Salisbury Bancorp Q2 Profit Drops 15%

Salisbury Bancorp, Inc. SAL reported 15 percent fall in its profit for the second quarter. However, sequentially, the company reported increased profit.

The company reported net income of $1.7 million or $0.63 a share for the second quarter. In comparison, it earned $2.0 million or $0.74 a share in the same quarter last year. In the first quarter, its net income was $1.5 million or $0.55 a share.

Salisbury said its tax equivalent net interest income dipped 2.6 percent or $211,000 from the year-ago period and $112,000, or 1.4 percent from the first quarter. Its total interest and dividend income was $8.51 million while its non-interest income was $2.01 million. The company made higher provision of $525,000 for loan losses.

President and CEO, Richard Cantele, Jr., stated, "With assets over $900 million and loan growth of more than $50 million so far this year, we have demonstrated capabilities and teams in place to effectively serve our markets. While the historically low interest rate environment continues to challenge our industry, the Bank's growth, interest margin of 3.71% and improvements in our efficiency ratio have resulted in a strong quarter."

On Friday, the stock traded 0.93 percent higher at $30.10 at time of writing.