LEASES (Tables)

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Assets and liabilities as well as the costs of operating and financial leases

($ in thousands, except lease term and discount rate)	Classification				June 30, 2019
Assets
Operating	Other assets			$	1,457
Finance	Bank premises and equipment 1				2,740
Total Leased Assets				$	4,197
Liabilities
Operating	Other liabilities			$	1,457
Finance	Finance lease				3,011
Total lease liabilities				$	4,468
1 Net of accumulated depreciation of $532 thousand and $472 thousand, respectively.
Lease cost	Classification		Six months ended June 30, 2019		Three months ended June 30, 2019
Operating leases	Premises and equipment	$	123	$	61
Finance leases:
Amortization of leased assets	Premises and equipment		120		47
Interest on finance leases	Interest expense		92		46
Total lease cost		$	335	$	154
Weighted Average Remaining Lease Term
Operating leases					8.6 years
Financing leases					13.1 years
Weighted Average Discount Rate 1
Operating leases					3.70%
Financing leases					6.20%
1 Salisbury uses the FHLBB five year Advance rate as the discount rate, as its leases do not provide an implicit rate.

Present value of the net minimum lease payments

Future minimum lease payments (in thousands)		Operating Leases			Finance Leases
2019	$	123		$	168
2020		246			336
2021		228			342
2022		199			345
2023		148			347
Thereafter		782			2,953
Total future minimum lease payments		1,726			4,491
Less amount representing interest		(269	)		(1,480	)
Total present value of net future minimum lease payments	$	1,457		$	3,011