Salisbury Bancorp, Inc. Increases Dividend and Reports Record Full Year 2019 Results

Friday, 24. January 2020 17:39
  • Fourth Quarter and Record Full Year 2019 Net Income of $1.06 and $3.95 per Basic Common Share, Respectively

  • Quarterly Cash Dividend Increased 3.6% to $0.29 Per Common Share

  • Book Value and Tangible Book Value Per Common Share Increased 9% and 11%, Respectively in 2019 

  • Wealth Assets Under Administration Increased 20% in 2019 to $778 Million

  • Non-performing Assets were 0.35% of Total Assets Compared with 0.74% at December 31, 2018

LAKEVILLE, Conn., Jan. 24, 2020 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its fourth quarter and full year ended December 31, 2019.

Net income available to common shareholders was $3.0 million, or $1.06 per common share (basic), for Salisbury’s fourth quarter ended December 31, 2019 (fourth quarter 2019), compared with $2.9 million, or $1.06 per common share (basic), for the third quarter ended September 30, 2019 (third quarter 2019), and $2.5 million, or $0.91 per common share (basic), for the fourth quarter ended December 31, 2018 (fourth quarter 2018).

Results for the fourth quarter 2019 included a non-recurring non-taxable reduction in compensation expense of $328 thousand or $0.12 per common share (basic) related to a change in terms of agreements related to bank-owned life insurance policies (“BOLI”). The fourth quarter and full year 2019 also included FDIC assessment credits of $120 thousand and $240 thousand, respectively.  Results for the fourth quarter 2018 included a non-recurring non-taxable gain of $341 thousand or $0.12 per common share (basic) related to proceeds received from a BOLI policy due to the death of a covered former employee.

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “Despite challenging market conditions and a very competitive environment in 2019, we achieved strong financial results as evidenced by record earnings, an improved ROAA and a lower efficiency ratio. We prudently grew the Bank while also improving overall credit quality. We enter 2020 from a position of financial strength and are pleased to provide our shareholders with an increase in their dividend. We remain focused on maintaining credit quality and enhancing profitability, while continuing to provide outstanding customer service.”

Net Interest and Dividend Income

Tax equivalent net interest and dividend income for the fourth quarter 2019 was essentially unchanged versus third quarter 2019, and increased $103 thousand, or 1.2%, versus fourth quarter 2018. Fourth quarter 2019 average earning assets of $1.1 billion decreased $16.8 million versus third quarter 2019, and increased $5.0 million versus fourth quarter 2018. Average total interest bearing deposits of $704.7 million decreased $12.2 million versus third quarter 2019 and increased $22.3 million versus fourth quarter 2018. The tax equivalent net interest margin for fourth quarter 2019 was 3.34% compared with 3.29% for third quarter 2019 and 3.34% for fourth quarter 2018. Net interest and dividend income for fourth quarter 2019 included a charge of $90 thousand for the write-off of an unamortized premium on a purchased loan, which paid off during the quarter. This write-off reduced the fourth quarter tax equivalent net interest margin by approximately 0.04%.

Non-Interest Income

Non-interest income of $2.4 million for fourth quarter 2019 increased $163 thousand versus third quarter 2019 and decreased $405 thousand versus fourth quarter 2018. Third quarter 2019 and fourth quarter 2018 included realized losses of $9 thousand and realized gains of $302 thousand, respectively on the sale of available-for-sale securities. There were no realized gains or losses on the sale of available-for-sale securities in fourth quarter 2019.

Trust and Wealth Advisory fees of $1.0 million for fourth quarter 2019 were essentially unchanged from third quarter 2019 and increased $101 thousand versus fourth quarter 2018. The increase from fourth quarter 2018 primarily reflected higher asset-based fees. Assets under administration were $777.5 million as of December 31, 2019 compared with $752.5 million at September 30, 2019 and $648.0 million as of December 31, 2018. The increase from third quarter 2019 reflected growth in discretionary and non-discretionary assets of $23.3 million and $1.7 million, respectively. The increase from fourth quarter 2018 reflected growth in discretionary and non-discretionary assets of $100.5 million and $29.0 million, respectively.

Service charges and fees of $1.1 million for fourth quarter 2019 increased $89 thousand versus third quarter 2019 and increased $67 thousand versus fourth quarter 2018. The increase from third quarter 2019 and fourth quarter 2018 primarily reflected loan prepayment penalties. Income from mortgage sales and servicing increased $24 thousand versus third quarter 2019 and increased $34 thousand versus fourth quarter 2018. The increase from prior quarters reflected higher gains on mortgage sales, due to an increase in volume and higher servicing income.

Non-interest income for the fourth quarter 2019 included BOLI income of $139 thousand compared to $86 thousand in third quarter 2019 and $432 thousand in fourth quarter 2018. BOLI income for fourth quarter 2018 included the death benefit proceeds received as noted above.

Non-Interest Expense

Non-interest expense of $7.1 million for fourth quarter 2019 decreased $104 thousand versus third quarter 2019 and decreased $829 thousand versus fourth quarter 2018. Non-interest expense for both the third and fourth quarter 2019 included FDIC assessment credits of $120 thousand. Compensation expense of $4.0 million for fourth quarter 2019 decreased $191 thousand from third quarter 2019 and decreased $196 thousand versus fourth quarter 2018. Compensation expense for fourth quarter 2019 included a one-time reduction of $328 thousand due to the substantive modification of key terms of agreements related to BOLI policies.

Premises and equipment costs of $1.1 million increased $92 thousand from third quarter 2019 and decreased $308 thousand versus fourth quarter 2018. The fourth quarter 2018 included a charge of $171 thousand to write-off the remainder of the lease and the fixed assets related to the Bank’s previously occupied Fishkill, New York branch location and a charge of $95 thousand to write-off the remaining term of a third party software contract. Non-interest expense for fourth quarter 2019 included negligible charges on OREO (other real estate owned) property compared with losses of $84 thousand and $184 thousand in third quarter 2019 and fourth quarter 2018, respectively.

The effective income tax rates for fourth quarter 2019, third quarter 2019 and fourth quarter 2018 were 16.1%, 18.0% and 13.7%, respectively. The tax rate for the fourth quarter 2019 and 2018 reflected the non-taxable compensation credit related to BOLI and BOLI proceeds received and recorded in those respective periods.

Full Year Results

Full year 2019 net income available to common shareholders was $11.0 million, or $3.95 per common share (basic), compared with $8.7 million, or $3.15 per common share (basic) for full year 2018.

Tax equivalent net interest income of $34.7 million for 2019 increased $1.1 million from 2018. Average earning assets of $1.1 billion increased $53.0 million from 2018 and average total interest bearing deposits of $712.4 million increased from $649.2 million in 2018. The tax equivalent net interest margin for 2019 was 3.27% compared with 3.35% for 2018. The provision for loan loss expense was $1.0 million in 2019 compared with $1.7 million in 2018.

Non-interest income for 2019 was $9.3 million versus $8.9 million in 2018. Non-interest expense of $28.9 million for 2019 declined $0.9 million from 2018. The effective tax rate for 2019 was 17.5% compared with 16.2% for 2018. The tax rate for 2019 and 2018 reflected the non-taxable compensation credit related to BOLI and BOLI proceeds received and recorded in those respective periods.

Loans

Gross loans receivable increased $12.4 million during fourth quarter 2019 to $936.3 million at December 31, 2019, compared with $923.9 million at September 30, 2019, and increased $19.2 million from $917.1 million at December 31, 2018. Balances by loan type for the comparative periods were as follows:

        
Loan Type Q4 2019 Q3 2019  Q4 2018
Residential Real Estate $427,441 $421,843  $428,846
Commercial Real Estate  298,261  296,302   292,575
Commercial & Industrial  169,411  164,078   162,905
Farm Land  3,641  3,686   4,185
Vacant Land  7,893  8,111   8,322
Municipal  21,914  22,260   14,344
Consumer  6,385  6,290   4,512
Deferred Fees  1,362  1,359   1,421
Gross Loans Receivable $936,308 $923,929  $917,110
           

The ratio of gross loans to deposits for fourth quarter 2019 was 101.8% compared with 95.6% for third quarter 2019 and 99.0% for fourth quarter 2018.

Asset Quality

Non-performing assets decreased $1.8 million during the fourth quarter to $3.9 million, or 0.35% of total assets at December 31, 2019, from $5.7 million, or 0.50% of total assets at September 30, 2019, and decreased $4.4 million from $8.3 million, or 0.74% of total assets, at December 31, 2018.    

The amount of total impaired and potential problem loans was $21.3 million or 2.27% of gross loans receivable at December 31, 2019 compared to $22.6 million, or 2.44% of gross loans receivable at September 30, 2019 and $20.2 million, or 2.20% of gross loans receivable at December 31, 2018.

Accruing loans receivable 30-to-89 days past due increased $0.3 million during fourth quarter 2019 to $2.1 million, or 0.22% of gross loans receivable, from $1.8 million, or 0.19% of gross loans receivable at September 30, 2019, and decreased $0.1 million from $2.2 million, or 0.24% of gross loans receivable at December 31, 2018.

The allowance for loan losses for fourth quarter 2019 was $8.9 million compared with $8.8 million for third quarter 2019 and $7.8 million for fourth quarter 2018.

The provision for loan loss expense was $417 thousand for fourth quarter 2019 versus $94 thousand for third quarter 2019, and $558 thousand for the fourth quarter 2018. The increase in the provision from third quarter 2019 was primarily attributable to loan growth and higher charge-offs in the fourth quarter 2019. Net loan charge-offs were $368 thousand for the fourth quarter 2019, $135 thousand for third quarter 2019 and $471 thousand for the fourth quarter 2018. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.95% for the fourth quarter 2019, versus 0.96% for the third quarter 2019 and 0.85% for the fourth quarter 2018. Similarly, reserve coverage, as measured by the ratio of the allowance for loan losses to non-performing loans was 246% for the fourth quarter of 2019, versus 165% for the third quarter of 2019 and 120% for the fourth quarter of 2018.

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

Deposits and Borrowings

Deposits were $919.5 million at December 31, 2019 compared with $966.2 million at September 30, 2019 and $926.7 million at December 31, 2018. The decline in deposits from third quarter 2019 of $46.7 million reflected the maturity of $30.0 million of brokered deposits as well as normal seasonal customer activity. Deposits at December 31, 2019 reflected brokered deposits, including CDARS one-way buys, of $2.9 million compared with $32.9 million at September 30, 2019 and $39.4 million at December 31, 2018. Average total deposits for the fourth quarter 2019 were $932.4 million compared with $938.5 million for the third quarter 2019 and $905.7 million for the fourth quarter 2018.  Average total deposits for the fourth quarter 2019 included average brokered deposits of $22.1 million compared with $31.6 million for third quarter 2019.

Federal Home Loan Bank of Boston (FHLBB) advances increased $13.1 million during the quarter to $50.9 million at December 31, 2019 and decreased $16.3 million from December 31, 2018.

Capital

Book value per common share increased $0.70 during the fourth quarter 2019 to $40.22 per share and increased $3.36 from the fourth quarter 2018. Tangible book value per common share increased $0.74 during fourth quarter 2019 to $34.98 and increased $3.53 as compared to the fourth quarter 2018.

Shareholders’ equity increased $2.1 million in fourth quarter to $113.7 million at December 31, 2019 as net income of $3.0 million and restricted stock activity of $0.2 million were partly offset by unrealized losses in the available-for-sale securities portfolio of $0.4 million and common stock dividends paid of $0.8 million.

The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At December 31, 2019, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.60%, 12.84%, and 11.83%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

Dividend on Common Shares

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

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 December 31, 2019, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under Shareholder Relations/News & Market Information/Presentations simultaneously with this Release.


Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)December 31, 2019December 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 at fair value   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: $4,884 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 - $0.10 per share par value  
Authorized: 5,000,000;  
Issued: 2,825,912 and 2,806,781  
Outstanding: 2,825,912 and 2,806,781   283    281 
Unearned compensation – restricted stock awards    (725)   (711)
Paid-in capital   44,420    43,770 
Retained earnings   68,320    60,339 
Accumulated other comprehensive income (loss), net   1,357    (220)
Total Shareholders' Equity   113,655    103,459 
Total Liabilities and Shareholders' Equity$  1,112,448 $  1,121,554 
       

Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)                                                                                                                                                                                                                                                

Periods ended December 31,Three months endedTwelve months ended
(in thousands, except per share amounts) 2019   2018  2019  2018 
Interest and dividend income    
Interest and fees on loans$  9,883  $  9,846 $  39,742 $  37,072 
Interest on debt securities    
  Taxable 490   643    2,223    2,231 
  Tax exempt 190   47    545    136 
Other interest and dividends 142   271    903    933 
  Total interest and dividend income 10,705   10,807    43,413    40,372 
Interest expense    
Deposits  1,650   1,559    7,324    4,656 
Repurchase agreements 8   5    24    12 
Finance lease 36   47    170    178 
Note payable 4   4    16    18 
Subordinated Debt 156   156    624    624 
Federal Home Loan Bank of Boston advances 186   421    1,143    1,733 
  Total interest expense 2,040   2,192    9,301    7,221 
Net interest and dividend income 8,665   8,615    34,112    33,151 
Provision for loan losses 417   558    955    1,728 
  Net interest and dividend income after provision for loan losses 8,248   8,057    33,157    31,423 
Non-interest income    
Trust and wealth advisory 1,022   921    3,995    3,700 
Service charges and fees 1,092   1,025    4,028    3,718 
Gains on sales of mortgage loans, net 67   51    116    89 
Mortgage servicing, net 75   57    307    308 
(Losses) Gains on CRA mutual fund (4)  8    25    (18)
Gains on sales of available -for-sale- securities, net -   302    263    318 
BOLI income and gains 139   432    392  678 
Other  28   28    124    152 
  Total non-interest income 2,419   2,824    9,250    8,945 
Non-interest expense    
Salaries 3,055   3,140    12,048    12,003 
Employee benefits 976   1,087    4,384    4,280 
Premises and equipment 1,066   1,374    4,016    4,535 
Data processing 581   558    2,201    2,119 
Professional fees 523   510    2,213    2,236 
OREO gains, losses and write-downs, net 3   184    408    275 
Collections, OREO, and loan related 108   145    436    578 
FDIC insurance (33)  186    261    579 
Marketing and community support 171   185    619    815 
Amortization of intangibles 91   107    388    454 
Other 539   433    1,938    1,961 
  Total non-interest expense 7,080   7,909    28,912    29,835 
Income before income taxes 3,587   2,972    13,495    10,533 
Income tax provision 578   408    2,359    1,709 
Net income$  3,009  $  2,564 $  11,136 $  8,824 
Net income available to common shareholders$  2,960  $  2,528 $  10,976 $  8,713 
     
Basic earnings per common share$  1.06  $  0.91 $  3.95 $  3.15 
Diluted earnings per common share   1.06     0.91    3.93    3.13 
Common dividends per share   0.28     0.28    1.12    1.12 
     


Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

At or for the quarters ended     
                     
(in thousands, except per share amounts and ratios) Q4 2019    Q3 2019   Q2 2019   Q1 2019   Q4 2018 
Total assets$1,112,448  $1,144,240  $1,119,212  $1,118,925  $1,121,554 
Loans receivable, net 927,413   915,083   910,573   911,188   909,279 
Total securities 95,925   98,270   103,857   102,479   97,150 
Deposits 919,506   966,178   950,723   941,969   926,739 
FHLBB advances 50,887   37,828   32,769   47,712   67,154 
Shareholders’ equity 113,655   111,580   108,948   106,109   103,459 
Wealth assets under administration 777,503   752,467   713,319   691,731   648,027 
  Discretionary wealth assets under administration 498,737   475,482   464,537   444,110   398,287 
  Non-discretionary wealth assets under administration 278,766   276,985   248,782   247,621   249,740 
Non-performing loans 3,621   5,370   5,062   6,389   6,514 
Non-performing assets 3,935   5,687   5,463   7,130   8,324 
Accruing loans past due 30-89 days 2,077   1,784   2,473   2,228   2,165 
Net interest and dividend income 8,665   8,667   8,344   8,437   8,615 
Net interest and dividend income, tax equivalent(1) 8,839   8,831   8,486   8,562   8,736 
Provision for loan losses 417   94   151   294   558 
Non-interest income 2,419   2,256   2,548   2,027   2,824 
Non-interest expense 7,080   7,184   7,439   7,211   7,909 
Income before income taxes 3,587   3,645   3,302   2,959   2,972 
Income tax provision 578   657   599   525   408 
Net income 3,009   2,988   2,703   2,434   2,564 
Net income allocated to common shareholders 2,960   2,940   2,671   2,408   2,528 
      
Per share data     
Basic earnings per common share$1.06  $1.06  $0.96  $0.87  $0.91 
Diluted earnings per common share 1.06   1.05   0.95   0.86   0.91 
Dividends per common share 0.28   0.28   0.28   0.28   0.28 
Book value per common share 40.22   39.52   38.59   37.81   36.86 
Tangible book value per common share - Non-GAAP (2) 34.98   34.24   33.28   32.43   31.45 
Common shares outstanding at end of period (in thousands) 2,826   2,823   2,823   2,807   2,807 
Weighted average common shares outstanding,  to calculate basic earnings per share (in thousands)  2,781   2,783   2,780   2,777   2,766 
Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands)  2,794   2,795   2,793   2,789   2,779 
      
Profitability ratios     
Net interest margin (tax equivalent) (1) 3.34%  3.29%  3.19%  3.28%  3.34%
Efficiency ratio (3) 61.81   62.90   65.81   66.15   69.13 
Effective income tax rate 16.11   18.02   18.14   17.75   13.74 
Return on average assets 1.07   1.05   0.97   0.89   0.92 
Return on average common shareholders’ equity 10.56   10.73   10.07   9.45   9.99 
      
Credit quality ratios     
Non-performing loans to loans receivable, gross 0.39   0.58   0.55   0.69   0.71 
Accruing loans past due 30-89 days to loans receivable, gross 0.22   0.19   0.27   0.24   0.24 
Allowance for loan losses to loans receivable, gross 0.95   0.96   0.97   0.95   0.85 
Allowance for loan losses to non-performing loans 245.64   164.73   175.56   136.96   120.21 
Non-performing assets to total assets 0.35   0.50   0.49   0.64   0.74 
      
Capital ratios     
Common shareholders' equity to assets 10.22%  9.75%  9.73%  9.48%  9.22%
Tangible common shareholders' equity to tangible assets - Non-GAAP(2) 9.01   8.56   8.51   8.25   7.98 
Tier 1 leverage capital (4) 9.60   9.27   9.10   8.98   8.83 
Total risk-based capital (4) 12.84   12.58   12.57   12.38   12.09 
Common equity tier 1 capital (4) 11.83   11.57   11.54   11.35   11.17 

(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) Q4 2019    Q3 2019    Q2 2019  Q1 2019    Q4 2018 
      
Common Shareholders' Equity$113,655  $111,580  $108,948  $106,108  $103,459 
Less: Goodwill (13,815)    (13,815)    (13,815)    (13,815)    (13,815)
Less: Intangible assets (995)    (1,086)    (1,180)    (1,279)    (1,383)
Tangible Common Shareholders' Equity$  98,845  $96,679  $93,953  $91,014  $88,261 
Total Assets$1,112,448  $1,144,240  $1,119,212  $1,118,925  $1,121,554 
Less: Goodwill (13,815)    (13,815)    (13,815)    (13,815)    (13,815)
Less: Intangible assets (995)    (1,086)    (1,180)    (1,279)    (1,383)
Tangible Total Assets$1,097,638  $1,129,339  $1,104,217  $1,103,831  $1,106,356 
Common Shares outstanding 2,826   2,823   2,823   2,807   2,807 
      
Book value per Common Share – GAAP$40.22  $39.52  $38.59  $37.81  $36.86 
Tangible book value per Common Share - Non-GAAP 34.98   34.24   33.28   32.43   31.45 
Tangible common shareholders’ equity to tangible total assets - Non-GAAP 9.01%  8.56%  8.51%  8.25%  7.98%
      
Consolidated:     
Non-interest expense$  7,080  $  7,184  $  7,438  $  7,211  $  7,909 
Less: Amortization of core deposit intangibles (91)    (93)    (99)    (104)    (107)
Less: Foreclosed property expense including OREO gains, losses and
Write downs
 (27)    (115)    (271)    (103)    (260)
Adjusted non-interest expense$  6,961  $  6,976  $  7,068  $  7,004  $  7,542 
Net interest and dividend income, tax equivalent$  8,839  $  8,831  $  8,486  $  8,562  $  8,736 
Non-interest income 2,419     2,256     2,548     2,027     2,824 
(Gains) losses on securities 4     3     (294)    (2)    (310)
BOLI proceeds receivable -    -    -     -    (341)
Adjusted revenue$11,262  $11,090  $10,740  $10,588  $10,909 
Efficiency Ratio – Non-GAAP 1 61.81%  62.90%  65.81%  66.15%  69.13%
       

1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q4 2019: 60.19%; Q3 2019: 61.13%; Q2 2019: 64.09%; Q1 2019: 64.51%; Q4 2018: 67.17%.

Source: Salisbury Bancorp, Inc.

Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 or rcantele@salisburybank.com

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