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Salisbury Bancorp, Inc. (NASDAQ: SAL) has successfully completed a private placement of $25 million in Fixed to Floating Rate Subordinated Notes due 2031. The notes carry a fixed interest rate of 3.50% until March 31, 2026, after which a floating rate will apply. The proceeds will be used for general corporate purposes, possibly refinancing existing subordinated debt. The notes are unsecured and subordinate, with redemption options starting March 31, 2026. President Richard J. Cantele, Jr. highlighted the transaction's attractive financial characteristics.
Salisbury Bancorp has announced a share repurchase program to buy back up to 5% of its outstanding shares over the next year. The repurchases will occur through privately negotiated transactions and market purchases, dependent on market conditions and other factors. The bank, operating since 1848, serves communities in Connecticut, New York, and Massachusetts, offering a range of banking and advisory services. While the program aims to enhance shareholder value, there is no guaranteed number of shares that will be repurchased.
Salisbury Bancorp reported record fourth quarter and full-year 2020 results, with net income of $2.8 million ($0.99 per share) for Q4 and $11.8 million ($4.21 per share) for the year. Notable metrics include a 9% increase in book value to $43.88 per share and a Common Equity Tier 1 ratio of 12.3%. The Bank declared a quarterly dividend of $0.29, payable on February 26, 2021. Despite challenges posed by COVID-19, the Bank successfully managed loan deferrals and processed $100 million in PPP loans, demonstrating resilience and commitment to community support.
Salisbury Bancorp reported a third-quarter 2020 net income of $4.3 million, or $1.53 per share, marking a significant increase from $2.7 million in the previous quarter. This quarter included a loan loss provision of $686,000 and a non-recurring gain of $601,000. The book value per share rose by 7% to $42.99. The company declared a $0.29 per share dividend, payable on November 27, 2020. Total assets increased, and the non-performing asset ratio stood at 0.36%.
Salisbury Bancorp, Inc. (SAL) reported a net income of $2.7 million or $0.96 per share for Q2 2020, reflecting a rise from $0.72 in Q1 2020. The results accounted for a $1.8 million loan loss provision linked to COVID-19 impacts. Despite this, the Bank's capital ratios remained strong with a Common Equity Tier 1 ratio of 11.9%. It was added to the Russell 3000 Index on June 29, 2020. A dividend of $0.29 per share was declared, payable on August 28, 2020. Non-performing assets increased to 0.37% of total assets, with $98.9 million in PPP loans recorded.
Salisbury Bancorp, Inc. (NASDAQ: SAL) has been added to the Russell 3000® Index effective June 29, 2020. This inclusion is expected to enhance the company's visibility among institutional investors, bolstering interest in SAL. Rick Cantele, the CEO, highlighted that this achievement reflects the company's growth and strong financial performance. Membership in the Russell 3000® ensures automatic inclusion in either the Russell 1000® or Russell 2000® Indexes, which are widely followed by investment managers, covering approximately $9 trillion in assets.
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