-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TPLPOcOu6+PjzWpligCv7KW+ATZS2k9p9x5Ok0W72whCemp2jUcucqv49PG0NwBg 47XhiQ3hf2Q2PIGgvJiIqA== 0000914317-06-002143.txt : 20060802 0000914317-06-002143.hdr.sgml : 20060802 20060802083214 ACCESSION NUMBER: 0000914317-06-002143 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060802 DATE AS OF CHANGE: 20060802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24751 FILM NUMBER: 06996155 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 8-K 1 form8k-78183_sal.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 31, 2006 ------------------------------ SALISBURY BANCORP, INC. -------------------------------------- (Exact name of registrant as specified in charter) Connecticut 000-24751 06-1514263 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 5 Bissell Street, Lakeville, Connecticut 06039-1868 - -------------------------------------------------------------------------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (860) 435-9801 -------------- - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (12 C.F.R. 230.425) [_] Soliciting material pursuant to Rule 14a-2 under the Exchange Act (17 C.F.R. 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. 240.13e-4(c)) Form 8-K, Current Report Salisbury Bancorp, Inc. Section 2. Financial Information Item 2.02. Results of Operations and Financial Condition - --------------------------------------------------------------- On July 31, 2006, Salisbury Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2006. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. Section 9. Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits - -------------------------------------------------- (c) Exhibits 99.1 Press Release dated July 31, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. Dated: August 2, 2006 SALISBURY BANCORP, INC. By: /s/ John F. Foley ------------------------- John F. Foley CFO & Secretary EX-99.1 2 ex99-1.txt Monday July 31, 2006 Company Press Release Source: Salisbury Bancorp, Inc. Salisbury Contact: John F. Perotti - Chairman & CEO 860- 435-9801or jp@salisburybank.com FOR IMMEDIATE RELEASE SALISBURY BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS Lakeville, Connecticut, July 31, 2006/PRNewswire....Salisbury Bancorp, Inc. (the "Company"), (AMEX:SAL) the holding company for Salisbury Bank and Trust Company announced today that net income for the second quarter of 2006 totaled $1,005,979 which represents earnings per average share outstanding of $.60. This compares to net income of $1,308,371 or $.78 per average share outstanding for the second quarter of 2005. For the six months period ended June 30, 2006, net income totaled $2,152,901 or $1.28 per average share outstanding as compared to net income of $2,636,937 or $1.57 per average share outstanding for the same six month period in 2005. Among the factors impacting the quarter as well as the first half of the year is reduced income from the gains in securities transactions. The current interest rate environment of rising interest rates has resulted in shorter term rates becoming higher than long term rates creating a flat and sometimes inverted yield curve. This impacts the cost of deposits and borrowed funds as these expenses are increasing at a faster pace than the earnings yield on the loan and securities portfolios. The result is compression pressures on net interest margins. Bank Management is encouraged that core business continues to strengthen. New business development efforts have resulted in growth of the net loan portfolio to $228,454,820. This is an increase of $21,847,969 or 10.6% when compared to the period ending June 30, 2005. The Bank constantly monitors the quality of the loan portfolio to ensure that loan quality will not be sacrificed for growth or otherwise compromise the Company's objectives. Total deposits have increased to $298,433,710 and compares to total deposits of $287,492,118 last year at this time. As of June 30, 2006, the most recent notification from the FDIC categorized the Bank as "well capitalized" under the regulatory framework for prompt corrective action. The trust and investment services division continues to grow. Income from trust and investment services at June 30, 2006 totaled $935,000. This is an increase of 20.4% when compared to the corresponding period in 2005. Management also continues its efforts to control operating expenses which has resulted in a decrease in other noninterest expenses of $162,915 or 2.7%. Overall, Management remains confident that the Bank is well positioned to meet the goals and objectives that have been established to enhance shareholder value as the Bank moves forward to the challenges of the second half of 2006. -3-
Quarter Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005 Total interest and dividend income $ 5,789,165 $ 5,069,012 $11,249,383 $10,103,119 Total interest expense 2,531,232 1,743,138 4,697,764 3,388,741 Net interest and dividend income 3,257,933 3,325,874 6,551,619 6,714,378 Trust/Investment services income 450,000 388,365 935,000 776,730 (Loss)gain on sales of available-for-sale securities, net (13,685) 350,560 60,682 836,522 Other noninterest income 563,907 486,887 1,030,361 1,001,860 Other noninterest expense 2,991,583 2,965,553 5,828,951 5,991,866 Income before income taxes 1,266,572 1,496,133 2,748,711 3,157,624 Income tax expense 260,593 187,762 595,810 520,687 Net income $ 1,005,979 $ 1,308,371 $ 2,152,901 $ 2,636,937 Earnings per average share outstanding $ .60 $ .78 $ 1.28 $ 1.57
Previously, the Directors of Salisbury Bancorp, Inc. declared a second quarter dividend of $.26 per common share outstanding. This compares to a $.25 per share cash dividend that was declared during the second quarter of 2005. Year-to-date dividends total $.52 per common share outstanding for the year 2006. This compares to total year-to-date dividends of $.50 per common share one year ago. Salisbury Bancorp, Inc.'s sole subsidiary, Salisbury Bank and Trust Company, is a Connecticut chartered commercial bank. The Company has assets in excess of $400 million and capital in excess of $40 million and serves the communities of northwestern Connecticut and proximate communities in New York and Massachusetts which it has done for approximately 150 years. Salisbury Bank and Trust Company is headquartered in Lakeville, Connecticut and operates full service branches in Canaan, Salisbury and Sharon as well as Lakeville, Connecticut and South Egremont and Sheffield, Massachusetts. The Bank offers a full compliment of consumer and business banking products and services as well as trust and investment services. Statements contained in this news release contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in government regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios and other factors that may be described in the Company's quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ significantly from results discussed in the forward looking statements. -4- -----END PRIVACY-ENHANCED MESSAGE-----