Stock Analysis Report

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Executive Summary

Salisbury Bancorp, Inc. operates as the bank holding company for Salisbury Bank and Trust Company that provides commercial banking, consumer financing, retail banking, and trust and wealth advisory services.

Snowflake Analysis

Flawless balance sheet with solid track record and pays a dividend.

Share Price & News

How has Salisbury Bancorp's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: SAL's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: SAL exceeded the US Banks industry which returned -27.8% over the past year.

Return vs Market: SAL underperformed the US Market which returned 4.8% over the past year.

Shareholder returns

7 Day-0.2%-4.6%1.6%
30 Day9.1%-5.4%2.3%
90 Day14.8%15.3%29.5%
1 Year3.0%-0.05%-25.2%-27.8%7.1%4.8%
3 Year6.1%-2.3%-17.8%-24.4%37.1%28.1%
5 Year50.8%29.7%10.0%-3.3%67.2%48.6%

Price Volatility Vs. Market

How volatile is Salisbury Bancorp's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Salisbury Bancorp undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: SAL ($39.48) is trading below our estimate of fair value ($45.52)

Significantly Below Fair Value: SAL is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: SAL is poor value based on its PE Ratio (10.4x) compared to the Banks industry average (9.4x).

PE vs Market: SAL is good value based on its PE Ratio (10.4x) compared to the US market (16.5x).

Price to Earnings Growth Ratio

PEG Ratio: SAL's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: SAL is overvalued based on its PB Ratio (0.9x) compared to the US Banks industry average (0.8x).

Next Steps

Future Growth

How is Salisbury Bancorp forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SAL's earnings are forecast to decline over the next 3 years (-0.3% per year).

Earnings vs Market: SAL's earnings are forecast to decline over the next 3 years (-0.3% per year).

High Growth Earnings: SAL's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SAL's revenue is expected to decline over the next 3 years (-5.5% per year).

High Growth Revenue: SAL's revenue is forecast to decline over the next 3 years (-5.5% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if SAL's Return on Equity is forecast to be high in 3 years time

Next Steps

Past Performance

How has Salisbury Bancorp performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SAL has high quality earnings.

Growing Profit Margin: SAL's current net profit margins (25.5%) are higher than last year (22.5%).

Past Earnings Growth Analysis

Earnings Trend: SAL's earnings have grown by 12.4% per year over the past 5 years.

Accelerating Growth: SAL's earnings growth over the past year (15.8%) exceeds its 5-year average (12.4% per year).

Earnings vs Industry: SAL earnings growth over the past year (15.8%) exceeded the Banks industry 1.9%.

Return on Equity

High ROE: SAL's Return on Equity (9.3%) is considered low.

Next Steps

Financial Health

How is Salisbury Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: SAL's Assets to Equity ratio (9.9x) is low.

Allowance for Bad Loans: SAL has a sufficient allowance for bad loans (333%).

Low Risk Liabilities: 94% of SAL's liabilities are made up of primarily low risk sources of funding.

Loan Level: SAL has an appropriate level of Loans to Assets ratio (83%).

Low Risk Deposits: SAL's Loans to Deposits ratio (98%) is appropriate.

Level of Bad Loans: SAL has an appropriate level of bad loans (0.3%).

Next Steps


What is Salisbury Bancorp current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SAL's dividend (2.94%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: SAL's dividend (2.94%) is low compared to the top 25% of dividend payers in the US market (4.51%).

Stability and Growth of Payments

Stable Dividend: SAL's dividends per share have been stable in the past 10 years.

Growing Dividend: SAL's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30%), SAL's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Rick Cantele (60yo)





Mr. Richard J. Cantele, Jr., also known as Rick has been the Chief Executive Officer of Salisbury BanCorp. Inc., and Salisbury Bank & Trust Company since June 8, 2009 and has been its President since Janua ...

CEO Compensation Analysis

Compensation vs Market: Rick's total compensation ($USD837.40K) is above average for companies of similar size in the US market ($USD606.53K).

Compensation vs Earnings: Rick's compensation has increased by more than 20% in the past year.

Leadership Team

Richard Cantele
President11.08yrsUS$837.40k0.96% $1.1m
Peter Albero
Executive VP2.75yrsUS$463.62k0.23% $255.0k
John Davies
President of NY Region & Chief Lending Officer of Salisbury Bank5.58yrsUS$501.20k0.49% $546.8k
Shelly Humeston
Senior VP & Secretaryno datano datano data


Average Tenure


Average Age

Experienced Management: SAL's management team is seasoned and experienced (5.6 years average tenure).

Board Members

Richard Cantele
President11.08yrsUS$837.40k0.96% $1.1m
John Perotti
Independent Director22.5yrsUS$64.71k0.57% $636.1k
Grace Schalkwyk
Independent Director0.67yrno data0.043% $47.9k
Holly Nelson
Independent Director22.5yrsUS$38.69k0.17% $194.1k
Nancy Humphreys
Independent Director19.5yrsUS$42.71k0.28% $311.6k
David Farrell
Independent Chairman1.17yrsUS$50.55k0.25% $276.8k
Arthur Bassin
Independent Director10.08yrsUS$45.51k0.58% $651.1k
Charles Andola
Independent Director5.58yrsUS$38.49k0.93% $1.0m
Neila Radin
Independent Director0.67yrno data0.016% $17.8k
George Banta
Independent Director5.58yrsUS$35.96k2.51% $2.8m


Average Tenure


Average Age

Experienced Board: SAL's board of directors are considered experienced (7.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Salisbury Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Salisbury Bancorp, Inc.
  • Ticker: SAL
  • Exchange: NasdaqCM
  • Founded: 1998
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$111.662m
  • Shares outstanding: 2.83m
  • Website:


  • Salisbury Bancorp, Inc.
  • 5 Bissell Street
  • PO Box 1868
  • Lakeville
  • Connecticut
  • 6039
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SALNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDJan 1975


Salisbury Bancorp, Inc. operates as the bank holding company for Salisbury Bank and Trust Company that provides commercial banking, consumer financing, retail banking, and trust and wealth advisory services. It offers various retail and commercial deposit products. The company also provides loans, such as residential and commercial real estate loans; construction loans; commercial loans; and consumer loans, including home equity loans and lines of credit, and auto and personal installment loans. In addition, it offers a range of fiduciary services, including trust and estate administration, wealth advisory, and investment management services to individuals, families, businesses, and institutions. Further, the company provides additional depositor related services consisting of landlord/tenant lease security accounts and services, merchant services, payroll services, ATM services, bank-by-phone services, Internet banking services, Internet bill pay services, person to person payments, bank to bank transfers, mobile banking services with remote deposit, and Online financial management with account aggregation services, as well as cash management services, including remote deposit capture, ACH origination, wire transfers, and positive pay services. It operates through a network of fourteen banking offices and ten ATMs located in Litchfield County, Connecticut; Dutchess, Orange, and Ulster Counties, New York; and Berkshire County, Massachusetts. Salisbury Bancorp, Inc. was founded in 1998 and is headquartered in Lakeville, Connecticut. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/03 00:40
End of Day Share Price2020/07/02 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.