Salisbury Bancorp, Inc. announces net income of $1.9 million.
LAKEVILLE, Conn: Salisbury Bancorp, Inc. announced net income allocated to common shareholders was $1.9 million, or $0.68 per common share, for the quarter ended June 30, 2018 (second quarter 2018).
Salisbury's President and Chief Executive Officer, Richard J. Cantele, Jr., stated, "We continued to generate solid earnings on robust loan growth despite extremely competitive markets and a challenging interest rate environment. The credit quality of our loan portfolio remains strong as we continue to prudently capitalize on the strength of our commercial and residential lending franchise. During the quarter we also completed the acquisition of the Fishkill, N. Y. branch of Orange Bank & Trust Company and consolidated our existing Fishkill branch into this new location. We remain focused on enhancing long-term value for our shareholders and providing outstanding service to our customers."
The increase in average interest bearing deposits from the first quarter 2018 partly reflected the acquisition of the Fishkill, N.Y. branch in April 2018, which increased deposits by approximately $8 million. The increase in average interest bearing deposits from the second quarter 2017 partly reflected the acquisition of the New Paltz, N.Y. branch in June 2017, which increased deposits by approximately $31 million. The tax equivalent net interest margin for the second quarter 2018 was 3.31% compared with 3.46% for the first quarter 2018 and 3.58% for the second quarter 2017.
Salisbury Bancorp is the holding company for Salisbury Bank and Trust Company. Tax equivalent net interest income for the second quarter 2018 increased $43 thousand, or 0.5%, versus first quarter 2018, and increased $262 thousand, or 3.3%, versus second quarter 2017. Average earning assets increased $46.6 million versus second quarter 2018, and increased $102.8 million versus second quarter 2017. Average total interest bearing deposits increased $25.6 million versus first quarter 2018 and increased $55.4 million versus second quarter 2017.
Trust and Wealth Advisory fees increased $55 thousand versus first quarter 2018 and increased $57 thousand versus second quarter 2017. The quarter-over-quarter increase reflected higher tax preparation and estate settlement fees partly offset by lower asset-based fees. The year-over-year increase primarily reflected higher asset-based fees and higher estate settlement fees. Assets under administration were $668 million as of June 30, 2018 compared with $600 million at March 31, 2018 and $586 million as of June 30, 2017. The increase from the first quarter 2018 was primarily attributed to growth in non-discretionary assets and, to a lesser extent, growth in discretionary assets.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Article Type:||Financial report|
|Date:||Aug 7, 2018|
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