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

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

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

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

The unconsolidated balance sheets and statements of income and cash flows of Salisbury Bancorp, Inc. are presented as follows:

Balance Sheets December 31, (in thousands)		2020		2019
Assets
Cash and due from banks	$	1,968	$	2,273
Investment in bank subsidiary		132,407		121,027
Other assets		273		252
Total Assets	$	134,648	$	123,552
Liabilities and Shareholders' Equity
Subordinated debt	$	9,883	$	9,859
Other liabilities		13		38
Shareholders' equity		124,752		113,655
Total Liabilities and Shareholders' Equity	$	134,648	$	123,552

Statements of Income Years ended December 31, (in thousands)		2020		2019		2018
Dividends from subsidiary	$	3,787	$	3,546	$	3,529
Interest income		6		10		10
Interest expense		618		624		624
Non-interest expenses		495		417		435
Income before taxes and equity in undistributed net income of subsidiary		2,680		2,515		2,480
Income tax benefit		273		252		256
Income before equity in undistributed net income of subsidiary		2,953		2,767		2,736
Equity in undistributed net income of subsidiary		8,987		8,369		6,088
Net income	$	11,940	$	11,136	$	8,824

Statements of Cash Flows Years ended December 31, (in thousands)		2020			2019			2018
Net income	$	11,940		$	11,136		$	8,824
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary		(8,987	)		(8,369	)		(6,088	)
Other		(25	)		474			(239	)
Net cash provided by operating activities		2,928			3,241			2,497
Investing Activities
Investment in bank		-			-			-
Net cash utilized by investing activities		-			-			-
Financing activities
Common stock dividends paid		(3,286	)		(3,155	)		(3,133	)
Proceeds from issuance of common stock		53			82			222
Net cash utilized by financing activities		(3,233	)		(3,073	)		(2,911	)
Net increase (decrease) in cash and cash equivalents		(305	)		168			(414	)
Cash and cash equivalents, beginning of period		2,273			2,105			2,519
Cash and cash equivalents, end of period	$	1,968		$	2,273		$	2,105