NOTE 13 – FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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
September 30, 2022
Assets at fair value on a recurring basis
U.S. Treasury	$	—	$	16,977	$	—	$	16,977
U.S. Government Agency notes		—		27,924		—		27,924
Municipal bonds		—		44,610		—		44,610
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		63,480		—		63,480
Collateralized mortgage obligations:
U.S. Government agencies		—		22,591		—		22,591
Corporate bonds		—		13,579		—		13,579
Securities available-for-sale	$	—	$	189,161	$	—	$	189,161
Mutual funds		1,882		—		—		1,882
Derivative financial instruments		—		—		—		—

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
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 September 30, 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
September 30, 2022
Financial Assets
Cash and cash equivalents	$	56,297	$	56,297	$	56,297	$	—	$	—
Securities available-for-sale, net		189,161		189,161		—		189,161		—
Mutual funds		1,882		1,882		1,882		—		—
Federal Home Loan Bank of Boston stock		1,487		1,487		—		1,487		—
Loans receivable, net		1,176,493		1,154,834		—		—		1,154,834
Accrued interest receivable		6,012		6,012		—		6,012		—
Cash surrender value of life insurance policies		30,187		30,187		—		30,187		—
Financial Liabilities
Demand (non-interest-bearing)	$	413,584	$	413,584	$	—	$	413,584	$	—
Demand (interest-bearing)		241,236		241,236		—		241,236		—
Money market		313,987		313,987		—		313,987		—
Savings and other		246,538		246,538		—		246,538		—
Certificates of deposit		109,859		109,536		—		109,536		—
Deposits		1,325,204		1,324,881		—		1,324,881		—
Repurchase agreements		7,109		7,109		—		7,109		—
FHLBB advances		20,000		20,000		—		20,000		—
Subordinated debt		24,517		21,514		—		21,517		—
Note payable		139		135		—		135		—
Finance lease obligation		4,296		3,916		—		—		3,916
Accrued interest payable		18		18		—		18		—

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		—
Mutual funds		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		—