Revenue during the quarter went up marginally by 1.07 percent to $9.51 million from $9.41 million in the previous year period. Net interest income for the quarter dropped 3.10 percent over the prior year period to $7.69 million. Non-interest income for the quarter rose 33.52 percent over the last year period to $2.33 million.

Salisbury Bancorp has made provision of $0.50 million for loan losses during the quarter, up 89.10 percent from $0.27 million in the same period last year.

Net interest margin contracted 43 basis points to 3.45 percent in the quarter from 3.88 percent in the last year period. Efficiency ratio for the quarter deteriorated to 67.08 percent from 63.64 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

Salisbury’s President and Chief Executive Officer, Richard J. Cantele, Jr., stated, “Our results for 2016 reflect modest growth in book value and tangible book value for shareholders as well as growth in loans and total assets. We were able to fund such growth through a strategy of building core deposits along with the prudent use of low cost borrowing. During the fourth calendar quarter of 2016, we completed a system-wide data processing conversion. This investment in our future should help us to continue to securely and efficiently deliver our expanding array of products and services to both current and future customers. As we enter 2017, we remain focused on continued opportunities for prudent and profitable growth both organically and through appropriate acquisition opportunities. In this regard, as previously announced on January 12, 2017, we signed an agreement to purchase, subject to regulatory approval, the New Paltz, New York branch of Empire State Bank and assume approximately $31 million in deposits and purchase approximately $6.8 million in branch-related loans. We are committed to building value for our shareholders and serving our growing base of customers in our Tri-State market area.”

Deposits stood at $781.65 million as on Dec. 31, 2016, up 3.59 percent compared with $754.53 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $218.31 million or 27.93 percent of total deposits on Dec. 31, 2016, compared with $201.34 million or 26.68 percent of total deposits on Dec. 31, 2015.

Investments stood at $79.62 million as on Dec. 31, 2016, up 3.82 percent or $2.93 million from year-ago. Shareholders equity was at $93.97 million as on Dec. 31, 2016.

Return on average assets moved down 29 basis points to 0.65 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity decreased 291 basis points to 6.43 percent in the quarter from 9.34 percent in the last year period.

Nonperforming assets moved down 22.75 percent or $3.70 million to $12.56 million on Dec. 31, 2016 from $16.26 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.34 percent in the quarter, down from 1.82 percent in the last year period.

Tier-1 leverage ratio stood at 8.73 percent for the quarter, up from 8.56 percent for the previous year quarter. Book value per share was $34.07 for the quarter, up 2.84 percent or $0.94 compared to $33.13 for the same period last year.