7-26-13 10:44 AM EDT | Email Article

LAKEVILLE, Conn., July 26, 2013 (GLOBE NEWSWIRE) -- Salisbury Bancorp, Inc. ("Salisbury") (Nasdaq:SAL), the holding company for Salisbury Bank and Trust Company (the "Bank"), announced results for its second quarter ended June 30, 2013.

Selected second quarter 2013 highlights

Net income available to common shareholders was $1,092,000, or $0.65 per common share, for the quarter ended June 30, 2013 (second quarter 2013), versus $890,000, or $0.53 per common share, for the quarter ended March 31, 2013 (first quarter 2013), and $1,069,000, or $0.63 per common share, for the quarter ended June 30, 2012 (second quarter 2012).

  • Earnings per common share of $0.65 increased $0.12, or 22.6%, as compared to $0.53 for the first quarter 2013, and increased $0.02, or 3.2%, as compared to second quarter 2012.
     
  • Tax equivalent net interest income increased $39,000, or 0.8%, versus first quarter 2013, and decreased $40,000, or 0.8%, versus second quarter 2012.
     
  • Provision for loan losses for the second quarter was $240,000 versus $396,000 for the first quarter 2013 and $180,000 for second quarter 2012. Net loan charge-offs were $294,000, versus $70,000 for first quarter 2013 and $138,000 for second quarter 2012.
     
  • Non-interest income increased $25,000, or 1.6%, versus first quarter 2013 and decreased $240,000, or 12.7%, versus second quarter 2012, which included $267,000 in gains on sale of securities.
     
  • Non-interest expense decreased $95,000, or 2.0%, versus first quarter 2013 and $415,000, or 8.3%, versus second quarter 2012. Second quarter 2012 included non-recurring expenses totaling $591,000 which consisted of $341,000 in pension plan curtailment expense and $250,000 in litigation expense.
     
  • Preferred stock dividends remained unchanged from the first quarter at $40,000 for second quarter 2013 and declined by $8,000 as compared with the second quarter 2012 dividend of $48,000.
     
  • Non-performing assets increased $0.3 million, or 4.0%, to $9.6 million, or 1.6% of total assets, at June 30, 2013 versus March 31, 2013 and increased $1.2 million versus June 30, 2012. Accruing loans receivable 30-to-89 days past due decreased $0.5 million to $4.3 million, or 1.02% of gross loans receivable at June 30, 2013, versus March 31, 2013 and increased $1.8 million versus June 30, 2012.

Richard J. Cantele, Jr., President and Chief Executive Officer, stated, "Our second quarter operating results reflect a consistent net interest rate margin and improvement in operating efficiency as compared to first quarter 2013. I'm pleased to report that our second quarter 2013 earnings per share of $0.65 represent a 3.2% increase over second quarter 2012 results.

The current interest rate environment continues to impart pressure on our net interest margin, and competition for quality loans remains vigorous. While the low overall interest rate environment has encouraged mortgage activity, the rise in interest rates late in the quarter has slowed the volume of refinancing activity. Our origination and sale of mortgages during second quarter 2013 totaled $5 million of fixed rate mortgage loans. This volume represented a decrease of $4 million from first quarter 2013, and represented a decrease of approximately $7 million over second quarter 2012.

Past due loans at June 30, 2013 decreased 2.7% from second quarter 2012. We continue to balance the active administration of our past due loans while supporting our small business and retail customers as they navigate through these ongoing challenging economic times. We achieved solid revenue growth of Salisbury's Trust and Wealth Advisory business for the second quarter 2013, which represented a 12% increase over second quarter 2012. We continue to consider our Trust and Wealth Advisory business to be an area of expertise which distinguishes Salisbury from its competition and we look to the continued growth of this business as a future source of non-interest revenue to enhance and diversify our revenue stream."

Net Interest Income

Tax equivalent net interest income for second quarter 2013 increased $39,000, or 0.8%, versus first quarter 2013, and decreased $40,000, or 0.8%, versus second quarter 2012. Average total interest bearing deposits increased $4.9 million as compared with first quarter 2013 and increased $10.8 million, or 2.8%, as compared with second quarter 2012. Average earning assets increased $4.7 million as compared with first quarter 2013 and increased $1.5 million, or 0.2%, as compared with second quarter 2012. The net interest margin on a tax equivalent basis remained unchanged from first quarter 2013 at 3.54% and increased 1 basis point versus second quarter 2012 from 3.53%.

Non-Interest Income

Non-interest income increased $25,000, or 1.5%, versus first quarter 2013 and decreased $240,000, or 12.7%, versus second quarter 2012. Trust and Wealth Advisory revenues increased $99,000 versus first quarter 2013 and increased $89,000 versus second quarter 2012. The year-over-year revenue increase results from growth in managed assets and higher fees collected in second quarter 2013. Service charges and fees increased $59,000 versus first quarter 2013 and $28,000 versus second quarter 2012. Income from sales and servicing of mortgage loans in the second quarter decreased by $144,000 as compared to the first quarter 2013 and decreased $97,000 as compared to the second quarter 2012 due to interest rate driven fluctuations in the volume of fixed rate residential mortgage loan sales and mortgage servicing valuations. Mortgage loan sales totaled $5.1 million for second quarter 2013, $8.7 million for first quarter 2013 and $12.2 million for second quarter 2012. Second quarter 2013, first quarter 2013 and second quarter 2012 included mortgage servicing valuation benefit (impairment) charges of $1,000, $33,000 and ($10,000), respectively. Non-interest income for the second quarter 2012 included securities gain of $267,000 as a result of the sale of $2.5 million of US Treasury bonds, which partially offset non-recurring pension curtailment and litigation expenses. Other income includes income from bank owned life insurance and rental income.

Non-Interest Expense

Non-interest expense for second quarter 2013 decreased $95,000 versus first quarter 2013 and $415,000 versus second quarter 2012. Compensation and employee benefits increased $163,000 versus first quarter 2013, and decreased $107,000 versus second quarter 2012. Second quarter 2012 included pension plan curtailment expense of $341,000 from retiree lump-sum withdrawals. The current quarter includes benefit accrual adjustments and one-time expenses related to staffing changes. Premises and equipment remained unchanged versus first quarter 2013 and decreased $8,000 versus second quarter 2012. Data processing decreased $52,000 versus first quarter 2013 and $51,000 versus second quarter 2012. Professional fees decreased $71,000 versus first quarter 2013, and increased $6,000 versus second quarter 2012. First quarter 2013 included legal expenses and an executive search. Collections and OREO decreased $80,000 versus first quarter 2013, and decreased $281,000 versus second quarter 2012 due primarily to decreased litigation and OREO expense. Salisbury had $435,000 in foreclosed property at June 30, 2013. FDIC insurance decreased $11,000 versus first quarter 2013 and decreased $5,000 versus second quarter 2012. Remaining operating expenses decreased $44,000 versus first quarter 2013 and increased $36,000 versus second quarter 2012 due primarily to reductions in other administrative and operational expenses.

The effective income tax rates for second quarter 2013, first quarter 2013 and second quarter 2012 were 20%, 17% and 19%, respectively.

Loans

Net loans receivable increased $10.5 million during second quarter 2013 to $416.7 million at June 30, 2013, versus $406.3 million at March 31, 2013, and increased $39.5 million versus $377.2 million at June 30, 2012.

Asset Quality

Non-performing assets increased $0.3 million during second quarter 2013 to $9.6 million, or 1.6% of assets, at June 30, 2013, versus $9.3 million, or 1.5% of assets, at March 31, 2013, and increased $1.2 million versus $8.4 million, or 1.4% of assets, at June 30, 2012.

The $0.3 million increase in non-performing assets in second quarter 2013 resulted primarily from loans aggregating $1.2 million placed on non-accrual status and a $1.1 million increase in accruing loans 90+ days past due, offset in part by $0.2 million of loans returned to accrual status, $1.3 million in loan repayments and payoffs, $0.2 million in loan charge-offs and $0.3 million in OREO was sold.

Total impaired and potential problem loans decreased $1.2 million during second quarter 2013 to $26.2 million, or 6.2% of gross loans receivable, at June 30, 2013, versus $27.4 million, or 6.7% of gross loans receivable, at March 31, 2013, and decreased $1.6 million versus $27.8 million, or 7.3% of gross loans receivable, at June 30, 2012.

Accruing loans past due 30-to-89 days decreased $0.5 million due to resolution of troubled debt loans during second quarter 2013 to $4.3 million, or 1.02% of gross loans receivable, at June 30, 2013, and compares favorably to the prior quarter total of $4.7 million, or 1.15% of gross loans receivable, at March 31, 2013. Accruing loans past due 30-to-89 days increased $1.8 million as compared to June 30, 2012.

Provision for loan losses was $240,000 versus $396,000 first quarter 2013 and $180,000 for second quarter 2012. Net loan charge-offs were $294,000, $70,000 and $138,000, for the respective quarters. Reserve coverage, as measured by the ratio of the allowance for loan losses to gross loans, remained stable at 1.10% at June 30, 2013 versus 1.14% at March 31, 2013 and 1.11% at June 30, 2012.

Salisbury endeavors to work constructively to resolve its non-performing loan issues with customers. Substantially all non-performing loans are collateralized with real estate and the repayment of such loans is largely dependent on the return of such loans to performing status or the liquidation of the underlying real estate collateral.

Capital

Both Salisbury and the Bank's regulatory capital ratios remain in compliance with regulatory "well capitalized" requirements. At June 30, 2013 Salisbury's Tier 1 leverage and total risk-based capital ratios were 10.23% and 16.48%, respectively, and the Bank's Tier 1 leverage and total risk-based capital ratios were 8.48% and 13.72%, respectively, versus regulatory "well capitalized" minimums of 5.00% and 10.00%, respectively.

At June 30, 2013, Salisbury's assets totaled $601 million. Book value and tangible book value per common share were $32.45 and $26.30, respectively. Tangible book value excludes goodwill and core deposit intangibles.

In August 2011, Salisbury received $16 million of capital from the U.S. Treasury's Small Business Lending Fund (the "SBLF") program and repaid the $8.8 million of capital received in 2009 from the U.S. Treasury's Capital Purchase Program. The SBLF program was established to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. To date Salisbury has used this capital to increase its portfolio of qualified small business loans by $32.2 million and to augment its regulatory capital ratios.

Second quarter 2013 dividend on Common Shares

The Board of Directors of Salisbury, the holding company for Salisbury Bank and Trust Company, declared a $0.28 per common share quarterly cash dividend at their July 26, 2013 meeting. The dividend will be paid on August 30, 2013 to shareholders of record as of August 9, 2013.

Background

Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company; a Connecticut chartered commercial bank serving the communities of northwestern Connecticut and proximate communities in New York and Massachusetts, since 1848, through full service branches in Canaan, Lakeville, Salisbury and Sharon, Connecticut, South Egremont and Sheffield, Massachusetts and Dover Plains and Millerton, New York. The Bank offers a full complement of consumer and business banking products and services as well as trust and wealth advisory services.

Forward-Looking Statements

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 and estimates made by management 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 Salisbury'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 materially from results discussed in the forward-looking statements.

Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS (unaudited)
 
(in thousands, except share data) June 30, 2013 December 31, 2012
ASSETS    
Cash and due from banks $10,284 $9,545
Interest bearing demand deposits with other banks 26,909 34,029
Total cash and cash equivalents 37,193 43,574
Securities    
Available-for-sale at fair value 106,610 126,287
Federal Home Loan Bank of Boston stock at cost 5,340 5,747
Loans held-for-sale 864 1,879
Loans receivable, net (allowance for loan losses: $4,632 and $4,360) 416,729 388,758
Other real estate owned 435 244
Bank premises and equipment, net 11,288 11,520
Goodwill 9,829 9,829
Intangible assets (net of accumulated amortization: $1,856 and $1,745) 687 798
Accrued interest receivable 2,002 1,818
Cash surrender value of life insurance policies 7,416 7,295
Deferred taxes 285 --
Other assets 2,034 3,064
Total Assets $600,712 $600,813
LIABILITIES and SHAREHOLDERS' EQUITY    
Deposits    
Demand (non-interest bearing) $90,203 $98,850
Demand (interest bearing) 73,606 65,991
Money market 134,052 128,501
Savings and other 104,331 103,985
Certificates of deposit 89,848 93,888
Total deposits 492,040 491,215
Repurchase agreements 2,980 1,784
Federal Home Loan Bank of Boston advances 31,187 31,980
Deferred taxes -- 590
Accrued interest and other liabilities 3,016 3,247
Total Liabilities 529,223 528,816
Commitments and contingencies --  --
Shareholders' Equity    
Preferred stock -- $.01 per share par value    
Authorized: 25,000; Issued: 16,000 (Series B);    
Liquidation preference: $1,000 per share 16,000 16,000
Common stock -- $.10 per share par value    
Authorized: 3,000,000;     
Issued: 1,710,121 and 1,689,691 171 169
Restricted Common Stock (415) --
Paid-in capital 13,668 13,158
Retained earnings 41,279 40,233
Accumulated other comprehensive income (loss), net 786 2,437
Total Shareholders' Equity 71,489 71,997
Total Liabilities and Shareholders' Equity $600,712 $600,813
 
Salisbury Bancorp, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
         
Periods ended June 30, Three months ended Six months ended
(in thousands, except per share amounts) 2013 2012 2013 2012
Interest and dividend income      
Interest and fees on loans $4,470 $4,582 $8,899 $9,178
Interest on debt securities         
Taxable 468 659 941 1,375
Tax exempt 478 510 966 1,044
Other interest and dividends 18 15 36 27
Total interest and dividend income 5,434 5,766 10,842 11,624
Interest expense        
Deposits 488 623 978 1,290
Repurchase agreements 1 6 2 19
Federal Home Loan Bank of Boston advances 312 451 624 946
Total interest expense 801 1,080 1,604 2,255
Net interest income 4,633 4,686 9,238 9,369
Provision for loan losses 240 180 636 360
Net interest and dividend income after provision for loan losses 4,393 4,506 8,602 9,009
Non-interest income        
Trust and wealth advisory 824 735 1,549 1,490
Service charges and fees 575 547 1,092 1,068
Gains on sales of mortgage loans, net 153 263 432 635
Mortgage servicing, net 8 (5) 34 (89)
Gains on securities, net --  267 --  279
Other  90 83 169 166
Total non-interest income 1,650 1,890 3,276 3,549
Non-interest expense        
Salaries 1,835 1,748 3,585 3,458
Employee benefits⁽¹⁾ 763 957 1,448 1,647
Premises and equipment  583 591 1,166 1,196
Data processing 367 418 787 821
Professional fees 309 303 689 616
Collections and OREO⁽²⁾ 75 356 230 467
FDIC insurance 114 119 239 247
Marketing and community support 105 87 228 175
Amortization of intangibles 56 56 111 111
Other 403 390 832 788
Total non-interest expense 4,610 5,025 9,315 9,526
Income before income taxes 1,433 1,371 2,563 3,032
Income tax provision 289 254 476 666
Net income $1,144 $1,117 $2,087 $2,366
Net income available to common shareholders $1,092 $1,069 $1,985 $2,234
         
Basic earnings per common share $0.65 $0.63 $1.18 $1.32
Diluted earnings per common share 0.65 0.63 1.18 1.32
Common dividends per share 0.28 0.28 0.56 0.56
         
⁽¹⁾ Included pension plan curtailment expense of $341,000 for the three and six month periods ended June 30, 2012.
⁽²⁾ Included litigation expense of $294,000 and $340,000, respectively, for the three and six month periods ended June 30, 2012.
Salisbury Bancorp, Inc. and Subsidiary
SELECTED CONSOLIDATED FINANCIAL DATA (unaudited)
           
At or for the three month periods ended          
(in thousands, except per share amounts and ratios) Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012
Total assets $600,712 $597,343 $600,813 $611,037 $600,857
Loans receivable, net 416,729 406,258 388,758 377,377 377,212
Total securities 111,950 124,004 132,034 131,412 141,409
Deposits 492,040 487,773 491,215 490,206 477,910
FHLBB advances 31,187 31,574 31,980 42,392 42,801
Shareholders' equity 71,489 72,206 71,997 70,374 69,126
Wealth assets under management 402,897 404,211 388,113 388,807 372,506
Non-performing loans 9,204 8,585 9,860 9,229 8,409
Non-performing assets 9,639 9,297 10,104 9,870 8,409
Accruing loans past due 30-89 days 4,271 4,718 5,629 3,152 2,459
Net interest and dividend income 4,634 4,603 4,434 4,572 4,686
Net interest and dividend income, tax equivalent 4,942 4,903 4,709 4,847 4,982
Provision for loan losses 240 396 380 330 180
Non-interest income 1,650 1,625 1,877 1,887 1,890
Non-interest expense 4,610 4,705 5,334 4,693 5,025
Income before income taxes 1,433 1,127 597 1,436 1,371
Income tax provision 289 187 26 296 254
Net income 1,144 940 571 1,140 1,117
Net income available to common shareholders 1,092 890 531 1,094 1,069
           
Per share data          
Basic and diluted earnings per common share $0.65 $0.53 $0.31 $0.65 $0.63
Dividends per common share 0.28 0.28 0.28 0.28 0.28
Book value per common share 32.45 32.88 33.14 32.18 31.44
Tangible book value per common share - Non-GAAP⁽¹⁾ 26.30 26.70 26.85 25.86 25.09
           
Weighted average equivalent common shares outstanding, diluted 1,710 1,701 1,690 1,690 1,689
Common shares outstanding at end of period 1,710 1,709 1,690 1,690 1,690
           
Profitability ratios          
Net interest margin (tax equivalent) 3.54% 3.54% 3.32% 3.39% 3.53%
Efficiency ratio⁽²⁾ 68.88 70.91 71.41 66.05 66.39
Non-interest income to operating revenue 25.03 26.08 29.74 29.21 25.73
Effective income tax rate 20.17 16.59 4.32 20.63 18.54
Return on average assets 0.74 0.61 0.35 0.71 0.72
Return on average common shareholders' equity 7.81 6.46 3.85 8.05 8.10
           
Credit quality ratios          
Net charge-offs to average loans receivable, gross 0.29% 0.07% 0.21% 0.38% 0.15%
Non-performing loans to loans receivable, gross 2.19 2.09 2.51 2.43 2.21
Accruing loans past due 30-89 days to loans receivable, gross 1.02 1.15 1.44 0.83 0.65
Allowance for loan losses to loans receivable, gross 1.10 1.14 1.11 1.10 1.11
Allowance for loan losses to non-performing loans 50.32 54.59 44.22 45.28 50.04
Non-performing assets to total assets 1.60 1.56 1.68 1.62 1.40
           
Capital ratios          
Common shareholders' equity to assets 9.24% 9.41% 9.32% 8.90% 8.84%
Tangible common shareholders' equity to assets - Non-GAAP⁽¹⁾ 7.62 7.78 7.69 7.28 7.18
Tier 1 leverage capital 10.23 10.17 9.87 9.78 9.92
Total risk-based capital 16.48 16.47 16.63 17.00 16.65
           
⁽¹⁾ Refer to schedule labeled "Supplemental Information – Non-GAAP Financial Measures".
⁽²⁾ Calculated using SNL's methodology: Noninterest expense before OREO expense, amortization of intangibles, and goodwill impairments as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains from securities transactions and nonrecurring pension plan curtailment and litigation expenses.
Salisbury Bancorp, Inc. and Subsidiary
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
           
At or for the quarters ended          
(in thousands, except per share amounts and ratios) Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012
Shareholders' Equity $71,489 $72,206 $71,997 $70,374 $69,126
Less: Preferred Stock (16,000) (16,000) (16,000) (16,000) (16,000)
Common Shareholders' Equity 55,489 56,206 55,997 54,374 53,126
Less: Goodwill (9,829) (9,829) (9,829) (9,829) (9,829)
Less: Intangible assets (687) (742) (798) (853) (909)
Tangible Common Shareholders' Equity $44,973 $45,635 $45,370 $43,692 $42,388
Total Assets $600,712 $597,343 $600,813 $611,037 $600,857
Less: Goodwill (9,829) (9,829) (9,829) (9,829) (9,829)
Less: Intangible assets (687) (742) (798) (853) (909)
Tangible Total Assets $590,196 $586,772 $590,186 $600,355 $590,119
Common Shares outstanding 1,710 1,709 1,690 1,690 1,690
           
Book value per Common Share – GAAP $32.45 $32.88 $33.14 $32.18 $31.44
Tangible book value per Common Share - Non-GAAP 26.30 26.70 26.85 25.86 25.09
           
Common Equity to Assets – GAAP 9.24% 9.41% 9.32% 8.90% 8.84%
Tangible Common Equity to Assets – Non-GAAP 7.62 7.78 7.69 7.28 7.18
           
Non-interest expense $4,610 $4,705 $5,334 $4,693 $5,025
Less: Amortization of core deposit intangibles (56) (56) (56) (56) (56)
Less: Foreclosed property expense (14) (20) (125) (39) 7
Less: Nonrecurring expenses          
Pension plan curtailment  --  --  --  --  (341)
FHLBB prepayment fee -- -- (450) --  --
Litigation  --  --  --  (150) (250)
Operating Expenses $4,540 $4,629 $4,703 $4,448 $4,385
Net interest and dividend income, tax equivalent $4,942 $4,903 $4,709 $4,847 $4,983
Non-interest income 1,650 1,625 1,877 1,887 1,890
Less: Gains on securities, net -- -- -- -- (267)
Operating Revenue $6,592 $6,528 $6,586 $6,734 $6,606
Efficiency Ratio 68.88% 70.91% 71.41% 66.05% 66.39%
CONTACT: Salisbury Contact: Richard J. Cantele, Jr.,
         President and Chief Executive Officer
         860-435-9801 or rcantele@salisburybank.com
GlobeNewswire, Inc. 2013
Add a Comment

News   More...

Securities related to this article
Salisbury Bancorp, Inc. View sal Stock Quote
Salmon River Resources Ltd. View sal Stock Quote
 
Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - Salisbury Bancorp, Inc. Reports Results for Second Quarter 2013; Declares 28 Cent Dividend
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Salisbury Bancorp, Inc. Reports Results for Fourth Quarter and Full Year 2013; Declares 28 Cent Dividend  |  Next: Salisbury Bancorp, Inc. Reports Results for Third Quarter 2013; Declares 28 Cent Dividend