Salisbury Bancorp, Inc. Annual Report 2020

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FY2020 Annual Report · Salisbury Bancorp, Inc.

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Salisbury Bancorp, Inc. is the holding company for Salisbury Bank and Trust Company

d e p e n d a b l e

supporting the
financial needs of
our communities

ANNUAL REPORT 2020

introduction

Salisbury Bank,
always

dependable

A company that is valued by its employees, its customers, and the communities it serves is not a

fluke. Being valued is the result of teams of people applying knowledge, policy, experience, and

positive traits. One of the most important of these traits is dependability – being reliable so that

people know you will be there when they need you.

Salisbury Bank and Trust Company has proven to be dependable time and time again. Since its

founding in 1848, Salisbury Bank has been there to help people with their finances through many

historically challenging events that now includes the unprecedented pandemic of 2020.

The people at Salisbury Bank and Trust Company remain unwavering to their commitment as

community bankers. Together they have offered an array of programs to help individuals and

business customers affected by the pandemic. Through an enhanced community outreach, and the

efforts led by each branch manager, customers were informed about safe options to manage their

finances from home, office or in person when necessary. Increased awareness and education about

Salisbury’s online and mobile banking solutions further strengthened the value this trusted bank

has earned. It is worth noting that even during an extraordinary year, the employees of Salisbury

Bank continued to find ways to volunteer, fundraise, and help those community members in need.

Now that’s dependable!

our corporation

Salisbury Bancorp, Inc. is an independent, publicly-owned

banking and financial services company that became the

bank holding company for Salisbury Bank and Trust Company

on August 24, 1998. The Company’s sole subsidiary is

Salisbury Bank and Trust Company (“Salisbury Bank”), which

is chartered as a state bank and trust company by the state

of Connecticut. Salisbury Bank was formed in 1925 by the

merger of the Salisbury Savings Society, founded in 1848,

and the Robbins Burrall Trust Company, founded in 1874.

Salisbury Bank is a commercial bank offering a broad range

of services including an extensive array of deposit services,

multiple mortgage products, and various other types of loans

designed to meet the financial needs of its customers.

Salisbury Bank has a full-service Trust and Wealth Advisory

Division which offers financial planning, trust and estate

administration, and investment management services.

In December of 2014, Salisbury Bank acquired Riverside Bank

which now operates as a Division of Salisbury Bank and Trust

Company.

Salisbury Bank operates fourteen full-service banking

offices located in Lakeville, Salisbury, Sharon, and Canaan,

Connecticut; Great Barrington, South Egremont, and

Sheffield, Massachusetts; Dover Plains, Fishkill, Millerton,

New Paltz, Newburgh, Poughkeepsie, and Red Oaks Mill,

New York; serving customers primarily from Litchfield County

in Connecticut; Dutchess, Columbia, Orange, and Ulster

Counties in New York; and Berkshire County in Massachusetts.

Annual
Shareholders
Meeting

May 19, 2021
Wednesday at 4:00 PM

Salisbury Bank’s
Operations Center

33 Bissell Street
Lakeville, CT 06039

our vision

We will treat every
customer as if they
are our only customer.

our core values

Service to the customer
above all else.

Always do the right thing.

Be positive, enthusiastic,
and have fun.

Never be satisfied.

Call it right.

shareholders
letter

A beacon of trust
Dependability is a critical virtue. It means that
people know they can count on you. Meeting
and exceeding the expectations of those you
serve is the way to earn trust and be known as a
dependable partner in both good times and hard
times.

This fact became even more apparent last year as
the COVID-19 pandemic swept across the globe,
making its way into our communities. The impact
was almost immediate.

We watched along with the rest of the nation as our
infection and hospitalization rates rose. We prayed
for our front-line workers who sacrificed everything
to care for the sick. We witnessed how the public-
health crisis overtook the global economy almost
overnight.

Social distancing, waving to our masked neighbors
and sheltering in place became our new normal.
People were afraid. They were losing their jobs,
wondering how they would pay their rent and
feed their families. A staggering number of small
businesses suffered revenue loss during the
shutdowns. Many shuttered their doors for good.
The world as we knew it had suddenly changed.

As a community bank we rose to the challenge
and worked harder than ever to be a dependable
source of information and service for our customers,
shareholders, employees, neighbors, and the local
markets we serve. Like we have done so many other
times throughout our 173-year history, Salisbury
Bank and Trust Company remained a beacon of
trust for our customers and communities.

Implementing pandemic protocols
As the crisis unfolded last March, our institution
implemented a swift and measured response to

COVID-19, beginning with daily digital
updates on how we were maintaining a
healthy environment, as well as making
sure our customers had all the tools they
needed to get to the other side of the
pandemic.

The health and safety of our customers,
employees and community is always
paramount to everything we do, and this
was reflected in our actions. We were
the first bank in our market to close our
lobbies as a proactive approach to limit
the spread of the virus. Immediately
afterward, we redirected our customers
to our drive-thru branches and digital and
ATM channels for transactional services.
We also offered in-house appointments
to accommodate customers who required
specialized services.

Due to limited in-person interaction and
shelter-in-place restrictions, we recognized
the need to expand our mobile banking
options, and moved quickly, launching a
feature to allow current customers to open
additional consumer, personal savings
and checking accounts online. We also
enhanced our digital offerings, changing
the look and feel of our e-Banking
platform and mobile app.

To further ensure the continuity of our
services, we made immediate changes
to safeguard our employees’ health,
including enhanced cleaning measures
in our facilities. We understood that to
stem potential community spread, we had
to separate our teams, including senior
management. Some worked remotely,
while others spread out on different
floors and buildings at our Lakeville
headquarters and various branches. In
addition to social distancing, we were
meticulous about wearing masks and
maintaining safe hygiene, and we put
into place a 14-day temporary leave for

home—while dealing with our own family
circumstances and anxieties about the virus.
Our IT department also deserves credit. It
did a stellar job keeping us efficiently and
securely operating in a dispersed and remote
working environment. It was nothing short of a
miraculous collective effort.

All told, that effort translated to 932 loans
in 2020, amounting to nearly $100 million—
providing needed credit and capital to help
struggling local businesses meet short-term
expenses, including payroll costs. In 2021, our
staff is similarly responding to another round
of PPP loans for small businesses in need of
such loans. On a personal note, I regularly
remind our team that every time we move an
application to closing, we should be proud
that jobs are preserved. In the aggregate,
we estimate that to date, we have helped
to preserve more than 10,000 jobs. That is
a powerful reminder of how we contributed

employees who had returned from vacations or
travel to COVID hotspots.

In July, with safe banking guidelines in place,
we reopened our lobbies for business, while
continuing to monitor local COVID-19 infection
rates and guidance from our federal, state and
local officials. The resurgence of COVID-19 in
the winter months forced us to rethink our in-
house operations, and we temporarily closed
our branch lobbies again in December to keep
our customers and employees safe.

Being there in trying times
As a community bank, we needed to be there
for our business customers in these trying
times, and we were. Salisbury Bank was a
dependable partner, staying on top of the
latest developments and resources to help our
businesses affected by the pandemic.

Our teams worked around the clock to fulfill
loan requests for small businesses through
the SBA Paycheck Protection Program
(PPP). Within the first five days of our
participation as a lender in the PPP in
April 2020, we helped to preserve an
estimated 2,000 jobs. A week later, we
had managed to close loans for more than
650 applicants. I like to compare it to building
an airplane and taking off at the same time.

I am proud that many of our Salisbury Bank
employees volunteered to participate in
additional roles in the PPP lending initiatives
and took on additional responsibilities
to meet the needs of our customers.
Throughout the spring and summer months,
we continued to process a significant
residential loan pipeline in response to the
lower interest rate environment, and we
responded to requests by customers for loan
deferments that impacted loan servicing.

Looking back, I am both amazed and
grateful. We did this as a team—many from

to the quality of life for the customers and
communities we serve.

Salisbury Trust and Wealth Advisory
Division

Building for the future
Despite the challenges we faced in 2020, we
kept our eye steadfastly fixed on the future.
These were exciting times for Salisbury Bank
and Trust Company as we broke ground early
last year on a state-of-the-art Operations
Center at the site of the former Lakeville
Journal Co. on Bissell Street. Following the
February demolition of the original newspaper
building we purchased in 2017, construction
began on the facility that now houses our
operational staff.

Financial Results
Despite the unprecedented challenges, I am
extremely pleased that Salisbury’s financial
results for 2020 reflect record profitability,
continued growth and stronger levels of
capital. We have continued to grow loans and
assets under administration, while maintaining
asset quality. In addition, Tangible Book Value
increased by $3.80 or 11% during 2020. We
think these accomplishments should continue
to enhance shareholder value into the future.

Loan and Deposit Growth

During 2020, net loans receivable increased
$100.3 million. This growth was driven by our
commercial loan portfolio, which included
PPP loans. Although our residential portfolio
declined slightly in 2020, we experienced a
record level of residential loan originations as
borrowers exited the density of more urban
areas due to the pandemic. To manage the
Bank’s interest rate risk, a substantial number
of these loans were subsequently sold to FHLB
Boston. Deposits increased $209.6 million
during the year reflecting the funding of
PPP loans, increased savings by many of our
customers, and from higher levels of customer
business activity.

Wealth assets under administration increased
by $166.8 million during 2020 to $944.3
million. This growth was driven by an increase
in non-discretionary assets as well as overall
market performance. Net fund flows were also
positive for the year. Wealth management
is a core strength of our franchise, which
differentiates us from our competitors and
diversifies our income stream.

Capital and Dividends

Our strong results in 2020 increased
shareholders’ equity by $11.1 million and
bolstered our regulatory capital. We continue
to be deemed “well-capitalized” pursuant
to all regulatory standards. Book value and
tangible book value per common share
increased 9% to $43.88 per share and 11% to
$38.78 per share, respectively in 2020.

Earnings and Asset Quality

We achieved record earnings in 2020. Net
interest income increased $4.0 million from
2019 primarily due to a lower level of interest
expense. Non-interest income increased $1.0
million primarily from gains on the sale of
residential mortgage loans and non-recurring
insurance gains. These gains were partially
offset by lower deposit fees, which the Bank
waived to help customers in light of the
pandemic ($754 thousand in fees were waived).
Provisions to the Allowance for Loan and Lease
Losses increased $4.1 million due to the credit
uncertainty surrounding the pandemic. Non-
interest expense was essentially unchanged
from 2020. Overall, 2020 net income was
a record $11.9 million or $4.21 per basic
common share, compared to $11.1 million or
$3.95 per basic common share earned in 2019.

Caring for each other
In times of trouble, people remember who
lent them a helping hand. Again, being an

help our consumers shred documents. In all,
we shredded and recycled more than 32,000
pounds of paper.

Salisbury Bank’s YOUniversity programs also
looked different this year, but they were no less
meaningful. We offered seven free seminars—
two of them virtual—on topics ranging from
Internet security to buying your first home.

Additionally, our employees continued to give
back to vulnerable populations and worthy
causes, volunteering more than 7,000 hours
of service, despite the ongoing pandemic.
I am constantly inspired by our employees
and how they contribute to the well-being
of the communities where we all live, work
and play. Through the pandemic, the main
thing our community could count on was our
dependability—and that will never change.
Sincerely,

Richard J. Cantele, Jr.

President and
Chief Executive Officer

institution that people depend on mattered
during the public health crisis. To ease the
financial burdens of our consumers, we
offered temporary deferred loan payments
and rebated overdraft fees. Moreover, we
addressed needs in other tangible ways.

In May, Salisbury Bank partnered with
Mountainside for a free Zoom webinar on
COVID-19 and mental health, which offered
guidance on how to manage the stresses of
social isolation, job loss and the uncertain
future. Anthony Nave and Marie Lanier,
licensed clinical social workers at Mountainside,
shared expert insights on how to cope with
disruptions in routines and reestablish control
in the changed environment. Mountainside
is a nationally acclaimed alcohol and drug
addiction treatment center with a holistic
approach to wellness.

In November, we did our part to help the
needy with our 13th annual Fill-The-Basket
campaign. Food insecurity in our local
communities had grown due to the pandemic,
and all 14 branches of the bank in Berkshire,
Litchfield, Dutchess, Orange and Ulster
counties rose to fill the shelves of our local
food pantries. Together, we collected and
donated more than 1,700 nonperishable food
and household items as well as $719 in cash
donations. We also donated $1,000 to each
organization that the branches worked with
on the food drive. I cannot underscore how
grateful I am to the customers and community
for stepping up in this challenging time. In
addition, the Bank kicked off its 33rd annual
“We Believe” toy-drive in November to make
the holidays brighter for an increasing number
of families suffering financial strain due to the
pandemic.

While COVID-19 disrupted many of our social
activities as a bank, that did not mean we
remained idle. Quite the contrary. Despite
the pandemic, we managed to organize five
drive-thru Community Days in September to

history of
salisbury
bancorp, inc.

growth at a glance

$0.0

$200.0

$400.0

$600.0

$800.0

$1000.0

$1200.0

$1300.0

Dollars ($MM)

2020

2019

2018

2017

2015

2014

2012

2011

2009

2007

2004

2001

1983

$1,293.66

Processed 932 PPP
applications for $100
MM in loans; Record
earnings

$1,112.45

Record earnings

$1,121.55

Reached $1 Billion in assets;
Acquisition of Fishkill, NY branch;
170th anniversary; Opened new
banking center in Newburgh, NY

$986.98

Acquisition of New Paltz, NY branch

$891.19

Issuance of $10 MM Subordinated Debt
$16 MM SBLF Redemption

$855.43

Opened Great Barrington, MA branch
Union Savings Bank branch acquisition (Deposits: $20.0 MM)
Acquisition of Riverside Bank (Assets: $239.0 MM)

$600.81

Wealth AUA pass over $380 MM

$609.28

$16 MM of perpetual preferred shares through SBLF
and redemption of $8.8 MM under TARP

$562.35

$8.8 MM of perpetual preferred shares under TARP
Webster Bank NA branch acquisition (Deposits: $11.5 MM)
Opened Millerton, NY branch

$461.96

New York Community Bank branch acquisition (Deposits: $3.5 MM)
Opened Dover Plains, NY branch
Opened Sheffield, MA branch

$423.1

Acquisition of Canaan National Bancorp, Inc. (Assets: $107.2 MM)

$283.6

People’s Bank branch acquisition (Deposits: $26.4 MM)

$205.0

Opened Sharon, CT branch

1963

$10.0

Opened Salisbury, CT branch

1925

$5.0

Merger with Robbins Burrall Trust Company (1874)

Total Assets

Total Deposits

1848

$0.0

Salisbury Savings Society founded

selected
consolidated
financial data

(in thousands except ratios and per share amounts) (unaudited)

Total assets

Loans receivable, net

Deposits

FHLBB advances

Shareholders’ equity

Wealth assets under administration

Non-performing assets

Net interest and dividend income

Net interest and dividend income, tax equivalent

Provision for loan losses

Income before income taxes

Income tax provision

Net income

Per share data

2020

2019

$1,293,660

$1,112,448

1,027,738

927,413

1,129,074

919,506

12,639

50,887

124,752

113,655

944,349

777,503

5,648

38,146

38,837

5,038

3,934

34,112

34,717

955

14,393

13,495

2,453

2,359

11,940

11,136

Basic earnings per common share

$4.21

$3.95

Diluted earnings per common share

Dividends per common share

Book value per common share

Tangible book value per common share - Non-GAAP

4.20

1.16

43.88

38.78

3.93

1.12

40.22

34.98

Common shares outstanding at end of period

2,843

2,826

Weighted average common shares outstanding,
to calculate basic earnings per share

2,803

2,782

Weighted average common shares outstanding,
to calculate diluted earnings per share

2,811

2,794

Profitability ratios

Net interest margin (tax equivalent)

Efficiency ratio (tax equivalent)

Effective income tax rate

Return on average assets

Return on average common shareholders’ equity

3.28%

3.27%

59.42%

64.12%

17.04%

17.48%

0.96%

9.96%

1.00%

10.22%

earnings per
common share

$4.21

$3.95

$3.15

$2.25

2017

2018

2019

2020

deposits
(in millions)

$1,129

$927

$920

$815

2017

2018

2019

2020

loans receivable,
net (in millions)

$1,028

$909

$927

$802

2017

2018

2019

2020

wealth assets under
administration
(in millions)

$944

$778

$610

$648

2017

2018

2019

2020

standing strong

to all our essential
workers on the front lines,

THANK YOU...

for the sacrifices you make every day, and
especially during this pandemic. Your
dedication, commitment and courage deserve
our greatest admiration and deepest gratitude.

Sharon Hospital
Sharon, CT

Hudson River Housing, Inc.
Poughkeepsie, NY

New Marlborough Fire & Rescue
New Marlborough, MA

LaBonne’s Markets
Salisbury, CT

Salisbury Central School
Salisbury, CT

supporting community

1,712
Non-perishable food and
household items donated
to 11 community pantries in
Connecticut, Massachusetts,
and New York.

201
Number of jobs
we provided in
our community.

7+113

Number of
educational seminars
and webinars we had
through Salisbury
Bank YOUniversity
and the number of
community members
who attended.

172
Number of community
organizations that we
provided monetary
support to.

7,029
Number of hours
our employees
volunteered in our
community at 111
local organizations.

1 3th A nnual Fill-The-
B asket C a m p aig n

m unity
Shre d D ays
C o m

supporting community

2020

dependable

32,100

Number of pounds of
personal documents
shredded at our 5
FREE Community
“Shred” Days.

$149,907,024
Dollar amount of home
mortgage loans lent
to 475 community
members.

$296,240,975
Dollar amount of business
loans we made in our
market area to 1,170
local businesses (for the
year 2020), including
932 Paycheck Protection
Program loans in the
amount of $99,862,200.

$18,500
Scholarship funding
to 19 graduates
from local area
high schools.

$261,170
Total paid in
municipal property
taxes (for the year
2020).

ri-

Employee
Recognitions &
Promotions

Linda King
Assistant Vice President, Human Resources

Linda, who has been with us for 33 years, was promoted to Assistant Vice
President, Human Resources. She had previously served 16 years as our HR
Specialist. Linda earned the distinction of Employee of the Quarter three times
and received the first Employee of the Year award in 2013. She is active in the
community, serving as president of Canaan Child Care Center and committee
member of the Canaan Railroad Days.

Kiersten Higgins
Assistant Vice President, Trust Operations Supervisor

Kiersten was promoted to Assistant Vice President, Trust Operations Supervisor.
Kiersten has been with the bank for 12 years, serving as Trust Operations
Supervisor for the past seven years. She also served as Security Administrator and
Facilities Administrator. Kiersten has been instrumental in developing processes
and procedures to enhance Trust operations and is a subject matters expert on the
Trust accounting system.

Andrea MacArthur
Assistant Vice President, Mortgage Advisor

Andrea accepted the role of Assistant Vice President, Mortgage Advisor in the
Residential Lending Department of the Bank. As a mortgage advisor, she will
be responsible for the origination of residential mortgage loans, including new
purchases, refinances, and home equity lines of credit. She brings to the role
17 years of banking knowledge and a drive to provide an excellent customer
experience. Andrea began her career with us in September 2002. She most
recently worked as Assistant Vice President, Residential Lending Manager.

Stacey Curtis
Assistant Vice President, Branch Manager, Newburgh Office

Stacey accepted the Assistant Vice President, Branch Manager position at the
Newburgh, N.Y. branch. Known for her experience and highest level of customer
service standards, Stacey joined the bank as an Executive Assistant in July 2008. A
Canaan resident, she was promoted to AVP in 2013 and transferred to the Canaan
Branch Manager position in January 2016.

Employee
Recognitions &
Promotions

Meaghan Bain
Assistant Vice President, Branch Manager, Canaan Office

Meaghan was promoted last August to Assistant Vice President, Branch Manager
of the Canaan branch. Meaghan, who has strong ties to the town of Canaan,
has more than 14 years of banking experience and always strives to provide an
excellent customer experience. She joined Salisbury Bank in May 2006 and had
been working as the Assistant Branch Manager in Lakeville and Salisbury.

Dayna Cook
Training Manager

Dayna graduated from the Connecticut School of Finance and Management
(CSFM), an intensive two-year bank management training program sponsored by
the Connecticut Bankers Association. The skills she acquired at CSFM will provide
her with a broader perspective of Salisbury Bank’s operation and strategy, which
brings value to our company. Dayna started her career with us in 2009 as a deposit
operations specialist. She then transferred to the Retail Department and became
Head Teller in 2010 at the Sharon branch and Retail Trainer in 2014 before being
promoted to Training Manager in 2015.

Carla Balesano
Executive Vice President, Chief Credit Officer

Carla, who brings a wealth of credit, risk, commercial and corporate lending
experience, serves as Executive Vice President, Chief Credit Officer. She most
recently worked as SVP, Syndicated Lending at Liberty Bank. Prior to that, she
was an Executive Credit Officer and Head of Corporate Loan Strategies at
People’s United Bank and Managing Senior Credit Officer at TD Bank, where she
was responsible for the leadership and management of a team of credit officers
overseeing and managing commercial and corporate banking credit activities.

Christopher Ursini
Vice President, Credit Risk Manager

Chris was hired as Vice President, Credit Risk Manager. He has more than 35 years
of credit risk, special asset management and loan resolution experience. He most
recently served at People’s United Bank as Vice President Risk Management and
Loan Resolution Officer.

Employee
Recognitions &
Promotions

H. Raymond Fed, Jr.
Senior Vice President, Senior Credit Officer

Ray was hired as Senior Vice President, Senior Credit Officer in September. He
works closely with the Credit Administration Department to ensure a quality
assessment of commercial loans and provides support and expertise to credit
and lending partners as a resource. Ray has more than 20 years of experience in
diversified commercial credit and lending. He previously worked at Liberty Bank,
TD Bank and United Bank.

Diane Miller
Vice President, Residential Lending Manager

Diane joined Salisbury Bank in December as Vice President, Residential Lending
Manager. She manages the Residential Lending Department of our bank. Diane
previously worked as a consultant with various banks to implement systems like
Encompass and MortgageBot, train staff and create efficiencies in their lending
departments. Prior to that, she worked for 10 years at United Bank as a Systems
and Compliance Administrator.

Brian Leger
Vice President, Loan Servicing Manager

Brian accepted the Vice President, Loan Servicing Manager position at Salisbury
Bank and Trust in December. He brings significant experience in loan servicing
processes, management, product knowledge and has strong technical skills. Brian
oversees the Bank’s Loan Servicing Department. Before joining us, he worked as a
Senior Business Analyst at Fiserv’s DNA loan team.

Aidan Gilligan
Vice President, Commercial Lender

In January of 2021, Aidan was promoted to Vice President, Commercial
Lender. Aidan started with the Bank in February 2018 as a Commercial
Lender covering our Berkshire County market. In addition to his commercial
lending responsibilities, Aidan has been, and continues to be, instrumental in
administrating the Bank’s PPP initiative, which has contributed to more than
1,000 approved PPP loans assisting small businesses and their employees in our
communities. He is also a member in the Leadership Development Program and
active with volunteerism in the local community.

We also bid some fond farewells

Georgann Farnum retired from the Bank in March 2020.
She started with Canaan National Bank in August 1997 as a
Customer Service Representative and was promoted to Branch
Manager of the Egremont Office in 2004 when Canaan and
Salisbury merged. In 2009, she took on the added responsibility
for management of the Sheffield Branch, and in 2014 when we
opened our Great Barrington Branch, she transferred there to
manage the branch. In 2016, Georgann starting easing into
retirement and moved into an Assistant Branch Manager role
until her retirement in 2020.

Denise Innello retired from her Assistant Branch Manager role
in our Red Oaks Mill Branch on May 1, 2020. Denise started
with Riverside Bank in Operations from 1994 to 1996. She left
briefly, and when Riverside decided to open a branch in Red
Oaks Mill in January 1997, Denise was recruited as a Teller
before being promoted to Customer Service Representative
and then Assistant Branch Manager, where she enthusiastically
served customers for 23 years.

Michael Gordon retired from the Boards of Directors last May.
Michael was a founding member and director of Riverside
Bank, before joining Salisbury’s Boards in 2014. His more
than 25 years of bank board service, as well as his business
and community connections, offered valuable insight and
experience to the board.

Polly Diane Hoe also retired from the Boards of Directors last
May. Diane served as Director since 2014 and prior to that
served on the board of Riverside Bank for fourteen years. Diane’s
experience as a lawyer and a local businesswoman, as well as
her involvement in the local community, enabled her to provide
valuable insight into regulatory issues, corporate governance,
as well as customer and financial service opportunities.

Sadly, in July of 2020, David MacFarland, a member of our
Riverside Division Advisory Board passed away. Dave served
on our Advisory Board for 6 years and prior to that, he served
as President and CEO of Riverside Bank before retiring in 2011.
Dave had a long career in banking, spanning more than 48
years and over the course of his career, he served on numerous
professional and charitable boards. His contributions and
commitment to the Hudson Valley were greatly appreciated.

Steve Moore retired in September after 18 years of service with
the Bank. Steve started in September 2002, and had originally
planned on retiring in April 2020. Due to the uncertainty
surrounding the COVID-19 pandemic, he agreed to stay on
for a few more months to allow for a smooth transition of his
duties as Construction Loan Specialist. Steve helped create
the Construction Loan Specialist position – a service valued
by our loan customers and originators. His positive attitude
and willingness to take on any task were two of his greatest
attributes.

Georgann, Denise, Michael, Diane, Dave and Steve provided
valuable service to the Bank in their own unique ways. Their
dedication and commitment will be greatly missed.

1717

Anique Morrison
Vice President, Commercial Lender

Anique joined our team in January 2021 as
Vice President, Commercial Lender and is
working in our Riverside Division. She lives
in the Hudson Valley and is very familiar
with the market area. Most recently, Anique
worked for 4 years as a Commercial Business
Officer at Ulster Savings Bank. Prior to that,
she worked as a Portfolio Manager and
Commercial Credit Analyst for 10 years.

Steve Brandfield
Senior Wealth Director

Steve accepted the Senior Wealth Director
position in our Trust and Wealth Advisory
Department in February 2021. Steve lives
locally, and most recently worked as an SVP
for Capital Group. Prior to that he served
as Managing Director for Fiduciary Trust
International and Glenmede Trust, both
located in NYC. His primary role will be new
business development for the Trust and
Wealth Advisory Division.

Employee
Award Winners

president's

award

Frontline Employees

It's always difficult to put into words the deep gratitude felt toward all frontline workers. They showed us
what it means to make sacrifices for the good of the communities we serve. We called upon our frontline
employees to show up for work and face a new set of rules during a time when fear and uncertainty was
predominant. It has been nothing short of inspiring to see the staff at our branches, and all those who
came to work ready to face the challenges of this pandemic, set aside their fears to serve the needs of
our customers. Together this group of devoted individuals stepped up and became the backbone of

Salisbury Bank’s success during a time when
teamwork was essential. It is with great
pride that I have this forum to memorialize
each of our frontline employees by
presenting them with the 2020 President's
Award. A heartfelt thank you to each of you.

Great Barrington Branch Staff

Lakeville Branch Staff

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Newburgh Branch Staff

Employee
Award Winners

employee

of the year

Aidan Gilligan
Vice President, Commercial Loan Officer

Aidan was voted “Employee of the Year” by his fellow employees for
his tremendous work ethic, and his extremely likeable and approachable
demeanor. Aidan is highly respected and regarded by his peers. He
willingly shares his knowledge and is eager to learn from and help others.
Aidan was instrumental in leading the Bank’s Paycheck Protection Program
(PPP) initiative during the pandemic. He accepted the responsibility with
enthusiasm, and without hesitation, to help the Bank and its customers
during a difficult time. Since joining the Bank in February of 2018, Aidan
has excelled at every position and task assigned to him. He began his
career working in our Commercial Credit Department. In July of 2019 he
was promoted to Commercial Lending Officer, covering our Massachusetts
market, and this past January was promoted to Vice President. We are
grateful to have Aidan as part of our team.

rookie

of the year

Machayla Karcheski
Executive Assistant

Machayla joined the Bank in November 2019 as an Executive Assistant. She
had no prior banking experience, but “hit the ground running” and “took the
bull by the horns” – as quoted by her fellow colleagues. Machayla has been
described as a “ball of energy”, and a “breath of fresh air”. She has a can do
attitude and is eager to learn and help in any way that is needed. Machayla
assumed a leadership role within the PPP initiative and her involvement
has been vital to the success of the program. No one could have predicted
that the last year would have unfolded the way it did and many of us have
overcome both personal and professional hurdles, but you could never tell in
your interactions with Machayla as her attitude and effort never wavered. We
are truly lucky to have her on our team.

Employee
Award Winners

volunteers

of the year

The Volunteer of the Year Award recognizes an employee who
consistently volunteers on behalf of the Bank throughout the
year. In 2020 we had two such employees….

Douglas A. Cahill
PHR, SHRM-CP, Vice President,
Director of Human Resources

Doug consistently volunteers for bank sponsored events
each year in addition to the volunteer work he does
with the Sharon Board of Education and Sharon Day
Care. Doug joined Salisbury Bank as Director of Human
Resources in August of 2005. He was promoted to Vice
President, Director of Human Resources in May of 2014.
We sincerely appreciate the volunteer work that Doug
does for both the Bank and for the community at large.

Kimberly J. Downey
CTFA, Vice President, Trust Officer

Kim not only volunteers for bank sponsored events, she
dedicates a good amount of her time outside of the
Bank for volunteer activities in her community. Kim is
Board President of Salisbury Central School PTO; Board
Treasurer for Salisbury Youth; and Board Treasurer for
EXTRAs Program. She joined the Bank in February of 2005
in a retail capacity and then transferred to the Trust and
Wealth Advisory Division. We admire Kim’s commitment to
volunteer in the community she lives and works in.

Wealth
Advisory
Services

A personal investment plan

created with you in mind.

Wealth Advisory
We believe that wealth advisory is more than investment and asset management. It is about
making sure an appropriate financial framework is in place and that resources are being
allocated efficiently. The planning piece of what we do supports our work together, and forms
the foundation for the guidance we provide to you, your family, or organization.

Asset and Investment Management
Assets are managed by Salisbury Trust Officers with the oversight of our internal Trust
Investment Committee, utilizing an investment consulting service to provide investment partner
and fund due diligence and recommendations. This structure has allowed us to broaden our
investment management strategies to include both active and passive portfolios. We take into
consideration the circumstances and requirements of the account, the risk tolerance and risk
capacity of the client, and investment preferences.

Trust and Estate Administration
Our Officers have years of experience in trust and estate administration, with varying areas of
expertise to guide you, either as a co-fiduciary, your successor Trustee/Executor, or for you as
Agent for Trustee/Executor.

Retirement Plan Advisory
Salisbury Trust works with your company to provide advice for retirement plan investment
options or to manage those accounts in accordance with the Investment Policy Statement we
develop together. We may work with your preferred third-party administrator or we have
established relationships with others you may select. Similarly, there are multiple options for
plan platforms to allow for an efficient solution depending upon the type and size of the plan.

trust in us to help guide
your financial future.

Trust, investment management, and private banking.

Salisbury Trust combines private banking with planning and
investment management for building and preserving wealth.

For more information call 860.435.5205

Securities and investment products offered through Salisbury Trust Wealth Advisory Services, a division of Salisbury Bank and Trust Company,
are not insured by the FDIC or any other government agency of the United States and are not deposits or obligations of, nor guaranteed or
insured by the bank or any bank affiliate. These products are subject to investment risk, including the possible loss of the principal invested.

2121

Personal
Banking
Services

checking accounts
All of our checking accounts offer
conveniences including e-Banking,
mobile banking with e-Deposit, e-Pay
and e-Bills, and a 0.25% discount on
auto, personal, and unsecured home
improvement loans with auto-pay from
checking.

• Personal Checking
• Checking with Interest
• Interest Plus Checking
• Relationship Checking

Add a Choice Advantages benefits package
to any checking account for cash back
rewards and discounts on shopping, travel,
dining, gas & groceries, and more.

loans & lines of credit

• Personal Loans
• Auto Loans
• Home Improvement Loans
• Home Equity Loans & Lines of Credit
• Overdraft Line of Credit
• Savings and Stock Secured Loans

home mortgages
Our experienced team of Mortgage
Advisors are here to help you with all
your mortgage needs.

• Perfect Lot Land Loan
• 1st Time Home Buyer Loan
• Country Estate Loan
• Jumbo Mortgage
• Blueprint Construction Loan
• Make a Change Mortgage
• Home Makeover Loan

savings & money
market accounts
We offer a variety of accounts to fit your
individual needs no matter what your
savings goal is!

• Statement Savings
• Savings Plus
• Relationship Savings
• Premier Personal Money Market
• Certificates of Deposit
• Holiday & Vacation Club
• School Savings Program
• Coverdell Education Savings Account

health savings account
A special tax-advantaged savings account
designed to cover medical expenses.

retirement services
We offer both Traditional and Roth IRAs.

CDARS
Enjoy full FDIC insurance on CD
investments larger than $250,000.

ICS
With Insured Cash Sweep, access multi-
million-dollar FDIC protection on your
savings deposits.

digital banking solutions

• Personal e-Banking
• Mobile Banking with e-Deposit
• Mobile Wallet
• Popmoney
• Debit Mastercard®
• Visa® and American Express® Credit Cards
• Direct Deposit
• Card Controls
• e-Pay
• Bank to Bank Transfer
• Bank-by-Phone

2222

business checking
We offer checking accounts for
businesses ranging from sole
proprietorships to larger businesses.

• Basic Business Checking
• Small Business Checking
• Business Checking with Interest
• Business Checking
• Commercial Checking
• Lawyer’s Trust Account (IOLTA / IOLA)

business loans &
commercial real
estate mortgages
We offer a long list of options for any
kind of business loan, and we can tailor
your loan to fit your company’s needs.

• Business Term and Installment Loans
• Business Lines of Credit
• Commercial Real Estate Mortgages
• Commercial Construction Loans
• Short Term Commercial Loans
• Business Demand Loans
• Government Guaranteed Loans
• Business Overdraft Lines of Credit
• Commercial Letter of Credit

CDARS
Your business or nonprofit can enjoy
full FDIC insurance on CD investments
larger than $250,000.

ICS
With Insured Cash Sweep, access multi-
million-dollar FDIC protection on your
savings deposits.

Business
Banking
Services

savings & money
market accounts
Keep your money working for you and
get the most out of your deposits.

• Business Money Market Account
• Business Relationship Savings
• Business Statement Savings
• Certificates of Deposit

health savings account
A special tax-advantaged savings account
designed to cover medical expenses.

retirement services
As a business owner, you have your own
retirement goals, and you also might
be in a position to help your employees
reach theirs.

• Simplified Employee Pension (SEP)
• Traditional IRAs
• Roth IRAs

digital solutions
for business
We offer the tools to access and manage
your account – anytime, anywhere.

• Merchant Services
• Payroll Services
• e-Deposit
• Mobile Banking
• e-Banking & e-Pay
• Cash Management Services
• Debit Mastercard®
• Visa® Credit Card

salisburybank.com

2323

Salisbury Bancorp, Inc.
and Salisbury Bank and
Trust Company Board
of Directors

Riverside
Division
Advisory
Board

Holly J. Nelson
Member and Tour Operator, Iceland
Adventure, LLC, Development and
Events Coordinator, Hotchkiss Library
of Sharon, and Volunteer Coordinator,
Harlem Valley Rail Trail Association

John F. Perotti
Former Chairman and Chief Executive
Officer, Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company
(retired 2009)

Neila B.Radin
Former Managing Director and
Associate General Counsel of
JPMorgan Chase & Co. (retired)

Grace E. Schalkwyk
Advisor to Fintech and other
technology companies

Charles M. Andola
Owner and President, United
Management Consulting, Inc.

George E. Banta
Owner and President, Beekman
Arms Properties, Banta Motels and
Restaurants

Arthur J. Bassin
Town Supervisor, Ancram, NY

Richard J. Cantele, Jr.
President and Chief Executive Officer,
Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company

David B. Farrell
Chairman, Salisbury Bancorp, Inc. and
Salisbury Bank and Trust Company,
CEO, Welle Training, Inc.,
Founder of Farrell & Company, LLC

Nancy F. Humphreys
Former Citigroup New York, Citibank,
Managing Director and Treasurer of
Global Corporate Investment Bank
North America (retired)

Ira Effron
Co-Chairman, Efco Products

Austin “Brud” Hodgkins
Senior Partner, The Hodgkins Agency,
Insurance Benefits and Estate Planning,
CEO & Founder, Indoor Organic
Gardens of Poughkeepsie, LLC

Paul S. Hoffner
President, John Herbert Company

Stephen P. Lumb (Chair)
Retired

John P. O’Shea
Chairman, Marshall & Sterling
Enterprises, Inc.

David E. Petrovits
Founder, Blacktop Maintenance Corp.

Steven R. Turk
President, Rocking Horse Ranch Resort,
Splash Down Beach Water Park

Carl S. Wolfson
Attorney

Officers of
Salisbury
Bancorp, Inc.

Richard J. Cantele, Jr.
President and Chief Executive Officer

Peter Albero
Executive Vice President and Chief Financial Officer

Shelly L. Humeston
Senior Vice President and Secretary

Officers of
Salisbury Bank
and Trust
Company

Richard J. Cantele, Jr.
President and
Chief Executive Officer

John M. Davies
President of NY Region,
Chief Lending Officer

Peter Albero
Executive Vice President,
Chief Financial Officer

Carla L. Balesano
Executive Vice President,
Chief Credit Officer

Todd M. Clinton, CRVPM
Executive Vice President,
Chief Risk Officer

Steven M. Essex, CFP, CTFA
Executive Vice President,
Head of Trust Wealth
Advisory Services

Amy D. Raymond
Executive Vice President,
Chief Retail Banking Officer,
CRA Officer

Elizabeth A. Summerville
Executive Vice President,
Chief Retail and Loan
Operations Officer

Cynthia D. Bradley
Senior Vice President,
Loan Administration Manager

H. Raymond Fed, Jr.
Senior Vice President,
Senior Credit Officer

Shelly L. Humeston
Senior Vice President,
Secretary

Ronald K. Myers
Senior Vice President,
Finance

Todd J. Rubino
Senior Vice President,
Senior Commercial Loan
Officer

John D. Trott
Senior Vice President,
Senior Commercial Loan
Officer

Robert A. Wiseman
Senior Vice President,
Trust Operations Officer

Kathleen Bauer
Vice President,
Regional Branch Manager

Kevin Bennett
Vice President,
Commercial Loan Officer

Brian Leger
Vice President,
Loan Servicing Manager

Randi Fisch
Assistant Vice President,
Branch Manager, Fishkill Office

Maurice S. Bowerman
Vice President, Trust Officer

Jeffrey G. Burchell
Vice President,
Credit Administration
Team Leader

Douglas A. Cahill, PHR,
SHRM-CP
Vice President,
Director of Human Resources

Kevin Cantele
Vice President,
Mortgage Advisor

Anthony Casillo
Vice President,
Commercial Loan Officer

Kimberly J. Downey, CTFA
Vice President,
Trust Officer

Charlene Fitzgerald
Vice President,
Customer Support and
Electronic Services Manager

Megan E. Gawel
Vice President,
Retail Operations Officer,
Reg O Officer

Aidan Gilligan
Vice President,
Commercial Loan Officer

Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager

Dee M. Harnish
Vice President,
Project Manager

J. Adam Higgins
Vice President,
Commercial Loan Officer

Michael C. Jordan
Vice President, Information
Technology Security and
Service Solutions Manager

Barbara E. Joscelyn
Vice President,
Commercial Loan Officer

Joseph C. Law
Vice President,
Commercial Loan Officer

Amanda I. Lidstone, CRCM,
CAFP
Vice President, Risk
Management Officer, Privacy
Officer

Darrel S. Long
Vice President, Operations

Robin L. Foley
Assistant Vice President,
Loan Origination

Julie A. Gregory
Assistant Vice President,
Branch Manager,
Dover Plains Office

Diane Miller
Vice President,
Residential Lending Manager

Kiersten Higgins
Assistant Vice President,
Trust Operations Supervisor

Linda King
Assistant Vice President,
Human Resources

Robert J. Lotz
Assistant Vice President,
Financial Analyst

Andrea L. MacArthur
Assistant Vice President,
Mortgage Advisor

Bianca M. Martin
Assistant Vice President,
Branch Manager,
Millerton Office

Madeline Odak
Assistant Vice President,
Branch Manager, New Paltz
Office

Jean P. Stapf
Assistant Vice President,
Wealth Manager and Trust
Administrative Coordinator

Alton E. Golden
Assistant Branch Manager,
Retail Banking Officer,
Sharon Office

Michele O. Hanlon
Mortgage Servicing Officer

Lori A. Palmatier
Assistant Treasurer,
Senior Credit Analyst

Jennifer Peterson
Lending Compliance
Specialist, Assistant CRA
Officer

Alicia Moir
Vice President, Controller

Anique Morrison
Vice President,
Commercial Loan Officer

Julianna M. Sinchak, CFMP
Vice President,
Marketing

Daniel R. Stanyon, CTFA
Vice President, Trust Officer

Christopher Ursini
Vice President,
Credit Risk Manager

Darilyn F. Woods
Vice President, Trust Officer

Meaghan Bain
Assistant Vice President,
Branch Manager, Canaan
Office

Nicole Chase
Assistant Vice President,
Branch Manager, Lakeville
and Salisbury Offices

Stacey R. Curtis
Assistant Vice President,
Branch Manager,
Newburgh Office

Kim DeAngelis, CAFP
Assistant Vice President,
Risk Manager, Security Officer,
BSA Officer

Tara G. Decker
Assistant Vice President,
Branch Manager,
Sharon Office

Ryan Diamond
Assistant Vice President,
Commercial Credit Manager

shareholder
information

Salisbury Bancorp, Inc. common stock is traded
under the symbol SAL on NASDAQ

For more information:
Visit our website at salisburybank.com
and click on “Shareholder Relations”,
or contact:

Shelly L. Humeston
Senior Vice President, Secretary
860.453.3432
shumeston@salisburybank.com

Salisbury Bancorp, Inc.
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.9801

Transfer Agent
For shareholder inquiries
concerning dividend checks,
transferring ownership, address
changes, or lost or stolen stock
certificates, please contact our
transfer agent:

Broadridge Corporate
Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717-0718
888.520.5817

Dividend Reinvestment and
Stock Purchase Plan
For more information and enrollment
forms, visit salisburybank.com and click
on “Shareholder Relations”, or contact:
Shelly L. Humeston

Independent Auditors
Baker Newman Noyes
280 Fore Street
Portland, ME 04101-4177

Common Stock Price

$37.50

$36.18

$37.27

$33.48

$44.65

$45.67

$25.22

$23.35

$23.34

$21.75

$26.89

$27.34

$50.00

$45.00

$40.00

$35.00

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

$0.00

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

E-Consent

Please note:

Shareholders may receive annual reports and proxy
materials over the internet. To take advantage of the
opportunity to receive materials electronically, rather
than by mail, individuals who hold stock in their
name may enroll for electronic delivery at investor.
broadridge.com.

If you have already created a login ID at the
above site, just log in and follow the prompts for
E-Consent to enroll for electronic delivery of account
documents.

If you have not created a login ID and password on
the above site, choose “Create Profile”. You will
need the account number and social security number
or tax ID number associated with your Salisbury stock
account to create the login. After you have created
your login, follow the prompts for E-Consent to
enroll for electronic delivery of account documents.

• Your consent to electronic delivery is entirely revocable

• You can always vote your proxy by telephone or on

the internet whether or not you elect to receive your
materials electronically

Shareholders who hold their Salisbury stock through a
bank, broker, or other holder of record should refer to the
information provided by that entity for instructions on how
to elect to view future annual reports and proxy statements
over the internet.

Employee Stock Ownership Plan (“ESOP”)

ESOP participants who have a company email address
and online access will automatically be enrolled to receive
the Annual Report, Proxy Statement, and ESOP Vote
Authorization Form over the internet unless they choose
to opt out by emailing the Secretary at shumeston@
salisburybank.com.

2626

massachusetts

connecticut

new york

Great Barrington
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager

210 Main Street
P.O. Box 860
Great Barrington, MA 01230-0860
413.528.1201

Sheffield
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager

640 North Main Street
P.O. Box 1069
Sheffield, MA 01257-1069
413.229.5000

South Egremont
Amanda M. Goewey
Vice President,
Berkshire Regional
Branch Manager

51 Main Street
P.O. Box 313
South Egremont, MA 01258-0313
413.528.5100

3 states
-
14 branches
-
tri-state
service

Lakeville (Main Office)
Nicole Chase
Assistant Vice President,
Branch Manager

5 Bissell Street
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.9801

Canaan
Meaghan Bain
Assistant Vice President,
Branch Manager

100 Main Street
P.O. Box 757
Canaan, CT 06018-0757
860.824.5423

Salisbury
Nicole Chase
Assistant Vice President,
Branch Manager

18 Main Street
P.O. Box 407
Salisbury, CT 06068-0407
860.435.9801

Sharon
Tara G. Decker
Assistant Vice President,
Branch Manager

5 Gay Street
P.O. Box 7
Sharon, CT 06069-0007
860.364.0500

Salisbury Trust Wealth
Advisory Services
Steven M. Essex, CFP, CTFA
Executive Vice President,
Head of Trust Wealth
Advisory Services

5 Bissell Street
P.O. Box 1868
Lakeville, CT 06039-1868
860.435.5205

Dover Plains
Julie A. Gregory
Assistant Vice President,
Branch Manager

5 Dover Village Plaza
P.O. Box 693
Dover Plains, NY 12522-0693
845.877.9850

Fishkill*
Randi Fisch
Assistant Vice President,
Branch Manager

701 Route 9, Suite 7
Fishkill, NY 12524-1887
845.896.9300

Millerton
Bianca M. Martin
Assistant Vice President,
Branch Manager

87 Main Street
P.O. Box 768
Millerton, NY 12546-0768
518.789.9802

Newburgh*
Stacey R. Curtis
Assistant Vice President,
Branch Manager

801 Auto Park Place
Newburgh, NY 12550-6702
845.562.6766

New Paltz*
Madeline Odak
Assistant Vice President,
Branch Manager

275 Main Street
New Paltz, NY 12561-1613
845.256.0003

Poughkeepsie*
Kathleen Bauer
Vice President,
Regional Branch Manager

11 Garden Street
Poughkeepsie, NY 12601-3105
845.454.5511

Red Oaks Mill*
Kathleen Bauer
Vice President,
Regional Branch Manager

salisburybank.com

*Riverside
Division
Locations

2064 New Hackensack Road, Suite 1
Poughkeepsie, NY 12603-4862
845.463.2265

Salisbury Bancorp, Inc. is the holding company for Salisbury Bank and Trust Company

3 states | 14 branches | tri-state service

salisburybank.com

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