NOTE 20 – DERIVATIVES AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges

As of December 31, 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

Line Item in the Statement of Financial Position in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
(in thousands)		December 31, 2020		December 31, 2019		December 31, 2020			December 31, 2019
Loans receivable (1)	$	9,996	$	-	$	(4	)	$	-
Total	$	9,996	$	-	$	(4	)	$	-

fair value of Salisbury’s derivative financial instrument and its classification on the Balance Sheet

The table below presents the fair value of Salisbury’s derivative financial instrument and its classification on the Balance Sheet as of December 31, 2020. Salisbury did not use derivative financial instruments prior to third quarter 2020.

	As of December 31, 2020
(in thousands)	Notional Amount		Balance Sheet Location	Fair Value
Derivatives designated as hedge instruments
Interest Rate Products	$	10,000	Other Assets	$	4
Total Derivatives designated as hedge instruments				$	4

effect of the Company’s derivative financial instruments on the Income Statement

The table below presents the effect of the Company’s derivative financial instruments on the Income Statement as of December 31, 2020.

	For the year ended December 31, 2020
(in thousands)	Interest Income			Interest Expense
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded	$	1		$	—
Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items		(4	)		—
Derivatives designated as hedging instruments	$	5		$	—