Exhibit 99.1

 

Friday, October 26, 2018

 

Company Press Release

 

Source: Salisbury Bancorp, Inc.

 

Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer

860-435-9801 or rcantele@salisburybank.com

 

FOR IMMEDIATE RELEASE

 

SALISBURY BANCORP, INC. REPORTS RESULTS FOR THIRD QUARTER 2018; DECLARES 28 CENT DIVIDEND

 

·Third Quarter Net Income of $0.84 per Share

 

·Total Assets of $1.1 Billion with Strong Loan Growth

 

·Non-performing Assets were 0.77% of Total Assets

 

·Wealth Assets Under Administration Increased $22 million to $690 Million

 

Lakeville, Connecticut, October 26, 2018 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its third quarter ended September 30, 2018.

Net income allocated to common shareholders was $2.3 million, or $0.84 per common share, for the quarter ended September 30, 2018 (third quarter 2018), compared with $1.9 million, or $0.68 per common share, for the second quarter ended June 30, 2018 (second quarter 2018), and $1.7 million, or $0.61 per common share, for the third quarter ended September 30, 2017 (third quarter 2017).

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “We reported strong earnings on continued loan growth this quarter amidst sustained competitive market conditions. The credit quality of our loan portfolio remains strong and we are beginning to realize improvement in our efficiency ratio. We remain focused on prudently managing our balance sheet and expense base to optimize shareholder value while continuing to provide outstanding customer service.”

Net-Interest Income

Tax equivalent net interest income for third quarter 2018 increased $460 thousand, or 5.6%, versus second quarter 2018, and increased $632 thousand or 7.9%, versus third quarter 2017. Average earning assets increased $59.2 million versus second quarter 2018, and increased $128.3 million versus third quarter 2017. Average total interest bearing deposits increased $41.6 million versus second quarter 2018 and increased $68.6 million versus third quarter 2017. The tax equivalent net interest margin for the third quarter 2018 was 3.29% compared with 3.31% for the second quarter 2018 and 3.49% for the third quarter 2017.

Non-Interest Income

Non-interest income for third quarter 2018 increased $30 thousand versus second quarter 2018 and increased $8 thousand versus third quarter 2017.

Trust and Wealth Advisory fees decreased $13 thousand versus second quarter 2018 and increased $62 thousand versus third quarter 2017. The quarter-over-quarter decrease reflected tax preparation fees recorded in the second quarter 2018 and lower estate settlement fees partly offset by higher asset-based fees. The increase from the prior year third quarter primarily reflected higher asset management fees as well as higher estate and retirement planning fees. Assets under administration were $690 million as of September 30, 2018 compared with $668 million at June 30, 2018 and $595 million as of September 30, 2017. The increase from the second quarter 2018 was primarily attributed to growth in discretionary assets under administration.

Service charges and fees increased $40 thousand versus second quarter 2018 and decreased $3 thousand versus third quarter 2017. The increase from the second quarter 2018 primarily reflected higher deposit and interchange fees whereas the decrease versus third quarter 2017 reflected higher interchange fees, offset by lower deposit and other fees.

Income from sales and servicing of mortgage loans increased $22 thousand versus second quarter 2018 and decreased $24 thousand versus third quarter 2017. The increase from second quarter 2018 included gains on the sale of $1.2 million of mortgage loans. No mortgage loans were sold in the second quarter 2018 and $0.4 million of loans were sold in the third quarter 2017. The third quarter 2017 also included a benefit of $25 thousand for the reversal of previously recorded impairment charges for mortgage servicing rights. Third quarter 2018, second quarter 2018, and third quarter 2017 included net mortgage servicing amortization and periodic impairment charges (benefit) of $12 thousand, $11 thousand, and ($12) thousand, respectively.

There were no realized gains / (losses) on the sale of securities in the third quarter 2018 or the third quarter 2017. There were realized gains of $30 thousand on the sale of securities for the second quarter 2018. Losses on an equity investment in a CRA mutual fund were $6 thousand in the third quarter 2018 compared with losses of $20 thousand for the second quarter 2018. Prior to first quarter 2018, unrealized gains and losses on equity investments were included in shareholders’ equity.

Non-Interest Expense

Non-interest expense for third quarter 2018 decreased $88 thousand versus second quarter 2018 and increased $109 thousand versus third quarter 2017.

Total compensation expense increased $235 thousand versus second quarter 2018 primarily due to higher base salaries, production accruals, reflecting higher loan origination volume, higher incentive accruals and benefits expense and lower deferred expenses related to loan originations. Total compensation expenses year-over-year increased by $310 thousand primarily reflecting higher base salaries and higher production accruals, reflecting higher loan origination volume, and higher incentive accruals and deferred compensation expense.

Premises and equipment expense decreased $65 thousand versus second quarter 2018 and increased $41 thousand versus third quarter 2017. The decrease from the second quarter 2018 primarily reflected lower machine maintenance and repair charges partly offset by higher software and building maintenance and repair costs. The year-over-year increase primarily reflected higher charges for building depreciation and maintenance and repair costs offset by lower equipment maintenance and repair costs.

Data processing expenses, which also include data communications, decreased $37 thousand versus second quarter 2018 and decreased $26 thousand versus third quarter 2017. The decrease from the second quarter 2018 primarily reflected lower ATM and debit card processing fees and lower data communication charges. The year over year decrease primarily reflected lower trust & wealth related data processing charges and lower ATM and debit card processing fees, partly offset by higher core system data processing charges.

Professional fees decreased $115 thousand versus second quarter 2018, and increased $15 thousand versus third quarter 2017. The decline from the second quarter 2018 primarily reflected lower consultation and investment management fees, partly offset by higher internal audit fees. 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. The increase from the third quarter 2017 primarily reflected higher internal audit fees, partly offset by lower consultation, investment management and external audit fees.

Loan related expenses decreased $119 thousand compared to second quarter 2018 and decreased $85 thousand versus third quarter 2017. The decrease from both comparable periods was primarily driven by lower OREO carrying costs, lower delinquent taxes paid on properties in the foreclosure process, and lower litigation expense, partly offset by higher appraisal costs. The third quarter 2018 also included a write-down on OREO properties of $38 thousand.

Other expenses increased $19 thousand compared to second quarter 2018 and increased $83 thousand versus third quarter 2017. The third quarter 2018 included a one-time charge of $95 thousand, related to a write-down on a mortgage loan previously sold to the FHLB Boston, partly offset by lower investor relations expenses.

The effective income tax rates for third quarter 2018, second quarter 2018 and third quarter 2017 were 18.7%, 14.4% and 29.1%, respectively. The increase in the effective income tax rate from the second quarter 2018 primarily reflected the impact of permanent items on lower taxable income in the second quarter 2018. The decline in the effective income tax rate from the third quarter 2017 primarily reflected the enactment of the new U.S. tax law during the fourth quarter of 2017.

Loans

Gross loans receivable increased $26.2 million during the quarter to $906.4 million at September 30, 2018, compared with $880.2 million at June 30, 2018, and increased $115.7 million from $790.6 million at September 30, 2017. Residential real estate loans increased $19.8 million during third quarter 2018 to $426.9 million, and increased $52.3 million from third quarter 2017. Commercial real estate loans increased $7.4 million during third quarter 2018 to $291.3 million, and increased $34.7 million from third quarter 2017. Commercial and Industrial loans were essentially unchanged from second quarter 2018 at $150.7 million, and increased $22.1 million from third quarter 2017.

The allowance for loan losses for third quarter 2018 was $7.7 million compared with $7.4 million for second quarter 2018 and $6.5 million for third quarter 2017.

Asset Quality

Non-performing assets increased $2.1 million during third quarter 2018 to $8.5 million, or 0.77% of total assets at September 30, 2018, from $6.4 million, or 0.58% of total assets at June 30, 2018, and decreased $3.7 million from $12.3 million, or 1.25% of total assets, at September 30, 2017. The increase in non-performing assets from the second quarter 2018 was primarily attributed to a single residential property.

The amount of total impaired and potential problem loans increased $1.1 million during the third quarter to $24.4 million (2.7% of gross loans receivable), compared to $23.3 million, or 2.7% of gross loans receivable at June 30, 2018, and increased $1.1 million from $23.3 million, or 3.0% of gross loans receivable at September 30, 2017.

Accruing loans receivable 30-to-89 days past due increased $0.3 million during third quarter 2018 to $1.8 million, or 0.20% of gross loans receivable, from $1.5 million, or 0.17% of gross loans receivable at June 30, 2018, and decreased $1.7 million from $3.4 million, or 0.44% of gross loans receivable at September 30, 2017.

Provision for loan loss expense was $378 thousand for third quarter 2018 versus $467 thousand for second quarter 2018, and $237 thousand for third quarter 2017. The decrease in the provision from second quarter 2018 reflected lower loan growth whereas the increase from the third quarter 2017 reflected higher loan growth. Net loan charge-offs were $14 thousand for the third quarter 2018, $144 thousand for second quarter 2018 and $236 thousand for the third quarter 2017. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, was 0.85% for the third quarter 2018, versus 0.84% for second quarter 2018 and 0.82% for third quarter 2017.

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 $902.2 million at September 30, 2018 compared with $897.5 million at June 30, 2018 and $832.0 million at September 30, 2017. Average total deposits for the third quarter 2018 were $894.6 million compared with $847.8 million at June 30, 2018. Average total deposits for the third quarter 2018 reflected normal seasonal activity as well as approximately $38 million deposited by a trust & wealth advisory customer on June 28, 2018. As part of planned distributions, approximately $29 million of these funds were withdrawn on July 12, 2018 and the remainder was withdrawn on September 27, 2018.

FHLB advances decreased $11.9 million during the quarter to $67.6 million at September 30, 2018 and increased $40.2 million from September 30, 2017.

Capital

Book value per common share increased $0.55 during the third quarter to $35.93 per share and increased $0.92 from the third quarter 2017. Tangible book value per common share increased $0.59 during third quarter 2018 to $30.47 and increased $1.13 as compared to the third quarter 2017.

Shareholders’ equity increased $1.6 million in third quarter 2018 to $100.8 million at September 30, 2018 as net income of $2.3 million and the issuance of restricted stock awards of $0.2 million were partly offset by common stock dividends paid of $0.8 million and unrealized losses in the AFS portfolio of $0.1 million.

The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At September 30, 2018, Salisbury’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.02%, 12.26%, and 10.17%, respectively. The Bank’s Tier 1 leverage, total risk-based capital, and common equity tier 1 capital ratios were 8.66%, 11.91%, and 10.99%, respectively, compared with regulatory “well capitalized” minimums of 5.00%, 10.00%, and 6.5%, respectively.

Third Quarter 2018 Dividends on Common Shares

The Board of Directors of Salisbury declared a $0.28 per common share quarterly cash dividend at its October 26, 2018 meeting. The dividend will be paid on November 30, 2018 to shareholders of record as of November 16, 2018.

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.

 
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)  September 30, 2018  December 31, 2017
ASSETS          
Cash and due from banks  $5,860   $9,357 
Interest bearing demand deposits with other banks   36,360    39,129 
Total cash and cash equivalents   42,220    48,486 
Securities          
Available-for-sale at fair value   95,780    78,212 
CRA mutual fund   823    835 
Federal Home Loan Bank of Boston stock at cost   4,988    3,813 
Loans held-for-sale   589    669 
Loans receivable, net (allowance for loan losses: $7,745 and $6,776)   898,625    801,703 
Other real estate owned   340    719 
Bank premises and equipment, net   18,494    16,401 
Goodwill   13,815    13,815 
Intangible assets (net of accumulated amortization: $4,390 and $4,043)   1,490    1,837 
Accrued interest receivable   3,317    2,665 
Cash surrender value of life insurance policies   14,627    14,381 
Deferred taxes   1,454    677 
Other assets   2,153    2,771 
Total Assets  $1,098,715   $986,984 
LIABILITIES and SHAREHOLDERS' EQUITY          
Deposits          
Demand (non-interest bearing)  $233,935   $220,536 
Demand (interest bearing)   151,830    142,575 
Money market   202,308    190,953 
Savings and other   176,415    144,600 
Certificates of deposit   137,673    116,831 
Total deposits   902,161    815,495 
Repurchase agreements   6,658    1,668 
Federal Home Loan Bank of Boston advances   67,596    54,422 
Subordinated debt   9,829    9,811 
Note payable   289    313 
Capital lease liability   3,114    1,835 
Accrued interest and other liabilities   8,301    5,926 
Total Liabilities   997,948    889,470 
Shareholders' Equity          
Common stock - $.10 per share par value          
Authorized: 5,000,000;          
Issued: 2,885,788 and 2,872,578          
Outstanding: 2,804,881 and 2,785,216   280    279 
Unearned compensation – restricted stock awards   (857)   (606)
Paid-in capital   43,757    42,998 
Retained earnings   58,561    54,664 
Accumulated other comprehensive (loss) income, net   (974)   179 
Total Shareholders' Equity   100,767    97,514 
Total Liabilities and Shareholders' Equity  $1,098,715   $986,984 
 
 

Salisbury Bancorp, Inc. and Subsidiary

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Periods ended September 30, (in thousands except per share amounts)  Three months ended  Nine months ended
     2018      2017      2018      2017  
Interest and dividend income                    
Interest and fees on loans  $9,570   $8,196   $27,226   $24,544 
Interest on debt securities                    
Taxable   596    443    1,588    1,115 
Tax exempt   28    68    89    345 
Other interest and dividends   322    175    662    351 
Total interest and dividend income   10,516    8,882    29,565    26,355 
Interest expense                    
Deposits   1,323    682    3,098    1,776 
Repurchase agreements   4    2    6    4 
Capital lease   48    29    130    66 
Note payable   4    6    14    13 
Subordinated debt   156    156    468    468 
Federal Home Loan Bank of Boston advances   481    241    1,314    769 
  Total interest expense   2,016    1,116    5,030    3,096 
Net interest and dividend income   8,500    7,766    24,535    23,259 
Provision for loan losses   378    237    1,171    953 
Net interest and dividend income after provision for loan losses   8,122    7,529    23,364    22,306 
Non-interest income                    
Trust and wealth advisory   936    874    2,779    2,620 
Service charges and fees   932    935    2,693    2,799 
Gains on sales of mortgage loans, net   21    25    38    104 
Mortgage servicing, net   84    104    251    180 
Losses on CRA mutual fund   (6)       (26)    
Gains (losses) on available-for-sale securities, net           16    (14)
Other   121    142    370    365 
Total non-interest income   2,088    2,080    6,121    6,054 
Non-interest expense                    
Salaries   3,078    2,829    8,864    8,266 
Employee benefits   1,065    1,004    3,192    2,923 
Premises and equipment   1,036    995    3,161    2,797 
Data processing   519    545    1,561    1,521 
Professional fees   496    481    1,725    1,962 
OREO gains, losses and writedowns, net   38    218    91    362 
Collections, OREO, and loan related   116    201    432    513 
FDIC insurance   141    106    394    354 
Marketing and community support   167    220    630    623 
Amortization of intangibles   111    142    347    395 
Other   562    479    1,528    1,561 
Total non-interest expense   7,329    7,220    21,925    21,277 
Income before income taxes   2,881    2,389    7,560    7,083 
Income tax provision   537    695    1,301    1,903 
Net income  $2,344   $1,694   $6,259   $5,180 
Net income allocated to common shareholders  $2,311   $1,678   $6,185   $5,139 
                     
Basic earnings per common share  $0.84   $0.61   $2.24   $1.87 
Diluted earnings per common share   0.83    0.60    2.23    1.85 
Common dividends per share   0.28    0.28    0.84    0.84 
 
 

Salisbury Bancorp, Inc. and Subsidiary

SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)

 

At or for the quarters ended               
(in thousands, except per share amounts and ratios)    Q3 2018      Q2 2018      Q1 2018      Q4 2017      Q3 2017  
Total assets  $1,098,715   $1,096,780   $1,014,934   $986,984   $979,469 
Loans receivable, net   898,625    872,796    830,370    801,703    784,136 
Total securities   101,591    90,870    84,878    82,860    88,546 
Deposits   902,161    897,481    831,837    815,495    831,989 
FHLBB advances   67,596    79,538    62,480    54,422    27,364 
Shareholders’ equity   100,767    99,180    98,097    97,514    97,526 
Wealth assets under administration   690,448    667,933    600,256    610,218    594,510 
Discretionary wealth assets under administration   435,357    397,637    390,248    394,673    374,357 
Non-discretionary wealth assets under administration   255,091    270,296    210,008    215,545    220,153 
Non-performing loans   8,173    5,881    5,094    6,635    8,313 
Non-performing assets   8,513    6,359    5,761    7,354    12,257 
Accruing loans past due 30-89 days   1,784    1,507    3,362    3,536    3,449 
Net interest and dividend income   8,500    8,043    7,994    8,025    7,766 
Net interest and dividend income, tax equivalent   8,615    8,155    8,112    8,231    7,983 
Provision for loan losses   378    467    326    67    237 
Non-interest income   2,088    2,058    1,974    2,182    2,080 
Non-interest expense   7,329    7,417    7,182    8,052    7,220 
Income before income taxes   2,881    2,217    2,460    2,088    2,389 
Income tax provision   537    318    445    1,011    695 
Net income   2,344    1,899    2,015    1,077    1,694 
Net income allocated to common shareholders   2,311    1,877    1,995    1,065    1,678 
                          
Per share data                         
Basic earnings per common share  $0.84   $0.68   $0.72   $0.39   $0.61 
Diluted earnings per common share   0.83    0.68    0.72    0.38    0.60 
Dividends per common share   0.28    0.28    0.28    0.28    0.28 
Book value per common share   35.93    35.38    35.20    35.01    35.01 
Tangible book value per common share - Non-GAAP 1   30.47    29.88    29.63    29.39    29.34 
                          
Common shares outstanding at end of period (in thousands)   2,805    2,803    2,787    2,785    2,786 
Weighted average common shares outstanding,  to calculate basic earnings per share (in thousands)   2,764    2,761    2,759    2,757    2,757 
Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands)   2,779    2,779    2,780    2,778    2,777 
                          
Profitability ratios                         
Net interest margin (tax equivalent)   3.29%   3.31%   3.46%   3.58%   3.49%
Efficiency ratio (2)   66.91    70.87    69.35    64.90    67.18 
Effective income tax rate (3)   18.65    14.35    18.09    48.42    29.09 
Return on average assets   0.85    0.69    0.81    0.43    0.69 
Return on average common shareholders’ equity   9.26    7.68    8.33    4.38    6.89 
                          
Credit quality ratios                         
Non-performing loans to loans receivable, gross   0.90    0.67    0.61    0.82    1.05 
Accruing loans past due 30-89 days to loans receivable, gross   0.20    0.17    0.40    0.44    0.44 
Allowance for loan losses to loans receivable, gross   0.85    0.84    0.84    0.84    0.82 
Allowance for loan losses to non-performing loans   94.77    125.51    138.56    102.12    78.12 
Non-performing assets to total assets   0.77    0.58    0.57    0.74    1.25 
                          
Capital ratios                         
Common shareholders' equity to assets   9.17%   9.04%   9.67%   9.88%   9.96%
Tangible common shareholders' equity to tangible assets - Non-GAAP (1)   7.89    7.75    8.26    8.43    8.48 
Tier 1 leverage capital   8.02    8.30    8.56    8.53    8.49 
Total risk-based capital   12.26    12.27    12.70    12.94    13.20 
Common equity tier 1 capital    10.17    10.18    10.54    10.73    10.96 

 

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

(2) 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.

(3) The effective tax rate for 4Q2017 included the discrete charge related to the remeasurement of net deferred tax assets. Excluding this charge, the effective tax rate for the quarter was 27.12%.

 

 
 

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)    Q3 2018      Q2 2018      Q1 2018      Q4 2017      Q3 2017  
Common Shareholders' Equity  $100,767   $99,180   $98,097   $97,514   $97,526 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (1,490)   (1,601)   (1,716)   (1,837)   (1,974)
Tangible Common Shareholders' Equity  $85,462   $83,764   $82,566   $81,862   $81,737 
Total Assets  $1,098,715   $1,096,780   $1,014,934   $986,984   $979,469 
Less: Goodwill   (13,815)   (13,815)   (13,815)   (13,815)   (13,815)
Less: Intangible assets   (1,490)   (1,601)   (1,716)   (1,837)   (1,974)
Tangible Total Assets  $1,083,410    $1,081,364   $999,403   $971,332   $963,680 
Common Shares outstanding   2,805    2,803    2,787    2,758    2,786 
                          
Book value per Common Share – GAAP  $35.93   $35.38   $35.20   $35.01   $35.01 
Tangible book value per Common Share - Non-GAAP   30.47    29.88    29.63    29.39    29.34 
                          
Consolidated:                         
Non-interest expense  $7,329   $7,417   $7,182   $8,052   $7,220 
Less: Amortization of core deposit intangibles   (111)   (116)   (120)   (138)   (142)
Less: Foreclosed property expense including OREO gains, losses and Write downs   (52)   (71)   (56)   (1,281)   (318)
Adjusted non-interest expense  $7,166   $7,230   $7,006   $6,633   $6,760 
Net interest and dividend income, tax equivalent  $8,615   $8,155   $8,112   $8,231   $7,983 
Non-interest income   2,088    2,058    1,974    2,182    2,080 
Losses (gains) on securities   (6)   (11)   15    (193)    
Adjusted revenue  $10,709   $10,202   $10,101   $10,220   $10,063 
Efficiency Ratio – Non-GAAP (1)   66.91%   70.87%   69.35%   64.90%   67.18%

 

1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q3 2018: 65.65%; Q2 2018: 69.47%; Q1 2018: 67.67%; Q4 2017: 62.45%; Q3 2017: 65.42%.

 

View differences made from one to another to evaluate Salisbury Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Salisbury Bancorp Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account