-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P3MPYgbK/uxdlCukIqetQmeR4jJc4fOjujsgscrXkXiyQlTcLIIFX5yILWYqhhEU +QDWABFoJSgczo5U2FVf1w== 0000914317-07-000560.txt : 20070302 0000914317-07-000560.hdr.sgml : 20070302 20070302163153 ACCESSION NUMBER: 0000914317-07-000560 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070302 DATE AS OF CHANGE: 20070302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALISBURY BANCORP INC CENTRAL INDEX KEY: 0001060219 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 061514263 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24751 FILM NUMBER: 07668144 BUSINESS ADDRESS: STREET 1: 5 BISSELL ST CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 BUSINESS PHONE: 8604359801 MAIL ADDRESS: STREET 1: 5 BISSELL ST CITY: LAKEVILLE STATE: CT ZIP: 06039-1868 8-K 1 form8k-82191_sal.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 28, 2007 ------------------------------ SALISBURY BANCORP, INC. -------------------------------------------------- (Exact name of registrant as specified in charter) Connecticut 000-24751 06-1514263 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 5 Bissell Street, Lakeville, Connecticut 06039-1868 - -------------------------------------------------------------------------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (860) 435-9801 -------------- - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (12 C.F.R. 230.425) [_] Soliciting material pursuant to Rule 14a-2 under the Exchange Act (17 C.F.R. 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. 240.13e-4(c)) Form 8-K, Current Report Salisbury Bancorp, Inc. Section 2. Financial Information Item 2.02. Results of Operations and Financial Condition - --------------------------------------------------------------- On March 2, 2007, Salisbury Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the year ended December 31, 2006. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. Section 8. Other Events Item 8.01. Other Events - ------------------------------ The Board of Directors of Salisbury Bancorp, Inc. declared a $0.27 per share quarterly cash dividend at their February 28, 2007 Board Meeting. The quarterly cash dividend will be paid on April 30, 2007 to shareholders of record as of March 30, 2007. Section 9. Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits - --------------------------------------------------- (c) Exhibits 99.1 Press Release dated March 2, 2007. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. Dated: March 2, 2007 SALISBURY BANCORP, INC. By: /s/ John F. Foley ---------------------------- John F. Foley Chief Executive Officer EX-99.1 2 ex99-1.txt Exhibit 99.1 Friday, March 2, 2007 Company Press Release Source: Salisbury Bancorp, Inc. Salisbury Contact: John F. Perotti - Chairman & CEO 860-435-9801 or jp@salisburybank.com -------------------- FOR IMMEDIATE RELEASE SALISBURY BANCORP, INC. ANNOUNCES YEAR END EARNINGS AND AN INCREASED DIVIDEND FOR SHAREHOLDERS Lakeville, Connecticut, March 2, 2007/PRNewswire....Salisbury Bancorp, Inc. (the "Company"), (AMEX:SAL) the holding company for Salisbury Bank and Trust Company announced today that net income for the fourth quarter of 2006 was $940,843 or $.56 per average share outstanding. This compares to fourth quarter 2005 earnings of $793,193 or $.47 per average share outstanding. For the twelve months ended December 31, 2006, net income totaled $4,253,618 or $2.53 per average share outstanding as compared to net income of $4,561,341 or $2.71 per average share outstanding for the same twelve month period in 2005. The Trust and Investment Services division recorded revenues of $1,980,500 for the year ended 2006, an increase of $409,189 or 26.04% over last year's record revenues. Income before taxes, excluding income from net gains on sales of available-for-sale securities, improved by $712,197 or 15.95% in 2006 when compared to the corresponding period in 2005.
Quarter Ended Twelve Months Ended December 31 December 31 2006 2005 2006 2005 ---- ---- ---- ---- (unaudited) (audited) Total Interest and Dividend Income $ 6,368,612 $ 5,440,537 $ 23,729,593 $ 20,816,383 Net Interest and Dividend Income 3,361,361 3,383,848 13,270,648 13,464,432 (Benefit) Provision for Loan Losses (87,488) (60,000) (87,488) 210,000 Income Before Income Taxes 1,477,508 1,034,482 5,695,553 5,675,754 Income Tax Expense 536,665 241,288 1,441,935 1,114,413 Net Income $ 940,843 $ 793,193 $ 4,253,618 $ 4,561,341 Earnings Per Average Share Outstanding .56 $ .47 $ 2.53 $ 2.71
During the year 2006, Salisbury Bancorp, Inc. declared cash dividends totaling $1.04 per common share outstanding. This compares to total dividends declared during 2005 of $1.00 per common share outstanding and represents a 4.00% increase over 2005. At their February 28, 2007 meeting, the Directors of Salisbury Bancorp, Inc. declared a first quarter dividend of $.27 per common share outstanding. This compares to a $.26 per share cash dividend that was declared during the first quarter of 2006. The $.27 per share dividend will be paid on April 30, 2007 to shareholders of record as of March 30, 2007. -3- Salisbury Bancorp, Inc.'s sole subsidiary, Salisbury Bank and Trust Company, is a Connecticut chartered commercial bank. The Company has assets in excess of $440 million and capital in excess of $44 million and serves the communities of northwestern Connecticut and proximate communities in New York and Massachusetts which it has done for approximately 150 years. Salisbury Bank and Trust Company is headquartered in Lakeville, Connecticut and operates full service branches in Canaan, Salisbury and Sharon as well as Lakeville, Connecticut and South Egremont and Sheffield, Massachusetts. The Bank offers a full compliment of consumer and business banking products and services as well as trust and investment services. Statements contained in this news release contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions, including among others: changes in market interest rates and general and regional economic conditions; changes in government regulations; changes in accounting principles; and the quality or composition of the loan and investment portfolios and other factors that may be described in the Company's quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available at the Securities and Exchange Commission's internet website (www.sec.gov) and to which reference is hereby made. Therefore, actual future results may differ significantly from results discussed in the forward looking statements. -4- -----END PRIVACY-ENHANCED MESSAGE-----