Salisbury Bancorp Inc (SAL, Financial) filed Quarterly Report for the period ended 2009-09-30.
Salisbury Bancorp, Inc. is a holding company that operates through its wholly owned subsidiary, Salisbury Bank and Trust Company. The Company's products and services are all of a nature of a commercial bank and trust company. The Bank is a full-service bank offering a range of commercial and personal banking services. The Bank is engaged in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate, consumer and small business loans. It also offers trust and investment services. The Company operates offices located in Canaan, Lakeville, Salisbury, and Sharon, Connecticut, as well as in Sheffield and South Egremont, Massachusetts, and Dover Plains, New York; and a trust and investment services division in Lakeville, Connecticut. Salisbury Bancorp is headquartered in Lakeville, Connecticut. Salisbury Bancorp Inc has a market cap of $40.32 million; its shares were traded at around $23.9 . The dividend yield of Salisbury Bancorp Inc stocks is 4.69%.
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
(unaudited, dollars in thousands) 2009 2008
-
ASSETS
Cash and due from banks $ 7,259 $ 7,083
Interest bearing demand deposits with other banks 23,724 900
Money market mutual funds 4,319 1,477
Federal funds sold - 200
-
Total cash and cash equivalents 35,302 9,660
Interest bearing time deposit with other banks 5,000 -
Securities
Available-for-sale at fair value 174,765 150,527
Held-to-maturity at amortized cost
(fair value: $63 and $67) 63 66
Federal Home Loan Bank stock at cost 5,893 5,323
Loans held-for-sale 1,173 2,314
Loans (net of allowance for loan losses: $3,429 and $2,724) 311,251 297,367
Investment in real estate 75 75
Other real estate owned 418 205
Bank premises and equipment, net 8,890 7,124
Goodwill 9,829 9,829
Intangible assets (net of accumulated amortization: $880 and $757) 1,042 1,165
Accrued interest receivable 2,467 2,704
Cash surrender value of life insurance policies 3,636 3,825
Deferred taxes 2,046 4,197
Other assets 2,437 1,373
-
Total Assets $ 564,287 $ 495,754
=
LIABILITIES and SHAREHOLDERS' EQUITY
Deposits
Demand (non-interest bearing) $ 64,718 $ 65,479
NOW accounts 35,915 24,872
Money market 65,252 57,648
Savings and other 87,804 71,405
Certificates of deposit 161,110 125,521
-
Total deposits 414,799 344,925
Repurchase agreements 15,462 11,203
Federal Home Loan Bank advances 76,767 87,914
Due to broker - 7,632
Accrued interest and other liabilities 4,781 5,141
-
Total Liabilities 511,809 456,815
-
Commitments and contingencies - -
-
Shareholders' Equity
Preferred stock - $.01 per share par value
Authorized: 25,000 and 0; Shares issued: 8,816 and 0 - -
Common stock - $.10 per share par value
Authorized: 3,000,000 and 3,000,000;
Shares issued: 1,686,701 and 1,685,861 169 169
Unused common stock warrants outstanding 112 -
Paid-in capital 21,889 13,157
Retained earnings 34,997 34,518
Accumulated other comprehensive loss, net (4,689) (8,905)
-
Total Shareholders' Equity 52,478 38,939
-
Total Liabilities and Shareholders' Equity $ 564,287 $ 495,754
=
See accompanying notes to consolidated financial statements.
3
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three months ended Nine months ended
September 30, September 30,
(dollars in thousands except per share amounts) 2009 2008 2009 2008
-
Interest and dividend income
Interest and fees on loans $ 4,642 $ 4,686 $ 13,633 $ 13,918
Interest on debt securities:
Taxable 1,369 1,358 3,965 3,988
Tax exempt 635 622 1,912 1,775
Dividends on equity securities - 39 - 169
Other interest 57 7 67 121
-
Total interest and dividend income 6,703 6,712 19,577 19,971
-
Interest expense
Deposits 1,433 1,485 4,428 5,124
Repurchase agreements 33 46 100 46
FHLB Advances 791 1,056 2,322 3,135
-
Total interest expense 2,257 2,587 6,850 8,305
-
Net interest and dividend income 4,446 4,125 12,727 11,666
Provision for loan losses 180 520 925 690
-
Net interest and dividend income
after provision for loan losses 4,266 3,605 11,802 10,976
-
Non-interest income
Trust and wealth advisory 463 543 1,433 1,684
Service charges on deposit accounts 225 209 641 610
Losses on available-for-sale securities - (2,671) (692) (2,317)
Gains on sales of mortgage loans, net 101 77 555 236
Other 469 497 1,223 1,028
-
Total non-interest income (loss) 1,258 (1,345) 3,160 1,241
-
Non-interest expense
Salaries and employee benefits 2,784 2,147 7,332 6,225
Occupancy 238 258 740 721
Equipment 265 219 705 650
Data processing 327 310 1,040 1,005
Insurance 40 41 96 112
FDIC insurance 204 17 737 36
Printing and stationary 58 66 225 201
Postage and telecommunications 162 145 307 278
Professional fees 308 218 832 651
Legal 68 116 276 282
Amortization of intangibles 41 41 123 123
Other 307 257 1,014 898
-
Total non-interest expense 4,802 3,835 13,427 11,182
-
Income before income taxes 722 (1,575) 1,535 1,035
Income tax provision 2 337 (83) 883
-
Net income (loss) $ 720 $ (1,912) $ 1,618 $ 152
=
Net income (loss) available to
common shareholders $ 549 $ (1,912) $ 1,368 $ 152
=
Per common share
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Accumulated
other comp- Total
rehensive share-
Common Stock Preferred Paid-in Retained (loss) holders'
(unaudited, dollars in thousands) Shares Amount stock Warrants capital earnings income equity
-
Balances at
December 31, 2008 1,685,861 $ 169 $ - $ - $ 13,157 $ 34,518 $ (8,905) $ 38,939
Net income for period - - - - - 1,618 - 1,618
Other comprehensive income
net of taxes - - - - - 4,216 4,216
-
Total comprehensive income 5,834
-
Common stock dividends paid - - - - (944) - (944)
Issuance of preferred stock and
warrants - - - 112 8,704 - - 8,816
Amortization of warrants - - - - 9 (9) - -
Preferred stock dividends paid - - - - - (186) - (186)
Issuance of common stock for
Directors fees 840 - - - 19 - - 19
-
Balances at September 30, 2009 1,686,701 $ 169 $ - $ 112 $ 21,889 $ 34,997 $ (4,689) $ 52,478
=
Balances at
December 31, 2007 1,685,021 $ 169 $ - $ - $ 13,130 $ 35,583 $ (3,319) $ 45,563
Net income for period - - - - - 152 - 152
Other comprehensive loss,
net of taxes - - - - - - (5,325) (5,325)
-
Total comprehensive loss (5,173)
-
Common stock dividends paid - - - - - (1,416) - (1,416)
Issuance of common stock for
Directors fees 840 - - - 28 - - 28
Cumulative effect of change in
Accounting principles:
Initial application of
EITF Issue No. 06-4 - - - - - (283) - (283)
-
Balances at September 30, 2008 1,685,861 $ 169 $ - $ - $ 13,158 $ 34,036 $ (8,644) $ 38,719
=
Three months ended Nine months ended
September 30, September 30,
(in thousands) 2009 2008 2009 2008
-
Net income (loss) $ 720 $(1,912) $ 1,618 $ 152
Other comprehensive income (loss), before tax
Net change in unrealized (losses) gains
on securities available-for-sale and net
change in unrecognized pension plan
expense 6,554 (3,644) 9,924 (9,250)
Income tax (expense) benefit (2,208) 1,241 (5,708) 3,925
-
Other comprehensive income (loss) 4,346 (2,403) 4,216 (5,325)
-
Comprehensive income (loss) $ 5,066 $(4,315) $ 5,834 $(5,173)
-
Gross Gross
Amortized unrealized unrealized Fair
(in thousands) cost gains losses value
-
September 30, 2009
U.S. Treasury bills
Within 1 year $ 3,248 $ 1 $ - $ 3,249
U.S. Government Agency notes
Within 1 year 23,289 126 (6) 23,409
After 1 year but within 5 years 14,947 84 (8) 15,023
After 5 years but within 10 years 3,539 51 (29) 3,561
After 10 years but within 15 years 3,000 - (16) 2,984
Municipal bonds
Within 1 year 555 - - 555
After 1 year but within 5 years 3,996 31 (8) 4,019
After 5 years but within 10 years 26,105 348 (683) 25,770
After 10 years but within 15 years 11,211 25 (740) 10,496
After 15 years 15,987 33 (1,701) 14,319
U.S. Government Agency mortgage backed
securities 36,926 580 (163) 37,343
Non-agency collateralized mortgage obligations 28,201 474 (2,811) 25,864
SBA bonds 6,921 22 (32) 6,911
Corporate bonds
After 1 year but within 5 years 1,076 34 - 1,110
After 15 years 20 132 - 152
-
Total securities available-for-sale $ 179,021 $ 1,941 $ (6,197) $ 174,765
=
Gross Gross
Amortized unrealized unrealized Fair
(in thousands) cost gains losses value
-
December 31, 2008
U.S. Government Agency notes
Within 1 year $ 35,472 $ 48 $ (298) $ 35,222
After 1 year but within 5 years 5,987 62 - 6,049
Municipal bonds
After 1 year but within 5 years 2,201 - (73) 2,128
After 5 years but within 10 years 9,524 90 (380) 9,234
After 10 years but within 15 years 18,907 33 (2,290) 16,650
After 15 years 32,883 11 (5,210) 27,684
U.S. Government Agency mortgage backed
securities 28,651 137 (178) 28,610
Non-agency collateralized mortgage obligations 24,901 307 (2,873) 22,335
Agency collateralized mortgage obligations 2,538 57 - 2,595
After 15 years 20 - - 20
Preferred Stock 119 - - -
-
Total securities available-for-sale $ 161,084 $ 745 $ (11,302) $ 150,527
=
Less than 12 Months 12 Months or Longer Total
-
September 30, 2009 Fair Unrealized Fair Unrealized Fair Unrealized
(in thousands) value losses value losses value losses
-
Municipal Bonds $ 8,610 $ 90 $ - $ - $ 8,610 $ 90
Mortgage backed securities 10,054 1,002 23,029 2,128 33,083 3,130
Collateralized mortgage
backed securities 11,620 590 10,855 2,377 22,476 2,967
-
Total Temporarily impaired securities $30,284 $ 1,682 $ 33,884 $ 4,505 $64,169 $6,187
=
Read the The complete Report
Salisbury Bancorp, Inc. is a holding company that operates through its wholly owned subsidiary, Salisbury Bank and Trust Company. The Company's products and services are all of a nature of a commercial bank and trust company. The Bank is a full-service bank offering a range of commercial and personal banking services. The Bank is engaged in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate, consumer and small business loans. It also offers trust and investment services. The Company operates offices located in Canaan, Lakeville, Salisbury, and Sharon, Connecticut, as well as in Sheffield and South Egremont, Massachusetts, and Dover Plains, New York; and a trust and investment services division in Lakeville, Connecticut. Salisbury Bancorp is headquartered in Lakeville, Connecticut. Salisbury Bancorp Inc has a market cap of $40.32 million; its shares were traded at around $23.9 . The dividend yield of Salisbury Bancorp Inc stocks is 4.69%.
Highlight of Business Operations:
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
(unaudited, dollars in thousands) 2009 2008
-
ASSETS
Cash and due from banks $ 7,259 $ 7,083
Interest bearing demand deposits with other banks 23,724 900
Money market mutual funds 4,319 1,477
Federal funds sold - 200
-
Total cash and cash equivalents 35,302 9,660
Interest bearing time deposit with other banks 5,000 -
Securities
Available-for-sale at fair value 174,765 150,527
Held-to-maturity at amortized cost
(fair value: $63 and $67) 63 66
Federal Home Loan Bank stock at cost 5,893 5,323
Loans held-for-sale 1,173 2,314
Loans (net of allowance for loan losses: $3,429 and $2,724) 311,251 297,367
Investment in real estate 75 75
Other real estate owned 418 205
Bank premises and equipment, net 8,890 7,124
Goodwill 9,829 9,829
Intangible assets (net of accumulated amortization: $880 and $757) 1,042 1,165
Accrued interest receivable 2,467 2,704
Cash surrender value of life insurance policies 3,636 3,825
Deferred taxes 2,046 4,197
Other assets 2,437 1,373
-
Total Assets $ 564,287 $ 495,754
=
LIABILITIES and SHAREHOLDERS' EQUITY
Deposits
Demand (non-interest bearing) $ 64,718 $ 65,479
NOW accounts 35,915 24,872
Money market 65,252 57,648
Savings and other 87,804 71,405
Certificates of deposit 161,110 125,521
-
Total deposits 414,799 344,925
Repurchase agreements 15,462 11,203
Federal Home Loan Bank advances 76,767 87,914
Due to broker - 7,632
Accrued interest and other liabilities 4,781 5,141
-
Total Liabilities 511,809 456,815
-
Commitments and contingencies - -
-
Shareholders' Equity
Preferred stock - $.01 per share par value
Authorized: 25,000 and 0; Shares issued: 8,816 and 0 - -
Common stock - $.10 per share par value
Authorized: 3,000,000 and 3,000,000;
Shares issued: 1,686,701 and 1,685,861 169 169
Unused common stock warrants outstanding 112 -
Paid-in capital 21,889 13,157
Retained earnings 34,997 34,518
Accumulated other comprehensive loss, net (4,689) (8,905)
-
Total Shareholders' Equity 52,478 38,939
-
Total Liabilities and Shareholders' Equity $ 564,287 $ 495,754
=
See accompanying notes to consolidated financial statements.
3
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three months ended Nine months ended
September 30, September 30,
(dollars in thousands except per share amounts) 2009 2008 2009 2008
-
Interest and dividend income
Interest and fees on loans $ 4,642 $ 4,686 $ 13,633 $ 13,918
Interest on debt securities:
Taxable 1,369 1,358 3,965 3,988
Tax exempt 635 622 1,912 1,775
Dividends on equity securities - 39 - 169
Other interest 57 7 67 121
-
Total interest and dividend income 6,703 6,712 19,577 19,971
-
Interest expense
Deposits 1,433 1,485 4,428 5,124
Repurchase agreements 33 46 100 46
FHLB Advances 791 1,056 2,322 3,135
-
Total interest expense 2,257 2,587 6,850 8,305
-
Net interest and dividend income 4,446 4,125 12,727 11,666
Provision for loan losses 180 520 925 690
-
Net interest and dividend income
after provision for loan losses 4,266 3,605 11,802 10,976
-
Non-interest income
Trust and wealth advisory 463 543 1,433 1,684
Service charges on deposit accounts 225 209 641 610
Losses on available-for-sale securities - (2,671) (692) (2,317)
Gains on sales of mortgage loans, net 101 77 555 236
Other 469 497 1,223 1,028
-
Total non-interest income (loss) 1,258 (1,345) 3,160 1,241
-
Non-interest expense
Salaries and employee benefits 2,784 2,147 7,332 6,225
Occupancy 238 258 740 721
Equipment 265 219 705 650
Data processing 327 310 1,040 1,005
Insurance 40 41 96 112
FDIC insurance 204 17 737 36
Printing and stationary 58 66 225 201
Postage and telecommunications 162 145 307 278
Professional fees 308 218 832 651
Legal 68 116 276 282
Amortization of intangibles 41 41 123 123
Other 307 257 1,014 898
-
Total non-interest expense 4,802 3,835 13,427 11,182
-
Income before income taxes 722 (1,575) 1,535 1,035
Income tax provision 2 337 (83) 883
-
Net income (loss) $ 720 $ (1,912) $ 1,618 $ 152
=
Net income (loss) available to
common shareholders $ 549 $ (1,912) $ 1,368 $ 152
=
Per common share
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Accumulated
other comp- Total
rehensive share-
Common Stock Preferred Paid-in Retained (loss) holders'
(unaudited, dollars in thousands) Shares Amount stock Warrants capital earnings income equity
-
Balances at
December 31, 2008 1,685,861 $ 169 $ - $ - $ 13,157 $ 34,518 $ (8,905) $ 38,939
Net income for period - - - - - 1,618 - 1,618
Other comprehensive income
net of taxes - - - - - 4,216 4,216
-
Total comprehensive income 5,834
-
Common stock dividends paid - - - - (944) - (944)
Issuance of preferred stock and
warrants - - - 112 8,704 - - 8,816
Amortization of warrants - - - - 9 (9) - -
Preferred stock dividends paid - - - - - (186) - (186)
Issuance of common stock for
Directors fees 840 - - - 19 - - 19
-
Balances at September 30, 2009 1,686,701 $ 169 $ - $ 112 $ 21,889 $ 34,997 $ (4,689) $ 52,478
=
Balances at
December 31, 2007 1,685,021 $ 169 $ - $ - $ 13,130 $ 35,583 $ (3,319) $ 45,563
Net income for period - - - - - 152 - 152
Other comprehensive loss,
net of taxes - - - - - - (5,325) (5,325)
-
Total comprehensive loss (5,173)
-
Common stock dividends paid - - - - - (1,416) - (1,416)
Issuance of common stock for
Directors fees 840 - - - 28 - - 28
Cumulative effect of change in
Accounting principles:
Initial application of
EITF Issue No. 06-4 - - - - - (283) - (283)
-
Balances at September 30, 2008 1,685,861 $ 169 $ - $ - $ 13,158 $ 34,036 $ (8,644) $ 38,719
=
Three months ended Nine months ended
September 30, September 30,
(in thousands) 2009 2008 2009 2008
-
Net income (loss) $ 720 $(1,912) $ 1,618 $ 152
Other comprehensive income (loss), before tax
Net change in unrealized (losses) gains
on securities available-for-sale and net
change in unrecognized pension plan
expense 6,554 (3,644) 9,924 (9,250)
Income tax (expense) benefit (2,208) 1,241 (5,708) 3,925
-
Other comprehensive income (loss) 4,346 (2,403) 4,216 (5,325)
-
Comprehensive income (loss) $ 5,066 $(4,315) $ 5,834 $(5,173)
-
Gross Gross
Amortized unrealized unrealized Fair
(in thousands) cost gains losses value
-
September 30, 2009
U.S. Treasury bills
Within 1 year $ 3,248 $ 1 $ - $ 3,249
U.S. Government Agency notes
Within 1 year 23,289 126 (6) 23,409
After 1 year but within 5 years 14,947 84 (8) 15,023
After 5 years but within 10 years 3,539 51 (29) 3,561
After 10 years but within 15 years 3,000 - (16) 2,984
Municipal bonds
Within 1 year 555 - - 555
After 1 year but within 5 years 3,996 31 (8) 4,019
After 5 years but within 10 years 26,105 348 (683) 25,770
After 10 years but within 15 years 11,211 25 (740) 10,496
After 15 years 15,987 33 (1,701) 14,319
U.S. Government Agency mortgage backed
securities 36,926 580 (163) 37,343
Non-agency collateralized mortgage obligations 28,201 474 (2,811) 25,864
SBA bonds 6,921 22 (32) 6,911
Corporate bonds
After 1 year but within 5 years 1,076 34 - 1,110
After 15 years 20 132 - 152
-
Total securities available-for-sale $ 179,021 $ 1,941 $ (6,197) $ 174,765
=
Gross Gross
Amortized unrealized unrealized Fair
(in thousands) cost gains losses value
-
December 31, 2008
U.S. Government Agency notes
Within 1 year $ 35,472 $ 48 $ (298) $ 35,222
After 1 year but within 5 years 5,987 62 - 6,049
Municipal bonds
After 1 year but within 5 years 2,201 - (73) 2,128
After 5 years but within 10 years 9,524 90 (380) 9,234
After 10 years but within 15 years 18,907 33 (2,290) 16,650
After 15 years 32,883 11 (5,210) 27,684
U.S. Government Agency mortgage backed
securities 28,651 137 (178) 28,610
Non-agency collateralized mortgage obligations 24,901 307 (2,873) 22,335
Agency collateralized mortgage obligations 2,538 57 - 2,595
After 15 years 20 - - 20
Preferred Stock 119 - - -
-
Total securities available-for-sale $ 161,084 $ 745 $ (11,302) $ 150,527
=
Less than 12 Months 12 Months or Longer Total
-
September 30, 2009 Fair Unrealized Fair Unrealized Fair Unrealized
(in thousands) value losses value losses value losses
-
Municipal Bonds $ 8,610 $ 90 $ - $ - $ 8,610 $ 90
Mortgage backed securities 10,054 1,002 23,029 2,128 33,083 3,130
Collateralized mortgage
backed securities 11,620 590 10,855 2,377 22,476 2,967
-
Total Temporarily impaired securities $30,284 $ 1,682 $ 33,884 $ 4,505 $64,169 $6,187
=
Read the The complete Report
