Salisbury Bancorp, Inc. Increases Dividend and Reports Results for Second Quarter 2021
Salisbury Bancorp, Inc. (SAL) reported a net income of $4.3 million for Q2 2021, translating to $1.53 per basic common share. This shows a slight decrease from $4.5 million ($1.59 per share) in Q1 2021 but a significant increase from $2.7 million ($0.96 per share) in Q2 2020. The company announced a dividend increase of 3.3% to $0.31 per share, payable on August 27, 2021. Non-performing assets improved to 0.39% of total assets, and the quarterly results reflected a net release of credit reserves of $1.1 million.
- Quarterly cash dividend increased by 3.3% to $0.31 per share.
- Net income of $4.3 million reflects strong performance compared to the previous year.
- Improved non-performing assets to 0.39% of total assets.
- Net interest income decreased by $0.8 million (7.4%) compared to Q1 2021.
- Tax equivalent net interest margin decreased to 2.82%, down from 3.34% in Q1 2021.
- Gross loans receivable decreased by $10 million from Q1 2021.
- Second Quarter 2021 Net Income of
$1.53 per Basic Common Share - Quarterly Cash Dividend Increases
3.3% to$0.31 Per Common Share for Third Quarter 2021 - Quarterly Results Reflected a
$1.1 Million Net Release of Credit Reserves - Non-performing Assets were
0.39% of Total Assets Compared with0.44% at December 31, 2020 - Common Equity Tier 1 and Total Risk-Based Capital Ratios of
13.42% and14.67% , Respectively
LAKEVILLE, Conn., July 21, 2021 (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, 2021.
Net income available to common shareholders was
Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “Thanks to the continued dedication and commitment of our employees, we reported solid results for the second quarter. The business environment continues to improve across our markets as COVID-19 restrictions have been lifted, and we are cautiously optimistic that the economic rebound will continue. We have continued to support our customers and local communities this year by processing 472 loan applications for
Net Interest and Dividend Income
Tax equivalent net interest income of
The cost of interest-bearing liabilities of
Average earning assets of
The tax equivalent net interest margin for second quarter 2021 was
Non-Interest Income
Non-interest income of
Trust and Wealth Advisory fees of
Service charges and fees of
Non-interest income for the second quarter 2021 included BOLI income of
Non-Interest Expense
Non-interest expense of
Excluding compensation, other non-interest expenses for second quarter 2021 increased
The effective income tax rates for second quarter 2021, first quarter 2021 and second quarter 2020 were
Loans
Gross loans receivable of
| Loan Type | Q2 2021 | Q1 2021 | Q2 2020 | |||||||||
| Residential Real Estate | $ | 428,137 | $ | 418,991 | $ | 437,198 | ||||||
| Commercial Real Estate | 354,629 | 341,142 | 323,634 | |||||||||
| Commercial & Industrial ex PPP Loans | 156,849 | 152,388 | 148,510 | |||||||||
| PPP Loans | 61,908 | 96,969 | 98,930 | |||||||||
| Commercial & Industrial – Total | 218,757 | 249,357 | 247,440 | |||||||||
| Farm Land | 3,529 | 3,606 | 3,324 | |||||||||
| Vacant Land | 13,006 | 13,228 | 13,879 | |||||||||
| Municipal | 18,341 | 21,495 | 20,707 | |||||||||
| Consumer | 9,543 | 8,617 | 7,886 | |||||||||
| Deferred (Fees)/Costs | (889 | ) | (1,365 | ) | (1,339 | ) | ||||||
| Gross Loans Receivable | $ | 1,045,053 | $ | 1,055,071 | $ | 1,052,729 | ||||||
Asset Quality
In March 2020, Salisbury implemented a loan payment deferral program which allowed residential, commercial and consumer borrowers, who have been adversely affected by the COVID-19 pandemic, to defer loan payments for up to three months. Customers may also apply for additional deferments. As of June 30, 2021, loan payments were deferred on 10 commercial loans (
Non-performing assets were
The amount of total impaired and potential problem loans was
Accruing loans receivable 30-to-89 days past due decreased to
The allowance for loan losses for second quarter 2021 was
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
Federal Home Loan Bank of Boston (FHLBB) advances were
Capital
Shareholders’ equity increased
The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At June 30, 2021, the Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were
On May 28, 2021 Salisbury redeemed in full the
Dividend on Common Shares
The Board of Directors of Salisbury approved a
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 June 30, 2021, are available in the Shareholder Relations section of Salisbury’s website at salisburybank.com under Shareholder Relations/News & Market Information/Presentations.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share data) | June 30, 2021 (unaudited) | December 31, 2020 | ||||
| ASSETS | ||||||
| Cash and due from banks | $ | 8,853 | $ | 10,599 | ||
| Interest bearing demand deposits with other banks | 170,973 | 82,563 | ||||
| Total cash and cash equivalents | 179,826 | 93,162 | ||||
| Interest bearing Time Deposits with Financial Institutions | 750 | 750 | ||||
| Securities | ||||||
| Available-for-sale at fair value | 150,530 | 98,411 | ||||
| CRA mutual fund at fair value | 909 | 917 | ||||
| Federal Home Loan Bank of Boston stock at cost | 1,504 | 1,713 | ||||
| Loans held-for-sale | 415 | 2,735 | ||||
| Loans receivable, net (allowance for loan losses: | 1,032,345 | 1,027,738 | ||||
| Bank premises and equipment, net | 21,375 | 20,355 | ||||
| Goodwill | 13,815 | 13,815 | ||||
| Intangible assets (net of accumulated amortization: | 538 | 674 | ||||
| Accrued interest receivable | 6,357 | 6,373 | ||||
| Cash surrender value of life insurance policies | 21,433 | 21,182 | ||||
| Deferred taxes | 2,390 | 2,412 | ||||
| Other assets | 4,479 | 3,423 | ||||
| Total Assets | $ | 1,436,666 | $ | 1,293,660 | ||
| LIABILITIES and SHAREHOLDERS' EQUITY | ||||||
| Deposits | ||||||
| Demand (non-interest bearing) | $ | 359,517 | $ | 310,769 | ||
| Demand (interest bearing) | 224,791 | 218,869 | ||||
| Money market | 315,518 | 278,146 | ||||
| Savings and other | 206,887 | 189,776 | ||||
| Certificates of deposit | 136,656 | 131,514 | ||||
| Total deposits | 1,243,369 | 1,129,074 | ||||
| Repurchase agreements | 17,492 | 7,116 | ||||
| Federal Home Loan Bank of Boston advances | 10,152 | 12,639 | ||||
| Subordinated debt | 24,445 | 9,883 | ||||
| Note payable | 189 | 208 | ||||
| Finance lease obligations | 1,646 | 1,673 | ||||
| Accrued interest and other liabilities | 7,664 | 8,315 | ||||
| Total Liabilities | 1,304,957 | 1,168,908 | ||||
| Shareholders' Equity | ||||||
| Common stock - | ||||||
| Authorized: 5,000,000; | ||||||
| Issued: 2,861,697 and 2,843,292 | ||||||
| Outstanding: 2,861,697 and 2,843,292 | 286 | 284 | ||||
| Unearned compensation – restricted stock awards | (1,224 | ) | (774 | ) | ||
| Paid-in capital | 46,217 | 45,264 | ||||
| Retained earnings | 84,174 | 76,974 | ||||
| Accumulated other comprehensive income, net | 2,256 | 3,004 | ||||
| Total Shareholders' Equity | 131,709 | 124,752 | ||||
| Total Liabilities and Shareholders' Equity | $ | 1,436,666 | $ | 1,293,660 | ||
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) | 2021 | 2020 | 2021 | 2020 | |||||||||
| Interest and dividend income | |||||||||||||
| Interest and fees on loans | $ | 9,901 | $ | 10,313 | $ | 20,377 | $ | 20,300 | |||||
| Interest on debt securities | |||||||||||||
| Taxable | 488 | 409 | 912 | 864 | |||||||||
| Tax exempt | 172 | 171 | 334 | 356 | |||||||||
| Other interest and dividends | 61 | 51 | 95 | 142 | |||||||||
| Total interest and dividend income | 10,622 | 10,944 | 21,718 | 21,662 | |||||||||
| Interest expense | |||||||||||||
| Deposits | 567 | 988 | 1,121 | 2,497 | |||||||||
| Repurchase agreements | 4 | 4 | 8 | 10 | |||||||||
| Finance lease | 36 | 35 | 69 | 71 | |||||||||
| Note payable | 3 | 4 | 6 | 7 | |||||||||
| Subordinated debt | 415 | 156 | 534 | 312 | |||||||||
| Federal Home Loan Bank of Boston advances | 32 | 140 | 65 | 359 | |||||||||
| Total interest expense | 1,057 | 1,327 | 1,803 | 3,256 | |||||||||
| Net interest and dividend income | 9,565 | 9,617 | 19,915 | 18,406 | |||||||||
| (Release) provision for loan losses | (1,075 | ) | 1,806 | (917 | ) | 3,512 | |||||||
| Net interest and dividend income after (release) provision for loan losses | 10,640 | 7,811 | 20,832 | 14,894 | |||||||||
| Non-interest income | |||||||||||||
| Trust and wealth advisory | 1,254 | 1,031 | 2,399 | 2,061 | |||||||||
| Service charges and fees | 1,374 | 598 | 2,325 | 1,503 | |||||||||
| Mortgage banking activities, net | 196 | 318 | 804 | 446 | |||||||||
| Gains (losses) on CRA mutual fund | 3 | 8 | (14 | ) | 22 | ||||||||
| (Losses) gains on securities, net | (9 | ) | 181 | (9 | ) | 182 | |||||||
| Bank-owned life insurance (“BOLI”) income | 125 | 133 | 251 | 266 | |||||||||
| Other | 28 | 47 | 57 | 80 | |||||||||
| Total non-interest income | 2,971 | 2,316 | 5,813 | 4,560 | |||||||||
| Non-interest expense | |||||||||||||
| Salaries | 3,403 | 2,411 | 6,304 | 5,261 | |||||||||
| Employee benefits | 1,356 | 1,037 | 2,668 | 2,183 | |||||||||
| Premises and equipment | 1,019 | 981 | 1,973 | 1,891 | |||||||||
| Data processing | 628 | 557 | 1,193 | 1,098 | |||||||||
| Professional fees | 644 | 758 | 1,355 | 1,385 | |||||||||
| Collections, OREO, and loan related | 113 | 79 | 197 | 104 | |||||||||
| FDIC insurance | 80 | 103 | 225 | 208 | |||||||||
| Marketing and community support | 214 | 169 | 296 | 293 | |||||||||
| Amortization of intangibles | 65 | 83 | 136 | 170 | |||||||||
| Other | 564 | 611 | 1,000 | 1,133 | |||||||||
| Total non-interest expense | 8,086 | 6,789 | 15,347 | 13,726 | |||||||||
| Income before income taxes | 5,525 | 3,338 | 11,298 | 5,728 | |||||||||
| Income tax provision | 1,172 | 604 | 2,419 | 947 | |||||||||
| Net income | $ | 4,353 | $ | 2,734 | $ | 8,879 | $ | 4,781 | |||||
| Net income available to common shareholders | $ | 4,287 | $ | 2,691 | $ | 8,749 | $ | 4,704 | |||||
| Basic earnings per common share | $ | 1.53 | $ | 0.96 | $ | 3.12 | $ | 1.68 | |||||
| Diluted earnings per common share | $ | 1.52 | $ | 0.96 | $ | 3.10 | $ | 1.68 | |||||
| Common dividends per share | $ | 0.30 | $ | 0.29 | $ | 0.59 | $ | 0.58 | |||||
Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
| At or for the quarters ended | ||||||||||||||||
| (in thousands, except per share amounts and ratios) | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||
| Total assets | $ | 1,436,666 | $ | 1,403,129 | $ | 1,293,660 | $ | 1,292,760 | $ | 1,287,137 | ||||||
| Loans receivable, net | 1,032,345 | 1,041,185 | 1,027,738 | 1,031,593 | 1,039,524 | |||||||||||
| Total securities | 152,943 | 129,960 | 101,041 | 99,794 | 93,717 | |||||||||||
| Deposits | 1,243,369 | 1,211,171 | 1,129,074 | 1,095,141 | 1,085,599 | |||||||||||
| FHLBB advances | 10,152 | 11,396 | 12,639 | 43,880 | 55,118 | |||||||||||
| Shareholders’ equity | 131,709 | 127,242 | 124,752 | 122,240 | 118,444 | |||||||||||
| Wealth assets under administration | 970,306 | 902,141 | 944,349 | 748,188 | 704,052 | |||||||||||
| Discretionary wealth assets under administration | 614,312 | 578,199 | 554,997 | 514,988 | 480,456 | |||||||||||
| Non-discretionary wealth assets under administration | 355,994 | 323,942 | 389,352 | 233,200 | 223,596 | |||||||||||
| Non-performing loans | 5,539 | 5,706 | 5,648 | 4,681 | 4,815 | |||||||||||
| Non-performing assets | 5,539 | 5,706 | 5,648 | 4,681 | 4,815 | |||||||||||
| Accruing loans past due 30-89 days | 1,400 | 2,374 | 6,850 | 1,638 | 2,656 | |||||||||||
| Net interest and dividend income | 9,565 | 10,350 | 9,817 | 9,925 | 9,617 | |||||||||||
| Net interest and dividend income, tax equivalent(1) | 9,739 | 10,520 | 9,993 | 10,101 | 9,786 | |||||||||||
| Provision (release) expense for loan losses | (1,075 | ) | 158 | 840 | 686 | 1,806 | ||||||||||
| Non-interest income | 2,971 | 2,841 | 2,476 | 3,286 | 2,316 | |||||||||||
| Non-interest expense | 8,086 | 7,259 | 8,054 | 7,259 | 6,789 | |||||||||||
| Income before income taxes | 5,525 | 5,774 | 3,399 | 5,266 | 3,338 | |||||||||||
| Income tax provision | 1,172 | 1,248 | 596 | 910 | 604 | |||||||||||
| Net income | 4,353 | 4,526 | 2,803 | 4,356 | 2,734 | |||||||||||
| Net income allocated to common shareholders | 4,287 | 4,462 | 2,764 | 4,288 | 2,691 | |||||||||||
| Per share data | ||||||||||||||||
| Basic earnings per common share | $ | 1.53 | $ | 1.59 | $ | 0.99 | $ | 1.53 | $ | 0.96 | ||||||
| Diluted earnings per common share | 1.52 | 1.59 | 0.98 | 1.53 | 0.96 | |||||||||||
| Dividends per common share | 0.30 | 0.29 | 0.29 | 0.29 | 0.29 | |||||||||||
| Book value per common share | 46.02 | 44.72 | 43.88 | 42.99 | 41.66 | |||||||||||
| Tangible book value per common share - Non-GAAP ⁽2⁾ | 41.01 | 39.65 | 38.78 | 37.87 | 36.51 | |||||||||||
| Common shares outstanding at end of period (in thousands) | 2,862 | 2,845 | 2,843 | 2,843 | 2,843 | |||||||||||
| Weighted average common shares outstanding, to calculate basic earnings per share (in thousands) | 2,810 | 2,804 | 2,803 | 2,799 | 2,796 | |||||||||||
| Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands) | 2,829 | 2,815 | 2,811 | 2,807 | 2,803 | |||||||||||
| Profitability ratios | ||||||||||||||||
| Net interest margin (tax equivalent) (1) | 2.82 | % | 3.34 | % | 3.17 | % | 3.29 | % | 3.31 | % | ||||||
| Efficiency ratio (3) | 63.07 | 53.75 | 63.88 | 56.33 | 56.23 | |||||||||||
| Effective income tax rate | 21.21 | 21.61 | 17.52 | 17.28 | 18.11 | |||||||||||
| Return on average assets | 1.21 | 1.38 | 0.85 | 1.34 | 0.89 | |||||||||||
| Return on average common shareholders’ equity | 13.51 | 14.53 | 8.97 | 14.31 | 9.36 | |||||||||||
| Credit quality ratios | ||||||||||||||||
| Non-performing loans to loans receivable, gross | 0.53 | % | 0.54 | % | 0.54 | % | 0.45 | % | 0.46 | % | ||||||
| Accruing loans past due 30-89 days to loans receivable, gross | 0.13 | 0.23 | 0.66 | 0.16 | 0.25 | |||||||||||
| Allowance for loan losses to loans receivable, gross | 1.22 | 1.32 | 1.32 | 1.24 | 1.18 | |||||||||||
| Allowance for loan losses to non-performing loans | 229.4 | 243.4 | 243.5 | 277.8 | 256.9 | |||||||||||
| Non-performing assets to total assets | 0.39 | 0.41 | 0.44 | 0.36 | 0.37 | |||||||||||
| Capital ratios | ||||||||||||||||
| Common shareholders' equity to assets | 9.17 | % | 9.07 | % | 9.64 | % | 9.46 | % | 9.20 | % | ||||||
| Tangible common shareholders' equity to tangible assets - Non-GAAP(2) | 8.25 | 8.12 | 8.62 | 8.42 | 8.16 | |||||||||||
| Tier 1 leverage capital (4) | 9.33 | 9.83 | 8.90 | 8.93 | 8.95 | |||||||||||
| Total risk-based capital (4) | 14.67 | 14.58 | 13.57 | 13.60 | 13.15 | |||||||||||
| Common equity tier 1 capital (4) | 13.42 | 13.33 | 12.31 | 12.35 | 11.90 | |||||||||||
(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) | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | |||||||||||||||
| Common Shareholders' Equity | $ | 131,709 | $ | 127,242 | $ | 124,752 | $ | 122,240 | $ | 118,444 | ||||||||||
| Less: Goodwill | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | ||||||||||
| Less: Intangible assets | (538 | ) | (603 | ) | (674 | ) | (748 | ) | (825 | ) | ||||||||||
| Tangible Common Shareholders' Equity | $ | 117,356 | $ | 112,824 | $ | 110,263 | $ | 107,677 | $ | 103,804 | ||||||||||
| Total Assets | $ | 1,436,666 | $ | 1,403,129 | $ | 1,293,660 | $ | 1,292,760 | $ | 1,287,137 | ||||||||||
| Less: Goodwill | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | ||||||||||
| Less: Intangible assets | (538 | ) | (603 | ) | (674 | ) | (748 | ) | (825 | ) | ||||||||||
| Tangible Total Assets | $ | 1,422,313 | $ | 1,388,711 | $ | 1,279,171 | $ | 1,278,197 | $ | 1,272,497 | ||||||||||
| Common Shares outstanding | 2,862 | 2,845 | 2,843 | 2,843 | 2,843 | |||||||||||||||
| Book value per Common Share – GAAP | $ | 46.02 | $ | 44.72 | $ | 43.88 | $ | 42.99 | $ | 41.66 | ||||||||||
| Tangible book value per Common Share - Non-GAAP | 41.01 | 39.65 | 38.78 | 37.87 | 36.51 | |||||||||||||||
| Tangible common shareholders’ equity to tangible total assets - Non-GAAP | 8.25 | % | 8.12 | % | 8.62 | % | 8.42 | % | 8.16 | % | ||||||||||
| Consolidated: | ||||||||||||||||||||
| Non-interest expense | $ | 8,086 | $ | 7,259 | $ | 8,054 | $ | 7,259 | $ | 6,789 | ||||||||||
| Less: Amortization of core deposit intangibles | (65 | ) | (71 | ) | (74 | ) | (78 | ) | (83 | ) | ||||||||||
| Less: Foreclosed property expense including OREO gains, losses and Write downs | - | - | - | 2 | (7 | ) | ||||||||||||||
| Adjusted non-interest expense | $ | 8,021 | $ | 7,188 | $ | 7,980 | $ | 7,183 | $ | 6,699 | ||||||||||
| Net interest and dividend income, tax equivalent | $ | 9,739 | $ | 10,520 | $ | 9,993 | $ | 10,101 | $ | 9,786 | ||||||||||
| Non-interest income | 2,971 | 2,841 | 2,476 | 3,286 | 2,316 | |||||||||||||||
| Losses (gains) on securities | 6 | 16 | 24 | (34 | ) | (189 | ) | |||||||||||||
| BOLI proceeds | - | - | - | (601 | ) | - | ||||||||||||||
| Adjusted revenue | $ | 12,716 | $ | 13,377 | $ | 12,493 | $ | 12,752 | $ | 11,914 | ||||||||||
| Efficiency Ratio – Non-GAAP 1 | 63.07 | % | 53.75 | % | 63.88 | % | 56.33 | % | 56.23 | % | ||||||||||
1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q2 2021:
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)
| At or for the three months ended | Average Balance | Income / Expense | Average Yield / Rate | ||||||||||||
| (dollars in thousands) | Q2 2021 | Q1 2021 | Q2 2020 | Q2 2021 | Q1 2021 | Q2 2020 | Q2 2021 | Q1 2021 | Q2 2020 | ||||||
| Loans (a)(d) | $ | 1,052,381 | $ | 1,051,658 | $ | 1,038,551 | $ | 10,015 | $ | 10,592 | $ | 10,428 | |||
| Securities (c)(d) | 138,164 | 103,062 | 86,987 | 720 | 640 | 634 | 2.08 | 2.48 | 2.92 | ||||||
| FHLBB stock | 1,830 | 1,948 | 3,580 | 11 | 9 | 39 | 2.41 | 1.85 | 4.36 | ||||||
| Short term funds (b) | 180,716 | 101,401 | 49,105 | 50 | 25 | 12 | 0.11 | 0.10 | 0.10 | ||||||
| Total interest-earning assets | 1,373,091 | 1,258,069 | 1,178,223 | 10,796 | 11,266 | 11,113 | 3.13 | 3.57 | 3.77 | ||||||
| Other assets | 70,447 | 71,252 | 60,288 | ||||||||||||
| Total assets | $ | 1,443,538 | $ | 1,329,321 | $ | 1,238,511 | |||||||||
| Interest-bearing demand deposits | $ | 227,623 | $ | 218,425 | $ | 172,811 | 117 | 106 | 103 | 0.21 | 0.20 | 0.24 | |||
| Money market accounts | 315,665 | 288,767 | 237,667 | 138 | 129 | 239 | 0.18 | 0.18 | 0.40 | ||||||
| Savings and other | 212,253 | 197,526 | 171,436 | 59 | 56 | 102 | 0.11 | 0.11 | 0.24 | ||||||
| Certificates of deposit | 147,103 | 129,603 | 157,288 | 252 | 264 | 544 | 0.69 | 0.83 | 1.38 | ||||||
| Total interest-bearing deposits | 902,644 | 834,321 | 739,202 | 566 | 555 | 988 | 0.25 | 0.27 | 0.53 | ||||||
| Repurchase agreements | 12,010 | 8,453 | 4,773 | 4 | 3 | 4 | 0.15 | 0.15 | 0.34 | ||||||
| Finance lease | 2,751 | 2,824 | 2,987 | 36 | 32 | 35 | 5.26 | 4.60 | 4.69 | ||||||
| Note payable | 192 | 200 | 231 | 3 | 3 | 4 | 6.09 | 6.18 | 6.93 | ||||||
| Subordinated debt (f) | 30,789 | 10,156 | 9,866 | 415 | 119 | 156 | 5.39 | 4.68 | 6.32 | ||||||
| FHLBB advances | 10,576 | 11,825 | 55,374 | 33 | 34 | 140 | 1.21 | 1.14 | 1.01 | ||||||
| Total interest-bearing liabilities | 958,962 | 867,779 | 812,433 | 1,057 | 746 | 1,327 | 0.44 | 0.35 | 0.65 | ||||||
| Demand deposits | 348,561 | 328,372 | 302,965 | ||||||||||||
| Other liabilities | 6,786 | 6,839 | 6,029 | ||||||||||||
| Shareholders’ equity | 129,229 | 126,331 | 117,084 | ||||||||||||
| Total liabilities & shareholders’ equity | $ | 1,443,538 | $ | 1,329,321 | $ | 1,238,511 | |||||||||
| Net interest income | $ | 9,739 | $ | 10,520 | $ | 9,786 | |||||||||
| Spread on interest-bearing funds | 2.69 | 3.22 | 3.12 | ||||||||||||
| Net interest margin (e) | 2.82 | 3.34 | 3.31 | ||||||||||||
(a) Includes non-accrual loans.
(b) Includes interest-bearing deposits in other banks and federal funds sold.
(c) Average balances of securities are based on amortized cost.
(d) Includes tax exempt income benefit of
(e) Net interest income divided by average interest-earning assets.
(f) Net of issuance costs.
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)
| Six months ended June 30, | Average Balance | Income / Expense | Average Yield / Rate | |||||||
| (dollars in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||
| Loans (a)(d) | $ | 1,052,020 | $ | 993,293 | $ | 20,605 | $ | 20,524 | ||
| Securities (c)(d) | 120,710 | 88,292 | 1,360 | 1,332 | 2.25 | 3.02 | ||||
| FHLBB stock | 1,889 | 3,310 | 20 | 72 | 2.13 | 4.35 | ||||
| Short term funds (b) | 141,278 | 36,161 | 76 | 70 | 0.11 | 0.39 | ||||
| Total earning assets | 1,315,897 | 1,121,056 | 22,061 | 21,998 | 3.34 | 3.92 | ||||
| Other assets | 70,848 | 62,365 | ||||||||
| Total assets | $ | 1,386,745 | $ | 1,183,421 | ||||||
| Interest-bearing demand deposits | $ | 223,049 | $ | 163,707 | 223 | 222 | 0.20 | 0.27 | ||
| Money market accounts | 302,290 | 239,173 | 267 | 799 | 0.18 | 0.67 | ||||
| Savings and other | 204,930 | 167,805 | 115 | 336 | 0.11 | 0.40 | ||||
| Certificates of deposit | 138,402 | 156,078 | 516 | 1,140 | 0.75 | 1.46 | ||||
| Total interest-bearing deposits | 868,671 | 726,763 | 1,121 | 2,497 | 0.26 | 0.69 | ||||
| Repurchase agreements | 10,241 | 5,223 | 8 | 10 | 0.15 | 0.38 | ||||
| Finance lease | 2,787 | 3,019 | 69 | 71 | 4.93 | 4.70 | ||||
| Note payable | 196 | 235 | 6 | 7 | 6.14 | 5.96 | ||||
| Subordinated Debt (f) | 20,529 | 9,864 | 534 | 312 | 5.20 | 6.33 | ||||
| FHLBB advances | 11,197 | 46,247 | 65 | 359 | 1.17 | 1.55 | ||||
| Total interest-bearing liabilities | 913,621 | 791,351 | 1,803 | 3,256 | 0.40 | 0.82 | ||||
| Demand deposits | 338,486 | 269,031 | ||||||||
| Other liabilities | 6,851 | 6,460 | ||||||||
| Shareholders’ equity | 127,787 | 116,579 | ||||||||
| Total liabilities & shareholders’ equity | $ | 1,386,745 | $ | 1,183,421 | ||||||
| Net interest income | $ | 20,258 | $ | 18,742 | ||||||
| Spread on interest-bearing funds | 2.95 | 3.10 | ||||||||
| Net interest margin (e) | 3.06 | 3.33 | ||||||||
(a) Includes non-accrual loans.
(b) Includes interest-bearing deposits in other banks and federal funds sold.
(c) Average balances of securities are based on historical cost.
(d) Includes tax exempt income benefit of
(e) Net interest income divided by average interest-earning assets.
(f) Net of issuance costs.
Source: Salisbury Bancorp, Inc.
Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 or rcantele@salisburybank.com
FAQ
What is the dividend amount for Salisbury Bancorp (SAL) for Q3 2021?
When will the dividend for Salisbury Bancorp (SAL) be paid?
How did Salisbury Bancorp's net income change from Q1 to Q2 2021?
What was the non-performing asset ratio for SAL as of June 30, 2021?
What was the net interest income for Salisbury Bancorp in Q2 2021?
