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Salisbury Bancorp, Inc. Reports Results for Second Quarter 2019; Declares 28 Cent Dividend

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

LAKEVILLE, Conn., July 26, 2019 (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 second quarter ended June 30, 2019.

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

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

Net-Interest Income

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

Non-Interest Income

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

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

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

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

Non-Interest Expense

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

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

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

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

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

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

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

Loans

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

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

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

Asset Quality

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

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

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

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

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

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

Deposits and Borrowings

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

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

Capital

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

Shareholders’ equity increased $2.8 million in second quarter 2019 to $108.9 million at June 30, 2019 as net income of $2.7 million, unrealized gains in the AFS portfolio of $0.8 million and the issuance of restricted stock awards of $0.1 million was partly offset by common stock dividends paid of $0.8 million.  

The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At June 30, 2019, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 9.10%, 12.57%, and 11.54%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

Second Quarter 2019 Dividends on Common Shares

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

Background

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

Forward-Looking Statements

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

Investor presentation slides, which include a review of financial results and trends through the period ended June 30, 2019, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under News & Market Information/Presentations. 


Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS

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


Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

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

 

Salisbury Bancorp, Inc. and Subsidiary

SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

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

1 Adjusted to reflect the U.S. federal statutory tax benefit on income derived from tax-exempt securities and loans.
Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
3 Calculated as follows: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and litigation expenses.
4 Represents the capital ratios of the Bank.


Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)

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

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

Source: Salisbury Bancorp, Inc.  

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