-----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, WiRNKoEgxC0DzzJEE/BOmINiUAQ/iN8g10SMlWEKRUhreqW/vPVN3QQ/xmAItCI8 /DisHRUvpK7rNqjyotmluQ== 0000914317-06-002838.txt : 20061030 0000914317-06-002838.hdr.sgml : 20061030 20061030163138 ACCESSION NUMBER: 0000914317-06-002838 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061030 DATE AS OF CHANGE: 20061030 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: 061172421 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-79814_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): October 30, 2006 ---------------- SALISBURY BANCORP, INC. (Exact name of registrant as specified in charter) Connecticut 000-24751 06-1514263 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) 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 October 30, 2006, Salisbury Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 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 October 30, 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: October 30, 2006 SALISBURY BANCORP, INC. By: /s/ John F. Foley --------------------------------- John F. Foley CFO & Secretary EX-99.1 2 ex99-1.txt Exhibit 99.1 Monday October 30, 2006 Company Press Release Source: Salisbury Bancorp, Inc. Salisbury Contact: John F. Perotti - Chairman & CEO 860-435-9801 or jp@salisburybank.com FOR IMMEDIATE RELEASE SALISBURY BANCORP, INC. ANNOUNCES THIRD QUARTER EARNINGS Lakeville, Connecticut, Monday, October 30, 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 third quarter of 2006 was $1,159,874 or $.69 per average share outstanding. This compares to 2005 third quarter net income of $1,131,211 or $.67 per average share outstanding. For the nine months ended September 30, 2006, net income totaled $3,312,775 or $1.97 per average share outstanding as compared to net income of $3,768,148 or $2.24 per average share outstanding for the same nine month period in 2005. Among the factors impacting the quarter as well as year-to-date is reduced income from gains in securities transactions. Interest rates continued to increase until the later part of the third quarter when the Federal Reserve Bank ceased their tightening strategy. The yield curve however remains flat, the result being continuing 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 net loans to $231,316,899. This is an increase of $23,773,173 or 11.46% when compared to the period ending September 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 $307,907,802 and compares to total deposits of $284,407,778 last year at this time. As of September 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 perform, posting revenues of $1,410,500. This is a 26% increase when compared to revenues of $1,119,129 for the first nine months of 2005. Management also continues its efforts to control operating expenses which has resulted in a decrease in other noninterest expenses of $129,425 for the first nine months of 2006. 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 final quarter of 2006. -3-
Quarter Ended Nine Months Ended September 30 September 30 2006 2005 2006 2005 ---- ----- ---- ---- (unaudited) (unaudited) Total interest and dividend income $ 6,111,598 $ 5,272,728 $17,360,981 $15,375,847 Total interest expense 2,753,930 1,906,522 7,451,694 5,295,263 Net interest and dividend income 3,357,668 3,366,206 9,909,287 10,080,584 Provision for loan losses 0 90,000 0 270,000 Trust/Investment services income 475,500 342,399 1,410,500 1,119,129 Gain on sales of available-for-sale Securities, net 232,950 390,914 293,632 1,227,436 Other noninterest income 504,205 541,628 1,534,566 1,543,488 Other noninterest expense 3,100,989 3,067,499 8,929,940 9,059,365 Income before income taxes 1,469,334 1,483,648 4,218,045 4,641,272 Income tax expense 309,460 352,437 905,270 873,124 Net income $ 1,159,874 $ 1,131,211 $ 3,312,775 $ 3,768,148 Earnings per common share $ .69 $ .67 $ 1.97 $ 2.24
The Company previously announced a third quarter dividend of $.26 per common share that is payable on October 31, 2006 to shareholders of record as of September 29, 2006. This compares to a $.25 per common share dividend that was paid to shareholders for the third quarter of 2005. Year-to-date dividends total $.78 per common share for the year 2006. This compares to total year-to-date dividends of $.75 per common share one year ago and represents an increase of 4.0%. Salisbury Bancorp, Inc.'s sole subsidiary, Salisbury Bank and Trust Company, is a community bank. The Company has assets in excess of $400 million and continues to serve 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 presently operates full service branches in Canaan, Salisbury and Sharon, Connecticut and South Egremont and Sheffield, Massachusetts. The Bank offers a full complement of consumer and business banking products and services as well as trust 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 of 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-----