0001554795-21-000133.txt : 20210421 0001554795-21-000133.hdr.sgml : 20210421 20210421134457 ACCESSION NUMBER: 0001554795-21-000133 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210421 DATE AS OF CHANGE: 20210421 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14854 FILM NUMBER: 21840809 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 8-K 1 sal0419form8k.htm FORM 8-K
0001060219 false SALISBURY BANCORP INC 0001060219 2021-04-21 2021-04-21 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

 

FORM 8-K

________________________

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

April 21, 2021

________________________

Salisbury Bancorp, Inc.

(Exact name of registrant as specified in its charter)

________________________

 

Connecticut

(State of other jurisdiction

of incorporation)

  

000-24751

(Commission

File Number)

  

06-1514263

(IRS Employer

Identification No.)

 

5 Bissell Street, Lakeville, Connecticut

(Address of principal executive offices)

  

 

 

06039

(Zip Code)

 

  Registrant’s telephone number, including area code: (860)435-9801  
     
 

(Former name or former address, if changed since last report)

________________________ 

  
           

 

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, $0.10 par value per share SAL NASDAQ

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

   

 

 

 

Section 2.Financial Information
  

Item 2.02Results of Operations and Financial Condition

 

On April 21, 2021 Salisbury Bancorp, Inc. (“Salisbury”) (NASDAQ: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), issued a press release announcing results for its first quarter ended March 31, 2021. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01.Regulation FD Disclosure

 

On April 21, 2021, Salisbury announced that investor presentation slides, which include a review of financial results and trends through the period ended March 31, 2021, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under News & Market Information/Presentations. The information in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and is not incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Section 9.Financial Statements and Exhibits

 

Item 9.01.Financial Statement and Exhibits

 

(a)Not Applicable.

 

(b)Not Applicable.

 

(c)Not Applicable.

 

(d)Exhibits.
   
  Exhibit Number Description
     
  99.1 Press release dated March 31, 2021

   

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

    Salisbury Bancorp, Inc.
     
Date: April 21, 2021 By:

/s/ Peter Albero                               

Peter Albero

Executive Vice President and Chief Financial Officer

 

 EX-99.1 2 sal0419form8kexh99_1.htm EXHIBIT 99.1

Exhibit 99.1

 

Wednesday, April 21, 2021

Company Press Release

 

Source: Salisbury Bancorp, Inc.

 

Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer

860-435-9801 or rcantele@salisburybank.com

 

FOR IMMEDIATE RELEASE

 

SALISBURY BANCORP, INC. INCREASES DIVIDEND AND REPORTS RECORD RESULTS FOR FIRST QUARTER 2021

 

·First Quarter 2021 Record Net Income of $1.59 per Basic Common Share
·Quarterly Cash Dividend Increased 3.4% to $0.30 Per Common Share
·Non-performing Assets were 0.41% of Total Assets Compared with 0.44% at December 31, 2020
·Common Equity Tier 1 and Total Risk-Based Capital Ratios of 13.33% and 14.58%, Respectively
·Issued $25 Million of Subordinated Debt and Announced a Share Repurchase Program

 

Lakeville, Connecticut, April 21, 2021 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its first quarter ended March 31, 2021.

Net income available to common shareholders was $4.5 million, or $1.59 per basic common share, for Salisbury’s first quarter ended March 31, 2021 (first quarter 2021), compared with $2.8 million, or $0.99 per basic common share, for the fourth quarter ended December 31, 2020 (fourth quarter 2020), and $2.0 million, or $0.72 per basic common share, for the first quarter ended March 31, 2020 (first quarter 2020).

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “Thanks to the continued dedication and commitment of our employees, we are pleased to report record results for the quarter. Asset quality remains strong and the economic climate in the markets in which we operate is expected to continue to improve as the vaccine rollout gains momentum. We continued to support our customers and local communities during the first quarter by processing an additional 435 loan applications for $47 million under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Since the inception of the program, we have processed nearly 1,400 loan applications for aggregate loans approaching $150 million. In addition, we strengthened our capital base through a $25 million subordinated debt offering on extremely favorable terms, and our Board of Directors approved a common stock repurchase program, which authorizes Salisbury to repurchase up to 5% of its outstanding common shares. We are well-positioned to grow our franchise and continue to meet the needs of our customers. We remain committed to providing outstanding customer service and supporting our local communities.”

Net Interest and Dividend Income

Tax equivalent net interest income of $10.5 million for the first quarter 2021 increased $527 thousand, or 5.3%, versus fourth quarter 2020, and increased $1.6 million, or 17.5%, versus first quarter 2020. Tax equivalent interest income of $11.3 million for first quarter 2021 increased $320 thousand, or 2.9%, versus fourth quarter 2020 and increased $381 thousand, or 3.5%, from first quarter 2020. First quarter 2021 interest income included PPP fees and interest of $1.3 million compared with $855 thousand in fourth quarter 2020. The cost of interest bearing liabilities of $746 thousand for first quarter 2021 decreased $207 thousand, or 21.8%, compared to fourth quarter 2020 and declined $1.2 million, or 61.4% from first quarter 2020.

Average earning assets of $1.3 billion for first quarter 2021 were essentially unchanged from fourth quarter 2020, and increased $194.2 million, or 18.3%, versus first quarter 2020. Average earning assets for first quarter 2021 included average PPP loan balances of $92.8 million, net of deferred fees. Average total interest bearing liabilities of $0.9 billion for first quarter 2021 were essentially unchanged from fourth quarter 2020 and increased $97.5 million, or 12.7%, versus first quarter 2020. The increase from first quarter 2020 primarily reflected the funding of PPP loans.

The tax equivalent net interest margin for first quarter 2021 was 3.34% compared with 3.17% for fourth quarter 2020 and 3.35% for first quarter 2020. Excluding the impact of PPP loans, the tax equivalent net interest margin for first quarter 2021 was 3.16% compared with 3.13% for fourth quarter 2020. There were no PPP loans recorded on Salisbury’s consolidated balance sheet in first quarter 2020. See SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income on page 8 on this release for additional details.

Non-Interest Income

Non-interest income of $2.8 million for first quarter 2021 increased $365 thousand versus fourth quarter 2020 and increased $596 thousand versus first quarter 2020.

Trust and Wealth Advisory fees of $1.1 million for first quarter 2021 increased $80 thousand from fourth quarter 2020 and increased $116 thousand versus first quarter 2020. The increase from first quarter 2020 primarily reflected higher asset-based fees. Assets under administration were $902.1 million at March 31, 2021 compared with $944.3 million at December 31, 2020 and $639.5 million at March 31, 2020. Discretionary assets under administration of $578.2 million in first quarter 2021 increased from $555.0 million in fourth quarter 2020 and $425.4 million in first quarter 2020 primarily due to higher market valuations. Non-discretionary assets under administration of $323.9 million in first quarter 2021 declined from $389.4 million in fourth quarter 2020 and increased from $214.1 million in first quarter 2020. The decline from fourth quarter 2020 reflected a lower valuation of shares in a partnership for one significant client relationship, and the increase from first quarter 2020 was due to the addition of partnership assets under administration for the same client relationship. The trust and wealth business records only a nominal annual fee on this relationship.

Service charges and fees of $0.9 million for first quarter 2021 increased $92 thousand versus fourth quarter 2020 and increased $45 thousand versus first quarter 2020. The increase from fourth quarter 2020 primarily reflected an additional two months of deposit fees as such fees were reinstated in late November 2020. The increase from first quarter 2020 primarily reflected higher interchange fees partially offset by lower deposit fees. Income from mortgage sales and servicing increased $169 thousand versus fourth quarter 2020 and increased $480 thousand versus first quarter 2020. The increase from the prior periods reflected a higher sales volume of residential mortgage loans to the FHLB Boston.

Non-interest income for the first quarter 2021 included BOLI income of $125 thousand compared to $110 thousand in fourth quarter 2020 and $134 thousand in first quarter 2020.

Non-Interest Expense

Non-interest expense of $7.3 million for first quarter 2021 decreased $794 thousand versus fourth quarter 2020 and increased $323 thousand versus first quarter 2020. Compensation expense of $4.2 million for first quarter 2021 decreased $529 thousand from fourth quarter 2020 and increased $217 thousand versus first quarter 2020. The decline from fourth quarter 2020 primarily reflected lower salaries, production, and incentive accruals as well as higher deferred loan origination expenses related to the processing of PPP loans. The increase from first quarter 2020 primarily reflected higher salary, production and incentive accruals, partly offset by higher deferred loan origination expenses related to the processing of PPP loans.

Excluding compensation, other non-interest expenses for first quarter 2021 declined $265 thousand from fourth quarter 2020 and increased $106 thousand from first quarter 2020. The decline from fourth quarter 2020 primarily reflected lower premises and equipment and marketing expenses. The increase from first quarter 2020 primarily reflected higher professional fees, higher FDIC insurance costs and higher lending related costs.

The effective income tax rates for first quarter 2021, fourth quarter 2020 and first quarter 2020 were 21.6%, 17.5% and 14.4%, respectively. The higher tax rate in first quarter 2021 primarily reflected a lower mix of tax-exempt income from municipal bonds, tax advantaged loans and bank-owned life insurance on a comparatively higher level of pre-tax income.

Loans

Gross loans receivable of $1.1 billion increased $13.6 million from December 31, 2020, and increased $95.3 million from $959.8 million at March 31, 2020. Commercial & industrial loan growth during first quarter 2021 reflected the origination of approximately $47 million of additional PPP loans, partly offset by the forgiveness of approximately $36 million of PPP loans by the SBA. At March 31, 2021 Salisbury had PPP loans, net of deferred fees, of approximately $94 million on its balance sheet compared with approximately $85 million at December 31, 2020. The decline in residential real estate balances reflected the sale of $21.3 million of loans to the FHLB Boston during first quarter 2021 as part of the Bank’s strategy to manage interest rate risk. The ratio of gross loans to deposits for first quarter 2021 was 87.1% compared with 92.2% for fourth quarter 2020 and 99.4% for first quarter 2020. Balances by loan type for the comparative periods were as follows:

Loan Type    Q1 2021      Q4 2020      Q1 2020  
Residential Real Estate  $418,991   $425,677   $432,241 
Commercial Real Estate   341,142    342,563    321,358 
Commercial & Industrial   249,357    227,148    157,573 
Farm Land   3,606    3,198    3,612 
Vacant Land   13,228    14,079    14,488 
Municipal   21,495    21,512    20,964 
Consumer   8,617    7,687    8,195 
Deferred (Fees)/Cost   (1,365)   (372)   1,329 
Gross Loans Receivable  $1,055,071   $1,041,492   $959,760 

 

Asset Quality

In March 2020, Salisbury implemented a loan payment deferral program which allowed residential, commercial and consumer borrowers, who have been adversely affected by the COVID-19 pandemic, to defer loan payments for up to three months. Customers may also apply for additional deferments. As of March 31, 2021, loan payments were deferred on 14 commercial loans ($27 million loan balance). There were no outstanding deferrals related to residential and consumer loans as of March 31, 2021.

Non-performing assets increased $58 thousand during the first quarter to $5.7 million, or 0.41% of total assets at March 31, 2021, from $5.6 million, or 0.44% of total assets at December 31, 2020, and increased $2.5 million from $3.2 million, or 0.28% of total assets, at March 31, 2020.

The amount of total impaired and potential problem loans was $48.9 million or 4.64% of gross loans receivable at March 31, 2021 compared to $30.1 million, or 2.90% of gross loans receivable at December 31, 2020 and $28.1 million, or 2.93% of gross loans receivable at March 31, 2020. The increase from the comparative periods primarily reflected loans to certain borrowers in the hospitality and entertainment and recreation industries for which loan payments are currently deferred due to COVID-19.

Accruing loans receivable 30-to-89 days past due decreased $4.5 million during first quarter 2021 to $2.4 million, or 0.23% of gross loans receivable, from $6.9 million, or 0.66% of gross loans receivable at December 31, 2020, and decreased $3.7 million from $6.1 million, or 0.64% of gross loans receivable at March 31, 2020.

The allowance for loan losses for first quarter 2021 was $13.9 million compared with $13.8 million for fourth quarter 2020 and $10.6 million for first quarter 2020.The provision for loan loss expense was $158 thousand for first quarter 2021 versus $840 thousand for fourth quarter 2020, and $1.7 million for the first quarter 2020. The decrease in the provision versus comparative periods reflected management’s current assessment of the impact of the COVID-19 pandemic on the Bank’s loan portfolio. Net loan charge-offs (recoveries) were $25 thousand for the first quarter 2021, $368 thousand for fourth quarter 2020 and ($17) thousand for the first quarter 2020. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, excluding PPP loans, was 1.45% for the first quarter 2021, versus 1.44% for the fourth quarter 2020 and 1.11% for the first quarter 2020. Similarly, reserve coverage, as measured by the ratio of the allowance for loan losses to non-performing loans was 243% for the first quarter 2021, versus 244% for fourth quarter 2020 and 333% for first quarter 2020.

Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.

Deposits and Borrowings

Deposits were $1.2 billion at March 31, 2021 compared with $1.1 billion at December 31, 2020 and $965.6 million at March 31, 2020. The increase in deposits from fourth quarter 2020 of $82.1 million reflected the funding and forgiveness of PPP loans as well as other customer activity. Deposits at March 31, 2021 reflected brokered deposits, including CDARS one-way buys, of $18.0 consistent with December 31, 2020 and $58.2 million at March 31, 2020. Average total deposits for the first quarter 2021 were $1.2 billion compared with $1.1 billion for the fourth quarter 2020 and $949.5 million for the first quarter 2020. Average total deposits for the first quarter 2021 included average brokered deposits of $18.0 million consistent with fourth quarter 2020 and $33.3 million for first quarter 2020.

Federal Home Loan Bank of Boston (FHLBB) advances decreased $1.2 million during the quarter to $11.4 million at March 31, 2021 and decreased $29.5 million from March 31, 2020. Salisbury’s excess borrowing capacity at FHLBB was approximately $248 million at March 31, 2021.

Capital

Shareholders’ equity increased $2.5 million in first quarter to $127.2 million at March 31, 2021 as net income of $4.5 million, and restricted stock activity of $0.2 million were partly offset by common stock dividends paid of $0.8 million and unrealized losses in the available-for-sale securities portfolio of $1.4 million. Book value per common share increased $0.84 during the first quarter 2021 to $44.72 per share and increased $3.67 from the first quarter 2020. Tangible book value per common share increased $0.87 during first quarter 2021 to $39.65 and increased $3.80 as compared to the first quarter 2020.

The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At March 31, 2021, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.83%, 14.58%, and 13.33%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

On March 31, 2021 Salisbury issued $25 million of subordinated debt that matures in 2031. During the first five years, the debt is non-callable, and the coupon is fixed at 3.50%. After year five, the coupon will float at the then three-month Secured Overnight Financing Rate plus 280 basis points. The proceeds, net of issuance costs, will be used for general corporate purposes, including the redemption of $10 million in outstanding subordinated debt, which Salisbury issued over five years ago at a higher coupon rate, as well as potential share repurchases pursuant to the Common Stock Repurchase Plan approved by the Board of Directors in March 2021. At March 31, 2021, $15 million of the net proceeds was retained at the holding company level and the remainder was allocated to the Bank.

In March 2021, Salisbury announced that its Board of Directors adopted a share repurchase program, which provides for the repurchase of Salisbury’s common stock in amounts up to an aggregate of five percent (5%) of the outstanding shares of Salisbury’s common stock from time to time over the next twelve months.

Dividend on Common Shares

The Board of Directors of Salisbury approved a $0.01 increase in the quarterly dividend at its April 21, 2021 meeting. The quarterly cash dividend of $0.30 per common share will be paid on May 28, 2021 to shareholders of record as of May 14, 2021.

Background

Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut; Great Barrington, South Egremont and Sheffield, Massachusetts; and Dover Plains, Fishkill, Millerton, Newburgh, New Paltz, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a broad spectrum of consumer and business banking products and services as well as trust and wealth advisory services.

Forward-Looking Statements

This news release may contain statements relating to Salisbury’s and the Bank’s future results that are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions and estimates made by management using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in laws and regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios, technological changes and cybersecurity matters, and other factors that may be described in Salisbury’s quarterly reports on Form 10-Q and its annual report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and to which reference is hereby made. Forward-looking statements made by Salisbury in this news release speak only as of the date they are made. Events or other facts that could cause Salisbury’s actual results to differ may arise from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement unless as may be required by law.

Investor presentation slides, which include a review of financial results and trends through the period ended March 31, 2021, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under Shareholder Relations/News & Market Information/Presentations.

   

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)    March 31, 2021      December 31, 2020  
ASSETS          
Cash and due from banks  $8,785   $10,599 
Interest bearing demand deposits with other banks   150,411    82,563 
Total cash and cash equivalents   159,196    93,162 
Interest bearing Time Deposits with Financial Institutions   750    750 
Securities          
Available-for-sale at fair value   127,343    98,411 
CRA mutual fund at fair value   904    917 
Federal Home Loan Bank of Boston stock at cost   1,713    1,713 
Loans held-for-sale   2,313    2,735 
Loans receivable, net (allowance for loan losses: $13,886 and $13,754)   1,041,185    1,027,738 
Bank premises and equipment, net   20,831    20,355 
Goodwill   13,815    13,815 
Intangible assets (net of accumulated amortization: $5,278 and $5,207)   603    674 
Accrued interest receivable   6,237    6,373 
Cash surrender value of life insurance policies   21,307    21,182 
Deferred taxes   2,849    2,412 
Other assets   4,083    3,423 
Total Assets  $1,403,129   $1,293,660 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $334,638   $310,769 
Demand (interest bearing)   229,200    218,869 
Money market   311,971    278,146 
Savings and other   207,109    189,776 
Certificates of deposit   128,253    131,514 
Total deposits   1,211,171    1,129,074 
Repurchase agreements   8,687    7,116 
Federal Home Loan Bank of Boston advances   11,396    12,639 
Subordinated debt   34,305    9,883 
Note payable   197    208 
Finance lease obligations   1,658    1,673 
Accrued interest and other liabilities   8,473    8,315 
Total Liabilities   1,275,887    1,168,908 
Shareholders' Equity          
Common stock - $0.10 per share par value          
Authorized: 5,000,000;          
Issued: 2,845,147 and 2,843,292          
Outstanding: 2,845,147 and 2,843,292   285    284 
Unearned compensation – restricted stock awards   (646)   (774)
Paid-in capital   45,369    45,264 
Retained earnings   80,675    76,974 
Accumulated other comprehensive income, net   1,559    3,004 
Total Shareholders' Equity   127,242    124,752 
Total Liabilities and Shareholders' Equity  $1,403,129   $1,293,660 

 

   

 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Three months ended March 31, (in thousands, except per share amounts)    2021      2020  
Interest and dividend income          
Interest and fees on loans  $10,477   $9,987 
Interest on debt securities          
Taxable   423    455 
Tax exempt   162    185 
Other interest and dividends   34    91 
Total interest and dividend income   11,096    10,718 
Interest expense          
Deposits   555    1,509 
Repurchase agreements   3    7 
Finance lease   32    36 
Note payable   3    4 
Subordinated debt   119    156 
Federal Home Loan Bank of Boston advances   34    219 
Total interest expense   746    1,931 
Net interest and dividend income   10,350    8,787 
Provision for loan losses   158    1,706 
Net interest and dividend income after provision for loan losses   10,192    7,081 
Non-interest income          
Trust and wealth advisory   1,146    1,030 
Service charges and fees   950    905 
Mortgage banking activities, net   608    128 
(Losses) gains on CRA mutual fund   (16)   14 
Gains on securities, net   —      1 
Bank-owned life insurance (“BOLI”) income   125    134 
Other   28    33 
Total non-interest income   2,841    2,245 
Non-interest expense          
Salaries   2,901    2,850 
Employee benefits   1,312    1,146 
Premises and equipment   954    911 
Data processing   565    540 
Professional fees   711    628 
Collections, OREO, and loan related   84    25 
FDIC insurance   145    105 
Marketing and community support   82    125 
Amortization of intangibles   71    87 
Other   434    519 
Total non-interest expense   7,259    6,936 
Income before income taxes   5,774    2,390 
Income tax provision   1,248    343 
Net income  $4,526   $2,047 
Net income available to common shareholders  $4,462   $2,013 
           
Basic earnings per common share  $1.59   $0.72 
Diluted earnings per common share   1.59    0.72 
Common dividends per share   0.29    0.29 
 
 
 

Salisbury Bancorp, Inc. and Subsidiary

SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

At or for the quarters ended               
(in thousands, except per share amounts and ratios)    Q1 2021      Q4 2020      Q3 2020      Q2 2020      Q1 2020  
Total assets  $1,403,129   $1,293,660   $1,292,760   $1,287,137   $1,145,751 
Loans receivable, net   1,041,185    1,027,738    1,031,593    1,039,524    949,142 
Total securities   129,960    101,043    99,794    93,717    94,966 
Deposits   1,211,171    1,129,074    1,095,141    1,085,599    965,620 
FHLBB advances   11,396    12,639    43,880    55,118    40,932 
Shareholders’ equity   127,242    124,752    122,240    118,444    116,143 
Wealth assets under administration   902,141    944,349    748,188    704,052    639,457 
Discretionary wealth assets under administration   578,199    554,997    514,988    480,456    425,359 
Non-discretionary wealth assets under administration   323,942    389,352    233,200    223,596    214,098 
Non-performing loans   5,706    5,648    4,681    4,815    3,188 
Non-performing assets   5,706    5,648    4,681    4,815    3,188 
Accruing loans past due 30-89 days   2,374    6,850    1,638    2,656    6,109 
Net interest and dividend income   10,350    9,817    9,925    9,617    8,787 
Net interest and dividend income, tax equivalent(1)   10,520    9,993    10,101    9,786    8,954 
Provision for loan losses   158    840    686    1,806    1,706 
Non-interest income   2,841    2,476    3,286    2,316    2,245 
Non-interest expense   7,259    8,054    7,259    6,789    6,936 
Income before income taxes   5,774    3,399    5,266    3,338    2,390 
Income tax provision   1,248    596    910    604    343 
Net income   4,526    2,803    4,356    2,734    2,047 
Net income allocated to common shareholders   4,462    2,764    4,288    2,691    2,013 
                          
Per share data                         
Basic earnings per common share  $1.59   $0.99   $1.53   $0.96   $0.72 
Diluted earnings per common share   1.59    0.98    1.53    0.96    0.72 
Dividends per common share   0.29    0.29    0.29    0.29    0.29 
Book value per common share   44.72    43.88    42.99    41.66    41.05 
Tangible book value per common share - Non-GAAP⁽2⁾   39.65    38.78    37.87    36.51    35.85 
Common shares outstanding at end of period (in thousands)   2,845    2,843    2,843    2,843    2,829 
Weighted average common shares outstanding, to calculate basic earnings per share (in thousands)   2,804    2,803    2,799    2,796    2,788 
Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands)   2,815    2,811    2,807    2,803    2,797 
                          
Profitability ratios                         
Net interest margin (tax equivalent) (1)   3.34%   3.17%   3.29%   3.31%   3.35%
Efficiency ratio (3)   53.75    63.88    56.33    56.23    61.36 
Effective income tax rate   21.61    17.52    17.28    18.11    14.35 
Return on average assets   1.38    0.85    1.34    0.89    0.73 
Return on average common shareholders’ equity   14.53    8.97    14.31    9.36    7.07 
                          
Credit quality ratios                         
Non-performing loans to loans receivable, gross   0.54%   0.54%   0.45%   0.46%   0.33%
Accruing loans past due 30-89 days to loans receivable, gross   0.23    0.66    0.16    0.25    0.64 
Allowance for loan losses to loans receivable, gross   1.32    1.32    1.24    1.18    1.11 
Allowance for loan losses to non-performing loans   243.4    243.5    277.8    256.9    333.0 
Non-performing assets to total assets   0.41    0.44    0.36    0.37    0.28 
                          
Capital ratios                         
Common shareholders' equity to assets   9.07%   9.64%   9.46%   9.20%   10.14%
Tangible common shareholders' equity to tangible assets - Non-GAAP(2)   8.12    8.62    8.42    8.16    8.97 
Tier 1 leverage capital (4)   9.83    8.90    8.93    8.95    9.65 
Total risk-based capital (4)   14.58    13.57    13.60    13.15    12.97 
Common equity tier 1 capital (4)   13.33    12.31    12.35    11.90    11.79 
                          

(1) Adjusted to reflect the U.S. federal statutory benefit on income derived from tax-exempt securities and loans.

(2) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(3) Calculated as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses.

(4) Represents the capital ratios of the Bank.

 

   

 

Salisbury Bancorp, Inc. and Subsidiary

SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)

At or for the quarters ended               
(in thousands, except per share amounts and ratios)    Q1 2021      Q4 2020      Q3 2020      Q2 2020      Q1 2020  
Common Shareholders' Equity  $127,242   $124,752   $122,240   $118,444   $116,143 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (603)   (674)   (748)   (825)   (908)
Tangible Common Shareholders' Equity  $112,824   $110,263   $107,677   $103,804   $101,420 
Total Assets  $1,403,129   $1,293,660   $1,292,760   $1,287,137   $1,145,751 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (603)   (674)   (748)   (825)   (908)
Tangible Total Assets  $1,388,711   $1,279,171   $1,278,197   $1,272,497   $1,131,028 
Common Shares outstanding   2,845    2,843    2,843    2,843    2,829 
                          
Book value per Common Share – GAAP  $44.72   $43.88   $42.99   $41.66   $41.05 
Tangible book value per Common Share - Non-GAAP   39.65    38.78    37.87    36.51    35.85 
Tangible common shareholders’ equity to tangible total assets - Non-GAAP   8.12%   8.62%   8.42%   8.16%   8.97%
Consolidated:                         
Non-interest expense  $7,259   $8,054   $7,259   $6,789   $6,936 
Less: Amortization of core deposit intangibles   (71)   (74)   (78)   (83)   (87)
Less: Foreclosed property expense including OREO gains, losses and Write downs   —      —      2    (7)   13 
Adjusted non-interest expense  $7,188   $7,980   $7,183   $6,699   $6,862 
Net interest and dividend income, tax equivalent  $10,520   $9,993   $10,101   $9,786   $8,955 
Non-interest income   2,841    2,476    3,286    2,316    2,245 
Losses (gains) on securities   16    24    (34)   (189)   (15)
BOLI proceeds   —      —      (601)   —      —   
Adjusted revenue  $13,377   $12,493   $12,752   $11,914   $11,185 
Efficiency Ratio – Non-GAAP 1   53.75%   63.88%   56.33%   56.23%   61.36%
                          

1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q1 2021: 51.97%; Q4 2020: 62.62%; Q3 2020: 54.76%; Q2 2020: 54.29%; Q1 2020: 59.83%.

 
 

 

Salisbury Bancorp, Inc. and Subsidiary

SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)

At or for the quarters ended Average Balance  Income / Expense  Average Yield / Rate
(dollars in thousands)    Q1 2021      Q4 2020      1Q 2020      Q1 2021      Q4 2020      1Q 2020      Q1 2021      Q4 2020      1Q 2020  
Loans (a)(d)  $1,051,658   $1,043,613   $948,035   $10,592   $10,257   $10,096    4.02%   3.90%   4.26%
Securities (c)(d)   103,062    92,633    89,596    640    624    698    2.48    2.70    3.12 
FHLBB stock   1,948    2,594    3,041    9    34    33    1.85    5.28    4.34 
Short term funds (b)   101,401    112,463    23,218    25    31    58    0.10    0.11    1.00 
Total interest-earning assets   1,258,069    1,251,303    1,063,890    11,266    10,946    10,885    3.57    3.48    4.09 
Other assets   71,252    63,937    64,438                               
Total assets  $1,329,321   $1,315,240   $1,128,328                               
Interest-bearing demand deposits  $218,425   $212,375   $154,604    106    110    119    0.20    0.21    0.31 
Money market accounts   288,767    288,629    240,680    129    150    560    0.18    0.21    0.93 
Savings and other   197,526    188,080    164,174    56    59    234    0.11    0.12    0.57 
Certificates of deposit   129,603    130,809    154,869    264    310    596    0.83    0.94    1.54 
Total interest-bearing deposits   834,321    819,893    714,327    555    629    1,509    0.27    0.31    0.84 
Repurchase agreements   8,453    9,220    5,672    3    3    7    0.15    0.15    0.49 
Capital lease   2,824    2,897    3,050    32    35    36    4.60    4.81    4.72 
Note payable   200    212    240    3    3    4    6.18    6.10    6.67 
Subordinated debt (f)   10,156    9,879    9,860    119    150    156    4.68    6.06    6.33 
FHLBB advances   11,825    23,491    37,118    34    133    219    1.14    2.21    2.36 
Total interest-bearing liabilities   867,779    865,592    770,267    746    953    1,931    0.35    0.44    1.00 
Demand deposits   328,372    318,370    235,129                               
Other liabilities   6,839    7,267    6,856                               
Shareholders’ equity   126,331    124,011    116,076                               
Total liabilities & shareholders’ equity  $1,329,321   $1,315,240   $1,128,328                               
Net interest income                 $10,520   $9,993   $8,954                
Spread on interest-bearing funds                                 3.22    3.04    3.09 
Net interest margin (e)                                 3.34    3.17    3.35 
(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 benefit of $170,000, $176,000 and $167,000, respectively, for Q1 2021, Q4 2020 and Q1 2020 on tax-exempt securities and loans whose income and yields are calculated on a tax-equivalent basis. The income benefit reflected the U.S. federal statutory tax rate of 21.0% for 2021 and 2020.
(e)Net interest income divided by average interest-earning assets.
(f)Net of issuance costs.

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Entity Central Index Key 0001060219
Entity Tax Identification Number 06-1514263
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