NOTE 12 – FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Note 12 Fair Value Of Assets And Liabilities

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

	Fair Value Measurements Using						Assets at
(in thousands)	Level 1		Level 2		Level 3		fair
							value
March 31, 2022
Assets at fair value on a recurring basis
U.S. Treasury	$	—	$	19,103	$	—	$	19,103
U.S. Government Agency notes		—		31,933		—		31,933
Municipal bonds		—		48,299		—		48,299
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		76,796		—		76,796
Collateralized mortgage obligations:
U.S. Government agencies		—		25,920		—		25,920
Corporate bonds		—		13,601		—		13,601
Securities available-for-sale	$	—	$	215,652	$	—	$	215,652
CRA mutual funds		862		—		—		862
Derivative financial instruments		—		47		—		47

December 31, 2021
Assets at fair value on a recurring basis
U.S. Treasury	$	—	$	15,131	$	—		$         15,131
U.S. Government Agency notes		—		31,604		—		31,604
Municipal bonds		—		47,822		—		47,822
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		74,541		—		74,541
Collateralized mortgage obligations:
U.S. Government agencies		—		20,898		—		20,898
Corporate bonds		—		12,400		—		12,400
Securities available-for-sale	$	—	$	202,396	$	—	$	202,396
CRA mutual fund		901		—		—		901
Derivative financial instruments		—		18		—		18
Assets at fair value on a non-recurring basis
Assets held for sale 1	$	700	$	—	$	—	$	700

¹ Prior to December 31, 2021, the Bank entered into an agreement with a third party to sell the building that housed its Poughkeepsie, New York retail branch and relocate the branch to leased space nearby. This sale was completed in January 2022. At March 31, 2022, Salisbury did not have any assets measured at fair value on a non-recurring basis.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

(in thousands)	Carrying		Estimated		Fair value measurements using
	value		fair value		Level 1		Level 2		Level 3
March 31, 2022
Financial Assets
Cash and cash equivalents	$	98,861	$	98,861	$	98,861	$	—	$	—
Interest bearing time deposits with financial institutions		750		750		750
Securities available-for-sale, net		215,652		215,652		—		215,652		—
CRA mutual fund		862		862		862		—		—
Federal Home Loan Bank of Boston stock		1,077		1,077		—		1,077		—
Loans held-for-sale		1,070		1,077		—		—		1,077
Loans receivable, net		1,066,216		1,055,745		—		—		1,055,745
Accrued interest receivable		5,895		5,895		—		5,895		—
Cash surrender value of life insurance policies		27,900		27,900		—		27,900		—
Derivative financial instruments		47		47		—		47		—
Financial Liabilities
Demand (non-interest-bearing)	$	370,082	$	370,082	$	—	$	370,082	$	—
Demand (interest-bearing)		233,893		233,893		—		233,893		—
Money market		317,462		317,462		—		317,462		—
Savings and other		240,824		240,824		—		240,824		—
Certificates of deposit		128,213		128,663		—		128,663		—
Deposits		1,290,474		1,290,924		—		1,290,924		—
Repurchase agreements		8,161		8,161		—		8,161		—
FHLBB advances		419		419		—		419		—
Subordinated debt		24,488		24,409		—		24,409		—
Note payable		159		162		—		162		—
Finance lease obligation		4,363		4,312		—		—		4,312
Accrued interest payable		37		37		—		37		—

December 31, 2021
Financial Assets
Cash and cash equivalents	$	175,335	$	175,335	$	175,335	$	—	$	—
Interest bearing time deposits with financial institutions		750		750		750		—		—
Securities available-for-sale		202,396		202,396		—		202,396		—
CRA mutual fund		901		901		901		—		—
Federal Home Loan Bank of Boston stock		1,397		1,397		—		1,397		—
Loans held-for-sale		2,684		2,721		—		—		2,721
Loans receivable, net		1,066,750		1,066,733		—		—		1,066,733
Accrued interest receivable		6,260		6,260		—		6,260		—
Cash surrender value of life insurance policies		27,738		27,738		—		27,738		—
Derivative financial instruments		18		18		—		18		—
Financial Liabilities
Demand (non-interest-bearing)	$	416,073	$	416,073	$	—	$	416,073	$	—
Demand (interest-bearing)		233,600		233,600		—		233,600		—
Money market		330,436		330,436		—		330,436		—
Savings and other		237,075		237,075		—		237,075		—
Certificates of deposit		119,009		119,716		—		119,716		—
Deposits		1,336,193		1,336,900		—		1,336,900		—
Repurchase agreements		11,430		11,430		—		11,430		—
FHLBB advances		7,656		7,714		—		7,714		—
Subordinated debt		24,474		24,409		—		24,409		—
Note payable		170		171		—		171		—
Finance lease liability		4,107		4,223		—		—		4,223
Accrued interest payable		49		49		—		49		—