July 27, 2012

Salisbury Bank's 2Q net up despite one-time hits

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.

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