LAKEVILLE, Conn., Oct. 25, 2013 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. ("Salisbury") (Nasdaq:SAL), the holding company for Salisbury Bank and Trust Company (the "Bank"), announced results for its third quarter ended September 30, 2013.
Selected third quarter 2013 highlights
Net income available to common shareholders was $976,000, or $0.57 per common share, for the quarter ended September 30, 2013 (third quarter 2013), versus $1,103,000, or $0.65 per common share, for the quarter ended June 30, 2013 (second quarter 2013), and $1,094,000, or $0.65 per common share, for the quarter ended September 30, 2012 (third quarter 2012).
- Earnings per common share of $0.57 decreased $0.08, or 12.3%, as compared to $0.65 for the second quarter 2013 and third quarter 2012.
- Tax equivalent net interest income increased $25,000, or 0.5%, versus second quarter 2013, and increased $120,000, or 2.5%, versus third quarter 2012.
- Net loan charge-offs were $215,000 for third quarter 2013, versus $294,000 for second quarter 2013 and $359,000 for third quarter 2012. Provision for loan losses for the third quarter remained unchanged from the second quarter 2013 at $240,000, versus $330,000 for third quarter 2012.
- Non-interest income decreased $191,000, or 11.6%, versus second quarter 2013 and decreased $428,000, or 22.7%, versus third quarter 2012; which included $568,000 in gains on sales of mortgage loans.
- Non-interest expense increased $33,000, or 0.7%, versus second quarter 2013 and decreased $50,000, or 1.1%, versus third quarter 2012.
- Preferred stock dividends remained unchanged from the second quarter at $40,000 for third quarter 2013, and declined by $8,000 as compared with the third quarter 2012 dividend of $46,000.
- Non-performing assets increased $0.1 million, or 1.0%, to $9.7 million, or 1.7% of total assets, at September 30, 2013 versus June 30, 2013 and decreased $0.2 million versus September 30, 2012. Accruing loans receivable 30-to-89 days past due increased $0.8 million to $5.1 million, or 1.2% of gross loans receivable at September 30, 2013, versus June 30, 2013 and increased $1.9 million versus September 30, 2012.
Richard J. Cantele, Jr., President and Chief Executive Officer, stated, "The third quarter results reflect the strength of continued loan growth, up over $3.5 million as compared to June, as we continue to redeploy cash flow from the investment portfolio into loans. Loan growth, year–to–date, has increased by over $31.5 million or over 8% since the end of 2012. During the quarter we also saw a decline in the higher yielding Money Market deposit product which helped to facilitate a decrease in the level of low yielding cash assets as well as the overall size of the balance sheet. The net interest margin remained relatively stable at 3.51%. Non-Interest Income reflects the impact of increasing mortgage rates which adversely impacted demand for residential mortgages and resulted in a lower volume of loans sold during the quarter.
Net Interest Income
Tax equivalent net interest income for third quarter 2013 increased $25,000, or 0.5%, versus second quarter 2013, and increased $120,000, or 2.5%, versus third quarter 2012. Average total interest bearing liabilities increased $12.6 million as compared with second quarter 2013 and decreased $2.8 million, or -0.6%, as compared with third quarter 2012. Average earning assets increased $6.7 million as compared with second quarter 2013 and decreased $6.2 million, or -1.1%, as compared with third quarter 2012. The net interest margin on a tax equivalent basis decreased 3 basis points from second quarter 2013 to 3.51% and increased 12 basis points versus third quarter 2012 from 3.39%.
Non-Interest Income
Non-interest income decreased $191,000, or 11.6%, versus second quarter 2013 and decreased $428,000, or 22.7%, versus third quarter 2012. Trust and Wealth Advisory revenues decreased $74,000 versus second quarter 2013 and increased $67,000 versus third quarter 2012. The year-over-year revenue increase results from growth in managed assets, offset by slightly lower estate fees collected in third quarter 2013. Service charges and fees increased $20,000 versus second quarter 2013 and $36,000 versus third quarter 2012. Income from sales and servicing of mortgage loans in the third quarter decreased by $129,000 as compared to the second quarter 2013 and decreased $527,000 as compared to the third quarter 2012 due to interest rate driven fluctuations in the volume of fixed rate residential mortgage loan sales and mortgage servicing valuations. Mortgage loan sales totaled $2.2 million for third quarter 2013, $5.1 million for second quarter 2013 and $18.3 million for third quarter 2012. Third quarter 2013, second quarter 2013 and third quarter 2012 included mortgage servicing valuation (impairment) or benefit charges of ($38,000), $1,000 and $12,000, respectively. Other income includes income from bank owned life insurance and rental income.
Non-Interest Expense
Non-interest expense for third quarter 2013 increased $33,000 versus second quarter 2013 and decreased $50,000 versus third quarter 2012. Compensation and employee benefits increased $17,000 versus second quarter 2013, and increased $208,000 versus third quarter 2012. Year-over-year expenses include higher 401(k) expense and new compensation plan expenses implemented to compensate for the hard freeze placed on the defined benefit pension plan as of December 31, 2012. Premises and equipment increased $39,000 versus second quarter 2013 and $19,000 versus third quarter 2012, mainly due to disposed assets related to modifications of the Millerton branch. Data processing decreased $9,000 versus second quarter 2013 and $11,000 versus third quarter 2012. Professional fees decreased $3,000 versus second quarter 2013, and increased $7,000 versus third quarter 2012. Collections and OREO decreased $2,000 versus second quarter 2013, and $227,000 versus third quarter 2012 due primarily to decreased related litigation and OREO expense. Salisbury had $571,000 in foreclosed property at September 30, 2013 compared to $435,000 at June 30, 2013 and $641,000 at September 30, 2012. FDIC insurance premiums decreased $3,000 versus second quarter 2013 and $5,000 versus third quarter 2012. Remaining operating expenses decreased $6,000 versus second quarter 2013 and $41,000 versus third quarter 2012 due primarily to reductions in other administrative and operational expenses.
The effective income tax rates for third quarter 2013, second quarter 2013 and third quarter 2012 were 18%, 20% and 21%, respectively.
Loans
Net loans receivable increased $3.6 million during third quarter 2013 to $420.3 million at September 30, 2013, versus $416.7 million at June 30, 2013, and increased $42.9 million versus $377.4 million at September 30, 2012.
Asset Quality
Non-performing assets increased $0.1 million during third quarter 2013 to $9.7 million, or 1.7% of assets, at September 30, 2013, versus $9.6 million, or 1.6% of assets, at June 30, 2013, and decreased $0.2 million versus $9.9 million, or 1.6% of assets, at September 30, 2012.
The $0.1 million increase in non-performing assets in third quarter 2013 resulted primarily from loans aggregating $1.5 million placed on non-accrual status, which was mostly offset by a $0.3 million decrease in accruing loans 90+ days past due, $0.1 million of loans returned to accrual status, $0.8 million in loan repayments and payoffs and $0.2 million in loan charge-offs.
Total impaired and potential problem loans decreased $1.1 million during third quarter 2013 to $25.1 million, or 5.9% of gross loans receivable, at September 30, 2013, versus $26.2 million, or 6.2% of gross loans receivable, at June 30, 2013, and decreased $3.0 million versus $28.1 million, or 7.4% of gross loans receivable, at September 30, 2012.
Accruing loans past due 30-to-89 days increased $0.8 million to $5.1 million, or 1.2% of gross loans receivable, at September 30, 2013. Over half of this increase is due to one residential mortgage the underlying property of which we expect to be sold in fourth quarter 2013. This compares to the prior quarter total of $4.3 million, or 1.0% of gross loans receivable, at June 30, 2013. Accruing loans past due 30-to-89 days increased $1.9 million as compared to September 30, 2012.
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.
The provision for loan losses was $240,000 for both the third and second quarters of 2013 and $330,000 for third quarter 2012. Net loan charge-offs were $215,000, $295,000 and $359,000, 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 September 30, 2013, June 30, 2013 and September 30, 2012.
Capital
Both Salisbury and the Bank's regulatory capital ratios remain in compliance with regulatory "well capitalized" requirements. At September 30, 2013 Salisbury's Tier 1 leverage and total risk-based capital ratios were 10.28% and 16.67%, respectively, and the Bank's Tier 1 leverage and total risk-based capital ratios were 8.60% and 13.93%, respectively, versus regulatory "well capitalized" minimums of 5.00% and 10.00%, respectively.
At September 30, 2013, Salisbury's assets totaled $589 million. Book value and tangible book value per common share were $32.28 and $26.17, 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. 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 $27.2 million and to augment its regulatory capital ratios.
Third quarter 2013 dividend on Common Shares
The Board of Directors of Salisbury, the holding company for Salisbury Bank and Trust Company, declared a $0.28 per common share quarterly cash dividend at their October 25, 2013 meeting. The dividend will be paid on November 29, 2013 to shareholders of record as of November 8, 2013.
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) | September 30, | December 31, | ||
2013 | 2012 | |||
ASSETS | ||||
Cash and due from banks | $7,679 | $9,545 | ||
Interest bearing demand deposits with other banks | 16,040 | 34,029 | ||
Total cash and cash equivalents | 23,719 | 43,574 | ||
Interest bearing time deposits | 5,220 | -- | ||
Securities | ||||
Available-for-sale at fair value | 99,816 | 126,287 | ||
Federal Home Loan Bank of Boston stock at cost | 5,340 | 5,747 | ||
Loans held-for-sale | 708 | 1,879 | ||
Loans receivable, net (allowance for loan losses: $4,656 and $4,360) | 420,306 | 388,758 | ||
Other real estate owned | 571 | 244 | ||
Bank premises and equipment, net | 11,253 | 11,520 | ||
Goodwill | 9,829 | 9,829 | ||
Intangible assets (net of accumulated amortization: $1,912 and $1,745) | 631 | 798 | ||
Accrued interest receivable | 1,823 | 1,818 | ||
Cash surrender value of life insurance policies | 7,480 | 7,295 | ||
Deferred taxes | 719 | -- | ||
Other assets | 2,066 | 3,064 | ||
Total Assets | $589,481 | $600,813 | ||
LIABILITIES and SHAREHOLDERS' EQUITY | ||||
Deposits | ||||
Demand (non-interest bearing) | $83,892 | $98,850 | ||
Demand (interest bearing) | 79,232 | 65,991 | ||
Money market | 125,070 | 128,501 | ||
Savings and other | 107,380 | 103,985 | ||
Certificates of deposit | 84,295 | 93,888 | ||
Total deposits | 479,869 | 491,215 | ||
Repurchase agreements | 3,870 | 1,784 | ||
Federal Home Loan Bank of Boston advances | 30,801 | 31,980 | ||
Deferred taxes | -- | 590 | ||
Accrued interest and other liabilities | 3,730 | 3,247 | ||
Total Liabilities | 518,270 | 528,816 | ||
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: 1,710,121 and 1,689,691 | 171 | 169 | ||
Restricted Common Stock | (375) | -- | ||
Paid-in capital | 13,668 | 13,158 | ||
Retained earnings | 41,779 | 40,233 | ||
Accumulated other comprehensive (loss) income, net | (32) | 2,437 | ||
Total Shareholders' Equity | 71,211 | 71,997 | ||
Total Liabilities and Shareholders' Equity | $589,481 | $600,813 | ||
Salisbury Bancorp, Inc. and Subsidiary | ||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||
Periods ended September 30, | Three months ended | Nine months ended | ||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||
Interest and dividend income | ||||||||
Interest and fees on loans | $4,516 | $4,500 | $13,415 | $13,678 | ||||
Interest on debt securities | ||||||||
Taxable | 418 | 579 | 1,359 | 1,939 | ||||
Tax exempt | 475 | 495 | 1,441 | 1,539 | ||||
Other interest and dividends | 22 | 33 | 58 | 75 | ||||
Total interest and dividend income | 5,431 | 5,607 | 16,273 | 17,231 | ||||
Interest expense | ||||||||
Deposits | 459 | 580 | 1,437 | 1,870 | ||||
Repurchase agreements | 2 | 3 | 4 | 21 | ||||
Federal Home Loan Bank of Boston advances | 311 | 452 | 935 | 1,398 | ||||
Total interest expense | 772 | 1,035 | 2,376 | 3,289 | ||||
Net interest income | 4,659 | 4,572 | 13,897 | 13,942 | ||||
Provision for loan losses | 240 | 330 | 876 | 690 | ||||
Net interest and dividend income after provision for loan losses | 4,419 | 4,242 | 13,021 | 13,252 | ||||
Non-interest income | ||||||||
Trust and wealth advisory | 750 | 683 | 2,299 | 2,173 | ||||
Service charges and fees | 595 | 559 | 1,687 | 1,628 | ||||
Gains on sales of mortgage loans, net | 69 | 568 | 501 | 1,203 | ||||
Mortgage servicing, net | (37) | (9) | (3) | (98) | ||||
Gains on securities, net | -- | -- | -- | 279 | ||||
Other | 82 | 86 | 251 | 252 | ||||
Total non-interest income | 1,459 | 1,887 | 4,735 | 5,437 | ||||
Non-interest expense | ||||||||
Salaries | 1,922 | 1,810 | 5,508 | 5,268 | ||||
Employee benefits⁽¹⁾ | 693 | 597 | 2,140 | 2,244 | ||||
Premises and equipment | 622 | 603 | 1,789 | 1,799 | ||||
Data processing | 358 | 369 | 1,145 | 1,190 | ||||
Professional fees | 306 | 299 | 996 | 915 | ||||
Collections and OREO⁽²⁾ | 74 | 301 | 305 | 767 | ||||
FDIC insurance | 111 | 116 | 350 | 363 | ||||
Marketing and community support | 99 | 92 | 326 | 267 | ||||
Amortization of intangibles | 56 | 56 | 167 | 167 | ||||
Other | 402 | 450 | 1,232 | 1,240 | ||||
Total non-interest expense | 4,643 | 4,693 | 13,958 | 14,220 | ||||
Income before income taxes | 1,235 | 1,436 | 3,798 | 4,469 | ||||
Income tax provision | 219 | 296 | 695 | 963 | ||||
Net income | $1,016 | $1,140 | $3,103 | $3,506 | ||||
Net income available to common shareholders | $976 | $1,094 | $2,982 | $3,328 | ||||
Basic earnings per common share | $0.57 | $0.65 | $1.75 | $1.97 | ||||
Diluted earnings per common share | 0.57 | 0.65 | 1.75 | 1.97 | ||||
Common dividends per share | 0.28 | 0.28 | 0.84 | 0.84 |
⁽¹⁾ Included pension plan curtailment expense of $341,000 for the nine month period ended September 30, 2012. |
⁽²⁾ Included litigation expense of $193,000 and $533,000, respectively, for the three and nine month periods ended September 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) | Q3 2013 | Q2 2013 | Q1 2013 | Q4 2012 | Q3 2012 | |||||
Total assets | $589,481 | $600,712 | $597,343 | $600,813 | $611,037 | |||||
Loans receivable, net | 420,306 | 416,729 | 406,258 | 388,758 | 377,377 | |||||
Total securities | 105,156 | 111,950 | 124,004 | 132,034 | 131,412 | |||||
Deposits | 479,869 | 492,040 | 487,773 | 491,215 | 490,206 | |||||
FHLBB advances | 30,801 | 31,187 | 31,574 | 31,980 | 42,392 | |||||
Shareholders' equity | 71,211 | 71,489 | 72,206 | 71,997 | 70,374 | |||||
Wealth assets under management | 408,448 | 402,897 | 404,211 | 388,113 | 388,807 | |||||
Non-performing loans | 9,166 | 9,204 | 8,585 | 9,860 | 9,229 | |||||
Non-performing assets | 9,737 | 9,639 | 9,297 | 10,104 | 9,870 | |||||
Accruing loans past due 30-89 days | 5,093 | 4,271 | 4,718 | 5,629 | 3,152 | |||||
Net interest and dividend income | 4,659 | 4,634 | 4,603 | 4,434 | 4,572 | |||||
Net interest and dividend income, tax equivalent | 4,967 | 4,942 | 4,903 | 4,709 | 4,847 | |||||
Provision for loan losses | 240 | 240 | 396 | 380 | 330 | |||||
Non-interest income | 1,459 | 1,650 | 1,625 | 1,877 | 1,887 | |||||
Non-interest expense | 4,643 | 4,610 | 4,705 | 5,334 | 4,693 | |||||
Income before income taxes | 1,235 | 1,433 | 1,127 | 597 | 1,436 | |||||
Income tax provision | 219 | 289 | 187 | 26 | 296 | |||||
Net income | 1,016 | 1,143 | 940 | 571 | 1,140 | |||||
Net income available to common shareholders | 976 | 1,103 | 899 | 531 | 1,094 | |||||
Per share data | ||||||||||
Basic earnings per common share | $0.57 | $0.65 | $0.53 | $0.31 | $0.65 | |||||
Diluted earnings per common share | 0.57 | 0.65 | 0.53 | 0.31 | 0.65 | |||||
Dividends per common share | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | |||||
Book value per common share | 32.28 | 32.45 | 32.88 | 33.14 | 32.18 | |||||
Tangible book value per common share - Non-GAAP⁽¹⁾ | 26.17 | 26.30 | 26.70 | 26.85 | 25.86 | |||||
Common shares outstanding at end of period | 1,710 | 1,710 | 1,709 | 1,690 | 1,690 | |||||
Weighted average common shares outstanding, basic and diluted, for purposes of calculating EPS | 1,691 | 1,691 | 1,690 | 1,690 | 1,690 | |||||
Profitability ratios | ||||||||||
Net interest margin (tax equivalent) | 3.51% | 3.54% | 3.54% | 3.32% | 3.39% | |||||
Efficiency ratio⁽²⁾ | 71.22 | 68.88 | 70.93 | 71.41 | 66.06 | |||||
Non-interest income to operating revenue | 23.85 | 26.26 | 26.08 | 29.74 | 29.21 | |||||
Effective income tax rate | 17.73 | 20.19 | 16.59 | 4.32 | 20.63 | |||||
Return on average assets | 0.64 | 0.74 | 0.61 | 0.35 | 0.71 | |||||
Return on average common shareholders' equity | 7.05 | 7.81 | 6.45 | 3.85 | 8.05 | |||||
Credit quality ratios | ||||||||||
Net charge-offs to average loans receivable, gross | 0.20% | 0.29% | 0.07% | 0.21% | 0.38% | |||||
Non-performing loans to loans receivable, gross | 2.16 | 2.19 | 2.09 | 2.51 | 2.43 | |||||
Accruing loans past due 30-89 days to loans receivable, gross | 1.20 | 1.02 | 1.15 | 1.44 | 0.83 | |||||
Allowance for loan losses to loans receivable, gross | 1.10 | 1.10 | 1.14 | 1.11 | 1.10 | |||||
Allowance for loan losses to non-performing loans | 50.80 | 50.32 | 54.59 | 44.22 | 45.28 | |||||
Non-performing assets to total assets | 1.65 | 1.60 | 1.56 | 1.68 | 1.62 | |||||
Capital ratios | ||||||||||
Common shareholders' equity to assets | 9.37% | 9.24% | 9.41% | 9.32% | 8.90% | |||||
Tangible common shareholders' equity to assets - Non-GAAP⁽¹⁾ | 7.73 | 7.62 | 7.78 | 7.69 | 7.28 | |||||
Tier 1 leverage capital | 10.28 | 10.23 | 10.17 | 9.87 | 9.78 | |||||
Total risk-based capital | 16.67 | 16.48 | 16.47 | 16.63 | 17.00 |
⁽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 share amounts and ratios) | Q3 2013 | Q2 2013 | Q1 2013 | Q4 2012 | Q3 2012 | |||||
Shareholders' Equity | $71,211 | $71,489 | $72,206 | $71,997 | $70,374 | |||||
Less: Preferred Stock | (16,000) | (16,000) | (16,000) | (16,000) | (16,000) | |||||
Common Shareholders' Equity | 55,211 | 55,489 | 56,206 | 55,997 | 54,374 | |||||
Less: Goodwill | (9,829) | (9,829) | (9,829) | (9,829) | (9,829) | |||||
Less: Intangible assets | (631) | (687) | (742) | (798) | (853) | |||||
Tangible Common Shareholders' Equity | $44,751 | $44,973 | $45,635 | $45,370 | $43,692 | |||||
Total Assets | $589,481 | $600,712 | $597,343 | $600,813 | $611,037 | |||||
Less: Goodwill | (9,829) | (9,829) | (9,829) | (9,829) | (9,829) | |||||
Less: Intangible assets | (631) | (687) | (742) | (798) | (853) | |||||
Tangible Total Assets | $579,021 | $590,196 | $586,772 | $590,186 | $600,355 | |||||
Common Shares outstanding | 1,710 | 1,710 | 1,709 | 1,690 | 1,690 | |||||
Book value per Common Share – GAAP | $32.28 | $32.45 | $32.88 | $33.14 | $32.18 | |||||
Tangible book value per Common Share - Non-GAAP | 26.17 | 26.30 | 26.70 | 26.85 | 25.86 | |||||
Common Equity to Assets – GAAP | 9.37% | 9.24% | 9.41% | 9.32% | 8.90% | |||||
Tangible Common Equity to Assets – Non-GAAP | 7.73 | 7.62 | 7.78 | 7.69 | 7.28 | |||||
Non-interest expense | $4,643 | $4,610 | $4,705 | $5,334 | $4,693 | |||||
Less: Amortization of core deposit intangibles | (56) | (56) | (56) | (56) | (56) | |||||
Less: Foreclosed property expense | (10) | (14) | (20) | (125) | (39) | |||||
Less: Nonrecurring expenses | ||||||||||
FHLBB prepayment fee | -- | -- | -- | (450) | -- | |||||
Litigation | -- | -- | -- | -- | (150) | |||||
Operating Expenses | $4,577 | $4,540 | $4,629 | $4,703 | $4,448 | |||||
Net interest and dividend income, tax equivalent | $4,967 | $4,942 | $4,903 | $4,709 | $4,847 | |||||
Non-interest income | 1,459 | 1,650 | 1,625 | 1,877 | 1,887 | |||||
Less: Gains on securities, net | -- | -- | -- | -- | -- | |||||
Operating Revenue | $6,426 | $6,592 | $6,528 | $6,586 | $6,734 | |||||
Efficiency Ratio | 71.22% | 68.88% | 70.93% | 71.41% | 66.06% | |||||