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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

On April 27, 2020 the Board of Directors declared a dividend of $0.29 per common share payable on May 15, 2020 to shareholders of record as of May 29, 2020.

As of April 16, 2020 Salisbury processed 477 loan applications, for approximately $86 million, under the initial tranche of funding for the SBA's Paycheck Protection Program. All of these loans closed and were funded by April 24, 2020. As of May 5, 2020 Salisbury processed an additional 302 loan applications, for approximately $12 million, under the second tranche of funding for the SBA's Paycheck Protection Program.

In addition, as of May 5, 2020, Salisbury received 144 loan payment deferral requests from residential and consumer customers (loan balance of $36 million) and 263 loan payment deferral requests from commercial customers (loan balance of $157 million).