Salisbury Bancorp (SAL) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-14854
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
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		5,783,966

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 6,314	$ 6,404
Interest bearing demand deposits with other banks	49,983	168,931
Total cash and cash equivalents	56,297	175,335
Interest bearing Time Deposits with Financial Institutions		750
Securities
Available-for-sale at fair value	189,161	202,396
Mutual funds at fair value	1,882	901
Federal Home Loan Bank of Boston stock at cost	1,487	1,397
Loans held-for-sale		2,684
Loans receivable, net (allowance for loan losses: $14,334 and $12,962)	1,176,493	1,066,750
Bank premises and equipment, net	22,502	22,625
Goodwill	13,815	13,815
Intangible assets (net of accumulated amortization: $5,612 and $5,462)	269	418
Accrued interest receivable	6,012	6,260
Cash surrender value of life insurance policies	30,187	27,738
Deferred taxes	8,882	2,588
Other assets	5,151	5,527
Total Assets	1,512,138	1,529,184
Deposits
Demand (non-interest bearing)	413,584	416,073
Demand (interest bearing)	241,236	233,600
Money market	313,987	330,436
Savings and other	246,538	237,075
Certificates of deposit	109,859	119,009
Total deposits	1,325,204	1,336,193
Repurchase agreements	7,109	11,430
Federal Home Loan Bank of Boston advances	20,000	7,656
Subordinated debt	24,517	24,474
Note payable	139	170
Finance lease obligations	4,296	4,107
Accrued interest and other liabilities	7,712	8,554
Total Liabilities	1,388,977	1,392,584
Shareholders' Equity 1
Outstanding: 5,783,966 and 5,723,394	578	286
Unearned compensation – restricted stock awards	(1,328)	(925)
Paid-in capital	47,252	46,374
Retained earnings	98,980	89,995
Accumulated other comprehensive (loss) income, net	(22,321)	870
Total Shareholders' Equity	123,161	136,600
Total Liabilities and Shareholders' Equity	$ 1,512,138	$ 1,529,184

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.10	$ 0.10
Common Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares, Issued	5,783,966	5,723,394
Common Stock, Shares, Outstanding	5,783,966	5,723,394

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest and dividend income
Interest and fees on loans	$ 11,541	$ 10,264	$ 32,280	$ 30,642
Interest on debt securities
Taxable	903	486	2,486	1,398
Tax exempt	213	172	575	506
Other interest and dividends	352	79	517	174
Total interest and dividend income	13,009	11,001	35,858	32,720
Interest expense
Deposits	883	532	1,938	1,652
Repurchase agreements	4	5	11	13
Finance lease	41	33	122	102
Note payable	2	3	7	9
Subordinated debt	233	233	699	767
Federal Home Loan Bank of Boston advances	2	30	57	96
Total interest expense	1,165	836	2,834	2,639
Net interest and dividend income	11,844	10,165	33,024	30,081
Provision (release) for loan losses	695	400	2,158	(517)
Net interest and dividend income after provision (release) for loan losses	11,149	9,765	30,866	30,598
Non-interest income
Trust and wealth advisory	1,228	1,286	3,762	3,685
Service charges and fees	1,219	1,211	4,080	3,536
Mortgage banking activities, net	64	108	497	912
Losses on mutual fund	(47)	(4)	(119)	(18)
Gains (losses) on securities, net		7	165	(2)
Bank-owned life insurance (“BOLI”) income	201	135	615	386
Gain on sale of assets		73		73
Other	28	24	84	81
Total non-interest income	2,693	2,840	9,084	8,653
Non-interest expense
Salaries	3,802	3,361	10,938	9,664
Employee benefits	1,224	1,322	3,789	3,990
Premises and equipment	1,117	1,060	3,200	3,034
Write-down of assets		144	3	144
Information processing and services	711	632	2,098	1,824
Professional fees	689	735	2,297	2,090
Collections, OREO and loan related	67	120	300	317
FDIC insurance	98	146	391	370
Marketing and community support	214	256	661	552
Amortization of intangibles	46	61	150	198
Other	544	447	1,872	1,448
Total non-interest expense	8,512	8,284	25,699	23,631
Income before income taxes	5,330	4,321	14,251	15,620
Income tax provision	994	868	2,501	3,288
Net income	4,336	3,453	11,750	12,332
Net income available to common shareholders	$ 4,264	$ 3,400	$ 11,543	$ 12,148
Basic earnings per common share 1	$ 0.75	$ 0.60	$ 2.04	$ 2.16
Diluted earnings per common share 1	0.75	0.60	2.03	2.15
Common dividends per share 1	$ 0.16	$ 0.16	$ 0.48	$ 0.45

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net income	$ 4,336	$ 3,453	$ 11,750	$ 12,332
Other comprehensive (loss) income
Net unrealized losses on securities available-for-sale	(9,855)	(1,199)	(29,191)	(2,153)
Reclassification of net realized (gains) losses in net income (1)		(7)	(165)	2
Unrealized losses on securities available-for-sale	(9,855)	(1,206)	(29,356)	(2,151)
Income tax benefit	2,070	254	6,165	451
Unrealized losses on securities available-for-sale, net of tax	(7,785)	(952)	(23,191)	(1,700)
Comprehensive (loss) income	$ (3,449)	$ 2,501	$ (11,441)	$ 10,632

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
Beginning balance, value at Dec. 31, 2020	$ 284	$ 45,264	$ 76,974	$ (774)	$ 3,004	$ 124,752
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	5,686,584
Net income for period			12,332			12,332
Other comprehensive loss, net of tax					(1,700)	(1,700)
Common stock dividends declared			(2,566)			(2,566)
Stock based compensation-restricted stock awards		235		449		684
Stock options exercised	$ 1	30				31
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	3,510
Issuance of restricted common stock	$ 1	623		(624)
[custom:StockIssuedDuringPeriodSharesRestrictedCommonStock]	27,700
Issuance of director’s restricted stock awards		126		(126)
[custom:StockIssuedDuringPeriodSharesDirectorsRestrictedStockAwards]	5,600
Ending balance, value at Sep. 30, 2021	$ 286	46,278	86,740	(1,075)	1,304	133,533
Shares, Outstanding, Ending Balance at Sep. 30, 2021	5,723,394
Beginning balance, value at Jun. 30, 2021	$ 286	46,217	84,174	(1,224)	2,256	131,709
Shares, Outstanding, Beginning Balance at Jun. 30, 2021	5,723,394
Net income for period			3,453			3,453
Other comprehensive loss, net of tax					(952)	(952)
Common stock dividends declared			(887)			(887)
Stock based compensation-restricted stock awards		61		149		210
Ending balance, value at Sep. 30, 2021	$ 286	46,278	86,740	(1,075)	1,304	133,533
Shares, Outstanding, Ending Balance at Sep. 30, 2021	5,723,394
Beginning balance, value at Dec. 31, 2021	$ 286	46,374	89,995	(925)	870	136,600
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	5,723,394
Net income for period			11,750			11,750
Other comprehensive loss, net of tax					(23,191)	(23,191)
Common stock dividends declared			(2,765)			(2,765)
Stock based compensation-restricted stock awards		240		615		855
Stock options exercised	$ 1	94				95
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	11,070
Issuance of director’s restricted stock awards		205		(205)
[custom:StockIssuedDuringPeriodSharesDirectorsRestrictedStockAwards]	7,980
Issuance of restricted stock awards	$ 2	811		(813)
Stock Issued During Period, Shares, Restricted Stock Award, Gross	28,700
Issuance of performance based stock awards		(183)				(183)
[custom:StockIssuedDuringPeriodSharesPerformanceBasedStockAwards]	12,822
Transfer due to 2-for-1 forward stock split	$ 289	(289)
Ending balance, value at Sep. 30, 2022	$ 578	47,252	98,980	(1,328)	(22,321)	123,161
Shares, Outstanding, Ending Balance at Sep. 30, 2022	5,783,966
Beginning balance, value at Jun. 30, 2022	$ 578	47,205	95,568	(1,512)	(14,536)	127,303
Shares, Outstanding, Beginning Balance at Jun. 30, 2022	5,783,966
Net income for period			4,336			4,336
Other comprehensive loss, net of tax					(7,785)	(7,785)
Common stock dividends declared			(924)			(924)
Stock based compensation-restricted stock awards		47		184		231
Ending balance, value at Sep. 30, 2022	$ 578	$ 47,252	$ 98,980	$ (1,328)	$ (22,321)	$ 123,161
Shares, Outstanding, Ending Balance at Sep. 30, 2022	5,783,966

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income	$ 11,750	$ 12,332
(Accretion), amortization and depreciation
Securities	1,082	807
Bank premises and equipment	1,202	1,142
Core deposit intangible	149	198
Modification fees on Federal Home Loan Bank of Boston advances	21	17
Subordinated debt issuance costs	43	159
Mortgage servicing rights	117	167
(Gains) and losses, including write-downs
Sales and calls of securities available-for-sale, net	(165)	2
CRA Mutual Fund	119	18
Sales of loans, excluding capitalized servicing rights	(306)	(653)
Loss on write-down of asset	3	144
Gain on sale of premises and equipment		(73)
Gain on redemption of Bank Owen Life Insurance	(89)
Provision (release) for loan losses	2,158	(517)
Proceeds from loans sold	11,343	30,364
Loans originated for sale	(4,444)	(27,615)
Increase in deferred loan origination costs, net	(717)	(58)
Mortgage servicing rights originated	(72)	(276)
Decrease in interest receivable	248	441
(Increase) decrease in deferred tax benefit	(129)	87
Increase in prepaid expenses	(71)	(416)
Increase in cash surrender value of life insurance policies	(526)	(386)
Decrease (increase) in income tax receivable	452	(429)
Increase (decrease) in income tax payable	101	(320)
Increase in other assets	(50)	(509)
Decrease in accrued expenses	(904)	(290)
Decrease in interest payable	(31)	(9)
Increase in other liabilities	122	365
Stock based compensation-restricted stock awards	855	684
Net cash provided by operating activities	22,263	15,378
Investing Activities
Net (purchases) redemption of Federal Home Loan Bank of Boston stock	(90)	209
Maturity of Interest-Bearing Time Deposits with Financial Institutions	750	0
Purchases of securities available-for-sale	(52,176)	(107,811)
Proceeds from sales of securities available-for-sale	22,012	3,311
Proceeds from calls of securities available-for-sale	1,500	8,500
Proceeds from principal payments and maturities of securities available-for-sale	11,626	15,883
Reinvestment of CRA Mutual Fund	(1,100)	(8)
Loan originations and principal collections, net	(115,135)	(29,323)
Recoveries of loans previously charged off	42	185
Proceeds from sale/ disposal of premises and equipment		248
Capital expenditures	(793)	(1,889)
Purchase of life insurance policies	(2,507)	(3,500)
Proceeds from life insurance policy	672
Net cash used by investing activities	(135,199)	(114,195)
Financing Activities
Increase in deposit transaction accounts, net	(1,839)	167,973
Decrease in time deposits, net	(9,150)	(7,419)
(Decrease) increase in securities sold under agreements to repurchase, net	(4,321)	3,334
Federal Home Loan Bank of Boston long-term maturities/payments	(6,000)
Federal Home Loan Bank of Boston short-term advances, net change	20,000
Principal payments on Amortizing Federal Home Loan Bank of Boston advance	(1,677)	(3,751)
Issuance of Sub Debt, net of issuance costs		24,418
Repayment of Sub Debt		(10,000)
Principal payments on note payable	(31)	(28)
Decrease in finance lease obligation	(230)	(42)
Stock options exercised	95	31
Net settlement of restricted stock units	(183)
Common stock dividends paid	(2,766)	(2,566)
Net cash (used by) provided by financing activities	(6,102)	171,950
Net (decrease) increase in cash and cash equivalents	(119,038)	73,133
Cash and cash equivalents, beginning of period	175,335	93,162
Cash and cash equivalents, end of period	56,297	166,295
Supplemental Cash Flow Information:
Cash paid for interest	2,801	2,472
Cash paid for income taxes	2,077	3,948
Non cash investing and financing activities:
Fixed Assets	419
Finance lease liability	(419)
Transfers from Fixed Assets to Other Assets		727
Loans transferred to Loans Held for Sale	$ 3,909

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
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 (loss) income, changes in shareholders’ equity and cash flows for the interim periods presented (collectively, the financial statements). 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 and unrealized gains and losses related to available-for-sale securities. Salisbury increased the number of issued and authorized common shares and effected a two-for-one forward stock split of the Company’s common stock on June 30, 2022. The par value of common stock was not adjusted as a result of the forward stock split. All share and per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this forward stock split. 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 September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying condensed financial statements should be read in conjunction with the financial statements and notes thereto included in Salisbury's 2021 Annual Report on Form 10-K for the year ended December 31, 2021. 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. 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 removes all recognition thresholds and requires 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 clarifies 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 clarifies 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 clarifies or addresses specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarify 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. In March 2022, the FASB issued ASU 2022-02, which clarifies the treatment of accrued interest when measuring credit losses. The amendments in this Update eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. 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, Salisbury 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. The Bank is currently refining various ACL assumptions and running parallel calculations on a monthly basis. Salisbury estimates that under the CECL framework, the ACL would be $14.2 million compared with the allowance for loan losses of $14.3 million reported on the consolidated balance sheet at September 30, 2022. In addition, Salisbury estimates that the ACL for unfunded commitments would be approximately $1.1 million compared with the allowance of $0.2 million recorded on its consolidated balance sheet as of September 30, 2022. Salisbury will continue to refine its ACL methodology prior to implementation of CECL on January 1, 2023. In addition, the estimated ACL and allowance for unfunded commitments under both the Incurred Loss method and CECL will be affected by various factors, which include but are not limited to, changes in the composition and balance of Salisbury’s loan portfolio and unfunded commitments, changes to internal risk ratings of borrowers, changes to the risk-profile of the loan portfolio, changes in various macro-economic indicators, the impact of geo-political events on the business environment, and other factors. 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. In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815) Fair Value Hedging – Portfolio Layer Method.” The amendments in this update clarified the following: (1) The current last-of-layer method that permits only one hedged layer has been expanded to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method; (2) The scope of the portfolio layer method has been expanded to include non-pre-payable financial assets; (3) Eligible hedging instruments in a single-layer hedge may include spot-starting or forward-starting constant-notional swaps, or spot-or forward-starting amortizing-notional swaps and that the number of hedged layers (that is, single or multiple) corresponds with the number of hedges designated; (4) Additional guidance is provided on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedged layers are designated; and (5) How hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. Salisbury does not expect the implementation of ASU 2022-01 to have a material impact on its consolidated financial statements.

NOTE 2 - SECURITIES

NOTE 2 - SECURITIES	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
NOTE 2 - SECURITIES	NOTE 2 - SECURITIES The composition of securities is as follows: (in thousands) Amortized cost basis Gross un-realized gains Gross un-realized losses Fair value September 30, 2022 Available-for-sale U.S. Treasury $ 19,266 $ — $ 2,289 $ 16,977 U.S. Government Agency notes 30,552 114 2,742 27,924 Municipal bonds 55,260 — 10,650 44,610 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 72,163 30 8,713 63,480 Collateralized mortgage obligations: U.S. Government agencies 25,925 — 3,334 22,591 Corporate bonds 14,250 — 671 13,579 Total securities available-for-sale $ 217,416 $ 144 $ 28,399 $ 189,161 Mutual fund $ 1,882 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,487 $ — $ — $ 1,487 (in thousands) Amortized cost basis Gross un-realized gains Gross un-realized losses Fair value December 31, 2021 Available-for-sale U.S. Treasury $ 15,301 $ 12 $ 182 $ 15,131 U.S. Government Agency notes 31,623 237 256 31,604 Municipal bonds 46,469 1,557 204 47,822 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 74,703 643 805 74,541 Collateralized mortgage obligations: U.S. Government agencies 20,948 135 185 20,898 Corporate bonds 12,250 158 8 12,400 Total securities available-for-sale $ 201,294 $ 2,742 $ 1,640 $ 202,396 Mutual fund $ 901 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,397 $ — $ — $ 1,397 Salisbury did not sell any available-for-sale securities during the three month periods ended September 30, 2022 and September 30, 2021. Salisbury sold $ 22.0 165 35 3.3 2 0.4 The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the date presented: Less than 12 Months 12 Months or Longer Total September 30, 2022 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Treasury $ 8,091 $ 763 $ 8,886 $ 1,526 $ 16,977 $ 2,289 U.S. Government Agency notes 4,804 589 15,151 2,153 19,955 2,742 Municipal bonds 37,026 8,290 7,584 2,360 44,610 10,650 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 28,503 3,960 29,335 4,753 57,838 8,713 Collateralized mortgage obligations 21,173 3,056 1,418 278 22,591 3,334 Corporate bonds 8,579 671 — — 8,579 671 Total temporarily impaired securities $ 108,176 $ 17,329 $ 62,374 $ 11,070 $ 170,550 $ 28,399 Less than 12 Months 12 Months or Longer Total December 31, 2021 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Treasury $ 12,155 $ 182 $ — $ — $ 12,155 $ 182 U.S. Government Agency notes 22,137 235 2,019 21 24,156 256 Municipal bonds 12,496 204 552 — 13,048 204 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises 52,619 740 3,195 65 55,814 805 Collateralized mortgage obligations 11,554 185 — — 11,554 185 Corporate bonds 1,742 8 — — 1,742 8 Total temporarily impaired securities $ 112,703 $ 1,554 $ 5,766 $ 86 $ 118,469 $ 1,640 The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity. Debt securities issued by U.S. Government agencies (SBA securities), MBS, and CMOS are disclosed separately in the table below as these securities may prepay prior to the scheduled contractual maturity dates. September 30, 2022 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Treasury After 1 year but within 5 years $ 7,871 $ 7,239 1.32 % After 5 year but within 10 years 11,395 9,738 1.18 Total 19,266 16,977 1.24 U.S. Government Agency notes After 1 year but within 5 years 4,979 4,319 0.97 After 5 year but within 10 years 10,938 9,189 1.35 Total 15,917 13,508 1.23 Municipal bonds After 1 year but within 5 years 511 459 1.74 After 5 year but within 10 years 15,282 12,445 2.31 After 10 years but within 15 years 12,842 10,382 2.53 After 15 years 26,625 21,324 2.84 Total 55,260 44,610 2.61 Mortgage-backed securities and Collateralized mortgage obligations Securities not due at a single maturity date 112,723 100,487 2.29 Total 112,723 100,487 2.29 Corporate bonds After 5 years but within 10 years 13,250 12,596 4.32 After 10 years but within 15 years 1,000 983 6.25 Total 14,250 13,579 4.46 Securities available-for-sale $ 217,416 $ 189,161 2.45 % (1) Salisbury evaluates debt securities for OTTI where 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 securities were OTTI at September 30, 2022. U.S. Treasury notes: The contractual cash flows are guaranteed by the U.S. government. Ten securities had unrealized losses at September 30, 2022, which approximated 11.88% 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 September 30, 2022. U.S. Government Agency notes: The contractual cash flows are guaranteed by the U.S. government. Twenty two securities had unrealized losses at September 30, 2022, which approximated 12.08% 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 September 30, 2022. Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Sixty six securities had unrealized losses at September 30, 2022, which approximated 19.27% 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 September 30, 2022. U.S. Government agency and U.S. Government-sponsored enterprise securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Ninety two securities had unrealized losses at September 30, 2022, which approximated 13.03% 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 September 30, 2022. Corporate bonds: Salisbury regularly monitors and analyzes its corporate bond portfolio for credit quality. Eleven securities had unrealized losses at September 30, 2022, which approximated 7.26% 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 September 30, 2022. 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 September 30, 2022. 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	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
NOTE 3 – LOANS	NOTE 3 – LOANS The composition of loans receivable and loans held-for-sale is as follows: (In thousands) September 30, 2022 December 31, 2021 Residential 1-4 family $ 414,957 $ 373,131 Residential 5+ multifamily 70,459 52,325 Construction of residential 1-4 family 21,527 19,738 Home equity lines of credit 24,895 23,270 Residential real estate 531,838 468,464 Commercial 367,257 310,923 Construction of commercial 45,762 58,838 Commercial real estate 413,019 369,761 Farm land 4,225 2,807 Vacant land 14,796 14,182 Real estate secured 963,878 855,214 Commercial and industrial ex PPP Loans 186,527 169,543 PPP Loans 469 25,589 Total Commercial and industrial 186,996 195,132 Municipal 18,607 16,534 Consumer 20,344 12,547 Loans receivable, gross 1,189,825 1,079,427 Deferred loan origination costs, net 1,002 285 Allowance for loan losses (14,334 ) (12,962 ) Loans receivable, net $ 1,176,493 $ 1,066,750 Loans held-for-sale Residential 1-4 family $ — $ 2,684 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 September 30, 2022 and December 31, 2021, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $ 58.5 77.5 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 36% 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 9% of the Bank’s commercial loans are to entities in the hospitality industry, which includes hotels, bed & breakfast inns and restaurants. Approximately 9% of the Bank’s commercial loans are to educational institutions and approximately 4% 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 192% as of September 30, 2022 and 179% at December 31, 2021 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. Rising interest rates, unemployment and an economic recession may cause the Bank to experience higher loan payment delinquencies and higher loan charge-offs, which could warrant increased provisions for loan losses. At September 30, 2022 Salisbury had PPP loan balances, net of deferred fees, of $ 0.4 25 For the three months ended September 30, 2022, Salisbury recorded interest income and net origination fees of $ 3 69 133 711 71 740 569 2.5 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 is as follows: (in thousands) Pass Special mention Substandard Doubtful Loss Total September 30, 2022 Residential 1-4 family $ 410,458 $ 3,030 $ 1,469 $ — $ — $ 414,957 Residential 5+ multifamily 70,308 72 79 — — 70,459 Construction of residential 1-4 family 21,527 — — — — 21,527 Home equity lines of credit 24,730 165 — — — 24,895 Residential real estate 527,023 3,267 1,548 — — 531,838 Commercial 348,824 13,079 5,354 — — 367,257 Construction of commercial 45,762 — — — — 45,762 Commercial real estate 394,586 13,079 5,354 — — 413,019 Farm land 2,402 1,426 397 — — 4,225 Vacant land 14,764 32 — — — 14,796 Real estate secured 938,775 17,804 7,299 — — 963,878 Commercial and industrial 184,584 696 1,716 — — 186,996 Municipal 18,607 — — — — 18,607 Consumer 20,344 — — — — 20,344 Loans receivable, gross $ 1,162,310 $ 18,500 $ 9,015 $ — $ — $ 1,189,825 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2021 Residential 1-4 family $ 367,225 $ 3,543 $ 2,363 $ — $ — $ 373,131 Residential 5+ multifamily 50,588 79 1,658 — — 52,325 Construction of residential 1-4 family 19,738 — — — — 19,738 Home equity lines of credit 23,037 212 21 — — 23,270 Residential real estate 460,588 3,834 4,042 — — 468,464 Commercial 271,821 16,034 23,068 — — 310,923 Construction of commercial 58,838 — — — — 58,838 Commercial real estate 330,659 16,034 23,068 — — 369,761 Farm land 1,162 1,214 431 — — 2,807 Vacant land 14,143 39 — — — 14,182 Real estate secured 806,552 21,121 27,541 — — 855,214 Commercial and industrial 191,857 688 2,587 — — 195,132 Municipal 16,534 — — — — 16,534 Consumer 12,547 — — — — 12,547 Loans receivable, gross $ 1,027,490 $ 21,809 $ 30,128 $ — $ — $ 1,079,427 The composition of loans receivable by delinquency status is as follows: 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 September 30, 2022 Residential 1-4 family $ 414,910 $ 20 $ 12 $ — $ 15 $ 47 $ — $ 137 Residential 5+ multifamily 70,459 — — — — — — — Construction of residential 1-4 family 21,527 — — — — — — — Home equity lines of credit 24,778 117 — — — 117 — — Residential real estate 531,674 137 12 — 15 164 — 137 Commercial 367,172 — 85 — — 85 — 1,199 Construction of commercial 45,762 — — — — — — — Commercial real estate 412,934 — 85 — — 85 — 1,199 Farm land 4,225 — — — — — — 397 Vacant land 14,796 — — — — — — — Real estate secured 963,629 137 97 — 15 249 — 1,733 Commercial and industrial 186,861 23 12 100 — 135 100 27 Municipal 18,607 — — — — — — — Consumer 20,223 116 5 — — 121 — — Loans receivable, gross $ 1,189,320 $ 276 $ 114 $ 100 $ 15 $ 505 $ 100 $ 1,760 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, 2021 Residential 1-4 family $ 372,620 $ 223 $ 135 $ 63 $ 90 $ 511 $ — $ 750 Residential 5+ multifamily 51,464 — — — 861 861 — 861 Construction of residential 1-4 family 19,668 — 70 — — 70 — — Home equity lines of credit 23,000 165 98 — 7 270 — 21 Residential real estate 466,752 388 303 63 958 1,712 — 1,632 Commercial 310,331 87 251 — 254 592 — 1,924 Construction of commercial 58,838 — — — — — — — Commercial real estate 369,169 87 251 — 254 592 — 1,924 Farm land 2,807 — — — — — — 432 Vacant land 14,182 — — — — — — — Real estate secured 852,910 475 554 63 1,212 2,304 — 3,988 Commercial and industrial 194,838 250 32 1 11 294 11 200 Municipal 16,534 — — — — — — — Consumer 12,503 40 4 — — 44 — — Loans receivable, gross $ 1,076,785 $ 765 $ 590 $ 64 $ 1,223 $ 2,642 $ 11 $ 4,188 Troubled Debt Restructurings (TDRs) For the three and nine month periods ended September 30, 2022, there were no troubled debt restructurings. For the three and nine month periods ended September 30, 2021, one residential loan with a loan balance of $ 74 Allowance for Loan Losses Changes in the allowance for loan losses are as follows: Three months ended September 30, 2022 Three months ended September 30, 2021 Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 3,286 $ 127 $ ( 45 ) $ 25 $ 3,393 $ 2,377 $ 393 $ ( 35 ) $ 5 $ 2,740 Residential 5+ multifamily 1,157 71 — — 1,228 545 156 — — 701 Construction of residential 1-4 family 333 (103 ) (25 ) — 205 95 41 — — 136 Home equity lines of credit 205 14 — — 219 190 26 (20 ) — 196 Residential real estate 4,981 109 (70 ) 25 5,045 3,207 616 (55 ) 5 3,773 Commercial 5,169 598 — — 5,767 6,212 (165 ) — 119 6,166 Construction of commercial 872 (115 ) — — 757 668 118 — — 786 Commercial real estate 6,041 483 — — 6,524 6,880 (47 ) — 119 6,952 Farm land 27 11 — — 38 32 (1 ) — — 31 Vacant land 108 4 — — 112 87 (1 ) — — 87 Real estate secured 11,157 607 (70 ) 25 11,719 10,206 567 (55 ) 125 10,843 Commercial and industrial 1,480 5 — — 1,485 1,256 73 — 3 1,332 Municipal 35 4 — — 39 32 (1 ) — — 31 Consumer 130 11 (25 ) 6 122 66 62 (19 ) 6 115 Unallocated 901 68 — — 969 1,148 (301 ) — — 847 Totals $ 13,703 $ 695 $ (95 ) $ 31 $ 14,334 $ 12,708 $ 400 $ ( 74 ) $ 134 $ 13,168 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,846 $ 595 $ ( 73 ) $ 25 $ 3,393 $ 2,646 $ 129 $ ( 44 ) $ 9 $ 2,740 Residential 5+ multifamily 817 642 (231 ) — 1,228 686 15 — — 701 Construction of residential 1-4 family 186 44 (25 ) — 205 65 71 — — 136 Home equity lines of credit 198 32 (11 ) — 219 252 (36 ) (20 ) — 196 Residential real estate 4,047 1,313 (340 ) 25 5,045 3,649 179 (64 ) 9 3,773 Commercial 5,416 722 (372 ) 1 5,767 6,546 (509 ) (7 ) 136 6,166 Construction of commercial 1,025 (268 ) — — 757 596 208 (18 ) — 786 Commercial real estate 6,441 454 (372 ) 1 6,524 7,142 (301 ) (25 ) 136 6,952 Farm land 21 17 — — 38 59 (28 ) — — 31 Vacant land 95 17 — — 112 180 (94 ) — 1 87 Real estate secured 10,604 1,801 (712 ) 26 11,719 11,030 (244 ) (89 ) 146 10,843 Commercial and industrial 1,364 166 (46 ) 1 1,485 1,397 17 (131 ) 49 1,332 Municipal 31 8 — — 39 43 (12 ) — — 31 Consumer 82 95 (70 ) 15 122 77 82 (34 ) (10 ) 115 Unallocated 881 88 — — 969 1,207 (360 ) — — 847 Totals $ 12,962 $ 2,158 $ ( 828 ) $ 42 $ 14,334 $ 13,754 $ ( 517 ) $ ( 254 ) $ 185 $ 13,168 The composition of loans receivable and the allowance for loan losses is as follows: (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance September 30, 2022 Residential 1-4 family $ 413,456 $ 3,393 $ 1,501 $ — $ 414,957 $ 3,393 Residential 5+ multifamily 70,380 1,228 79 — 70,459 1,228 Construction of residential 1-4 family 21,527 205 — — 21,527 205 Home equity lines of credit 24,895 219 — — 24,895 219 Residential real estate 530,258 5,045 1,580 — 531,838 5,045 Commercial 364,729 5,745 2,528 22 367,257 5,767 Construction of commercial 45,762 757 — — 45,762 757 Commercial real estate 410,491 6,502 2,528 22 413,019 6,524 Farm land 3,828 38 397 — 4,225 38 Vacant land 14,796 112 — — 14,796 112 Real estate secured 959,373 11,697 4,505 22 963,878 11,719 Commercial and industrial 186,969 1,485 27 — 186,996 1,485 Municipal 18,607 39 — — 18,607 39 Consumer 20,344 122 — — 20,344 122 Unallocated allowance — 969 — — — 969 Totals $ 1,185,293 $ 14,312 $ 4,532 $ 22 $ 1,189,825 $ 14,334 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2021 Residential 1-4 family $ 370,558 $ 2,845 $ 2,573 $ 1 $ 373,131 $ 2,846 Residential 5+ multifamily 51,376 817 949 — 52,325 817 Construction of residential 1-4 family 19,738 186 — — 19,738 186 Home equity lines of credit 23,249 198 21 — 23,270 198 Residential real estate 464,921 4,046 3,543 1 468,464 4,047 Commercial 307,377 5,388 3,546 28 310,923 5,416 Construction of commercial 58,838 1,025 — — 58,838 1,025 Commercial real estate 366,215 6,413 3,546 28 369,761 6,441 Farm land 2,375 21 432 — 2,807 21 Vacant land 14,182 95 — — 14,182 95 Real estate secured 847,694 10,575 7,520 29 855,214 10,604 Commercial and industrial 194,856 1,297 276 67 195,132 1,364 Municipal 16,534 31 — — 16,534 31 Consumer 12,547 82 — — 12,547 82 Unallocated allowance — 881 — — — 881 Totals $ 1,071,630 $ 12,866 $ 7,797 $ 96 $ 1,079,427 $ 12,962 The credit quality segments of loans receivable and the allowance for loan losses are as follows: September 30, 2022 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,178,589 $ 12,928 $ — $ — $ 1,178,589 $ 12,928 Potential problem loans 1 6,704 415 — — 6,704 415 Impaired loans — — 4,532 22 4,532 22 Unallocated allowance — 969 — — — 969 Totals $ 1,185,293 $ 14,312 $ 4,532 $ 22 $ 1,189,825 $ 14,334 December 31, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,046,614 $ 10,456 $ — $ — $ 1,046,614 $ 10,456 Potential problem loans 1 25,016 1,529 — — 25,016 1,529 Impaired loans — — 7,797 96 7,797 96 Unallocated allowance — 881 — — — 881 Totals $ 1,071,630 $ 12,866 $ 7,797 $ 96 $ 1,079,427 $ 12,962 1 A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or fair value of collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Recorded Investment Note Average allowance recognized Recorded Investment Note Average recognized September 30, 2022 Residential $ — $ — $ 398 $ — $ — $ 1,580 $ 1,677 $ 2,321 $ 40 Home equity lines of credit — — — — — — — 11 — Residential real estate — — 398 — — 1,580 1,677 2,332 40 Commercial 572 572 616 22 22 1,956 2,467 2,397 32 Construction of commercial — — — — — — — — — Farm land — — — — — 397 447 415 — Vacant land — — — — — — — — — Real estate secured 572 572 1,014 22 22 3,933 4,591 5,144 72 Commercial and industrial — — 84 — — 27 30 55 — Consumer — — — — — — — — — Totals $ 572 $ 572 $ 1,098 $ 22 $ 22 $ 3,960 $ 4,621 $ 5,199 $ 72 Note: The income recognized is for the nine month period ended September 30, 2022. Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Recorded Investment Note Average allowance recognized Recorded Investment Note Average recognized September 30, 2021 Residential $ 45 $ 47 $ 1,120 $ 3 $ 2 $ 3,989 $ 4,404 $ 3,642 $ 52 Home equity lines of credit — — 22 — — 86 127 156 — Residential real estate 45 47 1,142 3 2 4,075 4,531 3,798 52 Commercial 1,007 1,033 1,921 43 33 2,866 3,377 3,002 47 Construction of commercial — — — — — — — — — Farm land — — — — — 576 756 415 — Vacant land — — 73 — — 35 39 52 — Real estate secured 1,052 1,080 3,136 46 35 7,552 8,703 7,267 99 Commercial and industrial 221 228 336 44 3 100 270 91 — Consumer — — 8 — — 18 18 15 1 Totals $ 1,273 $ 1,308 $ 3,480 $ 90 $ 38 $ 7,670 $ 8,991 $ 7,373 $ 100 Note: The income recognized is for the nine month period ended September 30, 2021. Certain data with respect to loans individually evaluated for impairment is as follows as of and for the year ended December 31, 2021: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Recorded Investment Note Average allowance recognized Recorded Investment Note Average recognized December 31, 2021 Residential $ 43 $ 44 $ 872 $ 1 $ 3 $ 3,480 $ 3,817 $ 3,689 $ 75 Home equity lines of credit — — 17 — — 21 23 131 — Residential real estate 43 44 889 1 3 3,501 3,840 3,820 75 Commercial 608 608 1,678 28 32 2,938 3,493 2,974 62 Construction of commercial — — — — — — — — — Farm land — — — — — 431 447 440 — Vacant land — — 56 — — — — 45 — Real estate secured 651 652 2,623 29 35 6,870 7,780 7,279 137 Commercial and industrial 216 224 309 67 3 60 72 90 — Consumer — — 6 — — — — 13 — Totals $ 867 $ 876 $ 2,938 $ 96 $ 38 $ 6,930 $ 7,852 $ 7,382 $ 137

NOTE 4 _ LEASES

NOTE 4 – LEASES	9 Months Ended
	Sep. 30, 2022
Note 4 Leases
NOTE 4 – LEASES	NOTE 4 – LEASES The Bank leases facilities and equipment with various expiration dates. The facilities leases have varying renewal options, generally require fixed annual rent, and provide that real estate taxes, insurance, and maintenance expenses are to be paid by Salisbury. The following table provides the assets and liabilities as of September 30, 2022 and December 31, 2021, as well as the costs of operating and financial leases, which are included in the Bank’s consolidated income statement for the nine months ended September 30, 2022 and 2021. ($ in thousands, except lease term and discount rate) Classification September 30, 2022 December 31, 2021 Assets Operating Other assets $ 1,231 $ 1,021 Finance Bank premises and equipment 1 3,912 3,791 Total Leased Assets $ 5,143 $ 4,812 Liabilities Operating Other liabilities $ 1,231 $ 1,021 Finance Finance lease 4,296 4,107 Total Lease Liabilities $ 5,527 $ 5,128 1 Lease cost Classification Nine months ended Three months ended September 30, 2022 September 30, 2022 Operating leases Premises and equipment $ 218 $ 72 Finance leases: Amortization of leased assets Premises and equipment 167 55 Interest on finance leases Interest expense 41 41 Total lease cost $ 426 $ 168 Lease cost Classification Nine months ended Three months ended September 30, 2021 September 30, 2021 Operating leases Premises and equipment $ 221 $ 74 Finance leases: Amortization of leased assets Premises and equipment 76 25 Interest on finance leases Interest expense 103 36 Total lease cost $ 400 $ 135 Weighted Average Remaining Lease Term September 30, 2022 December 31, 2021 Operating leases 6.1 years 6.9 years Financing leases 21.7 years 23.5 years Weighted Average Discount Rate 1 Operating leases 3.6 % 3.6 % Financing leases 3.7 % 5.0 % 1 The following is a schedule by years of the present value of the net minimum lease payments as of September 30, 2022. Future minimum lease payments (in thousands) Operating Leases Finance Leases 2022 $ 80 $ 74 2023 241 304 2024 204 314 2025 213 324 2026 137 334 Thereafter 507 4,968 Total future minimum lease payments 1,382 6,317 Less amount representing interest (151 ) (2,022 ) Total present value of net future minimum lease payments $ 1,231 $ 4,295

NOTE 5 - MORTGAGE SERVICING RIG

NOTE 5 - MORTGAGE SERVICING RIGHTS	9 Months Ended
	Sep. 30, 2022
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) September 30, 2022 December 31, 2021 Residential mortgage loans serviced for others $ 135,656 $ 140,623 Fair value of mortgage servicing rights 1,401 1,043 Changes in mortgage servicing rights are as follows: Three months ended Nine months ended Periods ended September 30, (in thousands) 2022 2021 2022 2021 Mortgage Servicing Rights Balance, beginning of period $ 694 $ 748 $ 700 $ 621 Originated — 18 72 276 Amortization (1) (39 ) (36 ) (117 ) (167 ) Balance, end of period $ 655 $ 730 $ 655 $ 730 Valuation Allowance Balance, beginning of period — — — (9 ) Decrease in impairment reserve (1) — — — 9 Balance, end of period — — — — Mortgage servicing rights, net $ 655 $ 730 $ 655 $ 730 (1) Amortization expense and changes in the impairment reserve are recorded in mortgage banking activities, net.

NOTE 6 - PLEDGED ASSETS

NOTE 6 - PLEDGED ASSETS	9 Months Ended
	Sep. 30, 2022
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) September 30, 2022 December 31, 2021 Securities available-for-sale (at fair value) $ 78,001 $ 75,737 Loans receivable (at book value) 375,645 378,845 Total pledged assets $ 453,646 $ 454,582 At September 30, 2022, securities were pledged as follows: $ 70.88 7.10 0.02

NOTE 7 _ DERIVATIVES AND HEDGIN

NOTE 7 – DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2022
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. Salisbury’s fair value hedge matured in third quarter 2022. As of December 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 (in thousands) December 31, 2021 December 31, 2021 Loans receivable (1) $ 9,982 $ (18 ) Total $ 9,982 $ (18 ) (1) The table below presents the fair value of Salisbury’s derivative financial instrument and its classification on the Balance Sheet as of December 31, 2021. As of December 31, 2021 (in thousands) Notional Amount Balance Sheet Location Derivatives designated as hedge instruments Interest Rate Products $ 10,000 Other assets $ 18 Total Derivatives designated as hedge instruments $ 18 The tables below present the effect of the Company’s derivative financial instruments on the Income Statement for the three and nine months ended September 30, 2022 and 2021. Three months ended September 30, 2022 Nine months ended September 30, 2022 (in thousands) Interest Interest Interest Interest Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 45 $ — $ 64 $ — Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items 45 — 18 — Derivatives designated as hedging instruments $ — $ — $ 46 $ — Three months ended September 30, 2021 Nine months ended September 30, 2021 (in thousands) Interest Interest Interest Interest Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 1 $ — $ — $ — Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items 4 — 3 — Derivatives designated as hedging instruments $ (3 ) $ — $ (3 ) $ —

NOTE 8 _ EARNINGS PER SHARE

NOTE 8 – EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
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) for the periods indicated. All per share data has been adjusted to reflect the two-for-one forward common stock split, which was effective on June 30, 2022. Three months ended Nine months ended Periods ended September 30, (in thousands, except per share data) 2022 2021 2022 2021 Net income $ 4,336 $ 3,453 $ 11,750 $ 12,332 Less: Undistributed earnings allocated to participating securities (72 ) (53 ) (207 ) (184 ) Net income allocated to common stock $ 4,264 $ 3,400 $ 11,543 $ 12,148 Weighted-average common shares issued 5,784 5,724 5,765 5,706 Less: Unvested restricted stock awards (97 ) (90 ) (101 ) (85 ) Weighted average common shares outstanding used to calculate basic earnings per common share 5,687 5,634 5,663 5,621 Add: Dilutive effect of stock options 26 52 33 39 Weighted-average common shares outstanding used to calculate diluted earnings per common share 5,713 5,686 5,696 5,660 Earnings per common share (basic) $ 0.75 $ 0.60 $ 2.04 $ 2.16 Earnings per common share (diluted) $ 0.75 $ 0.60 $ 2.03 $ 2.15

NOTE 9 _ CONTINGENCIES

NOTE 9 – CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
NOTE 9 – CONTINGENCIES	NOTE 9 – CONTINGENCIES In July 2022, Salisbury management discovered that the Bank’s trust department terminated a trust account in May 2020 and distributed approximately $ 1.0 1.0

NOTE 10 _ SHAREHOLDERS_ EQUITY

NOTE 10 – SHAREHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
NOTE 10 – SHAREHOLDERS’ EQUITY	NOTE 10 – 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. As of September 30, 2022, the Company and the Bank met each of their capital requirements. The Company and 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 September 30, 2022, the Bank exceeded the minimum requirement for the capital conservation buffer. As of September 30,2022, 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 15 10 As of September 30, 2022, Salisbury did not repurchase any of its common shares pursuant to the Common Stock Repurchase Plan approved by the Board of Directors in March 2021. The Bank’s risk-weighted assets at September 30, 2022 and December 31, 2021 were $ 1,241.1 1,085.4 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 September 30, 2022 Total Capital (to risk-weighted assets) $ 164,325 13.24 % $ 99,290 8.0 % $ 130,318 10.5 % $ 124,112 10.0 % Tier 1 Capital (to risk-weighted assets) 149,805 12.07 74,467 6.0 105,495 8.5 99,290 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 149,805 12.07 55,850 4.5 86,878 7.0 80,673 6.5 Tier 1 Capital (to average assets) $ 149,805 9.83 $ 60,933 4.0 $ 60,933 4.0 $ 76,166 5.0 December 31, 2021 Total Capital (to risk-weighted assets) $ 152,789 14.08 % $ 86,832 8.0 % $ 113,968 10.5 % $ 108,541 10.0 % Tier 1 Capital (to risk-weighted assets) 139,681 12.87 65,124 6.0 92,259 8.5 86,832 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 139,681 12.87 48,843 4.5 75,978 7.0 70,551 6.5 Tier 1 Capital (to average assets) $ 139,681 9.42 $ 59,285 4.0 $ 59,285 4.0 $ 74,106 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 11 _ BENEFITS

NOTE 11 – BENEFITS	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
NOTE 11 – BENEFITS	NOTE 11 – BENEFITS 401(k) Salisbury’s 401(k) Plan expense was $ 311 253 862 847 ESOP Salisbury offers an ESOP to eligible employees. Under the ESOP, Salisbury may make discretionary contributions to the ESOP. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service: 85 55 168 184 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 $ 702 779 69 86 77 259 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 2022 and 2021, the Bank awarded seven (7) Executives with discretionary contributions to the plan. On December 27, 2021, the Board of Directors of Salisbury Bank and Trust Company executed the Salisbury Bank and Trust Company Amended and Restated Non-Qualified Deferred Compensation Plan (the “Plan”), effective as of January 1, 2022. The Plan permits the Board to select certain key employees of the Bank to participate in the Plan, provided that such employees also evidence their participation by execution of a Participation Agreement. Before amendment and restatement, the Plan provided solely for discretionary bank contributions to selected participant’s accounts. The participation agreement sets forth the vesting terms of the discretionary contributions and the “benefit age” at which a participant could retire with a fully vested benefit. The participation agreement also sets forth how a participant’s benefit would be distributed (i.e., in a lump sum or in annual installments over a period of up to 10 years, as selected by the participant). Until distribution, a participant’s account would earn interest as of the last day of the plan year at the highest certificate of deposit rate for that year, compounded annually. The participant’s benefits under the Plan are subject to the vesting schedule set forth in the participant’s participation agreement. Notwithstanding the vesting schedule, the participant’s account balance will become automatically 100% vested upon involuntary termination without cause, death, disability or a change in control. The amended and restated Plan allows participant deferrals and provides greater flexibility in participant elections and investment options. The amended and restated Plan also provides additional distribution options, including distributions in the event of an unforeseeable emergency and on the occurrence of a specified date before separation from service, and allows a participant to elect for each year’s contributions the manner in which such distributions will be paid. Installment distributions can be made in monthly, quarterly or annual installments. Payment of benefits under the Plan, other than benefits payable as a result of base salary deferrals, are conditioned on the participant’s covenant to comply with non-compete, non-solicitation and non-disclosure provisions for a period of one year following the participant’s separation from service. The Bank has established a grantor trust to hold the assets of the Plan. Until distributed, the assets of the Plan are not legally owned by the participants. In second quarter 2022, Salisbury contributed $ 100 47 29 141 86 Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers (“NEOs”), 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 ten 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 12 _ LONG TERM INCENTIVE P

NOTE 12 – LONG TERM INCENTIVE PLANS	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
NOTE 12 – LONG TERM INCENTIVE PLANS	NOTE 12 – LONG TERM INCENTIVE PLANS Restricted stock Restricted stock expense was $ 184 149 615 449 33 27 111 81 In second quarter 2022, Salisbury granted a total of 18,340 1.0 1,328 1,075 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. The performance goal for awards granted under the RSU plan in 2019 was based on the increase in the Bank’s tangible book value by $3.50 per share over the performance period for threshold performance. The vesting ranged 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 This tranche of awards vested in second quarter 2022 at 150% for achieving tangible book value per share growth in excess of target payout performance. The vesting of these awards occurred prior to June 30, 2022 and was not affected by the two-for-one forward stock split. On July 29, 2020, the Compensation Committee granted an additional 14,500 On June 23, 2021, the Compensation Committee granted an additional 14,800 On February 28, 2022, the Compensation Committee granted an additional 13,900 The fair value of the awards granted under the RSU plan at the grant date was $ 462 622 47 61 240 235 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 $ 276 210 814 757 50 38 147 136 Options Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. In third quarter 2022 and third quarter 2021, no stock options were exercised.

NOTE 13 _ FAIR VALUE OF ASSETS

NOTE 13 – FAIR VALUE OF ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
NOTE 13 – FAIR VALUE OF ASSETS AND LIABILITIES	NOTE 13 – 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 assets and 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 held for sale. The fair value of assets held for sale is based on independent market prices, appraised values or the contractual selling price. Assets measured at fair value are as follows: Fair Value Measurements Using Assets at (in thousands) Level 1 Level 2 Level 3 fair value September 30, 2022 Assets at fair value on a recurring basis U.S. Treasury $ — $ 16,977 $ — $ 16,977 U.S. Government Agency notes — 27,924 — 27,924 Municipal bonds — 44,610 — 44,610 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises — 63,480 — 63,480 Collateralized mortgage obligations: U.S. Government agencies — 22,591 — 22,591 Corporate bonds — 13,579 — 13,579 Securities available-for-sale $ — $ 189,161 $ — $ 189,161 Mutual funds 1,882 — — 1,882 Derivative financial instruments — — — — December 31, 2021 Assets at fair value on a recurring basis U.S. Treasury $ — $ 15,131 $ — $ 15,131 U.S. Government Agency notes — 31,604 — 31,604 Municipal bonds — 47,822 — 47,822 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises — 74,541 — 74,541 Collateralized mortgage obligations: U.S. Government agencies — 20,898 — 20,898 Corporate bonds — 12,400 — 12,400 Securities available-for-sale $ — $ 202,396 $ — $ 202,396 Mutual fund 901 — — 901 Derivative financial instruments — 18 — 18 Assets at fair value on a non-recurring basis Assets held for sale 1 $ 700 $ — $ — $ 700 1 Carrying values and estimated fair values of financial instruments are as follows: (in thousands) Carrying Estimated Fair value measurements using value fair value Level 1 Level 2 Level 3 September 30, 2022 Financial Assets Cash and cash equivalents $ 56,297 $ 56,297 $ 56,297 $ — $ — Securities available-for-sale, net 189,161 189,161 — 189,161 — Mutual funds 1,882 1,882 1,882 — — Federal Home Loan Bank of Boston stock 1,487 1,487 — 1,487 — Loans receivable, net 1,176,493 1,154,834 — — 1,154,834 Accrued interest receivable 6,012 6,012 — 6,012 — Cash surrender value of life insurance policies 30,187 30,187 — 30,187 — Financial Liabilities Demand (non-interest-bearing) $ 413,584 $ 413,584 $ — $ 413,584 $ — Demand (interest-bearing) 241,236 241,236 — 241,236 — Money market 313,987 313,987 — 313,987 — Savings and other 246,538 246,538 — 246,538 — Certificates of deposit 109,859 109,536 — 109,536 — Deposits 1,325,204 1,324,881 — 1,324,881 — Repurchase agreements 7,109 7,109 — 7,109 — FHLBB advances 20,000 20,000 — 20,000 — Subordinated debt 24,517 21,514 — 21,517 — Note payable 139 135 — 135 — Finance lease obligation 4,296 3,916 — — 3,916 Accrued interest payable 18 18 — 18 — December 31, 2021 Financial Assets Cash and cash equivalents $ 175,335 $ 175,335 $ 175,335 $ — $ — Interest bearing time deposits with financial institutions 750 750 750 — — Securities available-for-sale 202,396 202,396 — 202,396 — Mutual funds 901 901 901 — — Federal Home Loan Bank of Boston stock 1,397 1,397 — 1,397 — Loans held-for-sale 2,684 2,721 — — 2,721 Loans receivable, net 1,066,750 1,066,733 — — 1,066,733 Accrued interest receivable 6,260 6,260 — 6,260 — Cash surrender value of life insurance policies 27,738 27,738 — 27,738 — Derivative financial instruments 18 18 — 18 — Financial Liabilities Demand (non-interest-bearing) $ 416,073 $ 416,073 $ — $ 416,073 $ — Demand (interest-bearing) 233,600 233,600 — 233,600 — Money market 330,436 330,436 — 330,436 — Savings and other 237,075 237,075 — 237,075 — Certificates of deposit 119,009 119,716 — 119,716 — Deposits 1,336,193 1,336,900 — 1,336,900 — Repurchase agreements 11,430 11,430 — 11,430 — FHLBB advances 7,656 7,714 — 7,714 — Subordinated debt 24,474 24,409 — 24,409 — Note payable 170 171 — 171 — Finance lease liability 4,107 4,223 — — 4,223 Accrued interest payable 49 49 — 49 — The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets under the indicated captions or are included in accrued interest and other liabilities.

NOTE 14 _ SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
NOTE 14 – SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS On October 19, 2022 the Board of Directors declared a dividend of $ 0.16

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2022
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 removes all recognition thresholds and requires 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 clarifies 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 clarifies 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 clarifies or addresses specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarify 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. In March 2022, the FASB issued ASU 2022-02, which clarifies the treatment of accrued interest when measuring credit losses. The amendments in this Update eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For public business entities, the amendments in this Update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. 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, Salisbury 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. The Bank is currently refining various ACL assumptions and running parallel calculations on a monthly basis. Salisbury estimates that under the CECL framework, the ACL would be $14.2 million compared with the allowance for loan losses of $14.3 million reported on the consolidated balance sheet at September 30, 2022. In addition, Salisbury estimates that the ACL for unfunded commitments would be approximately $1.1 million compared with the allowance of $0.2 million recorded on its consolidated balance sheet as of September 30, 2022. Salisbury will continue to refine its ACL methodology prior to implementation of CECL on January 1, 2023. In addition, the estimated ACL and allowance for unfunded commitments under both the Incurred Loss method and CECL will be affected by various factors, which include but are not limited to, changes in the composition and balance of Salisbury’s loan portfolio and unfunded commitments, changes to internal risk ratings of borrowers, changes to the risk-profile of the loan portfolio, changes in various macro-economic indicators, the impact of geo-political events on the business environment, and other factors. 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. In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815) Fair Value Hedging – Portfolio Layer Method.” The amendments in this update clarified the following: (1) The current last-of-layer method that permits only one hedged layer has been expanded to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method; (2) The scope of the portfolio layer method has been expanded to include non-pre-payable financial assets; (3) Eligible hedging instruments in a single-layer hedge may include spot-starting or forward-starting constant-notional swaps, or spot-or forward-starting amortizing-notional swaps and that the number of hedged layers (that is, single or multiple) corresponds with the number of hedges designated; (4) Additional guidance is provided on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedged layers are designated; and (5) How hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. Salisbury does not expect the implementation of ASU 2022-01 to have a material impact on its consolidated financial statements.

NOTE 2 - SECURITIES (Tables)

NOTE 2 - SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	(in thousands) Amortized cost basis Gross un-realized gains Gross un-realized losses Fair value September 30, 2022 Available-for-sale U.S. Treasury $ 19,266 $ — $ 2,289 $ 16,977 U.S. Government Agency notes 30,552 114 2,742 27,924 Municipal bonds 55,260 — 10,650 44,610 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 72,163 30 8,713 63,480 Collateralized mortgage obligations: U.S. Government agencies 25,925 — 3,334 22,591 Corporate bonds 14,250 — 671 13,579 Total securities available-for-sale $ 217,416 $ 144 $ 28,399 $ 189,161 Mutual fund $ 1,882 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,487 $ — $ — $ 1,487 (in thousands) Amortized cost basis Gross un-realized gains Gross un-realized losses Fair value December 31, 2021 Available-for-sale U.S. Treasury $ 15,301 $ 12 $ 182 $ 15,131 U.S. Government Agency notes 31,623 237 256 31,604 Municipal bonds 46,469 1,557 204 47,822 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 74,703 643 805 74,541 Collateralized mortgage obligations: U.S. Government agencies 20,948 135 185 20,898 Corporate bonds 12,250 158 8 12,400 Total securities available-for-sale $ 201,294 $ 2,742 $ 1,640 $ 202,396 Mutual fund $ 901 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,397 $ — $ — $ 1,397
Schedule of Unrealized Loss on Investments [Table Text Block]	Less than 12 Months 12 Months or Longer Total September 30, 2022 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Treasury $ 8,091 $ 763 $ 8,886 $ 1,526 $ 16,977 $ 2,289 U.S. Government Agency notes 4,804 589 15,151 2,153 19,955 2,742 Municipal bonds 37,026 8,290 7,584 2,360 44,610 10,650 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 28,503 3,960 29,335 4,753 57,838 8,713 Collateralized mortgage obligations 21,173 3,056 1,418 278 22,591 3,334 Corporate bonds 8,579 671 — — 8,579 671 Total temporarily impaired securities $ 108,176 $ 17,329 $ 62,374 $ 11,070 $ 170,550 $ 28,399 Less than 12 Months 12 Months or Longer Total December 31, 2021 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Treasury $ 12,155 $ 182 $ — $ — $ 12,155 $ 182 U.S. Government Agency notes 22,137 235 2,019 21 24,156 256 Municipal bonds 12,496 204 552 — 13,048 204 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises 52,619 740 3,195 65 55,814 805 Collateralized mortgage obligations 11,554 185 — — 11,554 185 Corporate bonds 1,742 8 — — 1,742 8 Total temporarily impaired securities $ 112,703 $ 1,554 $ 5,766 $ 86 $ 118,469 $ 1,640
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	September 30, 2022 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Treasury After 1 year but within 5 years $ 7,871 $ 7,239 1.32 % After 5 year but within 10 years 11,395 9,738 1.18 Total 19,266 16,977 1.24 U.S. Government Agency notes After 1 year but within 5 years 4,979 4,319 0.97 After 5 year but within 10 years 10,938 9,189 1.35 Total 15,917 13,508 1.23 Municipal bonds After 1 year but within 5 years 511 459 1.74 After 5 year but within 10 years 15,282 12,445 2.31 After 10 years but within 15 years 12,842 10,382 2.53 After 15 years 26,625 21,324 2.84 Total 55,260 44,610 2.61 Mortgage-backed securities and Collateralized mortgage obligations Securities not due at a single maturity date 112,723 100,487 2.29 Total 112,723 100,487 2.29 Corporate bonds After 5 years but within 10 years 13,250 12,596 4.32 After 10 years but within 15 years 1,000 983 6.25 Total 14,250 13,579 4.46 Securities available-for-sale $ 217,416 $ 189,161 2.45 % (1)

NOTE 3 _ LOANS (Tables)

NOTE 3 – LOANS (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(In thousands) September 30, 2022 December 31, 2021 Residential 1-4 family $ 414,957 $ 373,131 Residential 5+ multifamily 70,459 52,325 Construction of residential 1-4 family 21,527 19,738 Home equity lines of credit 24,895 23,270 Residential real estate 531,838 468,464 Commercial 367,257 310,923 Construction of commercial 45,762 58,838 Commercial real estate 413,019 369,761 Farm land 4,225 2,807 Vacant land 14,796 14,182 Real estate secured 963,878 855,214 Commercial and industrial ex PPP Loans 186,527 169,543 PPP Loans 469 25,589 Total Commercial and industrial 186,996 195,132 Municipal 18,607 16,534 Consumer 20,344 12,547 Loans receivable, gross 1,189,825 1,079,427 Deferred loan origination costs, net 1,002 285 Allowance for loan losses (14,334 ) (12,962 ) Loans receivable, net $ 1,176,493 $ 1,066,750 Loans held-for-sale Residential 1-4 family $ — $ 2,684 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 September 30, 2022 and December 31, 2021, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $ 58.5 77.5 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 36% 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 9% of the Bank’s commercial loans are to entities in the hospitality industry, which includes hotels, bed & breakfast inns and restaurants. Approximately 9% of the Bank’s commercial loans are to educational institutions and approximately 4% 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 192% as of September 30, 2022 and 179% at December 31, 2021 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. Rising interest rates, unemployment and an economic recession may cause the Bank to experience higher loan payment delinquencies and higher loan charge-offs, which could warrant increased provisions for loan losses. At September 30, 2022 Salisbury had PPP loan balances, net of deferred fees, of $ 0.4 25 For the three months ended September 30, 2022, Salisbury recorded interest income and net origination fees of $ 3 69 133 711 71 740 569 2.5 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 is as follows: (in thousands) Pass Special mention Substandard Doubtful Loss Total September 30, 2022 Residential 1-4 family $ 410,458 $ 3,030 $ 1,469 $ — $ — $ 414,957 Residential 5+ multifamily 70,308 72 79 — — 70,459 Construction of residential 1-4 family 21,527 — — — — 21,527 Home equity lines of credit 24,730 165 — — — 24,895 Residential real estate 527,023 3,267 1,548 — — 531,838 Commercial 348,824 13,079 5,354 — — 367,257 Construction of commercial 45,762 — — — — 45,762 Commercial real estate 394,586 13,079 5,354 — — 413,019 Farm land 2,402 1,426 397 — — 4,225 Vacant land 14,764 32 — — — 14,796 Real estate secured 938,775 17,804 7,299 — — 963,878 Commercial and industrial 184,584 696 1,716 — — 186,996 Municipal 18,607 — — — — 18,607 Consumer 20,344 — — — — 20,344 Loans receivable, gross $ 1,162,310 $ 18,500 $ 9,015 $ — $ — $ 1,189,825 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2021 Residential 1-4 family $ 367,225 $ 3,543 $ 2,363 $ — $ — $ 373,131 Residential 5+ multifamily 50,588 79 1,658 — — 52,325 Construction of residential 1-4 family 19,738 — — — — 19,738 Home equity lines of credit 23,037 212 21 — — 23,270 Residential real estate 460,588 3,834 4,042 — — 468,464 Commercial 271,821 16,034 23,068 — — 310,923 Construction of commercial 58,838 — — — — 58,838 Commercial real estate 330,659 16,034 23,068 — — 369,761 Farm land 1,162 1,214 431 — — 2,807 Vacant land 14,143 39 — — — 14,182 Real estate secured 806,552 21,121 27,541 — — 855,214 Commercial and industrial 191,857 688 2,587 — — 195,132 Municipal 16,534 — — — — 16,534 Consumer 12,547 — — — — 12,547 Loans receivable, gross $ 1,027,490 $ 21,809 $ 30,128 $ — $ — $ 1,079,427
Financing Receivable Credit Quality Indicators [Table Text Block]	(in thousands) Pass Special mention Substandard Doubtful Loss Total September 30, 2022 Residential 1-4 family $ 410,458 $ 3,030 $ 1,469 $ — $ — $ 414,957 Residential 5+ multifamily 70,308 72 79 — — 70,459 Construction of residential 1-4 family 21,527 — — — — 21,527 Home equity lines of credit 24,730 165 — — — 24,895 Residential real estate 527,023 3,267 1,548 — — 531,838 Commercial 348,824 13,079 5,354 — — 367,257 Construction of commercial 45,762 — — — — 45,762 Commercial real estate 394,586 13,079 5,354 — — 413,019 Farm land 2,402 1,426 397 — — 4,225 Vacant land 14,764 32 — — — 14,796 Real estate secured 938,775 17,804 7,299 — — 963,878 Commercial and industrial 184,584 696 1,716 — — 186,996 Municipal 18,607 — — — — 18,607 Consumer 20,344 — — — — 20,344 Loans receivable, gross $ 1,162,310 $ 18,500 $ 9,015 $ — $ — $ 1,189,825 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2021 Residential 1-4 family $ 367,225 $ 3,543 $ 2,363 $ — $ — $ 373,131 Residential 5+ multifamily 50,588 79 1,658 — — 52,325 Construction of residential 1-4 family 19,738 — — — — 19,738 Home equity lines of credit 23,037 212 21 — — 23,270 Residential real estate 460,588 3,834 4,042 — — 468,464 Commercial 271,821 16,034 23,068 — — 310,923 Construction of commercial 58,838 — — — — 58,838 Commercial real estate 330,659 16,034 23,068 — — 369,761 Farm land 1,162 1,214 431 — — 2,807 Vacant land 14,143 39 — — — 14,182 Real estate secured 806,552 21,121 27,541 — — 855,214 Commercial and industrial 191,857 688 2,587 — — 195,132 Municipal 16,534 — — — — 16,534 Consumer 12,547 — — — — 12,547 Loans receivable, gross $ 1,027,490 $ 21,809 $ 30,128 $ — $ — $ 1,079,427
Financing Receivable, Nonaccrual [Table Text Block]	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 September 30, 2022 Residential 1-4 family $ 414,910 $ 20 $ 12 $ — $ 15 $ 47 $ — $ 137 Residential 5+ multifamily 70,459 — — — — — — — Construction of residential 1-4 family 21,527 — — — — — — — Home equity lines of credit 24,778 117 — — — 117 — — Residential real estate 531,674 137 12 — 15 164 — 137 Commercial 367,172 — 85 — — 85 — 1,199 Construction of commercial 45,762 — — — — — — — Commercial real estate 412,934 — 85 — — 85 — 1,199 Farm land 4,225 — — — — — — 397 Vacant land 14,796 — — — — — — — Real estate secured 963,629 137 97 — 15 249 — 1,733 Commercial and industrial 186,861 23 12 100 — 135 100 27 Municipal 18,607 — — — — — — — Consumer 20,223 116 5 — — 121 — — Loans receivable, gross $ 1,189,320 $ 276 $ 114 $ 100 $ 15 $ 505 $ 100 $ 1,760 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, 2021 Residential 1-4 family $ 372,620 $ 223 $ 135 $ 63 $ 90 $ 511 $ — $ 750 Residential 5+ multifamily 51,464 — — — 861 861 — 861 Construction of residential 1-4 family 19,668 — 70 — — 70 — — Home equity lines of credit 23,000 165 98 — 7 270 — 21 Residential real estate 466,752 388 303 63 958 1,712 — 1,632 Commercial 310,331 87 251 — 254 592 — 1,924 Construction of commercial 58,838 — — — — — — — Commercial real estate 369,169 87 251 — 254 592 — 1,924 Farm land 2,807 — — — — — — 432 Vacant land 14,182 — — — — — — — Real estate secured 852,910 475 554 63 1,212 2,304 — 3,988 Commercial and industrial 194,838 250 32 1 11 294 11 200 Municipal 16,534 — — — — — — — Consumer 12,503 40 4 — — 44 — — Loans receivable, gross $ 1,076,785 $ 765 $ 590 $ 64 $ 1,223 $ 2,642 $ 11 $ 4,188
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Three months ended September 30, 2022 Three months ended September 30, 2021 Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 3,286 $ 127 $ ( 45 ) $ 25 $ 3,393 $ 2,377 $ 393 $ ( 35 ) $ 5 $ 2,740 Residential 5+ multifamily 1,157 71 — — 1,228 545 156 — — 701 Construction of residential 1-4 family 333 (103 ) (25 ) — 205 95 41 — — 136 Home equity lines of credit 205 14 — — 219 190 26 (20 ) — 196 Residential real estate 4,981 109 (70 ) 25 5,045 3,207 616 (55 ) 5 3,773 Commercial 5,169 598 — — 5,767 6,212 (165 ) — 119 6,166 Construction of commercial 872 (115 ) — — 757 668 118 — — 786 Commercial real estate 6,041 483 — — 6,524 6,880 (47 ) — 119 6,952 Farm land 27 11 — — 38 32 (1 ) — — 31 Vacant land 108 4 — — 112 87 (1 ) — — 87 Real estate secured 11,157 607 (70 ) 25 11,719 10,206 567 (55 ) 125 10,843 Commercial and industrial 1,480 5 — — 1,485 1,256 73 — 3 1,332 Municipal 35 4 — — 39 32 (1 ) — — 31 Consumer 130 11 (25 ) 6 122 66 62 (19 ) 6 115 Unallocated 901 68 — — 969 1,148 (301 ) — — 847 Totals $ 13,703 $ 695 $ (95 ) $ 31 $ 14,334 $ 12,708 $ 400 $ ( 74 ) $ 134 $ 13,168 Nine months ended September 30, 2022 Nine months ended September 30, 2021 Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,846 $ 595 $ ( 73 ) $ 25 $ 3,393 $ 2,646 $ 129 $ ( 44 ) $ 9 $ 2,740 Residential 5+ multifamily 817 642 (231 ) — 1,228 686 15 — — 701 Construction of residential 1-4 family 186 44 (25 ) — 205 65 71 — — 136 Home equity lines of credit 198 32 (11 ) — 219 252 (36 ) (20 ) — 196 Residential real estate 4,047 1,313 (340 ) 25 5,045 3,649 179 (64 ) 9 3,773 Commercial 5,416 722 (372 ) 1 5,767 6,546 (509 ) (7 ) 136 6,166 Construction of commercial 1,025 (268 ) — — 757 596 208 (18 ) — 786 Commercial real estate 6,441 454 (372 ) 1 6,524 7,142 (301 ) (25 ) 136 6,952 Farm land 21 17 — — 38 59 (28 ) — — 31 Vacant land 95 17 — — 112 180 (94 ) — 1 87 Real estate secured 10,604 1,801 (712 ) 26 11,719 11,030 (244 ) (89 ) 146 10,843 Commercial and industrial 1,364 166 (46 ) 1 1,485 1,397 17 (131 ) 49 1,332 Municipal 31 8 — — 39 43 (12 ) — — 31 Consumer 82 95 (70 ) 15 122 77 82 (34 ) (10 ) 115 Unallocated 881 88 — — 969 1,207 (360 ) — — 847 Totals $ 12,962 $ 2,158 $ ( 828 ) $ 42 $ 14,334 $ 13,754 $ ( 517 ) $ ( 254 ) $ 185 $ 13,168
[custom:CompositionOfLoansReceivableAndAllowanceForLoanLossesTableTextBlock]	(in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance September 30, 2022 Residential 1-4 family $ 413,456 $ 3,393 $ 1,501 $ — $ 414,957 $ 3,393 Residential 5+ multifamily 70,380 1,228 79 — 70,459 1,228 Construction of residential 1-4 family 21,527 205 — — 21,527 205 Home equity lines of credit 24,895 219 — — 24,895 219 Residential real estate 530,258 5,045 1,580 — 531,838 5,045 Commercial 364,729 5,745 2,528 22 367,257 5,767 Construction of commercial 45,762 757 — — 45,762 757 Commercial real estate 410,491 6,502 2,528 22 413,019 6,524 Farm land 3,828 38 397 — 4,225 38 Vacant land 14,796 112 — — 14,796 112 Real estate secured 959,373 11,697 4,505 22 963,878 11,719 Commercial and industrial 186,969 1,485 27 — 186,996 1,485 Municipal 18,607 39 — — 18,607 39 Consumer 20,344 122 — — 20,344 122 Unallocated allowance — 969 — — — 969 Totals $ 1,185,293 $ 14,312 $ 4,532 $ 22 $ 1,189,825 $ 14,334 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2021 Residential 1-4 family $ 370,558 $ 2,845 $ 2,573 $ 1 $ 373,131 $ 2,846 Residential 5+ multifamily 51,376 817 949 — 52,325 817 Construction of residential 1-4 family 19,738 186 — — 19,738 186 Home equity lines of credit 23,249 198 21 — 23,270 198 Residential real estate 464,921 4,046 3,543 1 468,464 4,047 Commercial 307,377 5,388 3,546 28 310,923 5,416 Construction of commercial 58,838 1,025 — — 58,838 1,025 Commercial real estate 366,215 6,413 3,546 28 369,761 6,441 Farm land 2,375 21 432 — 2,807 21 Vacant land 14,182 95 — — 14,182 95 Real estate secured 847,694 10,575 7,520 29 855,214 10,604 Commercial and industrial 194,856 1,297 276 67 195,132 1,364 Municipal 16,534 31 — — 16,534 31 Consumer 12,547 82 — — 12,547 82 Unallocated allowance — 881 — — — 881 Totals $ 1,071,630 $ 12,866 $ 7,797 $ 96 $ 1,079,427 $ 12,962
Financing Receivable, Noncurrent, Allowance for Credit Loss [Table Text Block]	September 30, 2022 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,178,589 $ 12,928 $ — $ — $ 1,178,589 $ 12,928 Potential problem loans 1 6,704 415 — — 6,704 415 Impaired loans — — 4,532 22 4,532 22 Unallocated allowance — 969 — — — 969 Totals $ 1,185,293 $ 14,312 $ 4,532 $ 22 $ 1,189,825 $ 14,334 December 31, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,046,614 $ 10,456 $ — $ — $ 1,046,614 $ 10,456 Potential problem loans 1 25,016 1,529 — — 25,016 1,529 Impaired loans — — 7,797 96 7,797 96 Unallocated allowance — 881 — — — 881 Totals $ 1,071,630 $ 12,866 $ 7,797 $ 96 $ 1,079,427 $ 12,962 1
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets [Table Text Block]	Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Recorded Investment Note Average allowance recognized Recorded Investment Note Average recognized September 30, 2022 Residential $ — $ — $ 398 $ — $ — $ 1,580 $ 1,677 $ 2,321 $ 40 Home equity lines of credit — — — — — — — 11 — Residential real estate — — 398 — — 1,580 1,677 2,332 40 Commercial 572 572 616 22 22 1,956 2,467 2,397 32 Construction of commercial — — — — — — — — — Farm land — — — — — 397 447 415 — Vacant land — — — — — — — — — Real estate secured 572 572 1,014 22 22 3,933 4,591 5,144 72 Commercial and industrial — — 84 — — 27 30 55 — Consumer — — — — — — — — — Totals $ 572 $ 572 $ 1,098 $ 22 $ 22 $ 3,960 $ 4,621 $ 5,199 $ 72 Note: The income recognized is for the nine month period ended September 30, 2022. Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Recorded Investment Note Average allowance recognized Recorded Investment Note Average recognized September 30, 2021 Residential $ 45 $ 47 $ 1,120 $ 3 $ 2 $ 3,989 $ 4,404 $ 3,642 $ 52 Home equity lines of credit — — 22 — — 86 127 156 — Residential real estate 45 47 1,142 3 2 4,075 4,531 3,798 52 Commercial 1,007 1,033 1,921 43 33 2,866 3,377 3,002 47 Construction of commercial — — — — — — — — — Farm land — — — — — 576 756 415 — Vacant land — — 73 — — 35 39 52 — Real estate secured 1,052 1,080 3,136 46 35 7,552 8,703 7,267 99 Commercial and industrial 221 228 336 44 3 100 270 91 — Consumer — — 8 — — 18 18 15 1 Totals $ 1,273 $ 1,308 $ 3,480 $ 90 $ 38 $ 7,670 $ 8,991 $ 7,373 $ 100 Note: The income recognized is for the nine month period ended September 30, 2021. Certain data with respect to loans individually evaluated for impairment is as follows as of and for the year ended December 31, 2021: Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Specific Income Loan balance Income Recorded Investment Note Average allowance recognized Recorded Investment Note Average recognized December 31, 2021 Residential $ 43 $ 44 $ 872 $ 1 $ 3 $ 3,480 $ 3,817 $ 3,689 $ 75 Home equity lines of credit — — 17 — — 21 23 131 — Residential real estate 43 44 889 1 3 3,501 3,840 3,820 75 Commercial 608 608 1,678 28 32 2,938 3,493 2,974 62 Construction of commercial — — — — — — — — — Farm land — — — — — 431 447 440 — Vacant land — — 56 — — — — 45 — Real estate secured 651 652 2,623 29 35 6,870 7,780 7,279 137 Commercial and industrial 216 224 309 67 3 60 72 90 — Consumer — — 6 — — — — 13 — Totals $ 867 $ 876 $ 2,938 $ 96 $ 38 $ 6,930 $ 7,852 $ 7,382 $ 137

NOTE 4 _ LEASES (Tables)

NOTE 4 – LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Note 4 Leases
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]	($ in thousands, except lease term and discount rate) Classification September 30, 2022 December 31, 2021 Assets Operating Other assets $ 1,231 $ 1,021 Finance Bank premises and equipment 1 3,912 3,791 Total Leased Assets $ 5,143 $ 4,812 Liabilities Operating Other liabilities $ 1,231 $ 1,021 Finance Finance lease 4,296 4,107 Total Lease Liabilities $ 5,527 $ 5,128 1 Lease cost Classification Nine months ended Three months ended September 30, 2022 September 30, 2022 Operating leases Premises and equipment $ 218 $ 72 Finance leases: Amortization of leased assets Premises and equipment 167 55 Interest on finance leases Interest expense 41 41 Total lease cost $ 426 $ 168 Lease cost Classification Nine months ended Three months ended September 30, 2021 September 30, 2021 Operating leases Premises and equipment $ 221 $ 74 Finance leases: Amortization of leased assets Premises and equipment 76 25 Interest on finance leases Interest expense 103 36 Total lease cost $ 400 $ 135 Weighted Average Remaining Lease Term September 30, 2022 December 31, 2021 Operating leases 6.1 years 6.9 years Financing leases 21.7 years 23.5 years Weighted Average Discount Rate 1 Operating leases 3.6 % 3.6 % Financing leases 3.7 % 5.0 % 1
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Future minimum lease payments (in thousands) Operating Leases Finance Leases 2022 $ 80 $ 74 2023 241 304 2024 204 314 2025 213 324 2026 137 334 Thereafter 507 4,968 Total future minimum lease payments 1,382 6,317 Less amount representing interest (151 ) (2,022 ) Total present value of net future minimum lease payments $ 1,231 $ 4,295

NOTE 5 - MORTGAGE SERVICING R_2

NOTE 5 - MORTGAGE SERVICING RIGHTS (Tables)	9 Months Ended
	Sep. 30, 2022
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) September 30, 2022 December 31, 2021 Residential mortgage loans serviced for others $ 135,656 $ 140,623 Fair value of mortgage servicing rights 1,401 1,043
Servicing Liability at Amortized Cost [Table Text Block]	Three months ended Nine months ended Periods ended September 30, (in thousands) 2022 2021 2022 2021 Mortgage Servicing Rights Balance, beginning of period $ 694 $ 748 $ 700 $ 621 Originated — 18 72 276 Amortization (1) (39 ) (36 ) (117 ) (167 ) Balance, end of period $ 655 $ 730 $ 655 $ 730 Valuation Allowance Balance, beginning of period — — — (9 ) Decrease in impairment reserve (1) — — — 9 Balance, end of period — — — — Mortgage servicing rights, net $ 655 $ 730 $ 655 $ 730 (1) Amortization expense and changes in the impairment reserve are recorded in mortgage banking activities, net.

NOTE 6 - PLEDGED ASSETS (Tables

NOTE 6 - PLEDGED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Guarantees and Product Warranties [Abstract]
Schedule of Guarantor Obligations [Table Text Block]	(in thousands) September 30, 2022 December 31, 2021 Securities available-for-sale (at fair value) $ 78,001 $ 75,737 Loans receivable (at book value) 375,645 378,845 Total pledged assets $ 453,646 $ 454,582

NOTE 7 _ DERIVATIVES AND HEDG_2

NOTE 7 – DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location [Table Text Block]	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 (in thousands) December 31, 2021 December 31, 2021 Loans receivable (1) $ 9,982 $ (18 ) Total $ 9,982 $ (18 ) (1)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	As of December 31, 2021 (in thousands) Notional Amount Balance Sheet Location Derivatives designated as hedge instruments Interest Rate Products $ 10,000 Other assets $ 18 Total Derivatives designated as hedge instruments $ 18
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	Three months ended September 30, 2022 Nine months ended September 30, 2022 (in thousands) Interest Interest Interest Interest Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 45 $ — $ 64 $ — Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items 45 — 18 — Derivatives designated as hedging instruments $ — $ — $ 46 $ — Three months ended September 30, 2021 Nine months ended September 30, 2021 (in thousands) Interest Interest Interest Interest Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 1 $ — $ — $ — Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items 4 — 3 — Derivatives designated as hedging instruments $ (3 ) $ — $ (3 ) $ —

NOTE 8 _ EARNINGS PER SHARE (Ta

NOTE 8 – EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended Periods ended September 30, (in thousands, except per share data) 2022 2021 2022 2021 Net income $ 4,336 $ 3,453 $ 11,750 $ 12,332 Less: Undistributed earnings allocated to participating securities (72 ) (53 ) (207 ) (184 ) Net income allocated to common stock $ 4,264 $ 3,400 $ 11,543 $ 12,148 Weighted-average common shares issued 5,784 5,724 5,765 5,706 Less: Unvested restricted stock awards (97 ) (90 ) (101 ) (85 ) Weighted average common shares outstanding used to calculate basic earnings per common share 5,687 5,634 5,663 5,621 Add: Dilutive effect of stock options 26 52 33 39 Weighted-average common shares outstanding used to calculate diluted earnings per common share 5,713 5,686 5,696 5,660 Earnings per common share (basic) $ 0.75 $ 0.60 $ 2.04 $ 2.16 Earnings per common share (diluted) $ 0.75 $ 0.60 $ 2.03 $ 2.15

NOTE 10 _ SHAREHOLDERS_ EQUITY

NOTE 10 – SHAREHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]	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 September 30, 2022 Total Capital (to risk-weighted assets) $ 164,325 13.24 % $ 99,290 8.0 % $ 130,318 10.5 % $ 124,112 10.0 % Tier 1 Capital (to risk-weighted assets) 149,805 12.07 74,467 6.0 105,495 8.5 99,290 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 149,805 12.07 55,850 4.5 86,878 7.0 80,673 6.5 Tier 1 Capital (to average assets) $ 149,805 9.83 $ 60,933 4.0 $ 60,933 4.0 $ 76,166 5.0 December 31, 2021 Total Capital (to risk-weighted assets) $ 152,789 14.08 % $ 86,832 8.0 % $ 113,968 10.5 % $ 108,541 10.0 % Tier 1 Capital (to risk-weighted assets) 139,681 12.87 65,124 6.0 92,259 8.5 86,832 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 139,681 12.87 48,843 4.5 75,978 7.0 70,551 6.5 Tier 1 Capital (to average assets) $ 139,681 9.42 $ 59,285 4.0 $ 59,285 4.0 $ 74,106 5.0

NOTE 13 _ FAIR VALUE OF ASSET_2

NOTE 13 – FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Fair Value Measurements Using Assets at (in thousands) Level 1 Level 2 Level 3 fair value September 30, 2022 Assets at fair value on a recurring basis U.S. Treasury $ — $ 16,977 $ — $ 16,977 U.S. Government Agency notes — 27,924 — 27,924 Municipal bonds — 44,610 — 44,610 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises — 63,480 — 63,480 Collateralized mortgage obligations: U.S. Government agencies — 22,591 — 22,591 Corporate bonds — 13,579 — 13,579 Securities available-for-sale $ — $ 189,161 $ — $ 189,161 Mutual funds 1,882 — — 1,882 Derivative financial instruments — — — — December 31, 2021 Assets at fair value on a recurring basis U.S. Treasury $ — $ 15,131 $ — $ 15,131 U.S. Government Agency notes — 31,604 — 31,604 Municipal bonds — 47,822 — 47,822 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises — 74,541 — 74,541 Collateralized mortgage obligations: U.S. Government agencies — 20,898 — 20,898 Corporate bonds — 12,400 — 12,400 Securities available-for-sale $ — $ 202,396 $ — $ 202,396 Mutual fund 901 — — 901 Derivative financial instruments — 18 — 18 Assets at fair value on a non-recurring basis Assets held for sale 1 $ 700 $ — $ — $ 700 1
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	(in thousands) Carrying Estimated Fair value measurements using value fair value Level 1 Level 2 Level 3 September 30, 2022 Financial Assets Cash and cash equivalents $ 56,297 $ 56,297 $ 56,297 $ — $ — Securities available-for-sale, net 189,161 189,161 — 189,161 — Mutual funds 1,882 1,882 1,882 — — Federal Home Loan Bank of Boston stock 1,487 1,487 — 1,487 — Loans receivable, net 1,176,493 1,154,834 — — 1,154,834 Accrued interest receivable 6,012 6,012 — 6,012 — Cash surrender value of life insurance policies 30,187 30,187 — 30,187 — Financial Liabilities Demand (non-interest-bearing) $ 413,584 $ 413,584 $ — $ 413,584 $ — Demand (interest-bearing) 241,236 241,236 — 241,236 — Money market 313,987 313,987 — 313,987 — Savings and other 246,538 246,538 — 246,538 — Certificates of deposit 109,859 109,536 — 109,536 — Deposits 1,325,204 1,324,881 — 1,324,881 — Repurchase agreements 7,109 7,109 — 7,109 — FHLBB advances 20,000 20,000 — 20,000 — Subordinated debt 24,517 21,514 — 21,517 — Note payable 139 135 — 135 — Finance lease obligation 4,296 3,916 — — 3,916 Accrued interest payable 18 18 — 18 — December 31, 2021 Financial Assets Cash and cash equivalents $ 175,335 $ 175,335 $ 175,335 $ — $ — Interest bearing time deposits with financial institutions 750 750 750 — — Securities available-for-sale 202,396 202,396 — 202,396 — Mutual funds 901 901 901 — — Federal Home Loan Bank of Boston stock 1,397 1,397 — 1,397 — Loans held-for-sale 2,684 2,721 — — 2,721 Loans receivable, net 1,066,750 1,066,733 — — 1,066,733 Accrued interest receivable 6,260 6,260 — 6,260 — Cash surrender value of life insurance policies 27,738 27,738 — 27,738 — Derivative financial instruments 18 18 — 18 — Financial Liabilities Demand (non-interest-bearing) $ 416,073 $ 416,073 $ — $ 416,073 $ — Demand (interest-bearing) 233,600 233,600 — 233,600 — Money market 330,436 330,436 — 330,436 — Savings and other 237,075 237,075 — 237,075 — Certificates of deposit 119,009 119,716 — 119,716 — Deposits 1,336,193 1,336,900 — 1,336,900 — Repurchase agreements 11,430 11,430 — 11,430 — FHLBB advances 7,656 7,714 — 7,714 — Subordinated debt 24,474 24,409 — 24,409 — Note payable 170 171 — 171 — Finance lease liability 4,107 4,223 — — 4,223 Accrued interest payable 49 49 — 49 —

Composition of securities (Deta

Composition of securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Cost of Security Sold or Transferred, Method, Specific Identification [Member]
Available-for-sale
U.S. Treasury	$ 19,266	$ 15,301
U.S. Government Agency notes	30,552	31,623
Municipal bonds	55,260	46,469
U.S. Government agencies and U.S. Government- sponsored enterprises	72,163	74,703
U.S. Government agencies	25,925	20,948
Corporate bonds	14,250	12,250
Total securities available-for-sale	217,416	201,294
Non-marketable securities
Federal Home Loan Bank of Boston stock	1,487	1,397
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Available-for-sale
U.S. Treasury		12
U.S. Government Agency notes	114	237
Municipal bonds		1,557
U.S. Government agencies and U.S. Government- sponsored enterprises	30	643
U.S. Government agencies		135
Corporate bonds		158
Total securities available-for-sale	144	2,742
Non-marketable securities
Federal Home Loan Bank of Boston stock
Accumulated Net Unrealized Investment Gain Loss 1 [Member]
Available-for-sale
U.S. Treasury	2,289	182
U.S. Government Agency notes	2,742	256
Municipal bonds	10,650	204
U.S. Government agencies and U.S. Government- sponsored enterprises	8,713	805
U.S. Government agencies	3,334	185
Corporate bonds	671	8
Total securities available-for-sale	28,399	1,640
Non-marketable securities
Federal Home Loan Bank of Boston stock
Securities Financing Transaction, Fair Value [Member]
Available-for-sale
U.S. Treasury	16,977	15,131
U.S. Government Agency notes	27,924	31,604
Municipal bonds	44,610	47,822
U.S. Government agencies and U.S. Government- sponsored enterprises	63,480	74,541
U.S. Government agencies	22,591	20,898
Corporate bonds	13,579	12,400
Total securities available-for-sale	189,161	202,396
Mutual fund	1,882	901
Non-marketable securities
Federal Home Loan Bank of Boston stock	$ 1,487	$ 1,397

Aggregate fair value and gross

Aggregate fair value and gross unrealized loss of securities that have been in a continous unrealized loss position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Fair Value [Member]
Available-for-sale
U.S. Treasury	$ 8,091	$ 12,155
U.S. Government Agency notes	4,804	22,137
Municipal bonds	37,026	12,496
U.S. Government agencies and U.S. Government-sponsored enterprises	28,503	52,619
Corporate bonds	8,579	1,742
Total temporarily impaired securities	108,176	112,703
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Unrealized Losses [Member]
Available-for-sale
U.S. Treasury	763	182
U.S. Government Agency notes	589	235
Municipal bonds	8,290	204
U.S. Government agencies and U.S. Government-sponsored enterprises	3,960	740
Corporate bonds	671	8
Total temporarily impaired securities	17,329	1,554
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Fair Value [Member]
Available-for-sale
U.S. Treasury	8,886
U.S. Government Agency notes	15,151	2,019
Municipal bonds	7,584	552
U.S. Government agencies and U.S. Government-sponsored enterprises	29,335	3,195
Corporate bonds
Total temporarily impaired securities	62,374	5,766
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Unrealized Losses [Member]
Available-for-sale
U.S. Treasury	1,526
U.S. Government Agency notes	2,153	21
Municipal bonds	2,360
U.S. Government agencies and U.S. Government-sponsored enterprises	4,753	65
Corporate bonds
Total temporarily impaired securities	11,070	86
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Fair Value [Member]
Available-for-sale
U.S. Treasury	16,977	12,155
U.S. Government Agency notes	19,955	24,156
Municipal bonds	44,610	13,048
U.S. Government agencies and U.S. Government-sponsored enterprises	57,838	55,814
Corporate bonds	8,579	1,742
Total temporarily impaired securities	170,550	118,469
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Unrealized Losses [Member]
Available-for-sale
U.S. Treasury	2,289	182
U.S. Government Agency notes	2,742	256
Municipal bonds	10,650	204
U.S. Government agencies and U.S. Government-sponsored enterprises	8,713	805
Corporate bonds	671	8
Total temporarily impaired securities	$ 28,399	$ 1,640

Amortized cost, fair value and

Amortized cost, fair value and tax equivalent yield of securities, by maturity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
U S Treasury [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 7,871
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 7,239
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.32%
U S Treasury 2 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 11,395
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 9,738
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.18%
U S Treasury Total [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 19,266
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 16,977
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.24%
U S Government Agency Notes [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 4,979
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 4,319
Receivable with Imputed Interest, Effective Yield (Interest Rate)	0.97%
U S Government Agency Notes 2 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 10,938
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 9,189
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.35%
U S Government Agency Notes Total [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 15,917
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 13,508
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.23%
US States and Political Subdivisions Debt Securities [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 511
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 459
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.74%
U S States And Political Subdivisions 2 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 15,282
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 12,445
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.31%
U S States And Political Subdivisions 3 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 12,842
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 10,382
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.53%
U S States And Political Subdivisions 4 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 26,625
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 21,324
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.84%
U S States And Political Subdivisions Total [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 55,260
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 44,610
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.61%
Mortgage Backed Securities Collateralized Mortgage Obligations [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 112,723
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 100,487
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.29%
Mortgage Backed Securities Collateralized Mortgage Obligations Total [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 112,723
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 100,487
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.29%
Corporate Debt Securities 2 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 13,250
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 12,596
Receivable with Imputed Interest, Effective Yield (Interest Rate)	4.32%
Corporate Debt Securities 3 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 1,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 983
Receivable with Imputed Interest, Effective Yield (Interest Rate)	6.25%
Corporate Debt Securities Total [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 14,250
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 13,579
Receivable with Imputed Interest, Effective Yield (Interest Rate)	4.46%
Available-for-Sale Securities [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 217,416
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 189,161
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.45%

NOTE 2 - SECURITIES (Details Na

NOTE 2 - SECURITIES (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale of Debt Securities, Available-for-Sale	$ 22,000,000	$ 3,300,000
Available-for-Sale Securities, Gross Realized Gain (Loss)	165,000	(2,000)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	35,000	400
Available-for-Sale Securities, Gross Realized Gain (Loss)	$ (165,000)	$ 2,000

Composition of loans receivable

Composition of loans receivable and loans held-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Residential 1-4 family	$ 414,957	$ 373,131
Residential 5+ multifamily	70,459	52,325
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Commercial real estate	413,019	369,761
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial ex PPP Loans	186,527	169,543
PPP Loans	469	25,589
Total Commercial and industrial	186,996	195,132
Municipal	18,607	16,534
Consumer	20,344	12,547
Loans receivable, gross	1,189,825	1,079,427
Deferred loan origination costs, net	1,002	285
Allowance for loan losses	(14,334)	(12,962)
Loans receivable, net	1,176,493	1,066,750
Loans held-for-sale
Residential 1-4 family		$ 2,684

Composition of loans receivab_2

Composition of loans receivable by risk rating grade (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	$ 414,957	$ 373,131
Residential 5+ multifamily	70,459	52,325
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Commercial real estate	413,019	369,761
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial	186,996	195,132
Municipal	18,607	16,534
Consumer	20,344	12,547
Loans receivable, gross	1,189,825	1,079,427
Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	410,458	367,225
Residential 5+ multifamily	70,308	50,588
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,730	23,037
Residential real estate	527,023	460,588
Commercial	348,824	271,821
Construction of commercial	45,762	58,838
Commercial real estate	394,586	330,659
Farm land	2,402	1,162
Vacant land	14,764	14,143
Real estate secured	938,775	806,552
Commercial and industrial	184,584	191,857
Municipal	18,607	16,534
Consumer	20,344	12,547
Loans receivable, gross	1,162,310	1,027,490
Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	3,030	3,543
Residential 5+ multifamily	72	79
Construction of residential 1-4 family
Home equity lines of credit	165	212
Residential real estate	3,267	3,834
Commercial	13,079	16,034
Construction of commercial
Commercial real estate	13,079	16,034
Farm land	1,426	1,214
Vacant land	32	39
Real estate secured	17,804	21,121
Commercial and industrial	696	688
Municipal
Consumer
Loans receivable, gross	18,500	21,809
Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	1,469	2,363
Residential 5+ multifamily	79	1,658
Construction of residential 1-4 family
Home equity lines of credit		21
Residential real estate	1,548	4,042
Commercial	5,354	23,068
Construction of commercial
Commercial real estate	5,354	23,068
Farm land	397	431
Vacant land
Real estate secured	7,299	27,541
Commercial and industrial	1,716	2,587
Municipal
Consumer
Loans receivable, gross	9,015	30,128
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
Municipal
Consumer
Loans receivable, gross
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	414,957	373,131
Residential 5+ multifamily	70,459	52,325
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Commercial real estate	413,019	369,761
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial	186,996	195,132
Municipal	18,607	16,534
Consumer	20,344	12,547
Loans receivable, gross	$ 1,189,825	$ 1,079,427

Composition of loans receivab_3

Composition of loans receivable by delinquency status (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	$ 414,957	$ 373,131
Residential 5+ multifamily	70,459	52,325
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Commercial real estate	413,019	369,761
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial	186,996	195,132
Municipal	18,607	16,534
Consumer	20,344	12,547
Loans receivable, gross	1,189,825	1,079,427
Loans Receivable Delinquency Status Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	414,910	372,620
Residential 5+ multifamily	70,459	51,464
Construction of residential 1-4 family	21,527	19,668
Home equity lines of credit	24,778	23,000
Residential real estate	531,674	466,752
Commercial	367,172	310,331
Construction of commercial	45,762	58,838
Commercial real estate	412,934	369,169
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,629	852,910
Commercial and industrial	186,861	194,838
Municipal	18,607	16,534
Consumer	20,223	12,503
Loans receivable, gross	1,189,320	1,076,785
Loans Receivable Delinquency Status Period Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	20	223
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit	117	165
Residential real estate	137	388
Commercial		87
Construction of commercial
Commercial real estate		87
Farm land
Vacant land
Real estate secured	137	475
Commercial and industrial	23	250
Municipal
Consumer	116	40
Loans receivable, gross	276	765
Loans Receivable Delinquency Status Period Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	12	135
Residential 5+ multifamily
Construction of residential 1-4 family		70
Home equity lines of credit		98
Residential real estate	12	303
Commercial	85	251
Construction of commercial
Commercial real estate	85	251
Farm land
Vacant land
Real estate secured	97	554
Commercial and industrial	12	32
Municipal
Consumer	5	4
Loans receivable, gross	114	590
Loans Receivable Delinquency Status Period Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family		63
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate		63
Commercial
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured		63
Commercial and industrial	100	1
Municipal
Consumer
Loans receivable, gross	100	64
Loans Receivable Delinquency Status Period Five [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	15	90
Residential 5+ multifamily		861
Construction of residential 1-4 family
Home equity lines of credit		7
Residential real estate	15	958
Commercial		254
Construction of commercial
Commercial real estate		254
Farm land
Vacant land
Real estate secured	15	1,212
Commercial and industrial		11
Municipal
Consumer
Loans receivable, gross	15	1,223
Loans Receivable Delinquency Status Period Six [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	47	511
Residential 5+ multifamily		861
Construction of residential 1-4 family		70
Home equity lines of credit	117	270
Residential real estate	164	1,712
Commercial	85	592
Construction of commercial
Commercial real estate	85	592
Farm land
Vacant land
Real estate secured	249	2,304
Commercial and industrial	135	294
Municipal
Consumer	121	44
Loans receivable, gross	505	2,642
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
Construction of commercial
Commercial real estate
Farm land
Vacant land
Real estate secured
Commercial and industrial	100	11
Municipal
Consumer
Loans receivable, gross	100	11
Loans Receivable Delinquency Non Accrual [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	137	750
Residential 5+ multifamily		861
Construction of residential 1-4 family
Home equity lines of credit		21
Residential real estate	137	1,632
Commercial	1,199	1,924
Construction of commercial
Commercial real estate	1,199	1,924
Farm land	397	432
Vacant land
Real estate secured	1,733	3,988
Commercial and industrial	27	200
Municipal
Consumer
Loans receivable, gross	$ 1,760	$ 4,188

Changes in allowance for loan l

Changes in allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Residential 1-4 family
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	$ 3,286	$ 2,377	$ 2,846	$ 2,646
Allowance for Loan and Lease Losses, Period Increase (Decrease)	127	393	595	129
Allowance for Loan and Lease Losses, Write-offs	45	35	73	44
Allowance for Loan and Lease Loss, Recovery of Bad Debts	25	5	25	9
Loans and Leases Receivable, Allowance	3,393	2,740	3,393	2,740
Allowance for Loan and Lease Loss, Recovery of Bad Debts	(25)	(5)	(25)	(9)
Residential 5+ multifamily
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	1,157	545	817	686
Allowance for Loan and Lease Losses, Period Increase (Decrease)	71	156	642	15
Allowance for Loan and Lease Losses, Write-offs			(231)
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	1,228	701	1,228	701
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Construction of residential 1-4 family
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	333	95	186	65
Allowance for Loan and Lease Losses, Period Increase (Decrease)	(103)	41	44	71
Allowance for Loan and Lease Losses, Write-offs	(25)		(25)
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	205	136	205	136
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Home equity lines of credit
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	205	190	198	252
Allowance for Loan and Lease Losses, Period Increase (Decrease)	14	26	32	(36)
Allowance for Loan and Lease Losses, Write-offs		(20)	(11)	(20)
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	219	196	219	196
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Residential real estate
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	4,981	3,207	4,047	3,649
Allowance for Loan and Lease Losses, Period Increase (Decrease)	109	616	1,313	179
Allowance for Loan and Lease Losses, Write-offs	(70)	(55)	(340)	(64)
Allowance for Loan and Lease Loss, Recovery of Bad Debts	25	5	25	9
Loans and Leases Receivable, Allowance	5,045	3,773	5,045	3,773
Allowance for Loan and Lease Loss, Recovery of Bad Debts	(25)	(5)	(25)	(9)
Commercial
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	5,169	6,212	5,416	6,546
Allowance for Loan and Lease Losses, Period Increase (Decrease)	598	(165)	722	(509)
Allowance for Loan and Lease Losses, Write-offs			(372)	(7)
Allowance for Loan and Lease Loss, Recovery of Bad Debts		119	1	136
Loans and Leases Receivable, Allowance	5,767	6,166	5,767	6,166
Allowance for Loan and Lease Loss, Recovery of Bad Debts		(119)	(1)	(136)
Construction of commercial
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	872	668	1,025	596
Allowance for Loan and Lease Losses, Period Increase (Decrease)	(115)	118	(268)	208
Allowance for Loan and Lease Losses, Write-offs				(18)
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	757	786	757	786
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	6,041	6,880	6,441	7,142
Allowance for Loan and Lease Losses, Period Increase (Decrease)	483	(47)	454	(301)
Allowance for Loan and Lease Losses, Write-offs			(372)	(25)
Allowance for Loan and Lease Loss, Recovery of Bad Debts		119	1	136
Loans and Leases Receivable, Allowance	6,524	6,952	6,524	6,952
Allowance for Loan and Lease Loss, Recovery of Bad Debts		(119)	(1)	(136)
Farm land
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	27	32	21	59
Allowance for Loan and Lease Losses, Period Increase (Decrease)	11	(1)	17	(28)
Allowance for Loan and Lease Losses, Write-offs
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	38	31	38	31
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Vacant land
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	108	87	95	180
Allowance for Loan and Lease Losses, Period Increase (Decrease)	4	(1)	17	(94)
Allowance for Loan and Lease Losses, Write-offs
Allowance for Loan and Lease Loss, Recovery of Bad Debts				1
Loans and Leases Receivable, Allowance	112	87	112	87
Allowance for Loan and Lease Loss, Recovery of Bad Debts				(1)
Real estate secured
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	11,157	10,206	10,604	11,030
Allowance for Loan and Lease Losses, Period Increase (Decrease)	607	567	1,801	(244)
Allowance for Loan and Lease Losses, Write-offs	(70)	(55)	(712)	(89)
Allowance for Loan and Lease Loss, Recovery of Bad Debts	25	125	26	146
Loans and Leases Receivable, Allowance	11,719	10,843	11,719	10,843
Allowance for Loan and Lease Loss, Recovery of Bad Debts	(25)	(125)	(26)	(146)
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	1,480	1,256	1,364	1,397
Allowance for Loan and Lease Losses, Period Increase (Decrease)	5	73	166	17
Allowance for Loan and Lease Losses, Write-offs			(46)	(131)
Allowance for Loan and Lease Loss, Recovery of Bad Debts		3	1	49
Loans and Leases Receivable, Allowance	1,485	1,332	1,485	1,332
Allowance for Loan and Lease Loss, Recovery of Bad Debts		(3)	(1)	(49)
Municipal
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	35	32	31	43
Allowance for Loan and Lease Losses, Period Increase (Decrease)	4	(1)	8	(12)
Allowance for Loan and Lease Losses, Write-offs
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	39	31	39	31
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Consumer
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	130	66	82	77
Allowance for Loan and Lease Losses, Period Increase (Decrease)	11	62	95	82
Allowance for Loan and Lease Losses, Write-offs	(25)	(19)	(70)	(34)
Allowance for Loan and Lease Loss, Recovery of Bad Debts	6	6	15	10
Loans and Leases Receivable, Allowance	122	115	122	115
Allowance for Loan and Lease Loss, Recovery of Bad Debts	(6)	(6)	(15)	(10)
Unallocated
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	901	1,148	881	1,207
Allowance for Loan and Lease Losses, Period Increase (Decrease)	68	(301)	88	(360)
Allowance for Loan and Lease Losses, Write-offs
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Loans and Leases Receivable, Allowance	969	847	969	847
Allowance for Loan and Lease Loss, Recovery of Bad Debts
Totals
Financing Receivable, Past Due [Line Items]
Loans and Leases Receivable, Allowance	13,703	12,708	12,962	13,754
Allowance for Loan and Lease Losses, Period Increase (Decrease)	695	400	2,158	517
Allowance for Loan and Lease Losses, Write-offs	(95)	74	828	254
Allowance for Loan and Lease Loss, Recovery of Bad Debts	31	134	42	185
Loans and Leases Receivable, Allowance	14,334	13,168	14,334	13,168
Allowance for Loan and Lease Loss, Recovery of Bad Debts	$ (31)	$ (134)	$ (42)	$ (185)

Composition of loans receivab_4

Composition of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential 1-4 family	$ 414,957	$ 373,131
Residential 5+ multifamily	70,459	52,325
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Commercial real estate	413,019	369,761
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial	186,996	195,132
Municipal	18,607	16,534
Consumer	20,344	12,547
Totals	1,176,493	1,066,750
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	413,456	370,558
Residential 5+ multifamily	70,380	51,376
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,249
Residential real estate	530,258	464,921
Commercial	364,729	307,377
Construction of commercial	45,762	58,838
Commercial real estate	410,491	366,215
Farm land	3,828	2,375
Vacant land	14,796	14,182
Real estate secured	959,373	847,694
Commercial and industrial	186,969	194,856
Municipal	18,607	16,534
Consumer	20,344	12,547
Unallocated allowance
Totals	1,185,293	1,071,630
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	3,393	2,845
Residential 5+ multifamily	1,228	817
Construction of residential 1-4 family	205	186
Home equity lines of credit	219	198
Residential real estate	5,045	4,046
Commercial	5,745	5,388
Construction of commercial	757	1,025
Commercial real estate	6,502	6,413
Farm land	38	21
Vacant land	112	95
Real estate secured	11,697	10,575
Commercial and industrial	1,485	1,297
Municipal	39	31
Consumer	122	82
Unallocated allowance	969	881
Totals	14,312	12,866
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	1,501	2,573
Residential 5+ multifamily	79	949
Construction of residential 1-4 family
Home equity lines of credit		21
Residential real estate	1,580	3,543
Commercial	2,528	3,546
Construction of commercial
Commercial real estate	2,528	3,546
Farm land	397	432
Vacant land
Real estate secured	4,505	7,520
Commercial and industrial	27	276
Municipal
Consumer
Unallocated allowance
Totals	4,532	7,797
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		1
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit
Residential real estate		1
Commercial	22	28
Construction of commercial
Commercial real estate	22	28
Farm land
Vacant land
Real estate secured	22	29
Commercial and industrial		67
Municipal
Consumer
Unallocated allowance
Totals	22	96
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	414,957	373,131
Residential 5+ multifamily	70,459	52,325
Construction of residential 1-4 family	21,527	19,738
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Commercial real estate	413,019	369,761
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial	186,996	195,132
Municipal	18,607	16,534
Consumer	20,344	12,547
Unallocated allowance
Totals	1,189,825	1,079,427
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	3,393	2,846
Residential 5+ multifamily	1,228	817
Construction of residential 1-4 family	205	186
Home equity lines of credit	219	198
Residential real estate	5,045	4,047
Commercial	5,767	5,416
Construction of commercial	757	1,025
Commercial real estate	6,524	6,441
Farm land	38	21
Vacant land	112	95
Real estate secured	11,719	10,604
Commercial and industrial	1,485	1,364
Municipal	39	31
Consumer	122	82
Unallocated allowance	969	881
Totals	$ 14,334	$ 12,962

Credit quality segments of loan

Credit quality segments of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Totals	$ 1,176,493	$ 1,066,750
Allowance For Loan And Lease Losses Collectively Evaluated Loans Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	1,178,589	1,046,614
Potential problem loans 1	6,704	25,016
Impaired loans
Unallocated allowance
Totals	1,185,293	1,071,630
Allowance For Loan And Lease Losses Collectively Evaluated Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	12,928	10,456
Potential problem loans 1	415	1,529
Impaired loans
Unallocated allowance	969	881
Totals	14,312	12,866
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	4,532	7,797
Unallocated allowance
Totals	4,532	7,797
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	22	96
Unallocated allowance
Totals	22	96
Allowance For Loan And Lease Losses Total Portfolio Loans Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	1,178,589	1,046,614
Potential problem loans 1	6,704	25,016
Impaired loans	4,532	7,797
Unallocated allowance
Totals	1,189,825	1,079,427
Allowance For Loan And Lease Losses Total Portfolio Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	12,928	10,456
Potential problem loans 1	415	1,529
Impaired loans	22	96
Unallocated allowance	969	881
Totals	$ 14,334	$ 12,962

Certain data with respect to lo

Certain data with respect to loans individually evaluated for impairment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	$ 414,957	$ 373,131
Home equity lines of credit	24,895	23,270
Residential real estate	531,838	468,464
Commercial	367,257	310,923
Construction of commercial	45,762	58,838
Farm land	4,225	2,807
Vacant land	14,796	14,182
Real estate secured	963,878	855,214
Commercial and industrial	186,996	195,132
Consumer	20,344	12,547
Totals	1,176,493	1,066,750
Impaired Loans Specific Allowance Loan Balance Book [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		43	$ 45
Home equity lines of credit
Residential real estate		43	45
Commercial	572	608	1,007
Construction of commercial
Farm land
Vacant land
Real estate secured	572	651	1,052
Commercial and industrial		216	221
Consumer
Totals	572	867	1,273
Impaired Loans Specific Allowance Loan Balance Note [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		44	47
Home equity lines of credit
Residential real estate		44	47
Commercial	572	608	1,033
Construction of commercial
Farm land
Vacant land
Real estate secured	572	652	1,080
Commercial and industrial		224	228
Consumer
Totals	572	876	1,308
Impaired Loans Specific Allowance Loan Balance Average [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	398	872	1,120
Home equity lines of credit		17	22
Residential real estate	398	889	1,142
Commercial	616	1,678	1,921
Construction of commercial
Farm land
Vacant land		56	73
Real estate secured	1,014	2,623	3,136
Commercial and industrial	84	309	336
Consumer		6	8
Totals	1,098	2,938	3,480
SEC Schedule, 12-09, Reserve, Impairment of Recognized Servicing Asset [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		1	3
Home equity lines of credit
Residential real estate		1	3
Commercial	22	28	43
Construction of commercial
Farm land
Vacant land
Real estate secured	22	29	46
Commercial and industrial		67	44
Consumer
Totals	22	96	90
Impaired Loans Specific Allowance Loan Income Recognized [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		3	2
Home equity lines of credit
Residential real estate		3	2
Commercial	22	32	33
Construction of commercial
Farm land
Vacant land
Real estate secured	22	35	35
Commercial and industrial		3	3
Consumer
Totals	22	38	38
Impaired Loans No Specific Allowance Loan Balance Book [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	1,580	3,480	3,989
Home equity lines of credit		21	86
Residential real estate	1,580	3,501	4,075
Commercial	1,956	2,938	2,866
Construction of commercial
Farm land	397	431	576
Vacant land			35
Real estate secured	3,933	6,870	7,552
Commercial and industrial	27	60	100
Consumer			18
Totals	3,960	6,930	7,670
Impaired Loans No Specific Allowance Loan Balance Note [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	1,677	3,817	4,404
Home equity lines of credit		23	127
Residential real estate	1,677	3,840	4,531
Commercial	2,467	3,493	3,377
Construction of commercial
Farm land	447	447	756
Vacant land			39
Real estate secured	4,591	7,780	8,703
Commercial and industrial	30	72	270
Consumer			18
Totals	4,621	7,852	8,991
Impaired Loans No Specific Allowance Loan Balance Average [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	2,321	3,689	3,642
Home equity lines of credit	11	131	156
Residential real estate	2,332	3,820	3,798
Commercial	2,397	2,974	3,002
Construction of commercial
Farm land	415	440	415
Vacant land		45	52
Real estate secured	5,144	7,279	7,267
Commercial and industrial	55	90	91
Consumer		13	15
Totals	5,199	7,382	7,373
Impaired Loans No Specific Allowance Loan Income Recognized [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	40	75	52
Home equity lines of credit
Residential real estate	40	75	52
Commercial	32	62	47
Construction of commercial
Farm land
Vacant land
Real estate secured	72	137	99
Commercial and industrial
Consumer			1
Totals	$ 72	$ 137	$ 100

NOTE 3 _ LOANS (Details Narrati

NOTE 3 – LOANS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Receivables [Abstract]
Other Real Estate, Covered	$ 58,500,000		$ 58,500,000		$ 77,500,000
[custom:SBAPPPLoanGrossBalances-0]	400,000		400,000		$ 25,000,000
Interest and Fee Income, Other Loans	3,000	$ 133,000	71,000	$ 569,000
Loans and Leases Receivable, Fees Earned but Excluded from Yield	$ 69,000	711,000	$ 740,000	2,500,000
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification		$ 74,000		$ 74,000

Assets and liabilities as well

Assets and liabilities as well as costs of operating and finance leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Liabilities
Operating leases	$ 72	$ 74	$ 218	$ 221
Amortization of leased assets	55	25	167	76
Interest on finance leases	41	36	41	103
Total lease cost	$ 168	$ 135	$ 426	$ 400
Operating leases	6 years 36 days 12 hours		6 years 36 days 12 hours		6 years 328 days 12 hours
Financing leases	21 years 255 days 12 hours		21 years 255 days 12 hours		23 years 6 months
Weighted Average Discount Rate 1
Operating leases	3.60%		3.60%		3.60%
Financing leases	3.70%		3.70%		5%
Assets And Liabilities [Member]
Assets
Operating	$ 1,231		$ 1,231		$ 1,021
Finance	3,912		3,912		3,791
Total Leased Assets	5,143		5,143		4,812
Liabilities
Operating	1,231		1,231		1,021
Finance	4,296		4,296		4,107
Total Lease Liabilities	$ 5,527		$ 5,527		$ 5,128

Present value of net minimum le

Present value of net minimum lease payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
	$ 80
	241
	204
	213
	137
	507
	1,382
	(151)
	1,231
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
	74
	304
	314
	324
	334
	4,968
	6,317
	(2,022)
	$ 4,295

Balances of loans serviced for

Balances of loans serviced for others and fair value of mortgage servicing rights (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Residential mortgage loans serviced for others	$ 963,878	$ 855,214
Derivative Financial Instruments, Assets [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Residential mortgage loans serviced for others	135,656	140,623
Fair value of mortgage servicing rights	$ 1,401	$ 1,043

Changes in mortgage servicing r

Changes in mortgage servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mortgage Servicing Rights
Balance, beginning of period	$ 694	$ 748	$ 700	$ 621
Originated		18	72	276
Amortization (1)	(39)	(36)	(117)	(167)
Balance, end of period	655	730	655	730
Valuation Allowance
Balance, beginning of period				(9)
Decrease in impairment reserve (1)				9
Balance, end of period
Mortgage servicing rights, net	$ 655	$ 730	$ 655	$ 730

Securities and loans pledged to

Securities and loans pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (Details) - S A L Guarantee Type Other [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Securities available-for-sale (at fair value)	$ 78,001	$ 75,737
Loans receivable (at book value)	375,645	378,845
Total pledged assets	$ 453,646	$ 454,582

NOTE 6 - PLEDGED ASSETS (Detail

NOTE 6 - PLEDGED ASSETS (Details Narrative)	Sep. 30, 2022 USD ($)
Asset Pledged as Collateral [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Collateral Amount	$ 70,880,000
Asset Pledged As Collateral 2 [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Collateral Amount	7,100,000
Asset Pledged As Collateral 3 [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Collateral Amount	$ 20,000

Amounts recorded on the balance

Amounts recorded on the balance sheet related to cumulative basis adjustment for fair value hedges (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Derivative, Net Liability Position, Aggregate Fair Value	$ (18)
[custom:DerivativeNetLiabilityPositionAggregateFairValueTotal-0]	(18)
Hedged Assets Liabilities Carrying Amount [Member]
Loans receivable(1)	9,982
Total	$ 9,982

Fair value of Salisbury's deriv

Fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet (Details) $ in Thousands	Dec. 31, 2021 USD ($)
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	18
Total Derivatives designated as hedge instruments	$ 18

Effect of the Company's derivat

Effect of the Company's derivative financial instruments on the Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Income Derivative Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded	$ 45	$ 1	$ 64
Hedged items	45	4	18	3
Derivatives designated as hedging instruments		(3)	46	(3)
Interest Expense Derivative Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded
Hedged items
Derivatives designated as hedging instruments

Calculation of earnings per sha

Calculation of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 4,336	$ 3,453	$ 11,750	$ 12,332
Less: Undistributed earnings allocated to participating securities	(72)	(53)	(207)	(184)
Net income allocated to common stock	4,264	3,400	11,543	12,148
Weighted-average common shares issued	5,784	5,724	5,765	5,706
Less: Unvested restricted stock awards	(97)	(90)	(101)	(85)
Weighted average common shares outstanding used to calculate basic earnings per common share	5,687	5,634	5,663	5,621
Add: Dilutive effect of stock options	26	52	33	39
Weighted-average common shares outstanding used to calculate diluted earnings per common share	$ 5,713	$ 5,686	$ 5,696	$ 5,660
Earnings per common share (basic)	$ 0.75	$ 0.60	$ 2.04	$ 2.16
Earnings per common share (diluted)	$ 0.75	$ 0.60	$ 2.03	$ 2.15

NOTE 9 _ CONTINGENCIES (Details

NOTE 9 – CONTINGENCIES (Details Narrative)	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	$ 1,000,000

Actual regulatory capital posit

Actual regulatory capital position and minimum capital requirements (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Total Capital To Risk Weighted Assets [Member]
Banking Regulation, Total Capital, Actual	$ 164,325	$ 152,789
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1324	0.1408
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 99,290	$ 86,832
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.080	0.080
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 130,318	$ 113,968
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	10.50%	10.50%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 124,112	$ 108,541
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.100	0.100
Tier 1 Capital To Risk Weighted Assets [Member]
Banking Regulation, Total Capital, Actual	$ 149,805	$ 139,681
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1207	0.1287
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 74,467	$ 65,124
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.060	0.060
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 105,495	$ 92,259
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	8.50%	8.50%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 99,290	$ 86,832
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.080	0.080
Common Equity Tier 1 Capital To Risk Weighted Assets [Member]
Banking Regulation, Total Capital, Actual	$ 149,805	$ 139,681
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1207	0.1287
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 55,850	$ 48,843
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.045	0.045
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 86,878	$ 75,978
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	7%	7%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 80,673	$ 70,551
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.065	0.065
Tier 1 Capital To Average Assets [Member]
Banking Regulation, Total Capital, Actual	$ 149,805	$ 139,681
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.0983	0.0942
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 60,933	$ 59,285
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.040	0.040
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 60,933	$ 59,285
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	4%	4%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 76,166	$ 74,106
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.050	0.050

NOTE 10 _ SHAREHOLDERS_ EQUIT_2

NOTE 10 – SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	May 28, 2021
Equity [Abstract]
Subordinated Long-Term Debt, Noncurrent			$ 25,000,000
[custom:ProceedsFromSubordinatedDebtIssuedRetainedAtHoldingCompany-0]			$ 15,000,000
[custom:RedemptionOfSubordinatedDebtPreviouslyIssuedAndRetainedAtHoldingCompany-0]				$ 10,000,000
Banking Regulation, Risk-Weighted Assets, Actual	$ 1,241,100,000	$ 1,085,400,000

NOTE 11 _ BENEFITS (Details Nar

NOTE 11 – BENEFITS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan, Administrative Expense	$ 311	$ 253	$ 862	$ 847
Employee Stock Ownership Plan (ESOP), Compensation Expense	85	55	168	184
Liability, Pension and Other Postretirement and Postemployment Benefits, Current	702		702		$ 779
[custom:ExpensesUnderFuturePostretirementBenefitObligationsUnderEndorsementSplitdollarLifeInsuranceArrangements]	69	(86)		259
[custom:ExpensesUnderFuturePostretirementBenefitObligationsUnderEndorsementSplitdollarLifeInsuranceArrangements]	(69)	86		(259)
[custom:NetCreditToExpenseFuturePostretirementBenefitObligationsUnderEndorsementSplitdollarLifeInsuranceArrangements]			77
[custom:CompanyContributionToAmendedAndRestatedPlan]	100
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 47	$ 29	$ 141	$ 86

NOTE 12 _ LONG TERM INCENTIVE_2

NOTE 12 – LONG TERM INCENTIVE PLANS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 184,000	$ 149,000	$ 615,000	$ 449,000
[custom:RestrictedStockExpenseTaxBenefit]	$ 33,000	27,000	111,000	81,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	18,340
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 1,000,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	1,328,000	1,075,000	$ 1,328,000	$ 1,075,000
[custom:PerformancebasedRestrictedStockUnitsPursuantTo2017LongtermIncentivePlanGranted]			13,900	14,800	14,500
[custom:PerformancebasedRestrictedStockUnitsPursuantTo2017LongtermIncentivePlanFairValue]			$ 462,000	$ 622,000
[custom:PerformancebasedRestrictedStockUnitsPursuantTo2017LongtermIncentivePlanCompensationExpense]	47,000	61,000	240,000	235,000
[custom:ShortTermIncentivePlanExpenseIncludedInCompensationExpenses]	276,000	210,000	814,000	757,000
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 50,000	$ 38,000	$ 147,000	$ 136,000

Assets measured at fair value (

Assets measured at fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Inputs, Level 1 [Member]
Assets at fair value on a recurring basis
U.S. Treasury
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
Mutual fund		901
Derivative financial instruments
Assets at fair value on a non-recurring basis
Assets held for sale 1		700
Fair Value, Inputs, Level 2 [Member]
Assets at fair value on a recurring basis
U.S. Treasury		15,131
U.S. Government Agency notes		31,604
Municipal bonds		47,822
U.S. Government agencies and U.S. Government-sponsored enterprises		74,541
U.S. Government agencies		20,898
Corporate bonds		12,400
Securities available-for-sale		202,396
Mutual fund
Derivative financial instruments		18
Assets at fair value on a non-recurring basis
Assets held for sale 1
Fair Value, Inputs, Level 3 [Member]
Assets at fair value on a recurring basis
U.S. Treasury
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
Mutual fund
Derivative financial instruments
Assets at fair value on a non-recurring basis
Assets held for sale 1
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member]
Assets at fair value on a recurring basis
U.S. Treasury		15,131
U.S. Government Agency notes		31,604
Municipal bonds		47,822
U.S. Government agencies and U.S. Government-sponsored enterprises		74,541
U.S. Government agencies		20,898
Corporate bonds		12,400
Securities available-for-sale		202,396
Mutual fund		901
Derivative financial instruments		18
Assets at fair value on a non-recurring basis
Assets held for sale 1		$ 700
Fair Value Inputs Level 1 S A L [Member]
Assets at fair value on a recurring basis
U.S. Treasury
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
Mutual fund	1,882
Derivative financial instruments
Fair Value Inputs Level 2 S A L [Member]
Assets at fair value on a recurring basis
U.S. Treasury	16,977
U.S. Government Agency notes	27,924
Municipal bonds	44,610
U.S. Government agencies and U.S. Government-sponsored enterprises	63,480
U.S. Government agencies	22,591
Corporate bonds	13,579
Securities available-for-sale	189,161
Mutual fund
Derivative financial instruments
Fair Value Inputs Level 3 S A L [Member]
Assets at fair value on a recurring basis
U.S. Treasury
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
Mutual fund
Derivative financial instruments
Fair Value Inputs Level 12 And 3 S A L [Member]
Assets at fair value on a recurring basis
U.S. Treasury	16,977
U.S. Government Agency notes	27,924
Municipal bonds	44,610
U.S. Government agencies and U.S. Government-sponsored enterprises	63,480
U.S. Government agencies	22,591
Corporate bonds	13,579
Securities available-for-sale	189,161
Mutual fund	1,882
Derivative financial instruments

Carrying values and estimated f

Carrying values and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Reported Amount Fair Value Disclosure S A L [Member]
Financial Assets
Cash and cash equivalents	$ 56,297	$ 175,335
Securities available-for-sale	189,161	202,396
Mutual funds	1,882	901
Federal Home Loan Bank of Boston stock	1,487	1,397
Loans receivable, net	1,176,493	1,066,750
Accrued interest receivable	6,012	6,260
Cash surrender value of life insurance policies	30,187	27,738
Financial Liabilities
Demand (non-interest-bearing)	413,584	416,073
Demand (interest-bearing)	241,236	233,600
Money market	313,987	330,436
Savings and other	246,538	237,075
Certificates of deposit	109,859	119,009
Deposits	1,325,204	1,336,193
Repurchase agreements	7,109	11,430
FHLBB advances	20,000	7,656
Subordinated debt	24,517	24,474
Note payable	139	170
Finance lease liability	4,296	4,107
Accrued interest payable	18	49
Interest bearing time deposits with financial institutions		750
Loans held-for-sale		2,684
Derivative financial instruments		18
Estimate Of Fair Value Fair Value Disclosure S A L [Member]
Financial Assets
Cash and cash equivalents	56,297	175,335
Securities available-for-sale	189,161	202,396
Mutual funds	1,882	901
Federal Home Loan Bank of Boston stock	1,487	1,397
Loans receivable, net	1,154,834	1,066,733
Accrued interest receivable	6,012	6,260
Cash surrender value of life insurance policies	30,187	27,738
Financial Liabilities
Demand (non-interest-bearing)	413,584	416,073
Demand (interest-bearing)	241,236	233,600
Money market	313,987	330,436
Savings and other	246,538	237,075
Certificates of deposit	109,536	119,716
Deposits	1,324,881	1,336,900
Repurchase agreements	7,109	11,430
FHLBB advances	20,000	7,714
Subordinated debt	21,514	24,409
Note payable	135	171
Finance lease liability	3,916	4,223
Accrued interest payable	18	49
Interest bearing time deposits with financial institutions		750
Loans held-for-sale		2,721
Derivative financial instruments		18
Fair Value Inputs Level 1 S A L [Member]
Financial Assets
Cash and cash equivalents	56,297	175,335
Securities available-for-sale
Mutual funds	1,882	901
Federal Home Loan Bank of Boston stock
Loans receivable, net
Accrued interest receivable
Cash surrender value of life insurance policies
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
Accrued interest payable
Interest bearing time deposits with financial institutions		750
Loans held-for-sale
Derivative financial instruments
Fair Value Inputs Level 2 S A L [Member]
Financial Assets
Cash and cash equivalents
Securities available-for-sale	189,161	202,396
Mutual funds
Federal Home Loan Bank of Boston stock	1,487	1,397
Loans receivable, net
Accrued interest receivable	6,012	6,260
Cash surrender value of life insurance policies	30,187	27,738
Financial Liabilities
Demand (non-interest-bearing)	413,584	416,073
Demand (interest-bearing)	241,236	233,600
Money market	313,987	330,436
Savings and other	246,538	237,075
Certificates of deposit	109,536	119,716
Deposits	1,324,881	1,336,900
Repurchase agreements	7,109	11,430
FHLBB advances	20,000	7,714
Subordinated debt	21,517	24,409
Note payable	135	171
Finance lease liability
Accrued interest payable	18	49
Interest bearing time deposits with financial institutions
Loans held-for-sale
Derivative financial instruments		18
Fair Value Inputs Level 3 S A L [Member]
Financial Assets
Cash and cash equivalents
Securities available-for-sale
Mutual funds
Federal Home Loan Bank of Boston stock
Loans receivable, net	1,154,834	1,066,733
Accrued interest receivable
Cash surrender value of life insurance policies
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	3,916	4,223
Accrued interest payable
Interest bearing time deposits with financial institutions
Loans held-for-sale		2,721
Derivative financial instruments

NOTE 14 _ SUBSEQUENT EVENTS (De

NOTE 14 – SUBSEQUENT EVENTS (Details Narrative)	Jul. 20, 2022 $ / shares
Subsequent Events [Abstract]
Dividends Payable, Amount Per Share	$ 0.16