The parent of Salisbury Bank and Trust Co. posted lower first-quarter net income in the wake of lower net interest margins and the absence of one-time benefits from a year earlier.
Meanwhile, parent Salisbury Bancorp Inc. declared a quarterly dividend of 28 cents a share to be paid May 26 to common shareholders of record as of May 12.
The bank holding company earned a net $594,000, or 28 cents a share, in the three months ended March 31, down from $1.1 million, or 64 cents a share, a year ago.
The bank said its net interest margin — the profit spread between what it pays for funds and what it earns from investing them — fell to 3.25 percent in the first quarter from 3.77 percent a year ago.
Also, last year’s first-quarter earnings included such one-time benefits as a $427,000 securities gain.
Salisbury Bank ended the first quarter with $563 million in assets, up from $506 million on March 31, 2009.
