PackageTrendsPeer
Letter portraitLegal landscapeQuarterYTD

Salisbury Bank and Trust Company

Lakeville, CT · Cert 18467

FDIC · 13 branches

Q2 2023

$1.6BAssets
$1.3BLoans
$1.4BDeposits
$151.7MEquity
Loan mix
86%RE $874.0M12%C&I $120.4M2%Consumer $18.0MQ3 2021Q2 2023
Deposit mix
74%Interest-bearing $1.0B26%Noninterest $0.4BQ3 2021Q2 2023

Market Position · Kiryas Joel-Poughkeepsie-Newburgh, NY · 2023 SOD (annual) · 2.8% share · #11 of 27 inst. · $0.5B of $18.7B

14.2% Northwest Hills
4.8% Dutchess
1.2% Orange
2.5% Berkshire

Executive Summary

  • Earnings: ROA of 0.98%, down 9 bps year over year; NIM at 2.68%.
  • Asset quality: problem loans at 0.11% of loans (-26 bps YoY), with net charge-offs at 0.01%.
  • Capital: tier 1 leverage ratio of 10.15%, up 12 bps from a year ago.
  • Funding: loans stand at 91.76% of deposits as of Q2 2023.

Return on Assets (YTD, annualized)

0.98%-9 bps YoY

Net Interest Margin (YTD, annualized)

2.68%-29 bps YoY

Efficiency Ratio (YTD, annualized)

62.91%+308 bps YoY

Tier 1 Leverage Ratio

10.15%+12 bps YoY

NIM

3.01%Q2 ’213.11%Q2 ’223.85%Q2 ’23+4%-10%

Non-interest income vs. expense

2.08%Q2 ’212.28%Q2 ’222.13%Q2 ’23+12%-1%

Year to date, annualized, through each quarter.

MetricQ3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023YoY ΔTrend
Earnings
Return on Assets1.26%1.24%1.02%1.07%1.13%1.16%0.93%0.98%-9 bps
Return on Equity12.24%12.07%10.09%10.76%11.48%11.86%9.73%10.18%-58 bps
Net Interest Margin2.81%2.81%2.86%2.97%2.95%2.99%2.91%2.68%-29 bps
Efficiency Ratio58.07%58.78%63.15%59.83%58.47%57.89%60.59%62.91%+308 bps
Non-Interest Burden1.31%1.34%1.51%1.43%1.40%1.41%1.49%1.42%-2 bps
Growth
Asset Growth (YoY)14.29%18.18%4.39%4.12%2.34%0.84%6.87%4.18%+6 bps
Loan Growth (YoY)2.28%3.66%2.16%9.95%11.16%13.50%15.78%9.01%-93 bps
Deposit Growth (YoY)18.12%18.71%5.59%5.79%2.68%1.58%0.12%3.28%-251 bps
Asset Quality
Nonperforming Loans / Loans0.47%0.39%0.25%0.37%0.16%0.22%0.18%0.11%-26 bps
Net Charge-Offs / Loans0.01%0.01%0.15%0.13%0.09%0.07%0.01%0.01%-11 bps
Allowance / Loans1.23%1.20%1.20%1.19%1.20%1.21%1.28%1.24%+5 bps
Allowance Coverage of NPLs2.6x3.1x4.7x3.2x7.7x5.6x7.1x11.8x+8.5x
Capital
Tier 1 Leverage Ratio9.31%9.42%9.66%10.04%9.83%9.99%9.98%10.15%+12 bps
Total Risk-Based Capital14.20%14.08%13.98%13.28%13.24%13.43%13.41%13.66%+38 bps
Equity / Assets10.23%10.09%10.10%9.71%9.34%9.52%9.64%9.73%+2 bps
Liquidity & Funding
Loans / Deposits82.64%80.62%83.30%86.93%89.47%90.08%96.33%91.76%+482 bps
Liquid Assets / Assets10.72%11.05%6.42%4.21%3.31%2.90%2.80%2.97%-124 bps
CRE / Total Capitaln/an/an/an/an/an/an/an/an/an/a