NOTE 14 – SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]
NOTE 14 – SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS In July 2023, the Office of the Comptroller of the Currency and the Connecticut State Banking Department both approved the merger of Salisbury with and into NBT, and NBT received an application waiver from the Federal Reserve Bank of New York. The merger is expected to be consummated after the close of business on August 11, 2023, subject to the satisfaction of customary closing conditions. A weekend systems conversion will follow with locations of Salisbury Bank opening as NBT Bank offices beginning on August 14, 2023. After second quarter 2023, Salisbury sold $57.3 million of securities in its AFS portfolio for a pre-tax loss of approximately $9.6 million in preparation for its pending merger with NBT Bancorp, which is scheduled to close on August 11, 2023. Salisbury intends to use the sales proceeds to primarily pay down and reduce borrowings prior to the merger. This loss did not result in a material change to Salisbury’s shareholders’ equity because these securities were recorded at fair value on the Bank’s consolidated balance sheet at June 30, 2023. The loss reduced Salisbury’s total capital ratio of 13.66% and tier one common equity ratio of 12.41% at June 30, 2023 by approximately 26 basis points and 29 basis points, respectively. After adjusting for these losses, Salisbury remained well-capitalized according to regulatory guidelines. Certain legal claims related to the pending merger with NBT were settled by Salisbury in the amount of $220,000 subsequent to June 30, 2023. Salisbury considered this amount to be immaterial to the results presented for the three and six month periods ended June 30, 2023.

NOTE 14 – SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

NOTE 14 – SUBSEQUENT EVENTS

In July 2023, the Office of the Comptroller of the Currency and the Connecticut State Banking Department both approved the merger of Salisbury with and into NBT, and NBT received an application waiver from the Federal Reserve Bank of New York. The merger is expected to be consummated after the close of business on August 11, 2023, subject to the satisfaction of customary closing conditions. A weekend systems conversion will follow with locations of Salisbury Bank opening as NBT Bank offices beginning on August 14, 2023.

After second quarter 2023, Salisbury sold $57.3 million of securities in its AFS portfolio for a pre-tax loss of approximately $9.6 million in preparation for its pending merger with NBT Bancorp, which is scheduled to close on August 11, 2023. Salisbury intends to use the sales proceeds to primarily pay down and reduce borrowings prior to the merger. This loss did not result in a material change to Salisbury’s shareholders’ equity because these securities were recorded at fair value on the Bank’s consolidated balance sheet at June 30, 2023. The loss reduced Salisbury’s total capital ratio of 13.66% and tier one common equity ratio of 12.41% at June 30, 2023 by approximately 26 basis points and 29 basis points, respectively. After adjusting for these losses, Salisbury remained well-capitalized according to regulatory guidelines.

Certain legal claims related to the pending merger with NBT were settled by Salisbury in the amount of $220,000 subsequent to June 30, 2023. Salisbury considered this amount to be immaterial to the results presented for the three and six month periods ended June 30, 2023.