LAKEVILLE, Conn., Jan. 31, 2014 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. ("Salisbury") (Nasdaq:SAL), the holding company for Salisbury Bank and Trust Company (the "Bank"), announced results for its fourth quarter and full year ended December 31, 2013.
Selected fiscal year 2013 highlights
Net income available to common shareholders was $3,922,000, or $2.30 per common share, for 2013, compared with $3,861,000 or $2.28 per common share for 2012.
- Earnings per common share increased $0.02, or 0.9%, to $2.30.
- Earnings per common share excluding one-time fourth quarter expenses related to strategic initiatives of $202,000 (net of taxes), or $0.12 per share, would have been $2.42 per share or an increase of $0.14 (+6%) compared to 2012.
- Tax equivalent net interest income increased $405,000, or 8.6%.
- Non-interest expense decreased $619,000, or 3.2%. Preferred stock dividends were $161,000, versus $241,000 for 2012.
- Earnings per common share increased $0.24, or 77.4%, versus fourth quarter 2012, but decreased $0.02, or 3.5%, to $0.55 versus third quarter 2013.
- Earnings per share excluding one-time expenses related to strategic initiatives of $202,000 (net of taxes), or $0.12 per share, would have been $0.67 per share for the quarter, an increase of $0.10 (+17%) as compared to third quarter 2013.
- Tax equivalent net interest income increased $406,000, or 8.6%, versus fourth quarter 2012 and increased $148,000, or 3.0%, versus third quarter 2013.
- Provision for loan losses was $190,000, versus $380,000 for fourth quarter 2012 and $240,000 for third quarter 2013.
- Net loan charge-offs were $163,000, versus $199,000 for fourth quarter 2012 and $215,000 for third quarter 2013.
- Non-interest expense decreased $357,000, or 6.7%, versus fourth quarter 2012 but increased $334,000, or 7.2%, versus third quarter 2013.
- Non-performing assets decreased $2.6 million, or 25.3%, versus fourth quarter 2012 and decreased $2.2 million, or 22.5%, to $7.5 million, or 1.3% of total assets, versus third quarter 2013. Loans receivable 30 days or more past due decreased $2.6 million versus fourth quarter 2012 and decreased $410,000 to $11.0 million, or 2.5% of gross loans, versus third quarter 2013.
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