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Salisbury Bancorp, Inc. Reports Results for Fourth Quarter and Full Year 2014

LAKEVILLE, Conn., Feb. 10, 2015 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. ("Salisbury"), (Nasdaq:SAL), the holding company for Salisbury Bank and Trust Company (the "Bank"), announced results for its fourth quarter and full year ended December 31, 2014.

During 2014 Salisbury completed strategic initiatives, which enhances its market position in each of the three states in which it operates:

  • In May 2014, the Bank opened a new branch in Great Barrington, Massachusetts.
  • In June 2014, the Bank completed its acquisition of a branch and the related deposits of another bank located in Sharon, Connecticut. Operations of the Bank's existing Sharon, Connecticut branch were consolidated into this new location.
  • In December 2014, the Bank completed its acquisition of Riverside Bank of Poughkeepsie, New York, adding four new offices and a strong commercial loan focus to Salisbury's New York market presence.

During the fourth quarter Salisbury terminated its previously frozen defined benefit pension plan. Net one-time expenses related to the termination were approximately $208,000 (pre-tax).

Selected fourth quarter 2014 highlights

Net income available to common shareholders was $196,000, or $0.10 per common share, for its fourth quarter ended December 31, 2014 (fourth quarter 2014), compared with $728,000, or $0.43 per common share, for the third quarter ended September 30, 2014 (third quarter 2014), and $940,000, or $0.55 per common share, for the fourth quarter ended December 31, 2013 (fourth quarter 2013). Fourth quarter 2014 results include $1,153,000 (after tax) of non-recurring expense related to the strategic initiatives noted above and pension termination. Earnings per common share decreased $0.33, or 77%, versus third quarter 2014 and also declined by $0.45, or 82% as compared to fourth quarter 2013.

  • Excluding one-time expenses of $1.1 million (net of taxes), earnings per share would have been $0.68 per share for the quarter, an increase of $0.16, or 30% as compared to third quarter 2014 adjusted for one-time expenses (net of taxes) of $164,000.
  • Tax equivalent net interest income increased $963,000, or 19.0%, versus third quarter 2014 and increased $923,000, or 18.0%, versus fourth quarter 2013.
  • Non-interest expense increased $1.9 million, or 37.6%, versus fourth quarter 2013 and increased $1.7 million, or 34.1%, versus third quarter 2014.
  • Provision for loan losses was $165,000, versus $190,000 for fourth quarter 2013 and $318,000 for third quarter 2014.
  • Net loan charge-offs were $190,000, versus $163,000 for fourth quarter 2013 and $36,000 for third quarter 2014.

Richard J. Cantele, Jr., President and Chief Executive Officer, stated, "The fourth quarter saw the completion of two major initiatives – the acquisition of Riverside Bank and the termination of our previously frozen defined benefit pension plan. The Riverside transaction and integration of the two banks have been well received by our customers and the communities we serve. This is a testament to the efforts and dedication of both the Salisbury and Riverside teams and speaks well of the cultural fit of the two organizations. The termination of the pension plan is intended to reduce the Bank's future operating expenses and benefit exposure. Our results for the calendar quarter and year ended December 31, 2014 included a number of one-time expenses related to the initiatives undertaken in 2014. In addition to those completed during the fourth quarter, other initiatives completed earlier in 2014 include the opening of the Great Barrington, MA branch and the acquisition of a branch in Sharon, CT from another bank. These successfully completed initiatives will facilitate our future growth in serving our expanding customer base. We are excited about the expansion of our markets in 2014, including Great Barrington, Massachusetts, with our de novo branch, as well as the greater Poughkeepsie market with the completion of the Riverside acquisition, and we look forward to serving these communities with the same dedication that we've served the greater Salisbury community for over 165 years."

Earnings Summary:

Net income of $236,000 for the three months ended December 31, 2014, as compared to the three months ended September 30, 2014, includes:

  • An increase of $963,000 in net interest income which includes a contribution of $181,000 as a result of purchase accounting.
  • A decrease to provision for loan loss of $153,000.
  • An increase of $26,000 in non-interest income
  • An increase to non-interest expense of $342,000, adjusted for certain one-time expenses of $1.6 million and $195,000 for fourth quarter 2014 and third quarter 2014, respectfully.

Net Interest Income

Tax equivalent net interest income increased $963,000, or 19.0%, versus third quarter 2014 and increased $923,000, or 18.0%, versus fourth quarter 2013. Average total interest bearing deposits increased $15.7 million versus third quarter 2014 and increased $4.4 million, or 1.11%, versus fourth quarter 2013. Average earning assets increased $55.1 million versus third quarter 2014 and increased $102.1 million, or 18.6%, versus fourth quarter 2013. The tax equivalent net interest margin increased 29 basis points versus third quarter 2014 and decreased three basis points versus fourth quarter 2013 to 3.68% for fourth quarter 2014.

Non-Interest Income

Non-interest income for fourth quarter 2014 increased $26,000 versus third quarter 2014 and increased $9,000 versus fourth quarter 2013. Trust and Wealth Advisory revenues decreased $5,000 versus third quarter 2014 and increased $11,000 versus fourth quarter 2013. The quarter-over-quarter revenue decrease resulted from decreased estate administration fees slightly offset by higher market values. Service charges and fees increased $26,000 versus third quarter 2014, and increased $53,000 versus fourth quarter 2013 mainly due to restructuring of deposit fees and increased volume of debit card interchange fees in 2014. Income from mortgage lending decreased $5,000 and $80,000 versus third quarter 2014 and fourth quarter 2013, respectively, primarily due to fewer loans sold in 2014 than in 2013. Mortgage loan sales totaled $0.9 million for fourth quarter 2014, $1.4 million for third quarter 2014 and $2.4 million for fourth quarter 2013. In addition, fourth quarter 2014, third quarter 2014 and fourth quarter 2013 included mortgage servicing amortization expense of $83,000, $55,000 and $91,000, respectively.

Non-Interest Expense

Non-interest expense for fourth quarter 2014 increased $1.7 million versus third quarter 2014 and increased $1.9 million versus fourth quarter 2013. Salaries and benefits increased $815,000 versus third quarter 2014 and increased $868,000 versus fourth quarter 2013 due to changes in staffing levels, merit increases, termination of the defined benefit pension plan, and payments related to the Riverside acquisition. Premises and equipment costs increased $260,000 versus third quarter 2014 and increased $379,000 versus fourth quarter 2013. The fourth quarter increase was primarily due to the increased number of leased properties and maintenance and repairs to buildings. The year-over-year increase is mainly due to the opening of the Great Barrington, Massachusetts branch, the acquisition and consolidation of the Sharon branch and related renovation expense. Data processing increased $144,000 versus third quarter 2014 and increased $194,000 versus fourth quarter 2013. Professional fees increased $434,000 versus third quarter 2014 and increased $346,000 versus fourth quarter 2013 due to consulting, legal and other professional services associated with the Riverside merger. Collections and OREO expense increased $83,000 versus third quarter 2014 due primarily to write-down of OREO properties, and decreased $55,000 versus fourth quarter 2013.

The effective income tax rates for fourth quarter 2014, third quarter 2014 and fourth quarter 2013 were 15.41%, 12.82% and 17.92%, respectively.

Balance Sheet Summary:

Total assets for the period ending December 31, 2014 were $855 million compared with $638 million at September 30, 2014 and $587 million at December 31, 2013. Investments of $95 million include $11.9 million acquired from Riverside. Gross loans receivable at December 31, 2014 totaling $679 million include $204.8 million of loans acquired from the Riverside Bank transaction. The allowance for loan and lease losses of $5.4 million excludes the credit mark of $8.4 million related to the acquired Riverside loans as well as the historical Riverside allowance of $2.7 million which was eliminated as required in the purchase accounting process.

Goodwill increased by $2.7 million to $12.5 million at December 31, 2014 as a result of closing the Riverside acquisition. This increase reflects $5.4 million related to loans, offset by decreases due to deferred tax assets of $1.3 million and $1.4 million related to various other assets and liabilities. Intangible assets increased, as a result of the creation of $2.2 million in core deposit intangible assets related to the acquisition of Riverside, from $872,000 at September 30, 2014 to $3.0 million at December 31, 2014.

Total Deposits increased by $193 million to $715 million during the quarter. This increase includes $204.4 million of deposits acquired in the Riverside transaction.

Shareholders' equity of $102 million reflects the increase of $27 million related to the Riverside transaction.

Loans

Net loans receivable increased $211.4 million during fourth quarter 2014 to $673.3 million at December 31, 2014, compared with $461.9 million at September 30, 2014, and increased $235.1 million for full year 2014, compared with $438.2 million at December 31, 2013. December's totals include Riverside loans of $196.6 million which reflect a credit mark of $8.4 million and an interest rate mark of $175,000.

Asset Quality

Non-performing assets increased $1.9 million during fourth quarter 2014 to $10.9 million, or 1.27% of assets at December 31, 2014, from $8.9 million, or 1.4% of assets at September 30, 2014, and increased $3.3 million in 2013 from $7.5 million, or 1.29% of assets at December 31, 2013.

Fourth quarter 2014 non-performing assets activity included: $2.6 million of loans placed on non-accrual status; $325,000 of loan charge-offs; $65,000 of loan repayments; $313,000 of loans paid off; $337,000 reinstated to accrual; and, $354,000 in inter-month tax advances and change in 90 day past due status.

Non-performing assets include OREO of $1.0 million at December 31, 2014, compared with $333,000 at September 30, 2014, and $377,000 at December 31, 2013.

Total impaired and potential problem loans increased $5.4 million during fourth quarter 2014 to $32.0 million, or 4.7% of gross loans receivable at December 31, 2014, from $26.6 million, or 5.7% of gross loans receivable at September 30, 2014, and increased $7.2 million for year-to-date 2014 from $24.8 million, or 5.6% of gross loans receivable at December 31, 2013.

Loans past due 30 days or more increased $2.9 million during fourth quarter 2014 to $12.1 million, or 1.8% of gross loans receivable at December 31, 2014, from $9.3 million, or 2.0% of gross loans receivable at September 30, 2014, and increased $1.1 million in 2014 from $11.0 million, or 2.5% of gross loans receivable at December 31, 2013.

The provision for loan losses for fourth quarter 2014 was $165,000 versus $318,000 for third quarter 2014 and $190,000 for fourth quarter 2013. Net loan charge-offs were $190,000, $36,000 and $163,000, for the respective periods. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, declined to 0.79%, versus 1.15% for third quarter 2014 and 1.06% for fourth quarter 2013. Loans acquired from the Riverside transaction have been recorded at fair value which includes a reduction for estimated credit losses and without a carryover of Riverside's historical allowance for loan losses. This will result in a lower allowance for loan and lease losses as a percentage of total loans and leases than we historically have had.

Salisbury has cooperative relationships with the vast majority of its non-performing loan 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.

Capital

Book value and tangible book value per common share decreased $3.20 and $2.66, respectively, during fourth quarter 2014, to $31.34 and $25.84, respectively. Tangible book value excludes goodwill and core deposit intangibles.

Shareholders' equity increased $26.3 million in fourth quarter 2014 to $101.8 million at December 31, 2014. Contributing to the increase in shareholders' equity for fourth quarter 2014 was net income of $0.2 million, a decrease in accumulated other comprehensive income of $0.8 million, $27.3 million attributable to the Riverside merger and common and preferred stock dividends paid of $0.5 million.

Both Salisbury and the Bank's regulatory capital ratios remain in compliance with regulatory "well capitalized" requirements. At December 31, 2014 the Bank's Tier 1 leverage and total risk-based capital ratios were 10.95% and 12.77%, respectively, compared with regulatory "well capitalized" minimums of 5.00% and 10.00%, respectively. Salisbury's Tier 1 leverage and total risk-based capital ratios were 12.31% and 14.29%, respectively.

In August 2011, Salisbury received $16 million of capital from the U.S. Treasury's Small Business Lending Fund (the "SBLF") program. The SBLF program was established to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. To date Salisbury has used this capital to increase its portfolio of qualified small business loans by $44.9 million and to augment its regulatory capital ratios.

Wealth Assets Under Management

Assets Under Management declined $31.2 million in the fourth quarter primarily as a result of one-time events related to the termination of the defined benefit pension plan and the revision of the basis of Life Insurance Trusts. These reductions have no revenue related impact. To a lesser extent there was also a net decline in Wealth Assets under management as a result of normal operations.

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, Poughkeepsie, and Red Oaks Mill, New York. The Bank offers a full complement of consumer and business banking products and services as well as trust and wealth advisory services.

Forward-Looking Statements

Statements contained in this news release contain 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 government regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios and other factors that may be described in Salisbury's quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ materially from results discussed in the forward-looking statements.

Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31,
2014
December 31,
2013
ASSETS
Cash and due from banks $ 13,280 $ 5,926
Interest bearing demand deposits with other banks 22,825 6,785
Total cash and cash equivalents 36,105 12,711
Interest bearing time deposits with other banks -- 738
Securities
Available-for-sale at fair value 91,312 94,491
Federal Home Loan Bank of Boston stock at cost 3,515 5,340
Loans held-for-sale 568 173
Loans receivable, net (allowance for loan losses: $5,358 and $4,683) 673,330 438,178
Other real estate owned 1,002 377
Bank premises and equipment, net 14,431 11,611
Goodwill 12,552 9,829
Intangible assets (net of accumulated amortization: $2,258 and $1,967) 2,990 576
Accrued interest receivable 2,334 1,760
Cash surrender value of life insurance policies 13,314 7,529
Deferred taxes 2,428 260
Other assets 1,546 3,536
Total Assets $ 855,427 $ 587,109
LIABILITIES and SHAREHOLDERS' EQUITY
Deposits
Demand (non-interest bearing) $ 161,386 $ 84,677
Demand (interest bearing) 117,169 81,932
Money market 174,274 120,550
Savings and other 121,387 107,171
Certificates of deposit 141,210 83,039
Total deposits 715,426 477,369
Repurchase agreements 4,163 2,554
Federal Home Loan Bank of Boston advances 28,813 30,411
Capital lease liability 424 425
Accrued interest and other liabilities 4,780 3,560
Total Liabilities 753,606 514,319
Commitments and contingencies -- --
Shareholders' Equity
Preferred stock -- $.01 per share par value
Authorized: 25,000; Issued: 16,000 (Series B);
Liquidation preference: $1,000 per share 16,000 16,000
Common stock -- $.10 per share par value
Authorized: 5,000,000 and 3,000,000;
Issued: 2,720,766 and 1,710,121 272 171
Unearned compensation - restricted stock awards (313) (335)
Paid-in capital 41,077 13,668
Retained earnings 42,677 42,240
Accumulated other comprehensive income, net 2,108 1,046
Total Shareholders' Equity 101,821 72,790
Total Liabilities and Shareholders' Equity $ 855,427 $ 587,109
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
Periods ended December 31, Three months ended Twelve months ended
(in thousands, except per share amounts) 2014 2013 2014 2013
Interest and dividend income
Interest and fees on loans $ 5,633 $ 4,563 $ 19,616 $ 17,978
Interest on debt securities
Taxable 331 398 1,406 1,757
Tax exempt 410 507 1,704 1,948
Other interest and dividends 42 9 129 67
Total interest and dividend income 6,416 5,477 22,855 21,750
Interest expense
Deposits 385 376 1,465 1,813
Repurchase agreements 3 2 8 6
Capital lease 18 -- 47 --
Federal Home Loan Bank of Boston advances 293 308 1,184 1,243
Total interest expense 699 686 2,704 3,062
Net interest income 5,717 4,791 20,151 18,688
Provision for loan losses 165 190 1,134 1,066
Net interest and dividend income after provision for loan losses 5,552 4,601 19,017 17,622
Non-interest income
Trust and wealth advisory 786 775 3,295 3,074
Service charges and fees 665 612 2,473 2,298
Gains on sales of mortgage loans, net 21 78 64 579
Mortgage servicing, net 15 38 94 35
Other 92 67 326 319
Total non-interest income 1,579 1,570 6,252 6,305
Non-interest expense
Salaries 2,511 1,960 8,287 7,467
Employee benefits⁽¹⁾ 981 664 3,157 2,804
Premises and equipment 988 609 3,090 2,398
Data processing 564 370 1,818 1,514
Professional fees 875 529 2,360 1,524
Collections and OREO 160 215 458 519
FDIC insurance 121 120 461 470
Marketing and community support 54 67 409 393
Amortization of intangibles 97 56 290 222
Other 501 387 1,808 1,624
Total non-interest expense 6,852 4,977 22,138 18,935
Income before income taxes 279 1,194 3,131 4,992
Income tax provision 43 214 610 909
Net income $ 236 $ 980 $ 2,521 $ 4,083
Net income available to common shareholders $ 196 $ 940 $ 2,355 $ 3,922
Basic earnings per common share $ 0.10 $ 0.55 $ 1.32 $ 2.30
Diluted earnings per common share 0.10 0.55 1.32 2.30
Common dividends per share 0.28 0.28 1.12 1.12

⁽¹⁾ Includes net defined benefit termination expense of $208,000.

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) Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013
Total assets $855,427 $638,089 $621,476 $589,771 $587,109
Loans receivable, net 673,330 461,913 456,627 446,518 438,178
Total securities 94,827 88,960 92,884 98,015 99,831
Deposits 715,426 522,294 507,361 477,512 477,369
FHLBB advances 28,813 29,218 29,619 30,017 30,411
Shareholders' equity 101,821 75,516 75,000 74,001 72,790
Wealth assets under management 385,316 416,510 429,093 439,951 431,793
Non-performing loans 9,890 8,611 8,379 8,149 7,172
Non-performing assets 10,892 8,945 8,757 8,527 7,549
Accruing loans past due 30-89 days 4,128 1,294 2,306 4,021 5,374
Net interest and dividend income 5,717 4,754 4,905 4,775 4,791
Net interest and dividend income, tax equivalent 6,038 5,075 5,227 5,104 5,115
Provision for loan losses 165 318 314 337 190
Non-interest income 1,579 1,553 1,682 1,438 1,571
Non-interest expense 6,852 5,108 5,068 5,110 4,977
Income before income taxes 279 881 1,205 766 1,194
Income tax provision 43 113 239 215 214
Net income 236 768 966 551 980
Net income available to common shareholders 196 728 926 505 940
Per share data
Basic earnings per common share $ 0.10 $ 0.43 $ 0.54 $ 0.29 $ 0.55
Diluted earnings per common share 0.10 0.43 0.54 0.29 0.55
Dividends per common share 0.28 0.28 0.28 0.28 0.28
Book value per common share 31.54 34.74 34.44 33.9 33.21
Tangible book value per common share - Non-GAAP⁽¹⁾ 25.84 28.5 28.15 27.85 27.12
Common shares outstanding at end of period 2,721 1,713 1,713 1,711 1,710
Weighted average common shares outstanding, to calculate basic earnings per share 1,977 1,693 1,691 1,691 1,691
Weighted average common shares outstanding, to calculate diluted earnings per share 1,981 1,693 1,691 1,691 1,691
Profitability ratios
Net interest margin (tax equivalent) 3.68% 3.39% 3.74% 3.72% 3.71%
Efficiency ratio⁽²⁾ 77.84 75.92 72.35 77.11 71.77
Non-interest income to operating revenue 21.65 24.62 25.54 23.14 24.68
Effective income tax rate 15.41 12.82 19.85 28.02 17.92
Return on average assets 0.11 0.45 0.62 0.35 0.64
Return on average common shareholders' equity 1.18 4.85 6.32 3.53 6.69
Credit quality ratios
Net charge-offs to average loans receivable, gross 0.14% 0.03% 0.09% 0.12% 0.15%
Non-performing loans to loans receivable, gross 1.46 1.84 1.82 1.81 1.62
Accruing loans past due 30-89 days to loans receivable, gross 0.61 0.28 0.50 0.89 1.22
Allowance for loan losses to loans receivable, gross 0.79 1.15 1.11 1.09 1.06
Allowance for loan losses to non-performing loans 54.18 62.52 60.89 60.05 65.30
Non-performing assets to total assets 1.27 1.40 1.41 1.45 1.29
Capital ratios
Common shareholders' equity to assets 10.03% 9.33% 9.49% 9.83% 9.67%
Tangible common shareholders' equity to assets - Non-GAAP⁽¹⁾ 8.37 7.78 7.90 8.22 8.04
Tier 1 leverage capital 12.31 9.85 10.5 10.65 10.65
Total risk-based capital 14.29 16.27 16.11 16.42 16.46

⁽¹⁾ Refer to schedule labeled "Supplemental Information – Non-GAAP Financial Measures".

⁽²⁾ Calculated using SNL's (publicly recognized resource of bank data) methodology, 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 nonrecurring FHLBB prepayment fees, litigation expenses, and one-time pension termination expenses.

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 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013
Shareholders' Equity $ 101,821 $ 75,516 $ 75,000 $ 74,001 $ 72,790
Less: Preferred Stock (16,000) (16,000) (16,000) (16,000) (16,000)
Common Shareholders' Equity 85,821 59,516 59,000 58,001 56,790
Less: Goodwill (12,552) (9,829) (9,829) (9,829) (9,829)
Less: Intangible assets (2,990) (872) (946) (520) (576)
Tangible Common Shareholders' Equity $ 70,279 $ 48,815 $ 48,225 $ 47,652 $ 46,385
Total Assets $ 855,427 $ 638,089 $ 621,476 $ 589,771 $ 587,109
Less: Goodwill (12,552) (9,829) (9,829) (9,829) (9,829)
Less: Intangible assets (2,990) (872) (946) (520) (576)
Tangible Total Assets $ 839,885 $ 627,388 $ 610,701 $ 579,422 $ 576,704
Common Shares outstanding 2,721 1,713 1,713 1,711 1,710
Book value per Common Share – GAAP $ 31.54 $ 34.74 $ 34.44 $ 33.90 $ 33.21
Tangible book value per Common Share - Non-GAAP 25.84 28.50 28.15 27.85 27.12
Common Equity to Assets – GAAP 10.03% 9.33% 9.49% 9.83% 9.67%
Tangible Common Equity to Tangible Assets – Non-GAAP 8.37 7.78 7.90 8.22 8.04
Non-interest expense $ 6,852 $ 5,108 $ 5,068 $ 5,110 $ 4,977
Less: Amortization of core deposit intangibles (97) (75) (63) (56) (56)
Less: Foreclosed property expense (114) (1) (5) (10) (123)
Less: Strategic initiatives (1,596) (197) (90) (301) (233)
Operating Expenses $ 5,045 $ 4,835 $ 4,910 $ 4,743 $ 4,565
Net interest and dividend income, tax equivalent $ 6,038 $ 5,075 $ 5,227 $ 5,104 $ 5,115
Non-interest income 1,579 1,553 1,682 1,438 1,571
Operating Revenue $ 7,617 $ 6,628 $ 6,909 $ 6,542 $ 6,686
Efficiency Ratio less strategic initiatives 66.19% 72.94% 71.07% 72.49% 68.27%

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