67 
Commercial real estate   1    274    —    — 
 Total   1   $274    1   $67 

Impaired loans

Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows:

December 31, (in thousands)    2019      2018  
Non-accrual loans, excluding troubled debt restructured loans  $2,604   $4,430 
Non-accrual troubled debt restructured loans   1,013    1,289 
Accruing troubled debt restructured loans   7,778    6,801 
Total impaired loans  $11,395   $12,520 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

Allowance for Loan Losses

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan losses. As a result of this transfer, which is reflected in the table below as the “acquisition discount transfer”, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.

    December 31, 2019    December 31, 2018
(in thousands)   Beginning    Acquisition Discount    Provi-    Charge-    Reco-    Ending    Beginning    Provi-    Charge-   Reco-    Ending 
    balance    Transfer    sion    offs    veries    balance    balance    sions    offs    veries    balance 
Residential 1-4 family  $2,149   $10   $367   $(136)  $3   $2,393   $1,862   $580   $(299)  $6   $2,149 
Residential 5+ multifamily   413    —    33    —    —    446    155    258    —    —    413 
Construction of residential 1-4 family   83    —    (8)   —    —    75    75    8    —    —    83 
Home equity lines of credit   219    1    258    (281)   —    197    236    (18)   —    1    219 
Residential real estate   2,864    11    650    (417)   3    3,111    2,328    828    (299)   7    2,864 
Commercial   3,048    488    248    (44)   2    3,742    2,547    756    (259)   4    3,048 
Construction of commercial   122    —    (18)   —    —    104    80    42    —    —    122 
Commercial real estate   3,170    488    230    (44)   2    3,846    2,627    798    (259)   4    3,170 
Farm land   33    —    14    —    —    47    32    (6)   —    7    33 
Vacant land   100    —    (29)   —    —    71    132    (32)   —    —    100 
Real estate secured   6,167    499    865    (461)   5    7,075    5,119    1,588    (558)   18    6,167 
Commercial and industrial   1,158    164    (78)   (145)   46    1,145    984    255    (108)   27    1,158 
Municipal   12    —    34    —    —    46    30    (18)   —    —    12 
Consumer   56    —    3    (36)   37    60    80    28    (81)   29    56 
Unallocated   438    —    131    —    —    569    563    (125)   —    —    438 
Totals  $7,831   $663   $955   $(642)  $88   $8,895   $6,776   $1,728   $(747)  $74   $7,831 
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  December 31, 2017
(in thousands)  Beginning balance  Provision  Charge-offs  Reco-veries  Ending balance
Residential 1-4 family  $1,926   $100   $(197)  $33   $1,862 
Residential 5+ multifamily   62    93    —    —    155 
Construction of residential 1-4 family   91    (16)   —    —    75 
Home equity lines of credit   348    (115)   (4)   7    236 
Residential real estate   2,427    62    (201)   40    2,328 
Commercial   1,920    836    (453)   244    2,547 
Construction of commercial   38    42    —    —    80 
Commercial real estate   1,958    878    (453)   244    2,627 
Farm land   28    45    (43)   2    32 
Vacant land   170    (2)   (36)   —    132 
Real estate secured   4,583    983    (733)   286    5,119 
Commercial and industrial   1,079    (229)   (162)   296    984 
Municipal   53    (23)   —    —    30 
Consumer   75    63    (76)   18    80 
Unallocated   337    226    —    —    563 
Totals  $6,127   $1,020   $(971)  $600   $6,776 

The composition of loans receivable and the allowance for loan losses is as follows:

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2019                              
Residential 1-4 family  $340,847   $2,117   $5,452   $276   $346,299   $2,393 
Residential 5+ multifamily   34,478    446    977    —    35,455    446 
Construction of residential 1-4 family   11,889    75    —    —    11,889    75 
Home equity lines of credit   33,693    197    105    —    33,798    197 
Residential real estate   420,907    2,835    6,534    276    427,441    3,111 
Commercial   285,462    3,333    4,333    409    289,795    3,742 
Construction of commercial   8,466    104    —    —    8,466    104 
Commercial real estate   293,928    3,437    4,333    409    298,261    3,846 
Farm land   3,455    47    186    —    3,641    47 
Vacant land   7,713    66    180    5    7,893    71 
Real estate secured   726,003    6,385    11,233    690    737,236    7,075 
Commercial and industrial   169,285    1,143    126    2    169,411    1,145 
Municipal   21,914    46    —    —    21,914    46 
Consumer   6,349    59    36    1    6,385    60 
Unallocated allowance   —    569    —    —    —    569 
Totals  $923,551   $8,202   $11,395   $693   $934,946   $8,895 

 

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2018                              
Residential 1-4 family  $340,946   $2,042   $4,916   $107   $345,862   $2,149 
Residential 5+ multifamily   34,835    413    1,675    —    36,510    413 
Construction of residential 1-4 family   12,041    83    —    —    12,041    83 
Home equity lines of credit   33,975    213    458    6    34,433    219 
Residential real estate   421,797    2,751    7,049    113    428,846    2,864 
Commercial   279,389    2,907    4,210    141    283,599    3,048 
Construction of commercial   8,622    106    354    16    8,976    122 
Commercial real estate   288,011    3,013    4,564    157    292,575    3,170 
Farm land   3,969    33    216    —    4,185    33 
Vacant land   8,132    98    190    2    8,322    100 
Real estate secured   721,909    5,895    12,019    272    733,928    6,167 
Commercial and industrial   162,404    1,158    501    —    162,905    1,158 
Municipal   14,344    12    —    —    14,344    12 
Consumer   4,512    56    —    —    4,512    56 
Unallocated allowance   —    438    —    —    —    438 
Totals  $903,169   $7,559   $12,520   $272   $915,689   $7,831 

1 Includes ASC 310-30 loans and allowance of $0.0 million and $0, respectively for 2019 and $1.7 million and $0, respectively for 2018.

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The credit quality segments of loans receivable and the allowance for loan losses are as follows:

  December 31, 2019 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $913,648   $7,251   $—   $—   $913,648   $7,251 
Potential problem loans 1   9,903    382    —    —    9,903    382 
Impaired loans   —    —    11,395    693    11,395    693 
Unallocated allowance   —    569    —    —    —    569 
Totals  $923,551   $8,202   $11,395   $693   $934,946   $8,895 

 

  December 31, 2018 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $895,527   $6,989   $—   $—   $895,527   $6,989 
Potential problem loans 1   7,642    132    —    —    7,642    132 
Impaired loans   —    —    12,520    272    12,520    272 
Unallocated allowance   —    438    —    —    —    438 
Totals  $903,169   $7,559   $12,520   $272   $915,689   $7,831 

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired, included in this total are purchased loans net of any purchase marks remaining on the loan.

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows:

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2019                           
Residential  $4,111   $4,190   $3,725   $276   $162   $2,318   $3,081   $2,940   $52 
Home equity lines of credit   —    —    52    —    —    105    450    391    — 
Residential real estate   4,111    4,190    3,777    276    162    2,423    3,531    3,331    52 
Commercial   3,309    3,335    2,574    409    90    1,024    1,733    1,747    54 
Construction of commercial   —    —    77    —    —    —    —    39    — 
Farm land   —    —    —    —    —    186    329    203    — 
Vacant land   41    41    42    5    3    139    157    143    10 
Real estate secured   7,461    7,566    6,470    690    255    3,772    5,750    5,463    116 
Commercial and industrial   93    97    16    2    4    33    188    265    4 
Consumer   36    36    21    1    —    —    —    3    — 
Totals  $7,590   $7,699   $6,507   $693   $259   $3,805   $5,938   $5,731   $120 

 

 

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2018                           
Residential  $2,792   $2,842   $3,429   $107   $101   $3,799   $5,140   $3,726   $102 
Home equity lines of credit   47    47    158    6    2    411    498    114    2 
Residential real estate   2,839    2,889    3,587    113    103    4,210    5,638    3,840    104 
Commercial   1,808    1,808    2,001    141    88    2,403    3,989    2,992    75 
Construction of commercial   252    252    67    16    —    102    110    295    7 
Farm land   —    —    —    —    —    216    432    232    — 
Vacant land   42    42    43    2    3    147    168    151    10 
Real estate secured   4,941    4,991    5,698    272    194    7,078    10,337    7,510    196 
Commercial and industrial   —    —    40    —    —    501    596    469    5 
Totals  $4,941   $4,991   $5,738   $272   $194   $7,579   $10,933   $7,979   $201 

 

 

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NOTE 5 – LEASES

On January 1, 2019, the Bank adopted ASU 2016-02, “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Bank leases facilities and equipment with various expiration dates through 2036. The facilities leases have varying renewal options, generally require fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. The leases for two Bank facilities were accounted for as finance leases (previously referred to as capital leases) at December 31, 2019. The remaining leases were classified as operating leases, and therefore, were previously not recognized on the Bank's Consolidated Balance Sheet. Effective January 1, 2019, the Bank recorded approximately $1.6 million of right-of-use assets and corresponding lease liability related to these operating leases. The Bank does not have any leases with related parties and equipment leases are not material to Salisbury's consolidated financial statements.

The following table provides the assets and liabilities as well as the costs of operating and finance leases that are included in the Bank's consolidated balance sheet as of December 31, 2019 and consolidated income statements for the twelve months and three months ended December 31, 2019.

($ in thousands)  Classification    December 31, 2019  
Assets        
Operating  Other assets  $1,360 
Finance  Bank premises and equipment 1   1,503 
Total Leased Assets     $2,863 
Liabilities        
Operating  Accrued interest and other liabilities  $1,360 
Finance  Finance lease obligations   1,718 
Total lease liabilities     $3,078 
1 Net of accumulated depreciation of $294 thousand.
         
Lease cost ($ in thousands)  Classification   

Twelve months ended

December 31, 2019

 
Operating leases  Premises and equipment  $255 
Finance leases:        
  Amortization of leased assets  Premises and equipment   200 
  Interest on finance leases  Interest expense   173 
Total lease cost     $628 
         
Weighted Average Remaining Lease Term        
Operating leases      8.2 years 
Financing leases      15.1 years 
Weighted Average Discount Rate 1        
Operating leases      3.70%
Financing leases      8.41%
1 Salisbury uses the FHLBB five year Advance rate as the discount rate, as its leases do not provide an implicit rate.

The following is a schedule by years of the present value of the net minimum lease payments as of December 31, 2019.

  Future minimum lease payments (in thousands)    Operating Leases      Finance Leases  
 2020   $246   $186 
 2021    228    192 
 2022    199    195 
 2023    134    198 
 2024    129    200 
 Thereafter    653    1,980 
 Total future minimum lease payments    1,589    2,951 
 Less amount representing interest    (229)   (1,233)
 Total present value of net future minimum lease payments   $1,360   $1,718 

 

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NOTE 6 - MORTGAGE SERVICING RIGHTS

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

December 31, (in thousands)    2019      2018  
Residential mortgage loans serviced for others  $106,255   $111,378 
Fair value of mortgage servicing rights   813    951 

Changes in mortgage servicing rights are as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Mortgage Servicing Rights               
Balance, beginning of period  $228   $233   $339 
Originated   61    43    63 
Amortization (1)   (51)   (48)   (169)
Balance, end of period   238    228    233 
Valuation Allowance               
Balance, beginning of period   —    —    (23)
Decrease (increase) in impairment reserve (1)   —    —    23 
Balance, end of period   —    —    — 
Mortgage servicing rights, net  $238   $228   $233 
(1)Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.

 

NOTE 7 - PLEDGED ASSETS

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available.

December 31, (in thousands)    2019      2018  
Securities available-for-sale (at fair value)  $52,845   $80,991 
Loans receivable (at book value)   434,329    328,674 
Total pledged assets  $487,174   $409,665 

 

At December 31, 2019, securities were pledged as follows: $43.55 million to secure public deposits, $9.25 million to secure repurchase agreements and $0.05 million to secure FHLBB advances. During 2019, additional loans receivable were pledged to secure incremental borrowing capacity from the FHLBB.

 

NOTE 8 - BANK PREMISES AND EQUIPMENT

The components of premises and equipment are as follows:

December 31, (in thousands)    2019      2018  
Land  $2,762   $2,593 
Buildings and improvements   14,878    13,458 
Leasehold improvements   1,553    1,553 
Finance leases   1,798    3,273 
Furniture, fixtures, equipment and software   9,370    8,978 
Fixed assets in process   768    790 
Total cost   31,129    30,645 
Accumulated depreciation and amortization   (13,744)   (12,470)
Bank premises and equipment, net  $17,385   $18,175 

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NOTE 9 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Goodwill (1)               
Balance, beginning of period  $13,815   $13,815   $12,552 
Additions   —    —    1,263 
Impairment   —    —    — 
Balance, end of period  $13,815   $13,815   $13,815 
Core Deposit Intangibles               
Cost, beginning of period  $5,881   $5,881   $5,248 
Additions   —    —    633 
Cost, end of period   5,881    5,881    5,881 
Amortization, beginning of period   (4,498)   (4,044)   (3,511)
Amortization   (388)   (454)   (533)
Amortization, end of period   (4,886)   (4,498)   (4,044)
Core deposit intangibles, net  $995   $1,383   $1,837 
(1)Not subject to amortization.

In June 2017, Salisbury acquired the New Paltz, New York branch of Empire State Bank, and assumed approximately $31.4 million in deposits and acquired approximately $7.1 million in loans. Salisbury realized goodwill in the amount of $1.26 million and a core deposit intangible of $633 thousand as a result of this acquisition. Salisbury did not recognize any goodwill or a core deposit intangible as a result of its acquisition of the Fishkill, New York branch from Orange Bank and Trust Company in April 2018.

Salisbury performed an evaluation of its goodwill and intangible assets as of December 31, 2019. There was no impairment recognized during 2019, 2018, or 2017.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years' digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

December 31, (in thousands)  CDI amortization
 2020   $321   
 2021    255   
 2022    192   
 2023    128   
 2024    61   
 2025    25   
 2026    13   
 Total    $995   

NOTE 10 - DEPOSITS

Scheduled maturities of time certificates of deposit are as follows:

December 31, (in thousands)  CD maturities
 2020   $86,025   
 2021    19,342   
 2022    9,749   
 2023    4,937   
 2024    7,671   
 Total   $127,724   

The total amount and scheduled maturities of time certificates of deposit in denominations of $250 thousand or more were as follows:

Years ended December 31, (in thousands)    2019      2018  
Within three months  $4,603   $1,128 
After three through six months   3,799    1,359 
After six through twelve months   6,628    3,785 
Over one year   6,750    9,726 
Total  $21,780   $15,998 

Included in certificates of deposit at December 31, 2019 and 2018 are brokered and reciprocal deposits of approximately $8.0 million and $44.4 million, respectively. Included in money market funds at December 31, 2019 and 2018 are approximately $66.0 million and $41.1 million, respectively of brokered money market accounts.

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NOTE 11 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows:

December 31, (dollars in thousands)    2019      2018  
Repurchase agreements, ending balance  $8,530   $4,104 
Repurchase agreements, average balance during period   4,913    3,340 
Book value of collateral   9,031    11,194 
Market value of collateral   9,246    11,276 
Weighted average rate during period   0.48%   0.35%
Weighted average maturity                  1 day                   1 day 

 

NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

   December 31, 2019  December 31, 2018
  Years ended December 31, (dollars in thousands)    Total (1)      Rate (2)      Total (1)      Rate (2)  
 Overnight   $—    —%  $9,500    2.72%
 2019    —    —    36,767    3.19 
 2020    44,899    2.14    14,899    2.18 
 2021    5,988    2.45    5,988    2.45 
 Total   $50,887    2.18%  $67,154    2.94%
(1)Net of modification costs
(2)Weighted average rate based on scheduled maturity dates.

 

In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $233.7 million including access to an unused FHLBB line of credit of $3.5 million at December 31, 2019. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

Subordinated Debentures:

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed-to-Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury's related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury's payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.9 million at December 31, 2019 and compared to $9.8 million at December 31, 2018, which includes $141 thousand and $165 thousand, respectively of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.33% compared to 6.34% at December 31, 2018.

LIBOR is due to be phased out as a market reference rate by the end of 2021. In December 2014, a group of market participants, known as the Alternative Reference Rates Committee (AARC) was initially convened by the Board of Governors of the Federal Reserve System and the New York Fed in cooperation with the U.S. Department of the Treasury, the U.S. Commodity Futures Trading Commission, and the U.S. Office of Financial Research to identify an alternative reference rate for use primarily in derivatives contracts. The AARC recommended the Secured Overnight Financing Rate (SOFR) as an alternative to LIBOR and the Federal Reserve began publishing the SOFR in April 2018. Salisbury will continue to monitor the transition from LIBOR to a new reference rate and its impact on Salisbury's subordinated debt, which will reprice on December 15, 2020.

Notes Payable:

In October 2015, Salisbury entered into a private mortgage for $380 thousand to purchase the Sharon branch property. The mortgage, which has an interest rate of 6%, will mature in September 2030. The outstanding mortgage balance at December 31, 2019 and December 31, 2018 was $246 thousand and $280 thousand, respectively.

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NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES

Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Federal  $2,406   $1,986   $1,831 
State   344    217    195 
Current provision   2,750    2,203    2,026 
Federal   (317)   (455)   840 
State   (74)   (39)   48 
Deferred (benefit) expense   (391)   (494)   888 
Income tax provision  $2,359   $1,709   $2,914 

The following is a reconciliation of the expected federal statutory tax to the income tax provision:

Years ended December 31,    2019      2018      2017  
Income tax at statutory federal tax rate   21.00%   21.00%   34.00%
State tax, net of federal tax benefit   1.58    1.37    1.74 
Tax exempt income and dividends received deduction   (3.82)   (3.84)   (7.00)
Remeasurement of net deferred tax assets   —    —    4.85 
BOLI interest and gain   (0.61)   (1.35)   (1.34)
Other   (0.67)   (0.95)   (0.47)
Change in valuation allowance   —    —    — 
Effective income tax rates   17.48%   16.23%   31.78%

The components of Salisbury's net deferred tax assets are as follows:

December 31, (in thousands)    2019      2018  
Allowance for loan losses  $2,174   $1,916 
Interest on non-performing loans   244    233 
Accrued deferred compensation   493    334 
Post-retirement benefits   11    11 
Other real estate owned write-downs   30    — 
Restricted stock awards   220    162 
Net unrealized holding loss on available for sale securities   —    58 
Write-down of securities   2    4 
Other   139    282 
Gross deferred tax assets   3,313    3,000 
Deferred loan costs, net   (329)   (344)
Mark-to-market purchase accounting adjustments   (44)   (37)
Goodwill and core deposit intangible asset   (570)   (545)
Accelerated depreciation   (703)   (698)
Other real estate owned write-downs   —    (45)
Mortgage servicing rights   (58)   (55)
Net unrealized holding gains on available-for-sale securities   (360)   — 
Gross deferred tax liabilities   (2,064)   (1,724)
Net deferred tax asset  $1,249   $1,276 

Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not. Salisbury remeasured its net deferred tax asset as of December 31, 2017 due to the enactment of the Tax Cuts and Job Act during the fourth quarter of 2017. This remeasurement resulted in a $445 thousand increase in the tax provision for 2017 and a related reduction in the net deferred tax asset.

In accordance with Connecticut legislation, in 2004, Salisbury formed a PIC, SBT Mortgage Service Corporation. Salisbury does not expect to pay Connecticut state income tax in the foreseeable future unless there is a change in Connecticut law.

Salisbury's policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2019 and 2018, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2016 through December 31, 2019.

NOTE 14 – SHAREHOLDERS' EQUITY

Capital Requirements

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

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The requirements of the final rules approved by the Federal Reserve Bank (“FRB”) and FDIC, include a common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The initial implementation of the capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increased each subsequent January 1, by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. As of December 31, 2019, the Bank exceeded the fully phased in regulatory requirement for the capital conservation buffer. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules. A bank can be considered “well-capitalized” even if it does not maintain the capital conservation buffer as long as it meets the “well-capitalized” levels set forth below (and provided it is not subject to any written order, agreement, capital directive, etc.). A bank with a capital conservation buffer of at least 2.5% means that it generally will not be subject to certain limitations regarding capital distributions, such as dividend payments, discretionary payments on tier 1 instruments, share buybacks, and certain discretionary bonus payments to executive officers.

The Bank's risk-weighted assets at December 31, 2019 and December 31, 2018 were $891.0 million and $860.6 million, respectively. Actual regulatory capital position and minimum capital requirements as defined "To Be Well Capitalized Under Prompt Corrective Action Provisions" and "For Capital Adequacy Purposes" for the Bank are as follows:

   Actual  Minimum Capital Required For Capital Adequacy  Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer  Minimum To Be Well Capitalized Under
Prompt Corrective
Action Provisions
(dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio  Amount  Ratio
December 30, 2019                        
Total Capital (to risk-weighted assets)  $114,421    12.84%  $71,278    8.0%  $93,553    10.5%  $89,098    10.0%
                                         
Tier 1 Capital (to risk-weighted assets)   105,430    11.83    53,459    6.0    75,733    8.5    71,278    8.0 
                                         
Common Equity Tier 1 Capital (to risk-weighted assets)   105,430    11.83    40,094    4.5    62,368    7.0    57,914    6.5 
                                         
Tier 1 Capital (to average assets)  $105,430    9.60    43,944    4.0    43,944    4.0    54,930    5.0 
December 31, 2018                                        
Total Capital (to risk-weighted assets)  $104,013    12.09%  $68,848    8.0%  $90,362    10.5%  $86,059    10.0%
                                         
Tier 1 Capital (to risk-weighted assets)   96,092    11.17    51,636    6.0    73,150    8.5    68,848    8.0 
                                         
Common Equity Tier 1 Capital (to risk-weighted assets)   96,092    11.17    38,727    4.5    60,242    7.0    55,939    6.5 
                                         
Tier 1 Capital (to average assets)  $96,092    8.83   $43,527    4.0   $43,527    4.0   $54,409    5.0 

Restrictions on Cash Dividends to Common Shareholders

Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.

NOTE 15 –OTHER BENEFITS

401(k) Plan

Salisbury offers a 401(k) Plan to eligible employees. Under the 401(k) Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. The Plan includes a safe harbor contribution of 3% for all qualifying employees. The Bank's safe harbor contribution percentage is reviewed annually and, under provisions of the 401(k) Plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the 401(k) Plan's qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the 401(k) Plan. Both the safe harbor and additional discretionary match, if any, vest immediately. Salisbury's 401(k) Plan contribution expense for 2019, 2018 and 2017 was $0.9 million $1.0 million, and $0.8 million, respectively.

Employee Stock Ownership Plan (ESOP)

Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service:

20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $285 thousand, $358 thousand, and $132 thousand, in 2019, 2018, and 2017, respectively.

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Other Retirement Plans

Salisbury adopted ASC 715-60, “Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury's future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $765 thousand and $992 thousand at December 31, 2019, and 2018, respectively. During 2019, the related agreements were modified, which resulted in a benefit adjustment of $328 thousand with an offsetting expense of $101 thousand totaling a net credit to expense of $227 thousand. Expense under this arrangement was $26 thousand for 2018, and $117 thousand for 2017.

The Bank entered into a Supplemental Retirement Plan Agreement with its former Chief Executive Officer that provides for supplemental post retirement payments for a ten-year period as described in the agreement. The related liability was $0 and $25 thousand at December 31, 2019, and 2018, respectively. The related expenses were immaterial for all periods presented.

The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen-year period as described in the agreement. The related liability was $358 thousand and $403 thousand at December 31, 2019 and December 31, 2018, respectively. The related expenses were immaterial for all periods presented.

A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section. In 2019, 2018, and 2017, the Bank awarded seven (7), six (6), and eight (8) Executives, respectively, with discretionary contributions to the plan. Expenses related to this plan amounted to $114 thousand in 2019, $115 thousand in 2018, and $80 thousand in 2017.

Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers, including a severance agreement with Mr. Cantele, President and Chief Executive Officer, a change in control agreement with Mr. Albero, Executive Vice President and Chief Financial Officer, and a severance agreement with Mr. Davies, President of the New York Region and Chief Lending Officer. Such agreements are designed to allow Salisbury to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to Salisbury's operations.

NOTE 16 - LONG TERM INCENTIVE PLANS

The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013, January 29, 2016 and again on April 28, 2017. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.

The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of common stock, cash, or other property (collectively, “Awards”). Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury's outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. In addition, the Plan limits the total number of shares of Common Stock that may be awarded as Incentive Stock Options (“ISOs”) to 42,000 and the total number of shares of Common Stock that may be issued as Directors Stock Retainer Awards to 15,000. The Directors stock retainer awards were increased from 120 shares per year to 240 shares per year effective January 25, 2013. Effective January 29, 2016, the Directors stock retainer award was increased from 240 shares to 340 shares annually. 

The Board of Directors adopted the 2017 Long Term Incentive Plan (the “2017 LTIP”) on February 24, 2017, which was approved by shareholders at the 2017 Annual Meeting on May 17, 2017. Pursuant to the 2017 LTIP, as of May 2017, following shareholder approval of the 2017 LTIP, no further awards will be made under the 2011 LTIP, which shall remain in existence solely for purposes of administering outstanding grants. Under the 2017 LTIP, the total number of shares of Common Stock reserved and available for issuance in the next ten years in connection with awards under the 2017 LTIP is 200,000 shares of Common Stock, which represents approximately 7% of Salisbury's 2,770,036 outstanding shares of Common Stock as of March 20, 2017. Of the maximum shares available under the 2017 LTIP, 200,000 shares may be issued upon the exercise of stock options (all of which may be granted as incentive stock options) and 150,000 shares may be issued as restricted stock or restricted stock units (including deferred stock units), provided that, to the extent that a share is issued as a restricted stock award or a restricted stock unit, the share would no longer be available for award as a stock option, unless the restricted stock award or restricted unit is forfeited or otherwise returned to the 2017 LTIP.

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Restricted stock

In 2019, 2018 and 2017 Salisbury granted a total of 15,130, 13,210, and 13,824 shares of restricted stock pursuant to its 2011 and 2017 LTIP to certain employees and Directors. The fair value of the stock at grant date was determined to be $601 thousand, $585 thousand, and $547 thousand, respectively. The stock will be vested three years from the grant date.

The following table presents the amount of cumulatively granted restricted stock awards under the 2011 and 2017 Long-Term Incentive Plans:

             
      Weighted Average     Weighted Average
  Year Ended December 31,  2019  Grant Price  2018  Grant Price
 Beginning of Year    39,434   $37.73    27,024   $34.62 
 Granted    15,130    39.70    13,210    44.30 
 Vested    (14,228)   30.33    —    — 
 Forfeited    (710)   42.81    (800)   40.99 
 End of Year    39,626   $41.04    39,434   $37.73 

 

The fair value of the restricted shares that vested during 2019, 2018 and 2017 were $556 thousand, $0, and $222 thousand, respectively. Compensation expense for restricted stock awards in 2019, 2018, and 2017 was $486 thousand, $447 thousand, and $265 thousand, respectively. Unrecognized compensation cost relating to the restricted stock awards was $795 thousand, $711 thousand, and $606 thousand as of December 31, 2019, 2018 and 2017, respectively. The remaining weighted average vesting period on restricted shares as of December 31, 2019, over which unrecognized compensation cost is expected to be recognized, is 1.5 years.

In 2017, Salisbury, recorded a $105 thousand benefit to the tax provision for the adoption of ASU 2016-09. The tax benefit associated with restricted stock awards, which was recognized in earnings for 2019, 2018 and 2017, was approximately $103 thousand, $87 thousand and $88 thousand, respectively.

Additionally, in 2019, 2018 and 2017 the Compensation Committee granted a total of 0, 53,500 and 56,600, Phantom Stock Appreciation Units (“PSUs” pursuant to the 2013 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”) to certain employees, including the Named Executive Officers. The units will vest on the third anniversary of the grant date. Salisbury's compensation expense related to the PSUs was $414 thousand, $171 thousand, and $135 thousand for 2019, 2018, and 2017 respectively.

Performance-based restricted stock units

On March 29, 2019, the Compensation Committee granted 6,800 performance-based restricted stock units (RSU) pursuant to the 2017 Long-Term Incentive Plan to further align compensation with the Bank's performance. This RSU plan replaced the Bank's Phantom Stock Appreciation Units plan (Phantom). Salisbury will continue to record an expense for the Phantom plan until the final tranche of awards is paid out in January 2021.

The performance goal under the RSU plan is based on the increase in the Bank's tangible book value by $3.50 per share over the performance period for threshold performance. Vesting will range from 75% of target for achieving threshold performance, to 100% of target for achieving target payout performance ($5.00 increase in tangible book value per share) to 150% of target for achieving in excess of target payout performance and, if the performance goals are achieved, vesting will occur no later than March 29, 2022. The fair value of the RSUs at the grant date was $280 thousand. Compensation expense of $70 thousand was recorded with respect to these RSUs in 2019. No performance-based restricted stock units were awarded prior to 2019.

Short Term Incentive Plan (STIP)

Salisbury offers a short-term discretionary compensation plan to eligible employees on an annual basis. Under this incentive plan, Salisbury may reward employees with cash compensation if certain pre-determined Bank and individual performance goals have been achieved. The STIP expense, which is included in compensation expenses, totaled $888 thousand, $758 thousand, and $532 thousand, in 2019, 2018, and 2017, respectively.

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NOTE 17 – STOCK OPTIONS

Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. The table below reflects the remaining outstanding options related to this transaction and presents a summary of the status of Salisbury's outstanding stock options as of and for the year ended December 31, 2019:


Year ended December 31, 2019		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term (in years)

 

Aggregate

intrinsic value

Beginning of period   22,545   $17.04           
Granted   —    —           
Exercised   (4,725)   17.04           
Forfeited or expired   —    —           
End of period   17,820   $17.04    4.00   $510,187 

 


Year ended December 31, 2018		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term (in years)

 

Aggregate

intrinsic value

Beginning of period   40,500   $21.73           
Granted   —    —           
Exercised   (9,155)   24.26           
Forfeited or expired   (8,800)   31.11           
End of period   22,545   $17.04    5.00   $456,000 

All options are vested and exercisable at December 31, 2019. The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was $125 thousand, $160 thousand, and $156 thousand, respectively.

NOTE 18 - RELATED PARTY TRANSACTIONS

In the normal course of business the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders):

  Years ended December 31, (in thousands)    2019      2018  
 Balance, beginning of period   $9,432   $7,651 
 Advances    8,010    4,374 
 Repayments    (6,787)   (2,593)
 Balance, end of period   $10,655   $9,432 

NOTE 19 – OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated, including the amount of income tax benefit allocated to each component of other comprehensive loss:

Years ended December 31, (in thousands)    2019      2018      2017  
Other comprehensive income (loss)               
Net unrealized gains (losses) on securities available-for-sale  $2,258   $(202)  $(318)
Reclassification of net realized gains in net income(1)   (263)   (318)   (178)
Unrealized gains (losses) on securities available-for-sale   1,995    (520)   (496)
Income tax (expense) benefit   (418)   105    198 
Unrealized gains (losses) on securities available-for-sale, net of tax   1,577    (415)   (298)
Other comprehensive income (loss)  $1,577   $(415)  $(298)

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gains on securities, net; the tax effect is included in the income tax provision; and the after-tax amount is included in net income. The income tax expense related to reclassification of net realized gains was approximately $55 thousand, $67 thousand, and $61 thousand in 2019, 2018 and 2017, respectively. 

The components of accumulated other comprehensive income (loss) are as follows:

December 31, (dollars in thousands)    2019      2018  
Unrealized gains (losses) on securities available-for-sale, net of tax  $1,357   $(220)
Accumulated other comprehensive income (loss)  $1,357   $(220)

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NOTE 20 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Bank's agreement with the core accounting processing service provider will continue until the eighth anniversary of the commencement date, which was November 10, 2016. If the Bank cancels the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement.

Employment and Change in Control Agreements

Salisbury has entered into severance agreements with certain senior executives, including with two (2) named executive officers, Richard J. Cantele, Jr., and John M. Davies which provide payouts ranging from 1.0 to 3.0 times base salary, annual cash bonus and other benefits. Salisbury has also entered into change in control agreements with certain senior executives, including named executive officer Peter Albero, all of which provide a severance payment ranging from 0.5 to 2.0 times base salary, annual cash bonus and other benefits in the event employment is terminated in conjunction with a defined change in control.

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business. There are no material pending legal proceedings, other than ordinary routine litigation incidental to the registrant's business, to which Salisbury is a party or to which any of its property is subject.

On October 4, 2019, Salisbury entered into a contract with Arris Contracting Company, Inc. to construct an operations center on its Lakeville, CT. campus in 2020. The estimated construction cost is $5.0 million and Salisbury may terminate the contract at its convenience and without cause. In the event of such termination, Salisbury will be required to pay for work executed and costs incurred by reason of such termination.

NOTE 21 - FINANCIAL INSTRUMENTS

The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk.    These financial instruments include commitments to originate loans, letters of credit, and unadvanced funds on loans.  The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments.  The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The Bank evaluates each customer's creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower.  Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.  As of December 31, 2019 and 2018, the maximum potential amount of the Bank's obligation was $4.7 million and $3.9 million, respectively, for financial, commercial and standby letters of credit.  If a letter of credit is drawn upon, the Bank may seek recourse through the customer's underlying line of credit.  If the customer's line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit.

Financial instrument liabilities with off-balance sheet credit risk are as follows:

December 31, (dollars in thousands)    2019      2018  
Residential  $5,815   $6,751 
Home equity lines of credit   28,160    29,872 
Commercial   14,858    19,051 
Land   1,014    14 
Real estate secured   49,847    55,688 
Commercial and industrial   78,286    77,219 
Municipal   2,499    250 
Consumer   2,148    1,583 
Unadvanced portions of loans   132,780    134,740 
Commitments to originate loans   33,781    18,397 
Letters of credit   4,657    3,865 
Total  $171,218   $157,002 

The allowance for off balance sheet commitments is calculated by applying a reserve percentage discounted by a utilization factor to the sum of unguaranteed unused lines of credit and loan contracts that the Bank has committed to but not funded as of year-end. The allowance for off-balance sheet commitments was $96 thousand and $90 thousand as of December 31, 2019 and December 31, 2018, respectively.

NOTE 22 - FAIR VALUE MEASUREMENTS

Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

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Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption.

In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury's market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
•Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities.
•Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities.

A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2019.

The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

•Securities available-for-sale and the CRA mutual fund. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management's best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows.
•Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3.
•Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3.

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Assets measured at fair value are as follows:

  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2019                    
Assets at fair value on a recurring basis                    
U.S. Government Agency notes  $—   $4,644   $—   $4,644 
Municipal bonds   —    27,193    —    27,193 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    29,357    —    29,357 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    25,499    —    25,499 
Corporate bonds   —    5,108    —    5,108 
Securities available-for-sale  $—   $91,801   $—   $91,801 
CRA mutual funds   882    —    —    882 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans  $—   $—   $1,593   $1,593 
Other real estate owned  $—   $—   $314   $314 
December 31, 2018                    
Assets at fair value on a recurring basis                    
U.S. Government Agency notes  $—   $7,670   $—   $7,670 
Municipal bonds   —    5,379    —    5,379 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    57,446    —    57,446 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    17,747    —    17,747 
Corporate bonds   —    3,576    —    3,576 
Securities available-for-sale  $—   $91,818   $—   $91,818 
CRA mutual funds   836    —    —    836 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans  $—   $—   $4,238   $4,238 
Other real estate owned  $—   $—   $1,810   $1,810 

 

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Carrying values and estimated fair values of financial instruments are as follows:

    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2019                         
Financial Assets                         
Cash and cash equivalents  $26,885   $26,885   $26,885   $—   $— 
Interest bearing time deposits with financial institutions   750    750    750    —    — 
Securities available-for-sale   91,801    91,801    —    91,801    — 
CRA mutual fund   882    882    882    —    — 
Federal Home Loan Bank of Boston stock   3,242    3,242    3,242    —    — 
Loans held-for-sale   332    334    —    —    334 
Loans receivable, net   927,413    933,287    —    —    933,287 
Accrued interest receivable   3,415    3,415    3,415    —    — 
Cash surrender value of life insurance policies   20,580    20,580    20,580    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $237,852   $237,852   $—   $237,852   $— 
Demand (interest-bearing)   153,314    153,314    —    153,314    — 
Money market   239,504    239,504    —    239,504    — 
Savings and other   161,112    161,112    —    161,112    — 
Certificates of deposit   127,724    128,629    —    128,629    — 
Deposits   919,506    920,411    —    920,411    — 
Repurchase agreements   8,530    8,530    —    8,530    — 
FHLBB advances   50,887    51,028    —    51,028    — 
Subordinated debt   9,859    10,113    10,113    —    — 
Note payable   246    251    —    251    — 
Finance lease liability   1,718    1,967    —    —    1,967 
Accrued interest payable   78    78    78    —    — 
December 31, 2018                         
Financial Assets                         
Cash and cash equivalents  $58,445   $58,445   $58,445   $—   $— 
Securities available-for-sale, net   91,818    91,818    —    91,818    — 
CRA mutual fund   836    836    836    —    — 
Federal Home Loan Bank of Boston stock   4,496    4,496    4,496    —    — 
Loans receivable, net   909,279    886,222    —    —    886,222 
Accrued interest receivable   3,148    3,148    3,148    —    — 
Cash surrender value of life insurance policies   14,438    14,438    14,438    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $228,448   $228,448   $—   $228,448   $— 
Demand (interest-bearing)   153,586    153,586    —    153,586    — 
Money market   204,219    204,219    —    204,219    — 
Savings and other   178,807    178,807    —    178,807    — 
Certificates of deposit   161,679    162,013    —    162,013    — 
Deposits   926,739    927,073    —    927,073    — 
Repurchase agreements   4,104    4,104    —    4,104    — 
FHLBB advances   67,154    67,231    —    67,231    — 
Subordinated debt   9,835    10,006    10,006    —    — 
Note payable   280    288    —    288    — 
Finance lease liability   3,081    3,339    —    —    3,339 
Accrued interest payable   237    237    237    —    — 

During 2019, management reassessed the pricing inputs for certain assets and liabilities including Federal Home Loan Bank of Boston stock, accrued interest receivable, deposits and subordinated debt. Based on this reassessment, Federal Home Loan Bank of Boston stock, accrued interest receivable and subordinated debt were reclassified from Level 3 to Level 1 and deposits were reclassified from Level 3 to Level 2. Prior period data were reclassified to conform to the current presentation.

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NOTE 23 – 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)		    2019      2018  
Assets          
Cash and due from banks  $2,273   $2,105 
Investment in bank subsidiary   121,027    110,525 
Other assets   252    689 
Total Assets  $123,552   $113,319 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,859   $9,835 
Other liabilities   38    25 
Shareholders' equity   113,655    103,459 
Total Liabilities and Shareholders' Equity  $123,552   $113,319 

 

  Statements of Income
  Years ended December 31, (in thousands)		    2019      2018      2017  
Dividends from subsidiary  $3,546   $3,529   $3,691 
Interest income   10    10    8 
Interest expense   624    624    624 
Non-interest expenses   417    435    530 
Income before taxes and equity in undistributed net income of subsidiary   2,515    2,480    2,545 
Income tax benefit   252    256    421 
Income before equity in undistributed net income of subsidiary   2,767    2,736    2,966 
Equity in undistributed net income of subsidiary   8,369    6,088    3,290 
Net income  $11,136   $8,824   $6,256 

 

  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2019      2018      2017  
Net income  $11,136   $8,824   $6,256 
Adjustments to reconcile net income to net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (8,369)   (6,088)   (3,290)
Other   474    (239)   (410)
Net cash provided by operating activities   3,241    2,497    2,556 
Investing Activities               
Investment in bank   —    —    — 
Net cash utilized by investing activities   —    —    — 
Financing Activities               
Common stock dividends paid   (3,155)   (3,133)   (3,113)
Proceeds from issuance of common stock   82    222    395 
Net cash (utilized) by financing activities   (3,073)   (2,911)   (2,718)
Net increase (decrease) in cash and cash equivalents   168    (414)   (162)
Cash and cash equivalents, beginning of period   2,105    2,519    2,681 
Cash and cash equivalents, end of period  $2,273   $2,105   $2,519 

 

NOTE 24 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

  Years ended December 31, (in thousands, except per share amounts)    2019      2018      2017  
Net income applicable to common shareholders  $11,136   $8,824   $6,256 
Less: Undistributed earnings allocated to participating securities   (160)   (111)   (55)
Net income allocated to common stock  $10,976   $8,713   $6,201 
Weighted average common shares issued   2,817    2,798    2,779 
Less: Unvested restricted stock awards   (35)   (35)   (24)
Weighted average common shares outstanding used to calculate basic earnings per common share   2,782    2,763    2,755 
Add: Dilutive effect of stock options   12    17    19 
Weighted average common shares outstanding used to calculate diluted earnings per common share   2,794    2,780    2,774 
Earnings per common share (basic)  $3.95   $3.15   $2.25 
Earnings per common share (diluted)  $3.93   $3.13   $2.24 
 70 

 

NOTE 25 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury approved a $0.01 increase in the quarterly dividend to $0.29 per common share at their January 24, 2020 meeting. The dividend was paid on February 28, 2020 to shareholders of record as of February 14, 2020.

On January 24, 2020, Salisbury entered into updated severance agreements with Richard J. Cantele, Jr., President and Chief Executive Officer, and John M. Davies, President of N.Y. Region and Chief Lending Officer. Salisbury also entered into an updated change in control agreement with Peter Albero, Chief Financial Officer. The new agreements supersede and replace their previous agreements with Salisbury. For additional information see Form 8-K filed January 30, 2020.

NOTE 25 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2019 and 2018 is as follows:

  Year ended December 31, 2019
  (in thousands, except ratios and per share amounts)		    Q1 2019      Q2 2019      Q3 2019      Q4 2019  
Statement of Income                    
Interest and dividend income  $10,854   $10,832   $11,023   $10,705 
Interest expense   2,417    2,488    2,356    2,040 
Net interest and dividend income   8,437    8,344    8,667    8,665 
Provision for loan losses   294    151    94    417 
Trust and Wealth Advisory   906    1,044    1,023    1,022 
Service charges and fees   920    1,012    1,003    1,092 
Gains on sales of mortgage loans, net   7    1    42    67 
Mortgage servicing, net   76    80    76    75 
Gains (Losses) on CRA mutual fund   11    12    6    (4)
(Losses) Gains on sales of available -for-sale- securities, net   (9)   281    (9)   — 
BOLI income and gains   79    87    86    139 
Other   37    31    29    28 
Non-interest income   2,027    2,548    2,256    2,419 
Non-interest expense   7,211    7,439    7,184    7,080 
Income before income taxes   2,959    3,302    3,645    3,587 
Income tax provision   525    599    657    578 
Net income   2,434    2,703    2,988    3,009 
Net income allocated to common stock   2,408    2,671    2,940    2,960 
Financial Condition                    
Total assets   1,118,925    1,119,212    1,144,240    1,112,448 
Loans, net   911,188    910,573    915,083    927,413 
Allowance for loan losses   8,750    8,887    8,846    8,895 
Securities   102,479    103,857    98,270    95,925 
Deposits   941,969    950,723    966,178    919,506 
Repurchase agreements   2,951    6,308    8,588    8,530 
FHLBB advances   47,712    32,769    37,828    50,887 
Shareholders' equity   106,109    108,948    111,580    113,655 
Non-performing assets   7,130    5,463    5,687    3,935 
Per Common Share Data                    
Earnings, basic  $0.87   $0.96   $1.06   $1.06 
Earnings, diluted   0.86    0.95    1.05    1.06 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   37.81    38.59    39.52    40.22 
Market price: (a)                    
High   44.20    42.60    40.00    47.05 
Low   35.25    37.20    35.26    37.42 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.28%   3.19%   3.29%   3.34%
Efficiency ratio (fully tax equivalent)   66.15    65.81    62.90    61.81 
Return on average assets   0.89    0.97    1.05    1.07 
Return on average shareholders' equity   9.45    10.07    10.73    10.56 
Weighted average common shares outstanding, basic   2,777    2,780    2,783    2,781 
Weighted average common shares outstanding, diluted   2,789    2,793    2,795    2,794 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

Salisbury Bancorp, Inc.'s Common Stock, par value $0.10 per share ("Common Stock") trades on the NASDAQ under the symbol: SAL. As of March 9, 2020, there were approximately 2,308 shareholders of record of the Company's Common Stock.

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Selected quarterly consolidated financial data (unaudited) continued:

  Year ended December 31, 2018
  (in thousands, except ratios and per share amounts)		    Q1 2018      Q2 2018      Q3 2018      Q4 2018  
Statement of Income                    
Interest and dividend income  $9,300   $9,749   $10,516   $10,807 
Interest expense   1,306    1,706    2,016    2,192 
Net interest and dividend income   7,993    8,043    8,500    8,615 
Provision (benefit) for loan losses   325    467    378    558 
Trust and Wealth Advisory   894    949    936    921 
Service charges and fees   868    892    932    1,025 
Gains (Losses) on sales of mortgage loans, net   18    (1)   21    51 
Mortgage servicing, net   83    84    84    57 
(Losses) Gains on CRA mutual fund   (13)   (7)   (6)   8 
(Losses) Gains on sales of available -for-sale- securities, net   (2)   17    —    302 
BOLI income and gains   82    82    83    432 
Other   45    42    38    28 
Non-interest income   1,975    2,058    2,088    2,824 
Non-interest expense   7,180    7,417    7,329    7,909 
Income before income taxes   2,463    2,217    2,881    2,972 
Income tax provision   446    318    537    408 
Net income   2,017    1,899    2,344    2,564 
Net income allocated to common stock   1,997    1,877    2,311    2,528 
Financial Condition                    
Total assets   1,014,934    1,096,780    1,098,715    1,121,554 
Loans, net   830,370    872,796    898,625    909,279 
Allowance for loan losses   7,058    7,381    7,745    7,831 
Securities   84,878    90,870    101,591    97,150 
Deposits   831,837    897,481    902,161    926,739 
Repurchase agreements   3,962    1,691    6,658    4,104 
FHLBB advances   62,480    79,538    67,596    67,154 
Shareholders' equity   98,097    99,180    100,767    103,459 
Non-performing assets   5,761    6,359    8,513    8,324 
Per Common Share Data                    
Earnings, basic  $0.72   $0.68   $0.84   $0.91 
Earnings, diluted   0.71    0.68    0.83    0.91 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   35.20    35.38    35.93    36.86 
Market price: (a)                    
High   49.85    46.70    48.44    43.04 
Low   44.00    38.15    40.36    35.25 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.46%   3.31%   3.29%   3.34%
Efficiency ratio (fully tax equivalent)   69.35    70.87    66.91    69.13 
Return on average assets   0.81    0.69    0.85    0.92 
Return on average shareholders' equity   8.33    7.68    9.26    9.99 
Weighted average common shares outstanding, basic   2,759    2,761    2,764    2,766 
Weighted average common shares outstanding, diluted   2,780    2,779    2,779    2,779 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

 

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Item 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A.CONTROLS AND PROCEDURES

Controls and Procedures

Salisbury carried out an evaluation under the supervision and with the participation of Salisbury's management, including Salisbury's Chief Executive Officer and Chief Financial Officer, of the effectiveness of Salisbury's disclosure controls and procedures at and for the year ended December 31, 2019. Based upon that evaluation, management, including the principal executive officer and principal financial officer, concluded that Salisbury's disclosure controls and procedures were effective as of the end of the period covered by this report and (i) designed to ensure that information required to be disclosed by Salisbury in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms; and (ii) accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

Management's Annual Report on Internal Control Over Financial Reporting

Management of Salisbury and its subsidiary is responsible for establishing and maintaining effective internal control over financial reporting. Pursuant to the rules and regulations of the SEC, internal control over financial reporting is a process designed by, or under the supervision of, Salisbury's principal executive and principal financial officers, or persons performing similar functions, and effected by Salisbury's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles, and includes those policies and procedures that:

i.Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Salisbury;
ii.Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles and that receipts and expenditures of Salisbury are being made only in accordance with authorizations of management and directors of Salisbury; and
iii.Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Salisbury's assets that could have a material effect on the financial statements.

As of December 31, 2019, management conducted an assessment of the effectiveness of the Company's internal control over financial reporting based on the framework established in Internal Control—Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has determined that the Company's internal control over financial reporting as of December 31, 2019 was effective. Baker Newman & Noyes, LLC, an independent registered public accounting firm, has audited Salisbury's consolidated financial statements included in this Annual Report on Form 10-K, and, as part of its audit, has issued its report, included herein on page 36, on the effectiveness of Salisbury's internal control over financial reporting.

Changes in internal control over financial reporting 

There were no significant changes in internal control over financial reporting during the fourth quarter of 2019 that materially affected or are reasonably likely to materially affect Salisbury's internal control over financial reporting

Item 9B.OTHER INFORMATION

On March 9, 2020 the Board of Directors approved an amendment to the Salisbury Bancorp, Inc. 2017 Long Term Incentive Plan (the “Plan”) which allows the Committee, in its sole discretion, to accelerate vesting of all or a portion of an award upon the termination of service of a participant or the occurrence of a change in control. See Exhibit 10.16 included herein.

PART III

Item 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this item appears in Salisbury's Proxy Statement for the 2020 Annual Meeting of Shareholders, under the captions “Executive Officers;” “Election of Directors” and “Director Independence” and "Corporate Governance - Meetings and Committees of the Board of Directors." Such information is incorporated herein by reference and made a part hereof.

Salisbury maintains a Code of Ethics and Conflicts of Interest Policy that applies to all of Salisbury's directors, officers and employees, including Salisbury's principal executive officer, principal financial officer and principal accounting officer. This Code of Ethics and Conflicts of Interest Policy is available upon request, without charge, by writing to Shelly L. Humeston, Secretary, Salisbury Bank and Trust Company, 5 Bissell Street, P.O. Box 1868, Lakeville, Connecticut 06039.

Item 11.EXECUTIVE COMPENSATION

The information required by this item appears in Salisbury's Proxy Statement for the 2020 Annual Meeting of Shareholders, under the captions: “Elements of Compensation” and "Executive Compensation" and “Board of Directors Compensation.” Such information is incorporated herein by reference and made a part hereof.

Item 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

The information required by this item appears in Salisbury's Proxy Statement for the 2020 Annual Meeting of Shareholders, under the captions “Security Ownership of Certain Beneficial Owners and Management” "Election of Directors” and “Director Independence" and "Executive Compensation." Such information is incorporated herein by reference and made a part hereof.

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Item 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this item appears in Salisbury's Proxy Statement for the 2020 Annual Meeting of Shareholders, under the captions “Election of Directors” and “Director Independence” and "Transactions with Management and Others." Such information is incorporated herein by reference and made a part hereof.

Item 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this item appears in Salisbury's Proxy Statement for the 2020 Annual Meeting of Shareholders, under the caption "Relationship with Independent Public Accountants" and “Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors.” Such information is incorporated herein by reference and made a part hereof.

PART IV

Item 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)(1)Financial Statements. The Consolidated Financial Statements of Registrant and its subsidiary are included within Item 7 of Part II of this report.
(a)(2)Financial Statement schedules. All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission have been omitted because they are either not applicable or the required information is included in the Consolidated Financial Statements or Notes thereto included within Item 8 of this Form 10-K.
(b)Exhibits. The following exhibits are included as part of this Form 10-K.

 
Exhibit No.Description

2.1Agreement and Plan of Merger by and among Salisbury Bancorp, Inc., Salisbury Bank and Trust Company and Riverside Bank dated March 18, 2014 (incorporated by reference to Exhibit 2.1 of Form 8-K filed on March 19, 2014).
3.1Certificate of Incorporation of Salisbury Bancorp, Inc. (incorporated by reference to Exhibit 3.1 of Registrant's 1998 Registration Statement on Form S-4 filed April 23, 1998, File No.: 33-50857).
3.1.1Amendment to Article Third of Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant's Form 8-K filed March 11, 2009).
3.1.2Certificate of Amendment to Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant's Form 8-K filed March 19, 2009).
3.1.3Certificate of Amendment to Certificate of Incorporation for the Series B Preferred Stock (incorporated by reference to Registrant's Form 8-K filed on August 25, 2011).
3.1.4Certificate of Amendment to Certificate of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 of Registrant's Form 8-K filed October 30, 2014).
3.2Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 of Form 8-K filed November 25, 2014).
4.1Form of Subordinated Note, dated as of December 10, 2015, issued by Salisbury Bancorp, Inc. (incorporated by reference to Exhibit 4.1of Registrant's Form 8-K filed December 10, 2015).
4.2Description of registrant's securities.
10.12011 Long Term Incentive Plan adopted by the Board on March 25, 2011 and approved by the shareholders at Salisbury's 2011 Annual Meeting of Shareholders (incorporated by reference to Exhibit 10.9 of Registrant's Annual Report on Form 10-K filed March 19, 2012).
10.2Amendment Number One to 2011 Long Term Incentive Plan dated as of January 18, 2013 (incorporated by reference to Exhibit 10.10 of Registrant's Annual Report on Form 10-K filed March 7, 2013).
10.3Severance Agreement between Salisbury Bank and Trust Company and Mr. Richard J. Cantele, Jr. dated January 24, 2020 (incorporated by reference to Exhibit 10.1 of Registrant's Form 8-K filed January 30, 2020).
10.4Non-qualified Deferred Compensation Plan effective as of January 1, 2013 (incorporated by reference to Exhibit 10.2 of Registrant's Form 8-K filed February 15, 2013).
10.5Employee Stock Ownership Plan (incorporated by reference to Exhibit 10.14 of Form 10-K filed March 28, 2014).
10.6Salisbury Bancorp, Inc. 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed January 2, 2015).
10.7Amendment Number One to Salisbury Bancorp, Inc. 2015 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed January 30, 2015).
10.8Amendment Number Two to 2011 Long Term Incentive Plan dated as of January 29, 2016 (incorporated by reference to Exhibit 10.12 of Form 10-K filed March 30, 2016).
10.9Form of Split-dollar Life Insurance Agreements with Senior Executive Officers (incorporated by reference to Exhibit 10.13 of Form 10-K filed March 30, 2016).
10.10Severance Agreement between Salisbury Bank and Trust Company and John M. Davies dated January 24, 2020 (incorporated by reference to Exhibit 10.2 of Form 8-K filed January 30, 2020).
10.11Form of Subordinated Note Purchase Agreement, dated as of December 10, 2015, between Salisbury Bancorp, Inc. and the Purchasers identified therein. (incorporated by reference to Exhibit 10.1 of Registrant's Form 8-K filed December 10, 2015). (incorporated by reference to Exhibit 10.15 of Form 10-K filed March 30, 2016).
10.122017 Long Term Incentive Plan adopted by the Board on February 24, 2017 and approved by shareholders at Salisbury's 2017 Annual Meeting of Shareholders (incorporated by reference to Appendix A of the Registrant's proxy filed March 20, 2017).
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10.13Amendment Number Three to 2011 Long Term Incentive Plan dated as of April 28, 2017 (incorporated by reference Exhibits 10.2 of Form 10-Q filed May 15, 2017).
10.14Change in Control Agreement with Peter Albero dated January 24, 2020 (incorporated by reference to Exhibit 10.3 of Form 8-K filed January 30, 2020).
10.15Change in Control Agreement with Steven M. Essex dated February 22, 2019 (incorporated by reference to Exhibit 10.2 of Form 8-K filed February 25, 2019).
10.16Amendment Number One to 2017 Long Term Incentive Plan dated as of March 9, 2020.
21.1Subsidiaries of the Registrant.
23.1Consent of Baker Newman & Noyes, LLC.
31.1Chief Executive Officer Certification Pursuant to 17 CFR 240.13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2Chief Financial Officer Certification Pursuant to 17 CF 240.13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1Chief Executive Officer and Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(c)       Financial Statement Schedules

No financial statement schedules are required to be filed as Exhibits pursuant to Item 15(c).

Item 16.Form 10-K Summary

None.

 

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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SALISBURY BANCORP, INC.

 

/s/ Richard J. Cantele, Jr.

Richard J. Cantele, Jr.,

President and Chief Executive Officer

March 13, 2020

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/ Charles M. Andola /s/ Nancy F. Humphreys
Charles M. Andola Nancy F. Humphreys
Director Director
March 13, 2020 March 13, 2020
   
/s/ George E. Banta /s/ Holly J. Nelson
George E. Banta Holly J. Nelson
Director Director 
March 13, 2020 March 13, 2020
   
/s/ Arthur J. Bassin /s/ John F. Perotti
Arthur J. Bassin John F. Perotti
Director Director 
March 13, 2020 March 13, 2020
   
/s/ Richard J. Cantele, Jr. /s/ Neila B. Radin
Richard J. Cantele, Jr. Neila B. Radin
Director, President and Chief Executive Officer Director
March 13, 2020 March 13, 2020
   
/s/ David B. Farrell /s/ Grace E. Schalkwyk
David B. Farrell Grace E. Schalkwyk
Director Director
March 13, 2020 March 13, 2020
 
 /s/ Michael D. Gordon /s/ Peter Albero
 Michael D. Gordon Peter Albero
Director Chief Financial Officer
March 13, 2020 and Chief Accounting Officer
  March 13, 2020
/s/ Polly Diane Hoe
Polly Diane Hoe
Director
March 13, 2020

 

 

 

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 EX-4.2 2 sal0228form10kexh4_2.htm EXHIBIT 4.2

Exhibit 4.2 

DESCRIPTION OF REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of December 31, 2019, Salisbury Bancorp, Inc. (the “Company,” which is also referred to herein as “we,” “our” or “us”) had common stock as the only class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. The following description of the material terms of the Company’s common stock is only a summary. This summary does not purport to be a complete description of the terms and conditions of the Company’s common stock and is subject to and qualified in its entirety by reference to the Company’s Certificate of Incorporation, as amended, which we refer to as the “Certificate of Incorporation” and the Company’s Bylaws, which we refer to as the “Bylaws,” as well as the Connecticut Business Corporation Act, which we refer to as the “CBCA,” and any other documents referenced in the summary and from which the summary is derived.

 

General. We have the authority to issue five million (5,000,000) shares of common stock, par value $0.10 per share and twenty-five thousand (25,000) shares of preferred stock, par value $0.01 per share. Our common stock is traded on the Nasdaq under the symbol “SAL.”

 

Each share of our common stock has the same relative rights and is identical in all respects to every other share of our common stock. Our shares of common stock are neither convertible nor redeemable, are not subject to any sinking fund provisions, and the holders thereof have no preemptive or subscription rights to purchase any of our securities.

 

Voting Rights. Each outstanding share of our common stock is entitled to one vote on all matters submitted to a vote of shareholders. A majority of the votes entitled to be cast on a matter constitutes a quorum for action on that matter. In general, action on a matter (other than the election of directors) will be approved if the votes cast favoring the action exceed the votes cast opposing the action, and directors are elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present. There is no cumulative voting in the election of directors, and our board of directors is not classified.

 

Liquidation Rights. Upon our liquidation, dissolution or winding up, the holders of our common stock are entitled to receive, pro rata, our assets which are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

 

Dividends. In general, the holders of outstanding shares of our common stock are entitled to receive dividends out of assets legally available therefor at such times and in such amounts as our board of directors may from time to time determine. The ability of our board of directors to declare and pay dividends on our common stock may be affected by both general corporate law considerations and policies of the Federal Reserve, applicable to bank holding companies. As a Connecticut corporation, we are subject to the limitations of the CBCA, which prohibit us from paying dividends if we are, or by payment of the dividend we would become, insolvent, or if the payment of dividends would render us unable to pay our debts as they become due in the usual course of business. Additionally, policies of the Federal Reserve caution that a bank holding company should not pay cash dividends unless its net income available to common shareholders over the past year has been sufficient to fully fund the dividends and the prospective rate of earnings retention appears consistent with its capital needs, asset quality and overall financial condition.

 

Bylaws. The rights of holders of our common stock are governed, in part, by the Bylaws, which may be amended by our board of directors.

 

Potential “Anti-Takeover” Provisions. Our Certificate of Incorporation includes a provision requiring that specified transactions with an “Interested Shareholder” be approved by 80% of the voting power of the then outstanding shares. An “Interested Shareholder” is generally defined to include (i) the beneficial owner of more than 10% or more of the Company’s then-outstanding voting stock, or (ii) an Affiliate of the Company (as defined in Rule 12b-2 under the Securities Exchange Act of 1934) and at any time within the preceding five-year period was the beneficial owner of 10% or more of the voting power of the then – outstanding common stock.

 

Our board of directors is authorized under our Certificate of Incorporation to issue shares of preferred stock, and determine the designations, preferences, voting powers and relative, participating, optional or other special rights and qualifications, limitations or restrictions of such preferred stock, without shareholder approval, which could increase the number of outstanding shares and thwart a takeover attempt.

 

No Cumulative Voting. Our Certificate of Incorporation does not provide for cumulative voting with respect to the election of directors. The absence of cumulative voting makes it more difficult for a shareholder group to elect a director nominee.

 EX-10.16 3 sal0228form10kexh10_16.htm EXHIBIT 10.16

Exhibit 10.16

AMENDMENT ONE

SALISBURY BANCORP, INC.

2017 LONG TERM INCENTIVE PLAN

 

This Amendment One (the “Amendment”) to the Salisbury Bancorp, Inc. 2017 Long Term Incentive Plan (the “Plan”) is hereby adopted, effective as of March 9, 2020, the date of adoption (the “Amendment Effective Date”). Terms capitalized herein that are not defined herein shall have the same meaning as set forth in the Plan.

 

WHEREAS, Salisbury Bancorp, Inc. (the “Company”) adopted the Plan, which was approved by the Company’s stockholders at its 2017 Annual Meeting; and

 

WHEREAS, Sections 12.6(a) and 12.8 prohibit the grant or acceleration of Awards (as defined in the Plan) that will or may vest in less than one year from the date of grant, other than due to death, Disability or involuntary termination in connection with or following a Change in Control; and

 

WHEREAS, the Company believes that these requirements unduly limit the Company from taking into consideration appropriate circumstances under which the Company may find it necessary or desirable to grant Awards that would vest or accelerate the vesting of Awards granted so that such Awards vest within the one-year period immediately following the Grant Date.

 

NOW, THEREFORE, the Plan is hereby amended as follows, as of the Amendment Effective Date:

 

1. The Plan is hereby amended by revising Section 12.6(a) to read as follows:

 

“12.6(a) Vesting Generally. Except as otherwise provided in this Plan or as provided in the Award Certificate, Awards shall vest under this Plan in accordance with the vesting schedule established by the Committee (or Board, to the extent applicable) at the time of grant, except to the extent such vesting schedule may be modified under Section 12.8 hereof. If the Committee fails to specify the vesting schedule at the time of grant, an Award granted hereunder shall vest entirely at the third-year anniversary of the Grant Date.

 

2. The Plan is hereby amended by revising Section 12.8 to read as follows:

 

12.8 ACCELERATION FOR OTHER REASONS. In addition to acceleration upon the events specified in Section 12.6 or 12.7(a) above, the Committee may in its sole discretion at any time determine that, upon the termination of service of a Participant or the occurrence of a Change in Control, all or a portion of such Participant’s Options and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based vesting restrictions on all or a portion of the Participant’s outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards held by that Participant shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 12.8. Notwithstanding anything in this Plan to the contrary, including this Section 12.8, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code.

 

In all other respects, the Plan, as previously adopted, shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Board of Directors has adopted this Amendment One as of the date first written above.

 

SALISBURY BANCORP, INC.

 

By:________________________________

Print Name: Richard J. Cantele, Jr.

Title: President and Chief Executive Officer

 EX-21.1 4 sal0228form10kexh21_1.htm EXHIBIT 21.1

Exhibit 21.1

SALISBURY BANCORP, INC.

SUBSIDIARIES OF REGISTRANT

 

 

Salisbury Bank and Trust Company, a Connecticut state chartered commercial bank.

 

Subsidiaries of Salisbury Bank and Trust Company:

SBT Mortgage Service Corporation, a Connecticut corporation.

S.B.T. Realty, Incorporated, a New York corporation.

EX-23.1 5 sal0228form10kexh23_1.htm EXHIBIT 23.1

Exhibit 23.1

SALISBURY BANCORP, INC.

CONSENT OF BAKER NEWMAN & NOYES, LLC.

 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in Registration Statement No. 333-160767 on Form S-3, Registration Statement No. 333-152930 on Form S-3D, Registration Statement No. 333-218089 on Form S-8 and Registration Statement No. 333-152930 filed as a Prospectus pursuant to Rule 424(b)(3) of Salisbury Bancorp, Inc. of our report dated March 13, 2020, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting of Salisbury Bancorp, Inc. and Subsidiary, appearing in this Annual Report on Form 10-K of Salisbury Bancorp, Inc. for the year ended December 31, 2019.

 

 

/s/ Baker Newman & Noyes LLC

Portsmouth, New Hampshire

March 13, 2020

 EX-31.1 6 sal0228form10kexh31_1.htm EXHIBIT 31.1

Exhibit 31.1

SALISBURY BANCORP, INC.

CERTIFICATION

 

I, Richard J. Cantele, Jr., certify that:

1)I have reviewed this annual report on Form 10-K of Salisbury Bancorp, Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

March 13, 2020

By /s/ Richard J. Cantele, Jr.               

Richard J. Cantele, Jr.,

President and Chief Executive Officer

 EX-31.2 7 sal0228form10kexh31_2.htm EXHIBIT 31.2

Exhibit 31.2

SALISBURY BANCORP, INC.

CERTIFICATION

 

I, Peter Albero, certify that:

1)I have reviewed this annual report on Form 10-K of Salisbury Bancorp, Inc.;
2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

March 13, 2020

By /s/ Peter Albero               

Peter Albero,

Chief Financial Officer

and Chief Accounting Officer

EX-32.1 8 sal0228form10kexh32_1.htm EXHIBIT 32.1

Exhibit 32.1

SALISBURY BANCORP, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned officer of Salisbury Bancorp, Inc. (the “Corporation”), hereby certifies that the Company’s Annual Report on Form 10-K for the period ended December 31, 2019 to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

 

March 13, 2020

By /s/ Richard J. Cantele, Jr.            

Richard J. Cantele, Jr.,

President and Chief Executive Officer

 

 

The undersigned officer of Salisbury Bancorp, Inc. (the “Corporation”), hereby certifies that the Company’s Annual Report on Form 10-K for the period ended December 31, 2019 to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

 

March 13, 2020

By /s/ peter albero            

Peter Albero,

Chief Financial Officer

and Chief Accounting Officer

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Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury adopted ASC 820-10, &#8220;Fair Value Measurement - Overall,&#8221; which provides a framework for measuring fair value under generally accepted accounting principles. 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-643000 846000 48000 790000 235000 137000 760000 -173000 -392000 -337000 -343000 -174000 -50000 123000 -391000 -391000 -494000 -494000 888000 888000 -267000 -478000 -229000 -23000 -61000 -43000 -63000 59000 -132000 -42000 -6697000 -3815000 -6014000 6447000 4555000 5440000 341000 85000 1000 408000 274000 1717000 -82000 -71000 -95000 -263000 -318000 -178000 -23375000 -118142000 -9903000 298000 -22396000 5750000 2055000 1393000 1954000 1088000 289000 2080000 88000 74000 600000 19172000 102273000 32536000 21000 19000 13521000 17061000 20427000 75000 695000 16141000 41814000 10036000 199000 -750000 53467000 41631000 36654000 -1254000 683000 602000 -31560000 168000 -414000 9959000 13001000 -162000 -22515000 -3073000 -2911000 114824000 12697000 -2718000 3155000 3155000 3133000 3133000 3113000 3113000 1000 81000 82000 222000 316000 109000 127000 59000 34000 33000 31000 -37000000 30000000 20500000 -17500000 17000000 4426000 2436000 -3867000 -33947000 44300000 -5208000 26722000 58658000 7578000 2378000 1443000 2291000 9212000 6864000 4049000 3000 1476000 8323000 31433000 1263000 633000 6000 20000 5000 12000 761000 1605000 7849000 7097000 -298000 22387000 -1552000 1552000 663000 -96000 1254000 -1158000 1373000 1654000 743000 621000 1577000 1577000 -415000 1577000 -415000 -298000 -298000 -415000 -298000 3155000 3133000 3155000 3133000 3113000 3113000 9155 4725 4725 12150 9155 82000 1000 221000 82000 222000 1000 315000 316000 9250 11530 11800 1000 2000 409000 457000 -410000 -459000 2000 462000 -464000 800 710 900 33000 31000 -33000 -31000 28000 -28000 2056 81000 81000 3960 3600 2024 175000 142000 -175000 -142000 83000 -83000 556000 70000 447000 486000 447000 265000 265000 14 <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Principles of Consolidation</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions.</p> <p style="font: bold 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Basis of Financial Statement Presentation</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, potential other-than-temporary impairment of securities and potential impairment of goodwill and intangibles.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements to make them consistent with the 2019 presentation.</p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Cash and Cash Equivalents</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; background-color: white">Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank's business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><b>Securities</b></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (&#8220;OTTI&#8221;). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. </font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Federal Home Loan Bank of Boston Stock</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.2pt">The Bank is a member of the Federal Home Loan Bank of Boston (&#8220;FHLBB&#8221;). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.</font></p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Loans</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans and unamortized premiums on purchased loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Bank's loans collateralized by real estate and all other real estate owned (&#8220;OREO&#8221;) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury's service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury's service area.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower's financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans are classified as accruing or non-accruing based on management's assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.</p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Acquired Loans</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that meet the criteria stipulated in Accounting Standards Codification (&#8220;ASC&#8221;) 310-30, &#8220;Loans and Debt Securities Acquired with Deteriorated Credit Quality,&#8221; Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, &#8220;Contingencies&#8221; by collectively evaluating these loans for an allowance for loan losses.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan loss reserves. As a result of this transfer, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Allowance for Loan Losses</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses represents management's estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The determination of the adequacy of the allowance is based on management's ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management's estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans collectively evaluated for impairment</u></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management's general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury's policies or methodology pertaining to the general component of the allowance for loan losses during 2019.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and generally does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury's market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner-occupied commercial construction projects.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Farm &#8211; Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Vacant land &#8211; Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Municipal loans &#8211; Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury's market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity's reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans individually evaluated for impairment</u></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan's effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#34;TDR&#34;). All TDRs are classified as impaired.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Unallocated</u></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Mortgage Servicing Rights</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal; letter-spacing: -0.1pt">As part of our growth and risk management strategy, Salisbury </font><font style="font-weight: normal">from time <font style="letter-spacing: -0.1pt">to </font>time <font style="letter-spacing: -0.1pt">sells whole loans.</font> These are <font style="letter-spacing: -0.1pt">typically </font>fixed rate <font style="letter-spacing: -0.1pt">residential loans. Salisbury's ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage </font>Servicing Rights <font style="letter-spacing: -0.1pt">(&#8220;MSRs&#8221;), which the bank evaluates with the assistance of a third party on a quarterly basis, are included </font>in other assets <font style="letter-spacing: -0.1pt">on the consolidated balance </font>sheets <font style="letter-spacing: -0.1pt">and are accounted for under the amortization method. </font>Under <font style="letter-spacing: -0.1pt">that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.</font></font></p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Other Real Estate Owned (&#8220;OREO&#8221;)</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">As of December 31, 2019, and 2018, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $0.1 million and $0.5 million, respectively.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Income Taxes</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank Premises and Equipment</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; letter-spacing: -0.1pt; text-align: justify">Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: middle"> <td style="text-align: center; width: 10%"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left; width: 90%">Buildings/Improvements &#8211; 39 years</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Land Improvements &#8211; 15 years</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Furniture and Fixtures &#8211; 7 years</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Computer Equipment &#8211; 5 years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Software &#8211; 3 years</td></tr> </table> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Intangible Assets</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury's intangible assets at December 31, 2019, and 2018, include goodwill of $2.4 million arising from the purchase of a branch office in 2001, $7.2 million arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319 thousand arising from the 2007 purchase of a branch office in New York State, $2.7 million arising from the acquisition of Riverside Bank in December 2014 and $1.3 million from the purchase of an additional branch office in New York in 2017. See Note 9.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">On an annual basis, management assesses intangible assets for impairment and, for the year ending December 31, 2019, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank-Owned Life Insurance</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Stock Based Compensation</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Advertising Expense</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Advertising costs of $480 thousand and $608 thousand in 2019 and 2018, respectively, are expensed as incurred and not capitalized.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Statements of Cash Flows</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Computation of Earnings per Share</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (&#8220;EPS&#8221;) using the two-class method.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal">The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Recent Accounting Pronouncements </b></font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt">In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, &#34;Leases (Topic 842)&#8221;. Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases): (1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity's leasing activities. In July 2018, the FASB issued ASU 2018-10 which provided technical corrections to the new lease standard. In August 2018, the FASB issued ASU 2018-11 Leases &#8211; Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to the new lease standard. ASU 2018-11 has the same effective date as ASU 2016-02 (January 1, 2019 for the Company). Salisbury adopted ASU 2018-11 and elected the transition option. In March 2019, the FASB issued ASU 2019-01, the transition guidance related to certain interim disclosures provided in the year of adoption. To coincide with the adoption of AU 2016-02, Salisbury elected to early adopt ASU 2019-01 on January 1, 2019. Salisbury's consolidated assets and liabilities increased by approximately $1.6 million due to the recording of operating leases as a result of adopting ASU 2016-02 effective January 1, 2019. In conformance with ASU 2018-11, Salisbury elected not to recast comparative periods. See also Note 5 to the Consolidated Financial Statement for further information.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">In June 2016, the FASB issued ASU 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,&#8221; which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for &#8220;public business entities,&#8221; as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company because its public float is less than $250 million. In November 2019, the FASB issued ASU 2019-11, &#8220;Codification Improvements to Topic 326, Financial Instruments &#8211; Credit Losses&#8221; which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan and losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt">In January 2017, the FASB issued ASU 2017-04, &#8220;Intangibles&#8212;Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.&#8221; This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury does not expect the provisions of ASU 2017-04 to have a material impact on its Consolidated Financial Statements.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt">In March 2017, the FASB issued ASU 2017-08, &#8220;Receivables&#8212;Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.&#8221; This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under previous generally accepted accounting principles, entities generally amortized the premium as an adjustment of yield over the contractual life of the instrument. On January 1, 2019, the Bank adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="letter-spacing: -0.1pt">In August 2018, the FASB issued ASU 2018-03, &#8220;Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement.&#8221; This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-03 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. As ASU 2018-13 only revises disclosure requirements, it will not have a material impact on Salisbury's Consolidated Financial Statements.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="letter-spacing: -0.1pt">In December 2019, the FASB issued ASU 2019-12, &#8220;Simplifying the Accounting or Income Taxes.&#8221; The amendments in this Update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. 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The Plan was amended on January 18, 2013, January 29, 2016 and again on April 28, 2017. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (&#8220;SARs&#8221;), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of common stock, cash, or other property (collectively, &#8220;Awards&#8221;). Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury's outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. 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margin: 6pt 0 12pt 1in; text-indent: -1in">NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Salisbury Bancorp, Inc. (&#8220;Salisbury&#8221; or the &#8220;Company&#8221;) is the bank holding company for Salisbury Bank (the &#8220;Bank&#8221;), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the &#34;FDIC&#34;) insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in Litchfield, Berkshire and Dutchess, Orange and Ulster Counties in Connecticut, Massachusetts and New York, respectively.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Principles of Consolidation</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions.</p> <p style="font: bold 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Basis of Financial Statement Presentation</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, potential other-than-temporary impairment of securities and potential impairment of goodwill and intangibles.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements to make them consistent with the 2019 presentation.</p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Cash and Cash Equivalents</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; background-color: white">Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank's business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions.</p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Interest Bearing Time Deposits with Financial Institutions </b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; background-color: white">Interest bearing time deposits are balances held in CD's in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify"><b>Securities</b></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt">Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (&#8220;OTTI&#8221;). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. </font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Federal Home Loan Bank of Boston Stock</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.2pt">The Bank is a member of the Federal Home Loan Bank of Boston (&#8220;FHLBB&#8221;). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. 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Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower's financial condition. 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Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.</p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Acquired Loans</b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that meet the criteria stipulated in Accounting Standards Codification (&#8220;ASC&#8221;) 310-30, &#8220;Loans and Debt Securities Acquired with Deteriorated Credit Quality,&#8221; Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, &#8220;Contingencies&#8221; by collectively evaluating these loans for an allowance for loan losses.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan loss reserves. As a result of this transfer, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Allowance for Loan Losses</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses represents management's estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The determination of the adequacy of the allowance is based on management's ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management's estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans collectively evaluated for impairment</u></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management's general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury's policies or methodology pertaining to the general component of the allowance for loan losses during 2019.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and generally does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury's market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner-occupied commercial construction projects.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Farm &#8211; Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Vacant land &#8211; Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Municipal loans &#8211; Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury's market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity's reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Loans individually evaluated for impairment</u></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan's effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (&#34;TDR&#34;). All TDRs are classified as impaired.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><u>Unallocated</u></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Mortgage Servicing Rights</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal; letter-spacing: -0.1pt">As part of our growth and risk management strategy, Salisbury </font><font style="font-weight: normal">from time <font style="letter-spacing: -0.1pt">to </font>time <font style="letter-spacing: -0.1pt">sells whole loans.</font> These are <font style="letter-spacing: -0.1pt">typically </font>fixed rate <font style="letter-spacing: -0.1pt">residential loans. Salisbury's ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage </font>Servicing Rights <font style="letter-spacing: -0.1pt">(&#8220;MSRs&#8221;), which the bank evaluates with the assistance of a third party on a quarterly basis, are included </font>in other assets <font style="letter-spacing: -0.1pt">on the consolidated balance </font>sheets <font style="letter-spacing: -0.1pt">and are accounted for under the amortization method. </font>Under <font style="letter-spacing: -0.1pt">that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.</font></font></p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Other Real Estate Owned (&#8220;OREO&#8221;)</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">As of December 31, 2019, and 2018, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $0.1 million and $0.5 million, respectively.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Income Taxes</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank Premises and Equipment</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; letter-spacing: -0.1pt; text-align: justify">Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: middle"> <td style="text-align: center; width: 10%"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left; width: 90%">Buildings/Improvements &#8211; 39 years</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Land Improvements &#8211; 15 years</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Furniture and Fixtures &#8211; 7 years</td></tr> <tr style="vertical-align: middle"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Computer Equipment &#8211; 5 years</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif">&#8226;</font></td> <td style="text-align: left">Software &#8211; 3 years</td></tr> </table> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0pt; letter-spacing: -0.1pt; text-align: justify; text-indent: 0.5in"></p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Intangible Assets</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury's intangible assets at December 31, 2019, and 2018, include goodwill of $2.4 million arising from the purchase of a branch office in 2001, $7.2 million arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319 thousand arising from the 2007 purchase of a branch office in New York State, $2.7 million arising from the acquisition of Riverside Bank in December 2014 and $1.3 million from the purchase of an additional branch office in New York in 2017. See Note 9.</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">On an annual basis, management assesses intangible assets for impairment and, for the year ending December 31, 2019, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Bank-Owned Life Insurance</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Stock Based Compensation</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Advertising Expense</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">Advertising costs of $480 thousand and $608 thousand in 2019 and 2018, respectively, are expensed as incurred and not capitalized.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Statements of Cash Flows</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Computation of Earnings per Share</p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; letter-spacing: -0.1pt; text-align: justify">The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (&#8220;EPS&#8221;) using the two-class method.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="font-weight: normal">The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.</font></p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Revenue Recognition</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">A significant portion of Salisbury's revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury's Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (&#8220;transaction price&#8221;). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury's anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are distinct from the existing contract and are accounted for as if they were a new and separate contract. The original contract is still accounted for according to its original terms.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><i>Trust and Wealth Advisory</i></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">The Trust and Wealth Advisory business generates revenue through a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions. Revenue from these services is generally recognized over time and are typically based on the market value of assets under administration and established fee schedules. Certain fees, such as real estate sale fees, asset liquidation fees, special asset fees, and daily money management fees, are recorded as revenue at a point in time at the completion of the service.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><i>Service Charges and Fees</i></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Salisbury offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Monthly deposit account fees and account research fees are recognized over time using the right to invoice measure of progress. Overdraft protection, ATM services, cash management, bill pay, money transfers, among others, are generally recognized at point in time at the completion of the service.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><i>Interchange Fees</i></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Salisbury earns interchange fee revenue through customers' use of the Bank's debit cards. Interchange fees are generally recognized as revenue at a point in time when customers make a purchase using their debit card.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Recent Accounting Pronouncements </b></font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt">In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, &#34;Leases (Topic 842)&#8221;. Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases): (1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity's leasing activities. In July 2018, the FASB issued ASU 2018-10 which provided technical corrections to the new lease standard. In August 2018, the FASB issued ASU 2018-11 Leases &#8211; Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to the new lease standard. ASU 2018-11 has the same effective date as ASU 2016-02 (January 1, 2019 for the Company). Salisbury adopted ASU 2018-11 and elected the transition option. In March 2019, the FASB issued ASU 2019-01, the transition guidance related to certain interim disclosures provided in the year of adoption. To coincide with the adoption of AU 2016-02, Salisbury elected to early adopt ASU 2019-01 on January 1, 2019. Salisbury's consolidated assets and liabilities increased by approximately $1.6 million due to the recording of operating leases as a result of adopting ASU 2016-02 effective January 1, 2019. In conformance with ASU 2018-11, Salisbury elected not to recast comparative periods. See also Note 5 to the Consolidated Financial Statement for further information.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="letter-spacing: -0.1pt">In June 2016, the FASB issued ASU 2016-13, &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,&#8221; which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for &#8220;public business entities,&#8221; as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company because its public float is less than $250 million. In November 2019, the FASB issued ASU 2019-11, &#8220;Codification Improvements to Topic 326, Financial Instruments &#8211; Credit Losses&#8221; which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. 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ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury does not expect the provisions of ASU 2017-04 to have a material impact on its Consolidated Financial Statements.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><font style="letter-spacing: -0.1pt">In March 2017, the FASB issued ASU 2017-08, &#8220;Receivables&#8212;Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.&#8221; This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. 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Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-03 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. As ASU 2018-13 only revises disclosure requirements, it will not have a material impact on Salisbury's Consolidated Financial Statements.</font></p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="letter-spacing: -0.1pt">In December 2019, the FASB issued ASU 2019-12, &#8220;Simplifying the Accounting or Income Taxes.&#8221; The amendments in this Update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years; early adoption is permitted. Salisbury is currently evaluating the provisions of ASU 2019-12 to determine the potential impact the new standard will have on Salisbury's Consolidated Financial Statements.</font></p> <p style="font: 8pt/12pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><font style="letter-spacing: -0.1pt"><b>Interest Bearing Time Deposits with Financial Institutions </b></font></p> <p style="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify; background-color: white">Interest bearing time deposits are balances held in CD's in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par.</p> <p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Revenue Recognition</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">A significant portion of Salisbury's revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury's Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (&#8220;transaction price&#8221;). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury's anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.</p> <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify">Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. 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Unconsolidated balance sheets of Salisbury Bancorp, Inc. 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(Details) link:presentationLink link:calculationLink link:definitionLink 00000116 - Disclosure - EARNINGS PER SHARE - Computation of earnings per share (Details) link:presentationLink link:calculationLink link:definitionLink 00000117 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000118 - Disclosure - SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA - Selected quarterly consolidated financial data (Unaudited) (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 11 sal-20191231_cal.xml XBRL CALCULATION FILE EX-101.DEF 12 sal-20191231_def.xml XBRL DEFINITION FILE EX-101.LAB 13 sal-20191231_lab.xml XBRL LABEL FILE Other Comprehensive Income Location [Axis] Statements of Comprehensive Income (Loss) Equity Components [Axis] Common Stock Paid-in capital Retained earnings Accumulated other comprehensive (loss) income Internal Credit Assessment [Axis] Pass Special mention Substandard Doubtful Loss Total Receivable Type [Axis] Total Billing Status, Type [Axis] Current Past due 30-59 days Past due 60-89 days Past due 90-179 days Past due 180 days and over Past due 30 days and over Past due Accruing 90 days and over Non-accrual Valuation Allowances and Reserves Type [Axis] Collectively evaluated Loans Collectively evaluated Allowance Individually evaluated Loans Individually evaluated Allowance Total portfolio Loans Total portfolio Allowance Impaired loans with specific allowance - Loan balance - Book Impaired loans with specific allowance - Loan balance - Note Impaired loans with specific allowance - Loan balance - Average Impaired loans with specific allowance - Specific allowance Impaired loans with specific allowance - Income recognized Impaired loans with no specific allowance - Loan balance - Book Impaired loans with no specific allowance - Loan balance - Note Impaired loans with no specific allowance - Loan balance - Average Impaired loans with no specific allowance - Income recognized Guarantor Obligations, Nature [Axis] Pledged Assets Capital Units by Class [Axis] Salisbury Fair Value, Hierarchy [Axis] Fair Value Measurements Using - Level 1 Fair Value Measurements Using - Level 2 Fair Value Measurements Using - Level 3 Measurement Frequency [Axis] Assets at fair value Measurement Basis [Axis] Carrying value Estimated fair value Troubled Debt Restructuring, Debtor, Subsequent Periods [Axis] Business Activities Loans - Residential real estate Business Activities Loans - Commercial real estate Business Activities Loans - Consumer Business Activities Loans - Troubled debt restructurings, total Business Activities Loans - Interest only payments to sell property Business Activities Loans - Rate reduction Financing Receivable Portfolio Segment [Axis] Commercial real estate Farm land Real estate secured Municipal Unallocated Unearned compensation restricted stock awards Class of Financing Receivable, Type [Axis] Collectively evaluated Loans Collectively evaluated Allowance Individually evaluated Loans Individually evaluated Allowance Total portfolio Loans Total portfolio Allowance Residential 1-4 family Residential 5+ multifamily Construction of residential 1-4 family Home equity lines of credit Commercial Construction of commercial Vacant land Property, Plant and Equipment, Type [Axis] Building/Improvements Land Improvements Furniture and Fixtures Computer Equipment Software Indefinite-lived Intangible Assets [Axis] Purchase of branch office in 2001 Canaan National Bancorp, Inc. acquisition in 2004 Branch office purchase in New York State in 2007 Riverside Bank acquisition in December 2014 Purchase of additional branch office in New York in 2017 Residential 1-4 family Total Impaired Loans Components of premises and equipment Changes in carrying values of goodwill and intangible assets Purchase of branch office in 2001 Finite-Lived Intangible Assets by Major Class [Axis] CDI amortization Financial Instrument [Axis] CDI maturities CDI in demoninations of $250,000 or more Securities or Other Assets Sold under Agreements to Repurchase [Axis] Securities sold under repurchase agreements Federal Home Loan Bank Branch [Axis] Total Rate Income Tax Authority [Axis] Components of income tax provision Valuation Allowance by Deferred Tax Asset [Axis] Components of net deferred tax assets Class of Stock [Axis] Restricted stock awards cumulatively granted under 2011 and 2017 Long-Term Incentive Plans Equity-Based Arrangements, Individual Contracts, Type of Deferred Compensation [Axis] Unearned compensation-restricted stock awards Exercise Price Range [Axis] Stock options Related Party Transaction [Axis] Related party transactions Consolidated Entities [Axis] Salisbury Bancorp, Inc. (Parent Only) Business Acquisition [Axis] ASC 310-30 acquired loan portfolio accretable yield Financial Instrument Performance Status [Axis] Financial instrument liabilities Lease Arrangement, Type [Axis] Operating Leases Finance Leases Amortized cost basis (1) Gross unrealized gains Gross unrealized losses Fair value Less Than 12 Months, Fair value Less Than 12 Months, Unrealized losses 12 Months or Longer, Fair value 12 Months or Longer, Unrealized losses Total, Fair value Total, Unrealized losses U.S. Government agency notes - After 5 years but within 10 years U.S. Government agency notes - Total Municipal bonds - Within 1 year Municipal bonds - After 5 years but within 10 years Municipal bonds - After 10 years Municipal bonds - Total Corporate bonds - After 5 years but within 10 years Mortgage-backed securities, CMO securities and SBA securities Securities available-for-sale Statements of Comprehensive Income Scenario [Axis] Selected quarterly consolidated financial data Business Activities Loans - Modification and Rate reduction Business Activities Loans - Extension of new funds to pay outstanding taxes Business Activities Loans - Modification and term extension Commercial real estate Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Entity Incorporation, State or Country Code Amendment Flag Amendment Description Current Fiscal Year End Date Entity File Number Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Interactive Data Current Is Entity Emerging Growth Company? Elected Not To Use the Extended Transition Period Entity Filer Category Entity Small Business Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Entity Shell Company Statement of Financial Position [Abstract] ASSETS Cash and due from banks Interest bearing demand deposits with other banks Total cash and cash equivalents Interest bearing time deposits with financial institutions Securities Available-for-sale at fair value CRA mutual fund Federal Home Loan Bank of Boston stock at cost Loans held-for-sale Loans receivable, net (allowance for loan losses: $8,846 and $7,831) Other real estate owned Bank premises and equipment, net Goodwill Intangible assets (net of accumulated amortization: $4,795 and $4,498) Accrued interest receivable Cash surrender value of life insurance policies Deferred taxes Other assets Total Assets LIABILITIES and SHAREHOLDERS' EQUITY Deposits Demand (non-interest bearing) Demand (interest bearing) Money market Savings and other Certificates of deposit Total deposits Repurchase agreements Federal Home Loan Bank of Boston advances Subordinated debt Note payable Financial lease obligations Accrued interest and other liabilities Total Liabilities Shareholders' Equity Common stock - $.10 per share par value; Authorized: 5,000,000; Issued: 2,899,408 and 2,884,988; Outstanding: 2,823,212 and 2,806,781 Unearned compensation - restricted stock awards Paid-in capital Retained earnings Accumulated other comprehensive income (loss), net Total Shareholders' Equity Total Liabilities and Shareholders' Equity Allowance for loan losses, loans receivable Accumulated amortization, intangible assets Common stock, par value Common stock, authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Interest and dividend income Interest and fees on loans Interest on debt securities Taxable Tax exempt Other interest and dividends Total interest and dividend income Interest expense Deposits Repurchase agreements Finance lease Note payable Subordinated debt Federal Home Loan Bank of Boston advances Total interest expense Net interest and dividend income Provision for loan losses Net interest and dividend income after provision for loan losses Non-interest income Trust and wealth advisory Service charges and fees Gains on sales of mortgage loans, net Mortgage servicing, net Gains (Losses) on CRA mutual fund Gains on securities, net BOLI income and gains Other Total non-interest income Non-interest expense Salaries Employee benefits Premises and equipment Data processing Professional fees OREO gains, losses and write-downs, net Collections, OREO, and appraisals FDIC insurance Marketing and community support Amortization of intangibles Other Total non-interest expense Income before income taxes Income tax provision Net income Net income allocated to common stock Basic earnings per common share Weighted average common shares outstanding, to calculate basic earnings per share Diluted earnings per common share Weighted average common shares outstanding, to calculate diluted earnings per share Common dividends per share Net income Other comprehensive income (loss) Net unrealized gains (losses) on securities available-for-sale Reclassification of net realized gains in net income Unrealized gains (losses) on securities available-for-sale Income tax (expense) benefit Unrealized gains (losses) on securities available-for-sale, net of tax Other comprehensive income (loss) Comprehensive income Statement [Table] Statement [Line Items] Balance - Beginning, amount Balance - Beginning, shares Adoption of new accounting principle Other comprehensive loss/income, net of tax Common stock dividends declared Stock options exercised, amount Stock options exercised, shares Issuance of restricted common stock, amount Issuance of restricted common stock, shares Forfeiture of restricted stock, amount Forfeiture of restricted stock, shares Issuance of common stock for directors fees, amount Issuance of common stock for directors fees, shares Issuance of director's restricted stock awards, amount Issuance of director's restricted stock awards, shares Retired common stock, amount Retired common stock, shares Stock based compensation - restricted stock awards Balance - Ending, amount Balance - Ending, shares Statement of Cash Flows [Abstract] Operating Activities Adjustments to reconcile net income to net cash provided by operating activities (Accretion), amortization and depreciation Securities Bank premises and equipment Core deposit intangible Modification fees on Federal Home Loan Bank of Boston advances Subordinated debt issuance costs Mortgage servicing rights Fair value adjustment on loans Fair value adjustment on deposits (Gains) and losses, including write-downs on sales and calls of securities available-for-sale, net (Gains) and losses, including write-downs on sales of loans, excluding capitalized servicing rights (Gains) and losses, including write-downs on CRA Mutual Fund (Gains) and losses, including write-downs of other real estate owned (Gains) and losses, including write-downs on sale/disposals of premises and equipment Gain from BOLI Proceeds from loans sold Loans originated for sale Decrease (increase) in deferred loan origination fees and costs, net Mortgage servicing rights originated Decrease in mortgage servicing rights impairment reserve Increase in interest receivable Deferred tax (benefit) expense (Increase) decrease in prepaid expenses Increase in cash surrender value of life insurance policies Decrease (increase) in income tax receivable Increase in income tax payable Decrease in other assets Increase (decrease) in accrued expenses (Decrease) increase in interest payable (Decrease) increase in other liabilities Stock based compensation - restricted stock awards Net cash provided by operating activities Investing Activities Redemptions (purchases) of Federal Home Loan Bank of Boston stock, net Purchases of securities available-for-sale Purchases of interest bearing time deposits with financial institutions Proceeds from sales of securities available-for-sale Proceeds from calls of securities available-for-sale Proceeds from maturities of securities available-for-sale Reinvestment of CRA Mutual Fund Loan originations and principle collections, net Recoveries of loans previously charged off Proceeds from sales of other real estate owned Capital expenditures Investment in BOLI Net cash and cash equivalents (paid) acquired in branch acquisition Net cash utilized by investing activities Financing Activities Increase in deposit transaction accounts, net (Decrease) increase in time deposits, net Increase (decrease) in securities sold under agreements to repurchase, net Short-term Federal Home Loan Bank of Boston advances, net Long-term Federal Home Loan Bank of Boston advances, net Principal payments on note payable Decrease in finance lease obligation Stock options exercised Issuance of shares for directors' fees Common stock dividends paid Net cash (applied to) provided by financing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Cash paid during year Interest Income taxes Non-cash transfers From loans to other real estate owned Finance Lease Obligation Finance Lease Paid-off Fixed Asset Lease liability Deferred gain applied to bank premises and equipment Transfer of unearned credit-related discount to allowance for loan losses Adoption of new accounting principle - Other assets Adoption of new accounting principle - Other liabilities Adoption of new accounting principle BOLI proceeds included in other assets Branch acquisition Cash and cash equivalents (paid) acquired Net loans acquired Fixed assets acquired (including capital leases) Accrued interest receivable acquired Other assets acquired Core deposit intangible Goodwill Deposits assumed Capital lease assumed Other liabilities assumed Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Combinations [Abstract] MERGERS AND ACQUISITIONS Investments, Debt and Equity Securities [Abstract] SECURITIES Receivables [Abstract] LOANS Notes to Financial Statements LEASES SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] MORTGAGE SERVICING RIGHTS Guarantees [Abstract] PLEDGED ASSETS Property, Plant and Equipment [Abstract] BANK PREMISES AND EQUIPMENT Goodwill and Intangible Assets Disclosure [Abstract] GOODWILL AND INTANGIBLE ASSETS Banking and Thrift, Interest [Abstract] DEPOSITS SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS Income Tax Disclosure [Abstract] NET DEFERRED TAX ASSET AND INCOME TAXES Equity [Abstract] SHAREHOLDERS' EQUITY Retirement Benefits [Abstract] OTHER BENEFITS LONG TERM INCENTIVE PLANS Stockholders' Equity Note [Abstract] STOCK OPTIONS Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] OTHER COMPREHENSIVE LOSS Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENT LIABILITIES Investments, All Other Investments [Abstract] FINANCIAL INSTRUMENTS Fair Value Disclosures [Abstract] FAIR VALUE OF ASSETS AND LIABILITIES Condensed Financial Information Disclosure [Abstract] SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION Earnings Per Share [Abstract] EARNINGS PER SHARE Subsequent Events [Abstract] SUBSEQUENT EVENTS Quarterly Financial Information Disclosure [Abstract] SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited) Principles of Consolidation Basis of Financial Statement Presentation Cash and Cash Equivalents Interest Bearing Time Deposits with Financial Institutions Securities Federal Home Loan Bank of Boston Stock Loans Acquired Loans Allowance for Loan Losses Mortgage Servicing Rights Other Real Estate Owned ("OREO") Income Taxes Bank Premises and Equipment Intangible Assets Bank-Owned Life Insurance Stock Based Compensation Advertising Expense Statement of Cash Flows Computation of Earnings per Share Revenue Recognition Recent Accounting Pronouncements Accretable yield for ASC 310-30 acquired loan portfolio Composition of Securities Sales of securities available-for-sale and gross gains and gross losses realized Aggreggate fair value and gross unrealized loss of securities Amortized cost, fair value and tax equivalent yield of securities Composition of loans receivable and loans held-for-sale Composition of loans receivable by risk rating grade Composition of loans receivable by delinquency status Troubled debt restructurings Recorded investment and number of modifications for TDRs Components of impaired loans Changes in allowance for loan losses Composition of loans receivable and allowance for loan losses Credit quality segments of loans receivable and allowance for loan losses Certain data with respect to loans individually evaluated for impairment Assets and liabilities as well as the costs of operating and financial leases Present value of the net minimum lease payments Balance of loans serviced for others and fair value of mortgage servicing rights Changes in mortgage servicing rights Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available Components of premises and equipment Changes in carrying values of goodwill and intangible assets Estimated annual amortization expense of core deposit intangibles Scheduled maturities of time certificates of deposit Total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more Securities sold under repurchase agreements Federal Home Loan Bank of Boston advances Components of income tax provision Reconciliation of expected federal statutory tax to income tax provision Components of net deferred tax assets Actual regulatory capital position and minimum capital requirements Amount of cumulatively granted restricted stock awards under 2011 and 2017 Long-Term Incentive Plans Summary of status of Salisbury's outstanding stock options Changes in loans to executive officers, directors and their related associates Reconciliation of changes in components of other comprehensive loss, including amount of income tax benefit allocated to each component of other comprehensive loss Components of accumulated other comprehensive income Financial instrument liabilities with off-balance sheet credit risk Assets measured at fair value Carrying value and estimated fair values of financial instruments Unconsolidated balance sheets of Salisbury Bancorp, Inc. Unconsolidated statements of income of Salisbury Bancorp, Inc. Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. Computation of earnings per share Selected quarterly consolidated financial data (unaudited) Expected useful life Goodwill from purchases and acquisitions Summary Of Significant Accounting Policies Recorded investment in residential mortgage loans collateralized by residential real estate in process of foreclosure Advertising expenses Balance at beginning of period Acquisitions Accretion Disposals Reclassification from non-accretable to accretable Balance at end of period ASC 310-30 loans, outstanding balance ASC 310-30 loans, carrying value Available-for-sale U.S. Government Agency notes Municipal bonds Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises Collateralized mortgage obligations, U.S. Government Agencies Collateralized mortgage obligations, Non-agency SBA bonds Corporate bonds Total securities available-for-sale CRA mutual funds Non-marketable securities Federal Home Loan Bank of Boston stock Proceeds Gains realized Losses realized Net gains realized Income tax provision Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises Collateralized mortgage obligations: U.S. Government agencies Total temporarily impaired securities Other than temporarily impaired securities, Collateralized mortgage obligations, Non-agency Total temporarily impaired and other-than-temporarily impaired securities Amortized cost Fair value Yield Residential 1-4 family Residential 5+ multifamily Construction of residential 1-4 family Home equity lines of credit Residential real estate Commercial Construction of commercial Commercial real estate Farm land Vacant land Real estate secured Commercial and industrial Municipal Consumer Loans receivable, gross Deferred loan origination fees and costs, net Allowance for loan losses Loans receivable, net Loans held-for-sale Residential 1-4 family Quantity of troubled debt restructurings Pre-modification balance Post-modification balance Quanity, TDRs with Modifications that Subsequently Defaulted Balance, TDRs with Modifications that Subsequently Defaulted Non-accrual loans, excluding troubled debt restructured loans Non-accrual troubled debt restructured loans Accruing troubled debt restructured loans Total impaired loans Commitments to lend additional amounts to impaired borrowers Beginning balance Acquisition Discount Transfer Provision Charge-offs Recoveries Ending balance SEC Schedule, 12-09, Valuation Allowances and Reserves Type [Axis] Home equity lines credit Unallocated allowance Totals Class of Financing Receivable [Axis] Performing loans Potential problem loans Impaired loans Residential Loans Commercial loans for other banks serviced by Company under loan participation agreements ASC 310-30 loans ASC 310-30 allowance Leases - Assets Operating - Other assets Finance - Bank premises and equipment Total Leased Assets Leases - Liabilities Operating - Accrued interest and other liabilities Finance - Finance lease obligations Total lease liabilities Lease cost Operating leases - Premises and equipment Finance leases: Amortization of leased assets - Premises and equipment Finance leases: Interest on finance leases - Interest expense Total lease cost Weighted Average Remaining Lease Term Operating leases Financing leases Weighted Average Discount Rate Operating leases Financing leases Major Property Class [Axis] 2020 2021 2022 2023 2024 Thereafter Total future minimum lease payments Less amount representing interest Total present value of net future minimum lease payments Right-of-use assets and corresponding lease liability related to operating leases Residential mortgage loans serviced for others Fair value of mortgage servicing rights Mortgage Servicing Rights Balance, beginning of period Originated Amortization Balance, end of period Valuation Allowance Balance, beginning of period Decrease (increase) in impairment reserve (1) Balance, end of period Mortgage servicing rights, net Securities available-for-sale (at fair value) Loans receivable (at book value) Total pledged assets Securities pledged to secure public deposits Securities pledged to secure repurchase agreements Securities pledged to secure FHLBB advances Land Buildings and improvements Leasehold improvements Finance leases Furniture, fixtures, equipment and software Fixed assets in process Total cost Accumulated depreciation and amortization Bank premises and equipment, net Goodwill Balance, beginning of period Additions Impairment Balance, end of period Core Deposit Intangibles Cost, beginning of period Additions Cost, end of period Amortization, beginning of period Amortization Amortization, end of period Core deposit intangibles, net CDI amortization Deposits assumed from acquisition Loans acquired from acquisition Goodwill realized Core deposit intangible assigned to acquisition 2020 2021 2022 2023 2024 Total Within three months After three through six months After six through twelve months Over one year Total Deposits Brokered and reciprocal deposits included in certificates of deposit Brokered and money market accounts included in money market funds Repurchase agreements, ending balance Repurchase agreements, average balance during period Book value of collateral Market value of collateral Weighted average rate during period Weighted average maturity Overnight advances Overnight rate 2019 advances 2019 rate 2020 advances 2020 rate 2021 advances 2021 rate Total advances Total weighted average rate Federal Home Loan Bank Of Boston Advances And Other Borrowed Funds Additional available borrowing capacity in addition to outstanding FHLBB advances Unused FHLBB line of credit Company has access to Subordinated Debentures Issuance of debt in private placement, aggregate principal amount Portion to certain related parties Maturity date Annual interest rate Total subordinated debentures Remaining unamortized debt issuance costs Effective interest rate of subordinated debentures Notes Payable Outstanding mortgage balance from Sharon branch property purchase Federal State Current provision Federal State Deferred (benefit) expense Income tax at statutory federal tax rate State tax, net of federal tax benefit Tax exempt income and dividends received deduction Remeasurement of net deferred tax assets BOLI interest and gain Other Change in valuation allowance Effective income tax rates Allowance for loan losses Interest on non-performing loans Accrued deferred compensation Post-retirement benefits Other real estate owned write-downs Restricted stock awards Net unrealized holding loss on available-for-sale securities Write-down of securities Other Gross deferred tax assets Deferred loan costs, net Mark-to-market purchase accounting adjustments Goodwill and core deposit intangible asset Accelerated depreciation Other real estate owned write-downs Mortgage servicing rights Net unrealized holding gain on available-for-sale securities Gross deferred tax liabilities Net deferred tax asset Increase in tax provision as a result of remeasurement Bank Total Capital (to risk-weighted assets) Actual - Amount Actual - Ratio Minimum Capital Required For Capital Adequacy - Amount Minimum Capital Required For Capital Adequacy - Ratio Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Tier 1 Capital (to risk-weighted assets) Actual - Amount Actual - Ratio Minimum Capital Required For Capital Adequacy - Amount Minimum Capital Required For Capital Adequacy - Ratio Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Common Equity Tier 1 Capital (to risk-weighted assets) Actual - Amount Actual - Ratio Minimum Capital Required For Capital Adequacy - Amount Minimum Capital Required For Capital Adequacy - Ratio Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Tier 1 Capital (to average assets) Actual - Amount Actual - Ratio Minimum Capital Required For Capital Adequacy - Amount Minimum Capital Required For Capital Adequacy - Ratio Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio Risk-weighted assets 401(k) Plan contribution expense Employee Stock Ownership Plan (ESOP) ESOP expense Other Retirement Plans Total liability for endorsement split-dollar life insurance arrangements included in other liabilities Benefit adjustment on future postretirement benefit obligations under endorsement split-dollar life insurance arrangements Offsetting expense on future postretirement benefit obligations under endorsement split-dollar life insurance arrangements Net credit to expense future postretirement benefit obligations under endorsement split-dollar life insurance arrangements Expense under endorsement split-dollar life insurance arrangement Former CEO supplemental post retirement payment liability Former Riverside CEO supplemental post retirement payment liability Expenses for Non-Qualified Deferred Compensation Plan Grants of Restricted Stock and Options Stock options exercised by former Riverside Bank executives, shares Stock options exercised by former Riverside Bank executives, price per share Shares of restricted stock granted pursuant to LTIP Fair value of the stock as of the grant date, LTIP Expense related to stock based compensation Unrecognized compensation cost relating to awards Forfeiture of restricted common stock, shares Restricted stock awards, beginning of year Beginning of year, weighted average grant price Granted Granted, weighted average grant price Vested Vested, weighted average grant price Forfeited Forfeited, weighted average grant price Restricted stock awards, end of year End of year, weighted average grant price Total number of shares of Common Stock reserved and available for issuance in ten years following adoption of Plan Annual stock retainer, individual director maximum Restricted stock Shares of restricted stock granted pursuant to the Plan Fair value of stock granted pursuant to the Plan Fair value of vested restricted stock awards Compensation expense Unrecognized compensation cost relating to awards Tax provision benefit recorded Tax benefit associated with restricted stock awards, recognized in earnings Phantom Stock Appreciation Units granted pursuant to the Plan Compensation expense related to PSUs Performance-based restricted stock units Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, granted Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, fair value Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, compensation expense Short Term Incentive Plan (STIP) STIP expense, included in compensation expenses Number, beginning of period Weighted average exercise price, beginning of period Number of options, granted Weighted average exercise price, granted Number of options, exercised Weighted average exercise price, exercised Number of options, forfeited or expired Weighted average exercise price, forfeited or expired Number, end of period Weighted average exercise price, end of period Weighted average remaining contractual term Aggregate intrinsic value Total intrinsic value of stock options exercised Balance, beginning of period Advances Repayments Balance, end of period Other comprehensive income (loss) Reclassification of net realized gains in net income Unrealized gains (losses) on securities available-for-sale Income tax (expense) benefit Unrealized gains (losses) on securities available-for-sale, net of tax Other comprehensive income (loss) Unrealized gains (losses) on securities available-for-sale, net of tax Accumulated other comprehensive income (loss) Income tax expense related to reclassification of net realized gains Land Unadvanced portions of loans Commitments to originate loans Letters of credit Total Maximum potential amount of Bank's obligation for financial, commercial and standby letters of credit Allowance for off-balance sheet commitments Fair Value Hierarchy and NAV [Axis] Assets at fair value on a recurring basis Assets at fair value on a recurring basis Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises Collateralized mortgage obligations: U.S. Government agencies Collateralized mortgage obligations: Non-agency Securities available-for-sale Assets at fair value on a non-recurring basis Collateral dependent impaired loans Other real estate owned Financial Assets Cash and cash equivalents Interest bearing time deposits with financial institutions CRA mutual fund Federal Home Loan Bank of Boston stock Loans held-for-sale Loans receivable, net Accrued interest receivable Cash surrender value of life insurance policies Financial Liabilities Demand (non-interest-bearing) Demand (interest-bearing) Money market Savings and other Certificates of deposit Deposits Repurchase agreements FHLBB advances Subordinated debt Note payable Finance lease liability Accrued interest payable Assets Investment in bank subsidiary Total Assets Liabilities and Shareholders' Equity Other liabilities Shareholders' equity Total Liabilities and Shareholders' Equity Dividends from subsidiary Interest income Interest expense Non-interest expenses Income before taxes and equity in undistributed net income of subsidiary Income tax benefit Income before equity in undistributed net income of subsidiary Equity in undistributed net income of subsidiary Net income Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary Other Investment in bank Net cash utilized by investing activities Proceeds from issuance of common stock Net cash (utilized) by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Less: Undistributed earnings allocated to participating securities Net income allocated to common stock Weighted average common shares issued Less: Unvested restricted stock awards Weighted average common shares outstanding used to calculate basic earnings per common share Add: Dilutive effect of stock options Weighted average common shares outstanding used to calculate diluted earnings per common share Earnings per common share (basic) Earnings per common share (diluted) Dividend declared Statement of Income Interest and dividend income Interest expense Net interest and dividend income Provision (benefit) for loan losses Trust and Wealth Advisory Gains (Losses) on sales of mortgage loans, net (Losses) Gains on sales of available -for-sale- securities, net Non-interest income Non-interest expense Income tax provision Net income Financial Condition Total assets Loans, net Allowance for loan losses Securities Deposits Repurchase agreements FHLBB advances Shareholders' equity Non-performing assets Per Common Share Data Earnings, basic Earnings, diluted Cash dividends declared Cash dividends paid Book value Market price: High Market price: Low Statistical Data Net interest margin (fully tax equivalent) Efficiency ratio (fully tax equivalent) Return on average assets Return on average shareholders' equity Weighted average common shares outstanding, basic Weighted average common shares outstanding, diluted Aggregate Fair Value - Gross Unrealized Loss Of Securities, 12 Months Or Longer, Fair Value Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, 12 Months Or Longer, Unrealized Losses Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Less Than 12 Months, Fair Value Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Less Than 12 Months, Unrealized Losses Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Total, Fair Value Member. Aggregate Fair Value - Gross Unrealized Loss Of Securities, Total, Unrealized Losses Member. Balance Sheets Member. Statements of Cash Flows Member. Statements of Income Member. Loans Receivable [Member] AllowanceForLoanAndLeaseLossesCollectivelyEvaluatedLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesCollectivelyEvaluatedAllowanceCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesIndividuallyEvaluatedLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesIndividuallyEvaluatedAllowanceCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesTotalPortfolioLoansCreditQualitySegmentMember AllowanceForLoanAndLeaseLossesTotalPortfolioAllowanceCreditQualitySegmentMember TroubledDebtRestructuringsResidentialModificationsThatSubsequentlyDefaultedMember TroubledDebtRestructuringsTotalRealEstateIndustrialModificationsThatSubsequentlyDefaultedMember FHLBBAdvancesTotalMember TroubledDebtRestructuringsCommercialRealEstateModificationsThatSubsequentlyDefaultedMember Cash and Cash Equivalents, at Carrying Value Deposits, Money Market Deposits and Negotiable Order of Withdrawal (NOW) Liabilities Deferred Compensation Equity Additional Paid in Capital Retained Earnings (Accumulated Deficit) Interest and Dividend Income, Operating Interest Expense, Deposits Repurchase Agreements, Interest Expense Amount Interest Expense, Other Long-term Debt Interest Expense, Debt Interest Expense, Loans from Other Federal Home Loan Banks Interest Expense Interest Income (Expense), after Provision for Loan Loss Noninterest Income Gains (Losses) on Sales of Other Real Estate Other Noninterest Expense Noninterest Expense Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax Other Comprehensive Income (Loss), Tax Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Dividends, Common Stock, Cash Stock Issued During Period, Value, Restricted Stock Award, Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Stock Repurchased and Retired During Period, Value Stock Repurchased and Retired During Period, Shares Accretion (Amortization) of Discounts and Premiums, Investments Proceeds from Life Insurance Policy APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition Payments for (Proceeds from) Federal Home Loan Bank Stock Payments to Acquire Marketable Securities Payments to Acquire Trading Securities Held-for-investment Increase (Decrease) in Loans, Deferred Income Payments to Acquire Property, Plant, and Equipment Payment to Acquire Life Insurance Policy, Investing Activities Payments for (Proceeds from) Previous Acquisition Repayments of Notes Payable Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security Payments of Ordinary Dividends, Common Stock AdoptionOfNewAccountingPrinciple1 GoodwillFromAcquisition Marketable Securities, Policy [Policy Text Block] Property, Plant and Equipment [Table Text Block] Schedule of Intangible Assets and Goodwill [Table Text Block] Schedule of Repurchase Agreements [Table Text Block] Federal Home Loan Bank, Advances [Table Text Block] Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Accretion Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Disposals of Loans Available-for-sale Securities Cost-method Investments, Realized Losses Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value InventoryRealEstateMultifamily Inventory, Operative Builders InventoryRealEstateCommercial Inventory, Real Estate, Construction in Process InventoryRealEstateCommercialRealEstate InventoryRealEstateFarmLand Inventory, Real Estate, Land and Land Development Costs Mortgage Loans on Real Estate, Commercial and Consumer, Net Financial Instruments, Owned, State and Municipal Government Obligations, at Fair Value Allowance for Loan and Lease Losses, Real Estate Loans Receivable Held-for-sale, Amount Loans and Leases Receivable, Allowance Operating Lease, Right-of-Use Asset Finance Lease, Right-of-Use Asset Operating Lease, Liability Finance Lease, Liability TotalLeaseLiabilities Lessee, Operating Lease, Term of Contract Lessee, Finance Lease, Term of Contract Operating Lease, Weighted Average Discount Rate, Percent Finance Lease, Weighted Average Discount Rate, Percent Capital Leases, Future Minimum Payments, Interest Included in Payments Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value Servicing Asset SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Amortization of Premium MortgageServicingRightsValuationAllowance MortgageServicingRightsNet Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Property, Plant and Equipment, Other, Net Goodwill, Gross Other Indefinite-lived Intangible Assets Indefinite-lived Intangible Assets Acquired Other Intangible Assets, Net Amortization of Acquisition Costs Finite-Lived Intangible Assets, Net Other Depreciation and Amortization Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Business Combination, Acquired Receivable, Fair Value Finite-Lived Core Deposits, Gross Time Deposit Maturities, Next Twelve Months Time Deposit Maturities, Year Two Time Deposit Maturities, Year Three Time Deposit Maturities, Year Four Time Deposit Maturities, Year Five Time Deposits Maturities, after Next Twelve Months Time Deposits, $100,000 or More Deferred Federal Income Tax Expense (Benefit) Deferred State and Local Income Tax Expense (Benefit) Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance, Percent Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent Deferred Tax Assets, Other Deferred Tax Liabilities, Deferred Expense Deferred Tax Liabilities, Other Comprehensive Income Deferred Tax Liabilities, Goodwill and Intangible Assets Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs Deferred Tax Liabilities, Investments Deferred Tax Liabilities, Mortgage Servicing Rights Deferred Tax Liabilities, Unrealized Gains on Trading Securities Deferred Tax Liabilities, Gross, Current Tier One Risk Based Capital Tier One Risk Based Capital to Risk Weighted Assets Tier One Risk Based Capital Required for Capital Adequacy Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets TierOneRiskBasedCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount TierOneRiskBasedCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio Tier One Risk Based Capital Required to be Well Capitalized Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets Common Equity Tier One Capital Common Equity Tier One Capital Ratio Common Equity Tier One Capital Required for Capital Adequacy CommonEquityTierOneCapitalForCapitalAdequacyRatio CommonEquityTierOneCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount CommonEquityTierOneCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio Common Equity Tier One Capital Required to be Well-Capitalized CommonEquityTierOneCapitalToBeWellCapitalizedRatio Tier One Leverage Capital Tier One Leverage Capital to Average Assets Tier One Leverage Capital Required for Capital Adequacy Tier One Leverage Capital Required for Capital Adequacy to Average Assets TierOneLeverageCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount TierOneLeverageCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio Tier One Leverage Capital Required to be Well Capitalized Tier One Leverage Capital Required to be Well Capitalized to Average Assets Stock Issued During Period, Shares, Restricted Stock Award, Forfeited Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Loans and Leases Receivable, Related Parties Repayment of Notes Receivable from Related Parties AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax Ground Leases, Accumulated Amortization Loans and Leases Receivable, Loans in Process Derivative Liability Real Estate Investments, Other TimeDepositsFairValueDisclosure Investment in Federal Home Loan Bank Stock, Fair Value Disclosure Loans Held-for-sale, Fair Value Disclosure Accrued Investment Income Receivable Cash Surrender Value, Fair Value Disclosure Interest-bearing Domestic Deposit, Money Market Interest-bearing Domestic Deposit, Savings Interest-bearing Domestic Deposit, Certificates of Deposits Deposits, Fair Value Disclosure Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure Subordinated Debt Obligations, Fair Value Disclosure Notes Payable, Fair Value Disclosure InterestExpenseParent Net Income (Loss) Attributable to Parent, Diluted Other Noncash Income (Expense) Cash Undistributed Earnings (Loss) Allocated to Participating Securities, Basic Restricted Stock Award, Forfeitures, Dividends Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities Dilutive Securities, Effect on Basic Earnings Per Share Income Taxes Paid Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Loans and Leases Receivable, Allowance, Covered Debt Securities, Trading, and Equity Securities, FV-NI Deposit Assets Securities Purchased under Agreements to Resell Federal Home Loan Bank Advances Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest EX-101.PRE 14 sal-20191231_pre.xml XBRL PRESENTATION FILE XML 15 R43.htm IDEA: XBRL DOCUMENT v3.20.1
DEPOSITS (Tables)
 12 Months Ended
Dec. 31, 2019
Banking and Thrift, Interest [Abstract]  
Scheduled maturities of time certificates of deposit
December 31, (in thousands)  CD maturities
 2020   $86,025   
 2021    19,342   
 2022    9,749   
 2023    4,937   
 2024    7,671   
 Total   $127,724   
Total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more
Years ended December 31, (in thousands)    2019      2018  
Within three months  $4,603   $1,128 
After three through six months   3,799    1,359 
After six through twelve months   6,628    3,785 
Over one year   6,750    9,726 
Total  $21,780   $15,998 
XML 16 R47.htm IDEA: XBRL DOCUMENT v3.20.1
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Actual regulatory capital position and minimum capital requirements
   Actual  Minimum Capital Required For Capital Adequacy  Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer  Minimum To Be Well Capitalized Under
Prompt Corrective
Action Provisions
(dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio  Amount  Ratio
December 30, 2019                        
Total Capital (to risk-weighted assets)  $114,421    12.84%  $71,278    8.0%  $93,553    10.5%  $89,098    10.0%
                                         
Tier 1 Capital (to risk-weighted assets)   105,430    11.83    53,459    6.0    75,733    8.5    71,278    8.0 
                                         
Common Equity Tier 1 Capital (to risk-weighted assets)   105,430    11.83    40,094    4.5    62,368    7.0    57,914    6.5 
                                         
Tier 1 Capital (to average assets)  $105,430    9.60    43,944    4.0    43,944    4.0    54,930    5.0 
December 31, 2018                                        
Total Capital (to risk-weighted assets)  $104,013    12.09%  $68,848    8.0%  $90,362    10.5%  $86,059    10.0%
                                         
Tier 1 Capital (to risk-weighted assets)   96,092    11.17    51,636    6.0    73,150    8.5    68,848    8.0 
                                         
Common Equity Tier 1 Capital (to risk-weighted assets)   96,092    11.17    38,727    4.5    60,242    7.0    55,939    6.5 
                                         
Tier 1 Capital (to average assets)  $96,092    8.83   $43,527    4.0   $43,527    4.0   $54,409    5.0 
XML 17 R68.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Composition of loans receivable by delinquency status (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current    
Residential 1-4 family $ 344,085 $ 342,881
Residential 5+ multifamily 34,594 35,648
Construction of residential 1-4 family 11,889 12,041
Home equity lines of credit 33,522 33,806
Residential real estate 424,090 424,376
Commercial 289,103 281,053
Construction of commercial 8,466 8,835
Commercial real estate 297,569 289,888
Farm land 3,461 4,185
Vacant land 7,852 8,280
Real estate secured 732,972 726,729
Commercial and industrial 169,262 162,507
Municipal 21,914 14,344
Consumer 6,382 4,504
Loans receivable, gross 930,530 908,084
Past due 30-59 days    
Residential 1-4 family 971 1,100
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit 152 235
Residential real estate 1,123 1,335
Commercial 336 264
Construction of commercial
Commercial real estate 336 264
Farm land 180
Vacant land 42
Real estate secured 1,639 1,641
Commercial and industrial 2
Municipal
Consumer 2
Loans receivable, gross 1,641 1,643
Past due 60-89 days    
Residential 1-4 family 351 521
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit 46 33
Residential real estate 397 554
Commercial 141 240
Construction of commercial
Commercial real estate 141 240
Farm land
Vacant land 41
Real estate secured 579 794
Commercial and industrial 146 38
Municipal
Consumer 1 6
Loans receivable, gross 726 838
Past due 90-179 days    
Residential 1-4 family 200
Residential 5+ multifamily 633
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate 200 633
Commercial 71 833
Construction of commercial 141
Commercial real estate 71 974
Farm land
Vacant land
Real estate secured 271 1,607
Commercial and industrial 1
Municipal
Consumer 2
Loans receivable, gross 274 1,607
Past due 180 days and over    
Residential 1-4 family 692 1,360
Residential 5+ multifamily 861 229
Construction of residential 1-4 family
Home equity lines of credit 78 359
Residential real estate 1,631 1,948
Commercial 144 1,209
Construction of commercial
Commercial real estate 144 1,209
Farm land
Vacant land
Real estate secured 1,775 3,157
Commercial and industrial 360
Municipal
Consumer
Loans receivable, gross 1,775 3,517
Past due 30 days and over    
Residential 1-4 family 2,214 2,981
Residential 5+ multifamily 861 862
Construction of residential 1-4 family
Home equity lines of credit 276 627
Residential real estate 3,351 4,470
Commercial 692 2,546
Construction of commercial 141
Commercial real estate 692 2,687
Farm land 180
Vacant land 41 42
Real estate secured 4,264 7,199
Commercial and industrial 149 398
Municipal
Consumer 3 8
Loans receivable, gross 4,416 7,605
Past due Accruing 90 days and over    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial 654
Construction of commercial 141
Commercial real estate 795
Farm land
Vacant land
Real estate secured 795
Commercial and industrial 1
Municipal
Consumer 2
Loans receivable, gross 3 795
Non-accrual    
Residential 1-4 family 1,551 2,092
Residential 5+ multifamily 861 1,000
Construction of residential 1-4 family
Home equity lines of credit 105 411
Residential real estate 2,517 3,503
Commercial 914 1,388
Construction of commercial 252
Commercial real estate 914 1,640
Farm land 186 216
Vacant land
Real estate secured 3,617 5,359
Commercial and industrial 360
Municipal
Consumer
Loans receivable, gross $ 3,617 $ 5,719
XML 18 R98.htm IDEA: XBRL DOCUMENT v3.20.1
SHAREHOLDERS' EQUITY - Actual regulatory capital position and minimum capital requirements (Details) - Salisbury - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Total Capital (to risk-weighted assets)    
Actual - Amount $ 114,421 $ 104,013
Actual - Ratio 12.84% 12.09%
Minimum Capital Required For Capital Adequacy - Amount $ 71,278 $ 68,848
Minimum Capital Required For Capital Adequacy - Ratio 8.00% 8.00%
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount $ 93,553 $ 90,362
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio 10.50% 10.50%
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 89,098 $ 86,059
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 10.00% 10.00%
Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 105,430 $ 96,092
Actual - Ratio 11.83% 11.17%
Minimum Capital Required For Capital Adequacy - Amount $ 53,459 $ 51,636
Minimum Capital Required For Capital Adequacy - Ratio 6.00% 6.00%
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount $ 75,733 $ 73,150
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio 8.50% 8.50%
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 71,278 $ 68,848
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 8.00% 8.00%
Common Equity Tier 1 Capital (to risk-weighted assets)    
Actual - Amount $ 105,430 $ 96,092
Actual - Ratio 11.83% 11.17%
Minimum Capital Required For Capital Adequacy - Amount $ 40,094 $ 38,727
Minimum Capital Required For Capital Adequacy - Ratio 4.50% 4.50%
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount $ 62,368 $ 60,242
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio 7.00% 7.00%
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 57,914 $ 55,939
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 6.50% 6.50%
Tier 1 Capital (to average assets)    
Actual - Amount $ 105,430 $ 96,092
Actual - Ratio 9.60% 8.83%
Minimum Capital Required For Capital Adequacy - Amount $ 43,944 $ 43,527
Minimum Capital Required For Capital Adequacy - Ratio 4.00% 4.00%
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Amount $ 43,944 $ 43,527
Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer - Ratio 4.00% 4.00%
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Amount $ 54,930 $ 54,409
Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions - Ratio 5.00% 5.00%
XML 19 R94.htm IDEA: XBRL DOCUMENT v3.20.1
NET DEFERRED TAX ASSET AND INCOME TAXES - Components of income tax provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Deferred (benefit) expense $ (391) $ (494) $ 888
Income tax provision 2,359 1,709 2,914
Components of income tax provision      
Federal 2,406 1,986 1,831
State 344 217 195
Current provision 2,750 2,203 2,026
Federal (317) (455) 840
State (74) (39) 48
Deferred (benefit) expense (391) (494) 888
Income tax provision $ 2,359 $ 1,709 $ 2,914
XML 20 R64.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES - Aggreggate fair value and gross unrealized loss of securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Less Than 12 Months, Fair value    
Available-for-sale    
U.S. Government Agency notes $ 34
Municipal bonds 6,273  
Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 5,781 13,063
Collateralized mortgage obligations: U.S. Government agencies 1,438
Total temporarily impaired securities 13,492 13,097
Less Than 12 Months, Unrealized losses    
Available-for-sale    
U.S. Government Agency notes
Municipal bonds 73  
Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 22 175
Collateralized mortgage obligations: U.S. Government agencies 10
Total temporarily impaired securities 105 175
12 Months or Longer, Fair value    
Available-for-sale    
U.S. Government Agency notes 195 532
Municipal bonds  
Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 704 26,777
Collateralized mortgage obligations: U.S. Government agencies 8,281
Total temporarily impaired securities 899 35,590
12 Months or Longer, Unrealized losses    
Available-for-sale    
U.S. Government Agency notes 1 3
Municipal bonds  
Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 2 386
Collateralized mortgage obligations: U.S. Government agencies 173
Total temporarily impaired securities 3 562
Total, Fair value    
Available-for-sale    
U.S. Government Agency notes 195 566
Municipal bonds 6,273  
Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 6,485 39,840
Collateralized mortgage obligations: U.S. Government agencies 1,438 8,281
Total temporarily impaired securities 14,391 48,687
Total, Unrealized losses    
Available-for-sale    
U.S. Government Agency notes 1 3
Municipal bonds 73  
Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 24 561
Collateralized mortgage obligations: U.S. Government agencies 10 173
Total temporarily impaired securities $ 108 $ 737
XML 21 R60.htm IDEA: XBRL DOCUMENT v3.20.1
MERGERS AND ACQUISITIONS - Accretable yield for ASC 310-30 acquired loan portfolio (Details) - ASC 310-30 acquired loan portfolio accretable yield - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Balance at beginning of period $ 204 $ 517
Acquisitions
Accretion (204) (164)
Disposals (149)
Reclassification from non-accretable to accretable
Balance at end of period $ 204
XML 22 R90.htm IDEA: XBRL DOCUMENT v3.20.1
DEPOSITS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Deposits Details Narrative Abstract    
Brokered and reciprocal deposits included in certificates of deposit $ 8,000 $ 44,400
Brokered and money market accounts included in money market funds $ 66,000 $ 41,100
XML 23 R107.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER COMPREHENSIVE INCOME (LOSS) - Components of accumulated other comprehensive income (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Accumulated other comprehensive income (loss) $ 1,357 $ (220)
Statements of Comprehensive Income (Loss)    
Unrealized gains (losses) on securities available-for-sale, net of tax 1,357 (220)
Accumulated other comprehensive income (loss) $ 1,357 $ (220)
XML 24 R103.htm IDEA: XBRL DOCUMENT v3.20.1
STOCK OPTIONS - Summary of status of Salisbury's outstanding stock options (Details) - Stock options - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Number, beginning of period 22,545 40,500
Weighted average exercise price, beginning of period $ 17.04 $ 21.73
Number of options, granted
Weighted average exercise price, granted
Number of options, exercised (4,725) (9,155)
Weighted average exercise price, exercised $ 17.04 $ 24.26
Number of options, forfeited or expired (8,800)
Weighted average exercise price, forfeited or expired $ 31.11
Number, end of period 17,820 22,545
Weighted average exercise price, end of period $ 17.04 $ 17.04
Weighted average remaining contractual term 4 years 5 years
Aggregate intrinsic value $ 510 $ 456
XML 25 R26.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
OTHER COMPREHENSIVE LOSS

NOTE 19 – OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated, including the amount of income tax benefit allocated to each component of other comprehensive loss:

Years ended December 31, (in thousands)    2019      2018      2017  
Other comprehensive income (loss)               
Net unrealized gains (losses) on securities available-for-sale  $2,258   $(202)  $(318)
Reclassification of net realized gains in net income(1)   (263)   (318)   (178)
Unrealized gains (losses) on securities available-for-sale   1,995    (520)   (496)
Income tax (expense) benefit   (418)   105    198 
Unrealized gains (losses) on securities available-for-sale, net of tax   1,577    (415)   (298)
Other comprehensive income (loss)  $1,577   $(415)  $(298)

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gains on securities, net; the tax effect is included in the income tax provision; and the after-tax amount is included in net income. The income tax expense related to reclassification of net realized gains was approximately $55 thousand, $67 thousand, and $61 thousand in 2019, 2018 and 2017, respectively. 

The components of accumulated other comprehensive income (loss) are as follows:

December 31, (dollars in thousands)    2019      2018  
Unrealized gains (losses) on securities available-for-sale, net of tax  $1,357   $(220)
Accumulated other comprehensive income (loss)  $1,357   $(220
XML 26 R22.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER BENEFITS
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
OTHER BENEFITS

NOTE 15 –OTHER BENEFITS

401(k) Plan

Salisbury offers a 401(k) Plan to eligible employees. Under the 401(k) Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. The Plan includes a safe harbor contribution of 3% for all qualifying employees. The Bank's safe harbor contribution percentage is reviewed annually and, under provisions of the 401(k) Plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the 401(k) Plan's qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the 401(k) Plan. Both the safe harbor and additional discretionary match, if any, vest immediately. Salisbury's 401(k) Plan contribution expense for 2019, 2018 and 2017 was $0.9 million $1.0 million, and $0.8 million, respectively.

Employee Stock Ownership Plan (ESOP)

Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service:

20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $285 thousand, $358 thousand, and $132 thousand, in 2019, 2018, and 2017, respectively.

Other Retirement Plans

Salisbury adopted ASC 715-60, “Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury's future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $765 thousand and $992 thousand at December 31, 2019, and 2018, respectively. During 2019, the related agreements were modified, which resulted in a benefit adjustment of $328 thousand with an offsetting expense of $101 thousand totaling a net credit to expense of $227 thousand. Expense under this arrangement was $26 thousand for 2018, and $117 thousand for 2017.

The Bank entered into a Supplemental Retirement Plan Agreement with its former Chief Executive Officer that provides for supplemental post retirement payments for a ten-year period as described in the agreement. The related liability was $0 and $25 thousand at December 31, 2019, and 2018, respectively. The related expenses were immaterial for all periods presented.

The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen-year period as described in the agreement. The related liability was $358 thousand and $403 thousand at December 31, 2019 and December 31, 2018, respectively. The related expenses were immaterial for all periods presented.

A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section. In 2019, 2018, and 2017, the Bank awarded seven (7), six (6), and eight (8) Executives, respectively, with discretionary contributions to the plan. Expenses related to this plan amounted to $114 thousand in 2019, $115 thousand in 2018, and $80 thousand in 2017.

Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers, including a severance agreement with Mr. Cantele, President and Chief Executive Officer, a change in control agreement with Mr. Albero, Executive Vice President and Chief Financial Officer, and a severance agreement with Mr. Davies, President of the New York Region and Chief Lending Officer. Such agreements are designed to allow Salisbury to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to Salisbury's operations.
XML 27 R112.htm IDEA: XBRL DOCUMENT v3.20.1
FAIR VALUE MEASUREMENTS - Carrying value and estimated fair values of financial instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Carrying value    
Financial Assets    
Cash and cash equivalents $ 26,885 $ 58,445
Interest bearing time deposits with financial institutions 750  
Securities available-for-sale 91,801 91,818
CRA mutual fund 882 836
Federal Home Loan Bank of Boston stock 3,242 4,496
Loans held-for-sale 332  
Loans receivable, net 927,413 909,279
Accrued interest receivable 3,415 3,148
Cash surrender value of life insurance policies 20,580 14,438
Financial Liabilities    
Demand (non-interest-bearing) 237,852 228,448
Demand (interest-bearing) 153,314 153,586
Money market 239,504 204,219
Savings and other 161,112 178,807
Certificates of deposit 127,724 161,679
Deposits 919,506 926,739
Repurchase agreements 8,530 4,104
FHLBB advances 50,887 67,154
Subordinated debt 9,859 9,835
Note payable 246 280
Finance lease liability 1,718 3,081
Accrued interest payable 78 237
Estimated fair value    
Financial Assets    
Cash and cash equivalents 26,885 58,445
Interest bearing time deposits with financial institutions 750  
Securities available-for-sale 91,801 91,818
CRA mutual fund 882 836
Federal Home Loan Bank of Boston stock 3,242 4,496
Loans held-for-sale 334  
Loans receivable, net 933,287 886,222
Accrued interest receivable 3,415 3,148
Cash surrender value of life insurance policies 20,580 14,438
Financial Liabilities    
Demand (non-interest-bearing) 237,852 228,448
Demand (interest-bearing) 153,314 153,586
Money market 239,504 204,219
Savings and other 161,112 178,807
Certificates of deposit 128,629 162,013
Deposits 920,411 927,073
Repurchase agreements 8,530 4,104
FHLBB advances 51,028 67,231
Subordinated debt 10,113 10,006
Note payable 251 288
Finance lease liability 1,967 3,339
Accrued interest payable 78 237
Fair Value Measurements Using - Level 1    
Financial Assets    
Cash and cash equivalents 26,885 58,445
Interest bearing time deposits with financial institutions 750  
Securities available-for-sale
CRA mutual fund 882 836
Federal Home Loan Bank of Boston stock 3,242 4,496
Loans held-for-sale  
Loans receivable, net
Accrued interest receivable 3,415 3,148
Cash surrender value of life insurance policies 20,580 14,438
Financial Liabilities    
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt 10,113 10,006
Note payable
Finance lease liability
Accrued interest payable 78 237
Fair Value Measurements Using - Level 2    
Financial Assets    
Cash and cash equivalents
Interest bearing time deposits with financial institutions  
Securities available-for-sale 91,801 91,818
CRA mutual fund
Federal Home Loan Bank of Boston stock
Loans held-for-sale  
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance policies
Financial Liabilities    
Demand (non-interest-bearing) 237,852 228,448
Demand (interest-bearing) 153,314 153,586
Money market 239,504 204,219
Savings and other 161,112 178,807
Certificates of deposit 128,629 162,013
Deposits 920,411 927,073
Repurchase agreements 8,530 4,104
FHLBB advances 51,028 67,231
Subordinated debt
Note payable 251 288
Finance lease liability
Accrued interest payable
Fair Value Measurements Using - Level 3    
Financial Assets    
Cash and cash equivalents
Interest bearing time deposits with financial institutions  
Securities available-for-sale
CRA mutual fund
Federal Home Loan Bank of Boston stock
Loans held-for-sale 334  
Loans receivable, net 933,287 886,222
Accrued interest receivable
Cash surrender value of life insurance policies
Financial Liabilities    
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt
Note payable
Finance lease liability 1,967 3,339
Accrued interest payable
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 12 Months Ended
Dec. 31, 2019
Banking and Thrift, Interest [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 11 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows:

December 31, (dollars in thousands)    2019      2018  
Repurchase agreements, ending balance  $8,530   $4,104 
Repurchase agreements, average balance during period   4,913    3,340 
Book value of collateral   9,031    11,194 
Market value of collateral   9,246    11,276 
Weighted average rate during period   0.48%   0.35%
Weighted average maturity                  1 day                   1 day 

 
XML 29 R116.htm IDEA: XBRL DOCUMENT v3.20.1
EARNINGS PER SHARE - Computation of earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings Per Share [Abstract]      
Net income $ 11,136 $ 8,824 $ 6,256
Less: Undistributed earnings allocated to participating securities (160) (111) (55)
Net income allocated to common stock 10,976 8,713 6,201
Weighted average common shares issued 2,817 2,798 2,779
Less: Unvested restricted stock awards (35) (35) (24)
Weighted average common shares outstanding used to calculate basic earnings per common share 2,782 2,763 2,755
Add: Dilutive effect of stock options 12 17 19
Weighted average common shares outstanding used to calculate diluted earnings per common share $ 2,794 $ 2,780 $ 2,774
Earnings per common share (basic) $ 3.95 $ 3.15 $ 2.25
Earnings per common share (diluted) $ 3.93 $ 3.13 $ 2.24
XML 30 R14.htm IDEA: XBRL DOCUMENT v3.20.1
PLEDGED ASSETS
 12 Months Ended
Dec. 31, 2019
Guarantees [Abstract]  
PLEDGED ASSETS

NOTE 7 - PLEDGED ASSETS

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available.

December 31, (in thousands)    2019      2018  
Securities available-for-sale (at fair value)  $52,845   $80,991 
Loans receivable (at book value)   434,329    328,674 
Total pledged assets  $487,174   $409,665 

 

At December 31, 2019, securities were pledged as follows: $43.55 million to secure public deposits, $9.25 million to secure repurchase agreements and $0.05 million to secure FHLBB advances. During 2019, additional loans receivable were pledged to secure incremental borrowing capacity from the FHLBB.
XML 31 R10.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
SECURITIES

NOTE 3 - SECURITIES

The composition of securities is as follows:

  (in thousands)  Amortized
cost basis		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2019                    
Available-for-sale                    
U.S. Government Agency notes  $4,520   $125   $1   $4,644 
Municipal bonds   26,562    704    73    27,193 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government- sponsored enterprises   28,961    420    24    29,357 
Collateralized mortgage obligations:                    
U.S. Government agencies   25,041    468    10    25,499 
Corporate bonds   5,000    108    —    5,108 
Total securities available-for-sale  $90,084   $1,825   $108   $91,801 
CRA mutual fund                                 $882 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,242   $—   $—   $3,242 
  (in thousands)  Amortized
cost basis		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2018                    
Available-for-sale                    
U.S. Government Agency notes  $7,590   $83   $3   $7,670 
Municipal bonds   5,334    45    —    5,379 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government sponsored enterprises   57,837    170    561    57,446 
Collateralized mortgage obligations:                    
U.S. Government agencies   17,835    85    173    17,747 
Corporate bonds   3,500    76    —    3,576 
Total securities available-for-sale  $92,096   $459   $737   $91,818 
CRA mutual fund                 $836 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $4,496   $—   $—   $4,496 

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

  Years ended December 31, (in thousands)    2019      2018      2017  
Proceeds  $41,814   $10,036   $199 
Gains realized   371    361    192 
Losses realized   (108)   (43)   (14)
Net gains realized   263    318    178 
Income tax provision   55    67    61 

The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the dates presented:

   Less than 12 Months  12 Months or Longer  Total
  December 31, 2019 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
U.S. Government Agency notes  $—   $—   $195   $1   $195   $1 
Municipal bonds   6,273    73    —    —    6,273    73 
Mortgage- backed securities:                              
U.S. Government agencies and U.S. Government - sponsored enterprises   5,781    22    704    2    6,485    24 
Collateralized mortgage obligations:                              
U.S. Government Agencies   1,438    10    —    —    1,438    10 
Total temporarily impaired securities  $13,492   $105   $899   $3   $14,391   $108 
                               
   Less than 12 Months  12 Months or Longer  Total
  December 31, 2018 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
U.S. Government Agency notes  $34   $—   $532   $3   $566   $3 
Mortgage-backed securities:                              
U.S. Government agencies and U.S. Government –sponsored enterprises   13,063    175    26,777    386    39,840    561 
Collateralized mortgage obligations:                              
U.S. Government Agencies   —    —    8,281    173    8,281    173 
Total temporarily impaired securities  $13,097   $175   $35,590   $562   $48,687   $737 

 

The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity. Debt securities issued by U.S. Government agencies (SBA securities), MBS, and CMOS are disclosed separately in the table below as these securities may prepay prior to the scheduled contractual maturity dates.

  December 31, 2019 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
U.S. Government Agency notes  After 5 year but within 10 years  $2,497   $2,551    3.48%
   Total   2,497    2,551    3.48 
Municipal bonds  Within 1 year   60    60    2.63 
   After 5 year but within 10 years   1,734    1,833    3.16 
   After 10 years   24,768    25,300    3.48 
   Total   26,562    27,193    3.46 
Corporate bonds  After 5 years but within 10 years   5,000    5,108    5.21 
Mortgage-backed securities, CMO securities and SBA securities      56,025    56,949    2.85 
Securities available-for-sale     $90,084   $91,801    3.17%

(1)       Yield is based on amortized cost.

Salisbury evaluates debt securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI.

The following summarizes, by security type, the basis for evaluating if the applicable debt securities were OTTI at December 31, 2019.

U.S. Government Agency notes: The contractual cash flows are guaranteed by the U.S. government. Four securities had unrealized losses at December 31, 2019, which approximated 0.75% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality since time of purchase. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2019.

Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Six securities had unrealized losses at December 31, 2019, which approximated 1.15% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at December 31, 2019.

U.S. Government agency and U.S. Government-sponsored mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Nine securities had unrealized losses at December 31, 2019, which approximated 0.42% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider these investments to be other-than-temporarily impaired at December 31, 2019.

The Federal Home Loan Bank of Boston (FHLBB) is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

See Note 7 to the Consolidated Financial Statements for further information.
XML 32 R33.htm IDEA: XBRL DOCUMENT v3.20.1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

NOTE 25 – SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)

Selected quarterly consolidated financial data for the years ended December 31, 2019 and 2018 is as follows:

  Year ended December 31, 2019
  (in thousands, except ratios and per share amounts)		    Q1 2019      Q2 2019      Q3 2019      Q4 2019  
Statement of Income                    
Interest and dividend income  $10,854   $10,832   $11,023   $10,705 
Interest expense   2,417    2,488    2,356    2,040 
Net interest and dividend income   8,437    8,344    8,667    8,665 
Provision for loan losses   294    151    94    417 
Trust and Wealth Advisory   906    1,044    1,023    1,022 
Service charges and fees   920    1,012    1,003    1,092 
Gains on sales of mortgage loans, net   7    1    42    67 
Mortgage servicing, net   76    80    76    75 
Gains (Losses) on CRA mutual fund   11    12    6    (4)
(Losses) Gains on sales of available -for-sale- securities, net   (9)   281    (9)   — 
BOLI income and gains   79    87    86    139 
Other   37    31    29    28 
Non-interest income   2,027    2,548    2,256    2,419 
Non-interest expense   7,211    7,439    7,184    7,080 
Income before income taxes   2,959    3,302    3,645    3,587 
Income tax provision   525    599    657    578 
Net income   2,434    2,703    2,988    3,009 
Net income allocated to common stock   2,408    2,671    2,940    2,960 
Financial Condition                    
Total assets   1,118,925    1,119,212    1,144,240    1,112,448 
Loans, net   911,188    910,573    915,083    927,413 
Allowance for loan losses   8,750    8,887    8,846    8,895 
Securities   102,479    103,857    98,270    95,925 
Deposits   941,969    950,723    966,178    919,506 
Repurchase agreements   2,951    6,308    8,588    8,530 
FHLBB advances   47,712    32,769    37,828    50,887 
Shareholders' equity   106,109    108,948    111,580    113,655 
Non-performing assets   7,130    5,463    5,687    3,935 
Per Common Share Data                    
Earnings, basic  $0.87   $0.96   $1.06   $1.06 
Earnings, diluted   0.86    0.95    1.05    1.06 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   37.81    38.59    39.52    40.22 
Market price: (a)                    
High   44.20    42.60    40.00    47.05 
Low   35.25    37.20    35.26    37.42 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.28%   3.19%   3.29%   3.34%
Efficiency ratio (fully tax equivalent)   66.15    65.81    62.90    61.81 
Return on average assets   0.89    0.97    1.05    1.07 
Return on average shareholders' equity   9.45    10.07    10.73    10.56 
Weighted average common shares outstanding, basic   2,777    2,780    2,783    2,781 
Weighted average common shares outstanding, diluted   2,789    2,793    2,795    2,794 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

Salisbury Bancorp, Inc.'s Common Stock, par value $0.10 per share ("Common Stock") trades on the NASDAQ under the symbol: SAL. As of March 9, 2020, there were approximately 2,308 shareholders of record of the Company's Common Stock.

Selected quarterly consolidated financial data (unaudited) continued:

  Year ended December 31, 2018
  (in thousands, except ratios and per share amounts)		    Q1 2018      Q2 2018      Q3 2018      Q4 2018  
Statement of Income                    
Interest and dividend income  $9,300   $9,749   $10,516   $10,807 
Interest expense   1,306    1,706    2,016    2,192 
Net interest and dividend income   7,993    8,043    8,500    8,615 
Provision (benefit) for loan losses   325    467    378    558 
Trust and Wealth Advisory   894    949    936    921 
Service charges and fees   868    892    932    1,025 
Gains (Losses) on sales of mortgage loans, net   18    (1)   21    51 
Mortgage servicing, net   83    84    84    57 
(Losses) Gains on CRA mutual fund   (13)   (7)   (6)   8 
(Losses) Gains on sales of available -for-sale- securities, net   (2)   17    —    302 
BOLI income and gains   82    82    83    432 
Other   45    42    38    28 
Non-interest income   1,975    2,058    2,088    2,824 
Non-interest expense   7,180    7,417    7,329    7,909 
Income before income taxes   2,463    2,217    2,881    2,972 
Income tax provision   446    318    537    408 
Net income   2,017    1,899    2,344    2,564 
Net income allocated to common stock   1,997    1,877    2,311    2,528 
Financial Condition                    
Total assets   1,014,934    1,096,780    1,098,715    1,121,554 
Loans, net   830,370    872,796    898,625    909,279 
Allowance for loan losses   7,058    7,381    7,745    7,831 
Securities   84,878    90,870    101,591    97,150 
Deposits   831,837    897,481    902,161    926,739 
Repurchase agreements   3,962    1,691    6,658    4,104 
FHLBB advances   62,480    79,538    67,596    67,154 
Shareholders' equity   98,097    99,180    100,767    103,459 
Non-performing assets   5,761    6,359    8,513    8,324 
Per Common Share Data                    
Earnings, basic  $0.72   $0.68   $0.84   $0.91 
Earnings, diluted   0.71    0.68    0.83    0.91 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   35.20    35.38    35.93    36.86 
Market price: (a)                    
High   49.85    46.70    48.44    43.04 
Low   44.00    38.15    40.36    35.25 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.46%   3.31%   3.29%   3.34%
Efficiency ratio (fully tax equivalent)   69.35    70.87    66.91    69.13 
Return on average assets   0.81    0.69    0.85    0.92 
Return on average shareholders' equity   8.33    7.68    9.26    9.99 
Weighted average common shares outstanding, basic   2,759    2,761    2,764    2,766 
Weighted average common shares outstanding, diluted   2,780    2,779    2,779    2,779 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

 
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LOANS (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Composition of loans receivable and loans held-for-sale
December 31,    2019      2018  
(in thousands)    Total Loans      Total Loans  
Residential 1-4 family  $346,299   $345,862 
Residential 5+ multifamily   35,455    36,510 
Construction of residential 1-4 family   11,889    12,041 
Home equity lines of credit   33,798    34,433 
Residential real estate   427,441    428,846 
Commercial   289,795    283,599 
Construction of commercial   8,466    8,976 
Commercial real estate   298,261    292,575 
Farm land   3,641    4,185 
Vacant land   7,893    8,322 
Real estate secured   737,236    733,928 
Commercial and industrial   169,411    162,905 
Municipal   21,914    14,344 
Consumer   6,385    4,512 
Loans receivable, gross   934,946    915,689 
Deferred loan origination fees and costs, net   1,362    1,421 
Allowance for loan losses   (8,895)   (7,831)
Loans receivable, net  $927,413   $909,279 
Loans held-for-sale          
Residential 1-4 family  $332   $— 
Composition of loans receivable by risk rating grade
(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2019                              
Residential 1-4 family  $337,302   $4,278   $4,719   $—   $—   $346,299 
Residential 5+ multifamily   33,619    99    1,737    —    —    35,455 
Construction of residential 1-4 family   11,889    —    —    —    —    11,889 
Home equity lines of credit   33,381    312    105    —    —    33,798 
Residential real estate   416,191    4,689    6,561    —    —    427,441 
Commercial   271,708    10,964    7,052    71    —    289,795 
Construction of commercial   8,225    —    241    —    —    8,466 
Commercial real estate   279,933    10,964    7,293    71    —    298,261 
Farm land   1,934    —    1,707    —    —    3,641 
Vacant land   7,834    59    —    —    —    7,893 
Real estate secured   705,892    15,712    15,561    71    —    737,236 
Commercial and industrial   167,458    443    1,510    —    —    169,411 
Municipal   21,914    —    —    —    —    21,914 
Consumer   6,344    3    38    —    —    6,385 
Loans receivable, gross  $901,608   $16,158   $17,109   $71   $—   $934,946 

 

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2018                              
Residential 1-4 family  $337,520   $4,281   $4,061   $—   $—   $345,862 
Residential 5+ multifamily   34,726    784    1,000    —    —    36,510 
Construction of residential 1-4 family   12,041    —    —    —    —    12,041 
Home equity lines of credit   33,728    265    440    —    —    34,433 
Residential real estate   418,015    5,330    5,501    —    —    428,846 
Commercial   270,461    4,530    8,608    —    —    283,599 
Construction of commercial   8,482    —    494    —    —    8,976 
Commercial real estate   278,943    4,530    9,102    —    —    292,575 
Farm land   3,969    —    216    —    —    4,185 
Vacant land   8,253    69    —    —    —    8,322 
Real estate secured   709,180    9,929    14,819    —    —    733,928 
Commercial and industrial   159,127    2,672    1,106    —    —    162,905 
Municipal   14,344    —    —    —    —    14,344 
Consumer   4,502    10    —    —    —    4,512 
Loans receivable, gross  $887,153   $12,611   $15,925   $—   $—   $915,689 
Composition of loans receivable by delinquency status
         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2019                        
Residential 1-4 family  $344,085   $971   $351   $200   $692   $2,214   $—   $1,551 
Residential 5+ multifamily   34,594    —    —    —    861    861    —    861 
Construction of residential 1-4 family   11,889    —    —    —    —    —    —    — 
Home equity lines of credit   33,522    152    46    —    78    276    —    105 
Residential real estate   424,090    1,123    397    200    1,631    3,351    —    2,517 
Commercial   289,103    336    141    71    144    692    —    914 
Construction of commercial   8,466    —    —    —    —    —    —    — 
Commercial real estate   297,569    336    141    71    144    692    —    914 
Farm land   3,461    180    —    —    —    180    —    186 
Vacant land   7,852    —    41    —    —    41    —    — 
Real estate secured   732,972    1,639    579    271    1,775    4,264    —    3,617 
Commercial and industrial   169,262    2    146    1    —    149    1    — 
Municipal   21,914    —    —    —    —    —    —    — 
Consumer   6,382    —    1    2    —    3    2    — 
Loans receivable, gross  $930,530   $1,641   $726   $274   $1,775   $4,416   $3   $3,617 

 

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2018                        
Residential 1-4 family  $342,881   $1,100   $521   $—   $1,360   $2,981   $—   $2,092 
Residential 5+ multifamily   35,648    —    —    633    229    862    —    1,000 
Construction of residential 1-4 family   12,041    —    —    —    —    —    —    — 
Home equity lines of credit   33,806    235    33    —    359    627    —    411 
Residential real estate   424,376    1,335    554    633    1,948    4,470    —    3,503 
Commercial   281,053    264    240    833    1,209    2,546    654    1,388 
Construction of commercial   8,835    —    —    141    —    141    141    252 
Commercial real estate   289,888    264    240    974    1,209    2,687    795    1,640 
Farm land   4,185    —    —    —    —    —    —    216 
Vacant land   8,280    42    —    —    —    42    —    — 
Real estate secured   726,729    1,641    794    1,607    3,157    7,199    795    5,359 
Commercial and industrial   162,507    —    38    —    360    398    —    360 
Municipal   14,344    —    —    —    —    —    —    — 
Consumer   4,504    2    6    —    —    8    —    — 
Loans receivable, gross  $908,084   $1,643   $838   $1,607   $3,517   $7,605   $795   $5,719 

 
Troubled debt restructurings
  Business Activities Loans December 31, 2019  December 31, 2018
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   3   $1,416   $1,416    1   $68   $68 
Commercial real estate   4    977    1,191    1    566    566 
Consumer   1    —    36    —    —    — 
Troubled debt restructurings   8   $2,393   $2,643    2   $634   $634 
Interest only payments to sell property   1   $791   $791    —   $—   $— 
Rate reduction   —    —    —    2    634    634 
Modification and Rate reduction   2    625    625    —    —    — 
Extension of new funds to pay outstanding taxes   3    259    442    —    —    — 
Modification and term extension   2    718    785    —    —    — 
Troubled debt restructurings   8   $2,393   $2,643    2   $634   $634 
Recorded investment and number of modifications for TDRs
   Modifications that Subsequently Defaulted
  

For the twelve months ending

December 31, 2019

 

For the twelve months ending

December 31, 2018

   Quantity  Balance  Quantity  Balance
Troubled Debt Restructurings                    
Residential 1-4 family —   $—    1   $67 
Commercial real estate   1    274    —    — 
 Total   1   $274    1   $67 
Components of impaired loans
December 31, (in thousands)    2019      2018  
Non-accrual loans, excluding troubled debt restructured loans  $2,604   $4,430 
Non-accrual troubled debt restructured loans   1,013    1,289 
Accruing troubled debt restructured loans   7,778    6,801 
Total impaired loans  $11,395   $12,520 
Commitments to lend additional amounts to impaired borrowers  $—   $— 
Changes in allowance for loan losses
    December 31, 2019    December 31, 2018
(in thousands)   Beginning    Acquisition Discount    Provi-    Charge-    Reco-    Ending    Beginning    Provi-    Charge-   Reco-    Ending 
    balance    Transfer    sion    offs    veries    balance    balance    sions    offs    veries    balance 
Residential 1-4 family  $2,149   $10   $367   $(136)  $3   $2,393   $1,862   $580   $(299)  $6   $2,149 
Residential 5+ multifamily   413    —    33    —    —    446    155    258    —    —    413 
Construction of residential 1-4 family   83    —    (8)   —    —    75    75    8    —    —    83 
Home equity lines of credit   219    1    258    (281)   —    197    236    (18)   —    1    219 
Residential real estate   2,864    11    650    (417)   3    3,111    2,328    828    (299)   7    2,864 
Commercial   3,048    488    248    (44)   2    3,742    2,547    756    (259)   4    3,048 
Construction of commercial   122    —    (18)   —    —    104    80    42    —    —    122 
Commercial real estate   3,170    488    230    (44)   2    3,846    2,627    798    (259)   4    3,170 
Farm land   33    —    14    —    —    47    32    (6)   —    7    33 
Vacant land   100    —    (29)   —    —    71    132    (32)   —    —    100 
Real estate secured   6,167    499    865    (461)   5    7,075    5,119    1,588    (558)   18    6,167 
Commercial and industrial   1,158    164    (78)   (145)   46    1,145    984    255    (108)   27    1,158 
Municipal   12    —    34    —    —    46    30    (18)   —    —    12 
Consumer   56    —    3    (36)   37    60    80    28    (81)   29    56 
Unallocated   438    —    131    —    —    569    563    (125)   —    —    438 
Totals  $7,831   $663   $955   $(642)  $88   $8,895   $6,776   $1,728   $(747)  $74   $7,831 

  December 31, 2017
(in thousands)  Beginning balance  Provision  Charge-offs  Reco-veries  Ending balance
Residential 1-4 family  $1,926   $100   $(197)  $33   $1,862 
Residential 5+ multifamily   62    93    —    —    155 
Construction of residential 1-4 family   91    (16)   —    —    75 
Home equity lines of credit   348    (115)   (4)   7    236 
Residential real estate   2,427    62    (201)   40    2,328 
Commercial   1,920    836    (453)   244    2,547 
Construction of commercial   38    42    —    —    80 
Commercial real estate   1,958    878    (453)   244    2,627 
Farm land   28    45    (43)   2    32 
Vacant land   170    (2)   (36)   —    132 
Real estate secured   4,583    983    (733)   286    5,119 
Commercial and industrial   1,079    (229)   (162)   296    984 
Municipal   53    (23)   —    —    30 
Consumer   75    63    (76)   18    80 
Unallocated   337    226    —    —    563 
Totals  $6,127   $1,020   $(971)  $600   $6,776 

T
Composition of loans receivable and allowance for loan losses
  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2019                              
Residential 1-4 family  $340,847   $2,117   $5,452   $276   $346,299   $2,393 
Residential 5+ multifamily   34,478    446    977    —    35,455    446 
Construction of residential 1-4 family   11,889    75    —    —    11,889    75 
Home equity lines of credit   33,693    197    105    —    33,798    197 
Residential real estate   420,907    2,835    6,534    276    427,441    3,111 
Commercial   285,462    3,333    4,333    409    289,795    3,742 
Construction of commercial   8,466    104    —    —    8,466    104 
Commercial real estate   293,928    3,437    4,333    409    298,261    3,846 
Farm land   3,455    47    186    —    3,641    47 
Vacant land   7,713    66    180    5    7,893    71 
Real estate secured   726,003    6,385    11,233    690    737,236    7,075 
Commercial and industrial   169,285    1,143    126    2    169,411    1,145 
Municipal   21,914    46    —    —    21,914    46 
Consumer   6,349    59    36    1    6,385    60 
Unallocated allowance   —    569    —    —    —    569 
Totals  $923,551   $8,202   $11,395   $693   $934,946   $8,895 

 

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2018                              
Residential 1-4 family  $340,946   $2,042   $4,916   $107   $345,862   $2,149 
Residential 5+ multifamily   34,835    413    1,675    —    36,510    413 
Construction of residential 1-4 family   12,041    83    —    —    12,041    83 
Home equity lines of credit   33,975    213    458    6    34,433    219 
Residential real estate   421,797    2,751    7,049    113    428,846    2,864 
Commercial   279,389    2,907    4,210    141    283,599    3,048 
Construction of commercial   8,622    106    354    16    8,976    122 
Commercial real estate   288,011    3,013    4,564    157    292,575    3,170 
Farm land   3,969    33    216    —    4,185    33 
Vacant land   8,132    98    190    2    8,322    100 
Real estate secured   721,909    5,895    12,019    272    733,928    6,167 
Commercial and industrial   162,404    1,158    501    —    162,905    1,158 
Municipal   14,344    12    —    —    14,344    12 
Consumer   4,512    56    —    —    4,512    56 
Unallocated allowance   —    438    —    —    —    438 
Totals  $903,169   $7,559   $12,520   $272   $915,689   $7,831 

1 Includes ASC 310-30 loans and allowance of $0.0 million and $0, respectively for 2019 and $1.7 million and $0, respectively for 2018.
Credit quality segments of loans receivable and allowance for loan losses
  December 31, 2019 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $913,648   $7,251   $—   $—   $913,648   $7,251 
Potential problem loans 1   9,903    382    —    —    9,903    382 
Impaired loans   —    —    11,395    693    11,395    693 
Unallocated allowance   —    569    —    —    —    569 
Totals  $923,551   $8,202   $11,395   $693   $934,946   $8,895 

 

  December 31, 2018 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $895,527   $6,989   $—   $—   $895,527   $6,989 
Potential problem loans 1   7,642    132    —    —    7,642    132 
Impaired loans   —    —    12,520    272    12,520    272 
Unallocated allowance   —    438    —    —    —    438 
Totals  $903,169   $7,559   $12,520   $272   $915,689   $7,831 

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired, included in this total are purchased loans net of any purchase marks remaining on the loan.
Certain data with respect to loans individually evaluated for impairment
   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2019                           
Residential  $4,111   $4,190   $3,725   $276   $162   $2,318   $3,081   $2,940   $52 
Home equity lines of credit   —    —    52    —    —    105    450    391    — 
Residential real estate   4,111    4,190    3,777    276    162    2,423    3,531    3,331    52 
Commercial   3,309    3,335    2,574    409    90    1,024    1,733    1,747    54 
Construction of commercial   —    —    77    —    —    —    —    39    — 
Farm land   —    —    —    —    —    186    329    203    — 
Vacant land   41    41    42    5    3    139    157    143    10 
Real estate secured   7,461    7,566    6,470    690    255    3,772    5,750    5,463    116 
Commercial and industrial   93    97    16    2    4    33    188    265    4 
Consumer   36    36    21    1    —    —    —    3    — 
Totals  $7,590   $7,699   $6,507   $693   $259   $3,805   $5,938   $5,731   $120 

 

 

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2018                           
Residential  $2,792   $2,842   $3,429   $107   $101   $3,799   $5,140   $3,726   $102 
Home equity lines of credit   47    47    158    6    2    411    498    114    2 
Residential real estate   2,839    2,889    3,587    113    103    4,210    5,638    3,840    104 
Commercial   1,808    1,808    2,001    141    88    2,403    3,989    2,992    75 
Construction of commercial   252    252    67    16    —    102    110    295    7 
Farm land   —    —    —    —    —    216    432    232    — 
Vacant land   42    42    43    2    3    147    168    151    10 
Real estate secured   4,941    4,991    5,698    272    194    7,078    10,337    7,510    196 
Commercial and industrial   —    —    40    —    —    501    596    469    5 
Totals  $4,941   $4,991   $5,738   $272   $194   $7,579   $10,933   $7,979   $201 

 

XML 35 R56.htm IDEA: XBRL DOCUMENT v3.20.1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Selected quarterly consolidated financial data (unaudited)
  Year ended December 31, 2019
  (in thousands, except ratios and per share amounts)		    Q1 2019      Q2 2019      Q3 2019      Q4 2019  
Statement of Income                    
Interest and dividend income  $10,854   $10,832   $11,023   $10,705 
Interest expense   2,417    2,488    2,356    2,040 
Net interest and dividend income   8,437    8,344    8,667    8,665 
Provision for loan losses   294    151    94    417 
Trust and Wealth Advisory   906    1,044    1,023    1,022 
Service charges and fees   920    1,012    1,003    1,092 
Gains on sales of mortgage loans, net   7    1    42    67 
Mortgage servicing, net   76    80    76    75 
Gains (Losses) on CRA mutual fund   11    12    6    (4)
(Losses) Gains on sales of available -for-sale- securities, net   (9)   281    (9)   — 
BOLI income and gains   79    87    86    139 
Other   37    31    29    28 
Non-interest income   2,027    2,548    2,256    2,419 
Non-interest expense   7,211    7,439    7,184    7,080 
Income before income taxes   2,959    3,302    3,645    3,587 
Income tax provision   525    599    657    578 
Net income   2,434    2,703    2,988    3,009 
Net income allocated to common stock   2,408    2,671    2,940    2,960 
Financial Condition                    
Total assets   1,118,925    1,119,212    1,144,240    1,112,448 
Loans, net   911,188    910,573    915,083    927,413 
Allowance for loan losses   8,750    8,887    8,846    8,895 
Securities   102,479    103,857    98,270    95,925 
Deposits   941,969    950,723    966,178    919,506 
Repurchase agreements   2,951    6,308    8,588    8,530 
FHLBB advances   47,712    32,769    37,828    50,887 
Shareholders' equity   106,109    108,948    111,580    113,655 
Non-performing assets   7,130    5,463    5,687    3,935 
Per Common Share Data                    
Earnings, basic  $0.87   $0.96   $1.06   $1.06 
Earnings, diluted   0.86    0.95    1.05    1.06 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   37.81    38.59    39.52    40.22 
Market price: (a)                    
High   44.20    42.60    40.00    47.05 
Low   35.25    37.20    35.26    37.42 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.28%   3.19%   3.29%   3.34%
Efficiency ratio (fully tax equivalent)   66.15    65.81    62.90    61.81 
Return on average assets   0.89    0.97    1.05    1.07 
Return on average shareholders' equity   9.45    10.07    10.73    10.56 
Weighted average common shares outstanding, basic   2,777    2,780    2,783    2,781 
Weighted average common shares outstanding, diluted   2,789    2,793    2,795    2,794 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.

  Year ended December 31, 2018
  (in thousands, except ratios and per share amounts)		    Q1 2018      Q2 2018      Q3 2018      Q4 2018  
Statement of Income                    
Interest and dividend income  $9,300   $9,749   $10,516   $10,807 
Interest expense   1,306    1,706    2,016    2,192 
Net interest and dividend income   7,993    8,043    8,500    8,615 
Provision (benefit) for loan losses   325    467    378    558 
Trust and Wealth Advisory   894    949    936    921 
Service charges and fees   868    892    932    1,025 
Gains (Losses) on sales of mortgage loans, net   18    (1)   21    51 
Mortgage servicing, net   83    84    84    57 
(Losses) Gains on CRA mutual fund   (13)   (7)   (6)   8 
(Losses) Gains on sales of available -for-sale- securities, net   (2)   17    —    302 
BOLI income and gains   82    82    83    432 
Other   45    42    38    28 
Non-interest income   1,975    2,058    2,088    2,824 
Non-interest expense   7,180    7,417    7,329    7,909 
Income before income taxes   2,463    2,217    2,881    2,972 
Income tax provision   446    318    537    408 
Net income   2,017    1,899    2,344    2,564 
Net income allocated to common stock   1,997    1,877    2,311    2,528 
Financial Condition                    
Total assets   1,014,934    1,096,780    1,098,715    1,121,554 
Loans, net   830,370    872,796    898,625    909,279 
Allowance for loan losses   7,058    7,381    7,745    7,831 
Securities   84,878    90,870    101,591    97,150 
Deposits   831,837    897,481    902,161    926,739 
Repurchase agreements   3,962    1,691    6,658    4,104 
FHLBB advances   62,480    79,538    67,596    67,154 
Shareholders' equity   98,097    99,180    100,767    103,459 
Non-performing assets   5,761    6,359    8,513    8,324 
Per Common Share Data                    
Earnings, basic  $0.72   $0.68   $0.84   $0.91 
Earnings, diluted   0.71    0.68    0.83    0.91 
Cash dividends declared   0.28    0.28    0.28    0.28 
Cash dividends paid   0.28    0.28    0.28    0.28 
Book value   35.20    35.38    35.93    36.86 
Market price: (a)                    
High   49.85    46.70    48.44    43.04 
Low   44.00    38.15    40.36    35.25 
Statistical Data                    
Net interest margin (fully tax equivalent)   3.46%   3.31%   3.29%   3.34%
Efficiency ratio (fully tax equivalent)   69.35    70.87    66.91    69.13 
Return on average assets   0.81    0.69    0.85    0.92 
Return on average shareholders' equity   8.33    7.68    9.26    9.99 
Weighted average common shares outstanding, basic   2,759    2,761    2,764    2,766 
Weighted average common shares outstanding, diluted   2,780    2,779    2,779    2,779 
(a)The above market prices reflect inter-dealer prices, without retail markup, markdown or commissions, and may not necessarily represent actual transactions.
XML 36 R52.htm IDEA: XBRL DOCUMENT v3.20.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, All Other Investments [Abstract]  
Financial instrument liabilities with off-balance sheet credit risk
December 31, (dollars in thousands)    2019      2018  
Residential  $5,815   $6,751 
Home equity lines of credit   28,160    29,872 
Commercial   14,858    19,051 
Land   1,014    14 
Real estate secured   49,847    55,688 
Commercial and industrial   78,286    77,219 
Municipal   2,499    250 
Consumer   2,148    1,583 
Unadvanced portions of loans   132,780    134,740 
Commitments to originate loans   33,781    18,397 
Letters of credit   4,657    3,865 
Total  $171,218   $157,002 
XML 37 R81.htm IDEA: XBRL DOCUMENT v3.20.1
MORTGAGE SERVICING RIGHTS - Changes in mortgage servicing rights (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Mortgage Servicing Rights      
Balance, beginning of period $ 228 $ 233 $ 339
Originated 61 43 63
Amortization (51) (48) (169)
Balance, end of period 238 228 233
Valuation Allowance      
Balance, beginning of period (23)
Decrease (increase) in impairment reserve (1) 23
Balance, end of period
Mortgage servicing rights, net $ 238 $ 228 $ 233
XML 38 R8.htm IDEA: XBRL DOCUMENT v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Salisbury Bancorp, Inc. (“Salisbury” or the “Company”) is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in Litchfield, Berkshire and Dutchess, Orange and Ulster Counties in Connecticut, Massachusetts and New York, respectively.

Principles of Consolidation

The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions.

Basis of Financial Statement Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, potential other-than-temporary impairment of securities and potential impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements to make them consistent with the 2019 presentation.

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank's business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions.

Interest Bearing Time Deposits with Financial Institutions

Interest bearing time deposits are balances held in CD's in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par.

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses.

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans and unamortized premiums on purchased loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

The Bank's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury's service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury's service area.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower's financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management's assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (“ASC”) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan loss reserves. As a result of this transfer, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.

Allowance for Loan Losses

The allowance for loan losses represents management's estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management's ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management's estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management's general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury's policies or methodology pertaining to the general component of the allowance for loan losses during 2019.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and generally does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury's market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner-occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.

Farm – Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.

Vacant land – Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury's market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity's reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan's effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Mortgage Servicing Rights

As part of our growth and risk management strategy, Salisbury from time to time sells whole loans. These are typically fixed rate residential loans. Salisbury's ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage Servicing Rights (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included in other assets on the consolidated balance sheets and are accounted for under the amortization method. Under that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.

Other Real Estate Owned (“OREO”)

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2019, and 2018, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $0.1 million and $0.5 million, respectively.

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

• Buildings/Improvements – 39 years
• Land Improvements – 15 years
• Furniture and Fixtures – 7 years
• Computer Equipment – 5 years
• Software – 3 years

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury's intangible assets at December 31, 2019, and 2018, include goodwill of $2.4 million arising from the purchase of a branch office in 2001, $7.2 million arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319 thousand arising from the 2007 purchase of a branch office in New York State, $2.7 million arising from the acquisition of Riverside Bank in December 2014 and $1.3 million from the purchase of an additional branch office in New York in 2017. See Note 9.

On an annual basis, management assesses intangible assets for impairment and, for the year ending December 31, 2019, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.

Bank-Owned Life Insurance

Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital.

Stock Based Compensation

Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date.

Advertising Expense

Advertising costs of $480 thousand and $608 thousand in 2019 and 2018, respectively, are expensed as incurred and not capitalized.

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (“EPS”) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Revenue Recognition

A significant portion of Salisbury's revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury's Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury's anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are distinct from the existing contract and are accounted for as if they were a new and separate contract. The original contract is still accounted for according to its original terms.

Trust and Wealth Advisory

The Trust and Wealth Advisory business generates revenue through a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions. Revenue from these services is generally recognized over time and are typically based on the market value of assets under administration and established fee schedules. Certain fees, such as real estate sale fees, asset liquidation fees, special asset fees, and daily money management fees, are recorded as revenue at a point in time at the completion of the service.

Service Charges and Fees

Salisbury offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Monthly deposit account fees and account research fees are recognized over time using the right to invoice measure of progress. Overdraft protection, ATM services, cash management, bill pay, money transfers, among others, are generally recognized at point in time at the completion of the service.

Interchange Fees

Salisbury earns interchange fee revenue through customers' use of the Bank's debit cards. Interchange fees are generally recognized as revenue at a point in time when customers make a purchase using their debit card.

Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)”. Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases): (1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity's leasing activities. In July 2018, the FASB issued ASU 2018-10 which provided technical corrections to the new lease standard. In August 2018, the FASB issued ASU 2018-11 Leases – Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to the new lease standard. ASU 2018-11 has the same effective date as ASU 2016-02 (January 1, 2019 for the Company). Salisbury adopted ASU 2018-11 and elected the transition option. In March 2019, the FASB issued ASU 2019-01, the transition guidance related to certain interim disclosures provided in the year of adoption. To coincide with the adoption of AU 2016-02, Salisbury elected to early adopt ASU 2019-01 on January 1, 2019. Salisbury's consolidated assets and liabilities increased by approximately $1.6 million due to the recording of operating leases as a result of adopting ASU 2016-02 effective January 1, 2019. In conformance with ASU 2018-11, Salisbury elected not to recast comparative periods. See also Note 5 to the Consolidated Financial Statement for further information.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company because its public float is less than $250 million. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses” which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan and losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury does not expect the provisions of ASU 2017-04 to have a material impact on its Consolidated Financial Statements.

In March 2017, the FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under previous generally accepted accounting principles, entities generally amortized the premium as an adjustment of yield over the contractual life of the instrument. On January 1, 2019, the Bank adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-03, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-03 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. As ASU 2018-13 only revises disclosure requirements, it will not have a material impact on Salisbury's Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting or Income Taxes.” The amendments in this Update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years; early adoption is permitted. Salisbury is currently evaluating the provisions of ASU 2019-12 to determine the potential impact the new standard will have on Salisbury's Consolidated Financial Statements.
XML 39 R71.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Components of impaired loans (Details) - Impaired Loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Non-accrual loans, excluding troubled debt restructured loans $ 2,604 $ 4,430
Non-accrual troubled debt restructured loans 1,013 1,289
Accruing troubled debt restructured loans 7,778 6,801
Total impaired loans 11,395 12,520
Commitments to lend additional amounts to impaired borrowers
XML 40 R75.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Certain data with respect to loans individually evaluated for impairment (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Totals $ 927,413 $ 909,279
Impaired loans with specific allowance - Loan balance - Book    
Residential 4,111 2,792
Home equity lines of credit 47
Residential real estate 4,111 2,839
Commercial 3,309 1,808
Construction of commercial 252
Farm land
Vacant land 41 42
Real estate secured 7,461 4,941
Commercial and industrial 93
Consumer 36 4,941
Totals 7,590  
Impaired loans with specific allowance - Loan balance - Note    
Residential 4,190 2,842
Home equity lines of credit 47
Residential real estate 4,190 2,889
Commercial 3,335 1,808
Construction of commercial 252
Farm land
Vacant land 41 42
Real estate secured 7,566 4,991
Commercial and industrial 97
Consumer 36 4,991
Totals 7,699  
Impaired loans with specific allowance - Loan balance - Average    
Residential 3,725 3,429
Home equity lines of credit 52 158
Residential real estate 3,777 3,587
Commercial 2,574 2,001
Construction of commercial 77 67
Farm land
Vacant land 42 43
Real estate secured 6,470 5,698
Commercial and industrial 16 40
Consumer 21 5,738
Totals 6,507  
Impaired loans with specific allowance - Specific allowance    
Residential 276 107
Home equity lines of credit 6
Residential real estate 276 113
Commercial 409 141
Construction of commercial 16
Farm land
Vacant land 5 2
Real estate secured 690 272
Commercial and industrial 2
Consumer 1 272
Totals 693  
Impaired loans with specific allowance - Income recognized    
Residential 162 101
Home equity lines of credit 2
Residential real estate 162 103
Commercial 90 88
Construction of commercial
Farm land
Vacant land 3 3
Real estate secured 255 194
Commercial and industrial 4
Consumer 194
Totals 259  
Impaired loans with no specific allowance - Loan balance - Book    
Residential 2,318 3,799
Home equity lines of credit 105 411
Residential real estate 2,423 4,210
Commercial 1,024 2,403
Construction of commercial 102
Farm land 186 216
Vacant land 139 147
Real estate secured 3,772 7,078
Commercial and industrial 33 501
Consumer 7,579
Totals 3,805  
Impaired loans with no specific allowance - Loan balance - Note    
Residential 3,081 5,140
Home equity lines of credit 450 498
Residential real estate 3,531 5,638
Commercial 1,733 3,989
Construction of commercial 110
Farm land 329 432
Vacant land 157 168
Real estate secured 5,750 10,337
Commercial and industrial 188 596
Consumer 10,933
Totals 5,938  
Impaired loans with no specific allowance - Loan balance - Average    
Residential 2,940 3,726
Home equity lines of credit 391 114
Residential real estate 3,331 3,840
Commercial 1,747 2,992
Construction of commercial 39 295
Farm land 203 232
Vacant land 143 151
Real estate secured 5,463 7,510
Commercial and industrial 265 469
Consumer 3 7,979
Totals 5,731  
Impaired loans with no specific allowance - Income recognized    
Residential 52 102
Home equity lines of credit 2
Residential real estate 52 104
Commercial 54 75
Construction of commercial 7
Farm land
Vacant land 10 10
Real estate secured 116 196
Commercial and industrial 4 5
Consumer $ 201
Totals $ 120  
XML 41 R85.htm IDEA: XBRL DOCUMENT v3.20.1
GOODWILL AND INTANGIBLE ASSETS - Changes in carrying values of goodwill and intangible assets (Details) - Changes in carrying values of goodwill and intangible assets - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Goodwill      
Balance, beginning of period $ 13,815 $ 13,815 $ 12,552
Additions 1,263
Impairment
Balance, end of period 13,815 13,815 13,815
Core Deposit Intangibles      
Cost, beginning of period 5,881 5,881 5,248
Additions 633
Cost, end of period 5,881 5,881 5,881
Amortization, beginning of period (4,498) (4,044) (3,511)
Amortization (388) (454) (533)
Amortization, end of period (4,886) (4,498) (4,044)
Core deposit intangibles, net $ 995 $ 1,383 $ 1,837
XML 42 R4.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and dividend income      
Interest and fees on loans $ 39,742 $ 37,072 $ 33,090
Interest on debt securities      
Taxable 2,223 2,231 1,566
Tax exempt 545 136 380
Other interest and dividends 903 933 485
Total interest and dividend income 43,413 40,372 35,521
Interest expense      
Deposits 7,324 4,656 2,483
Repurchase agreements 24 12 5
Finance lease 170 178 96
Note payable 16 18 18
Subordinated debt 624 624 624
Federal Home Loan Bank of Boston advances 1,143 1,733 1,012
Total interest expense 9,301 7,221 4,238
Net interest and dividend income 34,112 33,151 31,283
Provision for loan losses 955 1,728 1,020
Net interest and dividend income after provision for loan losses 33,157 31,423 30,263
Non-interest income      
Trust and wealth advisory 3,995 3,700 3,477
Service charges and fees 4,028 3,718 3,718
Gains on sales of mortgage loans, net 116 89 125
Mortgage servicing, net 307 308 255
Gains (Losses) on CRA mutual fund 25 (18)
Gains on securities, net 263 318 178
BOLI income and gains 392 678 343
Other 124 152 140
Total non-interest income 9,250 8,945 8,236
Non-interest expense      
Salaries 12,048 12,003 11,135
Employee benefits 4,384 4,280 3,767
Premises and equipment 4,016 4,535 3,831
Data processing 2,201 2,119 2,057
Professional fees 2,213 2,236 2,499
OREO gains, losses and write-downs, net 408 275 1,716
Collections, OREO, and appraisals 436 578 463
FDIC insurance 261 579 497
Marketing and community support 619 815 793
Amortization of intangibles 388 454 533
Other 1,938 1,961 2,038
Total non-interest expense 28,912 29,835 29,329
Income before income taxes 13,495 10,533 9,170
Income tax provision 2,359 1,709 2,914
Net income 11,136 8,824 6,256
Net income allocated to common stock $ 10,976 $ 8,713 $ 6,201
Basic earnings per common share $ 3.95 $ 3.15 $ 2.25
Weighted average common shares outstanding, to calculate basic earnings per share 2,782 2,763 2,755
Diluted earnings per common share $ 3.93 $ 3.13 $ 2.24
Weighted average common shares outstanding, to calculate diluted earnings per share 2,794 2,780 2,774
Common dividends per share $ 1.12 $ 1.12 $ 1.12
XML 43 R89.htm IDEA: XBRL DOCUMENT v3.20.1
DEPOSITS - Total amount and scheduled maturities of time certificates of deposit in denominations of $250,000 or more (Details) - CDI in demoninations of $250,000 or more - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Within three months $ 4,603 $ 1,128
After three through six months 3,799 1,359
After six through twelve months 6,628 3,785
Over one year 6,750 9,726
Total $ 21,780 $ 15,998
XML 44 R79.htm IDEA: XBRL DOCUMENT v3.20.1
LEASES (Details Narrative)
$ in Thousands
Dec. 31, 2019
USD ($)
Notes to Financial Statements  
Right-of-use assets and corresponding lease liability related to operating leases $ 1,600
XML 45 R15.htm IDEA: XBRL DOCUMENT v3.20.1
BANK PREMISES AND EQUIPMENT
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
BANK PREMISES AND EQUIPMENT

NOTE 8 - BANK PREMISES AND EQUIPMENT

The components of premises and equipment are as follows:

December 31, (in thousands)    2019      2018  
Land  $2,762   $2,593 
Buildings and improvements   14,878    13,458 
Leasehold improvements   1,553    1,553 
Finance leases   1,798    3,273 
Furniture, fixtures, equipment and software   9,370    8,978 
Fixed assets in process   768    790 
Total cost   31,129    30,645 
Accumulated depreciation and amortization   (13,744)   (12,470)
Bank premises and equipment, net  $17,385   $18,175 
XML 46 R11.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
LOANS

NOTE 4 - LOANS

The composition of loans receivable and loans held-for-sale is as follows:

December 31,    2019      2018  
(in thousands)    Total Loans      Total Loans  
Residential 1-4 family  $346,299   $345,862 
Residential 5+ multifamily   35,455    36,510 
Construction of residential 1-4 family   11,889    12,041 
Home equity lines of credit   33,798    34,433 
Residential real estate   427,441    428,846 
Commercial   289,795    283,599 
Construction of commercial   8,466    8,976 
Commercial real estate   298,261    292,575 
Farm land   3,641    4,185 
Vacant land   7,893    8,322 
Real estate secured   737,236    733,928 
Commercial and industrial   169,411    162,905 
Municipal   21,914    14,344 
Consumer   6,385    4,512 
Loans receivable, gross   934,946    915,689 
Deferred loan origination fees and costs, net   1,362    1,421 
Allowance for loan losses   (8,895)   (7,831)
Loans receivable, net  $927,413   $909,279 
Loans held-for-sale          
Residential 1-4 family  $332   $— 

Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury's loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties.

Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks' originated loans.  Purchased amounts are accounted for as loans without recourse to the originating bank.  Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan.  The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. 

At December 31, 2019 and 2018, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $67.0 million and $66.4 million, respectively.

Concentrations of Credit Risk

Salisbury's loans consist primarily of residential and commercial real estate loans located principally in Litchfield County, Connecticut; Dutchess, Orange and Ulster Counties, New York; and Berkshire County, Massachusetts, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, installment loans and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury's market area. Salisbury's commercial real estate exposure as a percentage of the Bank's total risk-based capital, which represents Tier 1 plus Tier 2 capital, was approximately 169% as of December 31, 2019 and 170% at December 31, 2018 compared to the regulatory monitoring guideline of 300%.

Credit Quality

Salisbury uses credit risk ratings as part of its determination of the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions.

Loans rated as "special mention" (5) possess credit deficiencies or potential weaknesses deserving management's close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date.

Loans rated as "substandard" (6) are loans where the Bank's position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection.

Loans rated "doubtful" (7) have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined.

Loans classified as "loss" (8) are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future.

Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank's loan portfolio is examined periodically by its regulatory agencies, the FDIC and the CTDOB.

The composition of loans receivable by risk rating grade is as follows:

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2019                              
Residential 1-4 family  $337,302   $4,278   $4,719   $—   $—   $346,299 
Residential 5+ multifamily   33,619    99    1,737    —    —    35,455 
Construction of residential 1-4 family   11,889    —    —    —    —    11,889 
Home equity lines of credit   33,381    312    105    —    —    33,798 
Residential real estate   416,191    4,689    6,561    —    —    427,441 
Commercial   271,708    10,964    7,052    71    —    289,795 
Construction of commercial   8,225    —    241    —    —    8,466 
Commercial real estate   279,933    10,964    7,293    71    —    298,261 
Farm land   1,934    —    1,707    —    —    3,641 
Vacant land   7,834    59    —    —    —    7,893 
Real estate secured   705,892    15,712    15,561    71    —    737,236 
Commercial and industrial   167,458    443    1,510    —    —    169,411 
Municipal   21,914    —    —    —    —    21,914 
Consumer   6,344    3    38    —    —    6,385 
Loans receivable, gross  $901,608   $16,158   $17,109   $71   $—   $934,946 

 

(in thousands)  Pass  Special mention  Substandard  Doubtful  Loss  Total
December 31, 2018                              
Residential 1-4 family  $337,520   $4,281   $4,061   $—   $—   $345,862 
Residential 5+ multifamily   34,726    784    1,000    —    —    36,510 
Construction of residential 1-4 family   12,041    —    —    —    —    12,041 
Home equity lines of credit   33,728    265    440    —    —    34,433 
Residential real estate   418,015    5,330    5,501    —    —    428,846 
Commercial   270,461    4,530    8,608    —    —    283,599 
Construction of commercial   8,482    —    494    —    —    8,976 
Commercial real estate   278,943    4,530    9,102    —    —    292,575 
Farm land   3,969    —    216    —    —    4,185 
Vacant land   8,253    69    —    —    —    8,322 
Real estate secured   709,180    9,929    14,819    —    —    733,928 
Commercial and industrial   159,127    2,672    1,106    —    —    162,905 
Municipal   14,344    —    —    —    —    14,344 
Consumer   4,502    10    —    —    —    4,512 
Loans receivable, gross  $887,153   $12,611   $15,925   $—   $—   $915,689 

The composition of loans receivable by delinquency status is as follows:

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2019                        
Residential 1-4 family  $344,085   $971   $351   $200   $692   $2,214   $—   $1,551 
Residential 5+ multifamily   34,594    —    —    —    861    861    —    861 
Construction of residential 1-4 family   11,889    —    —    —    —    —    —    — 
Home equity lines of credit   33,522    152    46    —    78    276    —    105 
Residential real estate   424,090    1,123    397    200    1,631    3,351    —    2,517 
Commercial   289,103    336    141    71    144    692    —    914 
Construction of commercial   8,466    —    —    —    —    —    —    — 
Commercial real estate   297,569    336    141    71    144    692    —    914 
Farm land   3,461    180    —    —    —    180    —    186 
Vacant land   7,852    —    41    —    —    41    —    — 
Real estate secured   732,972    1,639    579    271    1,775    4,264    —    3,617 
Commercial and industrial   169,262    2    146    1    —    149    1    — 
Municipal   21,914    —    —    —    —    —    —    — 
Consumer   6,382    —    1    2    —    3    2    — 
Loans receivable, gross  $930,530   $1,641   $726   $274   $1,775   $4,416   $3   $3,617 

 

 

         Past due
(In thousands)   Current     30-59 days    60-89 days    90-179 days    180 days and over    30 days and over    Accruing 90 days and over    Non- accrual 
December 31, 2018                        
Residential 1-4 family  $342,881   $1,100   $521   $—   $1,360   $2,981   $—   $2,092 
Residential 5+ multifamily   35,648    —    —    633    229    862    —    1,000 
Construction of residential 1-4 family   12,041    —    —    —    —    —    —    — 
Home equity lines of credit   33,806    235    33    —    359    627    —    411 
Residential real estate   424,376    1,335    554    633    1,948    4,470    —    3,503 
Commercial   281,053    264    240    833    1,209    2,546    654    1,388 
Construction of commercial   8,835    —    —    141    —    141    141    252 
Commercial real estate   289,888    264    240    974    1,209    2,687    795    1,640 
Farm land   4,185    —    —    —    —    —    —    216 
Vacant land   8,280    42    —    —    —    42    —    — 
Real estate secured   726,729    1,641    794    1,607    3,157    7,199    795    5,359 
Commercial and industrial   162,507    —    38    —    360    398    —    360 
Municipal   14,344    —    —    —    —    —    —    — 
Consumer   4,504    2    6    —    —    8    —    — 
Loans receivable, gross  $908,084   $1,643   $838   $1,607   $3,517   $7,605   $795   $5,719 

 

Troubled Debt Restructurings (TDRs)

Troubled debt restructurings occurring during the years ended December 31, 2019 and 2018:

  Business Activities Loans December 31, 2019  December 31, 2018
  (in thousands)  Quantity  Pre-modification balance  Post-modification balance  Quantity  Pre-modification balance  Post-modification balance
Residential real estate   3   $1,416   $1,416    1   $68   $68 
Commercial real estate   4    977    1,191    1    566    566 
Consumer   1    —    36    —    —    — 
Troubled debt restructurings   8   $2,393   $2,643    2   $634   $634 
Interest only payments to sell property   1   $791   $791    —   $—   $— 
Rate reduction   —    —    —    2    634    634 
Modification and Rate reduction   2    625    625    —    —    — 
Extension of new funds to pay outstanding taxes   3    259    442    —    —    — 
Modification and term extension   2    718    785    —    —    — 
Troubled debt restructurings   8   $2,393   $2,643    2   $634   $634 

For the twelve months ended December 2019, there were eight troubled debt restructurings. Salisbury currently does not have any commitments to lend additional funds to TDR loans.

The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated.

   Modifications that Subsequently Defaulted
  

For the twelve months ending

December 31, 2019

 

For the twelve months ending

December 31, 2018

   Quantity  Balance  Quantity  Balance
Troubled Debt Restructurings                    
Residential 1-4 family —   $—    1   $67 
Commercial real estate   1    274    —    — 
 Total   1   $274    1   $67 

Impaired loans

Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows:

December 31, (in thousands)    2019      2018  
Non-accrual loans, excluding troubled debt restructured loans  $2,604   $4,430 
Non-accrual troubled debt restructured loans   1,013    1,289 
Accruing troubled debt restructured loans   7,778    6,801 
Total impaired loans  $11,395   $12,520 
Commitments to lend additional amounts to impaired borrowers  $—   $— 

Allowance for Loan Losses

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan losses. As a result of this transfer, which is reflected in the table below as the “acquisition discount transfer”, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.

    December 31, 2019    December 31, 2018
(in thousands)   Beginning    Acquisition Discount    Provi-    Charge-    Reco-    Ending    Beginning    Provi-    Charge-   Reco-    Ending 
    balance    Transfer    sion    offs    veries    balance    balance    sions    offs    veries    balance 
Residential 1-4 family  $2,149   $10   $367   $(136)  $3   $2,393   $1,862   $580   $(299)  $6   $2,149 
Residential 5+ multifamily   413    —    33    —    —    446    155    258    —    —    413 
Construction of residential 1-4 family   83    —    (8)   —    —    75    75    8    —    —    83 
Home equity lines of credit   219    1    258    (281)   —    197    236    (18)   —    1    219 
Residential real estate   2,864    11    650    (417)   3    3,111    2,328    828    (299)   7    2,864 
Commercial   3,048    488    248    (44)   2    3,742    2,547    756    (259)   4    3,048 
Construction of commercial   122    —    (18)   —    —    104    80    42    —    —    122 
Commercial real estate   3,170    488    230    (44)   2    3,846    2,627    798    (259)   4    3,170 
Farm land   33    —    14    —    —    47    32    (6)   —    7    33 
Vacant land   100    —    (29)   —    —    71    132    (32)   —    —    100 
Real estate secured   6,167    499    865    (461)   5    7,075    5,119    1,588    (558)   18    6,167 
Commercial and industrial   1,158    164    (78)   (145)   46    1,145    984    255    (108)   27    1,158 
Municipal   12    —    34    —    —    46    30    (18)   —    —    12 
Consumer   56    —    3    (36)   37    60    80    28    (81)   29    56 
Unallocated   438    —    131    —    —    569    563    (125)   —    —    438 
Totals  $7,831   $663   $955   $(642)  $88   $8,895   $6,776   $1,728   $(747)  $74   $7,831 

  December 31, 2017
(in thousands)  Beginning balance  Provision  Charge-offs  Reco-veries  Ending balance
Residential 1-4 family  $1,926   $100   $(197)  $33   $1,862 
Residential 5+ multifamily   62    93    —    —    155 
Construction of residential 1-4 family   91    (16)   —    —    75 
Home equity lines of credit   348    (115)   (4)   7    236 
Residential real estate   2,427    62    (201)   40    2,328 
Commercial   1,920    836    (453)   244    2,547 
Construction of commercial   38    42    —    —    80 
Commercial real estate   1,958    878    (453)   244    2,627 
Farm land   28    45    (43)   2    32 
Vacant land   170    (2)   (36)   —    132 
Real estate secured   4,583    983    (733)   286    5,119 
Commercial and industrial   1,079    (229)   (162)   296    984 
Municipal   53    (23)   —    —    30 
Consumer   75    63    (76)   18    80 
Unallocated   337    226    —    —    563 
Totals  $6,127   $1,020   $(971)  $600   $6,776 

The composition of loans receivable and the allowance for loan losses is as follows:

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2019                              
Residential 1-4 family  $340,847   $2,117   $5,452   $276   $346,299   $2,393 
Residential 5+ multifamily   34,478    446    977    —    35,455    446 
Construction of residential 1-4 family   11,889    75    —    —    11,889    75 
Home equity lines of credit   33,693    197    105    —    33,798    197 
Residential real estate   420,907    2,835    6,534    276    427,441    3,111 
Commercial   285,462    3,333    4,333    409    289,795    3,742 
Construction of commercial   8,466    104    —    —    8,466    104 
Commercial real estate   293,928    3,437    4,333    409    298,261    3,846 
Farm land   3,455    47    186    —    3,641    47 
Vacant land   7,713    66    180    5    7,893    71 
Real estate secured   726,003    6,385    11,233    690    737,236    7,075 
Commercial and industrial   169,285    1,143    126    2    169,411    1,145 
Municipal   21,914    46    —    —    21,914    46 
Consumer   6,349    59    36    1    6,385    60 
Unallocated allowance   —    569    —    —    —    569 
Totals  $923,551   $8,202   $11,395   $693   $934,946   $8,895 

 

  (in thousands)  Collectively evaluated 1  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
December 31, 2018                              
Residential 1-4 family  $340,946   $2,042   $4,916   $107   $345,862   $2,149 
Residential 5+ multifamily   34,835    413    1,675    —    36,510    413 
Construction of residential 1-4 family   12,041    83    —    —    12,041    83 
Home equity lines of credit   33,975    213    458    6    34,433    219 
Residential real estate   421,797    2,751    7,049    113    428,846    2,864 
Commercial   279,389    2,907    4,210    141    283,599    3,048 
Construction of commercial   8,622    106    354    16    8,976    122 
Commercial real estate   288,011    3,013    4,564    157    292,575    3,170 
Farm land   3,969    33    216    —    4,185    33 
Vacant land   8,132    98    190    2    8,322    100 
Real estate secured   721,909    5,895    12,019    272    733,928    6,167 
Commercial and industrial   162,404    1,158    501    —    162,905    1,158 
Municipal   14,344    12    —    —    14,344    12 
Consumer   4,512    56    —    —    4,512    56 
Unallocated allowance   —    438    —    —    —    438 
Totals  $903,169   $7,559   $12,520   $272   $915,689   $7,831 

1 Includes ASC 310-30 loans and allowance of $0.0 million and $0, respectively for 2019 and $1.7 million and $0, respectively for 2018.

The credit quality segments of loans receivable and the allowance for loan losses are as follows:

  December 31, 2019 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $913,648   $7,251   $—   $—   $913,648   $7,251 
Potential problem loans 1   9,903    382    —    —    9,903    382 
Impaired loans   —    —    11,395    693    11,395    693 
Unallocated allowance   —    569    —    —    —    569 
Totals  $923,551   $8,202   $11,395   $693   $934,946   $8,895 

 

  December 31, 2018 (in thousands)  Collectively evaluated  Individually evaluated  Total portfolio
    Loans    Allowance    Loans    Allowance    Loans    Allowance 
Performing loans  $895,527   $6,989   $—   $—   $895,527   $6,989 
Potential problem loans 1   7,642    132    —    —    7,642    132 
Impaired loans   —    —    12,520    272    12,520    272 
Unallocated allowance   —    438    —    —    —    438 
Totals  $903,169   $7,559   $12,520   $272   $915,689   $7,831 

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired, included in this total are purchased loans net of any purchase marks remaining on the loan.

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows:

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2019                           
Residential  $4,111   $4,190   $3,725   $276   $162   $2,318   $3,081   $2,940   $52 
Home equity lines of credit   —    —    52    —    —    105    450    391    — 
Residential real estate   4,111    4,190    3,777    276    162    2,423    3,531    3,331    52 
Commercial   3,309    3,335    2,574    409    90    1,024    1,733    1,747    54 
Construction of commercial   —    —    77    —    —    —    —    39    — 
Farm land   —    —    —    —    —    186    329    203    — 
Vacant land   41    41    42    5    3    139    157    143    10 
Real estate secured   7,461    7,566    6,470    690    255    3,772    5,750    5,463    116 
Commercial and industrial   93    97    16    2    4    33    188    265    4 
Consumer   36    36    21    1    —    —    —    3    — 
Totals  $7,590   $7,699   $6,507   $693   $259   $3,805   $5,938   $5,731   $120 

 

 

   Impaired loans with specific allowance   Impaired loans with no specific allowance 
(In thousands)  Loan balance    Specific    Income   Loan balance    Income 
    Book    Note    Average    allowance    recognized    Book    Note    Average    recognized 
December 31, 2018                           
Residential  $2,792   $2,842   $3,429   $107   $101   $3,799   $5,140   $3,726   $102 
Home equity lines of credit   47    47    158    6    2    411    498    114    2 
Residential real estate   2,839    2,889    3,587    113    103    4,210    5,638    3,840    104 
Commercial   1,808    1,808    2,001    141    88    2,403    3,989    2,992    75 
Construction of commercial   252    252    67    16    —    102    110    295    7 
Farm land   —    —    —    —    —    216    432    232    — 
Vacant land   42    42    43    2    3    147    168    151    10 
Real estate secured   4,941    4,991    5,698    272    194    7,078    10,337    7,510    196 
Commercial and industrial   —    —    40    —    —    501    596    469    5 
Totals  $4,941   $4,991   $5,738   $272   $194   $7,579   $10,933   $7,979   $201 

 
XML 47 R113.htm IDEA: XBRL DOCUMENT v3.20.1
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated balance sheets of Salisbury Bancorp, Inc. (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Assets        
Cash and due from banks $ 7,406 $ 7,238    
Other assets 3,390 2,635    
Total Assets 1,112,448 1,121,554    
Liabilities and Shareholders' Equity        
Subordinated debt 9,859 9,835    
Shareholders' equity 113,655 103,459 $ 97,514 $ 94,007
Total Liabilities and Shareholders' Equity 1,112,448 1,121,554    
Salisbury Bancorp, Inc. (Parent Only)        
Assets        
Cash and due from banks 2,273 2,105    
Investment in bank subsidiary 121,027 110,525    
Other assets 252 689    
Total Assets 123,552 113,319    
Liabilities and Shareholders' Equity        
Subordinated debt 9,859 9,835    
Other liabilities 38 25    
Shareholders' equity 113,655 103,459    
Total Liabilities and Shareholders' Equity $ 123,552 $ 113,319    
XML 48 R19.htm IDEA: XBRL DOCUMENT v3.20.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS
 12 Months Ended
Dec. 31, 2019
Banking and Thrift, Interest [Abstract]  
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

   December 31, 2019  December 31, 2018
  Years ended December 31, (dollars in thousands)    Total (1)      Rate (2)      Total (1)      Rate (2)  
 Overnight   $—    —%  $9,500    2.72%
 2019    —    —    36,767    3.19 
 2020    44,899    2.14    14,899    2.18 
 2021    5,988    2.45    5,988    2.45 
 Total   $50,887    2.18%  $67,154    2.94%
(1)Net of modification costs
(2)Weighted average rate based on scheduled maturity dates.

 

In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $233.7 million including access to an unused FHLBB line of credit of $3.5 million at December 31, 2019. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

Subordinated Debentures:

In December 2015, Salisbury completed the issuance of $10.0 million in aggregate principal amount of 6.00% Fixed-to-Floating Rate Subordinated Notes Due 2025 (the “Notes”) in a private placement transaction to various accredited investors including $500 thousand to certain of Salisbury's related parties. The Notes have a maturity date of December 15, 2025 and bear interest at an annual rate of 6.00% from and including the original issue date of the Notes to, but excluding, December 15, 2020 or the earlier redemption date payable semi-annually in arrears on June 15 and December 15 of each year. Thereafter, from and including December 15, 2020 to, but excluding, December 15, 2025, the annual interest rate will be reset quarterly and equal to the three-month LIBOR, plus 430 basis points, as described in the Notes, payable quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year during the time that the Notes remain outstanding through December 15, 2025 or earlier redemption date. The notes are redeemable, without penalty, on or after December 15, 2020 and, in certain limited circumstances, prior to that date. As more completely described in the Notes, the indebtedness evidenced by the Notes, including principal and interest, is unsecured and subordinate and junior in right of Salisbury's payments to general and secured creditors and depositors of the Bank. The Notes also contain provisions with respect to redemption features and other matters pertaining to the Notes. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

Subordinated debentures totaled $9.9 million at December 31, 2019 and compared to $9.8 million at December 31, 2018, which includes $141 thousand and $165 thousand, respectively of remaining unamortized debt issuance costs. The debt issuance costs are being amortized to maturity. The effective interest rate of the subordinated debentures is 6.33% compared to 6.34% at December 31, 2018.

LIBOR is due to be phased out as a market reference rate by the end of 2021. In December 2014, a group of market participants, known as the Alternative Reference Rates Committee (AARC) was initially convened by the Board of Governors of the Federal Reserve System and the New York Fed in cooperation with the U.S. Department of the Treasury, the U.S. Commodity Futures Trading Commission, and the U.S. Office of Financial Research to identify an alternative reference rate for use primarily in derivatives contracts. The AARC recommended the Secured Overnight Financing Rate (SOFR) as an alternative to LIBOR and the Federal Reserve began publishing the SOFR in April 2018. Salisbury will continue to monitor the transition from LIBOR to a new reference rate and its impact on Salisbury's subordinated debt, which will reprice on December 15, 2020.

Notes Payable:

In October 2015, Salisbury entered into a private mortgage for $380 thousand to purchase the Sharon branch property. The mortgage, which has an interest rate of 6%, will mature in September 2030. The outstanding mortgage balance at December 31, 2019 and December 31, 2018 was $246 thousand and $280 thousand, respectively.
XML 49 R117.htm IDEA: XBRL DOCUMENT v3.20.1
SUBSEQUENT EVENTS (Details Narrative)
Jan. 24, 2020
$ / shares
Subsequent Events [Abstract]  
Dividend declared $ .29
XML 50 R32.htm IDEA: XBRL DOCUMENT v3.20.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 25 – SUBSEQUENT EVENTS

Salisbury has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

The Board of Directors of Salisbury approved a $0.01 increase in the quarterly dividend to $0.29 per common share at their January 24, 2020 meeting. The dividend was paid on February 28, 2020 to shareholders of record as of February 14, 2020.

On January 24, 2020, Salisbury entered into updated severance agreements with Richard J. Cantele, Jr., President and Chief Executive Officer, and John M. Davies, President of N.Y. Region and Chief Lending Officer. Salisbury also entered into an updated change in control agreement with Peter Albero, Chief Financial Officer. The new agreements supersede and replace their previous agreements with Salisbury. For additional information see Form 8-K filed January 30, 2020.
XML 51 R36.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Composition of Securities
  (in thousands)  Amortized
cost basis		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2019                    
Available-for-sale                    
U.S. Government Agency notes  $4,520   $125   $1   $4,644 
Municipal bonds   26,562    704    73    27,193 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government- sponsored enterprises   28,961    420    24    29,357 
Collateralized mortgage obligations:                    
U.S. Government agencies   25,041    468    10    25,499 
Corporate bonds   5,000    108    —    5,108 
Total securities available-for-sale  $90,084   $1,825   $108   $91,801 
CRA mutual fund                                 $882 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,242   $—   $—   $3,242 
  (in thousands)  Amortized
cost basis		 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2018                    
Available-for-sale                    
U.S. Government Agency notes  $7,590   $83   $3   $7,670 
Municipal bonds   5,334    45    —    5,379 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government sponsored enterprises   57,837    170    561    57,446 
Collateralized mortgage obligations:                    
U.S. Government agencies   17,835    85    173    17,747 
Corporate bonds   3,500    76    —    3,576 
Total securities available-for-sale  $92,096   $459   $737   $91,818 
CRA mutual fund                 $836 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $4,496   $—   $—   $4,496 
Sales of securities available-for-sale and gross gains and gross losses realized
  Years ended December 31, (in thousands)    2019      2018      2017  
Proceeds  $41,814   $10,036   $199 
Gains realized   371    361    192 
Losses realized   (108)   (43)   (14)
Net gains realized   263    318    178 
Income tax provision   55    67    61 
Aggreggate fair value and gross unrealized loss of securities
   Less than 12 Months  12 Months or Longer  Total
  December 31, 2019 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
U.S. Government Agency notes  $—   $—   $195   $1   $195   $1 
Municipal bonds   6,273    73    —    —    6,273    73 
Mortgage- backed securities:                              
U.S. Government agencies and U.S. Government - sponsored enterprises   5,781    22    704    2    6,485    24 
Collateralized mortgage obligations:                              
U.S. Government Agencies   1,438    10    —    —    1,438    10 
Total temporarily impaired securities  $13,492   $105   $899   $3   $14,391   $108 
                               
   Less than 12 Months  12 Months or Longer  Total
  December 31, 2018 (in thousands)  Fair
value		 

Unrealized

losses

  Fair
value		 

Unrealized

losses

  Fair
Value		 

Unrealized

losses

Available-for-sale                              
U.S. Government Agency notes  $34   $—   $532   $3   $566   $3 
Mortgage-backed securities:                              
U.S. Government agencies and U.S. Government –sponsored enterprises   13,063    175    26,777    386    39,840    561 
Collateralized mortgage obligations:                              
U.S. Government Agencies   —    —    8,281    173    8,281    173 
Total temporarily impaired securities  $13,097   $175   $35,590   $562   $48,687   $737 
Amortized cost, fair value and tax equivalent yield of securities
  December 31, 2019 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
U.S. Government Agency notes  After 5 year but within 10 years  $2,497   $2,551    3.48%
   Total   2,497    2,551    3.48 
Municipal bonds  Within 1 year   60    60    2.63 
   After 5 year but within 10 years   1,734    1,833    3.16 
   After 10 years   24,768    25,300    3.48 
   Total   26,562    27,193    3.46 
Corporate bonds  After 5 years but within 10 years   5,000    5,108    5.21 
Mortgage-backed securities, CMO securities and SBA securities      56,025    56,949    2.85 
Securities available-for-sale     $90,084   $91,801    3.17%

(1)       Yield is based on amortized cost.
XML 52 R57.htm IDEA: XBRL DOCUMENT v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Bank Premises and Equipment (Details Narrative)
 12 Months Ended
Dec. 31, 2019
Building/Improvements  
Expected useful life 39 years
Land Improvements  
Expected useful life 15 years
Furniture and Fixtures  
Expected useful life 7 years
Computer Equipment  
Expected useful life 5 years
Software  
Expected useful life 3 years
XML 53 R53.htm IDEA: XBRL DOCUMENT v3.20.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Assets measured at fair value
  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2019                    
Assets at fair value on a recurring basis                    
U.S. Government Agency notes  $—   $4,644   $—   $4,644 
Municipal bonds   —    27,193    —    27,193 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    29,357    —    29,357 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    25,499    —    25,499 
Corporate bonds   —    5,108    —    5,108 
Securities available-for-sale  $—   $91,801   $—   $91,801 
CRA mutual funds   882    —    —    882 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans  $—   $—   $1,593   $1,593 
Other real estate owned  $—   $—   $314   $314 
December 31, 2018                    
Assets at fair value on a recurring basis                    
U.S. Government Agency notes  $—   $7,670   $—   $7,670 
Municipal bonds   —    5,379    —    5,379 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    57,446    —    57,446 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    17,747    —    17,747 
Corporate bonds   —    3,576    —    3,576 
Securities available-for-sale  $—   $91,818   $—   $91,818 
CRA mutual funds   836    —    —    836 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans  $—   $—   $4,238   $4,238 
Other real estate owned  $—   $—   $1,810   $1,810 
Carrying value and estimated fair values of financial instruments
    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2019                         
Financial Assets                         
Cash and cash equivalents  $26,885   $26,885   $26,885   $—   $— 
Interest bearing time deposits with financial institutions   750    750    750    —    — 
Securities available-for-sale   91,801    91,801    —    91,801    — 
CRA mutual fund   882    882    882    —    — 
Federal Home Loan Bank of Boston stock   3,242    3,242    3,242    —    — 
Loans held-for-sale   332    334    —    —    334 
Loans receivable, net   927,413    933,287    —    —    933,287 
Accrued interest receivable   3,415    3,415    3,415    —    — 
Cash surrender value of life insurance policies   20,580    20,580    20,580    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $237,852   $237,852   $—   $237,852   $— 
Demand (interest-bearing)   153,314    153,314    —    153,314    — 
Money market   239,504    239,504    —    239,504    — 
Savings and other   161,112    161,112    —    161,112    — 
Certificates of deposit   127,724    128,629    —    128,629    — 
Deposits   919,506    920,411    —    920,411    — 
Repurchase agreements   8,530    8,530    —    8,530    — 
FHLBB advances   50,887    51,028    —    51,028    — 
Subordinated debt   9,859    10,113    10,113    —    — 
Note payable   246    251    —    251    — 
Finance lease liability   1,718    1,967    —    —    1,967 
Accrued interest payable   78    78    78    —    — 
December 31, 2018                         
Financial Assets                         
Cash and cash equivalents  $58,445   $58,445   $58,445   $—   $— 
Securities available-for-sale, net   91,818    91,818    —    91,818    — 
CRA mutual fund   836    836    836    —    — 
Federal Home Loan Bank of Boston stock   4,496    4,496    4,496    —    — 
Loans receivable, net   909,279    886,222    —    —    886,222 
Accrued interest receivable   3,148    3,148    3,148    —    — 
Cash surrender value of life insurance policies   14,438    14,438    14,438    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $228,448   $228,448   $—   $228,448   $— 
Demand (interest-bearing)   153,586    153,586    —    153,586    — 
Money market   204,219    204,219    —    204,219    — 
Savings and other   178,807    178,807    —    178,807    — 
Certificates of deposit   161,679    162,013    —    162,013    — 
Deposits   926,739    927,073    —    927,073    — 
Repurchase agreements   4,104    4,104    —    4,104    — 
FHLBB advances   67,154    67,231    —    67,231    — 
Subordinated debt   9,835    10,006    10,006    —    — 
Note payable   280    288    —    288    — 
Finance lease liability   3,081    3,339    —    —    3,339 
Accrued interest payable   237    237    237    —    — 
XML 54 R5.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
Net income $ 11,136 $ 8,824 $ 6,256
Other comprehensive income (loss)      
Net unrealized gains (losses) on securities available-for-sale 2,258 (202) (318)
Reclassification of net realized gains in net income (263) (318) (178)
Unrealized gains (losses) on securities available-for-sale 1,995 (520) (496)
Income tax (expense) benefit (418) 105 198
Unrealized gains (losses) on securities available-for-sale, net of tax 1,577 (415) (298)
Other comprehensive income (loss) 1,577 (415) (298)
Comprehensive income $ 12,713 $ 8,409 $ 5,958
XML 55 R88.htm IDEA: XBRL DOCUMENT v3.20.1
DEPOSITS - Scheduled maturities of time certificates of deposit (Details) - CDI maturities
$ in Thousands
Dec. 31, 2019
USD ($)
2020 $ 86,025
2021 19,342
2022 9,749
2023 4,937
2024 7,671
Total $ 127,724
XML 56 R78.htm IDEA: XBRL DOCUMENT v3.20.1
LEASES - Present value of the net minimum lease payments (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Operating Leases  
2020 $ 246
2021 228
2022 199
2023 134
2024 129
Thereafter 653
Total future minimum lease payments 1,589
Less amount representing interest (229)
Total present value of net future minimum lease payments 1,360
Finance Leases  
2020 186
2021 192
2022 195
2023 198
2024 200
Thereafter 1,980
Total future minimum lease payments 2,951
Less amount representing interest (1,233)
Total present value of net future minimum lease payments $ 1,718
XML 57 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Mar. 01, 2020
Jun. 30, 2019
Document And Entity Information      
Entity Registrant Name SALISBURY BANCORP INC    
Entity Central Index Key 0001060219    
Document Type 10-K    
Document Period End Date Dec. 31, 2019    
Entity Incorporation, State or Country Code CT    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Entity File Number 000-24751    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? Yes    
Entity Interactive Data Current Yes    
Is Entity Emerging Growth Company? false    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Public Float     $ 110,100
Entity Common Stock, Shares Outstanding   2,827,667  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2019    
Entity Shell Company false    
XML 58 R80.htm IDEA: XBRL DOCUMENT v3.20.1
MORTGAGE SERVICING RIGHTS - Balance of loans serviced for others and fair value of mortgage servicing rights (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]    
Residential mortgage loans serviced for others $ 106,255 $ 111,378
Fair value of mortgage servicing rights $ 813 $ 951
XML 59 R70.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Recorded investment and number of modifications for TDRs (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Integer
Dec. 31, 2018
USD ($)
Integer
Residential 1-4 family    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 67
Commercial real estate    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 274
Total    
Quanity, TDRs with Modifications that Subsequently Defaulted | Integer 1 1
Balance, TDRs with Modifications that Subsequently Defaulted | $ $ 274 $ 67
XML 60 R9.htm IDEA: XBRL DOCUMENT v3.20.1
MERGERS AND ACQUISITIONS
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
MERGERS AND ACQUISITIONS

NOTE 2 – MERGERS AND ACQUISITIONS

On December 5, 2014, the Company acquired Riverside Bank. Riverside Bank operated four banking offices serving Dutchess, Ulster and Orange Counties in New York, and was merged with and into the Bank. In first quarter 2019, Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan losses.

The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30. 

  (In thousands)    2019      2018  
Balance at beginning of period  $204   $517 
Acquisitions   —    — 
Accretion   (204)   (164)
Disposals   —    (149)
Reclassification from non-accretable to accretable   —    — 
Balance at end of period  $—   $204 

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan losses. At December 31, 2018, Salisbury ASC 310-30 loans had an outstanding balance totaling $2.1 million and a carrying value of $1.9 million. 
XML 61 R74.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Credit quality segments of loans receivable and allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Totals $ 927,413 $ 909,279
Collectively evaluated Loans    
Performing loans 913,648 895,527
Potential problem loans 9,903 7,642
Impaired loans
Unallocated allowance
Totals 923,551 903,169
Collectively evaluated Allowance    
Performing loans 7,251 6,989
Potential problem loans 382 132
Impaired loans
Unallocated allowance 569 438
Totals 8,202 7,559
Individually evaluated Loans    
Performing loans
Potential problem loans
Impaired loans 11,395 12,520
Unallocated allowance
Totals 11,395 12,520
Individually evaluated Allowance    
Performing loans
Potential problem loans
Impaired loans 693 272
Unallocated allowance
Totals 693 272
Total portfolio Loans    
Performing loans 913,648 895,527
Potential problem loans 9,903 7,642
Impaired loans 11,395 12,520
Unallocated allowance
Totals 934,946 915,689
Total portfolio Allowance    
Performing loans 7,251 6,989
Potential problem loans 382 132
Impaired loans 693 272
Unallocated allowance 569 438
Totals $ 8,895 $ 7,831
XML 62 R84.htm IDEA: XBRL DOCUMENT v3.20.1
BANK PREMISES AND EQUIPMENT - Components of premises and equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Finance leases $ 2,863  
Components of premises and equipment    
Land 2,762 $ 2,593
Buildings and improvements 14,878 13,458
Leasehold improvements 1,553 1,553
Finance leases 1,798 3,273
Furniture, fixtures, equipment and software 9,370 8,978
Fixed assets in process 768 790
Total cost 31,129 30,645
Accumulated depreciation and amortization (13,744) (12,470)
Bank premises and equipment, net $ 17,385 $ 18,175
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GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in carrying values of goodwill and intangible assets
Years ended December 31, (in thousands)    2019      2018      2017  
Goodwill (1)               
Balance, beginning of period  $13,815   $13,815   $12,552 
Additions   —    —    1,263 
Impairment   —    —    — 
Balance, end of period  $13,815   $13,815   $13,815 
Core Deposit Intangibles               
Cost, beginning of period  $5,881   $5,881   $5,248 
Additions   —    —    633 
Cost, end of period   5,881    5,881    5,881 
Amortization, beginning of period   (4,498)   (4,044)   (3,511)
Amortization   (388)   (454)   (533)
Amortization, end of period   (4,886)   (4,498)   (4,044)
Core deposit intangibles, net  $995   $1,383   $1,837 
(1)Not subject to amortization.
Estimated annual amortization expense of core deposit intangibles
December 31, (in thousands)  CDI amortization
 2020   $321   
 2021    255   
 2022    192   
 2023    128   
 2024    61   
 2025    25   
 2026    13   
 Total    $995   
XML 65 R46.htm IDEA: XBRL DOCUMENT v3.20.1
NET DEFERRED TAX ASSET AND INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Components of income tax provision
Years ended December 31, (in thousands)    2019      2018      2017  
Federal  $2,406   $1,986   $1,831 
State   344    217    195 
Current provision   2,750    2,203    2,026 
Federal   (317)   (455)   840 
State   (74)   (39)   48 
Deferred (benefit) expense   (391)   (494)   888 
Income tax provision  $2,359   $1,709   $2,914 
Reconciliation of expected federal statutory tax to income tax provision
Years ended December 31,    2019      2018      2017  
Income tax at statutory federal tax rate   21.00%   21.00%   34.00%
State tax, net of federal tax benefit   1.58    1.37    1.74 
Tax exempt income and dividends received deduction   (3.82)   (3.84)   (7.00)
Remeasurement of net deferred tax assets   —    —    4.85 
BOLI interest and gain   (0.61)   (1.35)   (1.34)
Other   (0.67)   (0.95)   (0.47)
Change in valuation allowance   —    —    — 
Effective income tax rates   17.48%   16.23%   31.78%
Components of net deferred tax assets
December 31, (in thousands)    2019      2018  
Allowance for loan losses  $2,174   $1,916 
Interest on non-performing loans   244    233 
Accrued deferred compensation   493    334 
Post-retirement benefits   11    11 
Other real estate owned write-downs   30    — 
Restricted stock awards   220    162 
Net unrealized holding loss on available for sale securities   —    58 
Write-down of securities   2    4 
Other   139    282 
Gross deferred tax assets   3,313    3,000 
Deferred loan costs, net   (329)   (344)
Mark-to-market purchase accounting adjustments   (44)   (37)
Goodwill and core deposit intangible asset   (570)   (545)
Accelerated depreciation   (703)   (698)
Other real estate owned write-downs   —    (45)
Mortgage servicing rights   (58)   (55)
Net unrealized holding gains on available-for-sale securities   (360)   — 
Gross deferred tax liabilities   (2,064)   (1,724)
Net deferred tax asset  $1,249   $1,276 
XML 66 R95.htm IDEA: XBRL DOCUMENT v3.20.1
NET DEFERRED TAX ASSET AND INCOME TAXES - Reconciliation of expected federal statutory tax to income tax provision (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]      
Income tax at statutory federal tax rate 21.00% 21.00% 34.00%
State tax, net of federal tax benefit 1.58% 1.37% 1.74%
Tax exempt income and dividends received deduction (3.82%) (3.84%) (7.00%)
Remeasurement of net deferred tax assets 4.85%
BOLI interest and gain (0.61%) (1.35%) (1.34%)
Other (0.67%) (0.95%) (0.47%)
Change in valuation allowance
Effective income tax rates 17.48% 16.23% 31.78%
XML 67 R65.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES - Amortized cost, fair value and tax equivalent yield of securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
U.S. Government agency notes - After 5 years but within 10 years  
Amortized cost $ 2,497
Fair value $ 2,551
Yield 3.48%
U.S. Government agency notes - Total  
Amortized cost $ 2,497
Fair value $ 2,551
Yield 3.48%
Municipal bonds - Within 1 year  
Amortized cost $ 60
Fair value $ 60
Yield 2.63%
Municipal bonds - After 5 years but within 10 years  
Amortized cost $ 1,734
Fair value $ 1,833
Yield 3.16%
Municipal bonds - After 10 years  
Amortized cost $ 24,768
Fair value $ 25,300
Yield 3.48%
Municipal bonds - Total  
Amortized cost $ 26,562
Fair value $ 27,193
Yield 3.46%
Corporate bonds - After 5 years but within 10 years  
Amortized cost $ 5,000
Fair value $ 5,108
Yield 5.21%
Mortgage-backed securities, CMO securities and SBA securities  
Amortized cost $ 56,025
Fair value $ 56,949
Yield 2.85%
Securities available-for-sale  
Amortized cost $ 90,084
Fair value $ 91,801
Yield 3.17%
XML 68 R61.htm IDEA: XBRL DOCUMENT v3.20.1
MERGERS AND ACQUISITIONS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Business Combinations [Abstract]    
ASC 310-30 loans, outstanding balance $ 2,100
ASC 310-30 loans, carrying value $ 1,900
XML 69 R91.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities sold under repurchase agreements (Details) - Securities sold under repurchase agreements - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Repurchase agreements, ending balance $ 8,530 $ 4,104
Repurchase agreements, average balance during period 4,913 3,340
Book value of collateral 9,031 11,194
Market value of collateral $ 9,246 $ 11,276
Weighted average rate during period 0.48% 0.35%
Weighted average maturity 1 day 1 day
XML 70 R69.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Troubled debt restructurings (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
Integer
Dec. 31, 2018
USD ($)
Integer
Business Activities Loans - Residential real estate    
Quantity of troubled debt restructurings | Integer 3 1
Pre-modification balance $ 1,416 $ 68
Post-modification balance $ 1,416 $ 68
Business Activities Loans - Commercial real estate    
Quantity of troubled debt restructurings | Integer 4 1
Pre-modification balance $ 977 $ 566
Post-modification balance $ 1,191 $ 566
Business Activities Loans - Consumer    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance
Post-modification balance $ 36
Business Activities Loans - Troubled debt restructurings, total    
Quantity of troubled debt restructurings | Integer 8 2
Pre-modification balance $ 2,393 $ 634
Post-modification balance $ 2,643 $ 634
Business Activities Loans - Interest only payments to sell property    
Quantity of troubled debt restructurings | Integer 1
Pre-modification balance $ 791
Post-modification balance $ 791
Business Activities Loans - Rate reduction    
Quantity of troubled debt restructurings | Integer 2
Pre-modification balance $ 634
Post-modification balance $ 634
Business Activities Loans - Modification and Rate reduction    
Quantity of troubled debt restructurings | Integer 2
Pre-modification balance $ 625
Post-modification balance $ 625
Business Activities Loans - Extension of new funds to pay outstanding taxes    
Quantity of troubled debt restructurings | Integer 3
Pre-modification balance $ 259
Post-modification balance $ 442
Business Activities Loans - Modification and term extension    
Quantity of troubled debt restructurings | Integer 2
Pre-modification balance $ 718
Post-modification balance $ 785
XML 71 R99.htm IDEA: XBRL DOCUMENT v3.20.1
SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Equity [Abstract]    
Risk-weighted assets $ 891,000 $ 860,600
XML 72 R106.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER COMPREHENSIVE INCOME (LOSS) - Reconciliation of changes in components of other comprehensive loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other comprehensive income (loss)      
Net unrealized gains (losses) on securities available-for-sale $ 2,258 $ (202) $ (318)
Unrealized gains (losses) on securities available-for-sale 1,995 (520) (496)
Other comprehensive income (loss) 1,577 (415) (298)
Statements of Comprehensive Income (Loss)      
Other comprehensive income (loss)      
Net unrealized gains (losses) on securities available-for-sale 2,258 (202) (318)
Reclassification of net realized gains in net income (263) (318) (178)
Unrealized gains (losses) on securities available-for-sale 1,995 (520) (496)
Income tax (expense) benefit (418) 105 198
Unrealized gains (losses) on securities available-for-sale, net of tax 1,577 (415) (298)
Other comprehensive income (loss) $ 1,577 $ (415) $ (298)
XML 73 R102.htm IDEA: XBRL DOCUMENT v3.20.1
LONG TERM INCENTIVE PLANS (Details Narrative) - Unearned compensation-restricted stock awards - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Total number of shares of Common Stock reserved and available for issuance in ten years following adoption of Plan 84,000    
Annual stock retainer, individual director maximum 340 340 340
Restricted stock      
Shares of restricted stock granted pursuant to the Plan 15,130 13,210 13,824
Fair value of stock granted pursuant to the Plan $ 601 $ 585 $ 547
Fair value of vested restricted stock awards 556 222
Compensation expense 486 447 265
Unrecognized compensation cost relating to awards 795 711 606
Tax provision benefit recorded     105
Tax benefit associated with restricted stock awards, recognized in earnings $ 103 $ 87 $ 88
Phantom Stock Appreciation Units granted pursuant to the Plan 53,500 56,600
Compensation expense related to PSUs $ 414 $ 171 $ 135
Performance-based restricted stock units      
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, granted 6,800    
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, fair value $ 280    
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, compensation expense 70    
Short Term Incentive Plan (STIP)      
STIP expense, included in compensation expenses $ 888 $ 758 $ 532
XML 75 R27.htm IDEA: XBRL DOCUMENT v3.20.1
COMMITMENTS AND CONTINGENT LIABILITIES
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 20 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

The Bank's agreement with the core accounting processing service provider will continue until the eighth anniversary of the commencement date, which was November 10, 2016. If the Bank cancels the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement.

Employment and Change in Control Agreements

Salisbury has entered into severance agreements with certain senior executives, including with two (2) named executive officers, Richard J. Cantele, Jr., and John M. Davies which provide payouts ranging from 1.0 to 3.0 times base salary, annual cash bonus and other benefits. Salisbury has also entered into change in control agreements with certain senior executives, including named executive officer Peter Albero, all of which provide a severance payment ranging from 0.5 to 2.0 times base salary, annual cash bonus and other benefits in the event employment is terminated in conjunction with a defined change in control.

Contingent Liabilities

The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business. There are no material pending legal proceedings, other than ordinary routine litigation incidental to the registrant's business, to which Salisbury is a party or to which any of its property is subject.

On October 4, 2019, Salisbury entered into a contract with Arris Contracting Company, Inc. to construct an operations center on its Lakeville, CT. campus in 2020. The estimated construction cost is $5.0 million and Salisbury may terminate the contract at its convenience and without cause. In the event of such termination, Salisbury will be required to pay for work executed and costs incurred by reason of such termination.

XML 76 R23.htm IDEA: XBRL DOCUMENT v3.20.1
LONG TERM INCENTIVE PLANS
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
LONG TERM INCENTIVE PLANS

NOTE 16 - LONG TERM INCENTIVE PLANS

The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013, January 29, 2016 and again on April 28, 2017. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value.

The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of common stock, cash, or other property (collectively, “Awards”). Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 84,000 shares of Common Stock, which represented less than 5% of Salisbury's outstanding shares of Common Stock at the time the Plan was adopted. Shares of Common Stock with respect to Awards previously granted under the Plan that are cancelled, terminate without being exercised, expire, are forfeited or lapse will again be available for issuance as Awards. Also, shares of Common Stock subject to Awards settled in cash and shares of Common Stock that are surrendered in payment of any Award or any tax withholding requirements will again be available for issuance as Awards. No more than 30,000 shares of Common Stock may be issued pursuant to Awards in any one calendar year. In addition, the Plan limits the total number of shares of Common Stock that may be awarded as Incentive Stock Options (“ISOs”) to 42,000 and the total number of shares of Common Stock that may be issued as Directors Stock Retainer Awards to 15,000. The Directors stock retainer awards were increased from 120 shares per year to 240 shares per year effective January 25, 2013. Effective January 29, 2016, the Directors stock retainer award was increased from 240 shares to 340 shares annually. 

The Board of Directors adopted the 2017 Long Term Incentive Plan (the “2017 LTIP”) on February 24, 2017, which was approved by shareholders at the 2017 Annual Meeting on May 17, 2017. Pursuant to the 2017 LTIP, as of May 2017, following shareholder approval of the 2017 LTIP, no further awards will be made under the 2011 LTIP, which shall remain in existence solely for purposes of administering outstanding grants. Under the 2017 LTIP, the total number of shares of Common Stock reserved and available for issuance in the next ten years in connection with awards under the 2017 LTIP is 200,000 shares of Common Stock, which represents approximately 7% of Salisbury's 2,770,036 outstanding shares of Common Stock as of March 20, 2017. Of the maximum shares available under the 2017 LTIP, 200,000 shares may be issued upon the exercise of stock options (all of which may be granted as incentive stock options) and 150,000 shares may be issued as restricted stock or restricted stock units (including deferred stock units), provided that, to the extent that a share is issued as a restricted stock award or a restricted stock unit, the share would no longer be available for award as a stock option, unless the restricted stock award or restricted unit is forfeited or otherwise returned to the 2017 LTIP.

Restricted stock

In 2019, 2018 and 2017 Salisbury granted a total of 15,130, 13,210, and 13,824 shares of restricted stock pursuant to its 2011 and 2017 LTIP to certain employees and Directors. The fair value of the stock at grant date was determined to be $601 thousand, $585 thousand, and $547 thousand, respectively. The stock will be vested three years from the grant date.

The following table presents the amount of cumulatively granted restricted stock awards under the 2011 and 2017 Long-Term Incentive Plans:

             
      Weighted Average     Weighted Average
  Year Ended December 31,  2019  Grant Price  2018  Grant Price
 Beginning of Year    39,434   $37.73    27,024   $34.62 
 Granted    15,130    39.70    13,210    44.30 
 Vested    (14,228)   30.33    —    — 
 Forfeited    (710)   42.81    (800)   40.99 
 End of Year    39,626   $41.04    39,434   $37.73 

 

The fair value of the restricted shares that vested during 2019, 2018 and 2017 were $556 thousand, $0, and $222 thousand, respectively. Compensation expense for restricted stock awards in 2019, 2018, and 2017 was $486 thousand, $447 thousand, and $265 thousand, respectively. Unrecognized compensation cost relating to the restricted stock awards was $795 thousand, $711 thousand, and $606 thousand as of December 31, 2019, 2018 and 2017, respectively. The remaining weighted average vesting period on restricted shares as of December 31, 2019, over which unrecognized compensation cost is expected to be recognized, is 1.5 years.

In 2017, Salisbury, recorded a $105 thousand benefit to the tax provision for the adoption of ASU 2016-09. The tax benefit associated with restricted stock awards, which was recognized in earnings for 2019, 2018 and 2017, was approximately $103 thousand, $87 thousand and $88 thousand, respectively.

Additionally, in 2019, 2018 and 2017 the Compensation Committee granted a total of 0, 53,500 and 56,600, Phantom Stock Appreciation Units (“PSUs” pursuant to the 2013 Phantom Stock Appreciation Unit and Long-Term Incentive Plan (the “Plan”) to certain employees, including the Named Executive Officers. The units will vest on the third anniversary of the grant date. Salisbury's compensation expense related to the PSUs was $414 thousand, $171 thousand, and $135 thousand for 2019, 2018, and 2017 respectively.

Performance-based restricted stock units

On March 29, 2019, the Compensation Committee granted 6,800 performance-based restricted stock units (RSU) pursuant to the 2017 Long-Term Incentive Plan to further align compensation with the Bank's performance. This RSU plan replaced the Bank's Phantom Stock Appreciation Units plan (Phantom). Salisbury will continue to record an expense for the Phantom plan until the final tranche of awards is paid out in January 2021.

The performance goal under the RSU plan is based on the increase in the Bank's tangible book value by $3.50 per share over the performance period for threshold performance. Vesting will range from 75% of target for achieving threshold performance, to 100% of target for achieving target payout performance ($5.00 increase in tangible book value per share) to 150% of target for achieving in excess of target payout performance and, if the performance goals are achieved, vesting will occur no later than March 29, 2022. The fair value of the RSUs at the grant date was $280 thousand. Compensation expense of $70 thousand was recorded with respect to these RSUs in 2019. No performance-based restricted stock units were awarded prior to 2019.

Short Term Incentive Plan (STIP)

Salisbury offers a short-term discretionary compensation plan to eligible employees on an annual basis. Under this incentive plan, Salisbury may reward employees with cash compensation if certain pre-determined Bank and individual performance goals have been achieved. The STIP expense, which is included in compensation expenses, totaled $888 thousand, $758 thousand, and $532 thousand, in 2019, 2018, and 2017, respectively.
XML 77 R30.htm IDEA: XBRL DOCUMENT v3.20.1
SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION

NOTE 23 – 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)		    2019      2018  
Assets          
Cash and due from banks  $2,273   $2,105 
Investment in bank subsidiary   121,027    110,525 
Other assets   252    689 
Total Assets  $123,552   $113,319 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,859   $9,835 
Other liabilities   38    25 
Shareholders' equity   113,655    103,459 
Total Liabilities and Shareholders' Equity  $123,552   $113,319 

 

  Statements of Income
  Years ended December 31, (in thousands)		    2019      2018      2017  
Dividends from subsidiary  $3,546   $3,529   $3,691 
Interest income   10    10    8 
Interest expense   624    624    624 
Non-interest expenses   417    435    530 
Income before taxes and equity in undistributed net income of subsidiary   2,515    2,480    2,545 
Income tax benefit   252    256    421 
Income before equity in undistributed net income of subsidiary   2,767    2,736    2,966 
Equity in undistributed net income of subsidiary   8,369    6,088    3,290 
Net income  $11,136   $8,824   $6,256 

 

  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2019      2018      2017  
Net income  $11,136   $8,824   $6,256 
Adjustments to reconcile net income to net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (8,369)   (6,088)   (3,290)
Other   474    (239)   (410)
Net cash provided by operating activities   3,241    2,497    2,556 
Investing Activities               
Investment in bank   —    —    — 
Net cash utilized by investing activities   —    —    — 
Financing Activities               
Common stock dividends paid   (3,155)   (3,133)   (3,113)
Proceeds from issuance of common stock   82    222    395 
Net cash (utilized) by financing activities   (3,073)   (2,911)   (2,718)
Net increase (decrease) in cash and cash equivalents   168    (414)   (162)
Cash and cash equivalents, beginning of period   2,105    2,519    2,681 
Cash and cash equivalents, end of period  $2,273   $2,105   $2,519 

 
XML 78 R34.htm IDEA: XBRL DOCUMENT v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions.
Basis of Financial Statement Presentation

Basis of Financial Statement Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, potential other-than-temporary impairment of securities and potential impairment of goodwill and intangibles.

Certain reclassifications have been made to the 2018 and 2017 consolidated financial statements to make them consistent with the 2019 presentation.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank's business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. The Bank has not experienced any losses on such amounts and all amounts are maintained with well-capitalized institutions.
Interest Bearing Time Deposits with Financial Institutions

Interest Bearing Time Deposits with Financial Institutions

Interest bearing time deposits are balances held in CD's in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par.
Securities

Securities

Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses.

Federal Home Loan Bank of Boston Stock

Federal Home Loan Bank of Boston Stock

The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The FHLBB is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of December 31, 2019. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.
Loans

Loans

Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans and unamortized premiums on purchased loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans.

The Bank's loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury's service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury's service area.

Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors.

The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms.

Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower's financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection.

Troubled debt restructured loans are classified as accruing or non-accruing based on management's assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.
Acquired Loans

Acquired Loans

Loans that Salisbury acquired through business combinations are initially recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest.

For loans that meet the criteria stipulated in Accounting Standards Codification (“ASC”) 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” Salisbury recognizes the accretable yield, which is defined as the excess of all cash flows expected to be collected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan's contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, Salisbury continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows Salisbury expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Such decreases may also result in recognition of additional provisions to the allowance for loan losses. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount.

For ASC 310-30 loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. For ASC 310-30 loans, prepayments result in the recognition of the nonaccretable balance as current period yield. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected.

For loans that do not meet the ASC 310-30 criteria, Salisbury accretes interest income on a level yield basis using the contractually required cash flows. Salisbury subjects loans that do not meet the ASC 310-30 criteria to ASC Topic 450, “Contingencies” by collectively evaluating these loans for an allowance for loan losses.

Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition are considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Salisbury can reasonably estimate the timing and amount of the expected cash flows on such loans and if Salisbury expects to fully collect the new carrying value of the loans. As such, Salisbury may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield.

In first quarter 2019 Salisbury transferred the remaining unearned credit-related discount on loans acquired in its 2014 acquisition of Riverside Bank to the allowance for loan loss reserves. As a result of this transfer, gross loans receivable and the allowance for loan losses increased by $663 thousand. The balance of net loans receivable did not change as a result of this transfer.
Allowance for Loan Losses

Allowance for Loan Losses

The allowance for loan losses represents management's estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible.

The determination of the adequacy of the allowance is based on management's ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors.

While management believes that the allowance for loan losses is adequate, the allowance is an estimate, and ultimate losses may vary from management's estimate. Future additions to the allowance may also be necessary based on changes in assumptions and economic conditions. In addition, various regulatory agencies periodically review the allowance for loan losses. Such agencies may require additions to the allowance based on their judgments about information available to them at the time of their examination.

Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period.

The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows or collateral value, and (3) unallocated: general loss allocations for other environmental factors.

Loans collectively evaluated for impairment

This component of the allowance for loan losses is stratified by the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. Management's general loss allocation factors are based on a rolling five-year annual historical loss rate for each loan segment adjusted for qualitative factors and specific risk ratings. Qualitative factors include levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in Salisbury's policies or methodology pertaining to the general component of the allowance for loan losses during 2019.

The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows:

Residential real estate - Salisbury generally does not originate loans with a loan-to-value ratio greater than 80 percent and generally does not grant subprime loans. Loans in this segment are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Commercial real estate - Loans in this segment are primarily owner-occupied businesses or income-producing investment properties throughout Salisbury's market area. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by decreased sales or increased vacancy rates which, in turn, will have an effect on the credit quality in this segment. For commercial loans management annually obtains business and personal financial statements, tax returns, and, where applicable, rent rolls, and continually monitors the repayment of these loans.

Construction loans - Loans in this segment are primarily residential construction loans which typically roll into a permanent residential mortgage loan when construction is completed, or commercial construction which consist primarily of owner-occupied commercial construction projects.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business, including equipment and/or inventory. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased retail or wholesale spending, has an effect on the credit quality in this segment.

Farm – Loans in this segment are made to independent agricultural businesses and may be affected by adverse weather conditions or weak commodity prices.

Vacant land – Loans in this segment are primarily dependent on the credit quality of the individual borrowers. Loan-to-value ratios for loans with vacant land for collateral are more conservative than for commercial or residential real estate loans.

Municipal loans – Loans in this segment are extensions of credit to municipal and other governmental entities throughout Salisbury's market area. The bank-qualified, tax-exempt loans are backed by the full faith and credit of the borrowing entity with taxing or appropriating authority, as appropriate. Maturities range from one year for bond anticipation notes to twenty years for long-term project finance. The ability of the borrower to pay may be affected by an economic downturn resulting in a severe reduction in tax or other revenues coupled with the depletion of an entity's reserve liquidity. Historical default rates for bank-qualified (small issuer) general obligation municipal credit facilities are 0% since the asset class was created in 1986.

Consumer loans - Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower.

Loans individually evaluated for impairment

This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan's effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan.

A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.

Unallocated

An unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.
Mortgage Servicing Rights

Mortgage Servicing Rights

As part of our growth and risk management strategy, Salisbury from time to time sells whole loans. These are typically fixed rate residential loans. Salisbury's ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, we typically earn a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage Servicing Rights (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included in other assets on the consolidated balance sheets and are accounted for under the amortization method. Under that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.
Other Real Estate Owned ("OREO")

Other Real Estate Owned (“OREO”)

OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense.

As of December 31, 2019, and 2018, the recorded investment in residential mortgage loans collateralized by residential real estate that were in the process of foreclosure was $0.1 million and $0.5 million, respectively.
Income Taxes

Income Taxes

Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.
Bank Premises and Equipment

Bank Premises and Equipment

Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows:

• Buildings/Improvements – 39 years
• Land Improvements – 15 years
• Furniture and Fixtures – 7 years
• Computer Equipment – 5 years
• Software – 3 years
Intangible Assets

Intangible Assets

Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury's intangible assets at December 31, 2019, and 2018, include goodwill of $2.4 million arising from the purchase of a branch office in 2001, $7.2 million arising from the 2004 acquisition of Canaan National Bancorp, Inc., $319 thousand arising from the 2007 purchase of a branch office in New York State, $2.7 million arising from the acquisition of Riverside Bank in December 2014 and $1.3 million from the purchase of an additional branch office in New York in 2017. See Note 9.

On an annual basis, management assesses intangible assets for impairment and, for the year ending December 31, 2019, concluded there was no impairment. If a permanent loss in value is indicated, an impairment charge to income will be recognized.
Bank-Owned Life Insurance

Bank-Owned Life Insurance

Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital.
Stock Based Compensation

Stock Based Compensation

Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date.
Advertising Expense

Advertising Expense

Advertising costs of $480 thousand and $608 thousand in 2019 and 2018, respectively, are expensed as incurred and not capitalized.
Statement of Cash Flows

Statements of Cash Flows

For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.
Computation of Earnings per Share

Computation of Earnings per Share

The Company defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (“EPS”) using the two-class method.

The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.
Revenue Recognition

Revenue Recognition

A significant portion of Salisbury's revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury's Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury's anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are distinct from the existing contract and are accounted for as if they were a new and separate contract. The original contract is still accounted for according to its original terms.

Trust and Wealth Advisory

The Trust and Wealth Advisory business generates revenue through a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions. Revenue from these services is generally recognized over time and are typically based on the market value of assets under administration and established fee schedules. Certain fees, such as real estate sale fees, asset liquidation fees, special asset fees, and daily money management fees, are recorded as revenue at a point in time at the completion of the service.

Service Charges and Fees

Salisbury offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Monthly deposit account fees and account research fees are recognized over time using the right to invoice measure of progress. Overdraft protection, ATM services, cash management, bill pay, money transfers, among others, are generally recognized at point in time at the completion of the service.

Interchange Fees

Salisbury earns interchange fee revenue through customers' use of the Bank's debit cards. Interchange fees are generally recognized as revenue at a point in time when customers make a purchase using their debit card.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)”. Under the new guidance, lessees are required to recognize the following for all leases (with the exception of short-term leases): (1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and (2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures are required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity's leasing activities. In July 2018, the FASB issued ASU 2018-10 which provided technical corrections to the new lease standard. In August 2018, the FASB issued ASU 2018-11 Leases – Targeted Improvements, to provide entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, entities may elect not to recast the comparative periods presented when transitioning to the new lease standard. ASU 2018-11 has the same effective date as ASU 2016-02 (January 1, 2019 for the Company). Salisbury adopted ASU 2018-11 and elected the transition option. In March 2019, the FASB issued ASU 2019-01, the transition guidance related to certain interim disclosures provided in the year of adoption. To coincide with the adoption of AU 2016-02, Salisbury elected to early adopt ASU 2019-01 on January 1, 2019. Salisbury's consolidated assets and liabilities increased by approximately $1.6 million due to the recording of operating leases as a result of adopting ASU 2016-02 effective January 1, 2019. In conformance with ASU 2018-11, Salisbury elected not to recast comparative periods. See also Note 5 to the Consolidated Financial Statement for further information.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance in ASU 2016-13 is effective for “public business entities,” as defined, that are SEC filers for fiscal years and for interim periods with those fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company because its public float is less than $250 million. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses” which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan and losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU is intended to allow companies to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The FASB is researching whether similar amendments should be considered for other entities, including public business entities. ASU 2017-04 is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019 and interim periods within those years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Entities should apply the guidance prospectively. Salisbury does not expect the provisions of ASU 2017-04 to have a material impact on its Consolidated Financial Statements.

In March 2017, the FASB issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU will amend the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. Under previous generally accepted accounting principles, entities generally amortized the premium as an adjustment of yield over the contractual life of the instrument. On January 1, 2019, the Bank adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-03, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-03 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. As ASU 2018-13 only revises disclosure requirements, it will not have a material impact on Salisbury's Consolidated Financial Statements.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting or Income Taxes.” The amendments in this Update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years; early adoption is permitted. Salisbury is currently evaluating the provisions of ASU 2019-12 to determine the potential impact the new standard will have on Salisbury's Consolidated Financial Statements.
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LEASES (Tables)
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Assets and liabilities as well as the costs of operating and financial leases
($ in thousands)  Classification    December 31, 2019  
Assets        
Operating  Other assets  $1,360 
Finance  Bank premises and equipment 1   1,503 
Total Leased Assets     $2,863 
Liabilities        
Operating  Accrued interest and other liabilities  $1,360 
Finance  Finance lease obligations   1,718 
Total lease liabilities     $3,078 
1 Net of accumulated depreciation of $294 thousand.
         
Lease cost ($ in thousands)  Classification   

Twelve months ended

December 31, 2019

 
Operating leases  Premises and equipment  $255 
Finance leases:        
  Amortization of leased assets  Premises and equipment   200 
  Interest on finance leases  Interest expense   173 
Total lease cost     $628 
         
Weighted Average Remaining Lease Term        
Operating leases      8.2 years 
Financing leases      15.1 years 
Weighted Average Discount Rate 1        
Operating leases      3.70%
Financing leases      8.41%
1 Salisbury uses the FHLBB five year Advance rate as the discount rate, as its leases do not provide an implicit rate.
Present value of the net minimum lease payments
  Future minimum lease payments (in thousands)    Operating Leases      Finance Leases  
 2020   $246   $186 
 2021    228    192 
 2022    199    195 
 2023    134    198 
 2024    129    200 
 Thereafter    653    1,980 
 Total future minimum lease payments    1,589    2,951 
 Less amount representing interest    (229)   (1,233)
 Total present value of net future minimum lease payments   $1,360   $1,718 
XML 80 R17.htm IDEA: XBRL DOCUMENT v3.20.1
DEPOSITS
 12 Months Ended
Dec. 31, 2019
Banking and Thrift, Interest [Abstract]  
DEPOSITS

NOTE 10 - DEPOSITS

Scheduled maturities of time certificates of deposit are as follows:

December 31, (in thousands)  CD maturities
 2020   $86,025   
 2021    19,342   
 2022    9,749   
 2023    4,937   
 2024    7,671   
 Total   $127,724   

The total amount and scheduled maturities of time certificates of deposit in denominations of $250 thousand or more were as follows:

Years ended December 31, (in thousands)    2019      2018  
Within three months  $4,603   $1,128 
After three through six months   3,799    1,359 
After six through twelve months   6,628    3,785 
Over one year   6,750    9,726 
Total  $21,780   $15,998 

Included in certificates of deposit at December 31, 2019 and 2018 are brokered and reciprocal deposits of approximately $8.0 million and $44.4 million, respectively. Included in money market funds at December 31, 2019 and 2018 are approximately $66.0 million and $41.1 million, respectively of brokered money market accounts.
XML 81 R13.htm IDEA: XBRL DOCUMENT v3.20.1
MORTGAGE SERVICING RIGHTS
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE SERVICING RIGHTS

NOTE 6 - MORTGAGE SERVICING RIGHTS

Loans serviced for others are not included in the consolidated balance sheets. Balances of loans serviced for others and the fair value of mortgage servicing rights are as follows:

December 31, (in thousands)    2019      2018  
Residential mortgage loans serviced for others  $106,255   $111,378 
Fair value of mortgage servicing rights   813    951 

Changes in mortgage servicing rights are as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Mortgage Servicing Rights               
Balance, beginning of period  $228   $233   $339 
Originated   61    43    63 
Amortization (1)   (51)   (48)   (169)
Balance, end of period   238    228    233 
Valuation Allowance               
Balance, beginning of period   —    —    (23)
Decrease (increase) in impairment reserve (1)   —    —    23 
Balance, end of period   —    —    — 
Mortgage servicing rights, net  $238   $228   $233 
(1)Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.

 
XML 82 R111.htm IDEA: XBRL DOCUMENT v3.20.1
FAIR VALUE MEASUREMENTS - Assets measured at fair value (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Assets at fair value    
Assets at fair value on a recurring basis    
U.S. Government Agency notes $ 4,644 $ 7,670
Municipal bonds 27,193 5,379
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises 29,357 57,446
Collateralized mortgage obligations: U.S. Government agencies 25,499 17,747
Corporate bonds 5,108 3,576
Securities available-for-sale 91,801 91,818
CRA mutual funds 882 836
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans 1,593 4,238
Other real estate owned 314 1,810
Fair Value Measurements Using - Level 1    
Assets at fair value on a recurring basis    
U.S. Government Agency notes
Municipal bonds
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises
Collateralized mortgage obligations: U.S. Government agencies
Corporate bonds
Securities available-for-sale
CRA mutual funds 882 836
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans
Other real estate owned
Fair Value Measurements Using - Level 2    
Assets at fair value on a recurring basis    
U.S. Government Agency notes 4,644 7,670
Municipal bonds 27,193 5,379
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises 29,357 57,446
Collateralized mortgage obligations: U.S. Government agencies 25,499 17,747
Corporate bonds 5,108 3,576
Securities available-for-sale 91,801 91,818
CRA mutual funds
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans
Other real estate owned
Fair Value Measurements Using - Level 3    
Assets at fair value on a recurring basis    
U.S. Government Agency notes
Municipal bonds
Mortgage backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises
Collateralized mortgage obligations: U.S. Government agencies
Corporate bonds
Securities available-for-sale
CRA mutual funds
Assets at fair value on a non-recurring basis    
Collateral dependent impaired loans 1,593 4,238
Other real estate owned $ 314 $ 1,810
XML 83 R115.htm IDEA: XBRL DOCUMENT v3.20.1
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of cash flows of Salisbury Bancorp, Inc. (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net income $ 11,136 $ 8,824 $ 6,256
Adjustments to reconcile net income to net cash provided by operating activities:      
Net cash provided by operating activities 14,330 13,277 10,207
Investing Activities      
Net cash utilized by investing activities (23,375) (118,142) (9,903)
Financing Activities      
Common stock dividends paid (3,155) (3,133) (3,113)
Net cash (utilized) by financing activities (22,515) 114,824 12,697
Net increase (decrease) in cash and cash equivalents (31,560) 9,959 13,001
Salisbury Bancorp, Inc. (Parent Only)      
Net income 11,136 8,824 6,256
Adjustments to reconcile net income to net cash provided by operating activities:      
Equity in undistributed net income of subsidiary (8,369) (6,088) (3,290)
Other 474 (239) (410)
Net cash provided by operating activities 3,241 2,497 2,556
Investing Activities      
Investment in bank
Net cash utilized by investing activities
Financing Activities      
Common stock dividends paid (3,155) (3,133) (3,113)
Proceeds from issuance of common stock 82 222 395
Net cash (utilized) by financing activities (3,073) (2,911) (2,718)
Net increase (decrease) in cash and cash equivalents 168 (414) (162)
Cash and cash equivalents, beginning of period 2,105 2,519 2,681
Cash and cash equivalents, end of period $ 2,273 $ 2,105 $ 2,519
XML 84 R7.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income $ 11,136 $ 8,824 $ 6,256
(Accretion), amortization and depreciation      
Securities 332 31 145
Bank premises and equipment 1,591 1,668 1,441
Core deposit intangible 388 454 533
Modification fees on Federal Home Loan Bank of Boston advances 232 232 234
Subordinated debt issuance costs 24 24 23
Mortgage servicing rights 51 48 169
Fair value adjustment on loans (64) (779) (1,207)
Fair value adjustment on deposits (8) (37) (78)
(Gains) and losses, including write-downs on sales and calls of securities available-for-sale, net (263) (318) (178)
(Gains) and losses, including write-downs on sales of loans, excluding capitalized servicing rights (82) (71) (95)
(Gains) and losses, including write-downs on CRA Mutual Fund (25) 18
(Gains) and losses, including write-downs of other real estate owned 408 274 1,717
(Gains) and losses, including write-downs on sale/disposals of premises and equipment 85 1
Gain from BOLI (341)
Provision for loan losses 955 1,728 1,020
Proceeds from loans sold 6,447 4,555 5,440
Loans originated for sale (6,697) (3,815) (6,014)
Decrease (increase) in deferred loan origination fees and costs, net 59 (132) (42)
Mortgage servicing rights originated (61) (43) (63)
Decrease in mortgage servicing rights impairment reserve (23)
Increase in interest receivable (267) (478) (229)
Deferred tax (benefit) expense (391) (494) 888
(Increase) decrease in prepaid expenses (174) (50) 123
Increase in cash surrender value of life insurance policies (392) (337) (343)
Decrease (increase) in income tax receivable 137 760 (173)
Increase in income tax payable 235
Decrease in other assets 846 48 790
Increase (decrease) in accrued expenses 352 769 (643)
(Decrease) increase in interest payable (159) 138 10
(Decrease) increase in other liabilities (835) 69 240
Stock based compensation - restricted stock awards 556 447 265
Net cash provided by operating activities 14,330 13,277 10,207
Investing Activities      
Redemptions (purchases) of Federal Home Loan Bank of Boston stock, net 1,254 (683) (602)
Purchases of securities available-for-sale (53,467) (41,631) (36,654)
Purchases of interest bearing time deposits with financial institutions (750)
Proceeds from sales of securities available-for-sale 41,814 10,036 199
Proceeds from calls of securities available-for-sale 75 695 16,141
Proceeds from maturities of securities available-for-sale 13,521 17,061 20,427
Reinvestment of CRA Mutual Fund (21) (19)
Loan originations and principle collections, net (19,172) (102,273) (32,536)
Recoveries of loans previously charged off 88 74 600
Proceeds from sales of other real estate owned 1,088 289 2,080
Capital expenditures (2,055) (1,393) (1,954)
Investment in BOLI (5,750)
Net cash and cash equivalents (paid) acquired in branch acquisition (298) 22,396
Net cash utilized by investing activities (23,375) (118,142) (9,903)
Financing Activities      
Increase in deposit transaction accounts, net 26,722 58,658 7,578
(Decrease) increase in time deposits, net (33,947) 44,300 (5,208)
Increase (decrease) in securities sold under agreements to repurchase, net 4,426 2,436 (3,867)
Short-term Federal Home Loan Bank of Boston advances, net 20,500 (17,500) 17,000
Long-term Federal Home Loan Bank of Boston advances, net (37,000) 30,000
Principal payments on note payable (34) (33) (31)
Decrease in finance lease obligation (109) (127) (59)
Stock options exercised 82 222 316
Issuance of shares for directors' fees 1 81
Common stock dividends paid (3,155) (3,133) (3,113)
Net cash (applied to) provided by financing activities (22,515) 114,824 12,697
Net (decrease) increase in cash and cash equivalents (31,560) 9,959 13,001
Cash and cash equivalents, beginning of year 58,445 48,486 35,485
Cash and cash equivalents, end of year 26,885 58,445 48,486
Cash paid during year      
Interest 9,212 6,864 4,049
Income taxes 2,378 1,443 2,291
Non-cash transfers      
From loans to other real estate owned 1,654 743
Finance Lease Obligation 1,373
Finance Lease Paid-off      
Fixed Asset (1,158)
Lease liability 1,254
Deferred gain applied to bank premises and equipment (96)
Transfer of unearned credit-related discount to allowance for loan losses 663
Adoption of new accounting principle - Other assets 1,552
Adoption of new accounting principle - Other liabilities (1,552)
Adoption of new accounting principle 16
BOLI proceeds included in other assets 621
Branch acquisition      
Cash and cash equivalents (paid) acquired (298) 22,387
Net loans acquired 7,849 7,097
Fixed assets acquired (including capital leases) 761 1,605
Accrued interest receivable acquired 5 12
Other assets acquired 6 20
Core deposit intangible 633
Goodwill 1,263
Deposits assumed 8,323 31,433
Capital lease assumed 1,476
Other liabilities assumed $ 3
XML 85 R3.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Allowance for loan losses, loans receivable $ 8,895 $ 7,831
Accumulated amortization, intangible assets $ 4,886 $ 4,498
Shareholders' Equity    
Common stock, par value $ 0.10 $ 0.10
Common stock, authorized 5,000,000 5,000,000
Common stock, issued 2,825,912 2,806,781
Common stock, outstanding 2,825,912 2,806,781
XML 86 R82.htm IDEA: XBRL DOCUMENT v3.20.1
PLEDGED ASSETS - Securities and loans pledged (Details) - Pledged Assets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Securities available-for-sale (at fair value) $ 52,845 $ 80,991
Loans receivable (at book value) 434,329 328,674
Total pledged assets $ 487,174 $ 409,665
XML 87 R72.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Changes in allowance for loan losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Residential 1-4 family      
Beginning balance $ 2,149 $ 1,862 $ 1,926
Acquisition Discount Transfer 10    
Provision 367 580 100
Charge-offs (136) (299) (197)
Recoveries 3 6 33
Ending balance 2,393 2,149 1,862
Residential 5+ multifamily      
Beginning balance 413 155 62
Acquisition Discount Transfer    
Provision 33 258 93
Charge-offs
Recoveries
Ending balance 446 413 155
Construction of residential 1-4 family      
Beginning balance 83 75 91
Acquisition Discount Transfer    
Provision (8) 8 (16)
Charge-offs
Recoveries
Ending balance 75 83 75
Home equity lines of credit      
Beginning balance 219 236 348
Acquisition Discount Transfer 1    
Provision 258 (18) (115)
Charge-offs (281) (4)
Recoveries 1 7
Ending balance 197 219 236
Business Activities Loans - Residential real estate      
Beginning balance 2,864 2,328 2,427
Acquisition Discount Transfer 11    
Provision 650 828 62
Charge-offs (417) (299) (201)
Recoveries 3 7 40
Ending balance 3,111 2,864 2,328
Commercial      
Beginning balance 3,048 2,547 1,920
Acquisition Discount Transfer 488    
Provision 248 756 836
Charge-offs (44) (259) (453)
Recoveries 2 4 244
Ending balance 3,742 3,048 2,547
Construction of commercial      
Beginning balance 122 80 38
Acquisition Discount Transfer    
Provision (18) 42 42
Charge-offs
Recoveries
Ending balance 104 122 80
Commercial real estate      
Beginning balance 3,170 2,627 1,958
Acquisition Discount Transfer 488    
Provision 230 798 878
Charge-offs (44) (259) (453)
Recoveries 2 4 244
Ending balance 3,846 3,170 2,627
Farm land      
Beginning balance 33 32 28
Acquisition Discount Transfer    
Provision 14 (6) 45
Charge-offs (43)
Recoveries 7 2
Ending balance 47 33 32
Vacant land      
Beginning balance 100 132 170
Acquisition Discount Transfer    
Provision (29) (32) (2)
Charge-offs (36)
Recoveries
Ending balance 71 100 132
Real estate secured      
Beginning balance 6,167 5,119 4,583
Acquisition Discount Transfer 499    
Provision 865 1,588 983
Charge-offs (461) (558) (733)
Recoveries 5 18 286
Ending balance 7,075 6,167 5,119
Business Activities Loans - Commercial real estate      
Beginning balance 1,158 984 1,079
Acquisition Discount Transfer 164    
Provision (78) 255 (229)
Charge-offs (145) (108) (162)
Recoveries 46 27 296
Ending balance 1,145 1,158 984
Municipal      
Beginning balance 12 30 53
Acquisition Discount Transfer    
Provision 34 (18) (23)
Charge-offs
Recoveries
Ending balance 46 12 30
Business Activities Loans - Consumer      
Beginning balance 56 80 75
Acquisition Discount Transfer    
Provision 3 28 63
Charge-offs (36) (81) (76)
Recoveries 37 29 18
Ending balance 60 56 80
Unallocated      
Beginning balance 438 563 337
Acquisition Discount Transfer    
Provision 131 (125) 226
Charge-offs
Recoveries
Ending balance 569 438 563
Business Activities Loans - Troubled debt restructurings, total      
Beginning balance 7,831 6,776 6,127
Acquisition Discount Transfer 663    
Provision 955 1,728 1,020
Charge-offs (642) (747) (971)
Recoveries 88 74 600
Ending balance $ 8,895 $ 7,831 $ 6,776
XML 88 R76.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Loans Details Narrative Abstract    
Commercial loans for other banks serviced by Company under loan participation agreements $ 67,000 $ 66,400
ASC 310-30 loans 1,700
ASC 310-30 allowance
XML 89 R86.htm IDEA: XBRL DOCUMENT v3.20.1
GOODWILL AND INTANGIBLE ASSETS - Estimated annual amortization expense of core deposit intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended 84 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2026
CDI amortization               $ 995
CDI amortization                
CDI amortization $ 13 $ 25 $ 61 $ 128 $ 192 $ 255 $ 321  
XML 90 R59.htm IDEA: XBRL DOCUMENT v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Summary Of Significant Accounting Policies    
Recorded investment in residential mortgage loans collateralized by residential real estate in process of foreclosure $ 100 $ 500
Advertising expenses $ 480 $ 608
XML 91 R55.htm IDEA: XBRL DOCUMENT v3.20.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Computation of earnings per share
  Years ended December 31, (in thousands, except per share amounts)    2019      2018      2017  
Net income applicable to common shareholders  $11,136   $8,824   $6,256 
Less: Undistributed earnings allocated to participating securities   (160)   (111)   (55)
Net income allocated to common stock  $10,976   $8,713   $6,201 
Weighted average common shares issued   2,817    2,798    2,779 
Less: Unvested restricted stock awards   (35)   (35)   (24)
Weighted average common shares outstanding used to calculate basic earnings per common share   2,782    2,763    2,755 
Add: Dilutive effect of stock options   12    17    19 
Weighted average common shares outstanding used to calculate diluted earnings per common share   2,794    2,780    2,774 
Earnings per common share (basic)  $3.95   $3.15   $2.25 
Earnings per common share (diluted)  $3.93   $3.13   $2.24 
XML 92 R51.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Reconciliation of changes in components of other comprehensive loss, including amount of income tax benefit allocated to each component of other comprehensive loss
Years ended December 31, (in thousands)    2019      2018      2017  
Other comprehensive income (loss)               
Net unrealized gains (losses) on securities available-for-sale  $2,258   $(202)  $(318)
Reclassification of net realized gains in net income(1)   (263)   (318)   (178)
Unrealized gains (losses) on securities available-for-sale   1,995    (520)   (496)
Income tax (expense) benefit   (418)   105    198 
Unrealized gains (losses) on securities available-for-sale, net of tax   1,577    (415)   (298)
Other comprehensive income (loss)  $1,577   $(415)  $(298)

(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gains on securities, net; the tax effect is included in the income tax provision; and the after-tax amount is included in net income. The income tax expense related to reclassification of net realized gains was approximately $55 thousand, $67 thousand, and $61 thousand in 2019, 2018 and 2017, respectively. 
Components of accumulated other comprehensive income
December 31, (dollars in thousands)    2019      2018  
Unrealized gains (losses) on securities available-for-sale, net of tax  $1,357   $(220)
Accumulated other comprehensive income (loss)  $1,357   $(220
XML 93 R97.htm IDEA: XBRL DOCUMENT v3.20.1
NET DEFERRED TAX ASSET AND INCOME TAXES (Details Narrative)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Income Tax Disclosure [Abstract]  
Increase in tax provision as a result of remeasurement $ 445
XML 94 R67.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Composition of loans receivable by risk rating grade (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Pass    
Residential 1-4 family $ 337,302 $ 337,520
Residential 5+ multifamily 33,619 34,726
Construction of residential 1-4 family 11,889 12,041
Home equity lines of credit 33,381 33,728
Residential real estate 416,191 418,015
Commercial 271,708 270,461
Construction of commercial 8,225 8,482
Commercial real estate 279,933 278,943
Farm land 1,934 3,969
Vacant land 7,834 8,253
Real estate secured 705,892 709,180
Commercial and industrial 167,458 159,127
Municipal 21,914 14,344
Consumer 6,344 4,502
Loans receivable, gross 901,608 887,153
Special mention    
Residential 1-4 family 4,278 4,281
Residential 5+ multifamily 99 784
Construction of residential 1-4 family
Home equity lines of credit 312 265
Residential real estate 4,689 5,330
Commercial 10,964 4,530
Construction of commercial
Commercial real estate 10,964 4,530
Farm land
Vacant land 59 69
Real estate secured 15,712 9,929
Commercial and industrial 443 2,672
Municipal
Consumer 3 10
Loans receivable, gross 16,158 12,611
Substandard    
Residential 1-4 family 4,719 4,061
Residential 5+ multifamily 1,737 1,000
Construction of residential 1-4 family
Home equity lines of credit 105 440
Residential real estate 6,561 5,501
Commercial 7,052 8,608
Construction of commercial 241 494
Commercial real estate 7,293 9,102
Farm land 1,707 216
Vacant land
Real estate secured 15,561 14,819
Commercial and industrial 1,510 1,106
Municipal
Consumer 38
Loans receivable, gross 17,109 15,925
Doubtful    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial 71
Construction of commercial
Commercial real estate 71
Farm land
Vacant land
Real estate secured 71
Commercial and industrial
Municipal
Consumer
Loans receivable, gross 71
Loss    
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial
Municipal
Consumer
Loans receivable, gross
Total    
Residential 1-4 family 346,299 345,862
Residential 5+ multifamily 35,455 36,510
Construction of residential 1-4 family 11,889 12,041
Home equity lines of credit 33,798 34,433
Residential real estate 427,441 428,846
Commercial 289,795 283,599
Construction of commercial 8,466 8,976
Commercial real estate 298,261 292,575
Farm land 3,641 4,185
Vacant land 7,893 8,322
Real estate secured 737,236 733,928
Commercial and industrial 169,411 162,905
Municipal 21,914 14,344
Consumer 6,385 4,512
Loans receivable, gross $ 934,946 $ 915,689
XML 95 R63.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES - Sales of securities available-for-sale and gross gains and gross losses realized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]      
Proceeds $ 41,814 $ 10,036 $ 199
Gains realized 371 361 192
Losses realized (108) (43) (14)
Net gains realized 263 318 178
Income tax provision $ 55 $ 67 $ 61
XML 96 R93.htm IDEA: XBRL DOCUMENT v3.20.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Federal Home Loan Bank Of Boston Advances And Other Borrowed Funds    
Additional available borrowing capacity in addition to outstanding FHLBB advances $ 233,700  
Unused FHLBB line of credit Company has access to 3,500  
Subordinated Debentures    
Issuance of debt in private placement, aggregate principal amount 10,000  
Portion to certain related parties $ 500  
Maturity date Dec. 15, 2025  
Annual interest rate 6.00%  
Total subordinated debentures $ 9,859 $ 9,835
Remaining unamortized debt issuance costs $ 141 165
Effective interest rate of subordinated debentures 6.33%  
Notes Payable    
Outstanding mortgage balance from Sharon branch property purchase $ 246 $ 280
XML 97 R40.htm IDEA: XBRL DOCUMENT v3.20.1
PLEDGED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2019
Guarantees [Abstract]  
Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available
December 31, (in thousands)    2019      2018  
Securities available-for-sale (at fair value)  $52,845   $80,991 
Loans receivable (at book value)   434,329    328,674 
Total pledged assets  $487,174   $409,665 
XML 98 R44.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)
 12 Months Ended
Dec. 31, 2019
Banking and Thrift, Interest [Abstract]  
Securities sold under repurchase agreements
December 31, (dollars in thousands)    2019      2018  
Repurchase agreements, ending balance  $8,530   $4,104 
Repurchase agreements, average balance during period   4,913    3,340 
Book value of collateral   9,031    11,194 
Market value of collateral   9,246    11,276 
Weighted average rate during period   0.48%   0.35%
Weighted average maturity                  1 day                   1 day 
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LONG TERM INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Amount of cumulatively granted restricted stock awards under 2011 and 2017 Long-Term Incentive Plans
             
      Weighted Average     Weighted Average
  Year Ended December 31,  2019  Grant Price  2018  Grant Price
 Beginning of Year    39,434   $37.73    27,024   $34.62 
 Granted    15,130    39.70    13,210    44.30 
 Vested    (14,228)   30.33    —    — 
 Forfeited    (710)   42.81    (800)   40.99 
 End of Year    39,626   $41.04    39,434   $37.73 
XML 102 R29.htm IDEA: XBRL DOCUMENT v3.20.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE OF ASSETS AND LIABILITIES

NOTE 22 - FAIR VALUE MEASUREMENTS

Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption.

In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury's market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
•Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities.
•Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities.

A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the year ended December 31, 2019.

The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

•Securities available-for-sale and the CRA mutual fund. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management's best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows.
•Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3.
•Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3.

Assets measured at fair value are as follows:

  Fair Value Measurements Using  Assets at
(in thousands)   Level 1    Level 2    Level 3    fair value 
December 31, 2019                    
Assets at fair value on a recurring basis                    
U.S. Government Agency notes  $—   $4,644   $—   $4,644 
Municipal bonds   —    27,193    —    27,193 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    29,357    —    29,357 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    25,499    —    25,499 
Corporate bonds   —    5,108    —    5,108 
Securities available-for-sale  $—   $91,801   $—   $91,801 
CRA mutual funds   882    —    —    882 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans  $—   $—   $1,593   $1,593 
Other real estate owned  $—   $—   $314   $314 
December 31, 2018                    
Assets at fair value on a recurring basis                    
U.S. Government Agency notes  $—   $7,670   $—   $7,670 
Municipal bonds   —    5,379    —    5,379 
Mortgage-backed securities:                    
U.S. Government agencies and U.S. Government-sponsored enterprises   —    57,446    —    57,446 
Collateralized mortgage obligations:                    
U.S. Government agencies   —    17,747    —    17,747 
Corporate bonds   —    3,576    —    3,576 
Securities available-for-sale  $—   $91,818   $—   $91,818 
CRA mutual funds   836    —    —    836 
Assets at fair value on a non-recurring basis                    
Collateral dependent impaired loans  $—   $—   $4,238   $4,238 
Other real estate owned  $—   $—   $1,810   $1,810 

 

Carrying values and estimated fair values of financial instruments are as follows:

    Carrying    Estimated   Fair value measurements using 
(In thousands)   value    fair value    Level 1    Level 2    Level 3 
December 31, 2019                         
Financial Assets                         
Cash and cash equivalents  $26,885   $26,885   $26,885   $—   $— 
Interest bearing time deposits with financial institutions   750    750    750    —    — 
Securities available-for-sale   91,801    91,801    —    91,801    — 
CRA mutual fund   882    882    882    —    — 
Federal Home Loan Bank of Boston stock   3,242    3,242    3,242    —    — 
Loans held-for-sale   332    334    —    —    334 
Loans receivable, net   927,413    933,287    —    —    933,287 
Accrued interest receivable   3,415    3,415    3,415    —    — 
Cash surrender value of life insurance policies   20,580    20,580    20,580    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $237,852   $237,852   $—   $237,852   $— 
Demand (interest-bearing)   153,314    153,314    —    153,314    — 
Money market   239,504    239,504    —    239,504    — 
Savings and other   161,112    161,112    —    161,112    — 
Certificates of deposit   127,724    128,629    —    128,629    — 
Deposits   919,506    920,411    —    920,411    — 
Repurchase agreements   8,530    8,530    —    8,530    — 
FHLBB advances   50,887    51,028    —    51,028    — 
Subordinated debt   9,859    10,113    10,113    —    — 
Note payable   246    251    —    251    — 
Finance lease liability   1,718    1,967    —    —    1,967 
Accrued interest payable   78    78    78    —    — 
December 31, 2018                         
Financial Assets                         
Cash and cash equivalents  $58,445   $58,445   $58,445   $—   $— 
Securities available-for-sale, net   91,818    91,818    —    91,818    — 
CRA mutual fund   836    836    836    —    — 
Federal Home Loan Bank of Boston stock   4,496    4,496    4,496    —    — 
Loans receivable, net   909,279    886,222    —    —    886,222 
Accrued interest receivable   3,148    3,148    3,148    —    — 
Cash surrender value of life insurance policies   14,438    14,438    14,438    —    — 
Financial Liabilities                         
Demand (non-interest-bearing)  $228,448   $228,448   $—   $228,448   $— 
Demand (interest-bearing)   153,586    153,586    —    153,586    — 
Money market   204,219    204,219    —    204,219    — 
Savings and other   178,807    178,807    —    178,807    — 
Certificates of deposit   161,679    162,013    —    162,013    — 
Deposits   926,739    927,073    —    927,073    — 
Repurchase agreements   4,104    4,104    —    4,104    — 
FHLBB advances   67,154    67,231    —    67,231    — 
Subordinated debt   9,835    10,006    10,006    —    — 
Note payable   280    288    —    288    — 
Finance lease liability   3,081    3,339    —    —    3,339 
Accrued interest payable   237    237    237    —    — 

During 2019, management reassessed the pricing inputs for certain assets and liabilities including Federal Home Loan Bank of Boston stock, accrued interest receivable, deposits and subordinated debt. Based on this reassessment, Federal Home Loan Bank of Boston stock, accrued interest receivable and subordinated debt were reclassified from Level 3 to Level 1 and deposits were reclassified from Level 3 to Level 2. Prior period data were reclassified to conform to the current presentation.
XML 103 R25.htm IDEA: XBRL DOCUMENT v3.20.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 18 - RELATED PARTY TRANSACTIONS

In the normal course of business the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders):

  Years ended December 31, (in thousands)    2019      2018  
 Balance, beginning of period   $9,432   $7,651 
 Advances    8,010    4,374 
 Repayments    (6,787)   (2,593)
 Balance, end of period   $10,655   $9,432 
XML 104 R21.htm IDEA: XBRL DOCUMENT v3.20.1
SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
SHAREHOLDERS' EQUITY

NOTE 14 – SHAREHOLDERS' EQUITY

Capital Requirements

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

The requirements of the final rules approved by the Federal Reserve Bank (“FRB”) and FDIC, include a common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The initial implementation of the capital conservation buffer began phasing in January 1, 2016 at 0.625% of risk-weighted assets and increased each subsequent January 1, by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. As of December 31, 2019, the Bank exceeded the fully phased in regulatory requirement for the capital conservation buffer. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules. A bank can be considered “well-capitalized” even if it does not maintain the capital conservation buffer as long as it meets the “well-capitalized” levels set forth below (and provided it is not subject to any written order, agreement, capital directive, etc.). A bank with a capital conservation buffer of at least 2.5% means that it generally will not be subject to certain limitations regarding capital distributions, such as dividend payments, discretionary payments on tier 1 instruments, share buybacks, and certain discretionary bonus payments to executive officers.

The Bank's risk-weighted assets at December 31, 2019 and December 31, 2018 were $891.0 million and $860.6 million, respectively. Actual regulatory capital position and minimum capital requirements as defined "To Be Well Capitalized Under Prompt Corrective Action Provisions" and "For Capital Adequacy Purposes" for the Bank are as follows:

   Actual  Minimum Capital Required For Capital Adequacy  Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer  Minimum To Be Well Capitalized Under
Prompt Corrective
Action Provisions
(dollars in thousands)  Amount  Ratio  Amount  Ratio  Amount  Ratio  Amount  Ratio
December 30, 2019                        
Total Capital (to risk-weighted assets)  $114,421    12.84%  $71,278    8.0%  $93,553    10.5%  $89,098    10.0%
                                         
Tier 1 Capital (to risk-weighted assets)   105,430    11.83    53,459    6.0    75,733    8.5    71,278    8.0 
                                         
Common Equity Tier 1 Capital (to risk-weighted assets)   105,430    11.83    40,094    4.5    62,368    7.0    57,914    6.5 
                                         
Tier 1 Capital (to average assets)  $105,430    9.60    43,944    4.0    43,944    4.0    54,930    5.0 
December 31, 2018                                        
Total Capital (to risk-weighted assets)  $104,013    12.09%  $68,848    8.0%  $90,362    10.5%  $86,059    10.0%
                                         
Tier 1 Capital (to risk-weighted assets)   96,092    11.17    51,636    6.0    73,150    8.5    68,848    8.0 
                                         
Common Equity Tier 1 Capital (to risk-weighted assets)   96,092    11.17    38,727    4.5    60,242    7.0    55,939    6.5 
                                         
Tier 1 Capital (to average assets)  $96,092    8.83   $43,527    4.0   $43,527    4.0   $54,409    5.0 

Restrictions on Cash Dividends to Common Shareholders

Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years.

FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company (“BHC”) should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.
XML 105 R104.htm IDEA: XBRL DOCUMENT v3.20.1
STOCK OPTIONS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Stockholders' Equity Note [Abstract]      
Total intrinsic value of stock options exercised $ 125 $ 160 $ 156
XML 106 R100.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER BENEFITS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Retirement Benefits [Abstract]      
401(k) Plan contribution expense $ 900 $ 1,000 $ 800
Employee Stock Ownership Plan (ESOP)      
ESOP expense 285 358 132
Other Retirement Plans      
Total liability for endorsement split-dollar life insurance arrangements included in other liabilities 765 992  
Benefit adjustment on future postretirement benefit obligations under endorsement split-dollar life insurance arrangements 328    
Offsetting expense on future postretirement benefit obligations under endorsement split-dollar life insurance arrangements 101    
Net credit to expense future postretirement benefit obligations under endorsement split-dollar life insurance arrangements 227    
Expense under endorsement split-dollar life insurance arrangement 26 117
Former CEO supplemental post retirement payment liability 25  
Former Riverside CEO supplemental post retirement payment liability 358 403  
Expenses for Non-Qualified Deferred Compensation Plan $ 114 $ 115 $ 80
XML 107 R108.htm IDEA: XBRL DOCUMENT v3.20.1
OTHER COMPREHENSIVE LOSS (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]      
Income tax expense related to reclassification of net realized gains $ 55 $ 67 $ 61
XML 108 R96.htm IDEA: XBRL DOCUMENT v3.20.1
NET DEFERRED TAX ASSET AND INCOME TAXES - Components of net deferred tax assets (Details) - Components of net deferred tax assets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Allowance for loan losses $ 2,174 $ 1,916
Interest on non-performing loans 244 233
Accrued deferred compensation 493 334
Post-retirement benefits 11 11
Other real estate owned write-downs 30
Restricted stock awards 220 162
Net unrealized holding loss on available-for-sale securities 58
Write-down of securities 2 4
Other 139 282
Gross deferred tax assets 3,313 3,000
Deferred loan costs, net (329) (344)
Mark-to-market purchase accounting adjustments (44) (37)
Goodwill and core deposit intangible asset (570) (545)
Accelerated depreciation (703) (698)
Other real estate owned write-downs (45)
Mortgage servicing rights (58) (55)
Net unrealized holding gain on available-for-sale securities (360)
Gross deferred tax liabilities (2,064) (1,724)
Net deferred tax asset $ 1,249 $ 1,276
XML 109 R66.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Composition of loans receivable and loans held-for-sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Loans receivable, net $ 927,413 $ 909,279
Total    
Residential 1-4 family 346,299 345,862
Residential 5+ multifamily 35,455 36,510
Construction of residential 1-4 family 11,889 12,041
Home equity lines of credit 33,798 34,433
Residential real estate 427,441 428,846
Commercial 289,795 283,599
Construction of commercial 8,466 8,976
Commercial real estate 298,261 292,575
Farm land 3,641 4,185
Vacant land 7,893 8,322
Real estate secured 737,236 733,928
Commercial and industrial 169,411 162,905
Municipal 21,914 14,344
Consumer 6,385 4,512
Loans receivable, gross 934,946 915,689
Deferred loan origination fees and costs, net 1,362 1,421
Allowance for loan losses (8,895) (7,831)
Loans receivable, net 927,413 909,279
Loans held-for-sale    
Residential 1-4 family $ 332
XML 110 R62.htm IDEA: XBRL DOCUMENT v3.20.1
SECURITIES - Composition of Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Amortized cost basis (1)    
Available-for-sale    
U.S. Government Agency notes $ 4,520 $ 7,590
Municipal bonds 26,562 5,334
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 28,961 57,837
Collateralized mortgage obligations, U.S. Government Agencies 25,041 17,835
Corporate bonds 5,000 3,500
Total securities available-for-sale 90,084 92,096
Non-marketable securities    
Federal Home Loan Bank of Boston stock 3,242 4,496
Gross unrealized gains    
Available-for-sale    
U.S. Government Agency notes 125 83
Municipal bonds 704 45
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 420 170
Collateralized mortgage obligations, U.S. Government Agencies 468 85
Corporate bonds 108 76
Total securities available-for-sale 1,825 459
Non-marketable securities    
Federal Home Loan Bank of Boston stock
Gross unrealized losses    
Available-for-sale    
U.S. Government Agency notes 1 3
Municipal bonds 73
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 24 561
Collateralized mortgage obligations, U.S. Government Agencies 10 173
Corporate bonds
Total securities available-for-sale 108 737
Non-marketable securities    
Federal Home Loan Bank of Boston stock
Fair value    
Available-for-sale    
U.S. Government Agency notes 4,644 7,670
Municipal bonds 27,193 5,379
Mortgage-backed securities, U.S. Government agencies and U.S. Government-sponsored enterprises 29,357 57,446
Collateralized mortgage obligations, U.S. Government Agencies 25,499 17,747
Corporate bonds 5,108 3,576
Total securities available-for-sale 91,801 91,818
CRA mutual funds 882 836
Non-marketable securities    
Federal Home Loan Bank of Boston stock $ 3,242 $ 4,496
XML 111 R92.htm IDEA: XBRL DOCUMENT v3.20.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS - Federal Home Loan Bank of Boston advances (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Total    
Overnight advances $ 9,500
2019 advances 36,767
2020 advances 44,899 14,899
2021 advances 5,988 5,988
Total advances $ 50,887 $ 67,154
Rate    
Overnight rate 2.72%
2019 rate 3.19%
2020 rate 2.14% 2.18%
2021 rate 2.45% 2.45%
Total weighted average rate 2.18% 2.94%
XML 112 R49.htm IDEA: XBRL DOCUMENT v3.20.1
STOCK OPTIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
Summary of status of Salisbury's outstanding stock options
Year ended December 31, 2019 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term (in years)

 

Aggregate

intrinsic value

Beginning of period   22,545   $17.04           
Granted   —    —           
Exercised   (4,725)   17.04           
Forfeited or expired   —    —           
End of period   17,820   $17.04    4.00   $510,187 

 


Year ended December 31, 2018		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term (in years)

 

Aggregate

intrinsic value

Beginning of period   40,500   $21.73           
Granted   —    —           
Exercised   (9,155)   24.26           
Forfeited or expired   (8,800)   31.11           
End of period   22,545   $17.04    5.00   $456,000 
XML 113 R41.htm IDEA: XBRL DOCUMENT v3.20.1
BANK PREMISES AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Components of premises and equipment
December 31, (in thousands)    2019      2018  
Land  $2,762   $2,593 
Buildings and improvements   14,878    13,458 
Leasehold improvements   1,553    1,553 
Finance leases   1,798    3,273 
Furniture, fixtures, equipment and software   9,370    8,978 
Fixed assets in process   768    790 
Total cost   31,129    30,645 
Accumulated depreciation and amortization   (13,744)   (12,470)
Bank premises and equipment, net  $17,385   $18,175 
XML 114 R45.htm IDEA: XBRL DOCUMENT v3.20.1
FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS (Tables)
 12 Months Ended
Dec. 31, 2019
Banking and Thrift, Interest [Abstract]  
Federal Home Loan Bank of Boston advances
   December 31, 2019  December 31, 2018
  Years ended December 31, (dollars in thousands)    Total (1)      Rate (2)      Total (1)      Rate (2)  
 Overnight   $—    —%  $9,500    2.72%
 2019    —    —    36,767    3.19 
 2020    44,899    2.14    14,899    2.18 
 2021    5,988    2.45    5,988    2.45 
 Total   $50,887    2.18%  $67,154    2.94%
(1)Net of modification costs
(2)Weighted average rate based on scheduled maturity dates.
XML 115 R24.htm IDEA: XBRL DOCUMENT v3.20.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
STOCK OPTIONS

NOTE 17 – STOCK OPTIONS

Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. The table below reflects the remaining outstanding options related to this transaction and presents a summary of the status of Salisbury's outstanding stock options as of and for the year ended December 31, 2019:


Year ended December 31, 2019		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term (in years)

 

Aggregate

intrinsic value

Beginning of period   22,545   $17.04           
Granted   —    —           
Exercised   (4,725)   17.04           
Forfeited or expired   —    —           
End of period   17,820   $17.04    4.00   $510,187 

 


Year ended December 31, 2018		 

Number of

options

 

Weighted average

exercise price

 

Weighted average

remaining contractual term (in years)

 

Aggregate

intrinsic value

Beginning of period   40,500   $21.73           
Granted   —    —           
Exercised   (9,155)   24.26           
Forfeited or expired   (8,800)   31.11           
End of period   22,545   $17.04    5.00   $456,000 

All options are vested and exercisable at December 31, 2019. The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was $125 thousand, $160 thousand, and $156 thousand, respectively.
XML 116 R20.htm IDEA: XBRL DOCUMENT v3.20.1
NET DEFERRED TAX ASSET AND INCOME TAXES
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
NET DEFERRED TAX ASSET AND INCOME TAXES

NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES

Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Federal  $2,406   $1,986   $1,831 
State   344    217    195 
Current provision   2,750    2,203    2,026 
Federal   (317)   (455)   840 
State   (74)   (39)   48 
Deferred (benefit) expense   (391)   (494)   888 
Income tax provision  $2,359   $1,709   $2,914 

The following is a reconciliation of the expected federal statutory tax to the income tax provision:

Years ended December 31,    2019      2018      2017  
Income tax at statutory federal tax rate   21.00%   21.00%   34.00%
State tax, net of federal tax benefit   1.58    1.37    1.74 
Tax exempt income and dividends received deduction   (3.82)   (3.84)   (7.00)
Remeasurement of net deferred tax assets   —    —    4.85 
BOLI interest and gain   (0.61)   (1.35)   (1.34)
Other   (0.67)   (0.95)   (0.47)
Change in valuation allowance   —    —    — 
Effective income tax rates   17.48%   16.23%   31.78%

The components of Salisbury's net deferred tax assets are as follows:

December 31, (in thousands)    2019      2018  
Allowance for loan losses  $2,174   $1,916 
Interest on non-performing loans   244    233 
Accrued deferred compensation   493    334 
Post-retirement benefits   11    11 
Other real estate owned write-downs   30    — 
Restricted stock awards   220    162 
Net unrealized holding loss on available for sale securities   —    58 
Write-down of securities   2    4 
Other   139    282 
Gross deferred tax assets   3,313    3,000 
Deferred loan costs, net   (329)   (344)
Mark-to-market purchase accounting adjustments   (44)   (37)
Goodwill and core deposit intangible asset   (570)   (545)
Accelerated depreciation   (703)   (698)
Other real estate owned write-downs   —    (45)
Mortgage servicing rights   (58)   (55)
Net unrealized holding gains on available-for-sale securities   (360)   — 
Gross deferred tax liabilities   (2,064)   (1,724)
Net deferred tax asset  $1,249   $1,276 

Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not. Salisbury remeasured its net deferred tax asset as of December 31, 2017 due to the enactment of the Tax Cuts and Job Act during the fourth quarter of 2017. This remeasurement resulted in a $445 thousand increase in the tax provision for 2017 and a related reduction in the net deferred tax asset.

In accordance with Connecticut legislation, in 2004, Salisbury formed a PIC, SBT Mortgage Service Corporation. Salisbury does not expect to pay Connecticut state income tax in the foreseeable future unless there is a change in Connecticut law.

Salisbury's policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2019 and 2018, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2016 through December 31, 2019.

XML 117 R28.htm IDEA: XBRL DOCUMENT v3.20.1
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2019
Investments, All Other Investments [Abstract]  
FINANCIAL INSTRUMENTS

NOTE 21 - FINANCIAL INSTRUMENTS

The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk.    These financial instruments include commitments to originate loans, letters of credit, and unadvanced funds on loans.  The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets.  The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments.

The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments.  The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The Bank evaluates each customer's creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower.  Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties.

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.  As of December 31, 2019 and 2018, the maximum potential amount of the Bank's obligation was $4.7 million and $3.9 million, respectively, for financial, commercial and standby letters of credit.  If a letter of credit is drawn upon, the Bank may seek recourse through the customer's underlying line of credit.  If the customer's line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit.

Financial instrument liabilities with off-balance sheet credit risk are as follows:

December 31, (dollars in thousands)    2019      2018  
Residential  $5,815   $6,751 
Home equity lines of credit   28,160    29,872 
Commercial   14,858    19,051 
Land   1,014    14 
Real estate secured   49,847    55,688 
Commercial and industrial   78,286    77,219 
Municipal   2,499    250 
Consumer   2,148    1,583 
Unadvanced portions of loans   132,780    134,740 
Commitments to originate loans   33,781    18,397 
Letters of credit   4,657    3,865 
Total  $171,218   $157,002 

The allowance for off balance sheet commitments is calculated by applying a reserve percentage discounted by a utilization factor to the sum of unguaranteed unused lines of credit and loan contracts that the Bank has committed to but not funded as of year-end. The allowance for off-balance sheet commitments was $96 thousand and $90 thousand as of December 31, 2019 and December 31, 2018, respectively.
XML 118 R109.htm IDEA: XBRL DOCUMENT v3.20.1
FINANCIAL INSTRUMENTS - Financial instrument liabilities with off-balance sheet credit risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Letters of credit $ 4,700 $ 3,900
Financial instrument liabilities    
Residential 5,815 6,751
Home equity lines of credit 28,160 29,872
Commercial 14,858 19,051
Land 1,014 14
Real estate secured 49,847 55,688
Commercial and industrial 78,286 77,219
Municipal 2,499 250
Consumer 2,148 1,583
Unadvanced portions of loans 132,780 134,740
Commitments to originate loans 33,781 18,397
Letters of credit 4,657 3,865
Total $ 171,218 $ 157,002
XML 119 R105.htm IDEA: XBRL DOCUMENT v3.20.1
RELATED PARTY TRANSACTIONS - Changes in loans to executive officers, directors and their related associates (Details) - Related party transactions - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Balance, beginning of period $ 9,432 $ 7,651
Advances 8,010 4,374
Repayments (6,787) (2,593)
Balance, end of period $ 10,655 $ 9,432
XML 120 R101.htm IDEA: XBRL DOCUMENT v3.20.1
LONG TERM INCENTIVE PLANS - Amount of cumulatively granted restricted stock awards under 2011 and 2017 Long-Term Incentive Plans (Details) - Restricted stock awards cumulatively granted under 2011 and 2017 Long-Term Incentive Plans - $ / shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Restricted stock awards, beginning of year 39,434 27,024
Beginning of year, weighted average grant price $ 37.73 $ 34.62
Granted 15,130 13,210
Granted, weighted average grant price $ 39.70 $ 44.30
Vested (14,228)
Vested, weighted average grant price $ 30.33
Forfeited (710) (800)
Forfeited, weighted average grant price $ 42.81 $ 40.99
Restricted stock awards, end of year 39,626 39,434
End of year, weighted average grant price $ 41.04 $ 37.73
XML 121 R39.htm IDEA: XBRL DOCUMENT v3.20.1
MORTGAGE SERVICING RIGHTS (Tables)
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Balance of loans serviced for others and fair value of mortgage servicing rights
December 31, (in thousands)    2019      2018  
Residential mortgage loans serviced for others  $106,255   $111,378 
Fair value of mortgage servicing rights   813    951 
Changes in mortgage servicing rights
Years ended December 31, (in thousands)    2019      2018      2017  
Mortgage Servicing Rights               
Balance, beginning of period  $228   $233   $339 
Originated   61    43    63 
Amortization (1)   (51)   (48)   (169)
Balance, end of period   238    228    233 
Valuation Allowance               
Balance, beginning of period   —    —    (23)
Decrease (increase) in impairment reserve (1)   —    —    23 
Balance, end of period   —    —    — 
Mortgage servicing rights, net  $238   $228   $233 
(1)Amortization expense and changes in the impairment reserve are recorded in mortgage servicing, net.
XML 122 R31.htm IDEA: XBRL DOCUMENT v3.20.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 24 – EARNINGS PER SHARE

The calculation of earnings per share is as follows:

  Years ended December 31, (in thousands, except per share amounts)    2019      2018      2017  
Net income applicable to common shareholders  $11,136   $8,824   $6,256 
Less: Undistributed earnings allocated to participating securities   (160)   (111)   (55)
Net income allocated to common stock  $10,976   $8,713   $6,201 
Weighted average common shares issued   2,817    2,798    2,779 
Less: Unvested restricted stock awards   (35)   (35)   (24)
Weighted average common shares outstanding used to calculate basic earnings per common share   2,782    2,763    2,755 
Add: Dilutive effect of stock options   12    17    19 
Weighted average common shares outstanding used to calculate diluted earnings per common share   2,794    2,780    2,774 
Earnings per common share (basic)  $3.95   $3.15   $2.25 
Earnings per common share (diluted)  $3.93   $3.13   $2.24 
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MERGERS AND ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Accretable yield for ASC 310-30 acquired loan portfolio
  (In thousands)    2019      2018  
Balance at beginning of period  $204   $517 
Acquisitions   —    — 
Accretion   (204)   (164)
Disposals   —    (149)
Reclassification from non-accretable to accretable   —    — 
Balance at end of period  $—   $204 

XML 125 R110.htm IDEA: XBRL DOCUMENT v3.20.1
FINANCIAL INSTRUMENTS (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Investments, All Other Investments [Abstract]    
Maximum potential amount of Bank's obligation for financial, commercial and standby letters of credit $ 4,700 $ 3,900
Allowance for off-balance sheet commitments $ 96 $ 90
XML 126 R114.htm IDEA: XBRL DOCUMENT v3.20.1
SALISBURY BANCORP (PARENT ONLY) CONDENSED FINANCIAL INFORMATION - Unconsolidated statements of income of Salisbury Bancorp, Inc. (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net income $ 11,136 $ 8,824 $ 6,256
Salisbury Bancorp, Inc. (Parent Only)      
Dividends from subsidiary 3,546 3,529 3,691
Interest income 10 10 8
Interest expense 624 624 624
Non-interest expenses 417 435 530
Income before taxes and equity in undistributed net income of subsidiary 2,515 2,480 2,545
Income tax benefit 252 256 421
Income before equity in undistributed net income of subsidiary 2,767 2,736 2,966
Equity in undistributed net income of subsidiary 8,369 6,088 3,290
Net income $ 11,136 $ 8,824 $ 6,256
XML 127 R16.htm IDEA: XBRL DOCUMENT v3.20.1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 9 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

Years ended December 31, (in thousands)    2019      2018      2017  
Goodwill (1)               
Balance, beginning of period  $13,815   $13,815   $12,552 
Additions   —    —    1,263 
Impairment   —    —    — 
Balance, end of period  $13,815   $13,815   $13,815 
Core Deposit Intangibles               
Cost, beginning of period  $5,881   $5,881   $5,248 
Additions   —    —    633 
Cost, end of period   5,881    5,881    5,881 
Amortization, beginning of period   (4,498)   (4,044)   (3,511)
Amortization   (388)   (454)   (533)
Amortization, end of period   (4,886)   (4,498)   (4,044)
Core deposit intangibles, net  $995   $1,383   $1,837 
(1)Not subject to amortization.

In June 2017, Salisbury acquired the New Paltz, New York branch of Empire State Bank, and assumed approximately $31.4 million in deposits and acquired approximately $7.1 million in loans. Salisbury realized goodwill in the amount of $1.26 million and a core deposit intangible of $633 thousand as a result of this acquisition. Salisbury did not recognize any goodwill or a core deposit intangible as a result of its acquisition of the Fishkill, New York branch from Orange Bank and Trust Company in April 2018.

Salisbury performed an evaluation of its goodwill and intangible assets as of December 31, 2019. There was no impairment recognized during 2019, 2018, or 2017.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years' digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

December 31, (in thousands)  CDI amortization
 2020   $321   
 2021    255   
 2022    192   
 2023    128   
 2024    61   
 2025    25   
 2026    13   
 Total    $995   
XML 128 R118.htm IDEA: XBRL DOCUMENT v3.20.1
SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA - Selected quarterly consolidated financial data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Income                      
Interest and dividend income                 $ 43,413 $ 40,372 $ 35,521
Interest expense                 9,301 7,221 4,238
Net interest and dividend income                 34,112 33,151 31,283
Provision (benefit) for loan losses                 955 1,728 1,020
Trust and Wealth Advisory                 3,995 3,700 3,477
Service charges and fees                 4,028 3,718 3,718
Gains (Losses) on sales of mortgage loans, net                 116 89 125
Mortgage servicing, net                 307 308 255
Gains (Losses) on CRA mutual fund                 25 (18)
(Losses) Gains on sales of available -for-sale- securities, net                 263 318 178
BOLI income and gains                 392 678 343
Other                 124 152 140
Non-interest income                 9,250 8,945 8,236
Non-interest expense                 28,912 29,835 29,329
Income before income taxes                 13,495 10,533 9,170
Net income allocated to common stock                 10,976 8,713 $ 6,201
Financial Condition                      
Total assets $ 1,112,448       $ 1,121,554       1,112,448 1,121,554  
Loans, net 927,413       909,279       $ 927,413 $ 909,279  
Per Common Share Data                      
Earnings, basic                 $ 3.95 $ 3.15 $ 2.25
Earnings, diluted                 3.93 3.13 2.24
Cash dividends declared                 $ 1.12 $ 1.12 $ 1.12
Statistical Data                      
Weighted average common shares outstanding, basic                 2,782 2,763 2,755
Selected quarterly consolidated financial data                      
Statement of Income                      
Interest and dividend income 10,705 $ 11,023 $ 10,832 $ 10,854 10,807 $ 10,516 $ 9,749 $ 9,300      
Interest expense 2,040 2,356 2,488 2,417 2,192 2,016 1,706 1,306      
Net interest and dividend income 8,665 8,667 8,344 8,437 8,615 8,500 8,043 7,993      
Provision (benefit) for loan losses 417 94 151 294 558 378 467 325      
Trust and Wealth Advisory 1,022 1,023 1,044 906 921 936 949 894      
Service charges and fees 1,092 1,003 1,012 920 1,025 932 892 868      
Gains (Losses) on sales of mortgage loans, net 67 42 1 7 51 21 (1) 18      
Mortgage servicing, net 75 76 80 76 57 84 84 83      
Gains (Losses) on CRA mutual fund (4) 6 12 11 8 (6) (7) (13)      
(Losses) Gains on sales of available -for-sale- securities, net (9) 281 (9) 302 17 (2)      
BOLI income and gains 139 86 87 79 432 83 82 82      
Other 28 29 31 37 28 38 42 45      
Non-interest income 2,419 2,256 2,548 2,027 2,824 2,088 2,058 1,975      
Non-interest expense 7,080 7,184 7,439 7,211 7,909 7,329 7,417 7,180      
Income before income taxes 3,587 3,645 3,302 2,959 2,972 2,881 2,217 2,463      
Income tax provision 578 657 599 525 408 537 318 446      
Net income 3,009 2,988 2,703 2,434 2,564 2,344 1,899 2,017      
Net income allocated to common stock 2,960 2,940 2,671 2,408 2,528 2,311 1,877 1,997      
Financial Condition                      
Total assets 1,112,448 1,144,240 1,119,212 1,118,925 1,121,554 1,098,715 1,096,780 1,014,934 $ 1,112,448 $ 1,121,554  
Loans, net 927,413 915,083 910,573 911,188 909,279 898,625 872,796 830,370 927,413 909,279  
Allowance for loan losses 8,895 8,846 8,887 8,750 7,831 7,745 7,381 7,058 8,895 7,831  
Securities 95,925 98,270 103,857 102,479 97,150 101,591 90,870 84,878 95,925 97,150  
Deposits 919,506 966,178 950,723 941,969 926,739 902,161 897,481 831,837 919,506 926,739  
Repurchase agreements 8,530 8,588 6,308 2,951 4,104 6,658 1,691 3,962 8,530 4,104  
FHLBB advances 50,887 37,828 32,769 47,712 67,154 67,596 79,538 62,480 50,887 67,154  
Shareholders' equity 113,655 111,580 108,948 106,109 103,459 100,767 99,180 98,097 113,655 103,459  
Non-performing assets $ 3,935 $ 5,687 $ 5,463 $ 7,130 $ 8,324 $ 8,513 $ 6,359 $ 5,761 $ 3,935 $ 8,324  
Per Common Share Data                      
Earnings, basic $ 1.06 $ 1.06 $ 0.96 $ 0.87 $ 0.91 $ 0.84 $ 0.68 $ 0.72      
Earnings, diluted 1.06 1.05 0.95 0.86 0.91 0.83 0.68 0.71      
Cash dividends declared 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28      
Cash dividends paid 0.28 0.28 0.28 0.28 0.28 0.28 0.28 0.28      
Book value 40.22 39.52 38.59 37.81 36.86 35.93 35.38 35.20      
Market price: High 47.05 40.00 42.60 44.20 43.04 48.44 46.70 49.85      
Market price: Low $ 37.42 $ 35.26 $ 37.20 $ 35.25 $ 35.25 $ 40.36 $ 38.15 $ 44.00      
Statistical Data                      
Net interest margin (fully tax equivalent) 3.34% 3.29% 3.19% 3.28% 3.34% 3.29% 3.31% 3.46%      
Efficiency ratio (fully tax equivalent) 61.81% 62.90% 65.81% 66.15% 69.13% 66.91% 70.87% 69.35%      
Return on average assets 1.07% 1.05% 0.97% 0.89% 0.92% 0.85% 0.69% 0.81%      
Return on average shareholders' equity 10.56% 10.73% 10.07% 9.45% 9.99% 9.26% 7.68% 8.33%      
Weighted average common shares outstanding, basic 2,781 2,783 2,780 2,777 2,766 2,764 2,761 2,759      
Weighted average common shares outstanding, diluted 2,794 2,795 2,793 2,789 2,779 2,779 2,779 2,780      
XML 129 R12.htm IDEA: XBRL DOCUMENT v3.20.1
LEASES
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
LEASES

NOTE 5 – LEASES

On January 1, 2019, the Bank adopted ASU 2016-02, “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Bank leases facilities and equipment with various expiration dates through 2036. The facilities leases have varying renewal options, generally require fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. The leases for two Bank facilities were accounted for as finance leases (previously referred to as capital leases) at December 31, 2019. The remaining leases were classified as operating leases, and therefore, were previously not recognized on the Bank's Consolidated Balance Sheet. Effective January 1, 2019, the Bank recorded approximately $1.6 million of right-of-use assets and corresponding lease liability related to these operating leases. The Bank does not have any leases with related parties and equipment leases are not material to Salisbury's consolidated financial statements.

The following table provides the assets and liabilities as well as the costs of operating and finance leases that are included in the Bank's consolidated balance sheet as of December 31, 2019 and consolidated income statements for the twelve months and three months ended December 31, 2019.

($ in thousands)  Classification    December 31, 2019  
Assets        
Operating  Other assets  $1,360 
Finance  Bank premises and equipment 1   1,503 
Total Leased Assets     $2,863 
Liabilities        
Operating  Accrued interest and other liabilities  $1,360 
Finance  Finance lease obligations   1,718 
Total lease liabilities     $3,078 
1 Net of accumulated depreciation of $294 thousand.
         
Lease cost ($ in thousands)  Classification   

Twelve months ended

December 31, 2019

 
Operating leases  Premises and equipment  $255 
Finance leases:        
  Amortization of leased assets  Premises and equipment   200 
  Interest on finance leases  Interest expense   173 
Total lease cost     $628 
         
Weighted Average Remaining Lease Term        
Operating leases      8.2 years 
Financing leases      15.1 years 
Weighted Average Discount Rate 1        
Operating leases      3.70%
Financing leases      8.41%
1 Salisbury uses the FHLBB five year Advance rate as the discount rate, as its leases do not provide an implicit rate.

The following is a schedule by years of the present value of the net minimum lease payments as of December 31, 2019.

  Future minimum lease payments (in thousands)    Operating Leases      Finance Leases  
 2020   $246   $186 
 2021    228    192 
 2022    199    195 
 2023    134    198 
 2024    129    200 
 Thereafter    653    1,980 
 Total future minimum lease payments    1,589    2,951 
 Less amount representing interest    (229)   (1,233)
 Total present value of net future minimum lease payments   $1,360   $1,718 

 
XML 130 R83.htm IDEA: XBRL DOCUMENT v3.20.1
PLEDGED ASSETS (Details Narrative)
$ in Thousands
Dec. 31, 2019
USD ($)
Guarantees [Abstract]  
Securities pledged to secure public deposits $ 43,550
Securities pledged to secure repurchase agreements 9,250
Securities pledged to secure FHLBB advances $ 50
XML 131 R73.htm IDEA: XBRL DOCUMENT v3.20.1
LOANS - Composition of loans receivable and allowance for loan losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Totals $ 927,413 $ 909,279
Collectively evaluated Loans    
Residential 1-4 family 340,847 340,946
Residential 5+ multifamily 34,478 34,835
Construction of residential 1-4 family 11,889 12,041
Home equity lines credit 33,693 33,975
Residential real estate 420,907 421,797
Commercial 285,462 279,389
Construction of commercial 8,466 8,622
Commercial real estate 293,928 288,011
Farm land 3,455 3,969
Vacant land 7,713 8,132
Real estate secured 726,003 721,909
Commercial and industrial 169,285 162,404
Municipal 21,914 14,344
Consumer 6,349 4,512
Unallocated allowance
Totals 923,551 903,169
Collectively evaluated Allowance    
Residential 1-4 family 2,117 2,042
Residential 5+ multifamily 446 413
Construction of residential 1-4 family 75 83
Home equity lines credit 197 213
Residential real estate 2,835 2,751
Commercial 3,333 2,907
Construction of commercial 104 106
Commercial real estate 3,437 3,013
Farm land 47 33
Vacant land 66 98
Real estate secured 6,385 5,895
Commercial and industrial 1,143 1,158
Municipal 46 12
Consumer 59 56
Unallocated allowance 569 438
Totals 8,202 7,559
Individually evaluated Loans    
Residential 1-4 family 5,452 4,916
Residential 5+ multifamily 977 1,675
Construction of residential 1-4 family
Home equity lines credit 105 458
Residential real estate 6,534 7,049
Commercial 4,333 4,210
Construction of commercial 354
Commercial real estate 4,333 4,564
Farm land 186 216
Vacant land 180 190
Real estate secured 11,233 12,019
Commercial and industrial 126 501
Municipal
Consumer 36
Unallocated allowance
Totals 11,395 12,520
Individually evaluated Allowance    
Residential 1-4 family 276 107
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines credit 6
Residential real estate 276 113
Commercial 409 141
Construction of commercial 16
Commercial real estate 409 157
Farm land
Vacant land 5 2
Real estate secured 690 272
Commercial and industrial 2
Municipal
Consumer 1
Unallocated allowance
Totals 693 272
Total portfolio Loans    
Residential 1-4 family 346,299 345,862
Residential 5+ multifamily 35,455 36,510
Construction of residential 1-4 family 11,889 12,041
Home equity lines credit 33,798 34,433
Residential real estate 427,441 428,846
Commercial 289,795 283,599
Construction of commercial 8,466 8,976
Commercial real estate 298,261 292,575
Farm land 3,641 4,185
Vacant land 7,893 8,322
Real estate secured 737,236 733,928
Commercial and industrial 169,411 162,905
Municipal 21,914 14,344
Consumer 6,385 4,512
Unallocated allowance
Totals 934,946 915,689
Total portfolio Allowance    
Residential 1-4 family 2,393 2,149
Residential 5+ multifamily 446 413
Construction of residential 1-4 family 75 83
Home equity lines credit 197 219
Residential real estate 3,111 2,864
Commercial 3,742 3,048
Construction of commercial 104 122
Commercial real estate 3,846 3,170
Farm land 47 33
Vacant land 71 100
Real estate secured 7,075 6,167
Commercial and industrial 1,145 1,158
Municipal 46 12
Consumer 60 56
Unallocated allowance 569 438
Totals $ 8,895 $ 7,831
XML 132 R77.htm IDEA: XBRL DOCUMENT v3.20.1
LEASES - Assets and liabilities as well as the costs of operating and financial leases (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
Leases - Assets  
Operating - Other assets $ 1,360
Finance - Bank premises and equipment 1,503
Total Leased Assets 2,863
Leases - Liabilities  
Operating - Accrued interest and other liabilities 1,360
Finance - Finance lease obligations 1,718
Total lease liabilities 3,078
Lease cost  
Operating leases - Premises and equipment 255
Finance leases: Amortization of leased assets - Premises and equipment 200
Finance leases: Interest on finance leases - Interest expense 173
Total lease cost $ 628
Weighted Average Remaining Lease Term  
Operating leases 8 years 2 months 12 days
Financing leases 15 years 1 month 6 days
Weighted Average Discount Rate  
Operating leases 3.70%
Financing leases 8.41%
XML 133 R87.htm IDEA: XBRL DOCUMENT v3.20.1
GOODWILL AND INTANGIBLE ASSETS (Details Narrative)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Deposits assumed from acquisition $ 31,400
Loans acquired from acquisition 7,100
Goodwill realized 1,260
Core deposit intangible assigned to acquisition $ 633
XML 134 R6.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Paid-in capital
Retained earnings
Unearned compensation restricted stock awards
Accumulated other comprehensive (loss) income
Total
Balance - Beginning, amount at Dec. 31, 2016 $ 276 $ 42,085 $ 51,521 $ (352) $ 477 $ 94,007
Balance - Beginning, shares at Dec. 31, 2016 2,758,086          
Net income 6,256 6,256
Other comprehensive loss/income, net of tax (298) (298)
Common stock dividends declared (3,113) (3,113)
Stock options exercised, amount $ 1 315 316
Stock options exercised, shares 12,150          
Issuance of restricted common stock, amount $ 2 462 (464)
Issuance of restricted common stock, shares 11,800          
Forfeiture of restricted stock, amount (28) 28
Forfeiture of restricted stock, shares (900)          
Issuance of common stock for directors fees, amount 81 81
Issuance of common stock for directors fees, shares 2,056          
Issuance of director's restricted stock awards, amount 83 (83)
Issuance of director's restricted stock awards, shares 2,024          
Stock based compensation - restricted stock awards 265 265
Balance - Ending, amount at Dec. 31, 2017 $ 279 42,998 54,664 (606) 179 97,514
Balance - Ending, shares at Dec. 31, 2017 2,785,216          
Net income 8,824 8,824
Adoption of new accounting principle (16) 16
Other comprehensive loss/income, net of tax (415) (415)
Common stock dividends declared (3,133) (3,133)
Stock options exercised, amount $ 1 221 222
Stock options exercised, shares 9,155          
Issuance of restricted common stock, amount $ 1 409 (410)
Issuance of restricted common stock, shares 9,250          
Forfeiture of restricted stock, amount (33) 33
Forfeiture of restricted stock, shares (800)          
Issuance of director's restricted stock awards, amount 175 (175)
Issuance of director's restricted stock awards, shares 3,960          
Stock based compensation - restricted stock awards 447 447
Balance - Ending, amount at Dec. 31, 2018 $ 281 43,770 60,339 (711) (220) $ 103,459
Balance - Ending, shares at Dec. 31, 2018 2,806,781         2,806,781
Net income 11,136 $ 11,136
Other comprehensive loss/income, net of tax 1,577 1,577
Common stock dividends declared (3,155) (3,155)
Stock options exercised, amount 82 82
Stock options exercised, shares 4,725          
Issuance of restricted common stock, amount $ 2 457 (459)
Issuance of restricted common stock, shares 11,530          
Forfeiture of restricted stock, amount (31) 31
Forfeiture of restricted stock, shares (710)          
Issuance of director's restricted stock awards, amount 142 (142)
Issuance of director's restricted stock awards, shares 3,600          
Retired common stock, amount
Retired common stock, shares (14)          
Stock based compensation - restricted stock awards 70 486 556
Balance - Ending, amount at Dec. 31, 2019 $ 283 $ 44,490 $ 68,320 $ (795) $ 1,357 $ 113,655
Balance - Ending, shares at Dec. 31, 2019 2,825,912         2,825,912
XML 135 R2.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
ASSETS    
Cash and due from banks $ 7,406 $ 7,238
Interest bearing demand deposits with other banks 19,479 51,207
Total cash and cash equivalents 26,885 58,445
Interest bearing time deposits with financial institutions 750
Securities    
Available-for-sale at fair value 91,801 91,818
CRA mutual fund 882 836
Federal Home Loan Bank of Boston stock at cost 3,242 4,496
Loans held-for-sale 332
Loans receivable, net (allowance for loan losses: $8,846 and $7,831) 927,413 909,279
Other real estate owned 314 1,810
Bank premises and equipment, net 17,385 18,175
Goodwill 13,815 13,815
Intangible assets (net of accumulated amortization: $4,795 and $4,498) 995 1,383
Accrued interest receivable 3,415 3,148
Cash surrender value of life insurance policies 20,580 14,438
Deferred taxes 1,249 1,276
Other assets 3,390 2,635
Total Assets 1,112,448 1,121,554
Deposits    
Demand (non-interest bearing) 237,852 228,448
Demand (interest bearing) 153,314 153,586
Money market 239,504 204,219
Savings and other 161,112 178,807
Certificates of deposit 127,724 161,679
Total deposits 919,506 926,739
Repurchase agreements 8,530 4,104
Federal Home Loan Bank of Boston advances 50,887 67,154
Subordinated debt 9,859 9,835
Note payable 246 280
Financial lease obligations 1,718 3,081
Accrued interest and other liabilities 8,047 6,902
Total Liabilities 998,793 1,018,095
Shareholders' Equity    
Common stock - $.10 per share par value; Authorized: 5,000,000; Issued: 2,899,408 and 2,884,988; Outstanding: 2,823,212 and 2,806,781 283 281
Unearned compensation - restricted stock awards (795) (711)
Paid-in capital 44,490 43,770
Retained earnings 68,320 60,339
Accumulated other comprehensive income (loss), net 1,357 (220)
Total Shareholders' Equity 113,655 103,459
Total Liabilities and Shareholders' Equity $ 1,112,448 $ 1,121,554
XML 136 R54.htm IDEA: XBRL DOCUMENT v3.20.1
SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Unconsolidated balance sheets of Salisbury Bancorp, Inc.
  Balance Sheets
  December 31, (in thousands)		    2019      2018  
Assets          
Cash and due from banks  $2,273   $2,105 
Investment in bank subsidiary   121,027    110,525 
Other assets   252    689 
Total Assets  $123,552   $113,319 
Liabilities and Shareholders' Equity          
Subordinated debt  $9,859   $9,835 
Other liabilities   38    25 
Shareholders' equity   113,655    103,459 
Total Liabilities and Shareholders' Equity  $123,552   $113,319 
Unconsolidated statements of income of Salisbury Bancorp, Inc.
  Statements of Income
  Years ended December 31, (in thousands)		    2019      2018      2017  
Dividends from subsidiary  $3,546   $3,529   $3,691 
Interest income   10    10    8 
Interest expense   624    624    624 
Non-interest expenses   417    435    530 
Income before taxes and equity in undistributed net income of subsidiary   2,515    2,480    2,545 
Income tax benefit   252    256    421 
Income before equity in undistributed net income of subsidiary   2,767    2,736    2,966 
Equity in undistributed net income of subsidiary   8,369    6,088    3,290 
Net income  $11,136   $8,824   $6,256 
Unconsolidated statements of cash flows of Salisbury Bancorp, Inc.
  Statements of Cash Flows
  Years ended December 31, (in thousands)		    2019      2018      2017  
Net income  $11,136   $8,824   $6,256 
Adjustments to reconcile net income to net cash provided by operating activities:               
Equity in undistributed net income of subsidiary   (8,369)   (6,088)   (3,290)
Other   474    (239)   (410)
Net cash provided by operating activities   3,241    2,497    2,556 
Investing Activities               
Investment in bank   —    —    — 
Net cash utilized by investing activities   —    —    — 
Financing Activities               
Common stock dividends paid   (3,155)   (3,133)   (3,113)
Proceeds from issuance of common stock   82    222    395 
Net cash (utilized) by financing activities   (3,073)   (2,911)   (2,718)
Net increase (decrease) in cash and cash equivalents   168    (414)   (162)
Cash and cash equivalents, beginning of period   2,105    2,519    2,681 
Cash and cash equivalents, end of period  $2,273   $2,105   $2,519 
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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Changes in loans to executive officers, directors and their related associates
  Years ended December 31, (in thousands)    2019      2018  
 Balance, beginning of period   $9,432   $7,651 
 Advances    8,010    4,374 
 Repayments    (6,787)   (2,593)
 Balance, end of period   $10,655   $9,432 
XML 138 R58.htm IDEA: XBRL DOCUMENT v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Purchase of branch office in 2001    
Goodwill from purchases and acquisitions $ 2,400 $ 2,400
Canaan National Bancorp, Inc. acquisition in 2004    
Goodwill from purchases and acquisitions 7,200 7,200
Branch office purchase in New York State in 2007    
Goodwill from purchases and acquisitions 319 319
Riverside Bank acquisition in December 2014    
Goodwill from purchases and acquisitions 2,700 2,700
Purchase of additional branch office in New York in 2017    
Goodwill from purchases and acquisitions $ 1,300 $ 1,300