Press Release

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

Company Release - 7/26/2019 11:52 AM ET
  • 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, 2019December 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 endedSix 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 2019Q1 2019Q4 2018Q3 2018Q2 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 2019Q1 2019Q4 2018Q3 2018Q2 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

 

Source: Salisbury Bancorp, Inc.