NOTE 4 – LEASES (Tables)

3 Months Ended

Mar. 31, 2022

Note 4 Leases

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

(in thousands, except lease term and discount rate)	Classification		March 31, 2022		December 31, 2021
Assets
Operating	Other assets	$	966	$	1,021
Finance	Bank premises and equipment 1		4,045		3,791
Total Leased Assets		$	5,011	$	4,812
Liabilities
Operating	Other liabilities	$	966	$	1,021
Finance	Finance lease		4,363		4,107
Total lease liabilities		$	5,329	$	5,128
1 Net of accumulated depreciation of $532 thousand and $496 thousand, respectively.

Lease cost	Classification		Three Months Ended  March 31, 2022		Three Months Ended March 31, 2021
Operating leases	Premises and equipment	$	74	$	80
Finance leases:
Amortization of leased assets	Premises and equipment		35		25
Interest on finance leases	Interest expense		41		32
Total lease cost		$	150	$	137

Weighted Average Remaining Lease Term	March 31, 2022		December 31, 2021
Operating leases	7.2 years		6.9 years
Financing leases	24.9 years		23.5 years
Weighted Average Discount Rate 1
Operating leases	3.71	%	3.61	%
Financing leases	3.89	%	4.97	%
1 Salisbury uses the applicable FHLBB Advance rate 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)		Operating Leases			Finance Leases
2022	$	162		$	223
2023		167			304
2024		129			314
2025		137			323
2026		137			334
Thereafter		380			4,968
Total future minimum lease payments		1,112			6,466
Less amount representing interest		(146	)		(2,103	)
Total present value of net future minimum lease payments	$	966		$	4,363