Salisbury Bancorp, Inc. - SAL STOCK NEWS

Salisbury Bancorp, Inc. has announced its strategic merger with NBT Bancorp has been approved by regulators and is expected to close in August 2023. In the second quarter of 2023, the company reported a net income of $0.59 per basic common share and a return on average assets of 0.88%. Deposit balances increased by $40.0 million or 3.2% in the second quarter. Non-performing assets were 0.08% of total assets at the end of June 2023. The company's common equity tier 1 and tangible common equity ratio were 12.41% and 7.71%, respectively, at the end of June 2023.

Salisbury Bancorp, Inc. (SAL) announced its first quarter 2023 financial results, reporting a net income of $3.0 million or $0.52 per basic common share, a decrease from $4.1 million or $0.71 per share in Q4 2022. This quarterly income was impacted by $385 thousand in merger-related costs and $158 thousand for asset write-offs. Loan growth was solid at $22.1 million, or 1.8%, with non-performing assets at a low 0.14% of total assets. The tax equivalent net interest margin decreased to 2.99% from 3.28% in the previous quarter. Additionally, the Board approved a cash dividend of $0.16 per share, payable on May 26, 2023. The pending merger with NBT Bancorp has received shareholder approval, with completion expected soon, and management expressed confidence in the bank's capital structure and diversified deposit base.

Salisbury Bancorp, Inc. (NASDAQ: SAL) held a Special Meeting of Shareholders on April 12, 2023, where shareholders approved the merger agreement with NBT Bancorp and NBT Bank. This merger aims to enhance operational capabilities and market presence. Additionally, shareholders approved the compensation package for Named Executive Officers in connection with the merger. The merger's completion depends on receiving regulatory approval and fulfilling customary closing conditions outlined in the merger agreement.

Salisbury Bank has served communities in Connecticut, New York, and Massachusetts since 1848, offering a wide range of banking and wealth advisory services through 14 branches.

Salisbury Bancorp, Inc. (SAL) reported a fourth quarter 2022 net income of $4.1 million ($0.71 per share), slightly down from $4.3 million in the prior quarter. The full-year net income reached $15.6 million ($2.75 per share), down from $16.2 million in 2021. The bank recorded significant loan growth of $174.1 million (16.5%) for 2022, excluding PPP loans. Non-performing assets stood at a low 0.17% of total assets. The net interest income improved by 10.8% to $45.8 million, attributed to a rise in interest rates. An upcoming cash dividend of $0.16 per share will be distributed on February 24, 2023.

NBT Bancorp and Salisbury Bancorp have announced a definitive agreement for a merger valued at approximately $204 million, expected to close in Q2 2023. The merger is 100% stock-based, with Salisbury shareholders receiving 0.7450 shares of NBT stock per share of Salisbury, equating to $35.00 per share. This merger will enhance market presence in Connecticut and the Hudson Valley, improve dividend by approximately 40%, and boost NBT's first-year proforma GAAP earnings per share by 9.8%. Both companies share compatible business models and cultural alignment.

Salisbury Bancorp reported a net income of $4.3 million ($0.75 per share) for Q3 2022, up from $3.8 million in Q2 2022 and $3.4 million in Q3 2021. The company's loan growth reached $43.8 million (3.8%) excluding PPP loans, while non-performing assets dropped to 0.12% of total assets. The tax equivalent net interest income rose to $12.1 million, a 9.0% increase from Q2 2022, with a net interest margin of 3.27%. A quarterly dividend of $0.16 per share was approved, payable on November 25, 2022. Overall, Salisbury shows strong earnings and improved credit quality despite market volatility.

Salisbury Bancorp, Inc. (SAL) reported a net income of $3.8 million, or $0.67 per basic common share for Q2 2022, a rise from $3.5 million, or $0.62 per share in Q1 2022. The company experienced record loan growth of $81 million, or 7.6%, in the same quarter. Although non-performing assets remained low at 0.28%, shareholders saw a decrease in equity, attributed to unrealized losses in available-for-sale securities. The Board declared a cash dividend of $0.16 per share, payable on August 26, 2022. The company maintains robust capital ratios, exceeding regulatory requirements.

Salisbury Bancorp, Inc. (NASDAQ: SAL) has successfully completed a two-for-one forward stock split, effective June 30, 2022. Shareholders of record as of June 1, 2022, will receive a stock dividend, doubling their existing shares without affecting their voting rights or the bank's operations. This strategic move is intended to enhance liquidity by increasing the number of shares available in the market. Salisbury Bank and Trust has served communities since 1848, offering a range of banking and wealth advisory services across Connecticut and nearby New York and Massachusetts.

Salisbury Bancorp, Inc. (NASDAQ: SAL) announced that shareholders approved an amendment to increase authorized shares from 5 million to 10 million at the Annual Meeting on May 18, 2022. Additionally, the Board declared a two-for-one forward stock split, enhancing liquidity and marketability without affecting shareholders' rights or business operations. Shareholders of record as of June 1, 2022, will receive the split effective June 30, 2022. Salisbury Bank, established in 1848, offers diverse banking products across northwestern Connecticut and nearby regions.