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NOTE 4 - LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Note 4 - Leases

assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the costs of operating and financial leases

The following table provides the assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the costs of operating and financial leases which are included in the Bank's consolidated income statement for the three months ended March 31, 2021 and 2020.

(in thousands, except lease term and discount rate)		Classification			March 31, 2021				December 31, 2020
Assets
Operating		Other assets		$	1,128			$	1,182
Finance		Bank premises and equipment ¹			1,377				1,402
Total Leased Assets				$	2,505			$	2,584
Liabilities
Operating		Other liabilities		$	1,128			$	1,182
Finance		Finance lease			1,658				1,673
Total lease liabilities				$	2,796			$	2,855
¹ Net of accumulated depreciation of $319 thousand.


Lease cost		Classification			Three Months Ended March 31, 2021				Three Months Ended March 31, 2020
Operating leases		Premises and equipment		$	80			$	62
Finance leases:
Amortization of leased assets		Premises and equipment			25				25
Interest on finance leases		Interest expense			32				36
Total lease cost				$	137			$	123

					March 31, 2021				December 31, 2020
Weighted Average Remaining Lease Term
Operating leases					8.2 years				7.6 years
Financing leases					14.2 years				14.2 years
Weighted Average Discount Rate ¹
Operating leases					3.8	%			3.7	%
Financing leases					8.3	%			8.4	%
¹ Salisbury uses the FHLB five year Advance rate as the discount rate, as our leases do not provide an implicit rate.

schedule by years of the present value of the net minimum lease payments

The following is a schedule by years of the present value of the net minimum lease payments as of March 31, 2021.

	Future minimum lease payments (in thousands)				Operating Leases				Finance Leases
	2021			$	186			$	144
	2022				199				195
	2023				146				197
	2024				129				200
	2025				137				203
	Thereafter				462				1,778
	Total future minimum lease payments				1,259				2,717
	Less amount representing interest				(131	)			(1,059	)
	Total present value of net future minimum lease payments			$	1,128			$	1,658