The parent of Salisbury Bank & Trust saw second-quarter profits climb despite one-time earnings hits tied to pension withdrawals and litigation.
For three months ended June 30, Salisbury Bancorp Inc. said Friday it netted $1.07 million, or 63 cents a share, up from $766,000, or 45 cents a share, netted the same period a year earlier.
Salisbury Bancorp said the non-recurring items in the quarter were a pension plan curtailment expense of $341,000 from retiree lump-sum withdrawals, and a $250,000 expense for unspecified litigation.
The bank said noninterest income, such as account and loan fees, were up sharply from a year earlier.
It finished the quarter with $590.1million in assets vs. $577.4 million the same period last year.