-----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, Vt7AMGmpYhMqB9gp33VK54BKjY83fCNxjnbT3ozKzFQnV+6Cadv9jqtVqCZ8pSYn d3rpU5fpvZAXGt6qH9DvMQ== 0000914317-07-002592.txt : 20071031 0000914317-07-002592.hdr.sgml : 20071030 20071031085615 ACCESSION NUMBER: 0000914317-07-002592 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071031 DATE AS OF CHANGE: 20071031 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: 071201202 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-87446_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, 2007 ------------------------------ 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, 2007, Salisbury Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2007. 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, 2007. 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, 2007 SALISBURY BANCORP, INC. By: /s/ John F. Foley ---------------------------- John F. Foley CFO & Secretary -2- EX-99.1 2 ex99-1.txt EX-99.1 Tuesday October 30, 2007 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, October 30, 2007/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 2007 totaled $916,666 which represents earnings per average share outstanding of $.54. This compares to net income of $1,159,874 or $.69 per average share outstanding for the third quarter of 2006. The decrease is primarily due to increased interest expense and reduced gains on sales of investment securities for the period. In addition, 2007 earnings reflect the non-recurring expenses associated with the Bank's entry into New York State through the establishment of a branch office in Dover Plains, New York which opened its doors for business on August 1, 2007. Net income for the nine months ended September 30, 2007 totaled $2,799,632 or $1.66 per average share outstanding as compared to net income of $3,312,775 or $1.97 per average share outstanding for the same nine month period in 2006. Chairman and Chief Executive Officer John F. Perotti commented "We continue our focus on controlled growth, taking advantage of continuing consolidation within the banking sector to strengthen and expand our market position. Our new full service retail office in Dover Plains, New York is part of our plan to grow market share along the Route 22 corridor in New York State to serve our current and future customers in the tri-state area. The Bank is strongly capitalized and in a position to sacrifice some short term profitability for an investment in our strategic vision for enhanced long term growth and profitability. We are confident of our ability to successfully execute this prudent strategy for enhancing shareholder value over the long term." The Company's assets at September 30, 2007 totaled $456,486,055 compared to total assets of $427,429,204 at September 30, 2006. Total deposits have increased from $307,907,802 to $313,088,487. Net loans have increased from $231,316,899 to $262,310,191. The loan portfolio continues to consist of high quality assets with non-performing assets amounting to only 0.66% of total loans outstanding at September 30, 2007. The Bank's loan portfolio does not include sub-prime loans. Similarly, the Bank's investment portfolio consists of very high quality securities and does not include securities which are collateralized by pools of sub-prime mortgages. Mr. Perotti further commented that "We are maintaining our commitment to quality earning assets despite challenging credit and market conditions during the past several quarters, and we are proud of our continuing progress in growing our core business. Recognizing our strong capital position, we are positioned well to take advantage of in-market opportunities for further systemic growth." -3-
Quarter Ended Nine Months Ended September 30, September 30, 2007 2006 2007 2006 Total interest and dividend income $ 6,602,455 $ 6,111,598 $19,398,999 $17,360,981 Total interest expense 3,167,716 2,753,930 9,235,485 7,451,694 Net interest and dividend income 3,434,739 3,357,668 10,163,514 9,909,287 Trust/Investment services income 475,000 475,500 1,508,000 1,410,500 Gain on sales of available-for-sale securities, net 41,942 232,950 222,289 293,632 Other noninterest income 543,383 504,205 1,569,441 1,534,566 Other noninterest expense 3,400,817 3,100,989 10,025,281 8,929,940 Income before income taxes 1,094,247 1,469,334 3,437,963 4,218,045 Income tax expense 177,581 309,460 638,331 905,270 Net income $ 916,666 $ 1,159,874 $ 2,799,632 $ 3,312,775 Earnings per average share outstanding $ .54 $ .69 $ 1.66 $ 1.97
Salisbury Bancorp, Inc.'s sole subsidiary, Salisbury Bank and Trust Company, is a Connecticut chartered commercial bank. The Company has assets in excess of $450 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 four full service retail branches in Canaan, Salisbury, Sharon and Lakeville, Connecticut. The Bank also has two full service retail branches in the towns of Egremont and Sheffield, Massachusetts, as well as a full service retail branch in Dover Plains, New York. Its trust and wealth advisory office is based in Lakeville, Connecticut. The Bank offers a full complement of consumer and business banking products and services as well as trust and wealth advisory 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-----