Salisbury Bancorp (SAL) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	0-24751
Entity Registrant Name	SALISBURY BANCORP, INC.
Entity Central Index Key	0001060219
Entity Tax Identification Number	06-1514263
Entity Incorporation, State or Country Code	CT
Entity Address, Address Line One	5 Bissell Street
Entity Address, City or Town	Lakeville
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06039
City Area Code	860
Local Phone Number	435-9801
Title of 12(b) Security	Common Stock, Par Value $0.10 per share
Trading Symbol	SAL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,845,147

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 8,785	$ 10,599
Interest bearing demand deposits with other banks	150,411	82,563
Total cash and cash equivalents	159,196	93,162
Interest bearing Time Deposits with Financial Institutions	750	750
Securities
Available-for-sale at fair value	127,343	98,411
CRA mutual fund at fair value	904	917
Federal Home Loan Bank of Boston stock at cost	1,713	1,713
Loans held-for-sale	2,313	2,735
Loans receivable, net (allowance for loan losses: $13,886 and $13,754)	1,041,185	1,027,738
Bank premises and equipment, net	20,831	20,355
Goodwill	13,815	13,815
Intangible assets (net of accumulated amortization: $5,278 and $5,207)	603	674
Accrued interest receivable	6,237	6,373
Cash surrender value of life insurance policies	21,307	21,182
Deferred taxes	2,849	2,412
Other assets	4,083	3,423
Total Assets	1,403,129	1,293,660
Deposits
Demand (non-interest bearing)	334,638	310,769
Demand (interest bearing)	229,200	218,869
Money market	311,971	278,146
Savings and other	207,109	189,776
Certificates of deposit	128,253	131,514
Total deposits	1,211,171	1,129,074
Repurchase agreements	8,687	7,116
Federal Home Loan Bank of Boston advances	11,396	12,639
Subordinated debt	34,305	9,883
Note payable	197	208
Finance lease obligations	1,658	1,673
Accrued interest and other liabilities	8,473	8,315
Total Liabilities	1,275,887	1,168,908
Shareholders' Equity
Outstanding: 2,845,147 and 2,843,292	285	284
Unearned compensation - restricted stock awards	(646)	(774)
Paid-in capital	45,369	45,264
Retained earnings	80,675	76,974
Accumulated other comprehensive income, net	1,559	3,004
Total Shareholders' Equity	127,242	124,752
Total Liabilities and Shareholders' Equity	$ 1,403,129	$ 1,293,660

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,845,147	2,843,292
Common stock, shares outstanding	2,845,147	2,843,292

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest and dividend income
Interest and fees on loans	$ 10,477	$ 9,987
Interest on debt securities
Taxable	423	455
Tax exempt	162	185
Other interest and dividends	34	91
Total interest and dividend income	11,096	10,718
Interest expense
Deposits	555	1,509
Repurchase agreements	3	7
Finance lease	32	36
Note payable	3	4
Subordinated Debt	119	156
Federal Home Loan Bank of Boston advances	34	219
Total interest expense	746	1,931
Net interest and dividend income	10,350	8,787
Provision for loan losses	158	1,706
Net interest and dividend income after provision for loan losses	10,192	7,081
Non-interest income
Trust and wealth advisory	1,146	1,030
Service charges and fees	950	905
Mortgage banking activities, net	608	128
(Losses) gains on CRA mutual fund	(16)	14
Gains on sales and calls of available -for-sale- securities, net		1
BOLI income and gains	125	134
Other	28	33
Total non-interest income	2,841	2,245
Non-interest expense
Salaries	2,901	2,850
Employee benefits	1,312	1,146
Premises and equipment	954	911
Data processing	565	540
Professional fees	711	628
Collections, OREO, and loan related	84	25
FDIC insurance	145	105
Marketing and community support	82	125
Amortization of intangibles	71	87
Other	434	519
Total non-interest expense	7,259	6,936
Income before income taxes	5,774	2,390
Income tax provision	1,248	343
Net income	4,526	2,047
Net income available to common shareholders	$ 4,462	$ 2,013
Basic earnings per common share	$ 1.59	$ 0.72
Diluted earnings per common share	1.59	0.72
Common dividends per share	$ 0.29	$ 0.29

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net income	$ 4,526	$ 2,047
Other comprehensive income
Net unrealized (losses) gains on securities available-for-sale	(1,828)	1,330
Reclassification of net realized (income) losses in net income(1)		(1)
Unrealized (losses) gains on securities available-for-sale	(1,828)	1,329
Income tax benefit (expense)	383	(280)
Unrealized (losses) gains on securities available-for-sale, net of tax	(1,445)	1,049
Comprehensive income	$ 3,081	$ 3,096

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Deferred Compensation, Share-based Payments [Member]	AOCI Attributable to Parent [Member]	Total
Balances at December 31, 2020 at Dec. 31, 2019	$ 283	$ 44,490	$ 68,320	$ (795)	$ 1,357	$ 113,655
Beginning balance, shares at Dec. 31, 2019	2,825,912
Net income			2,047			2,047
Other comprehensive loss, net of tax					1,049	1,049
Common stock dividends declared ($0.29 per share)			(820)			(820)
Stock Options exercised		53				53
Stock options exercised, shares	3,105
Stock based compensation-restricted stock awards		23		136		159
Balances at March 31, 2021 at Mar. 31, 2020	$ 283	44,566	69,547	(659)	2,406	116,143
Ending balance, shares at Mar. 31, 2020	2,829,017
Balances at December 31, 2020 at Dec. 31, 2020	$ 284	45,264	76,974	(774)	3,004	124,752
Beginning balance, shares at Dec. 31, 2020	2,843,292
Net income			4,526			4,526
Other comprehensive loss, net of tax					(1,445)	(1,445)
Common stock dividends declared ($0.29 per share)			(825)			(825)
Stock Options exercised	$ 1	30				31
Stock options exercised, shares	1,755
Stock based compensation-restricted stock awards		71		132		203
Balances at March 31, 2021 at Mar. 31, 2021	$ 285	45,369	80,675	(646)	1,559	127,242
Ending balance, shares at Mar. 31, 2021	2,845,147
Issuance of restricted common stock		$ 4		$ (4)
Issuance of restricted common stock, shares	100

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared, price per share	$ 0.29	$ 0.29

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 4,526	$ 2,047
(Accretion), amortization and depreciation:
Securities	178	105
Bank premises and equipment	363	355
Core deposit intangible	71	87
Modification fees on Federal Home Loan Bank of Boston advances	5	45
Subordinated debt issuance costs	4	6
Mortgage servicing rights	75	16
Fair value adjustment on deposits		(1)
(Gains) and losses, including write-downs
Loss (gain) on CRA mutual fund	16	(14)
Gain on securities available-for-sale, net		(1)
Gain on sales of loans, excluding capitalized servicing rights	(494)	(45)
Provision for loan losses	158	1,706
Proceeds from loans sold	21,281	3,157
Loans originated for sale	(20,365)	(3,360)
Decrease in deferred loan origination fees and costs, net	993	33
Mortgage servicing rights originated	(193)	(33)
Decrease in mortgage servicing rights impairment reserve	(9)
Decrease (increase) in interest receivable	136	(22)
Deferred tax benefit	(54)	(205)
(Increase) decrease in prepaid expenses	(36)	18
Increase in cash surrender value of life insurance policies	(125)	(134)
Increase in other assets	(497)	(78)
Decrease in accrued expenses	(1,002)	(2,969)
Increase in income tax payable	1,118	408
(Decrease) increase in interest payable	(6)	219
Increase in other liabilities	48	613
Stock based compensation-restricted stock awards	203	159
Net cash provided by operating activities	6,394	2,112
Investing Activities
Redemption of Federal Home Loan Bank of Boston stock		509
Purchases of securities available-for-sale	(40,466)	(2,729)
Reinvestment of CRA mutual fund	(3)	(4)
Proceeds from calls of securities available-for-sale		655
Proceeds from maturities/principal payments of securities available-for-sale	9,528	3,767
Loan originations and principal collections, net	(14,611)	(23,497)
Recoveries of loans previously charged off	13	29
Proceeds from sale of OREO		314
Capital expenditures	(839)	(505)
Net cash utilized by investing activities	(46,378)	(21,461)
Financing Activities
Increase (decrease) in deposit transaction accounts, net	85,358	(1,068)
(Decrease) increase in time deposits, net	(3,261)	47,182
Increase (decrease) in securities sold under agreements to repurchase, net	1,571	(3,601)
Federal Home Loan Bank of Boston advances, net change in advances with maturity dates less than three months		(20,000)
Advances on Federal Home Loan Bank of Boston long term advances		10,000
Issuance of subordinated debt, net of costs	24,418
Principal payments on amortizing FHLB Advances	(1,248)
Principal payments on note payable	(11)	(9)
Principal payments on finance lease obligations	(15)	(11)
Stock options exercised	31	53
Common stock dividends paid	(825)	(820)
Net cash provided by financing activities	106,018	31,726
Net increase in cash and cash equivalents	66,034	12,377
Cash and cash equivalents, beginning of period	93,162	26,885
Cash and cash equivalents, end of period	159,196	39,262
Cash paid during period
Interest	743	1,662
Income taxes	$ 183	$ 140

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
NOTE 1 - BASIS OF PRESENTATION	NOTE 1 - BASIS OF PRESENTATION The interim (unaudited) consolidated financial statements of Salisbury Bancorp, Inc. ("Salisbury") include those of Salisbury and its wholly owned subsidiary, Salisbury Bank and Trust Company (the "Bank"). In the opinion of management, the interim unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the consolidated financial position of Salisbury and the consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the interim periods presented. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairment of securities and impairment of goodwill and intangibles. Certain financial information, which is normally included in financial statements prepared in accordance with generally accepted accounting principles, but which is not required for interim reporting purposes, has been condensed or omitted. Operating results for the interim period ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying condensed financial statements should be read in conjunction with the financial statements and notes thereto included in Salisbury's 2020 Annual Report on Form 10-K for the year ended December 31, 2020. The allowance for loan losses is a significant accounting policy and is presented in the Notes to Consolidated Financial Statements and in Management's Discussion and Analysis, which provides information on how significant assets are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions and estimates underlying those amounts, management has identified the determination of the allowance for loan losses to be the accounting area that requires the most subjective judgments, and as such could be most subject to revision as new information becomes available. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company. In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses" which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses (ACL) for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis; (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements. The Bank is working towards the completion of its ACL methodology. To estimate the ACL for loans and off-balance sheet credit exposures, such as unfunded loan commitments, the Corporation will utilize a discounted cash flow model that contains additional assumptions to calculate credit losses over the estimated life of financial assets and off-balance sheet credit exposures and will include the impact of forecasted economic conditions. The estimate is expected to include a one-year reasonable and supportable forecast period and thereafter a one-year reversion period to the historical mean of its macroeconomic assumption. The estimate will also include qualitative factors that may not be reflected in quantitatively derived results to ensure that the ACL reflects a reasonable estimate of current expected credit losses. Based on the credit quality of Salisbury's existing available for sale debt securities portfolio, which primarily consists of obligations of U.S. government agency and U.S. government-sponsored enterprise securities, including mortgage-backed securities, Salisbury does not expect the adoption of ASU 2016-13, as it relates to debt securities, to be significant. For available for sale debt securities with unrealized losses, credit losses will be recognized as an allowance rather than a reduction in the amortized cost of the securities. As a result, improvements to estimated credit losses will be recognized immediately in earnings rather than as interest income over time. The Bank is currently refining various ACL assumptions and running parallel calculations on a monthly basis. Salisbury expects to complete independent model validation and to finalize its documentation of ACL processes and controls by the first quarter of 2023. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes." The amendments in this Update simplify the accounting for income taxes by removing the following exceptions:1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. On January 1, 2021, Salisbury adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. Under current generally accepted accounting principles, entities amortize the premium on purchased callable debt securities to the earliest call date. If a callable debt security contains additional future call dates, entities should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess or premium should be amortized to the next call date. This ASU clarifies that the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. ASU 2020-08 is effective for interim and annual reporting periods beginning after December 15, 2020. On January 1, 2021, Salisbury adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)." In response to the risk of cessation of the London Interbank Offered Rate (LIBOR) as a reference rate, this ASU clarifies the scope of Topic 848 so that derivatives affected by this transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning interim period that includes or is subsequent to March 12, 2020 or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that the financial statements are available to be issued. Salisbury is currently evaluating the impact of the transition from LIBOR to a new reference rate.

NOTE 2 - SECURITIES

NOTE 2 - SECURITIES	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
NOTE 2 - SECURITIES	NOTE 2 - SECURITIES The composition of securities (in thousands) Amortized cost basis (1) Gross un-realized gains Gross un-realized losses Fair value March 31, 2021 Available-for-sale U.S. Government Agency notes $ 19,095 $ 133 $ 86 $ 19,142 Municipal bonds 27,500 1,293 74 28,719 Mortgage-backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 55,435 786 499 55,722 Collateralized mortgage obligations: U.S. Government agencies 14,590 321 62 14,849 Corporate bonds 8,750 161 - 8,911 Total securities available-for-sale $ 125,370 $ 2,694 $ 721 $ 127,343 CRA mutual fund $ 904 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,713 $ - $ - $ 1,713 (in thousands) Amortized cost basis (1) Gross un-realized gains Gross un-realized losses Fair value December 31, 2020 Available-for-sale U.S. Government Agency notes $ 7,735 $ 153 $ 37 $ 7,851 Municipal bonds 25,831 1,787 1 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 35,240 1,376 43 36,573 Collateralized mortgage obligations: U.S. Government agencies 17,054 400 - 17,454 Corporate bonds 8,750 166 - 8,916 Total securities available-for-sale $ 94,610 $ 3,882 $ 81 $ 98,411 CRA mutual fund $ 917 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,713 $ - $ - $ 1,713 Salisbury did not sell any available-for-sale securities during the three month periods ended March 31, 2021 and March 31, 2020, respectively. The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position Less than 12 Months 12 Months or Longer Total March 31, 2021 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 10,993 $ 86 $ - $ - $ 10,993 $ 86 Municipal bonds 4,996 74 - - 4,996 74 Mortgage- backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 36,534 499 - - 36,534 499 Collateralized mortgage obligations: U.S. Government agencies 4,030 62 - - 4,030 62 Total temporarily impaired securities $ 56,553 $ 721 $ - $ - $ 56,553 $ 721 Less than 12 Months 12 Months or Longer Total December 31, 2020 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 2,553 $ 36 $ 20 $ 1 $ 2,573 $ 37 Municipal bonds 558 1 - - 558 1 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 3,761 42 45 1 3,806 43 Total temporarily impaired securities $ 6,872 $ 79 $ 65 $ 2 $ 6,937 $ 81 The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity March 31, 2021 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Government Agency notes After 1 year but within 5 years $ 4,497 $ 4,512 2.32 % After 5 year but within 10 years 2,995 2,964 1.35 Total 7,492 7,476 1.93 Municipal bonds After 5 year but within 10 years 3,038 3,188 2.71 After 10 years 24,462 25,531 2.94 Total 27,500 28,719 2.92 Mortgage-backed securities, Collateralized mortgage obligations, U.S. Government agencies and sponsored enterprises Not a single maturity 81,628 82,237 1.94 Corporate bonds After 5 years but within 10 years 8,750 8,911 5.22 Securities available-for-sale $ 125,370 $ 127,343 2.39 % (1) Salisbury evaluates debt securities for other-than-temporary impairment ("OTTI") when the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI. The following summarizes, by security type, the basis for evaluating if the applicable debt securities were OTTI at March 31, 2021. U.S. Government Agency notes: The contractual cash flows are guaranteed by the U.S. government. Twelve securities had unrealized losses at March 31, 2021, which approximated 0.78% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality since time of purchase. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at March 31, 2021 Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Eight securities had unrealized losses at March 31, 2021, which approximated 1.47% of their amortized cost. Management believes the unrealized loss position is attributable to interest rate and spread movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Management evaluated the impairment status of these debt securities, and concluded that the gross unrealized losses were temporary in nature. Therefore, management does not consider these investments to be other-than temporarily impaired at March 31, 2021. U.S. Government agency and U.S. Government-sponsored mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Thirty seven securities had unrealized losses at March 31, 2021, which approximated 1.36% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. Furthermore, Salisbury evaluates these securities for strategic fit and may reduce its position in these securities, although it is not more likely than not that Salisbury will be required to sell these securities before recovery of their cost basis, which may be maturity, and does not intend to sell these securities. Therefore, management does not consider these investments to be other-than-temporarily impaired at March 31, 2021. The Federal Home Loan Bank of Boston (FHLBB) is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of March 31, 2021. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock.

NOTE 3 - LOANS

NOTE 3 - LOANS	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
NOTE 3 - LOANS	NOTE 3 - LOANS The composition of loans receivable (In thousands) March 31, 2021 December 31, 2020 Residential 1-4 family $ 344,527 $ 352,001 Residential 5+ multifamily 37,789 37,058 Construction of residential 1-4 family 10,435 8,814 Home equity lines of credit 26,240 27,804 Residential real estate 418,991 425,677 Commercial 306,830 310,841 Construction of commercial 34,312 31,722 Commercial real estate 341,142 342,563 Farm land 3,606 3,198 Vacant land 13,228 14,079 Real estate secured 776,967 785,517 Commercial and industrial 249,357 227,148 Municipal 21,495 21,512 Consumer 8,617 7,687 Loans receivable, gross 1,056,436 1,041,864 Deferred loan origination (fees) and costs, net (1,365 ) (372 ) Allowance for loan losses (13,886 ) (13,754 ) Loans receivable, net $ 1,041,185 $ 1,027,738 Loans held-for-sale Residential 1-4 family $ 2,313 $ 2,735 Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbury's loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks' originated loans. Purchased amounts are accounted for as loans without recourse to the originating bank. Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. At March 31, 2021 and December 31, 2020, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $ 68.0 65.3 Concentrations of Credit Risk Salisbury's loans consist primarily of residential and commercial real estate loans located principally in Litchfield County, Connecticut; Dutchess, Orange and Ulster Counties, New York; and Berkshire County, Massachusetts, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, installment loans and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury's market area. Salisbury's commercial loan portfolio is comprised of loans to diverse industries, several of which may experience operating challenges due to the COVID-19 virus pandemic ("virus"). Approximately 40% of the Bank's commercial loan portfolio are to entities who operate rental properties, which include commercial strip malls, smaller rental units as well as multi-unit dwellings. Approximately 14% of the Bank's commercial loans are to entities in the hospitality industry, which includes hotels, bed & breakfast inns and restaurants. Approximately 8% of the Bank's commercial loans are to educational institutions and approximately 5% of Salisbury's commercial loans are to entertainment and recreation related businesses, which include camps and amusement parks. Salisbury's commercial real estate exposure as a percentage of the Bank's total risk-based capital, which represents Tier 1 plus Tier 2 capital, was approximately 165% as of March 31, 2021 and 182% at December 31, 2020 compared to the regulatory monitoring guideline of 300%. Salisbury's commercial loan exposure is mitigated by a variety of factors including the personal liquidity of the borrower, real estate and/or non-real estate collateral, U.S. Department of Agriculture or Small Business Administration ("SBA") guarantees, loan payment deferrals and economic stimulus loans from the U.S. government as a result of the virus, and other factors. Due to the COVID-19 pandemic, the Bank may experience higher loan payment delinquencies and higher loan charge-offs, which could warrant increased provisions for loan losses. Management is currently unable to predict the extent to which the COVID-19 pandemic will impact these and other borrowers. On a year-to-date basis through March 31, 2021, Salisbury processed 435 47 For the three months ended March 31, 2021, Salisbury recorded net interest income of $ 0.2 1.1 94 85 Credit Quality Salisbury uses credit risk ratings as part of its determination of the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions. Loans rated as "special mention" (5) possess credit deficiencies or potential weaknesses deserving management's close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date. Loans rated as "substandard" (6) are loans where the Bank's position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection. Loans rated "doubtful" (7) have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined. Loans classified as "loss" (8) are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future. Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank's loan portfolio is examined periodically by its regulatory agencies, the Federal Deposit Insurance Corporation ("FDIC") and the Connecticut Department of Banking ("CTDOB"). The composition of loans receivable by risk rating grade (in thousands) Pass Special mention Substandard Doubtful Loss Total March 31, 2021 Residential 1-4 family $ 334,636 $ 5,807 $ 4,084 $ - $ - $ 344,527 Residential 5+ multifamily 35,919 180 1,690 - - 37,789 Construction of residential 1-4 family 10,435 - - - - 10,435 Home equity lines of credit 25,756 247 237 - - 26,240 Residential real estate 406,746 6,234 6,011 - - 418,991 Commercial 262,655 7,163 37,012 - - 306,830 Construction of commercial 34,086 - 226 - - 34,312 Commercial real estate 296,741 7,163 37,238 - - 341,142 Farm land 1,636 1,369 601 - - 3,606 Vacant land 12,344 847 37 - - 13,228 Real estate secured 717,467 15,613 43,887 - - 776,967 Commercial and industrial 246,241 920 1,906 290 - 249,357 Municipal 21,495 - - - - 21,495 Consumer 8,593 - 24 - - 8,617 Loans receivable, gross $ 993,796 $ 16,533 $ 45,817 $ 290 $ - $ 1,056,436 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2020 Residential 1-4 family $ 342,243 $ 5,615 $ 4,143 $ - $ - $ 352,001 Residential 5+ multifamily 35,272 90 1,696 - - 37,058 Construction of residential 1-4 family 8,814 - - - - 8,814 Home equity lines of credit 27,393 257 154 - - 27,804 Residential real estate 413,722 5,962 5,993 - - 425,677 Commercial 276,866 15,565 18,410 - - 310,841 Construction of commercial 31,493 - 229 - - 31,722 Commercial real estate 308,359 15,565 18,639 - - 342,563 Farm land 1,612 - 1,586 - - 3,198 Vacant land 13,992 50 37 - - 14,079 Real estate secured 737,685 21,577 26,255 - - 785,517 Commercial and industrial 224,906 1,271 632 339 - 227,148 Municipal 21,512 - - - - 21,512 Consumer 7,660 - 27 - - 7,687 Loans receivable, gross $ 991,763 $ 22,848 $ 26,914 $ 339 $ - $ 1,041,864 The composition of loans receivable by delinquency status Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual March 31, 2021 Residential 1-4 family $ 341,636 $ 1,806 $ - $ 372 $ 713 $ 2,891 $ - $ 1,358 Residential 5+ multifamily 36,928 - - - 861 861 - 861 Construction of residential 1-4 family 10,435 - - - - - - - Home equity lines of credit 26,119 8 - 9 104 121 - 237 Residential real estate 415,118 1,814 - 381 1,678 3,873 - 2,456 Commercial 306,233 293 - 209 95 597 40 2,233 Construction of commercial 34,312 - - - - - - - Commercial real estate 340,545 293 - 209 95 597 40 2,233 Farm land 3,005 4 147 450 - 601 450 151 Vacant land 13,191 - - 37 - 37 - 37 Real estate secured 771,859 2,111 147 1,077 1,773 5,108 490 4,877 Commercial and industrial 249,042 266 - 2 47 315 14 325 Municipal 21,495 - - - - - - - Consumer 8,615 2 - - - 2 - - Loans receivable, gross $ 1,051,011 $ 2,379 $ 147 $ 1,079 $ 1,820 $ 5,425 $ 504 $ 5,202 Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual December 31, 2020 Residential 1-4 family $ 349,382 $ 1,419 $ 308 $ 673 $ 219 $ 2,619 $ - $ 1,508 Residential 5+ multifamily 36,197 - - - 861 861 - 861 Construction of residential 1-4 family 8,814 - - - - - - - Home equity lines of credit 27,522 157 9 - 116 282 - 154 Residential real estate 421,915 1,576 317 673 1,196 3,762 - 2,523 Commercial 307,927 1,855 530 95 434 2,914 - 2,544 Construction of commercial 31,722 - - - - - - - Commercial real estate 339,649 1,855 530 95 434 2,914 - 2,544 Farm land 2,594 154 450 - - 604 - 158 Vacant land 14,079 - - - - - - 37 Real estate secured 778,237 3,585 1,297 768 1,630 7,280 - 5,262 Commercial and industrial 224,496 2,148 457 1 46 2,652 12 374 Municipal 21,512 - - - - - - - Consumer 7,677 10 - - - 10 - - Loans receivable, gross $ 1,031,922 $ 5,743 $ 1,754 $ 769 $ 1,676 $ 9,942 $ 12 $ 5,636 Troubled Debt Restructurings (TDRs) There were no troubled debt restructurings in the first quarter of 2021. For the three months ended March 31, 2020, there was one commercial real estate troubled debt restructuring for $ 133 Allowance for Loan Losses Changes in the allowance for loan losses Three months ended March 31, 2021 Three months ended March 31, 2020 (in thousands) Beginning balance Provision Charge- offs Reco- veries Ending balance Beginning balance Provision Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,646 $ (208 ) $ (9 ) $ 1 $ 2,430 $ 2,393 $ 306 $ - $ 7 $ 2,706 Residential 5+ multifamily 686 (64 ) - - 622 446 62 - - 508 Construction of residential 1-4 family 65 12 - - 77 75 12 - - 87 Home equity lines of credit 252 (57 ) - - 195 197 81 - - 278 Residential real estate 3,649 (317 ) (9 ) 1 3,324 3,111 461 - 7 3,579 Commercial 6,546 530 (6 ) 10 7,080 3,742 758 - 19 4,519 Construction of commercial 596 (12 ) - - 584 104 22 - - 126 Commercial real estate 7,142 518 (6 ) 10 7,664 3,846 780 - 19 4,645 Farm land 59 (9 ) - - 50 47 5 - - 52 Vacant land 180 (71 ) - - 109 71 73 - - 144 Real estate secured 11,030 121 (15 ) 11 11,147 7,075 1,319 - 26 8,420 Commercial and industrial 1,397 (28 ) - - 1,369 1,145 (74 ) - - 1,071 Municipal 43 - - - 43 46 7 - - 53 Consumer 77 (3 ) (24 ) 2 52 60 51 (12 ) 3 102 Unallocated 1,207 68 - - 1,275 569 403 - - 972 Totals $ 13,754 $ 158 $ (39 ) $ 13 $ 13,886 $ 8,895 $ 1,706 $ (12 ) $ 29 $ 10,618 Th e composition of loans receivable and the allowance for loan losses (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance March 31, 2021 Residential 1-4 family $ 340,398 $ 2,337 $ 4,129 $ 93 $ 344,527 $ 2,430 Residential 5+ multifamily 36,826 622 963 - 37,789 622 Construction of residential 1-4 family 10,435 77 - - 10,435 77 Home equity lines of credit 26,003 195 237 - 26,240 195 Residential real estate 413,662 3,231 5,329 93 418,991 3,324 Commercial 301,526 6,946 5,304 134 306,830 7,080 Construction of commercial 34,312 584 - - 34,312 584 Commercial real estate 335,838 7,530 5,304 134 341,142 7,664 Farm land 3,455 50 151 - 3,606 50 Vacant land 13,064 107 164 2 13,228 109 Real estate secured 766,019 10,918 10,948 229 776,967 11,147 Commercial and industrial 248,925 1,247 432 122 249,357 1,369 Municipal 21,495 43 - - 21,495 43 Consumer 8,593 52 24 - 8,617 52 Unallocated allowance - 1,275 - - - 1,275 Totals $ 1,045,032 $ 13,535 $ 11,404 $ 351 $ 1,056,436 $ 13,886 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2020 Residential 1-4 family $ 347,695 $ 2,445 $ 4,306 $ 201 $ 352,001 $ 2,646 Residential 5+ multifamily 36,094 686 964 - 37,058 686 Construction of residential 1-4 family 8,814 65 - - 8,814 65 Home equity lines of credit 27,650 232 154 20 27,804 252 Residential real estate 420,253 3,428 5,424 221 425,677 3,649 Commercial 305,193 6,298 5,648 248 310,841 6,546 Construction of commercial 31,722 596 - - 31,722 596 Commercial real estate 336,915 6,894 5,648 248 342,563 7,142 Farm land 3,040 59 158 - 3,198 59 Vacant land 13,912 178 167 2 14,079 180 Real estate secured 774,120 10,559 11,397 471 785,517 11,030 Commercial and industrial 226,662 1,223 486 174 227,148 1,397 Municipal 21,512 43 - - 21,512 43 Consumer 7,661 59 26 18 7,687 77 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 The credit quality segments of loans receivable and the allowance for loan losses March 30, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,007,513 $ 9,131 $ - $ - $ 1,007,513 $ 9,131 Potential problem loans 1 37,519 3,129 - - 37,519 3,129 Impaired loans - - 11,404 351 11,404 351 Unallocated allowance - 1,275 - - - 1,275 Totals $ 1,045,032 $ 13,535 $ 11,404 $ 351 $ 1,056,436 $ 13,886 December 31, 2020 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,011,757 $ 10,424 $ - $ - $ 1,011,757 $ 10,424 Potential problem loans 1 18,198 1,460 - - 18,198 1,460 Impaired loans - - 11,909 663 11,909 663 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 1 loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired. A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or the fair value of collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment ed: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Book Note Average allowance recognized Book Note Average recognized March 31, 2021 Residential $ 836 $ 860 $ 2,368 $ 93 $ 9 $ 4,257 $ 4,688 $ 2,779 $ 21 Home equity lines of credit - - 56 - - 237 277 140 - Residential real estate 836 860 2,424 93 9 4,494 4,965 2,919 21 Commercial 1,941 1,958 2,769 134 20 3,363 4,006 2,873 35 Construction of commercial - - - - - - - - - Farm land - - - - - 151 316 154 - Vacant land 164 182 101 2 2 - - 65 - Real estate secured 2,941 3,000 5,294 229 31 8,008 9,287 6,011 56 Commercial and industrial 338 349 382 122 1 93 308 82 1 Consumer - - 19 - - 24 24 6 - Totals $ 3,279 $ 3,349 $ 5,695 $ 351 $ 32 $ 8,125 $ 9,619 $ 6,099 $ 57 Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Book Note Average allowance recognized Book Note Average recognized March 31, 2020 Residential $ 4,015 $ 4,140 $ 4,067 $ 306 $ 42 $ 1,705 $ 2,019 $ 2,070 $ 6 Home equity lines of credit 89 89 22 26 - 118 464 108 - Residential real estate 4,104 4,229 4,089 332 42 1,823 2,483 2,178 6 Commercial 3,672 3,741 3,405 533 44 638 1,254 924 10 Construction of commercial - - - - - - - - - Farm land - - - - - 181 327 184 - Vacant land 41 41 41 8 1 137 154 138 2 Real estate secured 7,817 8,011 7,535 873 87 2,779 4,218 3,424 18 Commercial and industrial 166 170 111 8 1 53 207 86 1 Consumer 34 34 35 27 - - - - - Totals $ 8,017 $ 8,215 $ 7,681 $ 908 $ 88 $ 2,832 $ 4,425 $ 3,510 $ 19 Certain data with respect to loans individually eva luated for impairment is as follows as of and for the year ended December 31, 2020: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 2020 Residential $ 2,971 $ 3,040 $ 3,862 $ 201 $ 72 $ 2,299 $ 2,676 $ 1,993 $ 27 Home equity lines of credit 75 75 76 20 - 79 117 103 - Residential real estate 3,046 3,115 3,938 221 72 2,378 2,793 2,096 27 Commercial 3,058 3,117 3,325 248 132 2,590 3,203 1,139 91 Construction of commercial - - - - - - - - - Farm land - - - - - 158 319 173 - Vacant land 37 40 39 2 - 130 145 134 9 Real estate secured 6,141 6,272 7,302 471 204 5,256 6,460 3,542 127 Commercial and industrial 416 424 482 174 4 70 283 58 2 Consumer 26 26 31 18 2 - - - - Totals $ 6,583 $ 6,722 $ 7,815 $ 663 $ 210 $ 5,326 $ 6,743 $ 3,600 $ 129

NOTE 4 - LEASES

NOTE 4 - LEASES	3 Months Ended
	Mar. 31, 2021
Note 4 - Leases
NOTE 4 - LEASES	NOTE 4 - LEASES The Bank leases facilities and equipment with various expiration dates through 2036. The facilities leases have varying renewal options, generally require fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. The Bank does not have any leases with related parties and equipment leases are not material to Salisbury's consolidated financial statements. The following table provides the assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the costs of operating and financial leases (in thousands, except lease term and discount rate) Classification March 31, 2021 December 31, 2020 Assets Operating Other assets $ 1,128 $ 1,182 Finance Bank premises and equipment 1 1,377 1,402 Total Leased Assets $ 2,505 $ 2,584 Liabilities Operating Other liabilities $ 1,128 $ 1,182 Finance Finance lease 1,658 1,673 Total lease liabilities $ 2,796 $ 2,855 1 Lease cost Classification Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Operating leases Premises and equipment $ 80 $ 62 Finance leases: Amortization of leased assets Premises and equipment 25 25 Interest on finance leases Interest expense 32 36 Total lease cost $ 137 $ 123 March 31, 2021 December 31, 2020 Weighted Average Remaining Lease Term Operating leases 8.2 years 7.6 years Financing leases 14.2 years 14.2 years Weighted Average Discount Rate 1 Operating leases 3.8 % 3.7 % Financing leases 8.3 % 8.4 % 1 The following is a schedule by years of the present value of the net minimum lease payments Future minimum lease payments (in thousands) Operating Leases Finance Leases 2021 $ 186 $ 144 2022 199 195 2023 146 197 2024 129 200 2025 137 203 Thereafter 462 1,778 Total future minimum lease payments 1,259 2,717 Less amount representing interest (131 ) (1,059 ) Total present value of net future minimum lease payments $ 1,128 $ 1,658

NOTE 5 - MORTGAGE SERVICING RIG

NOTE 5 - MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
NOTE 5 - MORTGAGE SERVICING RIGHTS	NOTE 5 - MORTGAGE SERVICING RIGHTS (in thousands) March 31, 2021 December 31, 2020 Residential mortgage loans serviced for others $ 145,474 $ 134,428 Fair value of mortgage servicing rights 936 762 Changes in mortgage servicing rights Three months ended March 31, (in thousands) 2021 2020 Mortgage Servicing Rights Balance, beginning of period $ 621 $ 238 Originated 193 33 Amortization (1) (75 ) (16 ) Balance, end of period $ 739 $ 255 Valuation Allowance Balance, beginning of period (9 ) - Decrease in impairment reserve (1) 9 Balance, end of period - Mortgage servicing rights, net $ 739 $ 255 (1)

NOTE 6 - PLEDGED ASSETS

NOTE 6 - PLEDGED ASSETS	3 Months Ended
	Mar. 31, 2021
Guarantees and Product Warranties [Abstract]
NOTE 6 - PLEDGED ASSETS	NOTE 6 - PLEDGED ASSETS The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (in thousands) March 31, 2021 December 31, 2020 Securities available-for-sale (at fair value) $ 61,683 $ 54,581 Loans receivable 402,538 420,415 Total pledged assets $ 464,221 $ 474,996 At March 31, 2021, securities were pledged as follows: $ 52.97 8.69 0.02

NOTE 7 - DERIVATIVES AND HEDGIN

NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES	NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives Salisbury is exposed to certain risk arising from both its business operations and economic conditions. The Bank principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Bank manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Bank enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Bank uses derivative financial instruments to manage differences in the amount, timing, and duration of the Bank's known or expected cash receipts and its known or expected cash payments principally related to its portfolio of loans to first-time home buyers. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain pools of its pre-payable fixed-rate assets due to changes in benchmark interest rates. Salisbury uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, Federal Funds. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for Salisbury receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. As of March 31, 2021, 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 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Loans receivable (1) $ 9,993 $ 9,996 $ (7 ) $ (4 ) Total $ 9,993 $ 9,996 $ (7 ) $ (4 ) (1) These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 44.7 7 10.0 The table below presents the fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet As of March 31, 2021 As of December 31, 2020 (in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedge instruments Interest Rate Products $ 10,000 Other assets $ 7 Other Assets $ 4 Total Derivatives designated as hedge instruments $ 7 $ 4 effect of the Company's derivative financial instruments on the Income Statement Three months ended (in thousands) Interest Interest Expense Total amounts of interest income and expense line items presented in the income statement 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 (2 ) - Derivatives designated as hedging instruments $ 3 $ - Credit-Risk Related Contingent Features Salisbury has an agreement with its derivative counterparty that contains a provision where if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The agreement also contains a provision where if the Bank fails to maintain its status as a well / adequate capitalized institution, then Salisbury could be required to post cash or certain marketable securities issued by the U.S. Treasury or U.S. Government-sponsored enterprises as collateral. The minimum amount that Salisbury would have to post as collateral is $ 250 As of March 31, 2021, the fair value of derivative was $ 7

NOTE 8 - EARNINGS PER SHARE

NOTE 8 - EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
NOTE 8 - EARNINGS PER SHARE	NOTE 8 - EARNINGS PER SHARE Salisbury defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The following table sets forth the computation of earnings per share (basic and diluted) Three months ended March 31, (in thousands, except per share data) 2021 2020 Net income $ 4,526 $ 2,047 Less: Undistributed earnings allocated to participating securities (64 ) (34 ) Net income allocated to common stock $ 4,462 $ 2,013 Weighted-average common shares issued 2,845 2,828 Less: Unvested restricted stock awards (40 ) (40 ) Weighted average common shares outstanding used to calculate basic earnings per common share 2,805 2,788 Add: Dilutive effect of stock options and restricted stock units 10 9 Weighted-average common shares outstanding used to calculate diluted earnings per common share 2,815 2,797 Earnings per common share (basic) $ 1.59 $ 0.72 Earnings per common share (diluted) $ 1.59 $ 0.72

NOTE 9 - SHAREHOLDERS' EQUITY

NOTE 9 - SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
NOTE 9 - SHAREHOLDERS' EQUITY	NOTE 9 - SHAREHOLDERS' EQUITY Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Bank became subject to capital regulations adopted by the Board of Governors of the Federal Reserve System (FRB) and the FDIC, which implemented the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The required minimum regulatory capital ratios to which the Bank is subject, and the minimum ratios required for the Bank to be categorized as "well capitalized" under the prompt corrective action framework are noted in the table below. In addition, the regulations established a capital conservation buffer of 2.5% effective January 1, 2019. Failure to maintain the capital conservation buffer will limit the ability of the Company and the Bank to pay discretionary bonuses and dividends. At March 31, 2021, the Bank exceeded the minimum requirement for the capital conservation buffer. As of December 31, 2020, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed that categorization. On March 31, 2021 Salisbury issued $ 25 10 15 In March 2021, Salisbury announced that its Board of Directors adopted a share repurchase program, which provides for the repurchase of Salisbury's common stock in amounts up to an aggregate of five percent (5%) of the outstanding shares of Salisbury's common stock from time to time over the next twelve months. The Bank's risk-weighted assets at March 31, 2021 and December 31, 2020 were $ 967.6 938.0 Actual regulatory capital position and minimum capital requirements Actual Minimum Capital Required For Capital Adequacy Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio March 31, 2021 Total Capital (to risk-weighted assets) $ 141,113 14.58 % $ 77,405 8.0 % $ 101,594 10.5 % $ 96,756 10.0 % Tier 1 Capital (to risk-weighted assets) 128,995 13.33 58,054 6.0 82,243 8.5 77,405 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 128,995 13.33 43,540 4.5 67,729 7.0 62,892 6.5 Tier 1 Capital (to average assets) $ 128,995 9.83 $ 52,480 4.0 $ 52,480 4.0 $ 65,601 5.0 December 31, 2020 Total Capital (to risk-weighted assets) $ 127,254 13.57 % $ 75,037 8.0 % $ 98,486 10.5 % $ 93,796 10.0 % Tier 1 Capital (to risk-weighted assets) 115,503 12.31 56,278 6.0 79,727 8.5 75,037 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 115,503 12.31 42,208 4.5 66,657 7.0 60,967 6.5 Tier 1 Capital (to average assets) $ 115,503 8.90 $ 51,907 4.0 $ 51,907 4.0 $ 64,884 5.0 Restrictions on Cash Dividends to Common Shareholders Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years. FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company ("BHC") should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure.

NOTE 10 - BENEFITS

NOTE 10 - BENEFITS	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
NOTE 10 - BENEFITS	NOTE 10 - BENEFITS Salisbury offers a 401(k) Plan to eligible employees. Under the 401(k) Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. The Plan includes a safe harbor contribution of 3% for all qualifying employees. The Bank's safe harbor contribution percentage is reviewed annually and, under provisions of the 401(k) Plan, is subject to change in the future. An additional discretionary match may also be made for all employees that meet the 401(k) Plan's qualifying requirements for such a match. This discretionary matching percentage, if any, is also subject to review under the provisions of the 401(k) Plan. Both the safe harbor and additional discretionary match, if any, vest immediately. Salisbury's 401(k) Plan expense was $ 286 238 ESOP Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service: 20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Salisbury's ESOP expense was $ 55 57 Other Retirement Plans Salisbury adopted ASC 715-60, "Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury's future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $ 858 771 86 23 A Non-Qualified Deferred Compensation Plan (the "Plan") was adopted effective January 1, 2013. This Plan was adopted by the Bank for the benefit of certain key employees ("Executive" or "Executives") who have been selected and approved by the Bank to participate in this Plan and who have evidenced their participation by execution of a Non-Qualified Deferred Compensation Plan Participation Agreement ("Participation Agreement") in a form provided by the Bank. This Plan is intended to comply with Internal Revenue Code ("Code") Section 409A and any regulatory or other guidance issued under such Section. In 2021 and 2020, the Bank awarded seven (7) Executives with discretionary contributions to the plan. Expenses related to this plan for the first three months ended March 31 amounted to $ 29 33 Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers, including a severance agreement with Mr. Cantele, President and Chief Executive Officer, a change in control agreement with Mr. Albero, Executive Vice President and Chief Financial Officer, and a severance agreement with Mr. Davies, President of the New York Region and Chief Lending Officer. In addition to these agreements, Salisbury has change in control agreements or a severance agreement, with change in control provisions, with eleven other executives with payouts ranging from 0.5 to 1.0 times base salary, annual cash bonus and other benefits. Such agreements, and their subsequent amendments, are designed to allow Salisbury to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to Salisbury's operations

NOTE 11 - LONG TERM INCENTIVE P

NOTE 11 - LONG TERM INCENTIVE PLANS	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
NOTE 11 - LONG TERM INCENTIVE PLANS	NOTE 11 - LONG TERM INCENTIVE PLANS Restricted stock Expense in first quarter 2021 and 2020 related to employee and directors' stock-based compensation totaled $ 132 136 646 659 Performance-based restricted stock units On March 29, 2019, the Compensation Committee granted performance-based restricted stock units (RSU) pursuant to the 2017 Long-Term Incentive Plan to further align compensation with the Bank's performance. This RSU plan replaced the Bank's Phantom Stock Appreciation Units plan (Phantom). Salisbury paid out the final tranche of these awards in January 2021. Salisbury's expense for the Phantom plan was $ 0 36 The performance goal for awards granted under the RSU plan in 2019 is based on the increase in the Bank's tangible book value by $3.50 per share over the performance period for threshold performance. Vesting will range from 75% of target for achieving threshold performance, to 100% of target for achieving target payout performance ($5.00 increase in tangible book value per share) to 150% of target for achieving in excess of target payout performance and, if the performance goals are achieved, vesting will occur no later than March 29, 2022. On July 29, 2020, the Compensation Committee granted an additional 7,250 The fair value of the awards granted under the RSU plan at the grant date was $ 264 280 71 23 Short Term Incentive Plan (STIP) Salisbury offers a short-term discretionary compensation plan to eligible employees on an annual basis. Under this incentive plan, Salisbury may reward employees with cash compensation if certain pre-determined Bank and individual performance goals have been achieved. The STIP expense, which is included in compensation expenses, totaled $ 238 153 Options Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. In the first quarter 2021 and 2020, 1,755 17.04 1,350 17.04

NOTE 12 - FAIR VALUE OF ASSETS

NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES	NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Salisbury adopted ASC 820-10, "Fair Value Measurement - Overall," which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption. In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information ("inputs") are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury's market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. • Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. • Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy. • Securities available-for-sale and the CRA mutual fund. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management's best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. • Derivative financial instruments. The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. • Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3. • Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3. Assets measured at fair value Fair Value Measurements Using Assets at (in thousands) Level 1 Level 2 Level 3 fair value March 31, 2021 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 19,142 - $ 19,142 Municipal bonds - 28,719 - 28,719 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 55,722 - 55,722 Collateralized mortgage obligations: U.S. Government agencies - 14,849 - 14,849 Corporate bonds - 8,911 - 8,911 Securities available-for-sale $ - $ 127,343 - $ 127,343 CRA mutual funds 904 - - 904 Derivative financial instruments - 7 - 7 December 31, 2020 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 7,851 $ - $ 7,851 Municipal bonds - 27,617 - 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 36,573 - 36,573 Collateralized mortgage obligations: U.S. Government agencies - 17,454 - 17,454 Corporate bonds - 8,916 - 8,916 Securities available-for-sale $ - $ 98,411 $ - $ 98,411 CRA mutual funds 917 - - 917 Derivative financial instruments - 4 - 4 Carrying values and estimated fair values of financial instruments (in thousands) Carrying Estimated Fair value measurements using value fair value Level 1 Level 2 Level 3 March 31, 2021 Financial Assets Cash and cash equivalents $ 159,196 $ 159,196 $ 159,196 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 Securities available-for-sale, net 127,343 127,343 - 127,343 - CRA mutual fund 904 904 904 - - Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - - Loans held-for-sale 2,313 2,352 - - 2,352 Loans receivable, net 1,041,185 1,043,432 - - 1,043,432 Accrued interest receivable 6,237 6,237 6,237 - - Cash surrender value of life insurance policies 21,307 21,307 21,307 - - Derivative financial instruments 7 7 - 7 - Financial Liabilities Demand (non-interest-bearing) $ 334,638 $ 334,638 $ - $ 334,638 $ - Demand (interest-bearing) 229,200 229,200 - 229,200 - Money market 311,971 311,971 - 311,971 - Savings and other 207,109 207,109 - 207,109 - Certificates of deposit 128,253 129,440 - 129,440 - Deposits 1,211,171 1,212,358 - 1,212,358 - Repurchase agreements 8,687 8,687 - 8,687 - FHLBB advances 11,396 11,525 - 11,525 - Subordinated debt 34,305 35,041 35,041 - - Note payable 197 202 - 202 - Finance lease obligation 1,658 1,801 - - 1,801 Accrued interest payable 37 37 37 - - December 31, 2020 Financial Assets Cash and cash equivalents $ 93,162 $ 93,162 $ 93,162 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 - - Securities available-for-sale 98,411 98,411 - 98,411 - CRA mutual fund 917 917 917 - - Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - - Loans held-for-sale 2,735 2,790 - - 2,790 Loans receivable, net 1,027,738 1,057,234 - - 1,057,234 Accrued interest receivable 6,373 6,373 6,373 - - Cash surrender value of life insurance policies 21,182 21,182 21,182 - - Derivative financial instruments 4 4 - 4 - Financial Liabilities Demand (non-interest-bearing) $ 310,769 $ 310,769 $ - $ 310,769 $ - Demand (interest-bearing) 218,869 218,869 - 218,869 - Money market 278,146 278,146 - 278,146 - Savings and other 189,776 189,776 - 189,776 - Certificates of deposit 131,514 132,875 - 132,875 - Deposits 1,129,074 1,130,435 - 1,130,435 - Repurchase agreements 7,116 7,116 - 7,116 - FHLBB advances 12,639 12,786 - 12,786 - Subordinated debt 9,883 10,027 10,027 - - Note payable 208 212 - 212 - Finance lease liability 1,673 1,920 - - 1,920 Accrued interest payable 43 43 43 - -

NOTE 13 - SUBSEQUENT EVENTS

NOTE 13 - SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
NOTE 13 - SUBSEQUENT EVENTS	NOTE 13 - SUBSEQUENT EVENTS On April 21, 2021 the Board of Directors increased and declared a quarterly dividend of $ 0.30 10 On a year-to-date basis through May 4, 2021, Salisbury processed 470 48

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company. In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses" which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses (ACL) for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis; (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements. The Bank is working towards the completion of its ACL methodology. To estimate the ACL for loans and off-balance sheet credit exposures, such as unfunded loan commitments, the Corporation will utilize a discounted cash flow model that contains additional assumptions to calculate credit losses over the estimated life of financial assets and off-balance sheet credit exposures and will include the impact of forecasted economic conditions. The estimate is expected to include a one-year reasonable and supportable forecast period and thereafter a one-year reversion period to the historical mean of its macroeconomic assumption. The estimate will also include qualitative factors that may not be reflected in quantitatively derived results to ensure that the ACL reflects a reasonable estimate of current expected credit losses. Based on the credit quality of Salisbury's existing available for sale debt securities portfolio, which primarily consists of obligations of U.S. government agency and U.S. government-sponsored enterprise securities, including mortgage-backed securities, Salisbury does not expect the adoption of ASU 2016-13, as it relates to debt securities, to be significant. For available for sale debt securities with unrealized losses, credit losses will be recognized as an allowance rather than a reduction in the amortized cost of the securities. As a result, improvements to estimated credit losses will be recognized immediately in earnings rather than as interest income over time. The Bank is currently refining various ACL assumptions and running parallel calculations on a monthly basis. Salisbury expects to complete independent model validation and to finalize its documentation of ACL processes and controls by the first quarter of 2023. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes." The amendments in this Update simplify the accounting for income taxes by removing the following exceptions:1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. On January 1, 2021, Salisbury adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. Under current generally accepted accounting principles, entities amortize the premium on purchased callable debt securities to the earliest call date. If a callable debt security contains additional future call dates, entities should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess or premium should be amortized to the next call date. This ASU clarifies that the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. ASU 2020-08 is effective for interim and annual reporting periods beginning after December 15, 2020. On January 1, 2021, Salisbury adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)." In response to the risk of cessation of the London Interbank Offered Rate (LIBOR) as a reference rate, this ASU clarifies the scope of Topic 848 so that derivatives affected by this transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning interim period that includes or is subsequent to March 12, 2020 or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that the financial statements are available to be issued. Salisbury is currently evaluating the impact of the transition from LIBOR to a new reference rate.

NOTE 2 - SECURITIES (Tables)

NOTE 2 - SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
composition of securities	The composition of securities (in thousands) Amortized cost basis (1) Gross un-realized gains Gross un-realized losses Fair value March 31, 2021 Available-for-sale U.S. Government Agency notes $ 19,095 $ 133 $ 86 $ 19,142 Municipal bonds 27,500 1,293 74 28,719 Mortgage-backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 55,435 786 499 55,722 Collateralized mortgage obligations: U.S. Government agencies 14,590 321 62 14,849 Corporate bonds 8,750 161 - 8,911 Total securities available-for-sale $ 125,370 $ 2,694 $ 721 $ 127,343 CRA mutual fund $ 904 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,713 $ - $ - $ 1,713 (in thousands) Amortized cost basis (1) Gross un-realized gains Gross un-realized losses Fair value December 31, 2020 Available-for-sale U.S. Government Agency notes $ 7,735 $ 153 $ 37 $ 7,851 Municipal bonds 25,831 1,787 1 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 35,240 1,376 43 36,573 Collateralized mortgage obligations: U.S. Government agencies 17,054 400 - 17,454 Corporate bonds 8,750 166 - 8,916 Total securities available-for-sale $ 94,610 $ 3,882 $ 81 $ 98,411 CRA mutual fund $ 917 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,713 $ - $ - $ 1,713
aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position	The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position Less than 12 Months 12 Months or Longer Total March 31, 2021 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 10,993 $ 86 $ - $ - $ 10,993 $ 86 Municipal bonds 4,996 74 - - 4,996 74 Mortgage- backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 36,534 499 - - 36,534 499 Collateralized mortgage obligations: U.S. Government agencies 4,030 62 - - 4,030 62 Total temporarily impaired securities $ 56,553 $ 721 $ - $ - $ 56,553 $ 721 Less than 12 Months 12 Months or Longer Total December 31, 2020 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 2,553 $ 36 $ 20 $ 1 $ 2,573 $ 37 Municipal bonds 558 1 - - 558 1 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 3,761 42 45 1 3,806 43 Total temporarily impaired securities $ 6,872 $ 79 $ 65 $ 2 $ 6,937 $ 81
amortized cost, fair value and tax equivalent yield of securities, by maturity	The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity March 31, 2021 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Government Agency notes After 1 year but within 5 years $ 4,497 $ 4,512 2.32 % After 5 year but within 10 years 2,995 2,964 1.35 Total 7,492 7,476 1.93 Municipal bonds After 5 year but within 10 years 3,038 3,188 2.71 After 10 years 24,462 25,531 2.94 Total 27,500 28,719 2.92 Mortgage-backed securities, Collateralized mortgage obligations, U.S. Government agencies and sponsored enterprises Not a single maturity 81,628 82,237 1.94 Corporate bonds After 5 years but within 10 years 8,750 8,911 5.22 Securities available-for-sale $ 125,370 $ 127,343 2.39 % (1)

NOTE 3 - LOANS (Tables)

NOTE 3 - LOANS (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
composition of loans receivable	The composition of loans receivable (In thousands) March 31, 2021 December 31, 2020 Residential 1-4 family $ 344,527 $ 352,001 Residential 5+ multifamily 37,789 37,058 Construction of residential 1-4 family 10,435 8,814 Home equity lines of credit 26,240 27,804 Residential real estate 418,991 425,677 Commercial 306,830 310,841 Construction of commercial 34,312 31,722 Commercial real estate 341,142 342,563 Farm land 3,606 3,198 Vacant land 13,228 14,079 Real estate secured 776,967 785,517 Commercial and industrial 249,357 227,148 Municipal 21,495 21,512 Consumer 8,617 7,687 Loans receivable, gross 1,056,436 1,041,864 Deferred loan origination (fees) and costs, net (1,365 ) (372 ) Allowance for loan losses (13,886 ) (13,754 ) Loans receivable, net $ 1,041,185 $ 1,027,738 Loans held-for-sale Residential 1-4 family $ 2,313 $ 2,735
composition of loans receivable by risk rating grade	The composition of loans receivable by risk rating grade (in thousands) Pass Special mention Substandard Doubtful Loss Total March 31, 2021 Residential 1-4 family $ 334,636 $ 5,807 $ 4,084 $ - $ - $ 344,527 Residential 5+ multifamily 35,919 180 1,690 - - 37,789 Construction of residential 1-4 family 10,435 - - - - 10,435 Home equity lines of credit 25,756 247 237 - - 26,240 Residential real estate 406,746 6,234 6,011 - - 418,991 Commercial 262,655 7,163 37,012 - - 306,830 Construction of commercial 34,086 - 226 - - 34,312 Commercial real estate 296,741 7,163 37,238 - - 341,142 Farm land 1,636 1,369 601 - - 3,606 Vacant land 12,344 847 37 - - 13,228 Real estate secured 717,467 15,613 43,887 - - 776,967 Commercial and industrial 246,241 920 1,906 290 - 249,357 Municipal 21,495 - - - - 21,495 Consumer 8,593 - 24 - - 8,617 Loans receivable, gross $ 993,796 $ 16,533 $ 45,817 $ 290 $ - $ 1,056,436 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2020 Residential 1-4 family $ 342,243 $ 5,615 $ 4,143 $ - $ - $ 352,001 Residential 5+ multifamily 35,272 90 1,696 - - 37,058 Construction of residential 1-4 family 8,814 - - - - 8,814 Home equity lines of credit 27,393 257 154 - - 27,804 Residential real estate 413,722 5,962 5,993 - - 425,677 Commercial 276,866 15,565 18,410 - - 310,841 Construction of commercial 31,493 - 229 - - 31,722 Commercial real estate 308,359 15,565 18,639 - - 342,563 Farm land 1,612 - 1,586 - - 3,198 Vacant land 13,992 50 37 - - 14,079 Real estate secured 737,685 21,577 26,255 - - 785,517 Commercial and industrial 224,906 1,271 632 339 - 227,148 Municipal 21,512 - - - - 21,512 Consumer 7,660 - 27 - - 7,687 Loans receivable, gross $ 991,763 $ 22,848 $ 26,914 $ 339 $ - $ 1,041,864
composition of loans receivable by delinquency status	The composition of loans receivable by delinquency status Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual March 31, 2021 Residential 1-4 family $ 341,636 $ 1,806 $ - $ 372 $ 713 $ 2,891 $ - $ 1,358 Residential 5+ multifamily 36,928 - - - 861 861 - 861 Construction of residential 1-4 family 10,435 - - - - - - - Home equity lines of credit 26,119 8 - 9 104 121 - 237 Residential real estate 415,118 1,814 - 381 1,678 3,873 - 2,456 Commercial 306,233 293 - 209 95 597 40 2,233 Construction of commercial 34,312 - - - - - - - Commercial real estate 340,545 293 - 209 95 597 40 2,233 Farm land 3,005 4 147 450 - 601 450 151 Vacant land 13,191 - - 37 - 37 - 37 Real estate secured 771,859 2,111 147 1,077 1,773 5,108 490 4,877 Commercial and industrial 249,042 266 - 2 47 315 14 325 Municipal 21,495 - - - - - - - Consumer 8,615 2 - - - 2 - - Loans receivable, gross $ 1,051,011 $ 2,379 $ 147 $ 1,079 $ 1,820 $ 5,425 $ 504 $ 5,202 Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual December 31, 2020 Residential 1-4 family $ 349,382 $ 1,419 $ 308 $ 673 $ 219 $ 2,619 $ - $ 1,508 Residential 5+ multifamily 36,197 - - - 861 861 - 861 Construction of residential 1-4 family 8,814 - - - - - - - Home equity lines of credit 27,522 157 9 - 116 282 - 154 Residential real estate 421,915 1,576 317 673 1,196 3,762 - 2,523 Commercial 307,927 1,855 530 95 434 2,914 - 2,544 Construction of commercial 31,722 - - - - - - - Commercial real estate 339,649 1,855 530 95 434 2,914 - 2,544 Farm land 2,594 154 450 - - 604 - 158 Vacant land 14,079 - - - - - - 37 Real estate secured 778,237 3,585 1,297 768 1,630 7,280 - 5,262 Commercial and industrial 224,496 2,148 457 1 46 2,652 12 374 Municipal 21,512 - - - - - - - Consumer 7,677 10 - - - 10 - - Loans receivable, gross $ 1,031,922 $ 5,743 $ 1,754 $ 769 $ 1,676 $ 9,942 $ 12 $ 5,636
Changes in the allowance for loan losses	Changes in the allowance for loan losses Three months ended March 31, 2021 Three months ended March 31, 2020 (in thousands) Beginning balance Provision Charge- offs Reco- veries Ending balance Beginning balance Provision Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,646 $ (208 ) $ (9 ) $ 1 $ 2,430 $ 2,393 $ 306 $ - $ 7 $ 2,706 Residential 5+ multifamily 686 (64 ) - - 622 446 62 - - 508 Construction of residential 1-4 family 65 12 - - 77 75 12 - - 87 Home equity lines of credit 252 (57 ) - - 195 197 81 - - 278 Residential real estate 3,649 (317 ) (9 ) 1 3,324 3,111 461 - 7 3,579 Commercial 6,546 530 (6 ) 10 7,080 3,742 758 - 19 4,519 Construction of commercial 596 (12 ) - - 584 104 22 - - 126 Commercial real estate 7,142 518 (6 ) 10 7,664 3,846 780 - 19 4,645 Farm land 59 (9 ) - - 50 47 5 - - 52 Vacant land 180 (71 ) - - 109 71 73 - - 144 Real estate secured 11,030 121 (15 ) 11 11,147 7,075 1,319 - 26 8,420 Commercial and industrial 1,397 (28 ) - - 1,369 1,145 (74 ) - - 1,071 Municipal 43 - - - 43 46 7 - - 53 Consumer 77 (3 ) (24 ) 2 52 60 51 (12 ) 3 102 Unallocated 1,207 68 - - 1,275 569 403 - - 972 Totals $ 13,754 $ 158 $ (39 ) $ 13 $ 13,886 $ 8,895 $ 1,706 $ (12 ) $ 29 $ 10,618
composition of loans receivable and the allowance for loan losses	Th e composition of loans receivable and the allowance for loan losses (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance March 31, 2021 Residential 1-4 family $ 340,398 $ 2,337 $ 4,129 $ 93 $ 344,527 $ 2,430 Residential 5+ multifamily 36,826 622 963 - 37,789 622 Construction of residential 1-4 family 10,435 77 - - 10,435 77 Home equity lines of credit 26,003 195 237 - 26,240 195 Residential real estate 413,662 3,231 5,329 93 418,991 3,324 Commercial 301,526 6,946 5,304 134 306,830 7,080 Construction of commercial 34,312 584 - - 34,312 584 Commercial real estate 335,838 7,530 5,304 134 341,142 7,664 Farm land 3,455 50 151 - 3,606 50 Vacant land 13,064 107 164 2 13,228 109 Real estate secured 766,019 10,918 10,948 229 776,967 11,147 Commercial and industrial 248,925 1,247 432 122 249,357 1,369 Municipal 21,495 43 - - 21,495 43 Consumer 8,593 52 24 - 8,617 52 Unallocated allowance - 1,275 - - - 1,275 Totals $ 1,045,032 $ 13,535 $ 11,404 $ 351 $ 1,056,436 $ 13,886 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2020 Residential 1-4 family $ 347,695 $ 2,445 $ 4,306 $ 201 $ 352,001 $ 2,646 Residential 5+ multifamily 36,094 686 964 - 37,058 686 Construction of residential 1-4 family 8,814 65 - - 8,814 65 Home equity lines of credit 27,650 232 154 20 27,804 252 Residential real estate 420,253 3,428 5,424 221 425,677 3,649 Commercial 305,193 6,298 5,648 248 310,841 6,546 Construction of commercial 31,722 596 - - 31,722 596 Commercial real estate 336,915 6,894 5,648 248 342,563 7,142 Farm land 3,040 59 158 - 3,198 59 Vacant land 13,912 178 167 2 14,079 180 Real estate secured 774,120 10,559 11,397 471 785,517 11,030 Commercial and industrial 226,662 1,223 486 174 227,148 1,397 Municipal 21,512 43 - - 21,512 43 Consumer 7,661 59 26 18 7,687 77 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754
credit quality segments of loans receivable and the allowance for loan losses	The credit quality segments of loans receivable and the allowance for loan losses March 30, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,007,513 $ 9,131 $ - $ - $ 1,007,513 $ 9,131 Potential problem loans 1 37,519 3,129 - - 37,519 3,129 Impaired loans - - 11,404 351 11,404 351 Unallocated allowance - 1,275 - - - 1,275 Totals $ 1,045,032 $ 13,535 $ 11,404 $ 351 $ 1,056,436 $ 13,886 December 31, 2020 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,011,757 $ 10,424 $ - $ - $ 1,011,757 $ 10,424 Potential problem loans 1 18,198 1,460 - - 18,198 1,460 Impaired loans - - 11,909 663 11,909 663 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 1 loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.
Certain data with respect to loans individually evaluated for impairment	A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or the fair value of collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment ed: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Book Note Average allowance recognized Book Note Average recognized March 31, 2021 Residential $ 836 $ 860 $ 2,368 $ 93 $ 9 $ 4,257 $ 4,688 $ 2,779 $ 21 Home equity lines of credit - - 56 - - 237 277 140 - Residential real estate 836 860 2,424 93 9 4,494 4,965 2,919 21 Commercial 1,941 1,958 2,769 134 20 3,363 4,006 2,873 35 Construction of commercial - - - - - - - - - Farm land - - - - - 151 316 154 - Vacant land 164 182 101 2 2 - - 65 - Real estate secured 2,941 3,000 5,294 229 31 8,008 9,287 6,011 56 Commercial and industrial 338 349 382 122 1 93 308 82 1 Consumer - - 19 - - 24 24 6 - Totals $ 3,279 $ 3,349 $ 5,695 $ 351 $ 32 $ 8,125 $ 9,619 $ 6,099 $ 57 Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Book Note Average allowance recognized Book Note Average recognized March 31, 2020 Residential $ 4,015 $ 4,140 $ 4,067 $ 306 $ 42 $ 1,705 $ 2,019 $ 2,070 $ 6 Home equity lines of credit 89 89 22 26 - 118 464 108 - Residential real estate 4,104 4,229 4,089 332 42 1,823 2,483 2,178 6 Commercial 3,672 3,741 3,405 533 44 638 1,254 924 10 Construction of commercial - - - - - - - - - Farm land - - - - - 181 327 184 - Vacant land 41 41 41 8 1 137 154 138 2 Real estate secured 7,817 8,011 7,535 873 87 2,779 4,218 3,424 18 Commercial and industrial 166 170 111 8 1 53 207 86 1 Consumer 34 34 35 27 - - - - - Totals $ 8,017 $ 8,215 $ 7,681 $ 908 $ 88 $ 2,832 $ 4,425 $ 3,510 $ 19 Certain data with respect to loans individually eva luated for impairment is as follows as of and for the year ended December 31, 2020: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 2020 Residential $ 2,971 $ 3,040 $ 3,862 $ 201 $ 72 $ 2,299 $ 2,676 $ 1,993 $ 27 Home equity lines of credit 75 75 76 20 - 79 117 103 - Residential real estate 3,046 3,115 3,938 221 72 2,378 2,793 2,096 27 Commercial 3,058 3,117 3,325 248 132 2,590 3,203 1,139 91 Construction of commercial - - - - - - - - - Farm land - - - - - 158 319 173 - Vacant land 37 40 39 2 - 130 145 134 9 Real estate secured 6,141 6,272 7,302 471 204 5,256 6,460 3,542 127 Commercial and industrial 416 424 482 174 4 70 283 58 2 Consumer 26 26 31 18 2 - - - - Totals $ 6,583 $ 6,722 $ 7,815 $ 663 $ 210 $ 5,326 $ 6,743 $ 3,600 $ 129

NOTE 4 - LEASES (Tables)

NOTE 4 - LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Note 4 - Leases
assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the costs of operating and financial leases	The following table provides the assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the costs of operating and financial leases (in thousands, except lease term and discount rate) Classification March 31, 2021 December 31, 2020 Assets Operating Other assets $ 1,128 $ 1,182 Finance Bank premises and equipment 1 1,377 1,402 Total Leased Assets $ 2,505 $ 2,584 Liabilities Operating Other liabilities $ 1,128 $ 1,182 Finance Finance lease 1,658 1,673 Total lease liabilities $ 2,796 $ 2,855 1 Lease cost Classification Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Operating leases Premises and equipment $ 80 $ 62 Finance leases: Amortization of leased assets Premises and equipment 25 25 Interest on finance leases Interest expense 32 36 Total lease cost $ 137 $ 123 March 31, 2021 December 31, 2020 Weighted Average Remaining Lease Term Operating leases 8.2 years 7.6 years Financing leases 14.2 years 14.2 years Weighted Average Discount Rate 1 Operating leases 3.8 % 3.7 % Financing leases 8.3 % 8.4 % 1
schedule by years of the present value of the net minimum lease payments	The following is a schedule by years of the present value of the net minimum lease payments Future minimum lease payments (in thousands) Operating Leases Finance Leases 2021 $ 186 $ 144 2022 199 195 2023 146 197 2024 129 200 2025 137 203 Thereafter 462 1,778 Total future minimum lease payments 1,259 2,717 Less amount representing interest (131 ) (1,059 ) Total present value of net future minimum lease payments $ 1,128 $ 1,658

NOTE 5 - MORTGAGE SERVICING R_2

NOTE 5 - MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Participating Mortgage Loans [Table Text Block]	(in thousands) March 31, 2021 December 31, 2020 Residential mortgage loans serviced for others $ 145,474 $ 134,428 Fair value of mortgage servicing rights 936 762
Changes in mortgage servicing rights	Changes in mortgage servicing rights Three months ended March 31, (in thousands) 2021 2020 Mortgage Servicing Rights Balance, beginning of period $ 621 $ 238 Originated 193 33 Amortization (1) (75 ) (16 ) Balance, end of period $ 739 $ 255 Valuation Allowance Balance, beginning of period (9 ) - Decrease in impairment reserve (1) 9 Balance, end of period - Mortgage servicing rights, net $ 739 $ 255 (1)

NOTE 6 - PLEDGED ASSETS (Tables

NOTE 6 - PLEDGED ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Guarantees and Product Warranties [Abstract]
The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available	The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (in thousands) March 31, 2021 December 31, 2020 Securities available-for-sale (at fair value) $ 61,683 $ 54,581 Loans receivable 402,538 420,415 Total pledged assets $ 464,221 $ 474,996

NOTE 7 - DERIVATIVES AND HEDG_2

NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges	As of March 31, 2021, 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 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Loans receivable (1) $ 9,993 $ 9,996 $ (7 ) $ (4 ) Total $ 9,993 $ 9,996 $ (7 ) $ (4 ) (1) These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At March 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 44.7 7 10.0
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 March 31, 2021 As of December 31, 2020 (in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedge instruments Interest Rate Products $ 10,000 Other assets $ 7 Other Assets $ 4 Total Derivatives designated as hedge instruments $ 7 $ 4
effect of the Company's derivative financial instruments on the Income Statement	effect of the Company's derivative financial instruments on the Income Statement Three months ended (in thousands) Interest Interest Expense Total amounts of interest income and expense line items presented in the income statement 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 (2 ) - Derivatives designated as hedging instruments $ 3 $ -

NOTE 8 - EARNINGS PER SHARE (Ta

NOTE 8 - EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
computation of earnings per share (basic and diluted)	The following table sets forth the computation of earnings per share (basic and diluted) Three months ended March 31, (in thousands, except per share data) 2021 2020 Net income $ 4,526 $ 2,047 Less: Undistributed earnings allocated to participating securities (64 ) (34 ) Net income allocated to common stock $ 4,462 $ 2,013 Weighted-average common shares issued 2,845 2,828 Less: Unvested restricted stock awards (40 ) (40 ) Weighted average common shares outstanding used to calculate basic earnings per common share 2,805 2,788 Add: Dilutive effect of stock options and restricted stock units 10 9 Weighted-average common shares outstanding used to calculate diluted earnings per common share 2,815 2,797 Earnings per common share (basic) $ 1.59 $ 0.72 Earnings per common share (diluted) $ 1.59 $ 0.72

NOTE 9 - SHAREHOLDERS' EQUITY (

NOTE 9 - SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Actual regulatory capital position and minimum capital requirements	The Bank's risk-weighted assets at March 31, 2021 and December 31, 2020 were $ 967.6 938.0 Actual regulatory capital position and minimum capital requirements Actual Minimum Capital Required For Capital Adequacy Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio March 31, 2021 Total Capital (to risk-weighted assets) $ 141,113 14.58 % $ 77,405 8.0 % $ 101,594 10.5 % $ 96,756 10.0 % Tier 1 Capital (to risk-weighted assets) 128,995 13.33 58,054 6.0 82,243 8.5 77,405 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 128,995 13.33 43,540 4.5 67,729 7.0 62,892 6.5 Tier 1 Capital (to average assets) $ 128,995 9.83 $ 52,480 4.0 $ 52,480 4.0 $ 65,601 5.0 December 31, 2020 Total Capital (to risk-weighted assets) $ 127,254 13.57 % $ 75,037 8.0 % $ 98,486 10.5 % $ 93,796 10.0 % Tier 1 Capital (to risk-weighted assets) 115,503 12.31 56,278 6.0 79,727 8.5 75,037 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 115,503 12.31 42,208 4.5 66,657 7.0 60,967 6.5 Tier 1 Capital (to average assets) $ 115,503 8.90 $ 51,907 4.0 $ 51,907 4.0 $ 64,884 5.0

NOTE 12 - FAIR VALUE OF ASSET_2

NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets measured at fair value	Assets measured at fair value Fair Value Measurements Using Assets at (in thousands) Level 1 Level 2 Level 3 fair value March 31, 2021 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 19,142 - $ 19,142 Municipal bonds - 28,719 - 28,719 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 55,722 - 55,722 Collateralized mortgage obligations: U.S. Government agencies - 14,849 - 14,849 Corporate bonds - 8,911 - 8,911 Securities available-for-sale $ - $ 127,343 - $ 127,343 CRA mutual funds 904 - - 904 Derivative financial instruments - 7 - 7 December 31, 2020 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 7,851 $ - $ 7,851 Municipal bonds - 27,617 - 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 36,573 - 36,573 Collateralized mortgage obligations: U.S. Government agencies - 17,454 - 17,454 Corporate bonds - 8,916 - 8,916 Securities available-for-sale $ - $ 98,411 $ - $ 98,411 CRA mutual funds 917 - - 917 Derivative financial instruments - 4 - 4
Carrying values and estimated fair values of financial instruments	Carrying values and estimated fair values of financial instruments (in thousands) Carrying Estimated Fair value measurements using value fair value Level 1 Level 2 Level 3 March 31, 2021 Financial Assets Cash and cash equivalents $ 159,196 $ 159,196 $ 159,196 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 Securities available-for-sale, net 127,343 127,343 - 127,343 - CRA mutual fund 904 904 904 - - Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - - Loans held-for-sale 2,313 2,352 - - 2,352 Loans receivable, net 1,041,185 1,043,432 - - 1,043,432 Accrued interest receivable 6,237 6,237 6,237 - - Cash surrender value of life insurance policies 21,307 21,307 21,307 - - Derivative financial instruments 7 7 - 7 - Financial Liabilities Demand (non-interest-bearing) $ 334,638 $ 334,638 $ - $ 334,638 $ - Demand (interest-bearing) 229,200 229,200 - 229,200 - Money market 311,971 311,971 - 311,971 - Savings and other 207,109 207,109 - 207,109 - Certificates of deposit 128,253 129,440 - 129,440 - Deposits 1,211,171 1,212,358 - 1,212,358 - Repurchase agreements 8,687 8,687 - 8,687 - FHLBB advances 11,396 11,525 - 11,525 - Subordinated debt 34,305 35,041 35,041 - - Note payable 197 202 - 202 - Finance lease obligation 1,658 1,801 - - 1,801 Accrued interest payable 37 37 37 - - December 31, 2020 Financial Assets Cash and cash equivalents $ 93,162 $ 93,162 $ 93,162 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 - - Securities available-for-sale 98,411 98,411 - 98,411 - CRA mutual fund 917 917 917 - - Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - - Loans held-for-sale 2,735 2,790 - - 2,790 Loans receivable, net 1,027,738 1,057,234 - - 1,057,234 Accrued interest receivable 6,373 6,373 6,373 - - Cash surrender value of life insurance policies 21,182 21,182 21,182 - - Derivative financial instruments 4 4 - 4 - Financial Liabilities Demand (non-interest-bearing) $ 310,769 $ 310,769 $ - $ 310,769 $ - Demand (interest-bearing) 218,869 218,869 - 218,869 - Money market 278,146 278,146 - 278,146 - Savings and other 189,776 189,776 - 189,776 - Certificates of deposit 131,514 132,875 - 132,875 - Deposits 1,129,074 1,130,435 - 1,130,435 - Repurchase agreements 7,116 7,116 - 7,116 - FHLBB advances 12,639 12,786 - 12,786 - Subordinated debt 9,883 10,027 10,027 - - Note payable 208 212 - 212 - Finance lease liability 1,673 1,920 - - 1,920 Accrued interest payable 43 43 43 - -

composition of securities (Deta

composition of securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Cost of Security Sold or Transferred, Method, Specific Identification [Member]
Available-for-sale
U.S. Government Agency notes	$ 19,095	$ 7,735
Municipal bonds	27,500	25,831
U.S. Government agencies and U.S. Government - sponsored enterprises	55,435	35,240
U.S. Government agencies	14,590	17,054
Corporate bonds	8,750	8,750
Total securities available-for-sale	125,370	94,610
Non-marketable securities
Federal Home Loan Bank of Boston stock	1,713	1,713
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Available-for-sale
U.S. Government Agency notes	133	153
Municipal bonds	1,293	1,787
U.S. Government agencies and U.S. Government - sponsored enterprises	786	1,376
U.S. Government agencies	321	400
Corporate bonds	161	166
Total securities available-for-sale	2,694	3,882
Non-marketable securities
Federal Home Loan Bank of Boston stock
Accumulated Net Unrealized Investment Gain Loss 1 [Member]
Available-for-sale
U.S. Government Agency notes	86	37
Municipal bonds	74	1
U.S. Government agencies and U.S. Government - sponsored enterprises	499	43
U.S. Government agencies	62
Corporate bonds
Total securities available-for-sale	721	81
Non-marketable securities
Federal Home Loan Bank of Boston stock
Securities Financing Transaction, Fair Value [Member]
Available-for-sale
U.S. Government Agency notes	19,142	7,851
Municipal bonds	28,719	27,617
U.S. Government agencies and U.S. Government - sponsored enterprises	55,722	36,573
U.S. Government agencies	14,849	17,454
Corporate bonds	8,911	8,916
Total securities available-for-sale	127,343	98,411
CRA mutual fund	904	917
Non-marketable securities
Federal Home Loan Bank of Boston stock	$ 1,713	$ 1,713

aggregate fair value and gross

aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Fair Value [Member]
Available-for-sale
U.S. Government Agency notes	$ 10,993	$ 2,553
Municipal bonds	4,996	558
U.S. Government agencies and U.S. Government - sponsored enterprises	36,534	3,761
U.S. Government agencies	4,030
Total temporarily impaired securities	56,553	6,872
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Unrealized Losses [Member]
Available-for-sale
U.S. Government Agency notes	86	36
Municipal bonds	74	1
U.S. Government agencies and U.S. Government - sponsored enterprises	499	42
U.S. Government agencies	62
Total temporarily impaired securities	721	79
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Fair Value [Member]
Available-for-sale
U.S. Government Agency notes		20
Municipal bonds
U.S. Government agencies and U.S. Government - sponsored enterprises		45
U.S. Government agencies
Total temporarily impaired securities		65
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Unrealized Losses [Member]
Available-for-sale
U.S. Government Agency notes		1
Municipal bonds
U.S. Government agencies and U.S. Government - sponsored enterprises		1
U.S. Government agencies
Total temporarily impaired securities		2
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Fair Value [Member]
Available-for-sale
U.S. Government Agency notes	10,993	2,573
Municipal bonds	4,996	558
U.S. Government agencies and U.S. Government - sponsored enterprises	36,534	3,806
U.S. Government agencies	4,030
Total temporarily impaired securities	56,553	6,937
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Unrealized Losses [Member]
Available-for-sale
U.S. Government Agency notes	86	37
Municipal bonds	74	1
U.S. Government agencies and U.S. Government - sponsored enterprises	499	43
U.S. Government agencies	62
Total temporarily impaired securities	$ 721	$ 81

amortized cost, fair value and

amortized cost, fair value and tax equivalent yield of securities, by maturity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
U S Government Agency Notes 1 [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 4,497
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 4,512
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.32%
U S Government Agency Notes 2 [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 2,995
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 2,964
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.35%
U S Government Agency Notes Total [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 7,492
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 7,476
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.93%
U S States And Political Subdivisions 2 [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 3,038
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 3,188
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.71%
U S States And Political Subdivisions 3 [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 24,462
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 25,531
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.94%
U S States And Political Subdivisions Total [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 27,500
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 28,719
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.92%
US Government Agencies Debt Securities [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 81,628
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 82,237
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.94%
Corporate Debt Securities [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 8,750
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 8,911
Receivable with Imputed Interest, Effective Yield (Interest Rate)	5.22%
Available-for-sale Securities [Member]
Open Option Contracts Written [Line Items]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 125,370
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 127,343
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.39%

composition of loans receivable

composition of loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,041,185	$ 1,027,738
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	344,527	352,001
Residential 5+ multifamily	37,789	37,058
Construction of residential 1-4 family	10,435	8,814
Home equity lines of credit	26,240	27,804
Residential real estate	418,991	425,677
Commercial	306,830	310,841
Construction of commercial	34,312	31,722
Commercial real estate	341,142	342,563
Farm land	3,606	3,198
Vacant land	13,228	14,079
Real estate secured	776,967	785,517
Commercial and industrial	249,357	227,148
Municipal	21,495	21,512
Consumer	8,617	7,687
Loans receivable, gross	1,056,436	1,041,864
Deferred loan origination (fees) and costs, net	(1,365)	(372)
Allowance for loan losses	(13,886)	(13,754)
Loans receivable, net	1,041,185	1,027,738
Loans held-for-sale
Residential 1-4 family	$ 2,313	$ 2,735

composition of loans receivab_2

composition of loans receivable by risk rating grade (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family		$ 334,636	$ 342,243
Residential 5+ multifamily		35,919	35,272
Construction of residential 1-4 family		10,435	8,814
Home equity lines of credit		25,756	27,393
Residential real estate		406,746	413,722
Commercial		262,655	276,866
Construction of commercial		34,086	31,493
Commercial real estate		296,741	308,359
Farm land		1,636	1,612
Vacant land		12,344	13,992
Real estate secured		717,467	737,685
Commercial and industrial		246,241	224,906
Municipal		21,495	21,512
Consumer		8,593	7,660
Loans receivable, gross		993,796	991,763
Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family		5,807	5,615
Residential 5+ multifamily		180	90
Construction of residential 1-4 family
Home equity lines of credit		247	257
Residential real estate		6,234	5,962
Commercial		7,163	15,565
Construction of commercial
Commercial real estate		7,163	15,565
Farm land		1,369
Vacant land		847	50
Real estate secured		15,613	21,577
Commercial and industrial		920	1,271
Municipal
Consumer
Loans receivable, gross		16,533	22,848
Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family		4,084	4,143
Residential 5+ multifamily		1,690	1,696
Construction of residential 1-4 family
Home equity lines of credit		237	154
Residential real estate		6,011	5,993
Commercial		37,012	18,410
Construction of commercial		226	229
Commercial real estate		37,238	18,639
Farm land		601	1,586
Vacant land		37	37
Real estate secured		43,887	26,255
Commercial and industrial		1,906	632
Municipal
Consumer		24	27
Loans receivable, gross		45,817	26,914
Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial		290	339
Municipal
Consumer
Loans receivable, gross		290	339
Unlikely to be Collected Financing Receivable [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial
Municipal
Consumer
Loans receivable, gross
Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	$ 352,001	344,527
Residential 5+ multifamily	37,058	37,789
Construction of residential 1-4 family	8,814	10,435
Home equity lines of credit	27,804	26,240
Residential real estate	425,677	418,991
Commercial	310,841	306,830
Construction of commercial	31,722	34,312
Commercial real estate	342,563	341,142
Farm land	3,198	3,606
Vacant land	14,079	13,228
Real estate secured	785,517	776,967
Commercial and industrial	227,148	249,357
Municipal	21,512	21,495
Consumer	7,687	8,617
Loans receivable, gross	$ 1,041,864	$ 1,056,436

composition of loans receivab_3

composition of loans receivable by delinquency status (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans Receivable Delinquency Status Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	$ 341,636	$ 349,382
Residential 5+ multifamily	36,928	36,197
Construction of residential 1-4 family	10,435	8,814
Home equity lines of credit	26,119	27,522
Residential real estate	415,118	421,915
Commercial	306,233	307,927
Construction of commercial	34,312	31,722
Commercial real estate	340,545	339,649
Farm land	3,005	2,594
Vacant land	13,191	14,079
Real estate secured	771,859	778,237
Commercial and industrial	249,042	224,496
Municipal	21,495	21,512
Consumer	8,615	7,677
Loans receivable, gross	1,051,011	1,031,922
Loans Receivable Delinquency Status Period Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	1,806	1,419
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit	8	157
Residential real estate	1,814	1,576
Commercial	293	1,855
Construction of commercial
Commercial real estate	293	1,855
Farm land	4	154
Vacant land
Real estate secured	2,111	3,585
Commercial and industrial	266	2,148
Municipal
Consumer	2	10
Loans receivable, gross	2,379	5,743
Loans Receivable Delinquency Status Period Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family		308
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit		9
Residential real estate		317
Commercial		530
Construction of commercial
Commercial real estate		530
Farm land	147	450
Vacant land
Real estate secured	147	1,297
Commercial and industrial		457
Municipal
Consumer
Loans receivable, gross	147	1,754
Loans Receivable Delinquency Status Period Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	372	673
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit	9
Residential real estate	381	673
Commercial	209	95
Construction of commercial
Commercial real estate	209	95
Farm land	450
Vacant land	37
Real estate secured	1,077	768
Commercial and industrial	2	1
Municipal
Consumer
Loans receivable, gross	1,079	769
Loans Receivable Delinquency Status Period Five [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	713	219
Residential 5+ multifamily	861	861
Construction of residential 1-4 family
Home equity lines of credit	104	116
Residential real estate	1,678	1,196
Commercial	95	434
Construction of commercial
Commercial real estate	95	434
Farm land
Vacant land
Real estate secured	1,773	1,630
Commercial and industrial	47	46
Municipal
Consumer
Loans receivable, gross	1,820	1,676
Loans Receivable Delinquency Status Period Six [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	2,891	2,619
Residential 5+ multifamily	861	861
Construction of residential 1-4 family
Home equity lines of credit	121	282
Residential real estate	3,873	3,762
Commercial	597	2,914
Construction of commercial
Commercial real estate	597	2,914
Farm land	601	604
Vacant land	37
Real estate secured	5,108	7,280
Commercial and industrial	315	2,652
Municipal
Consumer	2	10
Loans receivable, gross	5,425	9,942
Loans Receivable Delinquency Accrual [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate
Commercial	40
Construction of commercial
Commercial real estate	40
Farm land	450
Vacant land
Real estate secured	490
Commercial and industrial	14	12
Municipal
Consumer
Loans receivable, gross	504	12
Loans Receivable Delinquency Non Accrual [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	1,358	1,508
Residential 5+ multifamily	861	861
Construction of residential 1-4 family
Home equity lines of credit	237	154
Residential real estate	2,456	2,523
Commercial	2,233	2,544
Construction of commercial
Commercial real estate	2,233	2,544
Farm land	151	158
Vacant land	37	37
Real estate secured	4,877	5,262
Commercial and industrial	325	374
Municipal
Consumer
Loans receivable, gross	$ 5,202	$ 5,636

Changes in the allowance for lo

Changes in the allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Residential 1-4 family
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 2,646	$ 2,393
Provision	(208)	306
Charge-offs	(9)
Recoveries	1	7
Ending balance	2,430	2,706
Residential 5+ multifamily
Financing Receivable, Past Due [Line Items]
Beginning balance	686	446
Provision	(64)	62
Charge-offs
Recoveries
Ending balance	622	508
Construction of residential 1-4 family
Financing Receivable, Past Due [Line Items]
Beginning balance	65	75
Provision	12	12
Charge-offs
Recoveries
Ending balance	77	87
Home equity lines of credit
Financing Receivable, Past Due [Line Items]
Beginning balance	252	197
Provision	(57)	81
Charge-offs
Recoveries
Ending balance	195	278
Residential real estate
Financing Receivable, Past Due [Line Items]
Beginning balance	3,649	3,111
Provision	(317)	461
Charge-offs	(9)
Recoveries	1	7
Ending balance	3,324	3,579
Commercial
Financing Receivable, Past Due [Line Items]
Beginning balance	6,546	3,742
Provision	530	758
Charge-offs	(6)
Recoveries	10	19
Ending balance	7,080	4,519
Construction of commercial
Financing Receivable, Past Due [Line Items]
Beginning balance	596	104
Provision	(12)	22
Charge-offs
Recoveries
Ending balance	584	126
Commercial real estate
Financing Receivable, Past Due [Line Items]
Beginning balance	7,142	3,846
Provision	518	780
Charge-offs	(6)
Recoveries	10	19
Ending balance	7,664	4,645
Farm land
Financing Receivable, Past Due [Line Items]
Beginning balance	59	47
Provision	(9)	5
Charge-offs
Recoveries
Ending balance	50	52
Vacant land
Financing Receivable, Past Due [Line Items]
Beginning balance	180	71
Provision	(71)	73
Charge-offs
Recoveries
Ending balance	109	144
Real estate secured
Financing Receivable, Past Due [Line Items]
Beginning balance	11,030	7,075
Provision	121	1,319
Charge-offs	(15)
Recoveries	11	26
Ending balance	11,147	8,420
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Beginning balance	1,397	1,145
Provision	(28)	(74)
Charge-offs
Recoveries
Ending balance	1,369	1,071
Municipal
Financing Receivable, Past Due [Line Items]
Beginning balance	43	46
Provision		7
Charge-offs
Recoveries
Ending balance	43	53
Consumer
Financing Receivable, Past Due [Line Items]
Beginning balance	77	60
Provision	(3)	51
Charge-offs	(24)	(12)
Recoveries	2	3
Ending balance	52	102
Unallocated
Financing Receivable, Past Due [Line Items]
Beginning balance	1,207	569
Provision	68	403
Charge-offs
Recoveries
Ending balance	1,275	972
Totals
Financing Receivable, Past Due [Line Items]
Beginning balance	13,754	8,895
Provision	158	1,706
Charge-offs	(39)	(12)
Recoveries	13	29
Ending balance	$ 13,886	$ 10,618

composition of loans receivab_4

composition of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Totals	$ 1,041,185	$ 1,027,738
Allowance For Loan And Lease Losses Collectively Evaluated Loans [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	340,398	347,695
Residential 5+ multifamily	36,826	36,094
Construction of residential 1-4 family	10,435	8,814
Home equity lines of credit	26,003	27,650
Residential real estate	413,662	420,253
Commercial	301,526	305,193
Construction of commercial	34,312	31,722
Commercial real estate	335,838	336,915
Farm land	3,455	3,040
Vacant land	13,064	13,912
Real estate secured	766,019	774,120
Commercial and industrial	248,925	226,662
Municipal	21,495	21,512
Consumer	8,593	7,661
Unallocated allowance
Totals	1,045,032	1,029,955
SEC Schedule, 12-09, Allowance, Loan and Lease Loss, Real Estate [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	2,337	2,445
Residential 5+ multifamily	622	686
Construction of residential 1-4 family	77	65
Home equity lines of credit	195	232
Residential real estate	3,231	3,428
Commercial	6,946	6,298
Construction of commercial	584	596
Commercial real estate	7,530	6,894
Farm land	50	59
Vacant land	107	178
Real estate secured	10,918	10,559
Commercial and industrial	1,247	1,223
Municipal	43	43
Consumer	52	59
Unallocated allowance	1,275	1,207
Totals	13,535	13,091
Allowance For Loan And Lease Losses Individually Evaluated Loans [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	4,129	4,306
Residential 5+ multifamily	963	964
Construction of residential 1-4 family
Home equity lines of credit	237	154
Residential real estate	5,329	5,424
Commercial	5,304	5,648
Construction of commercial
Commercial real estate	5,304	5,648
Farm land	151	158
Vacant land	164	167
Real estate secured	10,948	11,397
Commercial and industrial	432	486
Municipal
Consumer	24	26
Unallocated allowance
Totals	11,404	11,909
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	93	201
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit		20
Residential real estate	93	221
Commercial	134	248
Construction of commercial
Commercial real estate	134	248
Farm land
Vacant land	2	2
Real estate secured	229	471
Commercial and industrial	122	174
Municipal
Consumer		18
Unallocated allowance
Totals	351	663
Allowance For Loan And Lease Losses Total Portfolio Loans [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	344,527	352,001
Residential 5+ multifamily	37,789	37,058
Construction of residential 1-4 family	10,435	8,814
Home equity lines of credit	26,240	27,804
Residential real estate	418,991	425,677
Commercial	306,830	310,841
Construction of commercial	34,312	31,722
Commercial real estate	341,142	342,563
Farm land	3,606	3,198
Vacant land	13,228	14,079
Real estate secured	776,967	785,517
Commercial and industrial	249,357	227,148
Municipal	21,495	21,512
Consumer	8,617	7,687
Unallocated allowance
Totals	1,056,436	1,041,864
Allowance For Loan And Lease Losses Total Portfolio Allowance [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	2,430	2,646
Residential 5+ multifamily	622	686
Construction of residential 1-4 family	77	65
Home equity lines of credit	195	252
Residential real estate	3,324	3,649
Commercial	7,080	6,546
Construction of commercial	584	596
Commercial real estate	7,664	7,142
Farm land	50	59
Vacant land	109	180
Real estate secured	11,147	11,030
Commercial and industrial	1,369	1,397
Municipal	43	43
Consumer	52	77
Unallocated allowance	1,275	1,207
Totals	$ 13,886	$ 13,754

credit quality segments of loan

credit quality segments of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Totals	$ 1,041,185	$ 1,027,738
Allowance For Loan And Lease Losses Collectively Evaluated Loans Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	1,007,513	1,011,757
Potential problem loans 1	37,519	18,198
Impaired loans
Unallocated allowance
Totals	1,045,032	1,029,955
Allowance For Loan And Lease Losses Collectively Evaluated Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	9,131	10,424
Potential problem loans 1	3,129	1,460
Impaired loans
Unallocated allowance	1,275	1,207
Totals	13,535	13,091
Allowance For Loan And Lease Losses Individually Evaluated Loans Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans
Potential problem loans 1
Impaired loans	11,404	11,909
Unallocated allowance
Totals	11,404	11,909
Allowance For Loan And Lease Losses Individually Evaluated Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans
Potential problem loans 1
Impaired loans	351	663
Unallocated allowance
Totals	351	663
Allowance For Loan And Lease Losses Total Portfolio Loans Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	1,007,513	1,011,757
Potential problem loans 1	37,519	18,198
Impaired loans	11,404	11,909
Unallocated allowance
Totals	1,056,436	1,041,864
Allowance For Loan And Lease Losses Total Portfolio Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	9,131	10,424
Potential problem loans 1	3,129	1,460
Impaired loans	351	663
Unallocated allowance	1,275	1,207
Totals	$ 13,886	$ 13,754

Certain data with respect to lo

Certain data with respect to loans individually evaluated for impairment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Totals	$ 1,041,185	$ 1,027,738
Impaired Loans Specific Allowance Loan Balance Book [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	836		$ 4,015
Home equity lines of credit			89
Residential real estate	836		4,104
Commercial	1,941		3,672
Construction of commercial
Farm land
Vacant land	164		41
Real estate secured	2,941		7,817
Commercial and industrial	338		166
Consumer			34
Totals	3,279		8,017
Impaired Loans Specific Allowance Loan Balance Note [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	860	3,040	4,140
Home equity lines of credit		75	89
Residential real estate	860	3,115	4,229
Commercial	1,958	3,117	3,741
Construction of commercial
Farm land
Vacant land	182	40	41
Real estate secured	3,000	6,272	8,011
Commercial and industrial	349	424	170
Consumer		26	34
Totals	3,349	6,722	8,215
Impaired Loans Specific Allowance Loan Balance Average [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	2,368	3,862	4,067
Home equity lines of credit	56	76	22
Residential real estate	2,424	3,938	4,089
Commercial	2,769	3,325	3,405
Construction of commercial
Farm land
Vacant land	101	39	41
Real estate secured	5,294	7,302	7,535
Commercial and industrial	382	482	111
Consumer	19	31	35
Totals	5,695	7,815	7,681
SEC Schedule, 12-09, Reserve, Impairment of Recognized Servicing Asset [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	93	201	306
Home equity lines of credit		20	26
Residential real estate	93	221	332
Commercial	134	248	533
Construction of commercial
Farm land
Vacant land	2	2	8
Real estate secured	229	471	873
Commercial and industrial	122	174	8
Consumer		18	27
Totals	351	663	908
Impaired Loans Specific Allowance Loan Income Recognized [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	9	72	42
Home equity lines of credit
Residential real estate	9	72	42
Commercial	20	132	44
Construction of commercial
Farm land
Vacant land	2		1
Real estate secured	31	204	87
Commercial and industrial	1	4	1
Consumer		2
Totals	32	210	88
Impaired Loans No Specific Allowance Loan Balance Book [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	4,257		1,705
Home equity lines of credit	237		118
Residential real estate	4,494		1,823
Commercial	3,363		638
Construction of commercial
Farm land	151		181
Vacant land			137
Real estate secured	8,008		2,779
Commercial and industrial	93		53
Consumer	24
Totals	8,125		2,832
Impaired Loans No Specific Allowance Loan Balance Note [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	4,688	2,676	2,019
Home equity lines of credit	277	117	464
Residential real estate	4,965	2,793	2,483
Commercial	4,006	3,203	1,254
Construction of commercial
Farm land	316	319	327
Vacant land		145	154
Real estate secured	9,287	6,460	4,218
Commercial and industrial	308	283	207
Consumer	24
Totals	9,619	6,743	4,425
Impaired Loans No Specific Allowance Loan Balance Average [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	2,779	1,993	2,070
Home equity lines of credit	140	103	108
Residential real estate	2,919	2,096	2,178
Commercial	2,873	1,139	924
Construction of commercial
Farm land	154	173	184
Vacant land	65	134	138
Real estate secured	6,011	3,542	3,424
Commercial and industrial	82	58	86
Consumer	6
Totals	6,099	3,600	3,510
Impaired Loans No Specific Allowance Loan Income Recognized [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	21	27	6
Home equity lines of credit
Residential real estate	21	27	6
Commercial	35	91	10
Construction of commercial
Farm land
Vacant land		9	2
Real estate secured	56	127	18
Commercial and industrial	1	2	1
Consumer
Totals	$ 57	129	$ 19
Impaired Loans Specific Allowance Loan Balance Recorded Investment [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		2,971
Home equity lines of credit		75
Residential real estate		3,046
Commercial		3,058
Construction of commercial
Farm land
Vacant land		37
Real estate secured		6,141
Commercial and industrial		416
Consumer		26
Totals		6,583
Impaired Loans No Specific Allowance Loan Balance Recorded Investment [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		2,299
Home equity lines of credit		79
Residential real estate		2,378
Commercial		2,590
Construction of commercial
Farm land		158
Vacant land		130
Real estate secured		5,256
Commercial and industrial		70
Consumer
Totals		$ 5,326

NOTE 3 - LOANS (Details Narrati

NOTE 3 - LOANS (Details Narrative)	3 Months Ended		4 Months Ended
	Mar. 31, 2021USD ($)Integer	Mar. 31, 2020USD ($)	May 04, 2021USD ($)Integer	Dec. 31, 2020USD ($)
Receivables [Abstract]
Commercial loans serviced for other banks under loan participation agreements	$ 68,000,000			$ 65,300,000
SBA PPP loans, number of applications processed | Integer	435		470
SBA PPP loans processed	$ 47,000,000		$ 48,000,000
Net interest income on PPP loans	200,000
Net origination fees on PPP loans	1,100,000
SBA PPP loan balance	$ 94,000,000			$ 85,000,000
Commercial real estate troubled debt restructuring		$ 133,000

assets and liabilities as of Ma

assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the costs of operating and financial leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Liabilities
Operating leases	$ 80	$ 62
Amortization of leased assets	25	25
Interest on finance leases	32	36
Total lease cost	$ 137	$ 123
Weighted Average Remaining Lease Term
Operating leases	8 years 69 days 8 hours 24 minutes		7 years 219 days
Financing leases	14 years 73 days		14 years 73 days
Weighted Average Discount Rate 1
Operating leases	3.80%		3.70%
Financing leases	8.30%		8.40%
Assets And Liabilities [Member]
Assets
Operating	$ 1,128		$ 1,182
Finance	1,377		1,402
Total Leased Assets	2,505		2,584
Liabilities
Finance	1,658		1,673
Total lease liabilities	$ 2,796		$ 2,855

schedule by years of the presen

schedule by years of the present value of the net minimum lease payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Operating Leases [Member]
Lessor, Lease, Description [Line Items]
Capital Leases, Future Minimum Payments Due	$ 186
Capital Leases, Future Minimum Payments Due, Next Twelve Months	199
Capital Leases, Future Minimum Payments Due in Two Years	146
Capital Leases, Future Minimum Payments Due in Three Years	129
Capital Leases, Future Minimum Payments Due in Four Years	137
Capital Leases, Future Minimum Payments Due Thereafter	462
Capital Leases, Future Minimum Payments, Net Minimum Payments	1,259
Capital Leases, Future Minimum Payments, Interest Included in Payments	(131)
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments	1,128
Finance Leases [Member]
Lessor, Lease, Description [Line Items]
Capital Leases, Future Minimum Payments Due	144
Capital Leases, Future Minimum Payments Due, Next Twelve Months	195
Capital Leases, Future Minimum Payments Due in Two Years	197
Capital Leases, Future Minimum Payments Due in Three Years	200
Capital Leases, Future Minimum Payments Due in Four Years	203
Capital Leases, Future Minimum Payments Due Thereafter	1,778
Capital Leases, Future Minimum Payments, Net Minimum Payments	2,717
Capital Leases, Future Minimum Payments, Interest Included in Payments	(1,059)
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments	$ 1,658

Mortgage Servicing Rights (Deta

Mortgage Servicing Rights (Details) - Derivative Financial Instruments, Assets [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Residential mortgage loans serviced for others	$ 145,474	$ 134,428
Fair value of mortgage servicing rights	$ 936	$ 762

Changes in mortgage servicing r

Changes in mortgage servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Mortgage Servicing Rights
Balance, beginning of period	$ 621	$ 238
Originated	193	33
Amortization (1)	(75)	(16)
Balance, end of period	739	255
Valuation Allowance
Balance, beginning of period	(9)
Decrease in impairment reserve (1)	9
Balance, end of period
Mortgage servicing rights, net	$ 739	$ 255

The following securities and lo

The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (Details) - Guarantee Type, Other [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Securities available-for-sale (at fair value)	$ 61,683	$ 54,581
Loans receivable	402,538	420,415
Total pledged assets	$ 464,221	$ 474,996

NOTE 6 - PLEDGED ASSETS (Detail

NOTE 6 - PLEDGED ASSETS (Details Narrative)	Mar. 31, 2021USD ($)
Guarantees and Product Warranties [Abstract]
Securities pledged to secure public deposits	$ 52,970,000
Securities pledged to secure repurchase agreements	8,690,000
Securities pledged to secure FHLBB advances	$ 20,000

following amounts were recorded

following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Loans receivable, cumulative amount of fair value hedging adjustment included in carrying amount of hedged assets	$ (7,000)	$ (4,000)
Total, cumulative amount of fair value hedging adjustment included in carrying amount of hedged assets	(7,000)	(4,000)
Amortized cost basis of closed portfolios used in hedging relationships	44,700,000
Cumulative basis adjustment associated with hedging relationships	7,000
Amount of designated hedged item	10,000,000
Hedged Assets Liabilities Carrying Amount [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loans receivable(1)	9,993,000	9,996,000
Total	$ 9,993,000	$ 9,996,000

fair value of Salisbury's deriv

fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Notional Amount [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Products	$ 10,000
Derivative Instrument Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Products	7	$ 4
Total Derivatives designated as hedge instruments	$ 7	$ 4

effect of the Company's derivat

effect of the Company's derivative financial instruments on the Income Statement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Interest Income Derivative Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of interest income and expense line items presented in the income statement in which the effects of fair value or cash flow hedges are recorded	$ 1
Hedged items	(2)
Derivatives designated as hedging instruments	3
Interest Expense Derivative Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of interest income and expense line items presented in the income statement in which the effects of fair value or cash flow hedges are recorded
Hedged items
Derivatives designated as hedging instruments

NOTE 7 - DERIVATIVES AND HEDG_3

NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES (Details Narrative) $ in Thousands	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Minimum amount of posted collateral for Credit-Risk Related Contingent Features agreement	$ 250
Fair value of derivative in a net asset position related to Credit-Risk Related Contingent Features agreement	$ 7

computation of earnings per sha

computation of earnings per share (basic and diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 4,526	$ 2,047
Less: Undistributed earnings allocated to participating securities	(64)	(34)
Net income allocated to common stock	4,462	2,013
Weighted-average common shares issued	2,845	2,828
Less: Unvested restricted stock awards	(40)	(40)
Weighted average common shares outstanding used to calculate basic earnings per common share	2,805	2,788
Add: Dilutive effect of stock options and restricted stock units	10	9
Weighted-average common shares outstanding used to calculate diluted earnings per common share	$ 2,815	$ 2,797
Earnings per common share (basic)	$ 1.59	$ 0.72
Earnings per common share (diluted)	$ 1.59	$ 0.72

Actual regulatory capital posit

Actual regulatory capital position and minimum capital requirements (Details) $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Total Capital To Risk Weighted Assets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Banking Regulation, Total Capital, Actual	$ 141,113	$ 127,254
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1458	0.1357
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 77,405	$ 75,037
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.080	0.080
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 101,594	$ 98,486
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	10.50%	10.50%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 96,756	$ 93,796
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.100	0.100
Tier 1 Capital To Risk Weighted Assets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Banking Regulation, Total Capital, Actual	$ 128,995	$ 115,503
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1333	0.1231
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 58,054	$ 56,278
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.060	0.060
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 82,243	$ 79,727
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	8.50%	8.50%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 77,405	$ 75,037
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.080	0.080
Common Equity Tier 1 Capital To Risk Weighted Assets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Banking Regulation, Total Capital, Actual	$ 128,995	$ 115,503
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1333	0.1231
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 43,540	$ 42,208
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.045	0.045
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 67,729	$ 66,657
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	7.00%	7.00%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 62,892	$ 60,967
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.065	0.065
Tier 1 Capital To Average Assets [Member]
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items]
Banking Regulation, Total Capital, Actual	$ 128,995	$ 115,503
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.0983	0.0890
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 52,480	$ 51,907
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.040	0.040
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 52,480	$ 51,907
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	4.00%	4.00%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 65,601	$ 64,884
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.050	0.050

NOTE 9 - SHAREHOLDERS' EQUITY_2

NOTE 9 - SHAREHOLDERS' EQUITY (Details Narrative)	3 Months Ended
	Mar. 31, 2021USD ($)
Equity [Abstract]
Subordinated debt issued	$ 25,000,000
Proceeds from issuance of subordinated debt to be used in redemption of outstanding subordinated debt	10,000,000
Net proceeds from issuance of subordinated debt retained at the holding company level	$ 15,000,000

NOTE 10 - BENEFITS (Details Nar

NOTE 10 - BENEFITS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Retirement Benefits [Abstract]
Salisbury's 401(k) Plan expense	$ 286	$ 238
Salisbury's ESOP expense	55	57
Total liability for endorsement split-dollar life insurance arrangements included in other liabilities	858		$ 771
Net credit to expense future postretirement benefit obligations under endorsement split-dollar life insurance arrangements	86	23
Expenses related to Non-Qualified Deferred Compensation Plan	$ 29	$ 33

NOTE 11 - LONG TERM INCENTIVE_2

NOTE 11 - LONG TERM INCENTIVE PLANS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Compensation expense for restricted stock awards	$ 132	$ 136
Unrecognized compensation cost relating to awards	646	659
Compensation expense related to PSUs	0	36
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, granted			7,250
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, fair value			$ 264	$ 280
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, compensation expense	71	23
Short Term Incentive Plan expense, included in compensation expenses	$ 238	$ 153
Outstanding Stock Options 1 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options exercised by former Riverside employee, number	1,755	1,755
Options exercised by former Riverside employee, exercise price	$ 17.04	$ 17.04
Outstanding Stock Options 2 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options exercised by former Riverside employee, number		1,350
Options exercised by former Riverside employee, exercise price		$ 17.04

Assets measured at fair value (

Assets measured at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Inputs Level 1 S A L [Member]
Assets at fair value on a recurring basis
U.S. Government Agency notes
Municipal bonds
U.S. Government agencies and U.S. Government-sponsored enterprises
U.S. Government agencies
Corporate bonds
Securities available-for-sale
CRA mutual funds	904	917
Derivative financial instruments
Fair Value Inputs Level 2 S A L [Member]
Assets at fair value on a recurring basis
U.S. Government Agency notes	19,142	7,851
Municipal bonds	28,719	27,617
U.S. Government agencies and U.S. Government-sponsored enterprises	55,722	36,573
U.S. Government agencies	14,849	17,454
Corporate bonds	8,911	8,916
Securities available-for-sale	127,343	98,411
CRA mutual funds
Derivative financial instruments	7	4
Fair Value Inputs Level 3 S A L [Member]
Assets at fair value on a recurring basis
U.S. Government Agency notes
Municipal bonds
U.S. Government agencies and U.S. Government-sponsored enterprises
U.S. Government agencies
Corporate bonds
Securities available-for-sale
CRA mutual funds
Derivative financial instruments
Fair Value Inputs Level 12 And 3 S A L [Member]
Assets at fair value on a recurring basis
U.S. Government Agency notes	19,142	7,851
Municipal bonds	28,719	27,617
U.S. Government agencies and U.S. Government-sponsored enterprises	55,722	36,573
U.S. Government agencies	14,849	17,454
Corporate bonds	8,911	8,916
Securities available-for-sale	127,343	98,411
CRA mutual funds	904	917
Derivative financial instruments	$ 7	$ 4

Carrying values and estimated f

Carrying values and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Reported Amount Fair Value Disclosure S A L [Member]
Financial Assets
Cash and cash equivalents	$ 159,196	$ 93,162
Interest bearing time deposits with financial institutions	750	750
Securities available-for-sale	127,343	98,411
CRA mutual fund	904	917
Federal Home Loan Bank of Boston stock	1,713	1,713
Loans held-for-sale	2,313	2,735
Loans receivable, net	1,041,185	1,027,738
Accrued interest receivable	6,237	6,373
Cash surrender value of life insurance policies	21,307	21,182
Derivative financial instruments	7	4
Financial Liabilities
Demand (non-interest-bearing)	334,638	310,769
Demand (interest-bearing)	229,200	218,869
Money market	311,971	278,146
Savings and other	207,109	189,776
Certificates of deposit	128,253	131,514
Deposits	1,211,171	1,129,074
Repurchase agreements	8,687	7,116
FHLBB advances	11,396	12,639
Subordinated debt	34,305	9,883
Note payable	197	208
Finance lease liability	1,658	1,673
Accrued interest payable	37	43
Estimate Of Fair Value Fair Value Disclosure S A L [Member]
Financial Assets
Cash and cash equivalents	159,196	93,162
Interest bearing time deposits with financial institutions	750	750
Securities available-for-sale	127,343	98,411
CRA mutual fund	904	917
Federal Home Loan Bank of Boston stock	1,713	1,713
Loans held-for-sale	2,352	2,790
Loans receivable, net	1,043,432	1,057,234
Accrued interest receivable	6,237	6,373
Cash surrender value of life insurance policies	21,307	21,182
Derivative financial instruments	7	4
Financial Liabilities
Demand (non-interest-bearing)	334,638	310,769
Demand (interest-bearing)	229,200	218,869
Money market	311,971	278,146
Savings and other	207,109	189,776
Certificates of deposit	129,440	132,875
Deposits	1,212,358	1,130,435
Repurchase agreements	8,687	7,116
FHLBB advances	11,525	12,786
Subordinated debt	35,041	10,027
Note payable	202	212
Finance lease liability	1,801	1,920
Accrued interest payable	37	43
Fair Value Inputs Level 1 S A L [Member]
Financial Assets
Cash and cash equivalents	159,196	93,162
Interest bearing time deposits with financial institutions	750	750
Securities available-for-sale
CRA mutual fund	904	917
Federal Home Loan Bank of Boston stock	1,713	1,713
Loans held-for-sale
Loans receivable, net
Accrued interest receivable	6,237	6,373
Cash surrender value of life insurance policies	21,307	21,182
Derivative financial instruments
Financial Liabilities
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt	35,041	10,027
Note payable
Finance lease liability
Accrued interest payable	37	43
Fair Value Inputs Level 2 S A L [Member]
Financial Assets
Cash and cash equivalents
Interest bearing time deposits with financial institutions
Securities available-for-sale	127,343	98,411
CRA mutual fund
Federal Home Loan Bank of Boston stock
Loans held-for-sale
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance policies
Derivative financial instruments	7	4
Financial Liabilities
Demand (non-interest-bearing)	334,638	310,769
Demand (interest-bearing)	229,200	218,869
Money market	311,971	278,146
Savings and other	207,109	189,776
Certificates of deposit	129,440	132,875
Deposits	1,212,358	1,130,435
Repurchase agreements	8,687	7,116
FHLBB advances	11,525	12,786
Subordinated debt
Note payable	202	212
Finance lease liability
Accrued interest payable
Fair Value Inputs Level 3 S A L [Member]
Financial Assets
Cash and cash equivalents
Interest bearing time deposits with financial institutions
Securities available-for-sale
CRA mutual fund
Federal Home Loan Bank of Boston stock
Loans held-for-sale	2,352	2,790
Loans receivable, net	1,043,432	1,057,234
Accrued interest receivable
Cash surrender value of life insurance policies
Derivative financial instruments
Financial Liabilities
Demand (non-interest-bearing)
Demand (interest-bearing)
Money market
Savings and other
Certificates of deposit
Deposits
Repurchase agreements
FHLBB advances
Subordinated debt
Note payable
Finance lease liability	1,801	1,920
Accrued interest payable

NOTE 13 - SUBSEQUENT EVENTS (De

NOTE 13 - SUBSEQUENT EVENTS (Details Narrative)	3 Months Ended	4 Months Ended
	Mar. 31, 2021USD ($)Integer	May 04, 2021USD ($)Integer	Apr. 21, 2021USD ($)$ / shares
Subsequent Events [Abstract]
Quarterly dividend approved | $ / shares			$ 0.30
Outstanding subordinated debt authorized by Board of Directors for full redemption			$ 10,000,000
SBA PPP loans, number of applications processed | Integer	435	470
SBA PPP loans processed	$ 47,000,000	$ 48,000,000