Salisbury Bancorp, Inc. Reports Results for Fourth Quarter and Full Year 2013; Declares 28 Cent Dividend

Salisbury Bancorp, Inc. Reports Results for Fourth Quarter and Full Year 2013;
Declares 28 Cent Dividend

LAKEVILLE, Conn., Jan. 31, 2014 (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, 2013.

Selected fiscal year 2013 highlights

Net income available to common shareholders was $3,922,000, or $2.30 per
common share, for 2013, compared with $3,861,000 or $2.28 per common share for
2012.

  *Earnings per common share increased $0.02, or 0.9%, to $2.30.
  *Earnings per common share excluding one-time fourth quarter expenses
    related to strategic initiatives of $202,000 (net of taxes), or $0.12 per
    share, would have been $2.42 per share or an increase of $0.14 (+6%)
    compared to 2012.
  *Tax equivalent net interest income increased $405,000, or 8.6%.
  *Non-interest expense decreased $619,000, or 3.2%. Preferred stock
    dividends were $161,000, versus $241,000 for 2012.

Fourth quarter 2013 dividend

The Board of Directors of Salisbury Bancorp, Inc. declared a $0.28 per common
share quarterly cash dividend at their January 31, 2014 meeting. The dividend
will be paid on February 28, 2014 to shareholders of record as of February 14,
2014.

Selected fourth quarter 2013 highlights

Net income available to common shareholders was $940,000, or $0.55 per common
share, for its fourth quarter ended December 31, 2013 (fourth quarter 2013),
compared with $976,000, or $0.57 per common share, for the third quarter ended
September 30, 2013 (third quarter 2013), and $531,000, or $0.31 per common
share, for the fourth quarter ended December 31, 2012 (fourth quarter 2012).
Fourth quarter 2012 results included a $450,000 non-recurring expense to the
FHLBB that was substantially recovered in 2013 through reduced interest
expense.

  *Earnings per common share increased $0.24, or 77.4%, versus fourth quarter
    2012, but decreased $0.02, or 3.5%, to $0.55 versus third quarter 2013.
  *Earnings per share excluding one-time expenses related to strategic
    initiatives of $202,000 (net of taxes), or $0.12 per share, would have
    been $0.67 per share for the quarter, an increase of $0.10 (+17%) as
    compared to third quarter 2013.
  *Tax equivalent net interest income increased $406,000, or 8.6%, versus
    fourth quarter 2012 and increased $148,000, or 3.0%, versus third quarter
    2013.
  *Provision for loan losses was $190,000, versus $380,000 for fourth quarter
    2012 and $240,000 for third quarter 2013.
  *Net loan charge-offs were $163,000, versus $199,000 for fourth quarter
    2012 and $215,000 for third quarter 2013.
  *Non-interest expense decreased $357,000, or 6.7%, versus fourth quarter
    2012 but increased $334,000, or 7.2%, versus third quarter 2013.
  *Non-performing assets decreased $2.6 million, or 25.3%, versus fourth
    quarter 2012 and decreased $2.2 million, or 22.5%, to $7.5 million, or
    1.3% of total assets, versus third quarter 2013. Loans receivable 30 days
    or more past due decreased $2.6 million versus fourth quarter 2012 and
    decreased $410,000 to $11.0 million, or 2.5% of gross loans, versus third
    quarter 2013.

Richard J. Cantele, Jr., President and Chief Executive Officer, stated, "While
our progress has been restrained by the slow pace of economic growth in the
region, we are pleased to report continued progress with respect to key
strategic objectives and growth in our year-over-year earnings. Our continuing
efforts to control non-interest expenses, maintain and improve asset quality,
and grow net interest and dividend income, are enhancing our current results
of operation and should continue to contribute to our future
progress.Similarly, we are pleased to see continued growth in the assets
under management in our Wealth Advisory Department.This continued success of
our Wealth Advisory Department both distinguishes Salisbury from its
competitors and diversifies our income stream by reducing our dependence on
net interest income.We have also made advancements in implementing our
strategic objectives of expanding our footprint in the market areas we serve
through both de novo expansion and opportunistic acquisitions.In this regard,
we recently took steps to establish a new branch in Great Barrington,
Massachusetts and we signed an agreement to acquire a branch office and
related deposits from another institution in Sharon, Connecticut.We expect to
consolidate our existing Sharon office with such new branch following receipt
of regulatory approvals and consummation of the transaction later this
year.These efforts reflect our continuing interest in seeking opportunities
to reach out and serve new customers and communities, while striving to
maximize efficiency and maintain our commitment to quality customer service."

Net Interest Income

Tax equivalent net interest income for fourth quarter 2013 decreased $148,000,
or 3.0%, versus third quarter 2013, and $406,000, or 8.6%, versus fourth
quarter 2012. Average total interest bearing deposits decreased $19.3 million
versus third quarter 2013 and decreased $1.1 million, or 2.86%, versus fourth
quarter 2012. Average earning assets decreased $15.8 million versus third
quarter 2013 and decreased $16.7 million, or 3.0%, versus fourth quarter 2012.
The net interest margin increased 20 basis points versus third quarter 2013
and increased 39 basis points versus fourth quarter 2012 to 3.71% for fourth
quarter 2013.

Non-Interest Income

Non-interest income for fourth quarter 2013 increased $110,000 versus third
quarter 2013 and decreased $307,000 versus fourth quarter 2012. Trust and
Wealth Advisory revenues increased $25,000 versus third quarter 2013 and
increased $3,000 versus fourth quarter 2012. The quarter-over-quarter revenue
increase resulted from growth in managed assets which were partially offset by
decreased estate fees. Service charges and fees increased $17,000 versus third
quarter 2013, and increased $51,000 versus fourth quarter 2012 due to
restructuring of deposit fees and increased volume of debit card interchange
fees in 2013. Income from sales and servicing of mortgage loans increased
$84,000 versus third quarter 2013 due to higher sales volume and a decrease in
the MSR impairment reserve. Income from sales and servicing of mortgage loans
decreased $354,000 versus fourth quarter 2012 due primarily to fewer loans
sold in 2013 than in 2012. Mortgage loan sales totaled $2.4 million for fourth
quarter 2013, $2.2 million for third quarter 2013 and $13.4 million for fourth
quarter 2012. Fourth quarter 2013, third quarter 2013 and fourth quarter 2012
included mortgage servicing valuation impairment benefit (expense) of $27,000,
($38,000) and $73,000, respectively.

Non-Interest Expense

Non-interest expense for fourth quarter 2013 increased $334,000 versus third
quarter 2013 and decreased $357,000 versus fourth quarter 2012. Net
compensation increased $9,000 versus third quarter 2013 and increased $76,000
versus fourth quarter 2012 due to changes in staffing levels, merit increases
and increased employee benefits costs. Premises and equipment costs increased
$13,000 versus third quarter 2013 and remained level versus fourth quarter
2012. The third quarter increase was due primarily to the Millerton drive-up
renovations. Data processing increased $12,000 versus third quarter 2013 and
decreased $10,000 versus fourth quarter 2012. Professional fees increased
$223,000 versus third quarter 2013 and increased $232,000 versus fourth
quarter 2012 due to consulting, legal and other professional services
associated with efforts to implement strategic and capital planning by taking
advantage of prudent opportunities to expand our franchise through de novo
branching and acquisition opportunities, including our plans to establish a
full-service branch in Great Barrington, Massachusetts and our agreement to
acquire a branch office and related deposits from another institution in
Sharon, Connecticut.Each of these is expected to commence operations in the
second quarter of this year. Collections and OREO increased $141,000 versus
third quarter 2013 due primarily to write-down of OREO properties, and
decreased $127,000 versus fourth quarter 2012 due to a change in the
accounting for delinquent property taxes and fewer OREO properties to
maintain. FDIC insurance increased $9,000 versus third quarter 2013 and
decreased $2,000 versus fourth quarter 2012. A fourth quarter 2012 FHLBB
advance prepayment fee of $450,000 resulted from the early prepayment of a $10
million advance due 12/16/2013 with a 4.88% coupon. 

The effective income tax rates for fourth quarter 2013, third quarter 2013 and
fourth quarter 2012 were 17.92%, 17.70% and 4.36%, respectively.

Loans

Net loans receivable increased $17.9 million during fourth quarter 2013 to
$438.2 million at December 31, 2013, compared with $420.0 million at September
30, 2013, and increased $49.4 million for full year 2013, compared with $388.8
million at December 31, 2012.

Asset Quality

Non-performing assets decreased $2.2 million during fourth quarter 2013 to
$7.5 million, or 1.29% of assets at December 31, 2013, from $9.7 million, or
1.65% of assets at September 30, 2013, and decreased $2.6 million in 2013 from
$10.1 million, or 1.68% of assets at December 31, 2012.

Fourth quarter 2013 non-performing assets activity included: $263,000 of loans
placed on non-accrual status; $276,000 of loan charge-offs; $65,000 of loan
repayments; $695,000 of loans paid off; $1.4 million reinstated to accrual;
and, $69,000 in proceeds from OREO sales.

At December 31, 2013, 17.8% of non-accrual loans were current with respect to
loan payments, compared with 16.7% at September 30, 2013 and 18.2% at December
31, 2012.

Non-performing assets include OREO of $377,000 at December 31, 2013, compared
with $571,000 at September 30, 2013, and $244,000 at December 31, 2012.

Total impaired and potential problem loans decreased $307,000, or 1.2%, during
fourth quarter 2013 to $24.8 million, or 5.6% of gross loans receivable at
December 31, 2013, from $25.1 million, or 5.9% of gross loans receivable at
September 30, 2013, and decreased $2.6 million for year-to-date 2013 from
$27.4 million, or 7.0% of gross loans receivable at December 31, 2012.

Loans past due 30 days or more decreased $410,000 during fourth quarter 2013
to $11.0 million, or 2.5% of gross loans receivable at December 31, 2013, from
$11.4 million, or 2.7% of gross loans receivable at September 30, 2013, and
decreased $2.6 million in 2013 from $13.6 million, or 3.47% of gross loans
receivable at December 31, 2012.

The provision for loan losses for fourth quarter 2013 was $190,000 versus
$240,000 for third quarter 2013 and $380,000 for fourth quarter 2012. Net loan
charge-offs were $163,000, $215,000 and $199,000, for the respective periods.
Loan charge-offs for fourth quarter 2013 related to the aforementioned
residential property and other non-performing loans. Reserve coverage, as
measured by the ratio of the allowance for loan losses to gross loans,
remained relatively unchanged at 1.06%, versus 1.10% for third quarter 2013
and 1.11% for fourth quarter 2012.

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 increased $0.92 and $0.95,
respectively, during fourth quarter, to $33.21 and $27.12, respectively.
Tangible book value excludes goodwill and core deposit intangibles.

Shareholders' equity increased $1.6 million in fourth quarter 2013 to $72.8
million at December 31, 2013. Contributing to the increase in shareholders'
equity for fourth quarter 2013 was net income of $1.0 million and other
comprehensive income of $1.1 million, less common and preferred stock
dividends of $0.5 million.

Both Salisbury and the Bank's regulatory capital ratios remain in compliance
with regulatory "well capitalized" requirements. At December 31, 2013 the
Bank's Tier 1 leverage and total risk-based capital ratios were 8.96% and
13.93%, 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 10.65% and 16.46%, 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 $36.9 million and to augment its regulatory capital
ratios.

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, South Egremont and Sheffield, Massachusetts
and Dover Plains and Millerton, 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 (unaudited)                          

(in thousands, except share data)                    December 31, December 31,
                                                    2013         2012
ASSETS                                                           
Cash and due from banks                              $5,926      $9,545
Interest bearing demand deposits with other banks    6,785        34,029
Total cash and cash equivalents                      12,711       43,574
Interest bearing time deposits with other banks      738          --
Securities                                                       
Available-for-sale at fair value                     94,491       126,287
Federal Home Loan Bank of Boston stock at cost       5,340        5,747
Loans held-for-sale                                  173          1,879
Loans receivable, net (allowance for loan losses:    438,178      388,758
$4,683 and $4,360)
Other real estate owned                              377          244
Bank premises and equipment, net                     11,611       11,520
Goodwill                                             9,829        9,829
Intangible assets (net of accumulated amortization:  576          798
$1,968 and $1,745)
Accrued interest receivable                          1,760        1,818
Cash surrender value of life insurance policies      7,529        7,295
Deferred taxes                                       260          --
Other assets                                         3,536       3,064
Total Assets                                         $587,109    $600,813
LIABILITIES and SHAREHOLDERS' EQUITY                             
Deposits                                                         
Demand (non-interest bearing)                        $84,677     $98,850
Demand (interest bearing)                            81,932       65,991
Money market                                         120,550      128,501
Savings and other                                    107,171      103,985
Certificates of deposit                              83,039       93,888
Total deposits                                       477,369      491,215
Repurchase agreements                                2,554        1,784
Federal Home Loan Bank of Boston advances            30,411       31,980
Capital lease liability                              425          --
Accrued interest and other liabilities               3,560        3,837
Total Liabilities                                    514,319      528,816
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: 3,000,000;                                           
Issued: 1,710,121 and 1,689,691                      171          169
Paid-in capital                                      13,668       13,158
Retained earnings                                    42,240       40,233
Unearned compensation - restricted stock awards      (335)        --
Accumulated other comprehensive income, net          1,046       2,437
Total Shareholders' Equity                           72,790       71,997
Total Liabilities and Shareholders' Equity           $587,109    $600,813

                                                         
                                                         
Salisbury Bancorp, Inc. and Subsidiary                    
CONSOLIDATED STATEMENTS OF INCOME                         
(unaudited)

Periods ended December 31,              Three months ended Twelve months ended
(in thousands, except per share         2013      2012     2013      2012
amounts)
Interest and dividend income                                      
Interest and fees on loans              $4,563   $4,376  $17,978  $18,054
Interest on debt securities                                       
Taxable                                 398       515      1,757     2,454
Tax exempt                              507       491      1,948     2,030
Other interest and dividends            9        44      67       120
Total interest and dividend income      5,477     5,426    21,750    22,658
Interest expense                                                  
Deposits                               376       543      1,813     2,414
Repurchase agreements                   2         2        6         23
Federal Home Loan Bank of Boston        308       447      1,243     1,845
advances
Total interest expense                  686       992      3,062     4,282
Net interest income                     4,791     4,434    18,688    18,376
Provision for loan losses               190       380      1,066     1,070
Net interest and dividend income after 4,601     4,054    17,622    17,306
provision for loan losses
Non-interest income                                               
Trust and wealth advisory               775       772      3,074     2,945
Service charges and fees                612       561      2,298     2,189
Gains on sales of mortgage loans, net   78        394      579       1,596
Mortgage servicing, net                 38        76       35        (21)
Gains on securities, net                --        --       --        279
Other                                  67        74       319       326
Total non-interest income               1,570     1,877    6,305     7,314
Non-interest expense                                              
Salaries                                1,960     1,880    7,467     7,149
Employee benefits^(1)                   664       668      2,804    2,912
Premises and equipment                  609       609      2,398     2,408
Data processing                         370       379      1,514     1,569
Professional fees                       529       297      1,524     1,212
Collections and OREO                    215       342      519       709
Litigation settlement                   --        --       --        400
FDIC insurance                          120       123      470       486
Marketing and community support         67        89       393       356
Amortization of intangibles             56        56       222       222
FHLBB advance prepayment fee            --        450      --        450
Other                                   387       441      1,624     1,681
Total non-interest expense              4,977     5,334    18,935    19,554
Income before income taxes              1,194     597      4,992     5,066
Income tax provision                    214       26       909       989
Net income                              $980     $571    $4,083   $4,077
Net income available to common          $940     $531    $3,922   $3,861
shareholders
                                                                 
Basic earnings per common share         $0.55    $0.31   $2.30    $2.28
Diluted earnings per common share       0.55      0.31     2.30      2.28
Common dividends per share              0.28      0.28     1.12      1.12
                                                                 
^(1)Included pension plan curtailment expense of $341,000 for the twelve
month period ended December 31, 2012.

                                                               
                                                               
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   Q4 2013    Q3 2013    Q2 2013    Q1 2013    Q4 2012
ratios)
Total assets            $ 587,109  $ 589,481  $ 600,712  $ 597,343  $ 600,813
Loans receivable, net   438,178    420,306    416,729    406,258    388,758
Total securities        99,831     105,156    111,950    124,004    132,034
Deposits                477,369    479,869    492,040    487,773    491,215
FHLBB advances          30,411     30,801     31,187     31,574     31,980
Shareholders' equity    72,790     71,211     71,489     72,206     71,997
Wealth assets under     431,793    408,448    402,897    404,211    388,113
management
Non-performing loans    7,172      9,166      9,204      8,585      9,860
Non-performing assets   7,549      9,737      9,639      9,297      10,104
Accruing loans past due 5,374      5,093      4,271      4,718      5,629
30-89 days
Net interest and        4,791      4,659      4,634      4,603      4,434
dividend income
Net interest and
dividend income, tax    5,115      4,967      4,942      4,903      4,709
equivalent
Provision for loan      190        240        240        396        380
losses
Non-interest income     1,570      1,460      1,650      1,625      1,877
Non-interest expense    4,977      4,643      4,610      4,705      5,334
Income before income    1,194      1,237      1,433      1,127      597
taxes
Income tax provision    214        219        289        187        26
Net income              980        1,016      1,143      940        571
Net income available to 940        976        1,103      899        531
common shareholders
                                                               
Per share data                                                  
Basic and diluted
earnings per common     $0.55     $0.57     $0.65     $0.53     $0.31
share
Diluted earnings per    0.55       0.57       0.65       0.53       0.31
common share
Dividends per common    0.28       0.28       0.28       0.28       0.28
share
Book value per common   33.21      32.28      32.45      32.88      33.14
share
Tangible book value per
common share -          27.12      26.17      26.30      26.70      26.85
Non-GAAP^(1)
                                                               
Common shares
outstanding at end of   1,710      1,710      1,710      1,709      1,690
period
Weighted average common
shares outstanding,                                             
basic and diluted, for  1,691      1,691      1,691      1,690      1,690
purposes of calculating
EPS
                                                               
Profitability ratios                                            
Net interest margin     3.71%      3.51%      3.54%      3.54%      3.32%
(tax equivalent)
Efficiency ratio^(2)    71.77      71.22      68.88      70.93      71.41
Non-interest income to  24.68      23.85      26.26      26.08      29.74
operating revenue
Effective income tax    17.92      17.70      20.19      16.59      4.36
rate
Return on average       0.64       0.64       0.74       0.61       0.35
assets
Return on average
common shareholders'    6.69       7.05       7.81       6.45       3.85
equity
                                                               
Credit quality ratios                                           
Net charge-offs to
average loans           0.15%      0.20%      0.29%      0.07%      0.21%
receivable, gross
Non-performing loans to 1.62       2.16       2.19       2.09       2.51
loans receivable, gross
Accruing loans past due
30-89 days to loans     1.22       1.20       1.02       1.15       1.44
receivable, gross
Allowance for loan
losses to loans         1.06       1.10       1.10       1.14       1.11
receivable, gross
Allowance for loan
losses to               65.30      50.80      50.32      54.59      44.22
non-performing loans
Non-performing assets   1.29       1.65       1.60       1.56       1.68
to total assets
                                                               
Capital ratios                                                  
Common shareholders'    9.67%      9.37%      9.24%      9.41%      9.32%
equity to assets
Tangible common
shareholders' equity to 8.04       7.73       7.62       7.78       7.69
assets - Non-GAAP^(1)
Tier 1 leverage capital 10.65      10.28      10.23      10.17      9.87
Total risk-based        16.46      16.67      16.48      16.47      16.63
capital
                                                               
^(1)Refer to schedule labeled "Supplemental Information – Non-GAAP Financial
Measures".
^(2)Calculated using SNL's methodology: 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 and litigation expenses.



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

At or for the quarters ended                                     
(in thousands, except per    Q4 2013   Q3 2013   Q2 2013   Q1 2013   Q4 2012
share amounts and ratios)
Shareholders' Equity         $72,790  $71,211  $71,489  $72,206  $71,997
Less: Preferred Stock        (16,000)  (16,000)  (16,000)  (16,000)  (16,000)
Common Shareholders' Equity  56,790    55,211    55,489    56,206    55,997
Less: Goodwill               (9,829)   (9,829)   (9,829)   (9,829)   (9,829)
Less: Intangible assets      (576)     (631)     (687)     (742)     (798)
Tangible Common              $46,385  $44,751  $44,973  $45,635  $45,370
Shareholders' Equity
Total Assets                 $ 587,109 $ 589,481 $ 600,712 $ 597,343 $ 600,813
Less: Goodwill               (9,829)   (9,829)   (9,829)   (9,829)   (9,829)
Less: Intangible assets      (576)     (631)     (687)     (742)     (798)
Tangible Total Assets        $ 576,704 $ 579,021 $ 590,196 $ 586,772 $ 590,186
Common Shares outstanding    1,710     1,710     1,710     1,709     1,690
                                                                
Book value per Common Share  $33.21   $32.28   $32.45   $32.88   $33.14
– GAAP
Tangible book value per      27.12     26.17     26.30     26.70     26.85
Common Share - Non-GAAP
                                                                
Common Equity to Assets –    9.67%     9.37%     9.24%     9.41%     9.32%
GAAP
Tangible Common Equity to    8.04      7.73      7.62      7.78      7.69
Assets – Non-GAAP
                                                                
Non-interest expense         $4,977   $4,643   $4,610   $4,705   $5,334
Less: Amortization of core   (56)      (56)      (56)      (56)      (56)
deposit intangibles
Less: Foreclosed property    (123)     (10)      (14)      (20)      (125)
expense
Less: Nonrecurring expenses                                      
FHLBB prepayment fee         --        --        --        --        (450)
Operating Expenses           $4,798   $4,577   $4,540   $4,629   $4,703
Net interest and dividend    $5,115   $4,967   $4,942   $4,903   $4,709
income, tax equivalent
Non-interest income          1,570     1,459     1,650     1,625     1,877
Operating Revenue            $6,685   $6,426   $6,592   $6,528   $6,586
Efficiency Ratio             71.77%    71.22%    68.88%    70.93%    71.41%
                                                                

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