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Salisbury Bancorp, Inc. Reports Results For Third Quarter 2013; Declares 28 Cent Dividend

Stocks in this article: SAL

LAKEVILLE, Conn., Oct. 25, 2013 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. ("Salisbury") (Nasdaq:SAL), the holding company for Salisbury Bank and Trust Company (the "Bank"), announced results for its third quarter ended September 30, 2013.

Selected third quarter 2013 highlights

Net income available to common shareholders was $976,000, or $0.57 per common share, for the quarter ended September 30, 2013 (third quarter 2013), versus $1,103,000, or $0.65 per common share, for the quarter ended June 30, 2013 (second quarter 2013), and $1,094,000, or $0.65 per common share, for the quarter ended September 30, 2012 (third quarter 2012).

  • Earnings per common share of $0.57 decreased $0.08, or 12.3%, as compared to $0.65 for the second quarter 2013 and third quarter 2012.
  • Tax equivalent net interest income increased $25,000, or 0.5%, versus second quarter 2013, and increased $120,000, or 2.5%, versus third quarter 2012.
  • Net loan charge-offs were $215,000 for third quarter 2013, versus $294,000 for second quarter 2013 and $359,000 for third quarter 2012. Provision for loan losses for the third quarter remained unchanged from the second quarter 2013 at $240,000, versus $330,000 for third quarter 2012.
  • Non-interest income decreased $191,000, or 11.6%, versus second quarter 2013 and decreased $428,000, or 22.7%, versus third quarter 2012; which included $568,000 in gains on sales of mortgage loans.
  • Non-interest expense increased $33,000, or 0.7%, versus second quarter 2013 and decreased $50,000, or 1.1%, versus third quarter 2012.
  • Preferred stock dividends remained unchanged from the second quarter at $40,000 for third quarter 2013, and declined by $8,000 as compared with the third quarter 2012 dividend of $46,000.
  • Non-performing assets increased $0.1 million, or 1.0%, to $9.7 million, or 1.7% of total assets, at September 30, 2013 versus June 30, 2013 and decreased $0.2 million versus September 30, 2012. Accruing loans receivable 30-to-89 days past due increased $0.8 million to $5.1 million, or 1.2% of gross loans receivable at September 30, 2013, versus June 30, 2013 and increased $1.9 million versus September 30, 2012.

Richard J. Cantele, Jr., President and Chief Executive Officer, stated, "The third quarter results reflect the strength of continued loan growth, up over $3.5 million as compared to June, as we continue to redeploy cash flow from the investment portfolio into loans. Loan growth, year–to–date, has increased by over $31.5 million or over 8% since the end of 2012. During the quarter we also saw a decline in the higher yielding Money Market deposit product which helped to facilitate a decrease in the level of low yielding cash assets as well as the overall size of the balance sheet. The net interest margin remained relatively stable at 3.51%. Non-Interest Income reflects the impact of increasing mortgage rates which adversely impacted demand for residential mortgages and resulted in a lower volume of loans sold during the quarter.

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