Table of Contents
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Front Cover
Introduction
Our Corporation
2016 Shareholder Letter
History of Salisbury Bancorp, inc.
Selected Consolidated Financial Data
Making the Community Connection
Working Toward a Common Goal Brings us All
FORM 10-K
TABLE OF CONTENTS
PART I
FORWARD-LOOKING STATEMENTS
ITEM 1. BUSINESS
ITEM 1A. RISK FACTORS
ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 2. PROPERTIES
ITEM 3. LEGAL PROCEEDINGS
ITEM 4. MINE SAFETY DISCLOSURES
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
ITEM 6. SELECTED FINANCIAL DATA
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Index to Consolidated Financial Statements
Reports of Independent Registered Public Accounting Firms
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income
Consolidated Statements of Changes in Shareholders’ Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - MERGERS AND ACQUISITIONS
NOTE 3 - SECURITIES
NOTE 4 - LOANS
NOTE 5 - MORTGAGE SERVICING RIGHTS
NOTE 6 - PLEDGED ASSETS
NOTE 7 - BANK PREMISES AND EQUIPMENT
NOTE 8 - GOODWILL AND INTANGIBLE ASSETS
NOTE 9 - DEPOSITS
NOTE 10 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
NOTE 11 - FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS
NOTE 12 - NET DEFERRED TAX ASSET AND INCOME TAXES
NOTE 13 - SHAREHOLDERS’ EQUITY
NOTE 14 - PENSION AND OTHER BENEFITS
NOTE 15 - 2011 LONG TERM INCENTIVE PLAN
NOTE 16 - STOCK OPTIONS
NOTE 17 - RELATED PARTY TRANSACTIONS
NOTE 18 - COMPREHENSIVE INCOME
NOTE 19 - COMMITMENTS AND CONTINGENT LIABILITIES
NOTE 20 - FINANCIAL INSTRUMENTS
NOTE 21 - FAIR VALUE MEASUREMENTS
NOTE 22 - SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION
NOTE 23 - EARNINGS PER SHARE
NOTE 24 - SUBSEQUENT EVENTS
NOTE 25 - SELECTED QUARTERLY CONSOLIDATED FINANCIAL DATA (Unaudited)
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9B. OTHER INFORMATION
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 11. EXECUTIVE COMPENSATION
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
SIGNATURES
EXHIBIT 21.1 - SUBSIDIARIES OF REGISTRANT
EXHIBIT 23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
EXHIBIT 23.2 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
CERTIFICATIONS
Salisbury Bancorp, Inc. and Salisbury Bankand Trust Company Board of Directors
Riverside Division Advisory Board
Officers of Salisbury Bancorp, Inc. and Salisbury Bankand Trust Company
Shareholder Information
Corporate Information
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