NOTE 4 – LEASES (Tables)

6 Months Ended

Jun. 30, 2022

Note 4 Leases

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

($ in thousands, except lease term and discount rate)	Classification		June 30, 2022		December 31, 2021
Assets
Operating	Other assets	$	910	$	1,021
Finance	Bank premises and equipment 1		3,968		3,791
Total Leased Assets		$	4,878	$	4,812
Liabilities
Operating	Other liabilities	$	910	$	1,021
Finance	Finance lease		4,330		4,107
Total lease liabilities		$	5,240	$	5,128
1 Net of accumulated depreciation of $608 thousand and $496 thousand, respectively.

Lease cost	Classification		Six months ended		Three months ended
			June 30, 2022		June 30, 2022
Operating leases	Premises and equipment	$	147	$	73
Finance leases:
Amortization of leased assets	Premises and equipment		112		77
Interest on finance leases	Interest expense		82		41
Total lease cost		$	341	$	191

Lease cost	Classification		Six months ended		Three months ended
			June 30, 2021		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

Weighted Average Remaining Lease Term	June 30, 2022		December 31, 2021
Operating leases	6.8 years		6.9 years
Financing leases	22.0 years		23.5 years
Weighted Average Discount Rate 1
Operating leases	3.7	%	3.60	%
Financing leases	3.40	%	5.00	%
1 Salisbury uses the FHLBB five-year 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	$	99		$	149
2023		167			304
2024		129			314
2025		137			324
2026		137			324
Thereafter		379			4,978
Total future minimum lease payments		1,048			6,393
Less amount representing interest		(138	)		(2,064	)
Total present value of net future minimum lease payments	$	910		$	4,329