NOTE 5 – LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Note 5 Leases

Finance Lease, Liability, to be Paid, Maturity [Table Text Block]

($ in thousands, except lease term and discount rate)	Classification		March 31, 2023		December 31, 2022
Assets
Operating	Other assets	$	1,183	$	1,175
Finance	Bank premises and equipment 1		3,800		3,856
Total leased assets		$	4,983	$	5,031
Liabilities
Operating	Other liabilities	$	1,183	$	1,175
Finance	Finance lease		4,225		4,262
Total lease liabilities		$	5,408	$	5,437

¹ Net of accumulated depreciation of $776 thousand and $720 thousand, respectively.

Lease cost	Classification		Three Months Ended		Three Months Ended
			March 31, 2023		March 31, 2022
Operating leases	Premises and equipment	$	76	$	74
Finance leases:
Amortization of leased assets	Premises and equipment		56		35
Interest on finance leases	Interest expense		40		41
Total lease cost		$	172	$	150

Weighted Average Remaining Lease Term	March 31, 2023		December 31, 2022
Operating leases	5.6 years		5.9 years
Financing leases	21.5 years		21.5 years
Weighted Average Discount Rate 1
Operating leases	3.74	%	3.63	%
Financing leases	3.76	%	3.74	%
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
2023	$	201		$	228
2024		270			314
2025		218			323
2026		213			334
2027		188			344
Thereafter		242			4,924
Total future minimum lease payments		1,333			6,167
Less amount representing interest		(150	)		(1,941	)
Total present value of net future minimum lease payments	$	1,183		$	4,225