NOTE 4 – LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Note 4 Leases

Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]

($ in thousands)	Classification		December 31, 2021		December 31, 2020
Assets
Operating	Other assets	$	1,021	$	1,182
Finance	Bank premises and equipment 1		3,791		1,402
Total Leased Assets		$	4,812	$	2,584
Liabilities
Operating	Accrued interest and other liabilities	$	1,021	$	1,182
Finance	Finance lease obligations		4,107		1,673
Total lease liabilities		$	5,128	$	2,855
1 Net of accumulated depreciation of $496 thousand and $396 thousand, respectively.

Lease cost ($ in thousands)	Classification		Twelve months ended		Twelve months ended
			December 31, 2021		December 31, 2020
Operating leases	Premises and equipment	$	295	$	261
Finance leases:
Amortization of leased assets	Premises and equipment		101		101
Interest on finance leases	Interest expense		136		141
Total lease cost		$	532	$	503

Weighted Average Remaining Lease Term	December 31, 2021		December 31, 2020
Operating leases	6.9 years		7.6 years
Financing leases	23.5 years		14.2 years
Weighted Average Discount Rate 1
Operating leases	3.61	%	3.67	%
Financing leases	4.97	%	8.37	%
1 Salisbury uses the most appropriate FHLBB Advance rates as the discount rate, as its leases do not provide an implicit rate.

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

Future minimum lease payments (in thousands)		Finance Leases			Operating Leases
2022	$	293		$	227
2023		296			167
2024		300			129
2025		305			136
2026		310			136
Thereafter		4,899			381
Total future minimum lease payments		6,403			1,176
Less amount representing interest		(2,296	)		(155	)
Total present value of net future minimum lease payments	$	4,107		$	1,021