NOTE 4 – LEASES (Tables)

9 Months Ended

Sep. 30, 2022

Note 4 Leases

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

($ in thousands, except lease term and discount rate)	Classification		September 30, 2022		December 31, 2021
Assets
Operating	Other assets	$	1,231	$	1,021
Finance	Bank premises and equipment 1		3,912		3,791
Total Leased Assets		$	5,143	$	4,812
Liabilities
Operating	Other liabilities	$	1,231	$	1,021
Finance	Finance lease		4,296		4,107
Total Lease Liabilities		$	5,527	$	5,128
1 Net of accumulated depreciation of $664 thousand and $496 thousand, respectively.

Lease cost	Classification		Nine months ended		Three months ended
			September 30, 2022		September 30, 2022
Operating leases	Premises and equipment	$	218	$	72
Finance leases:
Amortization of leased assets	Premises and equipment		167		55
Interest on finance leases	Interest expense		41		41
Total lease cost		$	426	$	168

Lease cost	Classification		Nine months ended		Three months ended
			September 30, 2021		September 30, 2021
Operating leases	Premises and equipment	$	221	$	74
Finance leases:
Amortization of leased assets	Premises and equipment		76		25
Interest on finance leases	Interest expense		103		36
Total lease cost		$	400	$	135

Weighted Average Remaining Lease Term	September 30, 2022		December 31, 2021
Operating leases	6.1 years		6.9 years
Financing leases	21.7 years		23.5 years
Weighted Average Discount Rate 1
Operating leases	3.6	%	3.6	%
Financing leases	3.7	%	5.0	%
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	$	80		$	74
2023		241			304
2024		204			314
2025		213			324
2026		137			334
Thereafter		507			4,968
Total future minimum lease payments		1,382			6,317
Less amount representing interest		(151	)		(2,022	)
Total present value of net future minimum lease payments	$	1,231		$	4,295