NOTE 5 – LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Note 5 Leases

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

($ in thousands)	Classification		December 31, 2022		December 31, 2021
Assets
Operating	Other assets	$	1,175	$	1,021
Finance	Bank premises and equipment 1		3,856		3,791
Total Leased Assets		$	5,031	$	4,812
Liabilities
Operating	Accrued interest and other liabilities	$	1,175	$	1,021
Finance	Finance lease obligations		4,262		4,107
Total lease liabilities		$	5,437	$	5,128

¹ Net of accumulated depreciation of $720 thousand and $496 thousand, respectively.

Lease cost ($ in thousands)	Classification		Twelve months ended December 31, 2022		Twelve months ended December 31, 2021
Operating leases	Premises and equipment	$	293	$	295
Finance leases:
Amortization of leased assets	Premises and equipment		223		101
Interest on finance leases	Interest expense		163		136
Total lease cost		$	679	$	532

Weighted Average Remaining Lease Term	December 31, 2022	December 31, 2021
Operating leases	5.9 years	6.9 years
Financing leases	21.5 years	23.5 years
Weighted Average Discount Rate 1
Operating leases	3.63%	3.61%
Financing leases	3.74%	4.97%

¹    Salisbury uses the most appropriate FHLBB Advance rates 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)		Finance Leases			Operating Leases
2023	$	304		$	241
2024		314			204
2025		323			213
2026		334			214
2027		344			188
Thereafter		4,624			242
Total future minimum lease payments		6,243			1,302
Less amount representing interest		(1,981	)		(127	)
Total present value of net future minimum lease payments	$	4,262		$	1,175