Salisbury Bancorp Inc (SAL, Financial) filed Quarterly Report for the period ended 2010-09-30.
Salisbury Bancorp Inc has a market cap of $39.25 million; its shares were traded at around $23.25 with a P/E ratio of 14.09 and P/S ratio of 1.29. The dividend yield of Salisbury Bancorp Inc stocks is 4.82%.
Net income available to common shareholders was $832,000, or $0.49 per common share, for the third quarter ended September 30, 2010 (third quarter 2010) compared with $763,000, or $0.45 per common share, for the second quarter ended June 30, 2010 (second quarter 2010), and $605,000, or $0.36 per common share, for the third quarter ended September 30, 2009 (third quarter 2009).
Net interest income (tax equivalent) for third quarter 2010 decreased $126,000, or 2.7%, versus third quarter 2009. Average total deposits increased $13.0 million, or 3.1%, over the twelve month period, while average earning assets increased $6.6 million, or 1.2%. The net interest margin (tax equivalent net interest income) decreased 14 basis points to 3.39% versus 3.53% for third quarter 2009.
Tax equivalent interest income decreased $532,000, or 7.6%, to $6.5 million for third quarter 2010 as compared with third quarter 2009. Loan income increased $50,000, or 1%, primarily due to an increase in average loans, which was partially offset by a lower average loan yield, down 56 basis points. The decline in the average loan yield was due to lower market interest rates on newly originated loans, including loans re-financed, and re-pricing of adjustable rate loans.
Income from short term funds decreased $14,000 as a result of a $6.6 million decrease in average balance and a lower average yield.
The provision for loan losses was $180,000 for third quarter 2010, compared with $180,000 for third quarter 2009. Net loan charge-offs were $101,000 and $60,000, for the respective quarters. The following table sets forth changes in the allowance for loan losses and other selected statistics:
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Salisbury Bancorp Inc has a market cap of $39.25 million; its shares were traded at around $23.25 with a P/E ratio of 14.09 and P/S ratio of 1.29. The dividend yield of Salisbury Bancorp Inc stocks is 4.82%.
Highlight of Business Operations:
Salisbury assumed approximately $11 million in deposits and acquired approximately $2.5 million in loans and the branch office located at 10 Granite Ave., Canaan, Connecticut from Webster Bank, National Association, as of the close of business on December 4, 2009. Salisbury recorded a core deposit intangible of $463,000 for deposits assumed.Net income available to common shareholders was $832,000, or $0.49 per common share, for the third quarter ended September 30, 2010 (third quarter 2010) compared with $763,000, or $0.45 per common share, for the second quarter ended June 30, 2010 (second quarter 2010), and $605,000, or $0.36 per common share, for the third quarter ended September 30, 2009 (third quarter 2009).
Net interest income (tax equivalent) for third quarter 2010 decreased $126,000, or 2.7%, versus third quarter 2009. Average total deposits increased $13.0 million, or 3.1%, over the twelve month period, while average earning assets increased $6.6 million, or 1.2%. The net interest margin (tax equivalent net interest income) decreased 14 basis points to 3.39% versus 3.53% for third quarter 2009.
Tax equivalent interest income decreased $532,000, or 7.6%, to $6.5 million for third quarter 2010 as compared with third quarter 2009. Loan income increased $50,000, or 1%, primarily due to an increase in average loans, which was partially offset by a lower average loan yield, down 56 basis points. The decline in the average loan yield was due to lower market interest rates on newly originated loans, including loans re-financed, and re-pricing of adjustable rate loans.
Income from short term funds decreased $14,000 as a result of a $6.6 million decrease in average balance and a lower average yield.
The provision for loan losses was $180,000 for third quarter 2010, compared with $180,000 for third quarter 2009. Net loan charge-offs were $101,000 and $60,000, for the respective quarters. The following table sets forth changes in the allowance for loan losses and other selected statistics:
Read the The complete Report
