- Fourth Quarter and Full Year 2022 Net Income of
$0.71 and$2.75 per Basic Common Share, Respectively - Robust Loan Growth of
$174.1 million , or 16.5% for Full Year 2022, Excluding PPP Loans - Non-performing Assets were 0.17% of Total Assets at
December 31, 2022 - Common Equity Tier 1 and Total Capital Ratios of 12.2% and 13.4%, Respectively
Net income available to common shareholders was
Salisbury’s President and Chief Executive Officer,
Net Interest and Dividend Income
Tax equivalent net interest income of
Average earning assets of
The tax equivalent net interest margin for fourth quarter 2022 was 3.28% compared with 3.27% for third quarter 2022 and 2.99% for fourth quarter 2021. Excluding PPP loans, the tax equivalent net interest margin for fourth quarter 2022 was 3.28% compared with 3.25% for third quarter 2022 and 2.87% for fourth quarter 2021. See SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income on page 9 of this release for additional details.
Non-Interest Income
Non-interest income of
Trust and Wealth Advisory fees of
Service charges and fees of
Non-Interest Expense
Non-interest expense of
Excluding compensation expense, other non-interest expenses for fourth quarter 2022 increased
The effective income tax rates for fourth quarter 2022, third quarter 2022 and fourth quarter 2021 were 20.1%, 18.7% and 19.1%, respectively.
Full Year Results
2022 net income available to common shareholders was
Tax equivalent net interest income of
The cost of interest-bearing liabilities of
Average earning assets of
Non-interest income of
Non-interest expense of
The effective tax rate for 2022 was 18.2% compared with 20.6% for 2021. The higher tax rate in 2021 reflected a lower mix of tax-exempt income from municipal bonds, tax advantaged loans and bank-owned life insurance on a comparatively higher level of pre-tax income.
Loans
Gross loans receivable of
Loan Type | Q4 2022 | Q3 2022 | Q4 2021 | |||||||
$ | 476,719 | $ | 461,379 | $ | 416,139 | |||||
Residential 5+ Multifamily | 80,400 | 70,459 | 52,325 | |||||||
421,147 | 413,019 | 369,761 | ||||||||
Commercial & Industrial ex PPP Loans | 190,191 | 186,527 | 169,543 | |||||||
PPP Loans | 299 | 469 | 25,589 | |||||||
Commercial & Industrial – Total | 190,490 | 186,996 | 195,132 | |||||||
Farm Land | 4,081 | 4,225 | 2,807 | |||||||
14,440 | 14,796 | 14,182 | ||||||||
Municipal | 19,693 | 18,607 | 16,534 | |||||||
Consumer | 20,546 | 20,344 | 12,547 | |||||||
Deferred Costs/(Fees) | 1,001 | 1,002 | 285 | |||||||
Gross Loans Receivable | $ | 1,228,517 | $ | 1,190,827 | $ | 1,079,712 | ||||
Gross Loans Receivable ex PPP | $ | 1,228,218 | $ | 1,190,358 | $ | 1,054,123 |
Asset Quality
Non-performing assets of
The amount of total impaired and potential problem loans increased
Accruing loans receivable 30-to-89 days past due of
The allowance for loan losses for fourth quarter 2022 was
Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, excluding PPP loans, was 1.21% for the fourth quarter 2022 versus 1.20% for the third quarter 2022 and 1.23% for the fourth quarter 2021. Similarly, reserve coverage, as measured by the ratio of the allowance for loan losses to non-performing loans was 558% for the fourth quarter 2022 versus 771% for third quarter 2022 and 309% for fourth quarter 2021.
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 of
Salisbury had
Capital
Shareholders’ equity increased
The Bank’s regulatory capital ratios remain in compliance with regulatory “well capitalized” requirements. At
During fourth quarter 2022, Salisbury did not repurchase any of its outstanding common stock pursuant to its stock repurchase program established in
Dividend on Common Shares
On
Other Matters
In
Background
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
Investor presentation slides, which include a review of financial results and trends through the period ended
Salisbury Contact:
860-435-9801 or rcantele@salisburybank.com
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data) | ||||||
ASSETS | ||||||
Cash and due from banks | $ | 5,864 | $ | 6,404 | ||
Interest bearing demand deposits with other banks | 44,675 | 168,931 | ||||
Total cash and cash equivalents | 50,539 | 175,335 | ||||
Interest bearing Time Deposits with Financial Institutions | - | 750 | ||||
Securities | ||||||
Available-for-sale at fair value | 187,410 | 202,396 | ||||
Mutual funds at fair value | 1,933 | 901 | ||||
1,285 | 1,397 | |||||
Loans held-for-sale | - | 2,684 | ||||
Loans receivable, net (allowance for loan losses: | 1,213,671 | 1,066,750 | ||||
Bank premises and equipment, net | 22,148 | 22,625 | ||||
13,815 | 13,815 | |||||
Intangible assets (net of accumulated amortization: | 227 | 418 | ||||
Accrued interest receivable | 6,797 | 6,260 | ||||
Cash surrender value of life insurance policies | 30,379 | 27,738 | ||||
Deferred taxes | 8,492 | 2,588 | ||||
Other assets | 4,886 | 5,527 | ||||
Total Assets | $ | 1,541,582 | $ | 1,529,184 | ||
LIABILITIES and SHAREHOLDERS' EQUITY | ||||||
Deposits | ||||||
Demand (non-interest bearing) | $ | 395,994 | $ | 416,073 | ||
Demand (interest bearing) | 231,486 | 233,600 | ||||
Money market | 343,965 | 330,436 | ||||
Savings and other | 233,578 | 237,075 | ||||
Certificates of deposit | 153,370 | 119,009 | ||||
Total deposits | 1,358,393 | 1,336,193 | ||||
Repurchase agreements | 7,228 | 11,430 | ||||
10,000 | 7,656 | |||||
Subordinated debt | 24,531 | 24,474 | ||||
Note payable | 128 | 170 | ||||
Finance lease obligations | 4,262 | 4,107 | ||||
Accrued interest and other liabilities | 8,685 | 8,554 | ||||
Total Liabilities | 1,413,227 | 1,392,584 | ||||
Shareholders' Equity | ||||||
Common stock - | ||||||
Authorized: 10,000,000; | ||||||
Issued: 5,798,816 and 5,723,394 | ||||||
Outstanding: 5,798,816 and 5,723,394 | 580 | 286 | ||||
Unearned compensation – restricted stock awards | (1,144 | ) | (925 | ) | ||
Paid-in capital | 47,466 | 46,374 | ||||
Retained earnings | 102,178 | 89,995 | ||||
Accumulated other comprehensive (loss) income, net | (20,725 | ) | 870 | |||
Total Shareholders' Equity | 128,355 | 136,600 | ||||
Total Liabilities and Shareholders' Equity | $ | 1,541,582 | $ | 1,529,184 |
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three months ended | Twelve months ended | ||||||||||||
Periods ended | 2022 | 2021 | 2022 | 2021 | |||||||||
Interest and dividend income | |||||||||||||
Interest and fees on loans | $ | 12,595 | $ | 10,438 | $ | 44,874 | $ | 41,080 | |||||
Interest on debt securities | |||||||||||||
Taxable | 992 | 651 | 3,479 | 2,048 | |||||||||
Tax exempt | 212 | 191 | 787 | 697 | |||||||||
Other interest and dividends | 354 | 73 | 871 | 247 | |||||||||
Total interest and dividend income | 14,153 | 11,353 | 50,011 | 44,072 | |||||||||
Interest expense | |||||||||||||
Deposits | 1,786 | 509 | 3,724 | 2,160 | |||||||||
Repurchase agreements | 20 | 3 | 30 | 16 | |||||||||
Finance lease | 40 | 34 | 163 | 136 | |||||||||
Note payable | 2 | 3 | 9 | 11 | |||||||||
Subordinated debt | 233 | 233 | 932 | 1,000 | |||||||||
57 | 28 | 114 | 125 | ||||||||||
Total interest expense | 2,138 | 810 | 4,972 | 3,448 | |||||||||
Net interest and dividend income | 12,015 | 10,543 | 45,039 | 40,624 | |||||||||
Provision expense (release) for loan losses | 525 | (202 | ) | 2,683 | (720 | ) | |||||||
Net interest and dividend income after provision (release) for loan losses | 11,490 | 10,745 | 42,356 | 41,344 | |||||||||
Non-interest income | |||||||||||||
Trust and wealth advisory | 1,125 | 1,286 | 4,887 | 4,970 | |||||||||
Service charges and fees | 1,219 | 1,286 | 5,299 | 4,822 | |||||||||
Mortgage banking activities, net | 59 | 88 | 556 | 1,000 | |||||||||
Losses on CRA mutual fund | (1 | ) | (9 | ) | (120 | ) | (26 | ) | |||||
Gains (losses) on securities, net | - | - | 165 | (2 | ) | ||||||||
Bank-owned life insurance (“BOLI”) income | 191 | 170 | 806 | 556 | |||||||||
Gain on sale of assets | - | - | - | 73 | |||||||||
Other | 25 | 26 | 109 | 107 | |||||||||
Total non-interest income | 2,618 | 2,847 | 11,702 | 11,500 | |||||||||
Non-interest expense | |||||||||||||
Salaries | 3,995 | 3,753 | 14,932 | 13,417 | |||||||||
Employee benefits | 1,337 | 1,033 | 5,125 | 5,023 | |||||||||
Premises and equipment | 1,081 | 1,080 | 4,281 | 4,114 | |||||||||
Write-down of assets | - | - | 3 | 144 | |||||||||
Information processing and services | 697 | 617 | 2,795 | 2,441 | |||||||||
Professional fees | 921 | 688 | 3,218 | 2,779 | |||||||||
Collections, OREO, and loan related | 76 | 138 | 376 | 455 | |||||||||
135 | 171 | 526 | 541 | ||||||||||
Marketing and community support | 161 | 328 | 822 | 881 | |||||||||
Amortization of intangibles | 42 | 57 | 191 | 256 | |||||||||
Other | 502 | 606 | 2,376 | 2,053 | |||||||||
Total non-interest expense | 8,947 | 8,471 | 34,645 | 32,104 | |||||||||
Income before income taxes | 5,161 | 5,121 | 19,413 | 20,740 | |||||||||
Income tax provision | 1,037 | 980 | 3,539 | 4,267 | |||||||||
Net income | $ | 4,124 | $ | 4,141 | $ | 15,874 | $ | 16,473 | |||||
Net income available to common shareholders | $ | 4,055 | $ | 4,076 | $ | 15,598 | $ | 16,225 | |||||
Basic earnings per common share | $ | 0.71 | $ | 0.72 | $ | 2.75 | $ | 2.88 | |||||
Diluted earnings per common share | $ | 0.71 | $ | 0.72 | $ | 2.74 | $ | 2.86 | |||||
Common dividends per share | $ | 0.16 | $ | 0.16 | $ | 0.64 | $ | 0.61 |
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
At or for the quarters ended | ||||||||||||||||
(in thousands, except per share amounts and ratios) | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | |||||||||||
Total assets | $ | 1,541,582 | $ | 1,512,138 | $ | 1,496,521 | $ | 1,465,082 | $ | 1,529,184 | ||||||
Loans receivable, net | 1,213,671 | 1,176,493 | 1,135,758 | 1,066,216 | 1,066,750 | |||||||||||
Total securities | 190,628 | 192,530 | 205,727 | 217,591 | 204,694 | |||||||||||
Deposits | 1,358,393 | 1,325,204 | 1,316,539 | 1,290,474 | 1,336,193 | |||||||||||
FHLBB advances | 10,000 | 20,000 | - | 419 | 7,656 | |||||||||||
Shareholders’ equity | 128,355 | 123,160 | 127,303 | 130,066 | 136,600 | |||||||||||
Wealth assets under administration | 1,289,918 | 1,232,272 | 1,261,244 | 1,049,240 | 1,083,152 | |||||||||||
Discretionary wealth assets under administration | 561,050 | 522,109 | 546,506 | 625,346 | 657,789 | |||||||||||
Non-discretionary wealth assets under administration | 728,868 | 710,163 | 714,738 | 423,894 | 425,363 | |||||||||||
Non-performing loans | 2,663 | 1,860 | 4,229 | 2,765 | 4,199 | |||||||||||
Non-performing assets | 2,663 | 1,860 | 4,229 | 2,765 | 4,199 | |||||||||||
Accruing loans past due 30-89 days | 1,309 | 390 | 1,001 | 2,349 | 1,342 | |||||||||||
Net interest and dividend income | 12,015 | 11,844 | 10,872 | 10,306 | 10,543 | |||||||||||
Net interest and dividend income, tax equivalent (1) | 12,221 | 12,054 | 11,061 | 10,484 | 10,735 | |||||||||||
Provision expense (release) for loan losses | 525 | 695 | 1,100 | 363 | (202 | ) | ||||||||||
Non-interest income | 2,618 | 2,693 | 3,297 | 3,094 | 2,847 | |||||||||||
Non-interest expense | 8,947 | 8,512 | 8,532 | 8,653 | 8,471 | |||||||||||
Income before income taxes | 5,161 | 5,330 | 4,537 | 4,384 | 5,121 | |||||||||||
Income tax provision | 1,037 | 994 | 692 | 816 | 980 | |||||||||||
Net income | 4,124 | 4,336 | 3,845 | 3,568 | 4,141 | |||||||||||
Net income allocated to common shareholders | 4,055 | 4,264 | 3,772 | 3,508 | 4,076 | |||||||||||
Per share data | ||||||||||||||||
Basic earnings per common share | $ | 0.71 | $ | 0.75 | $ | 0.67 | $ | 0.62 | $ | 0.72 | ||||||
Diluted earnings per common share | 0.71 | 0.75 | 0.66 | 0.62 | 0.72 | |||||||||||
Dividends per common share | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | |||||||||||
Book value per common share | 22.13 | 21.29 | 22.01 | 22.56 | 23.87 | |||||||||||
Tangible book value per common share - Non-GAAP ⁽2⁾ | 19.71 | 18.86 | 19.57 | 20.10 | 21.38 | |||||||||||
Common shares outstanding at end of period (in thousands) | 5,799 | 5,784 | 5,784 | 5,765 | 5,723 | |||||||||||
Weighted average common shares outstanding, to calculate basic earnings per share (in thousands) | 5,688 | 5,687 | 5,666 | 5,636 | 5,635 | |||||||||||
Weighted average common shares outstanding, to calculate diluted earnings per share (in thousands) | 5,710 | 5,713 | 5,699 | 5,694 | 5,670 | |||||||||||
Profitability ratios | ||||||||||||||||
Net interest margin (tax equivalent) (1) | 3.28 | % | 3.27 | % | 3.15 | % | 2.95 | % | 2.99 | % | ||||||
Efficiency ratio (2) | 56.66 | 57.38 | 59.49 | 63.38 | 61.91 | |||||||||||
Effective income tax rate | 20.10 | 18.65 | 15.25 | 18.60 | 19.13 | |||||||||||
Return on average assets | 1.07 | 1.13 | 1.06 | 0.97 | 1.10 | |||||||||||
Return on average common shareholders’ equity | 13.05 | 13.23 | 11.98 | 10.65 | 12.14 | |||||||||||
Credit quality ratios | ||||||||||||||||
Non-performing loans to loans receivable, gross | 0.22 | % | 0.16 | % | 0.37 | % | 0.26 | % | 0.39 | % | ||||||
Accruing loans past due 30-89 days to loans receivable, gross | 0.11 | 0.03 | 0.09 | 0.22 | 0.12 | |||||||||||
Allowance for loan losses to loans receivable, gross | 1.21 | 1.20 | 1.19 | 1.20 | 1.20 | |||||||||||
Allowance for loan losses to non-performing loans | 557.5 | 770.6 | 324.0 | 467.3 | 308.7 | |||||||||||
Non-performing assets to total assets | 0.17 | 0.12 | 0.28 | 0.19 | 0.27 | |||||||||||
Capital ratios | ||||||||||||||||
Common shareholders' equity to assets | 8.33 | % | 8.14 | % | 8.51 | % | 8.88 | % | 8.93 | % | ||||||
Tangible common shareholders' equity to tangible assets - Non-GAAP (2) | 7.48 | 7.28 | 7.63 | 7.99 | 8.08 | |||||||||||
Tier 1 leverage capital (3) | 9.99 | 9.83 | 10.04 | 9.66 | 9.42 | |||||||||||
Total risk-based capital (3) | 13.43 | 13.24 | 13.28 | 13.98 | 14.08 | |||||||||||
Common equity tier 1 capital (3) | 12.24 | 12.07 | 12.13 | 12.80 | 12.87 |
(1) Adjusted to reflect the
(2) Refer to schedule labeled “Supplemental Information – Non-GAAP Financial Measures”.
(3) Represents the capital ratios of the Bank.
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
At or for the quarters ended | ||||||||||||||||||||
(in thousands, except per share amounts and ratios) | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | |||||||||||||||
Common Shareholders' Equity | $ | 128,355 | $ | 123,160 | $ | 127,303 | $ | 130,066 | $ | 136,600 | ||||||||||
Less: | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | ||||||||||
Less: Intangible assets | (227 | ) | (269 | ) | (314 | ) | (364 | ) | (418 | ) | ||||||||||
Tangible Common Shareholders' Equity | $ | 114,313 | $ | 109,076 | $ | 113,174 | $ | 115,887 | $ | 122,367 | ||||||||||
Total Assets | $ | 1,541,582 | $ | 1,512,138 | $ | 1,496,521 | $ | 1,465,082 | $ | 1,529,184 | ||||||||||
Less: | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | (13,815 | ) | ||||||||||
Less: Intangible assets | (227 | ) | (269 | ) | (314 | ) | (364 | ) | (418 | ) | ||||||||||
Tangible Total Assets | $ | 1,527,540 | $ | 1,498,054 | $ | 1,482,392 | $ | 1,450,903 | $ | 1,514,951 | ||||||||||
Common Shares outstanding (in thousands) | 5,799 | 5,784 | 5,784 | 5,765 | 5,723 | |||||||||||||||
Book value per Common Share – GAAP | $ | 22.13 | $ | 21.29 | $ | 22.01 | $ | 22.56 | $ | 23.87 | ||||||||||
Tangible book value per Common Share - Non-GAAP | 19.71 | 18.86 | 19.57 | 20.10 | 21.38 | |||||||||||||||
Tangible common shareholders’ equity to tangible total assets - Non-GAAP | 7.48 | % | 7.28 | % | 7.63 | % | 7.99 | % | 8.08 | % | ||||||||||
Consolidated: | ||||||||||||||||||||
Non-interest expense | $ | 8,947 | $ | 8,512 | $ | 8,532 | $ | 8,653 | $ | 8,471 | ||||||||||
Amortization of core deposit intangibles | (42 | ) | (46 | ) | (50 | ) | (54 | ) | (57 | ) | ||||||||||
OREO recovery | - | 15 | - | - | - | |||||||||||||||
Merger-related costs | (497 | ) | - | - | - | - | ||||||||||||||
Fraud-related recovery (losses) | - | - | 50 | (251 | ) | - | ||||||||||||||
Adjusted non-interest expense | $ | 8,408 | $ | 8,481 | $ | 8,532 | $ | 8,348 | $ | 8,414 | ||||||||||
Net interest and dividend income, tax equivalent | $ | 12,221 | $ | 12,054 | $ | 11,061 | $ | 10,484 | $ | 10,735 | ||||||||||
Non-interest income | 2,618 | 2,693 | 3,297 | 3,094 | 2,847 | |||||||||||||||
Losses (gains) on securities | 1 | 47 | 75 | (168 | ) | 9 | ||||||||||||||
Gains on sale of fixed assets | - | - | - | - | - | |||||||||||||||
BOLI proceeds receivable | - | - | (89 | ) | - | - | ||||||||||||||
Gains on sale of loans | - | (15 | ) | - | (239 | ) | - | |||||||||||||
Adjusted revenue | $ | 14,840 | $ | 14,779 | $ | 14,344 | $ | 13,171 | $ | 13,591 | ||||||||||
Efficiency Ratio – Non-GAAP 1 | 56.66 | % | 57.38 | % | 59.49 | % | 63.38 | % | 61.91 | % | ||||||||||
1 Excluding revenue and expenses associated with trust & wealth advisory, the efficiency ratios would be: Q4 2022: 54.64%; Q3 2022: 55.28%; Q2 2022: 57.21%; Q1 2022: 61.83%; Q4 2021: 60.62%.
SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)
At or for the quarters ended | Average Balance | Income / Expense | Average Yield / Rate | |||||||||||||||
(dollars in thousands) | Q4 2022 | Q3 2022 | Q4 2021 | Q4 2022 | Q3 2022 | Q4 2021 | Q4 2022 | Q3 2022 | Q4 2021 | |||||||||
Loans (a)(d) | $ | 1,209,184 | $ | 1,168,037 | $ | 1,078,097 | $ | 12,726 | $ | 11,675 | $ | 10,560 | 4.16 | % | 3.95 | % | 3.89 | % |
Securities (c)(d) | 217,963 | 221,620 | 186,284 | 1,279 | 1,192 | 911 | 2.35 | 2.15 | 1.96 | |||||||||
FHLBB stock | 1,416 | 1,191 | 1,641 | 15 | 8 | 11 | 4.29 | 2.92 | 2.68 | |||||||||
Short term funds (b) | 43,328 | 68,818 | 155,502 | 339 | 344 | 62 | 3.10 | 1.98 | 0.16 | |||||||||
Total interest-earning assets | 1,471,891 | 1,459,666 | 1,421,524 | 14,359 | 13,219 | 11,544 | 3.86 | 3.58 | 3.22 | |||||||||
Other assets | 52,855 | 60,283 | 76,059 | |||||||||||||||
Total assets | $ | 1,524,746 | $ | 1,519,949 | $ | 1,497,583 | ||||||||||||
Interest-bearing demand deposits | $ | 232,228 | $ | 233,547 | $ | 225,607 | 115 | 106 | 104 | 0.20 | 0.18 | 0.18 | ||||||
Money market accounts | 331,451 | 320,552 | 329,005 | 915 | 356 | 139 | 1.10 | 0.44 | 0.17 | |||||||||
Savings and other | 246,650 | 246,101 | 233,463 | 291 | 179 | 66 | 0.47 | 0.29 | 0.11 | |||||||||
Certificates of deposit | 128,787 | 131,918 | 121,192 | 465 | 242 | 200 | 1.43 | 0.73 | 0.65 | |||||||||
Total interest-bearing deposits | 939,116 | 932,118 | 909,267 | 1,786 | 883 | 509 | 0.75 | 0.38 | 0.21 | |||||||||
Repurchase agreements | 6,615 | 9,684 | 7,923 | 20 | 4 | 3 | 1.18 | 0.18 | 0.16 | |||||||||
Finance lease | 5,475 | 5,318 | 2,696 | 40 | 41 | 34 | 2.94 | 3.05 | 5.10 | |||||||||
Note payable | 132 | 142 | 173 | 2 | 2 | 3 | 6.16 | 6.15 | 6.49 | |||||||||
Subordinated debt (f) | 24,523 | 24,508 | 24,467 | 233 | 233 | 233 | 3.80 | 3.80 | 3.82 | |||||||||
FHLBB advances | 6,576 | 217 | 8,071 | 57 | 2 | 28 | 3.37 | 3.15 | 1.38 | |||||||||
Total interest-bearing liabilities | 982,437 | 971,987 | 952,597 | 2,138 | 1,165 | 810 | 0.86 | 0.48 | 0.34 | |||||||||
Demand deposits | 408,672 | 410,861 | 401,294 | |||||||||||||||
Other liabilities | 8,233 | 7,065 | 8,410 | |||||||||||||||
Shareholders’ equity | 125,404 | 130,036 | 135,282 | |||||||||||||||
Total liabilities & shareholders’ equity | $ | 1,524,746 | $ | 1,519,949 | $ | 1,497,583 | ||||||||||||
Net interest income | $ | 12,221 | $ | 12,054 | $ | 10,735 | ||||||||||||
Spread on interest-bearing funds | 3.00 | 3.11 | 2.88 | |||||||||||||||
Net interest margin (e) | 3.28 | 3.27 | 2.99 |
(a) Includes non-accrual loans.
(b) Includes interest-bearing deposits in other banks and federal funds sold.
(c) Average balances of securities are based on amortized cost.
(d) Includes tax exempt income benefit of
(e) Net interest income divided by average interest-earning assets.
(f) Net of issuance costs.
SUPPLEMENTAL INFORMATION – Net Interest and Dividend Income (unaudited)
Twelve months ended | Average Balance | Income / Expense | Average Yield / Rate | |||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||
Loans (a)(d) | $ | 1,142,663 | $ | 1,059,663 | $ | 45,373 | $ | 41,549 | 3.93 | % | 3.89 | % |
Securities (c)(d) | 218,331 | 144,833 | 4,549 | 2,991 | 2.08 | 2.06 | ||||||
FHLBB stock | 1,315 | 1,790 | 41 | 37 | 3.12 | 2.09 | ||||||
Short term funds (b) | 72,309 | 158,907 | 830 | 210 | 1.15 | 0.13 | ||||||
Total earning assets | 1,434,618 | 1,365,193 | 50,793 | 44,787 | 3.51 | 3.26 | ||||||
Other assets | 62,365 | 72,590 | ||||||||||
Total assets | $ | 1,496,983 | $ | 1,437,783 | ||||||||
Interest-bearing demand deposits | $ | 231,970 | $ | 224,763 | 429 | 435 | 0.18 | 0.19 | ||||
Money market accounts | 318,302 | 315,469 | 1,554 | 547 | 0.49 | 0.17 | ||||||
Savings and other | 240,695 | 215,300 | 630 | 239 | 0.26 | 0.11 | ||||||
Certificates of deposit | 132,192 | 130,879 | 1,111 | 939 | 0.84 | 0.72 | ||||||
Total interest-bearing deposits | 923,159 | 886,411 | 3,724 | 2,160 | 0.40 | 0.24 | ||||||
Repurchase agreements | 8,417 | 10,679 | 30 | 16 | 0.36 | 0.15 | ||||||
Finance lease | 5,294 | 2,739 | 163 | 136 | 3.07 | 4.96 | ||||||
Note payable | 147 | 187 | 9 | 11 | 6.14 | 6.13 | ||||||
Subordinated Debt (f) | 24,502 | 22,511 | 932 | 1,000 | 3.80 | 4.44 | ||||||
FHLBB advances | 2,446 | 9,938 | 114 | 125 | 4.59 | 1.24 | ||||||
Total interest-bearing liabilities | 963,965 | 932,465 | 4,972 | 3,448 | 0.52 | 0.37 | ||||||
Demand deposits | 395,848 | 366,926 | ||||||||||
Other liabilities | 7,183 | 7,285 | ||||||||||
Shareholders’ equity | 129,987 | 131,107 | ||||||||||
Total liabilities & shareholders’ equity | $ | 1,496,983 | $ | 1,437,783 | ||||||||
Net interest income | $ | 45,821 | $ | 41,339 | ||||||||
Spread on interest-bearing funds | 3.00 | 2.89 | ||||||||||
Net interest margin (e) | 3.16 | 3.01 |
(a) Includes non-accrual loans.
(b) Includes interest-bearing deposits in other banks and federal funds sold.
(c) Average balances of securities are based on historical cost.
(d) Includes tax exempt income benefit of
(e) Net interest income divided by average interest-earning assets.
(f) Net of issuance costs.
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