Salisbury Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 26, 2018 at 01:23 pm EST
Salisbury Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest and fees on loans of $8,547,000 against $8,115,000 a year ago. Total interest and dividend income was $9,167,000 against $8,679,000 a year ago. Net interest and dividend income was $8,025,000 against $7,688,000 a year ago. Income before income taxes was $2,088,000 against $2,100,000 a year ago. Net income applicable to common shareholders was $1,065,000 against $1,509,000 a year ago. Diluted earnings per common share was $0.38 against $0.55 a year ago. Return on average assets was 0.69% against 0.65% a year ago. Return on average common shareholders’s equity was 4.38% against 6.43% a year ago. Net interest income for the current quarter included $183,000 for interest received upon settlement of a past due loan.
For the year, the company reported interest and fees on loans of $33,090,000 against $32,050,000 a year ago. Total interest and dividend income was $35,521,000 against $34,454,000 a year ago. Net interest and dividend income was $31,283,000 against $30,605,000 a year ago. Income before income taxes was $9,170,000 against $9,274,000 a year ago. Net income applicable to common shareholders was $6,201,000 against $6,633,000 a year ago. Diluted earnings per common share was $2.24 against $2.41 a year ago. Book value per common share as at December 31, 2017 was $35.01 against $34.08 as at December 31, 2016. Tangible book value per common share - Non-GAAP was as at December 31, 2017 was $29.39 against 28.90 as at December 31, 2016. Results for the fourth quarter and full year 2017 included after-tax losses of $884 thousand or $0.32 per share and $1.1 million or $0.41 per share, respectively related to OREO.