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Salisbury Bancorp, Inc. (NASDAQ: SAL) is a well-established financial institution committed to providing a wide range of secure, state-of-the-art banking products and services. With a focus on enhancing the lives of its customers, Salisbury Bank offers a variety of solutions from checking accounts to comprehensive investment management services. Headquartered in Lakeville, Connecticut, Salisbury Bank and Trust Company operates seven branches across Connecticut, Massachusetts, and New York, serving a diverse customer base with personalized and trustworthy financial services.
The bank prides itself on its strong community presence and commitment to customer satisfaction. Salisbury Bank is a member of the FDIC and an Equal Housing Lender, ensuring that all its products and services meet high standards of security and reliability. Customers can expect innovative banking solutions designed to save time and simplify their financial management, allowing them to focus on more important and enriching experiences.
Recent achievements include the release of the latest investor presentation slides, which provide a detailed review of financial results and trends through the period ended June 30, 2023. These slides are available on the bank's website in the Shareholder Relations section. Salisbury Bancorp continues to perform well in various financial metrics, with consolidated statements showing a strong financial position and efficient operational ratios.
In addition to traditional banking services, Salisbury Bank offers trust and wealth advisory services, catering to clients' investment and wealth management needs. The bank's dedication to financial excellence and customer care is evident in its continuous efforts to provide high-quality services and maintain transparent communication with its stakeholders.
For more information about Salisbury Bank's products, services, and latest developments, visit their website at www.salisburybank.com.
Salisbury Bancorp, Inc. (NASDAQ: SAL) announced the appointment of Stephen Scott as Executive Vice President and Chief Operating Officer, effective May 2, 2022. Scott, 39, brings extensive experience from his previous role at Fieldpoint Private and has held managerial positions in loan operations at GE Capital Real Estate and Union Savings Bank. CEO Rick Cantele expressed confidence in Scott's leadership to enhance the bank's strategic growth and digital capabilities, contributing positively to stakeholder value.
Salisbury Bancorp reported a net income of $3.5 million or $1.24 per basic share for Q1 2022, down from $4.1 million in Q4 2021. The Common Equity Tier 1 and Total Capital Ratios stood at 12.8% and 14.0%, respectively. Non-performing assets decreased to 0.19% of total assets from 0.27% in Q4 2021. The company renewed its share repurchase program allowing for the buyback of up to 5% of shares over the next year. A quarterly dividend of $0.32 per share was approved to be paid on May 27, 2022.
Salisbury Bancorp has renewed its share repurchase program for another 12 months, allowing for the repurchase of up to 5% of its outstanding common stock. This initiative aims to enhance shareholder value and demonstrates confidence in the company's prospects. The timing and number of shares repurchased will depend on market conditions and Salisbury's stock performance. Salisbury Bank and Trust Company has been serving communities since 1848, offering a range of banking products and services.
On March 1, 2022, Salisbury Bancorp announced a proposal to increase its authorized shares of Common Stock from 5 million to 10 million. Subject to shareholder approval at the May 18, 2022, Annual Meeting, the firm plans a two-for-one forward stock split aimed at enhancing liquidity and marketability. This split won't affect shareholder voting rights or business operations. Shareholders eligible to vote must be on record as of March 16, 2022. A proxy statement will be filed with the SEC to provide further details.
Salisbury Bancorp, Inc. (NASDAQ: SAL) reported a record net income of $16.2 million or $5.77 per share for the full year 2021, up from $11.8 million or $4.21 per share in 2020. The quarterly cash dividend increased by 3.2% to $0.32 per share, payable February 25, 2022. Non-performing assets improved to 0.27% of total assets. The company achieved a net interest income of $41.3 million, with total risk-based capital ratios at 12.87% and 14.08%. The bank remains well-capitalized, supporting continued growth and customer service improvements.
Salisbury Bancorp, Inc. (NASDAQ: SAL) announced the appointment of Todd J. Rubino as Executive Vice President, Chief Commercial Lending Officer, effective January 1, 2022. Rubino, who has over 30 years of community banking experience, previously served as Senior Vice President, Senior Commercial Loan Officer at the Bank since Salisbury acquired Riverside Bank in 2014. This leadership change is part of a management reorganization aimed at enhancing operational efficiency and customer experience, according to President and CEO Rick Cantele.
Salisbury Bancorp, Inc. (SAL) reported a third quarter 2021 net income of $3.4 million, or $1.21 per share, down from $4.3 million in the previous quarter. Gross loan balances increased by $47 million (5%) with non-performing assets reduced to 0.34% of total assets. The bank's Common Equity Tier 1 and Total Risk-Based Capital ratios stood at 12.95% and 14.20%, respectively, indicating strong capital stability. The bank's non-interest income decreased to $2.8 million, attributed to lower service charges and mortgage sales. A quarterly cash dividend of $0.31 is set for November 26, 2021.
Salisbury Bancorp, Inc. (SAL) reported a net income of $4.3 million for Q2 2021, translating to $1.53 per basic common share. This shows a slight decrease from $4.5 million ($1.59 per share) in Q1 2021 but a significant increase from $2.7 million ($0.96 per share) in Q2 2020. The company announced a dividend increase of 3.3% to $0.31 per share, payable on August 27, 2021. Non-performing assets improved to 0.39% of total assets, and the quarterly results reflected a net release of credit reserves of $1.1 million.
Salisbury Bancorp, Inc. (NASDAQ: SAL) announced plans to redeem all 2015 Subordinated Notes, maturing December 15, 2025, on May 28, 2021. This decision, communicated to all noteholders, will utilize funds from a previous subordinated debt private placement completed on March 31, 2021. The redemption price is set at 100% of the principal amount plus accrued interest, which will cease after the redemption date. The company emphasizes that forward-looking statements are subject to risks and uncertainties that could affect actual outcomes.
Salisbury Bancorp reported record net income of $4.5 million or $1.59 per share for Q1 2021, up from $2.8 million in Q4 2020. A 3.4% increase in quarterly cash dividend to $0.30 per share was approved, payable on May 28, 2021. Non-performing assets decreased slightly to 0.41% of total assets, while capital ratios remained strong at 13.33% (Common Equity Tier 1) and 14.58% (Total Risk-Based Capital). The company issued $25 million in subordinated debt and initiated a share repurchase program for up to 5% of outstanding shares, reflecting confidence in future growth.
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