LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

($ in thousands)	Classification		December 31, 2019
Assets
Operating	Other assets	$	1,360
Finance	Bank premises and equipment 1		1,503
Total Leased Assets		$	2,863
Liabilities
Operating	Accrued interest and other liabilities	$	1,360
Finance	Finance lease obligations		1,718
Total lease liabilities		$	3,078
1 Net of accumulated depreciation of $294 thousand.
Lease cost ($ in thousands)	Classification		Twelve months ended December 31, 2019
Operating leases	Premises and equipment	$	255
Finance leases:
Amortization of leased assets	Premises and equipment		200
Interest on finance leases	Interest expense		173
Total lease cost		$	628
Weighted Average Remaining Lease Term
Operating leases			8.2 years
Financing leases			15.1 years
Weighted Average Discount Rate 1
Operating leases			3.70	%
Financing leases			8.41	%
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
2020	$	246		$	186
2021		228			192
2022		199			195
2023		134			198
2024		129			200
Thereafter		653			1,980
Total future minimum lease payments		1,589			2,951
Less amount representing interest		(229	)		(1,233	)
Total present value of net future minimum lease payments	$	1,360		$	1,718