LEASES (Tables)

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Assets and liabilities as well as the costs of operating and financial leases

($ in thousands, except lease term and discount rate)	Classification				September 30, 2019
Assets
Operating	Other assets			$	1,408
Finance	Bank premises and equipment 1				1,529
Total Leased Assets				$	2,937
Liabilities
Operating	Other liabilities			$	1,408
Finance	Finance lease				1,729
Total lease liabilities				$	3,137
1 Net of accumulated depreciation of $269 thousand.
Lease cost	Classification		Nine months ended September 30, 2019		Three months ended September 30, 2019
Operating leases	Premises and equipment	$	193	$	70
Finance leases:
Amortization of leased assets	Premises and equipment		174		54
Interest on finance leases	Interest expense		135		43
Total lease cost		$	502	$	167
Weighted Average Remaining Lease Term
Operating leases					8.4 years
Financing leases					16.0 years
Weighted Average Discount Rate 1
Operating leases					3.70%
Financing leases					8.41%
1 Salisbury uses the FHLBB five year Advance rate as the discount rate, as its leases do not provide an implicit rate.

Present value of the net minimum lease payments

Future minimum lease payments (in thousands)		Operating Leases			Finance Leases
2019	$	61		$	47
2020		246			186
2021		228			192
2022		199			195
2023		134			197
Thereafter		783			2,174
Total future minimum lease payments		1,651			2,991
Less amount representing interest		(243	)		(1,262	)
Total present value of net future minimum lease payments	$	1,408		$	1,729