Salisbury Bancorp (NYSE:SAL), a Connecticut-chartered commercial bank, landed up more than 3% Friday after it reported earlier in the day a stronger-than-expected second-quarter profit.
The company posted a net income of $763,000, or 45 cents a share, compared with a net loss of $318,000, or 19 cents a share, in the same quarter last year.
Salisbury CEO Richard J. Cantele, Jr. said he was “pleased” with the second-quarter improvement, noting it reflected “top line” revenue growth, expense control and solid loan growth.
“We have increased our focus on managing credit risk and are pleased to report a significant reduction in past due loans,” he said. “However, we retain a cautious outlook due to the persistent weaknesses in the regional and national economy.”
The CEO said the company is committed to working with small local businesses and retail customers to provide a “financial lifeline” during the "tough economic times.”