Exhibit 99.1
Friday, July 27, 2012
Company Press Release
Source: Salisbury Bancorp, Inc.
Salisbury Contact: Richard J. Cantele, Jr., President and Chief Executive Officer
860-435-9801 orrcantele@salisburybank.com
FOR IMMEDIATE RELEASE
SALISBURY BANCORP, INC. REPORTS RESULTS FOR SECOND QUARTER 2012; DECLARES 28 CENT DIVIDEND
Lakeville, Connecticut, July 27, 2012 /GlobeNewswire…..Salisbury Bancorp, Inc. (“Salisbury”) NYSE MKT: “SAL”, the holding company for Salisbury Bank and Trust Company (the “Bank”), announced results for its second quarter ended June 30, 2012.
Selected second quarter 2012 highlights
Net income available to common shareholders was $1,069,000, or $0.63 per common share, for the quarter ended June 30, 2012 (second quarter 2012), versus $1,167,000, or $0.69 per common share, for the quarter ended March 31, 2012 (first quarter 2012), and $766,000, or $0.45 per common share, for the quarter ended June 30, 2011 (second quarter 2011).
- Earnings per common share decreased $0.06, or 8.7%, to $0.63 versus first quarter 2012, and increased $0.18, or 40.0%, versus second quarter 2011. Second quarter 2012 results included three non-recurring items:
- Pension plan curtailment expense of $341,000 from retiree lump-sum withdrawals.
- Litigation expense of $250,000.
- Securities gain of $267,000 from sale of US Treasury bonds to partially offset the two non-recurring expenses.
- Tax equivalent net interest income decreased $10,000, or 0.2%, versus first quarter 2012, and increased $48,000, or 1.0%, versus second quarter 2011.
- Provision for loan losses was $180,000, unchanged versus first quarter 2012 and down from $350,000 for second quarter 2011. Net loan charge-offs were $138,000, versus $90,000 for first quarter 2012 and $349,000 for second quarter 2011.
- Non-interest income increased $231,000, or 13.9%, versus first quarter 2012 and $660,000, or 53.7%, versus second quarter 2011. Second quarter 2012 included a $267,000 securities gain.
- Non-interest expense increased $526,000, or 11.7%, versus first quarter 2012 and $594,000, or 13.4%, versus second quarter 2011. However, second quarter 2012 included non-recurring expenses aggregating $591,000 consisting of a $341,000 pension plan curtailment expense and a $250,000 litigation expense.
- Preferred stock dividends declined to $48,000, versus $84,000 for first quarter 2012 and $115,000 for second quarter 2011.
- Non-performing assets increased $0.8 million, or 10.6%, to $8.4 million, or 1.4% of total assets, at June 30, 2012 versus March 31, 2012 and decreased $6.6 million versus June 30, 2011. Accruing loans receivable 30-to-89 days past due decreased $1.7 million to $2.5 million, or 0.65% of gross loans receivable, at June 30, 2012 versus March 31, 2012 and increased $1.3 million versus June 30, 2011.
Richard J. Cantele, Jr., President and Chief Executive Officer, stated, “Our second quarter operating results reflect continued year-over-year improvement resulting from top line revenue growth and stable operating expenses. Our second quarter 2012 earnings per share of $0.63 represent a 40.0% increase over second quarter 2011 results. Excluding three non-recurring items, second quarter 2012 earnings were comparable to first quarter 2012, and reflect the continued growth of our core business.”
“The current interest rate environment continues to exert pressure on our net interest margin and competition for quality loans remains intense with highly competitive loan pricing. However, the low interest environment continues to fuel mortgage refinancing activity and facilitated our origination and sale of $12 million of fixed rate mortgage loans during second quarter 2012. While such volume represented a decrease of $4 million from first quarter 2011, it represented an increase of approximately $10 million over second quarter 2012.”
“Past due loans at June 30, 2012 fully reversed the increase reported last quarter. We continue to balance the active administration of our past due loans while supporting our small business and retail customers as they navigate through these ongoing challenging economic times. “We achieved solid revenue growth of Salisbury’s Trust and Wealth Advisory business for the second quarter 2012, which represented an 18% increase over second quarter 2011. We continue to consider our Trust and Wealth Advisory business to be an area of expertise which distinguishes Salisbury from its competition and we look to the continued growth of this business as a future source of non-interest revenue to enhance and diversify our revenue stream.”
Net Interest Income
Tax equivalent net interest income for second quarter 2012 decreased $10,000, or 0.2%, versus first quarter 2012, and increased $48,000, or 1.0%, versus second quarter 2011. Average total interest bearing deposits increased $7.7 million as compared with first quarter 2012 and increased $25.2 million, or 6.9%, as compared with second quarter 2011. Average earning assets increased $10.9 million as compared with first quarter 2012 and increased $30.0 million, or 5.6%, as compared with second quarter 2011. The net interest margin increased 1 basis point versus first quarter 2012 and decreased 3 basis points versus second quarter 2011 to 3.53% for second quarter 2012.
Non-Interest Income
Non-interest income for second quarter 2012 increased $231,000 versus first quarter 2012 and $660,000 versus second quarter 2011. Trust and Wealth Advisory revenues decreased $20,000 versus first quarter 2012 and increased $139,000 versus second quarter 2011. The year-over-year revenue increase results from growth in managed assets and higher estate fees collected in second quarter 2012. Service charges and fees increased $26,000 versus first quarter 2012 and $25,000 versus second quarter 2011. Income from sales and servicing of mortgage loans decreased $30,000 versus first quarter 2012 and increased $204,000 versus second quarter 2011 due to interest rate driven fluctuations in the volume of fixed rate residential mortgage loan sales and mortgage servicing valuations. Mortgage loan sales totaled $12.2 million for second quarter 2012, $16.3 million for first quarter 2012 and $2.4 million for second quarter 2011. Second quarter 2012, first quarter 2012 and second quarter 2011 included mortgage servicing valuation impairment charges of $10,000, $92,000 and $17,000, respectively. Second quarter 2012 securities gain of $267,000 resulted from the sale of $2.5 million of US Treasury bonds to partially offset non-recurring pension curtailment and litigation expenses. Other income consisted of bank owned life insurance income and rental income.
Non-Interest Expense
Non-interest expense for second quarter 2012 increased $526,000 versus first quarter 2012 and $594,000 versus second quarter 2011. Compensation and employee benefits increased $398,000 versus second quarter 2011 due to a second quarter 2012 pension plan curtailment expense of $341,000 from retiree lump-sum withdrawals and changes in staffing levels and mix. Premises and equipment decreased $14,000 versus first quarter 2012 and increased $23,000 versus second quarter 2011. The increase versus second quarter 2011 was due primarily to higher depreciation and increased machine and software maintenance due to replaced and upgraded equipment and software. Such increase was offset slightly by lower building maintenance and repairs and utilities. Data processing increased $16,000 versus first quarter 2012 and $134,000 versus second quarter 2011 due primarily to a vendor rebate in second quarter 2011 and a higher volume of debit card and ATM transactions. Professional fees decreased $10,000 versus first quarter 2012, and increased $3,000 versus second quarter 2011. Collections and OREO increased $245,000 versus first quarter 2012 due primarily to increased litigation expense, up $249,000, and increased $113,000 versus second quarter 2011, due primarily to increased litigation expenses, up $255,000, offset in part by lower foreclosed property expense, down $145,000. Salisbury has no foreclosed property at June 30, 2012. FDIC insurance decreased $9,000 versus first quarter 2012 and decreased $63,000 versus second quarter 2011 due primarily to a change in the basis of assessment effective July 1, 2011 that lowered the overall assessment rate for subsequent periods. Other operating expenses decreased $18,000 versus first quarter 2012 and decreased $19,000 versus second quarter 2011 due primarily to reductions in other administrative and operational expenses.
The effective income tax rates for second quarter 2012, first quarter 2012 and second quarter 2011 were 18.54%, 24.82% and 17.18%, respectively.
Loans
Net loans receivable increased $5.5 million during second quarter 2012 to $377.2 million at June 30, 2012, versus $371.7 million at March 31, 2012, and increased $12.3 million versus $364.9 million at June 30, 2011.
Asset Quality
Non-performing assets increased $0.8 million during second quarter 2012 to $8.4 million, or 1.4% of assets, at June 30, 2012, versus $7.6 million, or 1.3% of assets, at March 31, 2012, and decreased $6.6 million versus $15.0 million, or 2.5% of assets, at June 30, 2011.
The $0.8 million increase in non-performing assets in second quarter 2012 resulted primarily from $1.7 million of loans placed on non-accrual status, offset in part by $0.6 million of loans returned to accrual status, $0.2 million in loan repayments and $0.1 million in loan charge-offs.
Total impaired and potential problem loans increased $0.1 million during second quarter 2012 to $27.8 million, or 7.3% of gross loans receivable, at June 30, 2012, versus $27.7 million, or 7.4% of gross loans receivable, at March 31, 2012, and decreased $4.3 million versus $32.1 million, or 8.7% of gross loans receivable, at June 30, 2011.
Accruing loans past due 30-to-89 days decreased $1.7 million during second quarter 2012 to $2.5 million, or 0.65% of gross loans receivable, at June 30, 2012 due to seasonal factors, versus $4.2 million, or 1.12% of gross loans receivable, at March 31, 2012, and increased $1.3 million versus June 30, 2011.
The provision for loan losses for first and second quarter 2012 was $180,000 each quarter versus $350,000 for second quarter 2011. Net loan charge-offs were $139,000, $90,000 and $349,000, for the respective quarters. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, remained unchanged at 1.10% at June 30, 2012 versus 1.11% at March 31, 2012 and 1.08% at June 30, 2011.
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.
Capital
Both Salisbury and the Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At June 30, 2012 Salisbury’s Tier 1 leverage and total risk-based capital ratios were 9.92% and 16.65%, respectively, and the Bank’s Tier 1 leverage and total risk-based capital ratios were 8.17% and 13.73%, respectively, versus regulatory “well capitalized” minimums of 5.00% and 10.00%, respectively.
At June 30, 2012, Salisbury’s assets totaled $601 million. Book value and tangible book value per common share were $31.44 and $25.09, respectively. Tangible book value excludes goodwill and core deposit intangibles.
In August 2011, Salisbury received $16 million of capital from the U.S. Treasury’s Small Business Lending Fund (the “SBLF”) program and repaid the $8.8 million of capital received in 2009 from the U.S. Treasury’s Capital Purchase 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 $16.2 million and to augment its regulatory capital ratios.
Second quarter 2012 dividend on Common Shares
The Board of Directors of Salisbury Bancorp, Inc. (NYSE Amex Equities: SAL), the holding company for Salisbury Bank and Trust Company, declared a $0.28 per common share quarterly cash dividend at their July 27, 2012 meeting. The dividend will be paid on August 31, 2012 to shareholders of record as of August 8, 2012.
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) | June 30, 2012 | December 31, 2011 |
| ASSETS | | |
| Cash and due from banks | $ 6,917 | $ 4,829 |
| Interest bearing demand deposits with other banks | 37,058 | 32,057 |
| Total cash and cash equivalents | 43,975 | 36,886 |
| Securities | | |
| Available-for-sale at fair value | 135,662 | 155,794 |
| Held-to-maturity at amortized cost (fair value: $- and $52) | - | 50 |
| Federal Home Loan Bank of Boston stock at cost | 5,747 | 6,032 |
| Loans held-for-sale | 3,155 | 948 |
| Loans receivable, net (allowance for loan losses: $4,208 and $4,076) | 377,212 | 370,766 |
| Other real estate owned | - | 2,744 |
| Bank premises and equipment, net | 11,725 | 12,023 |
| Goodwill | 9,829 | 9,829 |
| Intangible assets (net of accumulated amortization: $1,635 and $1,523) | 909 | 1,020 |
| Accrued interest receivable | 2,652 | 2,126 |
| Cash surrender value of life insurance policies | 7,172 | 7,037 |
| Deferred taxes | 367 | 829 |
| Other assets | 2,452 | 3,200 |
| Total Assets | $ 600,857 | $ 609,284 |
| LIABILITIES and SHAREHOLDERS' EQUITY | | |
| Deposits | | |
| Demand (non-interest bearing) | $ 87,615 | $ 82,202 |
| Demand (interest bearing) | 62,728 | 66,332 |
| Money market | 130,976 | 124,566 |
| Savings and other | 97,147 | 94,503 |
| Certificates of deposit | 99,444 | 103,703 |
| Total deposits | 477,910 | 471,306 |
| Repurchase agreements | 6,181 | 12,148 |
| Federal Home Loan Bank of Boston advances | 42,801 | 54,615 |
| Accrued interest and other liabilities | 4,839 | 4,353 |
| Total Liabilities | 531,731 | 542,422 |
| 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: 3,000,000; | | |
| Issued: 1,689,691 and 1,688,731 | 169 | 169 |
| Paid-in capital | 13,158 | 13,134 |
| Retained earnings | 39,554 | 38,264 |
| Accumulated other comprehensive income (loss), net | 245 | (705) |
| Total Shareholders' Equity | 69,126 | 66,862 |
| Total Liabilities and Shareholders' Equity | $ 600,857 | $ 609,284 |
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
| Periods ended June 30, | Three months ended | Six months ended |
| (in thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 |
| Interest and dividend income | | | | |
| Interest and fees on loans | $ 4,583 | $ 4,695 | $ 9,178 | $ 9,359 |
| Interest on debt securities | | | | |
| Taxable | 659 | 733 | 1,375 | 1,516 |
| Tax exempt | 510 | 554 | 1,044 | 1,108 |
| Other interest and dividends | 14 | 38 | 27 | 75 |
| Total interest and dividend income | 5,766 | 6,020 | 11,624 | 12,058 |
| Interest expense | | | | |
| Deposits | 623 | 829 | 1,290 | 1,700 |
| Repurchase agreements | 6 | 12 | 19 | 27 |
| Federal Home Loan Bank of Boston advances | 451 | 562 | 946 | 1,207 |
| Total interest expense | 1,080 | 1,403 | 2,255 | 2,934 |
| Net interest income | 4,686 | 4,617 | 9,369 | 9,124 |
| Provision for loan losses | 180 | 350 | 360 | 680 |
| Net interest and dividend income after provision for loan losses | 4,506 | 4,267 | 9,009 | 8,444 |
| Non-interest income | | | | |
| Trust and wealth advisory | 735 | 596 | 1,490 | 1,263 |
| Service charges and fees | 547 | 522 | 1,068 | 1,022 |
| Gains on sales of mortgage loans, net | 263 | 59 | 635 | 192 |
| Mortgage servicing, net | (5) | (5) | (89) | 26 |
| Gains on securities, net | 267 | - | 279 | 11 |
| Other | 83 | 58 | 166 | 117 |
| Total non-interest income | 1,890 | 1,230 | 3,549 | 2,631 |
| Non-interest expense | | | | |
| Salaries | 1,748 | 1,657 | 3,458 | 3,386 |
| Employee benefits⁽¹⁾ | 957 | 650 | 1,647 | 1,283 |
| Premises and equipment | 591 | 568 | 1,196 | 1,151 |
| Data processing | 418 | 285 | 821 | 662 |
| Professional fees | 303 | 300 | 616 | 577 |
| Collections and OREO⁽²⁾ | 356 | 243 | 467 | 367 |
| FDIC insurance | 119 | 182 | 247 | 405 |
| Marketing and community support | 87 | 92 | 175 | 160 |
| Amortization of intangibles | 56 | 56 | 111 | 111 |
| Other | 391 | 399 | 788 | 754 |
| Total non-interest expense | 5,026 | 4,432 | 9,526 | 8,856 |
| Income before income taxes | 1,370 | 1,065 | 3,032 | 2,219 |
| Income tax provision | 254 | 183 | 666 | 394 |
| Net income | $ 1,116 | $ 882 | $ 2,366 | $ 1,825 |
| Net income available to common shareholders | $ 1,069 | $ 766 | $ 2,234 | $ 1,594 |
| | | | | |
| Basic and diluted earnings per common share | $ 0.63 | $ 0.45 | $ 1.32 | $ 0.94 |
| Common dividends per share | 0.28 | 0.28 | 0.56 | 0.56 |
(1)Included pension plan curtailment expense of $341,000 for the three and six month periods ended June 30, 2012.
(2)Included litigation expense of $294,000 and $340,000, respectively, for the three and six month periods ended June 30, 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 ratios) | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | Q2 2011 |
| Total assets | $600,857 | $598,950 | $609,284 | $618,958 | $588,315 |
| Loans receivable, net | 377,212 | 371,709 | 370,766 | 362,879 | 364,854 |
| Total securities | 141,409 | 151,666 | 161,876 | 157,162 | 145,492 |
| Deposits | 477,910 | 472,686 | 471,306 | 478,591 | 459,029 |
| FHLBB advances | 42,801 | 43,207 | 54,615 | 55,033 | 55,460 |
| Shareholders’ equity | 69,126 | 68,067 | 66,862 | 67,387 | 58,109 |
| Wealth assets under management | 372,506 | 377,259 | 360,700 | 332,400 | 357,200 |
| Non-performing loans | 8,409 | 7,606 | 8,076 | 13,911 | 14,563 |
| Non-performing assets | 8,409 | 7,606 | 10,820 | 13,948 | 15,015 |
| Accruing loans past due 30-89 days | 2,459 | 4,180 | 2,460 | 2,398 | 1,203 |
| Net interest and dividend income | 4,687 | 4,683 | 4,738 | 4,623 | 4,617 |
| Net interest and dividend income, tax equivalent | 4,923 | 4,933 | 4,993 | 4,882 | 4,875 |
| Provision for loan losses | 180 | 180 | 580 | 180 | 350 |
| Non-interest income | 1,890 | 1,659 | 1,691 | 1,334 | 1,230 |
| Non-interest expense | 5,026 | 4,500 | 4,249 | 4,535 | 4,432 |
| Income before income taxes | 1,370 | 1,661 | 1,600 | 1,243 | 1,065 |
| Income tax provision | 254 | 412 | 352 | 204 | 183 |
| Net income | 1,116 | 1,250 | 1,248 | 1,039 | 882 |
| Net income available to common shareholders | 1,069 | 1,167 | 1,184 | 810 | 766 |
| | | | | | |
| Per share data | | | | | |
| Basic and diluted earnings per common share | $ 0.63 | $ 0.69 | $ 0.70 | $ 0.48 | $ 0.45 |
| Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Book value per common share | 31.44 | 30.83 | 30.12 | 30.43 | 29.23 |
| Tangible book value per common share - Non-GAAP⁽¹⁾ | 25.09 | 24.44 | 23.69 | 23.97 | 22.74 |
| | | | | | |
| Weighted average equivalent common shares outstanding, diluted | 1,689 | 1,689 | 1,689 | 1,689 | 1,689 |
| Common shares outstanding at end of period | 1,690 | 1,689 | 1,689 | 1,689 | 1,689 |
| | | | | | |
| Profitability ratios | | | | | |
| Net interest margin (tax equivalent) | 3.53% | 3.52% | 3.49% | 3.43% | 3.56% |
| Efficiency ratio⁽²⁾ | 66.99 | 67.17 | 62.83 | 70.93 | 69.43 |
| Non-interest income to operating revenue | 25.73 | 26.02 | 26.30 | 22.39 | 21.04 |
| Effective income tax rate | 18.54 | 24.82 | 21.99 | 16.43 | 17.18 |
| Return on average assets | 0.72 | 0.78 | 0.77 | 0.57 | 0.53 |
| Return on average common shareholders’ equity | 8.06 | 9.05 | 9.21 | 6.61 | 6.38 |
| | | | | | |
| Credit quality ratios | | | | | |
| Net charge-offs to average loans receivable, gross | 0.15% | 0.10% | 0.57% | 0.14% | 0.38% |
| Non-performing loans to loans receivable, gross | 2.21 | 2.03 | 2.16 | 3.80 | 3.96 |
| Accruing loans past due 30-89 days to loans receivable, gross | 0.64 | 1.11 | 0.66 | 0.65 | 0.33 |
| Allowance for loan losses to loans receivable, gross | 1.10 | 1.11 | 1.09 | 1.10 | 1.08 |
| Allowance for loan losses to non-performing loans | 50.04 | 54.77 | 50.47 | 28.95 | 27.32 |
| Non-performing assets to total assets | 1.40 | 1.27 | 1.78 | 2.25 | 2.55 |
| | | | | | |
| Capital ratios | | | | | |
| Common shareholders' equity to assets | 8.84% | 8.69% | 8.35% | 8.30% | 8.39% |
| Tangible common shareholders' equity to assets - Non-GAAP⁽¹⁾ | 7.18 | 7.02 | 6.69 | 6.66 | 6.65 |
| Tier 1 leverage capital | 9.92 | 9.69 | 9.45 | 9.49 | 8.45 |
| Total risk-based capital | 16.65 | 16.34 | 15.97 | 15.98 | 13.93 |
(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 pension plan curtailment 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 share amounts and ratios) | Q2 2012 | Q1 2012 | Q4 2011 | Q3 2011 | Q2 2011 |
| Shareholders' Equity | $ 69,126 | $ 68,067 | $ 66,862 | $ 67,387 | $ 58,109 |
| Less: Preferred Stock | (16,000) | (16,000) | (16,000) | (16,000) | (8,749) |
| Common Shareholders' Equity | 53,126 | 52,067 | 50,862 | 51,387 | 49,360 |
| Less: Goodwill | (9,829) | (9,829) | (9,829) | (9,829) | (9,829) |
| Less: Intangible assets | (909) | (964) | (1,020) | (1,075) | (1,131) |
| Tangible Common Shareholders' Equity | $ 42,388 | $ 41,273 | $ 40,013 | $ 40,483 | $ 38,400 |
| Total Assets | $600,857 | $598,950 | $ 609,284 | $618,958 | $588,315 |
| Less: Goodwill | (9,829) | (9,829) | (9,829) | (9,829) | (9,829) |
| Less: Intangible assets | (909) | (964) | (1,020) | (1,075) | (1,131) |
| Tangible Total Assets | $590,119 | $588,156 | $ 598,435 | $608,054 | $577,355 |
| Common Shares outstanding | 1,690 | 1,689 | 1,689 | 1,689 | 1,689 |
| | | | | | |
| Book value per Common Share – GAAP | $ 31.44 | $ 30.83 | $ 30.12 | $ 30.43 | $ 29.23 |
| Tangible book value per Common Share - Non-GAAP | 25.09 | 24.44 | 23.69 | 23.97 | 22.74 |
| | | | | | |
| Common Equity to Assets – GAAP | 8.84% | 8.69% | 8.35% | 8.30% | 8.39% |
| Tangible Common Equity to Assets – Non-GAAP | 7.18 | 7.02 | 6.69 | 6.66 | 6.65 |
| | | | | | |
| Non-interest expense | $ 5,026 | $ 4,500 | $ 4,249 | $ 4,534 | $ 4,432 |
| Less: Amortization of core deposit intangibles | (56) | (56) | (56) | (56) | (55) |
| Less: Foreclosed property expense | 7 | (24) | 7 | (70) | (138) |
| Less: Nonrecurring expenses | | | | | |
| Pension plan curtailment | (341) | - | - | - | - |
| Litigation | (250) | - | - | - | - |
| Operating Expenses | $ 4,386 | $ 4,420 | $ 4,200 | $ 4,408 | $ 4,239 |
| Net interest and dividend income, tax equivalent | $ 4,923 | $ 4,933 | $ 4,993 | $ 4,882 | $ 4,875 |
| Non-interest income | 1,890 | 1,659 | 1,691 | 1,334 | 1,230 |
| Less: Gains on securities, net | (267) | (12) | - | - | - |
| Operating Revenue | $ 6,546 | $ 6,580 | $ 6,684 | $ 6,216 | $ 6,105 |
| Efficiency Ratio | 66.99% | 67.17% | 62.83% | 70.93% | 69.43% |
