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NOTE 4 - LEASES (Tables)

6 Months Ended

Jun. 30, 2021

Note 4 - Leases

operating and finance leases

The following table provides information on the operating and finance leases that are included in the Bank's consolidated balance sheet as of June 30, 2021 and December 31, 2020, and consolidated income statements for the six months and three months ended June 30, 2021 and 2020.

($ in thousands, except lease term and discount rate)		Classification			June 30, 2021				December 31, 2020
Assets
Operating		Other assets		$	1,074			$	1,182
Finance		Bank premises and equipment ¹			1,352				1,402
Total Leased Assets				$	2,426			$	2,584
Liabilities
Operating		Other liabilities		$	1,074			$	1,182
Finance		Finance lease			1,646				1,673
Total lease liabilities				$	2,720			$	2,855
¹ Net of accumulated depreciation of $446 thousand and $396 thousand, respectively.

Lease cost		Classification			Six months ended June 30, 2021				Three months ended June 30, 2021
Operating leases		Premises and equipment		$	147			$	68
Finance leases:
Amortization of leased assets		Premises and equipment			51				25
Interest on finance leases		Interest expense			69				36
Total lease cost				$	267			$	129

Lease cost		Classification			Six months ended June 30, 2020				Three months ended June 30, 2020
Operating leases		Premises and equipment		$	123			$	61
Finance leases:
Amortization of leased assets		Premises and equipment			51				25
Interest on finance leases		Interest expense			71				36
Total lease cost				$	245			$	122

Weighted Average Remaining Lease Term			June 30, 2021				December 31, 2020
Operating leases			7.4 years				7.6 years
Financing leases			13.9 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 FHLBB five-year Advance rate as the discount rate, as its 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 June 30, 2021.

	Future minimum lease payments (in thousands)				Operating Leases				Finance Leases
	2021			$	121			$	96
	2022				199				195
	2023				146				197
	2024				130				200
	2025				137				203
	Thereafter				436				1,777
	Total future minimum lease payments				1,169				2,668
	Less amount representing interest				(95	)			(1,022	)
	Total present value of net future minimum lease payments			$	1,074			$	1,646