Salisbury Bancorp (SAL) 10-K 10 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	0-14854
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 126,100,000
Entity Common Stock, Shares Outstanding		5,798,816
ICFR Auditor Attestation Flag	false
Auditor Firm ID	231
Auditor Name	Baker Newman & Noyes LLC
Auditor Location	Portsmouth, New Hampshire

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 5,864	$ 6,404
Interest bearing demand deposits with other banks	44,675	168,931
Total cash and cash equivalents	50,539	175,335
Interest bearing Time Deposits with Financial Institutions		750
Securities
Available-for-sale at fair value	187,410	202,396
Mutual funds at fair value	1,933	901
Federal Home Loan Bank of Boston stock at cost	1,285	1,397
Loans held-for-sale		2,684
Loans receivable, net (allowance for loan losses: $14,846 and $12,962)	1,213,671	1,066,750
Bank premises and equipment, net	22,148	22,625
Goodwill	13,815	13,815
Intangible assets (net of accumulated amortization: $5,654 and $5,463)	227	418
Accrued interest receivable	6,797	6,260
Cash surrender value of life insurance policies	30,379	27,738
Deferred taxes	8,492	2,588
Other assets	4,886	5,527
Total Assets	1,541,582	1,529,184
Deposits
Demand (non-interest bearing)	395,994	416,073
Demand (interest bearing)	231,486	233,600
Money market	343,965	330,436
Savings and other	233,578	237,075
Certificates of deposit	153,370	119,009
Total deposits	1,358,393	1,336,193
Repurchase agreements	7,228	11,430
Federal Home Loan Bank of Boston advances	10,000	7,656
Subordinated debt	24,531	24,474
Note payable	128	170
Finance lease obligations	4,262	4,107
Accrued interest and other liabilities	8,685	8,554
Total Liabilities	1,413,227	1,392,584
Shareholders' Equity 1
Outstanding: 5,798,816 and 5,723,394	580	286
Unearned compensation – restricted stock awards	(1,144)	(925)
Paid-in capital	47,466	46,374
Retained earnings	102,178	89,995
Accumulated other comprehensive (loss) income, net	(20,725)	870
Total Shareholders' Equity	128,355	136,600
Total Liabilities and Shareholders' Equity	$ 1,541,582	$ 1,529,184

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	5,798,816	5,723,394
Common Stock, Shares, Outstanding	5,798,816	5,723,394

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest and dividend income
Interest and fees on loans	$ 44,874	$ 41,080	$ 40,796
Interest on debt securities
Taxable	3,479	2,048	1,671
Tax exempt	787	697	672
Other interest and dividends	871	247	295
Total interest and dividend income	50,011	44,072	43,434
Interest expense
Deposits	3,724	2,160	3,890
Repurchase agreements	30	16	20
Finance lease	163	136	141
Note payable	9	11	14
Subordinated debt	932	1,000	618
Federal Home Loan Bank of Boston advances	114	125	605
Total interest expense	4,972	3,448	5,288
Net interest and dividend income	45,039	40,624	38,146
Provision (release) for loan losses	2,683	(720)	5,038
Net interest and dividend income after provision (release) for loan losses	42,356	41,344	33,108
Non-interest income
Trust and wealth advisory	4,887	4,970	4,194
Service charges and fees	5,299	4,822	3,072
Mortgage banking activities, net	556	1,000	1,621
(Losses) gains on mutual funds	(120)	(26)	19
Gains on securities, net	165	(2)	196
Bank-owned life insurance (“BOLI”) income	717	556	495
Gain on bank-owned life insurance	89		601
Gain on sale of assets		73
Other	109	107	125
Total non-interest income	11,702	11,500	10,323
Non-interest expense
Salaries	14,932	13,417	11,828
Employee benefits	5,125	5,023	4,533
Premises and equipment	4,281	4,114	4,019
Write-down of assets	3	144
Information processing and services	2,795	2,441	2,211
Professional fees	3,218	2,779	2,741
Collections, OREO, and loan related	376	455	323
FDIC insurance	526	541	466
Marketing and community support	822	881	573
Amortization of intangibles	191	256	321
Other	2,376	2,053	2,023
Total non-interest expense	34,645	32,104	29,038
Income before income taxes	19,413	20,740	14,393
Income tax provision	3,539	4,267	2,453
Net income	15,874	16,473	11,940
Net income available to common shareholders	$ 15,598	$ 16,225	$ 11,775
Basic earnings per common share1	$ 2.75	$ 2.88	$ 2.11
Diluted earnings per common share1	2.74	2.86	2.10
Common dividends per share1	$ 0.64	$ 0.61	$ 0.58

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net income	$ 15,874	$ 16,473	$ 11,940
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale	(27,171)	(2,701)	2,280
Reclassification of net realized (gains) losses  in net income	(165)	2	(196)
Unrealized (losses) gains on securities available-for-sale	(27,336)	(2,699)	2,084
Income tax benefit (expense)	5,741	565	(437)
Unrealized (losses) gains on securities available-for-sale, net of tax	(21,595)	(2,134)	1,647
Other comprehensive (loss) income, net of tax	(21,595)	(2,134)	1,647
Comprehensive (loss) income	$ (5,721)	$ 14,339	$ 13,587

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 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, 2019	$ 283	$ 44,490	$ 68,320	$ (795)	$ 1,357	$ 113,655
Shares, Outstanding, Beginning Balance at Dec. 31, 2019	5,651,824
Net income for year			11,940			11,940
Other comprehensive loss, net of tax					1,647	1,647
Common stock dividends declared ($0.64 per share)			(3,286)			(3,286)
Stock options exercised		53				53
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	6,210
Issuance of restricted common stock	$ 1	439		(440)
Stock Issued During Period, Shares, Restricted Stock Award, Gross	24,550
Forfeiture of restricted common stock		(50)		50
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period	(2,400)
Issuance of directors restricted stock awards		114		(114)
[custom:StockIssuedDuringPeriodSharesDirectorsRestrictedStockAwards]	6,400
Stock based compensation-restricted stock awards		218		525		743
Ending balance, value at Dec. 31, 2020	$ 284	45,264	76,974	(774)	3,004	124,752
Shares, Outstanding, Ending Balance at Dec. 31, 2020	5,686,584
Net income for year			16,473			16,473
Other comprehensive loss, net of tax					(2,134)	(2,134)
Common stock dividends declared ($0.64 per share)			(3,452)			(3,452)
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)
Stock Issued During Period, Shares, Restricted Stock Award, Gross	27,700
Issuance of directors restricted stock awards		126		(126)
[custom:StockIssuedDuringPeriodSharesDirectorsRestrictedStockAwards]	5,600
Stock based compensation-restricted stock awards		331		599		930
Ending balance, value at Dec. 31, 2021	$ 286	46,374	89,995	(925)	870	136,600
Shares, Outstanding, Ending Balance at Dec. 31, 2021	5,723,394
Net income for year			15,874			15,874
Other comprehensive loss, net of tax					(21,595)	(21,595)
Common stock dividends declared ($0.64 per share)			(3,691)			(3,691)
Stock options exercised	$ 3	219				222
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	25,920
Issuance of restricted common stock	$ 2	811		(813)
Stock Issued During Period, Shares, Restricted Stock Award, Gross	28,700
Issuance of directors restricted stock awards		205		(205)
[custom:StockIssuedDuringPeriodSharesDirectorsRestrictedStockAwards]	7,980
Stock based compensation-restricted stock awards		329		799		1,128
Vesting of performance restricted stock units
[custom:VestingOfPerformanceRestrictedStockUnitsShares]	12,900
Net settlement impact for vesting of performance restricted stock units		(183)				(183)
[custom:NetSettlementImpactForVestingOfPerformanceRestrictedStockUnitsShares]	(78)
Transfer due to 2-for-1 forward stock split	$ 289	(289)
Ending balance, value at Dec. 31, 2022	$ 580	$ 47,466	$ 102,178	$ (1,144)	$ (20,725)	$ 128,355
Shares, Outstanding, Ending Balance at Dec. 31, 2022	5,798,816

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.64	$ 0.61	$ 0.58

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income	$ 15,874	$ 16,473	$ 11,940
(Accretion), amortization and depreciation
Securities	1,429	1,125	548
Bank premises and equipment	1,612	1,515	1,426
Core deposit intangible	191	256	321
Amortization of modification fees on Federal Home Loan Bank of Boston advances	21	22	70
Subordinated debt issuance costs	57	173	24
Mortgage servicing rights	140	235	151
Fair value adjustment on deposits			(4)
(Gains) and losses, including write-downs
Sales and calls of securities available-for-sale, net	(165)	2	(196)
Sales of loans, excluding capitalized servicing rights	(304)	(697)	(1,204)
Mutual Funds	120	26	(19)
Other real estate owned
Disposals of premises and equipment	3	71
Gain on redemption of bank owned life insurance	(89)		(601)
Provision (release) for loan losses	2,683	(720)	5,038
Proceeds from loans sold	11,382	34,561	59,786
Loans originated for sale	(5,135)	(33,813)	(60,985)
(Increase) decrease in deferred loan origination fees and costs, net	(716)	(657)	1,734
Mortgage servicing rights originated	(70)	(314)	(534)
(Decrease) increase in mortgage servicing rights impairment reserve		(9)	9
(Increase) decrease in interest receivable	(537)	113	(2,958)
Deferred tax (benefit) expense	(163)	389	(1,600)
Decrease (increase) in prepaid expenses	254	(337)	393
Increase in cash surrender value of life insurance policies	(717)	(556)	(495)
Decrease (increase) in income tax receivable	452	(450)
Increase (decrease) in income tax payable	37	(320)	83
Increase in other assets	(135)	(529)	(52)
Increase in accrued expenses	99	409	327
Increase (decrease) in interest payable	161	6	(35)
(Decrease) increase in other liabilities	(166)	144	(107)
Stock based compensation-restricted stock awards	1,128	930	743
Net cash provided by operating activities	27,446	18,048	13,803
Investing Activities
Redemptions of Federal Home Loan Bank of Boston stock, net	112	316	1,529
Purchases of securities available-for-sale	(54,176)	(145,297)	(37,392)
Maturity of interest-bearing time deposits with financial institutions	750
Proceeds from sales of securities available-for-sale	21,716	3,311	15,589
Proceeds from calls of securities available-for-sale	1,500	9,500	655
Proceeds from maturities of securities available-for-sale	17,346	24,675	16,270
Investment and reinvestment - Mutual Funds	(1,152)	(10)	(16)
Loan originations and principal collections, net	(152,194)	(37,844)	(107,420)
Recoveries of loans previously charged off	47	209	323
Proceeds from sale/ disposal of premises and equipment		248
Proceeds from sales of other real estate owned			314
Capital expenditures	(849)	(2,314)	(4,367)
Purchase of bank owned life insurance	(2,507)	(6,000)	(3,500)
Death benefit proceeds received	672		3,994
Net cash utilized by investing activities	(168,735)	(153,206)	(114,021)
Financing Activities
(Decrease) increase in deposit transaction accounts, net	(12,161)	219,624	205,778
Increase (decrease) in time deposits, net	34,361	(12,505)	3,794
(Decrease) increase in securities sold under agreements to repurchase, net	(4,202)	4,314	(1,414)
Short-term Federal Home Loan Bank of Boston advances, net	10,000		(21,000)
Long-term Federal Home Loan Bank of Boston advances			6,000
Long-term Federal Home Loan Bank of Boston repayments	(6,000)		(30,000)
Amortizing Federal Home Loan Bank of Boston advances			10,000
Amortizing Federal Home Loan Bank of Boston repayments	(1,677)	(5,005)	(3,318)
Issuance of Sub Debt, net of issuance costs		24,418
Repayment of Sub Debt		(10,000)
Principal payments on note payable	(42)	(38)	(38)
Decrease in finance lease obligation	(134)	(56)	(74)
Stock options exercised	222	31	53
Net settlement of restricted stock units	(183)
Common stock dividends paid	(3,691)	(3,452)	(3,286)
Net cash provided by financing activities	16,493	217,331	166,495
Net (decrease) increase in cash and cash equivalents	(124,796)	82,173	66,277
Cash and cash equivalents, beginning of year	175,335	93,162	26,885
Cash and cash equivalents, end of year	50,539	175,335	93,162
Cash paid during year
Interest	4,733	3,247	5,233
Income taxes	3,213	4,648	3,970
New Finance Lease or amendments to Finance Lease
Fixed Asset	289	2,490
Lease liability	(289)	(2,490)
Transfers from Fixed Assets to Other Assets		700
Loan transfers to Held for Sale	3,909
Loans transferred from Held for Sale to loans Held for Investment	(650)
Extension of operating lease-other assets			29
Extension of operating lease-other liabilities			$ (29)

NOTE 1 - SUMMARY OF SIGNIFICANT

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Salisbury Bancorp, Inc. (“Salisbury” or the “Company”) is the bank holding company for Salisbury Bank (the “Bank”), a State chartered commercial bank. Salisbury's activity is currently limited to the holding of the Bank's outstanding capital stock and the Bank is Salisbury's only subsidiary and its primary investment. The Bank is a Connecticut chartered and Federal Deposit Insurance Corporation (the "FDIC") insured commercial bank headquartered in Lakeville, Connecticut. The Bank's principal business consists of attracting deposits from the public and using such deposits, with other funds, to make various types of loans and investments. The Bank conducts its business through fourteen full-service offices located in the Counties of Litchfield Connecticut, Berkshire, Massachusetts and Dutchess, Orange and Ulster, New York and through its internet website (salisburybank.com). Principles of Consolidation The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions. Basis of Financial Statement Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated 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 consolidated 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 potential impairment of goodwill and intangibles. Certain reclassifications have been made to the 2021 and 2020 consolidated financial statements to make them consistent with the 2022 presentation. Cash and Cash Equivalents Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. For purposes of reporting the consolidated statements of cash flows, the Company considers all cash and due from bank accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid investments purchased with a maturity of three months or less, to be cash equivalents. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. At December 31, 2022, the balance of those funds exceeding federally insured limits was $ 1.9 Interest Bearing Time Deposits with Financial Institutions Interest bearing time deposits are balances held in CD’s in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par. Securities Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses. Mutual Funds The Company holds mutual fund investments which are reported as an equity investment with a readily determined fair value. Changes in the fair value of the mutual funds holding are reported in income as gains (losses) on mutual funds with a corresponding increase or decrease in its carrying value on the consolidated balance sheet. Federal Home Loan Bank of Boston Stock The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The 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 December 31, 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. Loans Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans and unamortized premiums on purchased loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans. Loans receivable includes loans processed under the SBA’s PPP program. The PPP loans are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans. The Bank’s loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors. The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms. Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection. Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible. The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors. Determining the adequacy of the allowance and reserves at any given period is difficult, particularly during deteriorating or uncertain economic periods, and management must make estimates using assumptions and information that are often subjective and changing rapidly. The review of credit exposure related to loans is a continuing event in light of the pandemic, a changing economy and the dynamics of the banking and regulatory environment. Should the economic climate deteriorate, borrowers could experience difficulty and the level of non-performing loans, charge-offs and delinquencies could rise, requiring increased provisions and reserves. Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period. In management's judgment, Salisbury remains adequately reserved both against total loans and non-performing loans at December 31, 2022. Management’s loan risk rating assignments, loss percentages and specific reserves are subjected annually to an independent credit review by an external firm. In addition, the Bank is examined annually on a rotational basis by one of its two primary regulatory agencies, the FDIC and Connecticut Department of Banking (CTDOB). As an integral part of their examination process, the FDIC and CTDOB review the adequacy and methodology of the Bank's credit risk ratings and allowance for loan losses. The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows, Fair Martlet Value approach or collateral value, and (3) an unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Loans collectively evaluated for impairment The component of the allowance for loan losses for loans collectively evaluated for impairment is estimated by stratifying loans into segments and credit risk ratings and then applying management’s general loss allocation factors. Salisbury stratified its loans into the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. The general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels or trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. The qualitative factors are determined based on the various risk characteristics of each loan segment and are risk-weighted such that higher risk loans generally have a higher reserve percentage. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate Commercial real estate Construction loans Commercial and industrial loans Farm Vacant land Municipal loans Consumer loans Loans individually evaluated for impairment This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired. Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not retain control over the assets. During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. Mortgage Servicing Rights As part of our growth and risk management strategy, Salisbury from time to sells whole loans. typically residential loans. Salisbury’s ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, Salisbury typically earns a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included on the consolidated balance and are accounted for under the amortization method. that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues. Other Real Estate Owned (“OREO”) OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense. As of December 31, 2022, and 2021, there were no residential mortgage loans collateralized by residential real estate that were in the process of foreclosure. Income Taxes Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized. Bank Premises and Equipment Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows: • Buildings/Improvements – Up to 39 years • Land Improvements – Up to 15 years • Furniture and Fixtures – Up to 7 years • Computer Equipment – Up to 5 years • Software – Up to 5 years Intangible Assets Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s intangible assets at December 31, 2022, and 2021, include goodwill of $ 2.4 7.2 319 2.7 1.3 On an annual basis, management assesses intangible assets for impairment. For fiscal years 2022 and 2021 management performed the assessment as of November 30 th Derivative Instruments and Hedging Activities As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance in Topic 825, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The company’s derivative contract matured in September of 2022 and no new contracts have been entered. Bank-Owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of income and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital. Stock Based Compensation Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date. The expense for performance based restricted stock awards is accrued over a three-year performance period based on the probability of achieving pre-determined thresholds or metrics. Advertising Expense Advertising costs of $ 640 704 Statements of Cash Flows For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions. Computation of Earnings per Share The Company 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. Unvested performance based restricted stock units issued by the Company do not contain non-forfeitable rights to dividends and are not deemed to be participating securities. 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. Revenue Recognition A significant portion of Salisbury’s revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury’s Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services are recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are distinct from the existing contract and are accounted for as if they were a new and separate contract. The original contract is still accounted for according to its original terms. Trust and Wealth Advisory The Trust and Wealth Advisory business generates revenue through a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions. Revenue from these services is generally recognized over time and are typically based on the market value of assets under administration and established fee schedules. Certain fees, such as real estate sale fees, asset liquidation fees, special asset fees, and daily money management fees, are recorded as revenue at a point in time at the completion of the service. Service Charges and Fees Salisbury offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Monthly deposit account fees and account research fees are recognized over time using the right to invoice measure of progress. Overdraft protection, ATM services, cash management, bill pay, money transfers, among others, are generally recognized at point in time at the completion of the service. Interchange Fees Salisbury earns interchange fee revenue through customers’ use of the Bank’s debit cards. Interchange fees are generally recognized as revenue at a point in time when customers make a purchase using their debit card. 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

NOTE 2 _ ACQUISITIONS AND DISPO

NOTE 2 – ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
NOTE 2 – ACQUISITIONS AND DISPOSITIONS	NOTE 2 – ACQUISITIONS AND DISPOSITIONS Pending Acquisition On December 5, 2022, Salisbury and NBT Bancorp Inc. (“NBT”) announced that they entered into a definitive agreement under which Salisbury will merge with and into NBT, with NBT as the surviving entity, in an all-stock transaction. Immediately thereafter, the Bank will merge with and into NBT Bank, with NBT Bank as the surviving bank. Under the terms of the agreement, each share of Salisbury common stock will be converted into the right to receive 0.745 shares of NBT common stock. The merger is expected to be consummated in second quarter 2023 following the approval of regulators and Salisbury shareholders. Merger-related expenses totaling $ 0.5

NOTE 3 - SECURITIES

NOTE 3 - SECURITIES	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
NOTE 3 - SECURITIES	NOTE 3 - SECURITIES The composition of securities is as follows: (in thousands) Amortized cost basis Gross un-realized gains Gross un-realized losses Fair value December 31, 2022 Available-for-sale U.S. Treasury $ 19,283 $ — $ 2,150 $ 17,133 U.S. Government Agency notes 29,696 94 2,636 27,154 Municipal bonds 55,179 — 8,641 46,538 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 69,866 20 8,011 61,875 Collateralized mortgage obligations: U.S. Government agencies 25,370 — 3,434 21,936 Corporate bonds 14,250 — 1,476 12,774 Total securities available-for-sale $ 213,644 $ 114 $ 26,348 $ 187,410 Mutual funds $ 1,933 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,285 $ — $ — $ 1,285 (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 The total (losses) gains on mutual funds for the years ended December 31, 2022, 2021 and 2020 were ($ 120 26 19 Sales of securities available-for-sale and gross gains and gross losses realized are as follows: Years ended December 31, (in thousands) 2022 2021 2020 Proceeds $ 21,716 $ 3,311 $ 15,589 Gains realized 451 56 293 Losses realized (286 ) (65 ) (97 ) Net gains (losses) realized 165 (9 ) 196 Income tax provision (benefit) 35 (2 ) 41 Less than 12 Months 12 Months or Longer Total December 31, 2022 (in thousands) Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses Available-for-sale U.S. Treasury $ 6,435 $ 484 $ 10,698 $ 1,666 $ 17,133 $ 2,150 U.S. Government Agency notes 3,106 158 17,467 2,478 20,573 2,636 Municipal bonds 37,277 5,950 9,261 2,691 46,538 8,641 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 18,861 1,559 39,909 6,452 58,770 8,011 Collateralized mortgage obligations 14,333 1,782 7,603 1,652 21,936 3,434 Corporate bonds 11,251 1,249 1,523 227 12,774 1,476 Total temporarily impaired securities $ 91,263 $ 11,182 $ 86,461 $ 15,166 $ 177,724 $ 26,348 Less than 12 Months 12 Months or Longer Total December 31, 2021 (in thousands) Fair Unrealized losses Fair Unrealized losses Fair 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. December 31, 2022 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Treasury After 1 year but within 5 years $ 10,799 $ 9,838 1.29 % After 5 year but within 10 years 8,484 7,295 1.17 Total 19,283 17,133 1.24 U.S. Government Agency notes After 1 year but within 5 years 6,962 6,070 1.00 After 5 year but within 10 years 8,958 7,552 1.42 Total 15,920 13,622 1.23 Municipal bonds After 1 year but within 5 years 510 455 1.74 After 5 year but within 10 years 15,283 12,407 2.31 After 10 years but within 15 years 12,823 10,933 2.53 After 15 years 26,563 22,743 2.84 Total 55,179 46,538 2.61 Mortgage-backed securities, U.S. Government Agency and Collateralized mortgage obligations Securities not due at a single maturity date 109,012 97,343 2.64 Total 109,012 97,343 2.64 Corporate bonds After 5 years but within 10 years 14,250 12,774 4.46 Total 14,250 12,774 4.46 Securities available-for-sale $ 213,644 $ 187,410 2.65 % (1) Yield is based on amortized cost. 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 debt securities were OTTI at December 31, 2022. U.S. Treasury notes: The contractual cash flows are guaranteed by the U.S. government. Ten securities had unrealized losses at December 31, 2022, which approximated 11.15% 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 December 31, 2022. U.S. Government Agency notes: The contractual cash flows are guaranteed by the U.S. government. Twenty-two securities had unrealized losses at December 31, 2022, which approximated 11.36% of their amortized cost. Changes in fair values are a function of changes in investment spreads and interest rate movements and not changes in credit quality 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 December 31, 2022. Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Sixty-six securities were in an unrealized loss position at December 31, 2022, which approximated 15.66% of its amortized cost. Management believes the unrealized loss positions are 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 December 31, 2022. U.S. Government agency and U.S. Government-sponsored mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Ninety-three securities had unrealized losses at December 31, 2022, which approximated 12.42% 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 December 31, 2022. Corporate bonds: Salisbury regularly monitors and analyzes its corporate bond portfolio for credit quality. Eighteen securities had unrealized losses at December 31, 2022, which approximated 10.36% 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 December 31, 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 December 31, 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 4 - LOANS

NOTE 4 - LOANS	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
NOTE 4 - LOANS	NOTE 4 - LOANS The composition of loans receivable and loans held-for-sale is as follows: December 31, 2022 2021 (in thousands) Total Loans Total Loans Residential 1-4 family $ 428,486 $ 373,131 Residential 5+ multifamily 80,400 52,325 Construction of residential 1-4 family 22,534 19,738 Home equity lines of credit 25,699 23,270 Residential real estate 557,119 468,464 Commercial 374,281 310,923 Construction of commercial 46,866 58,838 Commercial real estate 421,147 369,761 Farm land 4,081 2,807 Vacant land 14,440 14,182 Real estate secured 996,787 855,214 Commercial and industrial ex PPP Loans 190,191 169,543 PPP Loans 299 25,589 Total Commercial and industrial 190,490 195,132 Municipal 19,693 16,534 Consumer 20,546 12,547 Loans receivable, gross 1,227,516 1,079,427 Deferred loan origination costs (fees), net 1,001 285 Allowance for loan losses (14,846 ) (12,962 ) Loans receivable, net $ 1,213,671 $ 1,066,750 Loans held-for-sale Residential 1-4 family $ — $ 2,684 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 December 31, 2022 and 2021, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $ 64.1 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 from the economic downturn caused by the COVID-19 virus pandemic (“virus”). Approximately 31% 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 10% 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 a ski resort, bowling alleys 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 198% as of December 31, 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. 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 the borrower’s 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 the 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 FDIC and the CTDOB. The composition of loans receivable by risk rating grade is as follows: (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2022 Residential 1-4 family $ 423,612 $ 2,995 $ 1,879 $ — $ — $ 428,486 Residential 5+ multifamily 80,254 68 78 — — 80,400 Construction of residential 1-4 family 22,534 — — — — 22,534 Home equity lines of credit 25,536 163 — — — 25,699 Residential real estate 551,936 3,226 1,957 — — 557,119 Commercial 355,963 12,934 5,384 — — 374,281 Construction of commercial 46,866 — — — — 46,866 Commercial real estate 402,829 12,934 5,384 — — 421,147 Farm land 2,408 1,280 393 — — 4,081 Vacant land 14,410 30 — — — 14,440 Real estate secured 971,583 17,470 7,734 — — 996,787 Commercial and industrial 188,267 680 1,543 — — 190,490 Municipal 19,693 — — — — 19,693 Consumer 20,541 — 5 — — 20,546 Loans receivable, gross $ 1,200,084 $ 18,150 $ 9,282 $ — $ — $ 1,227,516 (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 (In thousands) Current 30-59 days 60-89 days 90-179 days 180 days and over 30 days and over Accruing 90 days and over Non- accrual December 31, 2022 Residential 1-4 family $ 427,769 $ 672 $ 30 $ — $ 15 $ 717 $ — $ 820 Residential 5+ multifamily 80,400 — — — — — — — Construction of residential 1-4 family 22,534 — — — — — — — Home equity lines of credit 25,411 288 — — — 288 — — Residential real estate 556,114 960 30 — 15 1,005 — 820 Commercial 374,196 — — 85 — 85 — 1,255 Construction of commercial 46,866 — — — — — — — Commercial real estate 421,062 — — 85 — 85 — 1,255 Farm land 4,081 — — — — — — 393 Vacant land 14,440 — — — — — — — Real estate secured 995,697 960 30 85 15 1,090 — 2,468 Commercial and industrial 190,340 149 1 — — 150 — 189 Municipal 19,693 — — — — — — — Consumer 20,303 154 84 5 — 243 — 5 Loans receivable, gross $ 1,226,033 $ 1,263 $ 115 $ 90 $ 15 $ 1,483 $ — $ 2,662 Past due (In thousands) Current 30-59 days 60-89 days 90-179 days 180 days and over 30 days and over Accruing 90 days and over Non- accrual December 31, 201 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) Troubled debt restructurings occurring during the years ended December 31, 2022 and 2021: For the twelve months ended December 2022, there were no troubled debt restructurings, for the twelve months ended December 2021, there was one residential real estate loan with a modification and term extension that was a troubled debt restructuring. Salisbury currently does not have any commitments to lend additional funds to TDR loans. The following table discloses the recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted in the current reporting period. All TDR loans are included in the Impaired Loan schedule and are individually evaluated. Modifications that Subsequently Defaulted For the twelve months ending December 31, 2022 For the twelve months ending December 31, 2021 Quantity Balance Quantity Balance Troubled Debt Restructurings Residential 1-4 family — — 1 74 Total — — 1 74 Impaired loans Loans individually evaluated for impairment (impaired loans) are loans for which Salisbury does not expect to collect all principal and interest in accordance with the contractual terms of the loan. Impaired loans include all modified loans classified as TDRs and loans on non-accrual status. The components of impaired loans are as follows: December 31, (in thousands) 2022 2021 Non-accrual loans, excluding troubled debt restructured loans $ 2,595 $ 2,838 Non-accrual troubled debt restructured loans 67 1,350 Accruing troubled debt restructured loans 2,670 3,609 Total impaired loans $ 5,332 $ 7,797 Commitments to lend additional amounts to impaired borrowers $ — $ — Year Ended December 31, 2022 Year Ended December 31, 2021 (in thousands) Beginning balance Prov- ision (release) Charge- offs Reco- veries Ending balance Beginning balance Prov- ision (release) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,846 $ 822 $ (73 ) $ 27 $ 3,622 $ 2,646 $ 225 $ (44 ) $ 19 $ 2,846 Residential 5+ multifamily 817 779 (231 ) — 1,365 686 131 — — 817 Construction of residential 1-4 family 186 42 (25 ) — 203 65 121 — — 186 Home equity lines of credit 198 53 (11 ) — 240 252 (34 ) (21 ) 1 198 Residential real estate 4,047 1,696 (340 ) 27 5,430 3,649 443 (65 ) 20 4,047 Commercial 5,416 907 (372 ) 1 5,952 6,546 (1,260 ) (6 ) 136 5,416 Construction of commercial 1,025 (309 ) — — 716 596 447 (18 ) — 1,025 Commercial real estate 6,441 598 (372 ) 1 6,668 7,142 (813 ) (24 ) 136 6,441 Farm land 21 9 — — 30 59 (39 ) (2 ) 3 21 Vacant land 95 (4 ) — — 91 180 (86 ) — 1 95 Real estate secured 10,604 2,299 (712 ) 28 12,219 11,030 (495 ) (91 ) 160 10,604 Commercial and industrial 1,364 31 (46 ) 1 1,350 1,397 45 (131 ) 53 1,364 Municipal 31 28 — — 59 43 (12 ) — — 31 Consumer 82 111 (88 ) 18 123 77 68 (59 ) (4 ) 82 Unallocated 881 214 — — 1,095 1,207 (326 ) — — 881 Totals $ 12,962 $ 2,683 $ (846 ) $ 47 $ 14,846 $ 13,754 $ (720 ) $ (281 ) $ 209 $ 12,962 December 31, 2020 (in thousands) Beginning balance Provision (release) Charge-offs Recoveries Ending balance Residential 1-4 family $ 2,393 $ 255 $ (11 ) $ 9 $ 2,646 Residential 5+ multifamily 446 282 (42 ) — 686 Construction of residential 1-4 family 75 (10 ) — — 65 Home equity lines of credit 197 (197 ) — 252 252 Residential real estate 3,111 330 (53 ) 261 3,649 Commercial 3,742 2,776 (17 ) 45 6,546 Construction of commercial 104 492 — — 596 Commercial real estate 3,846 3,268 (17 ) 45 7,142 Farm land 47 12 — — 59 Vacant land 71 109 — — 180 Real estate secured 7,075 3,719 (70 ) 306 11,030 Commercial and industrial 1,145 612 (362 ) 2 1,397 Municipal 46 (3 ) — — 43 Consumer 60 72 (70 ) 15 77 Unallocated 569 638 — — 1,207 Totals $ 8,895 $ 5,038 $ (502 ) $ 323 $ 13,754 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 December 31, 2022 Residential 1-4 family $ 426,377 $ 3,622 $ 2,109 $ — $ 428,486 $ 3,622 Residential 5+ multifamily 80,322 1,365 78 — 80,400 1,365 Construction of residential 1-4 family 22,534 203 — — 22,534 203 Home equity lines of credit 25,699 240 — — 25,699 240 Residential real estate 554,932 5,430 2,187 — 557,119 5,430 Commercial 371,723 5,930 2,558 22 374,281 5,952 Construction of commercial 46,866 716 — — 46,866 716 Commercial real estate 418,589 6,646 2,558 22 421,147 6,668 Farm land 3,688 30 393 — 4,081 30 Vacant land 14,440 91 — — 14,440 91 Real estate secured 991,649 12,197 5,138 22 996,787 12,219 Commercial and industrial 190,301 1,350 189 — 190,490 1,350 Municipal 19,693 59 — — 19,693 59 Consumer 20,541 123 5 — 20,546 123 Unallocated allowance — 1,095 — — — 1,095 Totals $ 1,222,184 $ 14,824 $ 5,332 $ 22 $ 1,227,516 $ 14,846 (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 847,693 10,575 7,521 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 December 31, 2022 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,216,108 $ 13,351 $ — $ — $ 1,216,108 $ 13,351 Potential problem loans 1 6,076 378 — — 6,076 378 Impaired loans — — 5,332 22 5,332 22 Unallocated allowance — 1,095 — — — 1,095 Totals $ 1,222,184 $ 14,824 $ 5,332 $ 22 $ 1,227,516 $ 14,846 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 collateral, market value approach, 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 Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 2022 Residential $ — $ — $ 306 $ — $ — $ 2,187 $ 2,283 $ 2,192 $ 61 Home equity lines of credit — — — — — — — 8 — Residential real estate — — 306 — — 2,187 2,283 2,200 61 Commercial 559 559 604 22 30 1,999 2,148 2,308 45 Construction of commercial — — — — — — — — — Farm land — — — — — 393 443 410 — Vacant land — — — — — — — — — Real estate secured 559 559 910 22 30 4,579 4,874 4,918 106 Commercial and industrial — — 64 — — 189 195 88 13 Consumer — — — — — 5 5 — — Totals $ 559 $ 559 $ 974 $ 22 $ 30 $ 4,773 $ 5,074 $ 5,006 $ 119 Impaired loans with specific allowance Impaired loans with no specific allowance (In thousands) Loan balance Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 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 5 _ LEASES

NOTE 5 – LEASES	12 Months Ended
	Dec. 31, 2022
Note 5 Leases
NOTE 5 – LEASES	NOTE 5 – 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 are to be paid by Salisbury. The following table provides the assets and liabilities as well as the costs of operating and finance leases that are included in the Bank’s consolidated financial statements for the years ended December 31, 2022 and 2021. ($ in thousands) Classification December 31, 2022 December 31, 2021 Assets Operating Other assets $ 1,175 $ 1,021 Finance Bank premises and equipment 1 3,856 3,791 Total Leased Assets $ 5,031 $ 4,812 Liabilities Operating Accrued interest and other liabilities $ 1,175 $ 1,021 Finance Finance lease obligations 4,262 4,107 Total lease liabilities $ 5,437 $ 5,128 1 Lease cost ($ in thousands) Classification Twelve months ended Twelve months ended Operating leases Premises and equipment $ 293 $ 295 Finance leases: Amortization of leased assets Premises and equipment 223 101 Interest on finance leases Interest expense 163 136 Total lease cost $ 679 $ 532 Weighted Average Remaining Lease Term December 31, 2022 December 31, 2021 Operating leases 5.9 years 6.9 years Financing leases 21.5 years 23.5 years Weighted Average Discount Rate 1 Operating leases 3.63% 3.61% Financing leases 3.74% 4.97% 1 The following is a schedule by years of the present value of the net minimum lease payments as of December 31, 2022. Future minimum lease payments (in thousands) Finance Leases Operating Leases 2023 $ 304 $ 241 2024 314 204 2025 323 213 2026 334 214 2027 344 188 Thereafter 4,624 242 Total future minimum lease payments 6,243 1,302 Less amount representing interest (1,981 ) (127 ) Total present value of net future minimum lease payments $ 4,262 $ 1,175

NOTE 6 - MORTGAGE SERVICING RIG

NOTE 6 - MORTGAGE SERVICING RIGHTS	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
NOTE 6 - MORTGAGE SERVICING RIGHTS	NOTE 6 - MORTGAGE SERVICING RIGHTS Mortgage servicing rights are accounted for using the amortization method under which the servicing rights are accounted for at the lower of amortized cost or fair value. The risks inherent in mortgage servicing rights, included in other assets, relate primarily to changes in prepayments that result form shifts in mortgage interest rates. The following summarizes the activity pertaining to capitalized mortgage servicing rights and the related valuation allowance: December 31, (in thousands) 2022 2021 Residential mortgage loans serviced for others $ 133,100 $ 140,623 Fair value of mortgage servicing rights 1,376 1,043 Changes in mortgage servicing rights are as follows: Years ended December 31, (in thousands) 2022 2021 2020 Mortgage Servicing Rights Balance, beginning of period $ 700 $ 621 $ 238 Originated 70 314 534 Amortization (1) (140 ) (235 ) (151 ) Balance, end of period 630 700 621 Valuation Allowance Balance, beginning of period — (9 ) — Decrease (increase) in impairment reserve (1) — 9 (9 ) Balance, end of period — — (9 ) Mortgage servicing rights, net $ 630 $ 700 $ 612 (1) Amortization expense and changes in the impairment reserve are recorded in mortgage banking activities, net. For the years ended December 31, 2022, 2021 and 2020, contractually specified mortgage servicing fee income amounted to $ 348 354 287

NOTE 7 - PLEDGED ASSETS

NOTE 7 - PLEDGED ASSETS	12 Months Ended
	Dec. 31, 2022
Guarantees and Product Warranties [Abstract]
NOTE 7 - PLEDGED ASSETS	NOTE 7 - 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. December 31, (in thousands) 2022 2021 Securities available-for-sale (at fair value) $ 74,303 $ 75,737 Loans receivable (at book value) 380,787 378,845 Total pledged assets $ 455,090 $ 454,582 At December 31, 2022, securities were pledged as follows: $ 66.7 7.6 0.02

NOTE 8 - BANK PREMISES AND EQUI

NOTE 8 - BANK PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
NOTE 8 - BANK PREMISES AND EQUIPMENT	NOTE 8 - BANK PREMISES AND EQUIPMENT The components of premises and equipment are as follows: December 31, (in thousands) 2022 2021 Land $ 3,277 $ 3,277 Buildings and improvements 18,412 18,246 Leasehold improvements 1,553 1,553 Finance leases 4,577 4,288 Furniture, fixtures, equipment and software 11,650 10,623 Fixed assets in process — 347 Total cost 39,469 38,334 Accumulated depreciation and amortization (17,321 ) (15,709 ) Bank premises and equipment, net $ 22,148 $ 22,625

NOTE 9 - GOODWILL AND INTANGIBL

NOTE 9 - GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
NOTE 9 - GOODWILL AND INTANGIBLE ASSETS	NOTE 9 - GOODWILL AND INTANGIBLE ASSETS Changes in the carrying values of goodwill and intangible assets were as follows: Years ended December 31, (in thousands) 2022 2021 2020 Goodwill (1) Balance, beginning of period $ 13,815 $ 13,815 $ 13,815 Additions — — — Impairment — — — Balance, end of period $ 13,815 $ 13,815 $ 13,815 Core deposit intangibles Cost, beginning of period $ 5,881 $ 5,881 $ 5,881 Additions — — — Cost, end of period 5,881 5,881 5,881 Amortization, beginning of period (5,463 ) (5,207 ) (4,886 ) Amortization (191 ) (256 ) (321 ) Amortization, end of period (5,654 ) (5,463 ) (5,207 ) Core deposit intangibles, net $ 227 $ 418 $ 674 (1) Not subject to amortization. The Company preforms its goodwill impairment evaluation as of November 30 each year unless a triggering event occurs that would require an interim impairment evaluation. The Company generally utilizes a qualitative approach during this annual assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we determine it is more likely that not that goodwill is impaired, then a quantitative assessment is performed to determine fair value of a reporting unit. If the carrying value of the reporting unit with goodwill exceeds its fair value, goodwill is considered impaired and is written down by the excess carrying value of the reporting unit. No goodwill impairment was recognized during the years ended December 31, 2022, 2021 and 2020. The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows as of December 31, 2022: December 31, CDI amortization (in thousands) 2023 128 2024 61 2025 25 2026 12 2027 1 Total $ 227

NOTE 10 - DEPOSITS

NOTE 10 - DEPOSITS	12 Months Ended
	Dec. 31, 2022
NOTE 10 - DEPOSITS	NOTE 10 - DEPOSITS Scheduled maturities of time certificates of deposit are as follows as of December 31, 2022: December 31, (in thousands) CD maturities 2023 $ 110,879 2024 30,285 2025 7,774 2026 2,427 2027 2,005 Total $ 153,370 The total amount and scheduled maturities of time certificates of deposit in denominations of $250 thousand or more are as follows: December 31, (in thousands) 2022 2021 Within three months $ 46,526 $ 8,642 After three through six months 1,270 1,010 After six through twelve months 10,670 4,938 Over one year 8,193 3,286 Total $ 66,659 $ 17,876 51.2 34.7 46.6 73.3

NOTE 11 _ SECURITIES SOLD UNDER

NOTE 11 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE	12 Months Ended
	Dec. 31, 2022
NOTE 11 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE	NOTE 11 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Salisbury enters into overnight and short-term repurchase agreements with its customers. Securities sold under repurchase agreements are as follows: December 31, (dollars in thousands) 2022 2021 Repurchase agreements, ending balance $ 7,228 $ 11,430 Repurchase agreements, average balance during period 8,417 10,679 Book value of collateral 21,444 17,084 Market value of collateral 18,842 17,469 Weighted average rate during period 0.36 % 0.15 % Weighted average maturity 1 day 1 day

NOTE 12 _ FEDERAL HOME LOAN BAN

NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS	12 Months Ended
	Dec. 31, 2022
NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS	NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows: December 31, 2022 December 31, 2021 Years ended December 31, (dollars in thousands) Total (1) Rate (2) Total (1) Rate (2) 2022 — — 7,656 1.39 2023 10,000 4.43 — — Total $ 10,000 4.43 % $ 7,656 1.39 % (1) Net of modification costs. (2) Weighted average rate based on scheduled maturity dates. 241.2 3.5 20.0 Subordinated Debentures: In March 2021, Salisbury completed the issuance of $ 25.0 24.5 469 526 Notes Payable: In October 2015, Salisbury entered into a private mortgage for $ 380 6 128 170

NOTE 13 _ NET DEFERRED TAX ASSE

NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES	NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. The components of the income tax provision were as follows: Years ended December 31, (in thousands) 2022 2021 2020 Federal $ 3,364 $ 3,340 $ 3,487 State 338 538 566 Current provision 3,702 3,878 4,053 Federal (140 ) 327 (1,335 ) State (23 ) 62 (265 ) Deferred (benefit) expense (163 ) 389 (1,600 ) Income tax provision $ 3,539 $ 4,267 $ 2,453 The following is a reconciliation of the expected federal statutory tax to the income tax provision: Years ended December 31, (in thousands) 2022 2021 2020 Income tax at statutory federal tax rate 21.00 % 21.00 % 21.00 % State tax, net of federal tax benefit 1.28 2.30 1.97 Tax exempt income and dividends received deduction (3.01 ) (2.52 ) (3.69 ) BOLI interest and gain (0.87 ) (0.56 ) (1.60 ) Other (0.17 ) 0.35 (0.64 ) Effective income tax rates 18.23 % 20.57 % 17.04 % December 31, (in thousands) 2022 2021 Allowance for loan losses $ 3,633 $ 3,170 Interest on non-performing loans 99 157 Accrued deferred compensation 472 488 Post-retirement benefits 8 11 Deferred loan costs, net — 17 Other real estate owned write-downs — 4 Restricted stock awards 390 361 Net unrealized holding losses on available-for-sale securities 5,509 — Write-down of securities 33 — Mark-to-market adjustments of securities 31 — Other 118 183 Gross deferred tax assets 10,293 4,391 Deferred loan fees, net (242 ) (69 ) Goodwill and core deposit intangible asset (644 ) (615 ) Accelerated depreciation (763 ) (681 ) Prepaid expenses — (32 ) Gain on disposal — (5 ) Mortgage servicing rights (152 ) (169 ) Net unrealized holding gains on available-for-sale securities — (232 ) Gross deferred tax liabilities (1,801 ) (1,803 ) Net deferred tax asset $ 8,492 $ 2,588 Salisbury will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not. In accordance with Connecticut legislation, in 2004, Salisbury formed a PIC, SBT Mortgage Service Corporation. Salisbury does not expect to pay Connecticut state income tax in the foreseeable future unless there is a change in Connecticut law. Salisbury’s policy is to provide for uncertain tax positions and the related interest and penalties (recorded as a component of income tax expense, if any) based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. As of December 31, 2022, and 2021, there were no material uncertain tax positions related to federal and state tax matters. Salisbury is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2019 through December 31, 2022.

NOTE 14 _ SHAREHOLDERS_ EQUITY

NOTE 14 – SHAREHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
NOTE 14 – SHAREHOLDERS’ EQUITY	NOTE 14 – SHAREHOLDERS’ EQUITY Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The 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 December 31, 2022, the Bank exceeded the minimum requirement for the capital conservation buffer. As of December 31, 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. The Bank’s risk-weighted assets at December 31, 2022 and December 31, 2021 were $ 1,256.6 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 (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 30, 2022 Total Capital (to risk-weighted assets) $ 168,786 13.43 % $ 100,525 8.0 % $ 131,939 10.5 % $ 125,656 10.0 % Tier 1 Capital (to risk-weighted assets) 153,762 12.24 75,394 6.0 106,808 8.5 100,525 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 153,762 12.24 56,545 4.5 87,959 7.0 81,677 6.5 Tier 1 Capital (to average assets) 153,762 9.99 61,540 4.0 61,540 4.0 76,925 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 Legal Limitations 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 legal limits on the payment of cash dividends and other payments by banks to their holding companies. Under Connecticut law, a 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 a 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. Share Repurchase Program On March 23, 2022 Salisbury announced that its Board of Directors has renewed its share repurchase program that was established in March 2021. The share repurchase program provides for the potential repurchase of Salisbury’s common stock in amounts up to an aggregate of five percent (5%) of the outstanding shares of Salisbury’s common stock from time to time over a period of the next twelve (12) months through privately negotiated transactions and/or market purchases at appropriate prices, subject to price and market conditions on terms determined to be in the best interests of Salisbury. However, there is no assurance that Salisbury will complete repurchases of 5% of its outstanding shares over the next twelve (12) months. Salisbury did not repurchase any shares during 2022. Stock Spilt On May 18, 2022, The par value of the Company’s stock was not affected by the split and remained at $0.10 per share. All share and per share amounts reported in the consolidated financial statements have been adjusted to reflect the two-for-one stock spilt effective June 30, 2022.

NOTE 15 _ OTHER BENEFITS

NOTE 15 – OTHER BENEFITS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
NOTE 15 – OTHER BENEFITS	NOTE 15 – OTHER BENEFITS 401(k) Plan Salisbury offers a 401(k) Plan to eligible employees. Under the 401(k) Plan, eligible participants may contribute a percentage of their pay subject to IRS limitations. Salisbury may make discretionary contributions to the Plan. The Plan 1.2 1.1 0.9 Employee Stock Ownership Plan (ESOP) Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service: 20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Benefit expenses totaled $ 279 265 263 Other Retirement Plans Split-Dollar Life Insurance 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 8 7 Supplemental Retirement Agreement The Bank assumed a Supplemental Retirement Plan Agreement with a former Chief Executive Officer of Riverside Bank that provides for supplemental post retirement payments for a fifteen-year period ending in 2025 as described in the agreement. The related liability was $ 212 263 Non-Qualified Deferred Compensation Plan 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 $ 100 152 114 135 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 16 - LONG TERM INCENTIVE P

NOTE 16 - LONG TERM INCENTIVE PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
NOTE 16 - LONG TERM INCENTIVE PLANS	NOTE 16 - LONG TERM INCENTIVE PLANS The Board of Directors adopted the 2011 Long Term Incentive Plan (the “Plan”) on March 25, 2011, and the shareholders approved the Plan at the 2011 Annual Meeting. The Plan was amended on January 18, 2013, January 29, 2016 and again on April 28, 2017. The purpose of the Plan is to assist Salisbury and the Bank in attracting, motivating, retaining and rewarding employees, officers and directors by enabling such persons to acquire or increase a proprietary interest in Salisbury in order to strengthen the mutuality of interests between such persons and our shareholders, and providing such persons with stock-based long-term performance incentives to expend their maximum efforts in the creation of shareholder value. The terms of the Plan provide for grants of Directors Stock Retainer Awards, Stock Options, Stock Appreciation Rights (“SARs”), Restricted Stock, Restricted Stock Units, Performance Awards, Deferred Stock, Dividend Equivalents, and Stock or Other Stock-Based Awards that may be settled in shares of common stock, cash, or other property (collectively, “Awards”). Under the Plan, the total number of shares of Common Stock reserved and available for issuance in the ten years following adoption of the Plan in connection with Awards under the Plan is 168,000 60,000 84,000 30,000 680 The Board of Directors adopted the 2017 Long Term Incentive Plan (the “2017 LTIP”) on February 24, 2017, which was approved by shareholders at the 2017 Annual Meeting on May 17, 2017. Pursuant to the 2017 LTIP, as of May 2017, following shareholder approval of the 2017 LTIP, no further awards will be made under the 2011 LTIP, which shall remain in existence solely for purposes of administering outstanding grants. Under the 2017 LTIP, the total number of shares of Common Stock reserved and available for issuance in the next ten years in connection with awards under the 2017 LTIP is 400,000 400,000 300,000 Restricted stock In 2022, 2021 and 2020 Salisbury granted a total of 36,680 33,300 30,950 1.0 750 554 The following table presents the amount of cumulatively granted restricted stock awards under the 2011 and 2017 Long-Term Incentive Plans: Weighted Average Weighted Average Weighted Average Year Ended December 31, 2022 Grant Price 2021 Grant Price 2020 Grant Price Beginning of Year 88,810 $ 20.22 80,250 $ 19.72 79,252 $ 20.52 Granted 36,680 27.77 33,300 22.53 30,950 17.92 Vested (30,560 ) 19.93 (24,740 ) 21.73 (27,552 ) 19.86 Forfeited 0 0.00 0 0.00 (2,400 ) 20.63 End of Year 94,930 $ 23.22 88,810 $ 20.22 80,250 $ 19.72 The fair value of the restricted shares that vested during 2022 and 2021 were $ 816 538 799 599 525 1,144 925 144 108 95 Performance-based restricted stock units On March 29, 2019, the Compensation Committee granted 6,800 The performance goal for awards granted under the RSU plan in 2019 is based on the increase in the Bank’s tangible book value by $3.50 per share over the performance period for threshold performance. Vesting will range from 75% of target for achieving threshold performance, to 100% of target for achieving target payout performance ($5.00 increase in tangible book value per share) to 150% of target for achieving in excess of target payout performance. This tranche of awards vested in 2022 at 150% because the growth in Salisbury’s tangible book value over the performance period exceeded target performance. 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 $ 394 354 264 329 331 221 The following table presents the amount of cumulatively granted performance based restricted stock units awarded under the 2017 Long-Term Incentive Plan: Weighted Average Weighted Average Year Ended December 31, 2022 Grant Price 2021 Grant Price Beginning of Year 42,200 $ 20.92 27,400 $ 19.32 Granted 13,900 28.33 14,800 23.90 Vested (12,900 ) 20.60 — — End of Year 43,200 $ 23.41 42,200 $ 20.92 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 $ 1,297 1,166 941

NOTE 17 _ STOCK OPTIONS

NOTE 17 – STOCK OPTIONS	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
NOTE 17 – STOCK OPTIONS	NOTE 17 – STOCK OPTIONS Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. The table below reflects the remaining outstanding options related to this transaction and presents a summary of the status of Salisbury's outstanding stock options: Year ended December 31, 2022 Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Beginning of period 25,920 $ 8.52 Exercised (25,920 ) 8.52 End of period — $ — 0.00 $ 0 Year ended December 31, 2021 Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Beginning of period 29,430 $ 8.52 Exercised (3,510 ) 8.52 End of period 25,920 $ 8.52 2.00 $ 491,443 The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $ 531 37 78

NOTE 18 - RELATED PARTY TRANSAC

NOTE 18 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
NOTE 18 - RELATED PARTY TRANSACTIONS	NOTE 18 - RELATED PARTY TRANSACTIONS In the normal course of business, the Bank has granted loans to executive officers, directors, principal shareholders and associates of the foregoing persons considered to be related parties. Changes in loans to executive officers, directors and their related associates are as follows (there are no loans to principal shareholders): Years ended December 31, (in thousands) 2022 2021 Balance, beginning of period $ 9,046 $ 9,417 Advances 3,734 2,067 Repayments (3,934 ) (2,438 ) Balance, end of period $ 8,846 $ 9,046

NOTE 19 _ OTHER COMPREHENSIVE (

NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax benefit (expense) allocated to each component of other comprehensive (loss) income: Years ended December 31, (in thousands) 2022 2021 2020 Other comprehensive (loss) income Net unrealized (losses) gains on securities available-for-sale $ (27,171 ) $ (2,701 ) $ 2,280 Reclassification of net realized (gains) losses in net income (1) (165 ) 2 (196 ) Unrealized (losses) gains on securities available-for-sale (27,336 ) (2,699 ) 2,084 Income tax benefit (expense) 5,741 565 (437 ) Unrealized (losses) gains on securities available-for-sale, net of tax (21,595 ) (2,134 ) 1,647 Other comprehensive (loss) income $ (21,595 ) $ (2,134 ) $ 1,647 (1) 35 0 41 The components of accumulated other comprehensive (loss) income are as follows: December 31, (dollars in thousands) 2022 2021 Unrealized (losses) gains on securities available-for-sale, net of tax $ (20,725 ) $ 870 Accumulated other comprehensive (loss) income $ (20,725 ) $ 870

NOTE 20 _ DERIVATIVES AND HEDGI

NOTE 20 – DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
NOTE 20 – DERIVATIVES AND HEDGING ACTIVITIES	NOTE 20 – 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 as of December 31, 2022 and 2021. Twelve months ended December 31, 2022 Twelve months ended December 31, 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 $ 64 $ — $ 3 $ — Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items 18 — (14 ) — Derivatives designated as hedging instruments $ 46 $ — $ 17 $ —

NOTE 21 - COMMITMENTS AND CONTI

NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES Commitments The Bank’s agreement with the core accounting processing service provider will continue until the eighth anniversary of the commencement date, which was November 10, 2016. If the Bank cancels the agreement prior to the end of the contract term, a lump sum termination fee will have to be paid. The fee shall consist of the total amount that would have been paid or reimbursed to the service provider during the remainder of the term of the agreement. Contingent Liabilities The Bank is involved in various claims and legal proceedings, which are not material, arising in the ordinary course of business. There are no material pending legal proceedings, other than ordinary routine litigation incidental to the registrant’s business, to which Salisbury is a party or to which any of its property is subject. In July 2022, Salisbury management discovered that the Bank’s trust department terminated a trust account in May 2020 and distributed approximately $1.0 million that should have been retained in continuance of the trust account. In December 2022, Salisbury filed a complaint against the beneficiaries to recover the distributed proceeds and to reinstate the trust account. At this time, management believes that Salisbury’s exposure is not yet known or knowable and could potentially range from zero to approximately $ 0.8

NOTE 22 - FINANCIAL INSTRUMENTS

NOTE 22 - FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
Investments, All Other Investments [Abstract]
NOTE 22 - FINANCIAL INSTRUMENTS	NOTE 22 - FINANCIAL INSTRUMENTS The Bank, in the normal course of business and to meet the financing needs of its customers, is a party to financial instruments with off-balance sheet risk. These financial instruments include commitments to originate loans, letters of credit, and unadvanced funds on loans. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amounts of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to originate loans are agreements to lend to a customer provided there are no violations of any conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the borrower. Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income producing properties. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. As of December 31, 2022 and 2021, the maximum potential amount of the Bank’s obligation was $0.8 million and $2.8 million, respectively Financial instruments with off-balance sheet credit risk are as follows: December 31, (in thousands) 2022 2021 Residential $ 39,735 $ 16,288 Home equity lines of credit 34,957 31,490 Commercial 44,356 41,544 Land 747 839 Real estate secured 119,795 90,161 Commercial and industrial 129,762 112,262 Municipal 2,538 541 Consumer 5,232 4,349 Unadvanced portions of loans 257,327 207,313 Commitments to originate loans 48,711 43,689 Letters of credit 777 2,835 Total $ 306,815 $ 253,837

NOTE 23 - FAIR VALUE MEASUREMEN

NOTE 23 - FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
NOTE 23 - FAIR VALUE MEASUREMENTS	NOTE 23 - FAIR VALUE MEASUREMENTS 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 are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Salisbury adopted ASC 820-10, “Fair Value Measurement - Overall,” which provides a framework for measuring fair value under generally accepted accounting principles. 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. Level 1 may also include U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. 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. Salisbury uses interest rate swaps to manage its interest rate risk. 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. To comply with the provisions of ASC 820, Salisbury incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Bank has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. 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. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Salisbury did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the twelve-month period ended December 31, 2022 and 2021. 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 mutual funds. Securities available-for-sale and the mutual funds 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. For certain corporate bonds, management uses a discounted cash flow model to estimate fair value. • 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 December 31, 2022 Assets at fair value on a recurring basis U.S. Treasury $ — $ 17,133 $ — $ 17,133 U.S. Government Agency notes — 27,154 — 27,154 Municipal bonds — 46,538 — 46,538 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises — 61,875 — 61,875 Collateralized mortgage obligations: U.S. Government agencies — 21,936 — 21,936 Corporate bonds 833 11,941 — 12,744 Securities available-for-sale $ 833 $ 186,577 $ — $ 187,410 Mutual funds 1,933 — — 1,933 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 funds 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: Carrying Estimated Fair value measurements using (In thousands) value fair value Level 1 Level 2 Level 3 December 31, 2022 Financial Assets Cash and cash equivalents $ 50,539 $ 50,539 $ 50,539 $ — $ — Securities available-for-sale 187,410 187,410 833 186,577 — Mutual fund 1,933 1,933 1,933 — — Federal Home Loan Bank of Boston stock 1,285 1,285 — 1,285 — Loans held-for-sale — — — — — Loans receivable, net 1,213,671 1,172,416 — — 1,172,416 Accrued interest receivable 6,797 6,797 — 6,797 — Cash surrender value of life insurance policies 30,379 30,379 — 30,379 — Financial Liabilities Demand (non-interest-bearing) $ 395,994 $ 395,994 $ — $ 395,994 $ — Demand (interest-bearing) 231,486 231,486 — 231,486 — Money market 343,965 343,965 — 343,965 — Savings and other 233,578 233,578 — 233,578 — Certificates of deposit 153,370 153,411 — 153,411 — Deposits 1,358,393 1,358,434 — 1,358,434 — Repurchase agreements 7,228 7,228 — 7,228 — FHLBB advances 10,000 10,000 — 10,000 — Subordinated debt 24,531 21,670 — 21,670 — Note payable 128 125 — 125 — Finance lease liability 4,262 3,546 — — 3,546 Accrued interest payable 210 210 — 210 — 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 fund 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 —

NOTE 24 _ SALISBURY BANCORP, IN

NOTE 24 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
NOTE 24 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION	NOTE 24 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION The unconsolidated balance sheets and statements of income and cash flows of Salisbury Bancorp, Inc. are presented as follows: Balance Sheets 2022 2021 Assets Cash and due from banks $ 5,443 $ 6,412 Investment in bank subsidiary 146,772 154,292 Other assets 796 386 Total Assets $ 153,011 $ 161,090 Liabilities and Shareholders' Equity Subordinated debt $ 24,531 $ 24,474 Other liabilities 125 16 Shareholders' equity 128,355 136,600 Total Liabilities and Shareholders' Equity $ 153,011 $ 161,090 Statements of Income 2022 2021 2020 Dividends from subsidiary $ 4,321 $ 3,994 $ 3,787 Interest income 10 11 6 Interest expense 932 1,000 618 Non-interest expenses 1,063 574 495 Income before taxes and equity in undistributed net income of subsidiary 2,336 2,431 2,680 Income tax benefit 409 386 273 Income before equity in undistributed net income of subsidiary 2,745 2,817 2,953 Equity in undistributed net income of subsidiary 13,129 13,656 8,987 Net income $ 15,874 $ 16,473 $ 11,940 Statements of Cash Flows 2022 2021 2020 Net income $ 15,874 $ 16,473 $ 11,940 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (13,129 ) (13,656 ) (8,987 ) Other (245 ) 63 (25 ) Net cash provided by operating activities 2,500 2,880 2,928 Investing Activities Investment in bank — (9,433 ) — Net cash utilized by investing activities — (9,433 ) — Financing activities Issuance of subordinated debt, net of issuance cost — 24,418 — Payoff of subordinated debt — (10,000 ) — Common stock dividends paid (3,691 ) (3,452 ) (3,286 ) Proceeds from issuance of common stock 222 31 53 Net cash (utilized) provided by financing activities (3,469 ) 10,997 (3,233 ) Net (decrease) increase in cash and cash equivalents (969 ) 4,444 (305 ) Cash and cash equivalents, beginning of period 6,412 1,968 2,273 Cash and cash equivalents, end of period $ 5,443 $ 6,412 $ 1,968

NOTE 25 _ EARNINGS PER SHARE

NOTE 25 – EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
NOTE 25 – EARNINGS PER SHARE	NOTE 25 – EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options, restricted stock and stock units, and other potentially dilutive securities outstanding. Earnings per share are restated for stock splits and dividends through the date of issuance of the financial statements. The calculation of earnings per share is as follows: Years ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Net income $ 15,874 $ 16,473 $ 11,940 Less: Undistributed earnings allocated to participating securities (276 ) (248 ) (165 ) Net income allocated to common shareholders $ 15,598 $ 16,225 $ 11,775 Weighted average common shares issued 5,770 5,710 5,674 Less: Unvested restricted stock awards (100 ) (86 ) (78 ) Weighted average common shares outstanding used to calculate basic earnings per common share 5,670 5,624 5,596 Add: Dilutive effect of performance based restricted stock awards and stock options 26 48 16 Weighted average common shares outstanding used to calculate diluted earnings per common share 5,696 5,672 5,612 Earnings per common share (basic) $ 2.75 $ 2.88 $ 2.11 Earnings per common share (diluted) $ 2.74 $ 2.86 $ 2.10

NOTE 26 _ SUBSEQUENT EVENTS

NOTE 26 – SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
NOTE 26 – SUBSEQUENT EVENTS	NOTE 26 – SUBSEQUENT EVENTS On January 25, 2023 the Board of Directors declared a dividend of $ 0.16 On March 1, 2023, Salisbury executed a one-year lease for a building in Millerton, New York. The lease carries an option for a one year renewal.

NOTE 1 - SUMMARY OF SIGNIFICA_2

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include those of Salisbury and the Bank after elimination of all inter-company accounts and transactions.
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and general practices within the financial services industry. In preparing the consolidated 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 consolidated 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 potential impairment of goodwill and intangibles. Certain reclassifications have been made to the 2021 and 2020 consolidated financial statements to make them consistent with the 2022 presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and balances due from banks and interest-bearing demand deposits in other banks. For purposes of reporting the consolidated statements of cash flows, the Company considers all cash and due from bank accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid investments purchased with a maturity of three months or less, to be cash equivalents. Due to the nature of cash and cash equivalents, Salisbury estimated that the carrying amount of such instruments approximated fair value. The nature of the Bank’s business requires that it maintain amounts due from banks which, at times, may exceed federally insured limits. At December 31, 2022, the balance of those funds exceeding federally insured limits was $ 1.9
Interest Bearing Time Deposits with Financial Institutions	Interest Bearing Time Deposits with Financial Institutions Interest bearing time deposits are balances held in CD’s in a CDARS program. Due to the nature of time deposits, Salisbury estimated that the carrying amount of such instruments are at par.
Securities	Securities Securities that may be sold as part of Salisbury's asset/liability or liquidity management or in response to or in anticipation of changes in interest rates and resulting prepayment risk, or for other similar factors, are classified as available-for-sale and carried at their fair value. Unrealized holding gains and losses on such securities are reported net of related taxes, if applicable, as a separate component of shareholders' equity. Securities that Salisbury has the ability and positive intent to hold to maturity are classified as held-to-maturity and carried at amortized cost. Realized gains and losses on the sales of all securities are reported in earnings and computed using the specific identification cost basis. Securities are reviewed regularly for other-than-temporary impairment (“OTTI”). Premiums and discounts are amortized or accreted utilizing the interest method over the life or call of the term of the investment security. For any debt security with a fair value less than its amortized cost basis, Salisbury will determine whether it has the intent to sell the debt security or whether it is more likely than not it will be required to sell the debt security before the recovery of its amortized cost basis. If either condition is met, Salisbury will recognize a full impairment charge to earnings. For all other debt securities that are considered OTTI and do not meet either condition, the credit loss portion of impairment will be recognized in earnings as realized losses.
Mutual Funds	Mutual Funds The Company holds mutual fund investments which are reported as an equity investment with a readily determined fair value. Changes in the fair value of the mutual funds holding are reported in income as gains (losses) on mutual funds with a corresponding increase or decrease in its carrying value on the consolidated balance sheet.
Federal Home Loan Bank of Boston Stock	Federal Home Loan Bank of Boston Stock The Bank is a member of the Federal Home Loan Bank of Boston (“FHLBB”). The 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 December 31, 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.
Loans	Loans Loans receivable consist of loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off. Loans receivable are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans and unamortized premiums on purchased loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans. Loans receivable includes loans processed under the SBA’s PPP program. The PPP loans are reported at their outstanding principal balance, net of unamortized deferred loan origination fees and costs on originated loans. Interest income is accrued on the unpaid principal balance. Deferred loan origination fees and costs are amortized as an adjustment to yield over the lives of the related loans. The Bank’s loans collateralized by real estate and all other real estate owned (“OREO”) are located principally in northwestern Connecticut and New York and Massachusetts towns, which constitute Salisbury's service area. Accordingly, the collectability of a substantial portion of the loan portfolio and OREO is susceptible to changes in market conditions in Salisbury’s service area. While management uses available information to recognize losses on loans and OREO, future additions to the allowance or write-downs of OREO may be necessary based on changes in local economic conditions, particularly in Salisbury’s service area. Loans held-for-sale consist of residential mortgage loans that management has the intent to sell. Loans held-for-sale are valued at the lower of cost or market as determined by outstanding commitments from investors or current investor yield requirements calculated on the aggregate loan basis, net of deferred loan origination fees and costs. Changes in the carrying value, deferred loan origination fees and costs, and realized gains and losses on sales of loans held-for-sale are reported in earnings as gains and losses on sales of mortgage loans, net, when the proceeds are received from investors. The accrual of interest on loans, including troubled debt restructured loans, is generally discontinued when principal or interest is past due by 90 days or more, or earlier when, in the opinion of management, full collection of principal or interest is unlikely, except for loans that are well collateralized, in the process of collection and where full collection of principal and interest is assured. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current income. Income on such loans, including impaired loans, is then recognized only to the extent that cash is received and future collection of principal is probable. Loans, including troubled debt restructured loans, are restored to accrual status when principal and interest payments are brought current and future payments are reasonably assured, following a sustained period of repayment performance by the borrower in accordance with the loan's contractual terms. Troubled debt restructured loans include those for which concessions such as reduction of interest rates, other than normal market rate adjustments, or deferral of principal or interest payments, extension of maturity dates, or reduction of principal balance or accrued interest, have been granted due to a borrower’s financial condition. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Salisbury by increasing the ultimate probability of collection. Troubled debt restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on non-accrual status at the time of the troubled debt restructuring generally remain on non-accrual status for approximately six months before management considers such loans for return to accruing status. Accruing troubled debt restructured loans are generally placed into non-accrual status if and when the borrower fails to comply with the restructured terms.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses represents management’s estimate of the probable credit losses inherent in the loan portfolio as of the reporting date. The allowance is increased by provisions charged to earnings and by recoveries of amounts previously charged off, and is reduced by loan charge-offs. Loan charge-offs are recognized when management determines a loan or portion of a loan to be uncollectible. The determination of the adequacy of the allowance is based on management’s ongoing review of numerous factors, including the growth and composition of the loan portfolio, historical loss experience over an economic cycle, probable credit losses based upon internal and external portfolio reviews, credit risk concentrations, changes in lending policy, current economic conditions, analysis of current levels and asset quality, delinquency levels and trends, estimates of the current value of underlying collateral, the performance of individual loans in relation to contract terms, and other pertinent factors. Determining the adequacy of the allowance and reserves at any given period is difficult, particularly during deteriorating or uncertain economic periods, and management must make estimates using assumptions and information that are often subjective and changing rapidly. The review of credit exposure related to loans is a continuing event in light of the pandemic, a changing economy and the dynamics of the banking and regulatory environment. Should the economic climate deteriorate, borrowers could experience difficulty and the level of non-performing loans, charge-offs and delinquencies could rise, requiring increased provisions and reserves. Changes in the estimate are recorded in the results of operations in the period in which they become known, along with provisions for estimated losses incurred during that period. In management's judgment, Salisbury remains adequately reserved both against total loans and non-performing loans at December 31, 2022. Management’s loan risk rating assignments, loss percentages and specific reserves are subjected annually to an independent credit review by an external firm. In addition, the Bank is examined annually on a rotational basis by one of its two primary regulatory agencies, the FDIC and Connecticut Department of Banking (CTDOB). As an integral part of their examination process, the FDIC and CTDOB review the adequacy and methodology of the Bank's credit risk ratings and allowance for loan losses. The allowance for loan losses is computed by segregating the portfolio into three components: (1) loans collectively evaluated for impairment: general loss allocation factors for non-impaired loans based on loan product, collateral type and abundance, loan risk rating, historical loss experience, delinquency factors and other similar economic indicators, (2) loans individually evaluated for impairment: individual loss allocations for loans deemed to be impaired based on discounted cash flows, Fair Martlet Value approach or collateral value, and (3) an unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Loans collectively evaluated for impairment The component of the allowance for loan losses for loans collectively evaluated for impairment is estimated by stratifying loans into segments and credit risk ratings and then applying management’s general loss allocation factors. Salisbury stratified its loans into the following loan segments: residential real estate secured (residential 1-4 family and 5+ multifamily, construction of residential 1-4 family, and home equity lines of credit), commercial real estate secured (commercial and construction of commercial), secured by land (farm and vacant land), commercial and industrial, municipal and consumer. The general loss allocation factors are based on expected loss experience adjusted for historical loss experience and other qualitative factors, including levels or trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. The qualitative factors are determined based on the various risk characteristics of each loan segment and are risk-weighted such that higher risk loans generally have a higher reserve percentage. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate Commercial real estate Construction loans Commercial and industrial loans Farm Vacant land Municipal loans Consumer loans Loans individually evaluated for impairment This component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for all portfolio loans (except consumer loans and homogeneous residential real estate loans) by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the collateral if the loan is collateral dependent or third-party market loan pricing. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. A loan is considered impaired when, based on current information and events, it is probable that Salisbury will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. In seeking to protect the best interests of the Bank, Salisbury may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are classified as impaired.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not retain control over the assets. During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan.
Mortgage Servicing Rights	Mortgage Servicing Rights As part of our growth and risk management strategy, Salisbury from time to sells whole loans. typically residential loans. Salisbury’s ability to sell whole loans benefits the Bank by freeing up capital and funding to lend to new customers. Additionally, Salisbury typically earns a gain on the sale of loans sold and receive a servicing fee while maintaining the customer relationship. Mortgage (“MSRs”), which the bank evaluates with the assistance of a third party on a quarterly basis, are included on the consolidated balance and are accounted for under the amortization method. that method mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing revenues. Refinance activities are considered in estimating the period of net servicing revenues.
Other Real Estate Owned (“OREO”)	Other Real Estate Owned (“OREO”) OREO consists of properties acquired through foreclosure or a deed in lieu of foreclosure. These properties are initially transferred at fair value less estimated costs to sell. Any write-down from cost to estimated fair value required at the time of foreclosure is charged to the allowance for loan losses. A valuation allowance is maintained for declines in market value and for estimated selling expenses. Increases to the valuation allowance, expenses associated with ownership of these properties, and gains and losses from their sale are included in OREO expense. As of December 31, 2022, and 2021, there were no residential mortgage loans collateralized by residential real estate that were in the process of foreclosure.
Income Taxes	Income Taxes Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Salisbury provides deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is assured beyond a reasonable doubt. A valuation allowance is established against deferred tax assets when, based upon all available evidence, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized.
Bank Premises and Equipment	Bank Premises and Equipment Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on the straight-line basis over the shorter of the estimated useful lives of the improvements or the term of the related leases. Guidelines for expected useful life are as follows: • Buildings/Improvements – Up to 39 years • Land Improvements – Up to 15 years • Furniture and Fixtures – Up to 7 years • Computer Equipment – Up to 5 years • Software – Up to 5 years
Intangible Assets	Intangible Assets Intangible assets consist of core deposit intangibles and goodwill. Intangible assets equal the excess of the purchase price over the fair value of the tangible net assets acquired in business combinations accounted for using the acquisition method of accounting. Salisbury’s intangible assets at December 31, 2022, and 2021, include goodwill of $ 2.4 7.2 319 2.7 1.3 On an annual basis, management assesses intangible assets for impairment. For fiscal years 2022 and 2021 management performed the assessment as of November 30 th
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance in Topic 825, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. The company’s derivative contract matured in September of 2022 and no new contracts have been entered.
Bank-Owned Life Insurance	Bank-Owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheet at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of income and are generally not subject to income taxes. The Bank reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of the life insurance policies is limited to 25% of tier one capital.
Stock Based Compensation	Stock Based Compensation Stock based compensation expense is recognized, based on the fair value at the date of grant on a straight-line basis over the period of time between the grant date and vesting date. The expense for performance based restricted stock awards is accrued over a three-year performance period based on the probability of achieving pre-determined thresholds or metrics.
Advertising Expense	Advertising Expense Advertising costs of $ 640 704
Statements of Cash Flows	Statements of Cash Flows For the purpose of the Consolidated Statements of Cash Flows, cash and cash equivalents include cash and due from banks and interest-bearing demand deposits with other financial institutions.
Computation of Earnings per Share	Computation of Earnings per Share The Company 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. Unvested performance based restricted stock units issued by the Company do not contain non-forfeitable rights to dividends and are not deemed to be participating securities. 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.
Revenue Recognition	Revenue Recognition A significant portion of Salisbury’s revenue, including interest income from loans and investments, falls outside the scope of ASC 606. Revenue from Salisbury’s Trust and Wealth Advisory business, service charges and fees and interchange fees, however, are within the scope of ASC 606. Revenue for these in-scope services are recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when the services are transferred to customers. Revenue is measured as the amount of consideration Salisbury expects to receive in exchange for providing the services to a customer (“transaction price”). To the extent the transaction price includes variable consideration, Salisbury estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which Salisbury expects to be entitled. Variable consideration is included in the transaction price if, in Salisbury’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of Salisbury’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. Salisbury determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through fee schedules provided to its customers or through past transactions, Salisbury estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes the existing enforceable rights and obligations. Generally, contract modifications are for products or services that are distinct from the existing contract and are accounted for as if they were a new and separate contract. The original contract is still accounted for according to its original terms. Trust and Wealth Advisory The Trust and Wealth Advisory business generates revenue through a range of fiduciary services including trust and estate administration, wealth advisory, and investment management to individuals, families, businesses and institutions. Revenue from these services is generally recognized over time and are typically based on the market value of assets under administration and established fee schedules. Certain fees, such as real estate sale fees, asset liquidation fees, special asset fees, and daily money management fees, are recorded as revenue at a point in time at the completion of the service. Service Charges and Fees Salisbury offers a variety of deposit accounts with a range of interest rates and other terms, which are designed to meet customer financial needs. Monthly deposit account fees and account research fees are recognized over time using the right to invoice measure of progress. Overdraft protection, ATM services, cash management, bill pay, money transfers, among others, are generally recognized at point in time at the completion of the service. Interchange Fees Salisbury earns interchange fee revenue through customers’ use of the Bank’s debit cards. Interchange fees are generally recognized as revenue at a point in time when customers make a purchase using their debit card.
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. 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 two-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. Salisbury estimates that under the CECL framework, the ACL would be $15.0 million compared with the allowance for loan losses of $14.8 million reported on the consolidated balance sheet at December 31, 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 December 31, 2022. 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 December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848).” In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022 —12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in this ASU were effective upon issuance. Salisbury does not expect the implementation of ASU 2022-01 to have a material impact on its consolidated financial statements.

NOTE 3 - SECURITIES (Tables)

NOTE 3 - SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 Available-for-sale U.S. Treasury $ 19,283 $ — $ 2,150 $ 17,133 U.S. Government Agency notes 29,696 94 2,636 27,154 Municipal bonds 55,179 — 8,641 46,538 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 69,866 20 8,011 61,875 Collateralized mortgage obligations: U.S. Government agencies 25,370 — 3,434 21,936 Corporate bonds 14,250 — 1,476 12,774 Total securities available-for-sale $ 213,644 $ 114 $ 26,348 $ 187,410 Mutual funds $ 1,933 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,285 $ — $ — $ 1,285 (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 Realized Gain (Loss) [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 2020 Proceeds $ 21,716 $ 3,311 $ 15,589 Gains realized 451 56 293 Losses realized (286 ) (65 ) (97 ) Net gains (losses) realized 165 (9 ) 196 Income tax provision (benefit) 35 (2 ) 41
Schedule of Unrealized Loss on Investments [Table Text Block]	Less than 12 Months 12 Months or Longer Total December 31, 2022 (in thousands) Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses Available-for-sale U.S. Treasury $ 6,435 $ 484 $ 10,698 $ 1,666 $ 17,133 $ 2,150 U.S. Government Agency notes 3,106 158 17,467 2,478 20,573 2,636 Municipal bonds 37,277 5,950 9,261 2,691 46,538 8,641 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 18,861 1,559 39,909 6,452 58,770 8,011 Collateralized mortgage obligations 14,333 1,782 7,603 1,652 21,936 3,434 Corporate bonds 11,251 1,249 1,523 227 12,774 1,476 Total temporarily impaired securities $ 91,263 $ 11,182 $ 86,461 $ 15,166 $ 177,724 $ 26,348 Less than 12 Months 12 Months or Longer Total December 31, 2021 (in thousands) Fair Unrealized losses Fair Unrealized losses Fair 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]	December 31, 2022 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Treasury After 1 year but within 5 years $ 10,799 $ 9,838 1.29 % After 5 year but within 10 years 8,484 7,295 1.17 Total 19,283 17,133 1.24 U.S. Government Agency notes After 1 year but within 5 years 6,962 6,070 1.00 After 5 year but within 10 years 8,958 7,552 1.42 Total 15,920 13,622 1.23 Municipal bonds After 1 year but within 5 years 510 455 1.74 After 5 year but within 10 years 15,283 12,407 2.31 After 10 years but within 15 years 12,823 10,933 2.53 After 15 years 26,563 22,743 2.84 Total 55,179 46,538 2.61 Mortgage-backed securities, U.S. Government Agency and Collateralized mortgage obligations Securities not due at a single maturity date 109,012 97,343 2.64 Total 109,012 97,343 2.64 Corporate bonds After 5 years but within 10 years 14,250 12,774 4.46 Total 14,250 12,774 4.46 Securities available-for-sale $ 213,644 $ 187,410 2.65 % (1) Yield is based on amortized cost.

NOTE 4 - LOANS (Tables)

NOTE 4 - LOANS (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, 2022 2021 (in thousands) Total Loans Total Loans Residential 1-4 family $ 428,486 $ 373,131 Residential 5+ multifamily 80,400 52,325 Construction of residential 1-4 family 22,534 19,738 Home equity lines of credit 25,699 23,270 Residential real estate 557,119 468,464 Commercial 374,281 310,923 Construction of commercial 46,866 58,838 Commercial real estate 421,147 369,761 Farm land 4,081 2,807 Vacant land 14,440 14,182 Real estate secured 996,787 855,214 Commercial and industrial ex PPP Loans 190,191 169,543 PPP Loans 299 25,589 Total Commercial and industrial 190,490 195,132 Municipal 19,693 16,534 Consumer 20,546 12,547 Loans receivable, gross 1,227,516 1,079,427 Deferred loan origination costs (fees), net 1,001 285 Allowance for loan losses (14,846 ) (12,962 ) Loans receivable, net $ 1,213,671 $ 1,066,750 Loans held-for-sale Residential 1-4 family $ — $ 2,684
Financing Receivable Credit Quality Indicators [Table Text Block]	(in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2022 Residential 1-4 family $ 423,612 $ 2,995 $ 1,879 $ — $ — $ 428,486 Residential 5+ multifamily 80,254 68 78 — — 80,400 Construction of residential 1-4 family 22,534 — — — — 22,534 Home equity lines of credit 25,536 163 — — — 25,699 Residential real estate 551,936 3,226 1,957 — — 557,119 Commercial 355,963 12,934 5,384 — — 374,281 Construction of commercial 46,866 — — — — 46,866 Commercial real estate 402,829 12,934 5,384 — — 421,147 Farm land 2,408 1,280 393 — — 4,081 Vacant land 14,410 30 — — — 14,440 Real estate secured 971,583 17,470 7,734 — — 996,787 Commercial and industrial 188,267 680 1,543 — — 190,490 Municipal 19,693 — — — — 19,693 Consumer 20,541 — 5 — — 20,546 Loans receivable, gross $ 1,200,084 $ 18,150 $ 9,282 $ — $ — $ 1,227,516 (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 (In thousands) Current 30-59 days 60-89 days 90-179 days 180 days and over 30 days and over Accruing 90 days and over Non- accrual December 31, 2022 Residential 1-4 family $ 427,769 $ 672 $ 30 $ — $ 15 $ 717 $ — $ 820 Residential 5+ multifamily 80,400 — — — — — — — Construction of residential 1-4 family 22,534 — — — — — — — Home equity lines of credit 25,411 288 — — — 288 — — Residential real estate 556,114 960 30 — 15 1,005 — 820 Commercial 374,196 — — 85 — 85 — 1,255 Construction of commercial 46,866 — — — — — — — Commercial real estate 421,062 — — 85 — 85 — 1,255 Farm land 4,081 — — — — — — 393 Vacant land 14,440 — — — — — — — Real estate secured 995,697 960 30 85 15 1,090 — 2,468 Commercial and industrial 190,340 149 1 — — 150 — 189 Municipal 19,693 — — — — — — — Consumer 20,303 154 84 5 — 243 — 5 Loans receivable, gross $ 1,226,033 $ 1,263 $ 115 $ 90 $ 15 $ 1,483 $ — $ 2,662 Past due (In thousands) Current 30-59 days 60-89 days 90-179 days 180 days and over 30 days and over Accruing 90 days and over Non- accrual December 31, 201 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
Summary of Troubled Debt Restructuring Note, Debtor [Table Text Block]	Modifications that Subsequently Defaulted For the twelve months ending December 31, 2022 For the twelve months ending December 31, 2021 Quantity Balance Quantity Balance Troubled Debt Restructurings Residential 1-4 family — — 1 74 Total — — 1 74
Impaired Financing Receivables [Table Text Block]	December 31, (in thousands) 2022 2021 Non-accrual loans, excluding troubled debt restructured loans $ 2,595 $ 2,838 Non-accrual troubled debt restructured loans 67 1,350 Accruing troubled debt restructured loans 2,670 3,609 Total impaired loans $ 5,332 $ 7,797 Commitments to lend additional amounts to impaired borrowers $ — $ —
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Year Ended December 31, 2022 Year Ended December 31, 2021 (in thousands) Beginning balance Prov- ision (release) Charge- offs Reco- veries Ending balance Beginning balance Prov- ision (release) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,846 $ 822 $ (73 ) $ 27 $ 3,622 $ 2,646 $ 225 $ (44 ) $ 19 $ 2,846 Residential 5+ multifamily 817 779 (231 ) — 1,365 686 131 — — 817 Construction of residential 1-4 family 186 42 (25 ) — 203 65 121 — — 186 Home equity lines of credit 198 53 (11 ) — 240 252 (34 ) (21 ) 1 198 Residential real estate 4,047 1,696 (340 ) 27 5,430 3,649 443 (65 ) 20 4,047 Commercial 5,416 907 (372 ) 1 5,952 6,546 (1,260 ) (6 ) 136 5,416 Construction of commercial 1,025 (309 ) — — 716 596 447 (18 ) — 1,025 Commercial real estate 6,441 598 (372 ) 1 6,668 7,142 (813 ) (24 ) 136 6,441 Farm land 21 9 — — 30 59 (39 ) (2 ) 3 21 Vacant land 95 (4 ) — — 91 180 (86 ) — 1 95 Real estate secured 10,604 2,299 (712 ) 28 12,219 11,030 (495 ) (91 ) 160 10,604 Commercial and industrial 1,364 31 (46 ) 1 1,350 1,397 45 (131 ) 53 1,364 Municipal 31 28 — — 59 43 (12 ) — — 31 Consumer 82 111 (88 ) 18 123 77 68 (59 ) (4 ) 82 Unallocated 881 214 — — 1,095 1,207 (326 ) — — 881 Totals $ 12,962 $ 2,683 $ (846 ) $ 47 $ 14,846 $ 13,754 $ (720 ) $ (281 ) $ 209 $ 12,962 December 31, 2020 (in thousands) Beginning balance Provision (release) Charge-offs Recoveries Ending balance Residential 1-4 family $ 2,393 $ 255 $ (11 ) $ 9 $ 2,646 Residential 5+ multifamily 446 282 (42 ) — 686 Construction of residential 1-4 family 75 (10 ) — — 65 Home equity lines of credit 197 (197 ) — 252 252 Residential real estate 3,111 330 (53 ) 261 3,649 Commercial 3,742 2,776 (17 ) 45 6,546 Construction of commercial 104 492 — — 596 Commercial real estate 3,846 3,268 (17 ) 45 7,142 Farm land 47 12 — — 59 Vacant land 71 109 — — 180 Real estate secured 7,075 3,719 (70 ) 306 11,030 Commercial and industrial 1,145 612 (362 ) 2 1,397 Municipal 46 (3 ) — — 43 Consumer 60 72 (70 ) 15 77 Unallocated 569 638 — — 1,207 Totals $ 8,895 $ 5,038 $ (502 ) $ 323 $ 13,754
[custom:CompositionOfLoansReceivableAndAllowanceForLoanLossesTableTextBlock]	(in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2022 Residential 1-4 family $ 426,377 $ 3,622 $ 2,109 $ — $ 428,486 $ 3,622 Residential 5+ multifamily 80,322 1,365 78 — 80,400 1,365 Construction of residential 1-4 family 22,534 203 — — 22,534 203 Home equity lines of credit 25,699 240 — — 25,699 240 Residential real estate 554,932 5,430 2,187 — 557,119 5,430 Commercial 371,723 5,930 2,558 22 374,281 5,952 Construction of commercial 46,866 716 — — 46,866 716 Commercial real estate 418,589 6,646 2,558 22 421,147 6,668 Farm land 3,688 30 393 — 4,081 30 Vacant land 14,440 91 — — 14,440 91 Real estate secured 991,649 12,197 5,138 22 996,787 12,219 Commercial and industrial 190,301 1,350 189 — 190,490 1,350 Municipal 19,693 59 — — 19,693 59 Consumer 20,541 123 5 — 20,546 123 Unallocated allowance — 1,095 — — — 1,095 Totals $ 1,222,184 $ 14,824 $ 5,332 $ 22 $ 1,227,516 $ 14,846 (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 847,693 10,575 7,521 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]	December 31, 2022 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,216,108 $ 13,351 $ — $ — $ 1,216,108 $ 13,351 Potential problem loans 1 6,076 378 — — 6,076 378 Impaired loans — — 5,332 22 5,332 22 Unallocated allowance — 1,095 — — — 1,095 Totals $ 1,222,184 $ 14,824 $ 5,332 $ 22 $ 1,227,516 $ 14,846 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 Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 2022 Residential $ — $ — $ 306 $ — $ — $ 2,187 $ 2,283 $ 2,192 $ 61 Home equity lines of credit — — — — — — — 8 — Residential real estate — — 306 — — 2,187 2,283 2,200 61 Commercial 559 559 604 22 30 1,999 2,148 2,308 45 Construction of commercial — — — — — — — — — Farm land — — — — — 393 443 410 — Vacant land — — — — — — — — — Real estate secured 559 559 910 22 30 4,579 4,874 4,918 106 Commercial and industrial — — 64 — — 189 195 88 13 Consumer — — — — — 5 5 — — Totals $ 559 $ 559 $ 974 $ 22 $ 30 $ 4,773 $ 5,074 $ 5,006 $ 119 Impaired loans with specific allowance Impaired loans with no specific allowance (In thousands) Loan balance Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 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 5 _ LEASES (Tables)

NOTE 5 – LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Note 5 Leases
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]	($ in thousands) Classification December 31, 2022 December 31, 2021 Assets Operating Other assets $ 1,175 $ 1,021 Finance Bank premises and equipment 1 3,856 3,791 Total Leased Assets $ 5,031 $ 4,812 Liabilities Operating Accrued interest and other liabilities $ 1,175 $ 1,021 Finance Finance lease obligations 4,262 4,107 Total lease liabilities $ 5,437 $ 5,128 1 Lease cost ($ in thousands) Classification Twelve months ended Twelve months ended Operating leases Premises and equipment $ 293 $ 295 Finance leases: Amortization of leased assets Premises and equipment 223 101 Interest on finance leases Interest expense 163 136 Total lease cost $ 679 $ 532 Weighted Average Remaining Lease Term December 31, 2022 December 31, 2021 Operating leases 5.9 years 6.9 years Financing leases 21.5 years 23.5 years Weighted Average Discount Rate 1 Operating leases 3.63% 3.61% Financing leases 3.74% 4.97% 1
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Future minimum lease payments (in thousands) Finance Leases Operating Leases 2023 $ 304 $ 241 2024 314 204 2025 323 213 2026 334 214 2027 344 188 Thereafter 4,624 242 Total future minimum lease payments 6,243 1,302 Less amount representing interest (1,981 ) (127 ) Total present value of net future minimum lease payments $ 4,262 $ 1,175

NOTE 6 - MORTGAGE SERVICING R_2

NOTE 6 - MORTGAGE SERVICING RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Participating Mortgage Loans [Table Text Block]	December 31, (in thousands) 2022 2021 Residential mortgage loans serviced for others $ 133,100 $ 140,623 Fair value of mortgage servicing rights 1,376 1,043
Servicing Liability at Amortized Cost [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 2020 Mortgage Servicing Rights Balance, beginning of period $ 700 $ 621 $ 238 Originated 70 314 534 Amortization (1) (140 ) (235 ) (151 ) Balance, end of period 630 700 621 Valuation Allowance Balance, beginning of period — (9 ) — Decrease (increase) in impairment reserve (1) — 9 (9 ) Balance, end of period — — (9 ) Mortgage servicing rights, net $ 630 $ 700 $ 612 (1) Amortization expense and changes in the impairment reserve are recorded in mortgage banking activities, net.

NOTE 7 - PLEDGED ASSETS (Tables

NOTE 7 - PLEDGED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Guarantees and Product Warranties [Abstract]
Schedule of Guarantor Obligations [Table Text Block]	December 31, (in thousands) 2022 2021 Securities available-for-sale (at fair value) $ 74,303 $ 75,737 Loans receivable (at book value) 380,787 378,845 Total pledged assets $ 455,090 $ 454,582

NOTE 8 - BANK PREMISES AND EQ_2

NOTE 8 - BANK PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	December 31, (in thousands) 2022 2021 Land $ 3,277 $ 3,277 Buildings and improvements 18,412 18,246 Leasehold improvements 1,553 1,553 Finance leases 4,577 4,288 Furniture, fixtures, equipment and software 11,650 10,623 Fixed assets in process — 347 Total cost 39,469 38,334 Accumulated depreciation and amortization (17,321 ) (15,709 ) Bank premises and equipment, net $ 22,148 $ 22,625

NOTE 9 - GOODWILL AND INTANGI_2

NOTE 9 - GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 2020 Goodwill (1) Balance, beginning of period $ 13,815 $ 13,815 $ 13,815 Additions — — — Impairment — — — Balance, end of period $ 13,815 $ 13,815 $ 13,815 Core deposit intangibles Cost, beginning of period $ 5,881 $ 5,881 $ 5,881 Additions — — — Cost, end of period 5,881 5,881 5,881 Amortization, beginning of period (5,463 ) (5,207 ) (4,886 ) Amortization (191 ) (256 ) (321 ) Amortization, end of period (5,654 ) (5,463 ) (5,207 ) Core deposit intangibles, net $ 227 $ 418 $ 674 (1) Not subject to amortization.
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]	December 31, CDI amortization (in thousands) 2023 128 2024 61 2025 25 2026 12 2027 1 Total $ 227

NOTE 10 - DEPOSITS (Tables)

NOTE 10 - DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2022
Time Deposit Maturities [Table Text Block]	December 31, (in thousands) CD maturities 2023 $ 110,879 2024 30,285 2025 7,774 2026 2,427 2027 2,005 Total $ 153,370
Deposit Liabilities, Type [Table Text Block]	December 31, (in thousands) 2022 2021 Within three months $ 46,526 $ 8,642 After three through six months 1,270 1,010 After six through twelve months 10,670 4,938 Over one year 8,193 3,286 Total $ 66,659 $ 17,876

NOTE 11 _ SECURITIES SOLD UND_2

NOTE 11 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Repurchase Agreements [Table Text Block]	December 31, (dollars in thousands) 2022 2021 Repurchase agreements, ending balance $ 7,228 $ 11,430 Repurchase agreements, average balance during period 8,417 10,679 Book value of collateral 21,444 17,084 Market value of collateral 18,842 17,469 Weighted average rate during period 0.36 % 0.15 % Weighted average maturity 1 day 1 day

NOTE 12 _ FEDERAL HOME LOAN B_2

NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS (Tables)	12 Months Ended
	Dec. 31, 2022
Federal Home Loan Bank, Advances [Table Text Block]	December 31, 2022 December 31, 2021 Years ended December 31, (dollars in thousands) Total (1) Rate (2) Total (1) Rate (2) 2022 — — 7,656 1.39 2023 10,000 4.43 — — Total $ 10,000 4.43 % $ 7,656 1.39 % (1) Net of modification costs. (2) Weighted average rate based on scheduled maturity dates.

NOTE 13 _ NET DEFERRED TAX AS_2

NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 2020 Federal $ 3,364 $ 3,340 $ 3,487 State 338 538 566 Current provision 3,702 3,878 4,053 Federal (140 ) 327 (1,335 ) State (23 ) 62 (265 ) Deferred (benefit) expense (163 ) 389 (1,600 ) Income tax provision $ 3,539 $ 4,267 $ 2,453
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 2020 Income tax at statutory federal tax rate 21.00 % 21.00 % 21.00 % State tax, net of federal tax benefit 1.28 2.30 1.97 Tax exempt income and dividends received deduction (3.01 ) (2.52 ) (3.69 ) BOLI interest and gain (0.87 ) (0.56 ) (1.60 ) Other (0.17 ) 0.35 (0.64 ) Effective income tax rates 18.23 % 20.57 % 17.04 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, (in thousands) 2022 2021 Allowance for loan losses $ 3,633 $ 3,170 Interest on non-performing loans 99 157 Accrued deferred compensation 472 488 Post-retirement benefits 8 11 Deferred loan costs, net — 17 Other real estate owned write-downs — 4 Restricted stock awards 390 361 Net unrealized holding losses on available-for-sale securities 5,509 — Write-down of securities 33 — Mark-to-market adjustments of securities 31 — Other 118 183 Gross deferred tax assets 10,293 4,391 Deferred loan fees, net (242 ) (69 ) Goodwill and core deposit intangible asset (644 ) (615 ) Accelerated depreciation (763 ) (681 ) Prepaid expenses — (32 ) Gain on disposal — (5 ) Mortgage servicing rights (152 ) (169 ) Net unrealized holding gains on available-for-sale securities — (232 ) Gross deferred tax liabilities (1,801 ) (1,803 ) Net deferred tax asset $ 8,492 $ 2,588

NOTE 14 _ SHAREHOLDERS_ EQUITY

NOTE 14 – SHAREHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 30, 2022 Total Capital (to risk-weighted assets) $ 168,786 13.43 % $ 100,525 8.0 % $ 131,939 10.5 % $ 125,656 10.0 % Tier 1 Capital (to risk-weighted assets) 153,762 12.24 75,394 6.0 106,808 8.5 100,525 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 153,762 12.24 56,545 4.5 87,959 7.0 81,677 6.5 Tier 1 Capital (to average assets) 153,762 9.99 61,540 4.0 61,540 4.0 76,925 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 16 - LONG TERM INCENTIVE_2

NOTE 16 - LONG TERM INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Arrangement with Individual, Share-Based Payments [Table Text Block]	Weighted Average Weighted Average Weighted Average Year Ended December 31, 2022 Grant Price 2021 Grant Price 2020 Grant Price Beginning of Year 88,810 $ 20.22 80,250 $ 19.72 79,252 $ 20.52 Granted 36,680 27.77 33,300 22.53 30,950 17.92 Vested (30,560 ) 19.93 (24,740 ) 21.73 (27,552 ) 19.86 Forfeited 0 0.00 0 0.00 (2,400 ) 20.63 End of Year 94,930 $ 23.22 88,810 $ 20.22 80,250 $ 19.72
[custom:ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPayments1TextBlock]	Weighted Average Weighted Average Year Ended December 31, 2022 Grant Price 2021 Grant Price Beginning of Year 42,200 $ 20.92 27,400 $ 19.32 Granted 13,900 28.33 14,800 23.90 Vested (12,900 ) 20.60 — — End of Year 43,200 $ 23.41 42,200 $ 20.92

NOTE 17 _ STOCK OPTIONS (Tables

NOTE 17 – STOCK OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Share-Based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block]	Year ended December 31, 2022 Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Beginning of period 25,920 $ 8.52 Exercised (25,920 ) 8.52 End of period — $ — 0.00 $ 0 Year ended December 31, 2021 Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Beginning of period 29,430 $ 8.52 Exercised (3,510 ) 8.52 End of period 25,920 $ 8.52 2.00 $ 491,443

NOTE 18 - RELATED PARTY TRANS_2

NOTE 18 - RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 Balance, beginning of period $ 9,046 $ 9,417 Advances 3,734 2,067 Repayments (3,934 ) (2,438 ) Balance, end of period $ 8,846 $ 9,046

NOTE 19 _ OTHER COMPREHENSIVE_2

NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Comprehensive Income (Loss) [Table Text Block]	Years ended December 31, (in thousands) 2022 2021 2020 Other comprehensive (loss) income Net unrealized (losses) gains on securities available-for-sale $ (27,171 ) $ (2,701 ) $ 2,280 Reclassification of net realized (gains) losses in net income (1) (165 ) 2 (196 ) Unrealized (losses) gains on securities available-for-sale (27,336 ) (2,699 ) 2,084 Income tax benefit (expense) 5,741 565 (437 ) Unrealized (losses) gains on securities available-for-sale, net of tax (21,595 ) (2,134 ) 1,647 Other comprehensive (loss) income $ (21,595 ) $ (2,134 ) $ 1,647 (1) 35 0 41
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	December 31, (dollars in thousands) 2022 2021 Unrealized (losses) gains on securities available-for-sale, net of tax $ (20,725 ) $ 870 Accumulated other comprehensive (loss) income $ (20,725 ) $ 870

NOTE 20 _ DERIVATIVES AND HED_2

NOTE 20 – DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 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]	Twelve months ended December 31, 2022 Twelve months ended December 31, 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 $ 64 $ — $ 3 $ — Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items 18 — (14 ) — Derivatives designated as hedging instruments $ 46 $ — $ 17 $ —

NOTE 22 - FINANCIAL INSTRUMEN_2

NOTE 22 - FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block]	December 31, (in thousands) 2022 2021 Residential $ 39,735 $ 16,288 Home equity lines of credit 34,957 31,490 Commercial 44,356 41,544 Land 747 839 Real estate secured 119,795 90,161 Commercial and industrial 129,762 112,262 Municipal 2,538 541 Consumer 5,232 4,349 Unadvanced portions of loans 257,327 207,313 Commitments to originate loans 48,711 43,689 Letters of credit 777 2,835 Total $ 306,815 $ 253,837

NOTE 23 - FAIR VALUE MEASUREM_2

NOTE 23 - FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2022 Assets at fair value on a recurring basis U.S. Treasury $ — $ 17,133 $ — $ 17,133 U.S. Government Agency notes — 27,154 — 27,154 Municipal bonds — 46,538 — 46,538 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises — 61,875 — 61,875 Collateralized mortgage obligations: U.S. Government agencies — 21,936 — 21,936 Corporate bonds 833 11,941 — 12,744 Securities available-for-sale $ 833 $ 186,577 $ — $ 187,410 Mutual funds 1,933 — — 1,933 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 funds 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]	Carrying Estimated Fair value measurements using (In thousands) value fair value Level 1 Level 2 Level 3 December 31, 2022 Financial Assets Cash and cash equivalents $ 50,539 $ 50,539 $ 50,539 $ — $ — Securities available-for-sale 187,410 187,410 833 186,577 — Mutual fund 1,933 1,933 1,933 — — Federal Home Loan Bank of Boston stock 1,285 1,285 — 1,285 — Loans held-for-sale — — — — — Loans receivable, net 1,213,671 1,172,416 — — 1,172,416 Accrued interest receivable 6,797 6,797 — 6,797 — Cash surrender value of life insurance policies 30,379 30,379 — 30,379 — Financial Liabilities Demand (non-interest-bearing) $ 395,994 $ 395,994 $ — $ 395,994 $ — Demand (interest-bearing) 231,486 231,486 — 231,486 — Money market 343,965 343,965 — 343,965 — Savings and other 233,578 233,578 — 233,578 — Certificates of deposit 153,370 153,411 — 153,411 — Deposits 1,358,393 1,358,434 — 1,358,434 — Repurchase agreements 7,228 7,228 — 7,228 — FHLBB advances 10,000 10,000 — 10,000 — Subordinated debt 24,531 21,670 — 21,670 — Note payable 128 125 — 125 — Finance lease liability 4,262 3,546 — — 3,546 Accrued interest payable 210 210 — 210 — 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 fund 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 —

NOTE 24 _ SALISBURY BANCORP, _2

NOTE 24 – SALISBURY BANCORP, INC. (PARENT ONLY) CONDENSED FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Balance Sheet [Table Text Block]	Balance Sheets 2022 2021 Assets Cash and due from banks $ 5,443 $ 6,412 Investment in bank subsidiary 146,772 154,292 Other assets 796 386 Total Assets $ 153,011 $ 161,090 Liabilities and Shareholders' Equity Subordinated debt $ 24,531 $ 24,474 Other liabilities 125 16 Shareholders' equity 128,355 136,600 Total Liabilities and Shareholders' Equity $ 153,011 $ 161,090
Condensed Income Statement [Table Text Block]	Statements of Income 2022 2021 2020 Dividends from subsidiary $ 4,321 $ 3,994 $ 3,787 Interest income 10 11 6 Interest expense 932 1,000 618 Non-interest expenses 1,063 574 495 Income before taxes and equity in undistributed net income of subsidiary 2,336 2,431 2,680 Income tax benefit 409 386 273 Income before equity in undistributed net income of subsidiary 2,745 2,817 2,953 Equity in undistributed net income of subsidiary 13,129 13,656 8,987 Net income $ 15,874 $ 16,473 $ 11,940
Condensed Cash Flow Statement [Table Text Block]	Statements of Cash Flows 2022 2021 2020 Net income $ 15,874 $ 16,473 $ 11,940 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiary (13,129 ) (13,656 ) (8,987 ) Other (245 ) 63 (25 ) Net cash provided by operating activities 2,500 2,880 2,928 Investing Activities Investment in bank — (9,433 ) — Net cash utilized by investing activities — (9,433 ) — Financing activities Issuance of subordinated debt, net of issuance cost — 24,418 — Payoff of subordinated debt — (10,000 ) — Common stock dividends paid (3,691 ) (3,452 ) (3,286 ) Proceeds from issuance of common stock 222 31 53 Net cash (utilized) provided by financing activities (3,469 ) 10,997 (3,233 ) Net (decrease) increase in cash and cash equivalents (969 ) 4,444 (305 ) Cash and cash equivalents, beginning of period 6,412 1,968 2,273 Cash and cash equivalents, end of period $ 5,443 $ 6,412 $ 1,968

NOTE 25 _ EARNINGS PER SHARE (T

NOTE 25 – EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Years ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Net income $ 15,874 $ 16,473 $ 11,940 Less: Undistributed earnings allocated to participating securities (276 ) (248 ) (165 ) Net income allocated to common shareholders $ 15,598 $ 16,225 $ 11,775 Weighted average common shares issued 5,770 5,710 5,674 Less: Unvested restricted stock awards (100 ) (86 ) (78 ) Weighted average common shares outstanding used to calculate basic earnings per common share 5,670 5,624 5,596 Add: Dilutive effect of performance based restricted stock awards and stock options 26 48 16 Weighted average common shares outstanding used to calculate diluted earnings per common share 5,696 5,672 5,612 Earnings per common share (basic) $ 2.75 $ 2.88 $ 2.11 Earnings per common share (diluted) $ 2.74 $ 2.86 $ 2.10

NOTE 1 - SUMMARY OF SIGNIFICA_3

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
[custom:BalanceOFundsDueFromOtherBanksExceedingFederallyInsuredLimits-0]	$ 1,900,000
Advertising Expense	640,000	$ 704,000
Business Acquisition 1 [Member]
Property, Plant and Equipment [Line Items]
Goodwill from purchase of additional branch office in New York in 2017	2,400,000	2,400,000
Business Acquisition 2 [Member]
Property, Plant and Equipment [Line Items]
Goodwill from purchase of additional branch office in New York in 2017	7,200,000	7,200,000
Business Acquisition 3 [Member]
Property, Plant and Equipment [Line Items]
Goodwill from purchase of additional branch office in New York in 2017	319,000	319,000
Business Acquisition 4 [Member]
Property, Plant and Equipment [Line Items]
Goodwill from purchase of additional branch office in New York in 2017	2,700,000	2,700,000
Business Acquisition 5 [Member]
Property, Plant and Equipment [Line Items]
Goodwill from purchase of additional branch office in New York in 2017	$ 1,300,000	$ 1,300,000
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	39 years
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

NOTE 2 _ ACQUISITIONS AND DIS_2

NOTE 2 – ACQUISITIONS AND DISPOSITIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Combination and Asset Acquisition [Abstract]
Noncash Merger Related Costs	$ 500,000

Composition of securities (Deta

Composition of securities (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 19,283	$ 15,301
U.S. Government Agency notes	29,696	31,623
Municipal bonds	55,179	46,469
U.S. Government agencies and U.S. Government- sponsored enterprises	69,866	74,703
U.S. Government agencies	25,370	20,948
Corporate bonds	14,250	12,250
Total securities available-for-sale	213,644	201,294
Non-marketable securities
Federal Home Loan Bank of Boston stock	1,285	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	94	237
Municipal bonds		1,557
U.S. Government agencies and U.S. Government- sponsored enterprises	20	643
U.S. Government agencies		135
Corporate bonds		158
Total securities available-for-sale	114	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	2,150	182
U.S. Government Agency notes	2,636	256
Municipal bonds	8,641	204
U.S. Government agencies and U.S. Government- sponsored enterprises	8,011	805
U.S. Government agencies	3,434	185
Corporate bonds	1,476	8
Total securities available-for-sale	26,348	1,640
Non-marketable securities
Federal Home Loan Bank of Boston stock
Securities Financing Transaction, Fair Value [Member]
Available-for-sale
U.S. Treasury	17,133	15,131
U.S. Government Agency notes	27,154	31,604
Municipal bonds	46,538	47,822
U.S. Government agencies and U.S. Government- sponsored enterprises	61,875	74,541
U.S. Government agencies	21,936	20,898
Corporate bonds	12,774	12,400
Total securities available-for-sale	187,410	202,396
Mutual fund	1,933	901
Non-marketable securities
Federal Home Loan Bank of Boston stock	$ 1,285	$ 1,397

Sales of securities available-f

Sales of securities available-for-sale and gross gains and gross losses realized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 21,716	$ 3,311	$ 15,589
Gains realized	451	56	293
Losses realized	(286)	(65)	(97)
Net  gains (losses) realized	165	(9)	196
Income tax provision (benefit)	$ 35	$ (2)	$ 41

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	Dec. 31, 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	$ 6,435	$ 12,155
U.S. Government Agency notes	3,106	22,137
Municipal bonds	37,277	12,496
U.S. Government agencies and U.S. Government - sponsored enterprises	18,861	52,619
Collateralized mortgage obligations	14,333	11,554
Corporate bonds	11,251	1,742
Total temporarily impaired securities	91,263	112,703
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Unrealized Losses [Member]
Available-for-sale
U.S. Treasury	484	182
U.S. Government Agency notes	158	235
Municipal bonds	5,950	204
U.S. Government agencies and U.S. Government - sponsored enterprises	1,559	740
Collateralized mortgage obligations	1,782	185
Corporate bonds	1,249	8
Total temporarily impaired securities	11,182	1,554
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Fair Value [Member]
Available-for-sale
U.S. Treasury	10,698
U.S. Government Agency notes	17,467	2,019
Municipal bonds	9,261	552
U.S. Government agencies and U.S. Government - sponsored enterprises	39,909	3,195
Collateralized mortgage obligations	7,603
Corporate bonds	1,523
Total temporarily impaired securities	86,461	5,766
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Unrealized Losses [Member]
Available-for-sale
U.S. Treasury	1,666
U.S. Government Agency notes	2,478	21
Municipal bonds	2,691
U.S. Government agencies and U.S. Government - sponsored enterprises	6,452	65
Collateralized mortgage obligations	1,652
Corporate bonds	227
Total temporarily impaired securities	15,166	86
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Fair Value [Member]
Available-for-sale
U.S. Treasury	17,133	12,155
U.S. Government Agency notes	20,573	24,156
Municipal bonds	46,538	13,048
U.S. Government agencies and U.S. Government - sponsored enterprises	58,770	55,814
Collateralized mortgage obligations	21,936	11,554
Corporate bonds	12,774	1,742
Total temporarily impaired securities	177,724	118,469
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Unrealized Losses [Member]
Available-for-sale
U.S. Treasury	2,150	182
U.S. Government Agency notes	2,636	256
Municipal bonds	8,641	204
U.S. Government agencies and U.S. Government - sponsored enterprises	8,011	805
Collateralized mortgage obligations	3,434	185
Corporate bonds	1,476	8
Total temporarily impaired securities	$ 26,348	$ 1,640

Amortized cost, fair value and

Amortized cost, fair value and tax equivalent yield of securities, by maturity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 10,799
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 9,838
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.29%
U S Treasury 2 [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 8,484
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 7,295
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.17%
U S Treasury Total [Member]
Summary of Investment Holdings [Line Items]
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$ 19,283
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 17,133
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	$ 6,962
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 6,070
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1%
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	$ 8,958
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 7,552
Receivable with Imputed Interest, Effective Yield (Interest Rate)	1.42%
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	$ 15,920
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 13,622
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	$ 510
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 455
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	$ 15,283
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 12,407
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	$ 12,823
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 10,933
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	$ 26,563
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 22,743
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	$ 55,179
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 46,538
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	$ 109,012
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 97,343
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.64%
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	$ 109,012
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 97,343
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.64%
Corporate Debt Securities 2 [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	$ 12,774
Receivable with Imputed Interest, Effective Yield (Interest Rate)	4.46%
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	$ 12,774
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	$ 213,644
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value	$ 187,410
Receivable with Imputed Interest, Effective Yield (Interest Rate)	2.65%

NOTE 3 - SECURITIES (Details Na

NOTE 3 - SECURITIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Gain (Loss) on Investments	$ 120	$ 26	$ (19)
Gain (Loss) on Investments	$ (120)	$ (26)	$ 19

Composition of loans receivable

Composition of loans receivable and loans held-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 1,213,671	$ 1,066,750
Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	428,486	373,131
Residential 5+ multifamily	80,400	52,325
Construction of residential 1-4 family	22,534	19,738
Home equity lines of credit	25,699	23,270
Residential real estate	557,119	468,464
Commercial	374,281	310,923
Construction of commercial	46,866	58,838
Commercial real estate	421,147	369,761
Farm land	4,081	2,807
Vacant land	14,440	14,182
Real estate secured	996,787	855,214
Commercial and industrial ex PPP Loans	190,191	169,543
PPP Loans	299	25,589
Total Commercial and industrial	190,490	195,132
Municipal	19,693	16,534
Consumer	20,546	12,547
Loans receivable, gross	1,227,516	1,079,427
Deferred loan origination costs (fees), net	1,001	285
Allowance for loan losses	(14,846)	(12,962)
Loans receivable, net	1,213,671	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	Dec. 31, 2022	Dec. 31, 2021
Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	$ 423,612	$ 367,225
Residential 5+ multifamily	80,254	50,588
Construction of residential 1-4 family	22,534	19,738
Home equity lines of credit	25,536	23,037
Residential real estate	551,936	460,588
Commercial	355,963	271,821
Construction of commercial	46,866	58,838
Commercial real estate	402,829	330,659
Farm land	2,408	1,162
Vacant land	14,410	14,143
Real estate secured	971,583	806,552
Commercial and industrial	188,267	191,857
Municipal	19,693	16,534
Consumer	20,541	12,547
Loans receivable, gross	1,200,084	1,027,490
Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	2,995	3,543
Residential 5+ multifamily	68	79
Construction of residential 1-4 family
Home equity lines of credit	163	212
Residential real estate	3,226	3,834
Commercial	12,934	16,034
Construction of commercial
Commercial real estate	12,934	16,034
Farm land	1,280	1,214
Vacant land	30	39
Real estate secured	17,470	21,121
Commercial and industrial	680	688
Municipal
Consumer
Loans receivable, gross	18,150	21,809
Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Residential 1-4 family	1,879	2,363
Residential 5+ multifamily	78	1,658
Construction of residential 1-4 family
Home equity lines of credit		21
Residential real estate	1,957	4,042
Commercial	5,384	23,068
Construction of commercial
Commercial real estate	5,384	23,068
Farm land	393	431
Vacant land
Real estate secured	7,734	27,541
Commercial and industrial	1,543	2,587
Municipal
Consumer	5
Loans receivable, gross	9,282	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	428,486	373,131
Residential 5+ multifamily	80,400	52,325
Construction of residential 1-4 family	22,534	19,738
Home equity lines of credit	25,699	23,270
Residential real estate	557,119	468,464
Commercial	374,281	310,923
Construction of commercial	46,866	58,838
Commercial real estate	421,147	369,761
Farm land	4,081	2,807
Vacant land	14,440	14,182
Real estate secured	996,787	855,214
Commercial and industrial	190,490	195,132
Municipal	19,693	16,534
Consumer	20,546	12,547
Loans receivable, gross	$ 1,227,516	$ 1,079,427

Composition of loans receivab_3

Composition of loans receivable by delinquency status (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans Receivable Delinquency Status Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	$ 427,769	$ 372,620
Residential 5+ multifamily	80,400	51,464
Construction of residential 1-4 family	22,534	19,668
Home equity lines of credit	25,411	23,000
Residential real estate	556,114	466,752
Commercial	374,196	310,331
Construction of commercial	46,866	58,838
Commercial real estate	421,062	369,169
Farm land	4,081	2,807
Vacant land	14,440	14,182
Real estate secured	995,697	852,910
Commercial and industrial	190,340	194,838
Municipal	19,693	16,534
Consumer	20,303	12,503
Loans receivable, gross	1,226,033	1,076,785
Loans Receivable Delinquency Status Period Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	672	223
Residential 5+ multifamily
Construction of residential 1-4 family
Home equity lines of credit	288	165
Residential real estate	960	388
Commercial		87
Construction of commercial
Commercial real estate		87
Farm land
Vacant land
Real estate secured	960	475
Commercial and industrial	149	250
Municipal
Consumer	154	40
Loans receivable, gross	1,263	765
Loans Receivable Delinquency Status Period Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	30	135
Residential 5+ multifamily
Construction of residential 1-4 family		70
Home equity lines of credit		98
Residential real estate	30	303
Commercial		251
Construction of commercial
Commercial real estate		251
Farm land
Vacant land
Real estate secured	30	554
Commercial and industrial	1	32
Municipal
Consumer	84	4
Loans receivable, gross	115	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	85
Construction of commercial
Commercial real estate	85
Farm land
Vacant land
Real estate secured	85	63
Commercial and industrial		1
Municipal
Consumer	5
Loans receivable, gross	90	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	717	511
Residential 5+ multifamily		861
Construction of residential 1-4 family		70
Home equity lines of credit	288	270
Residential real estate	1,005	1,712
Commercial	85	592
Construction of commercial
Commercial real estate	85	592
Farm land
Vacant land
Real estate secured	1,090	2,304
Commercial and industrial	150	294
Municipal
Consumer	243	44
Loans receivable, gross	1,483	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		11
Municipal
Consumer
Loans receivable, gross		11
Loans Receivable Delinquency Non Accrual [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential 1-4 family	820	750
Residential 5+ multifamily		861
Construction of residential 1-4 family
Home equity lines of credit		21
Residential real estate	820	1,632
Commercial	1,255	1,924
Construction of commercial
Commercial real estate	1,255	1,924
Farm land	393	432
Vacant land
Real estate secured	2,468	3,988
Commercial and industrial	189	200
Municipal
Consumer	5
Loans receivable, gross	$ 2,662	$ 4,188

Recorded investment and number

Recorded investment and number of modifications for TDRs within the last year where a concession has been made, that then defaulted (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Integer	Dec. 31, 2021 USD ($) Integer
Residential 1-4 family
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Integer		1
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $		$ 74
Total
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Integer		1
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $		$ 74

Components of impaired loans (D

Components of impaired loans (Details) - Loans and Finance Receivables [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loans, excluding troubled debt restructured loans	$ 2,595	$ 2,838
Non-accrual troubled debt restructured loans	67	1,350
Accruing troubled debt restructured loans	2,670	3,609
Total impaired loans	5,332	7,797
Commitments to lend additional amounts to impaired borrowers

Changes in allowance for loan l

Changes in allowance for loan losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Residential 1-4 family
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 2,846	$ 2,646	$ 2,393
Provision	822	225	255
Charge-offs	(73)	(44)	(11)
Recoveries	27	19	9
Ending balance	3,622	2,846	2,646
Recoveries	(27)	(19)	(9)
Residential 5+ multifamily
Financing Receivable, Past Due [Line Items]
Beginning balance	817	686	446
Provision	779	131	282
Charge-offs	(231)		(42)
Recoveries
Ending balance	1,365	817	686
Recoveries
Construction of residential 1-4 family
Financing Receivable, Past Due [Line Items]
Beginning balance	186	65	75
Provision	42	121	(10)
Charge-offs	(25)
Recoveries
Ending balance	203	186	65
Recoveries
Home equity lines of credit
Financing Receivable, Past Due [Line Items]
Beginning balance	198	252	197
Provision	53	(34)	(197)
Charge-offs	(11)	(21)
Recoveries		1	252
Ending balance	240	198	252
Recoveries		(1)	(252)
Residential real estate
Financing Receivable, Past Due [Line Items]
Beginning balance	4,047	3,649	3,111
Provision	1,696	443	330
Charge-offs	(340)	(65)	(53)
Recoveries	27	20	261
Ending balance	5,430	4,047	3,649
Recoveries	(27)	(20)	(261)
Commercial
Financing Receivable, Past Due [Line Items]
Beginning balance	5,416	6,546	3,742
Provision	907	(1,260)	2,776
Charge-offs	(372)	(6)	(17)
Recoveries	1	136	45
Ending balance	5,952	5,416	6,546
Recoveries	(1)	(136)	(45)
Construction of commercial
Financing Receivable, Past Due [Line Items]
Beginning balance	1,025	596	104
Provision	(309)	447	492
Charge-offs		(18)
Recoveries
Ending balance	716	1,025	596
Recoveries
Commercial real estate
Financing Receivable, Past Due [Line Items]
Beginning balance	6,441	7,142	3,846
Provision	598	(813)	3,268
Charge-offs	(372)	(24)	(17)
Recoveries	1	136	45
Ending balance	6,668	6,441	7,142
Recoveries	(1)	(136)	(45)
Farm land
Financing Receivable, Past Due [Line Items]
Beginning balance	21	59	47
Provision	9	(39)	12
Charge-offs		(2)
Recoveries		3
Ending balance	30	21	59
Recoveries		(3)
Vacant land
Financing Receivable, Past Due [Line Items]
Beginning balance	95	180	71
Provision	(4)	(86)	109
Charge-offs
Recoveries		1
Ending balance	91	95	180
Recoveries		(1)
Real estate secured
Financing Receivable, Past Due [Line Items]
Beginning balance	10,604	11,030	7,075
Provision	2,299	(495)	3,719
Charge-offs	(712)	(91)	(70)
Recoveries	28	160	306
Ending balance	12,219	10,604	11,030
Recoveries	(28)	(160)	(306)
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Beginning balance	1,364	1,397	1,145
Provision	31	45	612
Charge-offs	(46)	(131)	(362)
Recoveries	1	53	2
Ending balance	1,350	1,364	1,397
Recoveries	(1)	(53)	(2)
Municipal
Financing Receivable, Past Due [Line Items]
Beginning balance	31	43	46
Provision	28	(12)	(3)
Charge-offs
Recoveries
Ending balance	59	31	43
Recoveries
Consumer
Financing Receivable, Past Due [Line Items]
Beginning balance	82	77	60
Provision	111	68	72
Charge-offs	(88)	(59)	(70)
Recoveries	18	4	15
Ending balance	123	82	77
Recoveries	(18)	(4)	(15)
Unallocated
Financing Receivable, Past Due [Line Items]
Beginning balance	881	1,207	569
Provision	214	(326)	638
Charge-offs
Recoveries
Ending balance	1,095	881	1,207
Recoveries
Totals
Financing Receivable, Past Due [Line Items]
Beginning balance	12,962	13,754	8,895
Provision	2,683	(720)	5,038
Charge-offs	(846)	(281)	(502)
Recoveries	47	209	323
Ending balance	14,846	12,962	13,754
Recoveries	$ (47)	$ (209)	$ (323)

Composition of loans receivab_4

Composition of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Totals	$ 1,213,671	$ 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	426,377	370,558
Residential 5+ multifamily	80,322	51,376
Construction of residential 1-4 family	22,534	19,738
Home equity lines of credit	25,699	23,249
Residential real estate	554,932	464,921
Commercial	371,723	307,377
Construction of commercial	46,866	58,838
Commercial real estate	418,589	366,215
Farm land	3,688	2,375
Vacant land	14,440	14,182
Real estate secured	991,649	847,693
Commercial and industrial	190,301	194,856
Municipal	19,693	16,534
Consumer	20,541	12,547
Unallocated allowance
Totals	1,222,184	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	3,622	2,845
Residential 5+ multifamily	1,365	817
Construction of residential 1-4 family	203	186
Home equity lines of credit	240	198
Residential real estate	5,430	4,046
Commercial	5,930	5,388
Construction of commercial	716	1,025
Commercial real estate	6,646	6,413
Farm land	30	21
Vacant land	91	95
Real estate secured	12,197	10,575
Commercial and industrial	1,350	1,297
Municipal	59	31
Consumer	123	82
Unallocated allowance	1,095	881
Totals	14,824	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	2,109	2,573
Residential 5+ multifamily	78	949
Construction of residential 1-4 family
Home equity lines of credit		21
Residential real estate	2,187	3,543
Commercial	2,558	3,546
Construction of commercial
Commercial real estate	2,558	3,546
Farm land	393	432
Vacant land
Real estate secured	5,138	7,521
Commercial and industrial	189	276
Municipal
Consumer	5
Unallocated allowance
Totals	5,332	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	428,486	373,131
Residential 5+ multifamily	80,400	52,325
Construction of residential 1-4 family	22,534	19,738
Home equity lines of credit	25,699	23,270
Residential real estate	557,119	468,464
Commercial	374,281	310,923
Construction of commercial	46,866	58,838
Commercial real estate	421,147	369,761
Farm land	4,081	2,807
Vacant land	14,440	14,182
Real estate secured	996,787	855,214
Commercial and industrial	190,490	195,132
Municipal	19,693	16,534
Consumer	20,546	12,547
Unallocated allowance
Totals	1,227,516	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	3,622	2,846
Residential 5+ multifamily	1,365	817
Construction of residential 1-4 family	203	186
Home equity lines of credit	240	198
Residential real estate	5,430	4,047
Commercial	5,952	5,416
Construction of commercial	716	1,025
Commercial real estate	6,668	6,441
Farm land	30	21
Vacant land	91	95
Real estate secured	12,219	10,604
Commercial and industrial	1,350	1,364
Municipal	59	31
Consumer	123	82
Unallocated allowance	1,095	881
Totals	$ 14,846	$ 12,962

Credit quality segments of loan

Credit quality segments of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Totals	$ 1,213,671	$ 1,066,750
Allowance For Loan And Lease Losses Collectively Evaluated Loans Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	1,216,108	1,046,614
Potential problem loans 1	6,076	25,016
Impaired loans
Unallocated allowance
Totals	1,222,184	1,071,630
Allowance For Loan And Lease Losses Collectively Evaluated Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	13,351	10,456
Potential problem loans 1	378	1,529
Impaired loans
Unallocated allowance	1,095	881
Totals	14,824	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	5,332	7,797
Unallocated allowance
Totals	5,332	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	1,216,108	1,046,614
Potential problem loans 1	6,076	25,016
Impaired loans	5,332	7,797
Unallocated allowance
Totals	1,227,516	1,079,427
Allowance For Loan And Lease Losses Total Portfolio Allowance Credit Quality Segment [Member]
Financing Receivable, Past Due [Line Items]
Performing loans	13,351	10,456
Potential problem loans 1	378	1,529
Impaired loans	22	96
Unallocated allowance	1,095	881
Totals	$ 14,846	$ 12,962

Certain data with respect to lo

Certain data with respect to loans individually evaluated for impairment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Totals	$ 1,213,671	$ 1,066,750
Impaired Loans Specific Allowance Loan Balance Book [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		43
Home equity lines of credit
Residential real estate		43
Commercial	559	608
Construction of commercial
Farm land
Vacant land
Real estate secured	559	651
Commercial and industrial		216
Consumer
Totals	559	867
Impaired Loans Specific Allowance Loan Balance Note [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		44
Home equity lines of credit
Residential real estate		44
Commercial	559	608
Construction of commercial
Farm land
Vacant land
Real estate secured	559	652
Commercial and industrial		224
Consumer
Totals	559	876
Impaired Loans Specific Allowance Loan Balance Average [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	306	872
Home equity lines of credit		17
Residential real estate	306	889
Commercial	604	1,678
Construction of commercial
Farm land
Vacant land		56
Real estate secured	910	2,623
Commercial and industrial	64	309
Consumer		6
Totals	974	2,938
SEC Schedule, 12-09, Reserve, Impairment of Recognized Servicing Asset [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		1
Home equity lines of credit
Residential real estate		1
Commercial	22	28
Construction of commercial
Farm land
Vacant land
Real estate secured	22	29
Commercial and industrial		67
Consumer
Totals	22	96
Impaired Loans Specific Allowance Loan Income Recognized [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential		3
Home equity lines of credit
Residential real estate		3
Commercial	30	32
Construction of commercial
Farm land
Vacant land
Real estate secured	30	35
Commercial and industrial		3
Consumer
Totals	30	38
Impaired Loans No Specific Allowance Loan Balance Book [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	2,187	3,480
Home equity lines of credit		21
Residential real estate	2,187	3,501
Commercial	1,999	2,938
Construction of commercial
Farm land	393	431
Vacant land
Real estate secured	4,579	6,870
Commercial and industrial	189	60
Consumer	5
Totals	4,773	6,930
Impaired Loans No Specific Allowance Loan Balance Note [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	2,283	3,817
Home equity lines of credit		23
Residential real estate	2,283	3,840
Commercial	2,148	3,493
Construction of commercial
Farm land	443	447
Vacant land
Real estate secured	4,874	7,780
Commercial and industrial	195	72
Consumer	5
Totals	5,074	7,852
Impaired Loans No Specific Allowance Loan Balance Average [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	2,192	3,689
Home equity lines of credit	8	131
Residential real estate	2,200	3,820
Commercial	2,308	2,974
Construction of commercial
Farm land	410	440
Vacant land		45
Real estate secured	4,918	7,279
Commercial and industrial	88	90
Consumer		13
Totals	5,006	7,382
Impaired Loans No Specific Allowance Loan Income Recognized [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Residential	61	75
Home equity lines of credit
Residential real estate	61	75
Commercial	45	62
Construction of commercial
Farm land
Vacant land
Real estate secured	106	137
Commercial and industrial	13
Consumer
Totals	$ 119	$ 137

NOTE 4 - LOANS (Details Narrati

NOTE 4 - LOANS (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Other Real Estate, Covered	$ 64,100,000	$ 77,500,000

Assets and liabilities as well

Assets and liabilities as well as costs of operating and finance leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Liabilities
Operating leases	$ 293	$ 295
Amortization of leased assets	223	101
Interest on finance leases	163	136
Total lease cost	$ 679	$ 532
Operating leases	5 years 328 days 12 hours	6 years 328 days 12 hours
Financing leases	21 years 6 months	23 years 6 months
Weighted Average Discount Rate 1
Operating leases	3.63%	3.61%
Financing leases	3.74%	4.97%
Assets And Liabilities [Member]
Assets
Operating	$ 1,175	$ 1,021
Finance	3,856	3,791
Total Leased Assets	5,031	4,812
Liabilities
Operating	1,175	1,021
Finance	4,262	4,107
Total lease liabilities	$ 5,437	$ 5,128

Present value of net minimum le

Present value of net minimum lease payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finance Leases [Member]
Lessee, Lease, Description [Line Items]
	$ 304
	314
	323
	334
	344
	4,624
	6,243
	(1,981)
	4,262
Operating Leases [Member]
Lessee, Lease, Description [Line Items]
	241
	204
	213
	214
	188
	242
	1,302
	(127)
	$ 1,175

Balances of loans serviced for

Balances of loans serviced for others and fair value of mortgage servicing rights (Details) - Derivative Financial Instruments, Assets [Member] - USD ($) $ in Thousands	Dec. 31, 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	$ 133,100	$ 140,623
Fair value of mortgage servicing rights	$ 1,376	$ 1,043

Changes in mortgage servicing r

Changes in mortgage servicing rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage Servicing Rights
Balance, beginning of period	$ 700	$ 621	$ 238
Originated	70	314	534
Amortization (1)	(140)	(235)	(151)
Balance, end of period	630	700	621
Valuation Allowance
Balance, beginning of period		(9)
Decrease (increase) in impairment reserve (1)		9	(9)
Balance, end of period			(9)
Mortgage servicing rights, net	$ 630	$ 700	$ 612

NOTE 6 - MORTGAGE SERVICING R_3

NOTE 6 - MORTGAGE SERVICING RIGHTS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Participating Mortgage Loans [Line Items]
Fees and Commissions, Mortgage Banking and Servicing	$ 556	$ 1,000	$ 1,621
Contractually Specified Mortgage Servicing Fee Income [Member]
Participating Mortgage Loans [Line Items]
Fees and Commissions, Mortgage Banking and Servicing	$ 348	$ 354	$ 287

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	Dec. 31, 2022	Dec. 31, 2021
Securities available-for-sale (at fair value)	$ 74,303	$ 75,737
Loans receivable (at book value)	380,787	378,845
Total pledged assets	$ 455,090	$ 454,582

NOTE 7 - PLEDGED ASSETS (Detail

NOTE 7 - PLEDGED ASSETS (Details Narrative)	Dec. 31, 2022 USD ($)
Asset Pledged as Collateral [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Collateral Amount	$ 66,700,000
Asset Pledged As Collateral 2 [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Collateral Amount	7,600,000
Asset Pledged As Collateral 3 [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Collateral Amount	$ 20,000

Components of premises and equi

Components of premises and equipment (Details) - Land and Building [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Land	$ 3,277	$ 3,277
Buildings and improvements	18,412	18,246
Leasehold improvements	1,553	1,553
Finance leases	4,577	4,288
Furniture, fixtures, equipment and software	11,650	10,623
Fixed assets in process		347
Total cost	39,469	38,334
Accumulated depreciation and amortization	(17,321)	(15,709)
Bank premises and equipment, net	$ 22,148	$ 22,625

Changes in carrying values of g

Changes in carrying values of goodwill and intangible assets (Details) - Other Intangible Assets [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill (1)
Balance, beginning of period	$ 13,815	$ 13,815	$ 13,815
Additions
Impairment
Balance, end of period	13,815	13,815	13,815
Core deposit intangibles
Cost, beginning of period	5,881	5,881	5,881
Cost, end of period	5,881	5,881	5,881
Amortization, beginning of period	(5,463)	(5,207)	(4,886)
Amortization	(191)	(256)	(321)
Amortization, end of period	(5,654)	(5,463)	(5,207)
Core deposit intangibles, net	$ 227	$ 418	$ 674

Estimated annual amortization e

Estimated annual amortization expense of core deposit intangibles (Details) - USD ($) $ in Thousands	12 Months Ended								60 Months Ended
	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2027
Finite-Lived Intangible Assets [Line Items]
Other Depreciation and Amortization						$ 191	$ 256	$ 321
Core Deposits [Member]
Finite-Lived Intangible Assets [Line Items]
Other Depreciation and Amortization	$ 1	$ 12	$ 25	$ 61	$ 128				$ 227

Scheduled maturities of time ce

Scheduled maturities of time certificates of deposit (Details) - Certificates of Deposit [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items]
	$ 110,879
	30,285
	7,774
	2,427
	2,005
	$ 153,370

Total amount and scheduled matu

Total amount and scheduled maturities of time certificates of deposit in denominations of $250 thousand or more (Details) - Core Deposits [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Within three months	$ 46,526	$ 8,642
After three through six months	1,270	1,010
After six through twelve months	10,670	4,938
Over one year	8,193	3,286
Total	$ 66,659	$ 17,876

Securities sold under repurchas

Securities sold under repurchase agreements (Details) - Loans [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase agreements, ending balance	$ 7,228	$ 11,430
Repurchase agreements, average balance during period	8,417	10,679
Book value of collateral	21,444	17,084
Market value of collateral	$ 18,842	$ 17,469
Weighted average rate during period	0.36%	0.15%
Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements	1 day	1 day

Federal Home Loan Bank of Bosto

Federal Home Loan Bank of Boston advances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
F H L B B Advances Total [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank, Advance, Maturity, Year Three		$ 7,656
Federal Home Loan Bank, Advance, Maturity, Year Four	10,000
Long-Term Federal Home Loan Bank Advances	$ 10,000	$ 7,656
F H L B B Advances Rate [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank, Advance, Maturity, Average Interest Rate, Year Three		1.39%
Federal Home Loan Bank, Advance, Maturity, Average Interest Rate, Year Four	4.43%
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate	4.43%	1.39%

NOTE 12 _ FEDERAL HOME LOAN B_3

NOTE 12 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES AND OTHER BORROWED FUNDS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2016	Dec. 31, 2021
Proceeds from Issuance of Trust Preferred Securities	$ 25,000,000
Subordinated Debt, Current	24,500,000
Unamortized Debt Issuance Expense	$ 469,000		$ 526,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Addition		$ 380,000
[custom:PrivateMortgageBranchPurchaseInterestRate]	6%
Secured Debt, Current	$ 128,000		$ 170,000

Components of income tax provis

Components of income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Deferred (benefit) expense	$ (163)	$ 389	$ (1,600)
Income tax provision	3,539	4,267	2,453
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Federal	3,364	3,340	3,487
State	338	538	566
Current provision	3,702	3,878	4,053
Federal	(140)	327	(1,335)
State	(23)	62	(265)
Deferred (benefit) expense	(163)	389	(1,600)
Income tax provision	$ 3,539	$ 4,267	$ 2,453

Reconciliation of the expected

Reconciliation of the expected federal statutory tax to the income tax provision (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax at statutory federal tax rate	21%	21%	21%
State tax, net of federal tax benefit	1.28%	2.30%	1.97%
Tax exempt income and dividends received deduction	(3.01%)	(2.52%)	(3.69%)
BOLI interest and gain	(0.87%)	(0.56%)	(1.60%)
Other	(0.17%)	0.35%	(0.64%)
Effective income tax rates	18.23%	20.57%	17.04%

Components of Salisbury's net d

Components of Salisbury's net deferred tax assets (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Allowance for loan losses	$ 3,633	$ 3,170
Interest on non-performing loans	99	157
Accrued deferred compensation	472	488
Post-retirement benefits	8	11
Deferred loan costs, net		17
Other real estate owned write-downs		4
Restricted stock awards	390	361
Net unrealized holding losses on available-for-sale securities	5,509
Write-down of securities	33
Mark-to-market adjustments of securities	31
Other	118	183
Gross deferred tax assets	10,293	4,391
Deferred loan fees, net	(242)	(69)
Goodwill and core deposit intangible asset	(644)	(615)
Accelerated depreciation	(763)	(681)
Prepaid expenses		(32)
Gain on disposal		(5)
Mortgage servicing rights	(152)	(169)
Net unrealized holding gains on available-for-sale securities		(232)
Gross deferred tax liabilities	(1,801)	(1,803)
Net deferred tax asset	$ 8,492	$ 2,588

Actual regulatory capital posit

Actual regulatory capital position and minimum capital requirements (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Total Capital To Risk Weighted Assets [Member]
Banking Regulation, Total Capital, Actual	$ 168,786	$ 152,789
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1343	0.1408
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 100,525	$ 86,832
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.080	0.080
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 131,939	$ 113,968
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	10.50%	10.50%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 125,656	$ 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	$ 153,762	$ 139,681
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1224	0.1287
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 75,394	$ 65,124
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.060	0.060
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 106,808	$ 92,259
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	8.50%	8.50%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 100,525	$ 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	$ 153,762	$ 139,681
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.1224	0.1287
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 56,545	$ 48,843
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.045	0.045
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 87,959	$ 75,978
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	7%	7%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 81,677	$ 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	$ 153,762	$ 139,681
Banking Regulation, Total Risk-Based Capital Ratio, Actual	0.0999	0.0942
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$ 61,540	$ 59,285
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.040	0.040
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0]	$ 61,540	$ 59,285
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0]	4%	4%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$ 76,925	$ 74,106
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.050	0.050

NOTE 14 _ SHAREHOLDERS_ EQUIT_2

NOTE 14 – SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Banking Regulation, Risk-Weighted Assets, Actual	$ 1,256,600,000	$ 1,085,400,000

NOTE 15 _ OTHER BENEFITS (Detai

NOTE 15 – OTHER BENEFITS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Defined Contribution Plan, Administrative Expense		$ 1,200,000	$ 1,100,000	$ 900,000
Employee Stock Ownership Plan (ESOP), Compensation Expense		279,000	265,000	263,000
Liability, Pension and Other Postretirement and Postemployment Benefits, Current		702,000	779,000
[custom:DefinedContributionPlanEmployerDiscretionaryContributionAmount1]		8,000	7,000
Liability, Other Postretirement Defined Benefit Plan		212,000	263,000
Payment for Other Postretirement Benefits	$ 100,000
Other Postretirement Benefits Expense (Reversal of Expense), Noncash		$ 152,000	$ 114,000	$ 135,000

Amount of cumulatively granted

Amount of cumulatively granted restricted stock awards under the 2011 and 2017 Long-Term Incentive Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 22.53
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance	88,810	80,250	79,252
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance	$ 20.22	$ 19.72	$ 20.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	36,680	33,300	30,950
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 27.77		$ 17.92
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period	(30,560)	(24,740)	(27,552)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 19.93	$ 21.73	$ 19.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0	0	2,400
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 0	$ 0	$ 20.63
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0	0	(2,400)
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance	94,930	88,810	80,250
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$ 23.22	$ 20.22	$ 19.72

Amount of cumulatively grante_2

Amount of cumulatively granted performance based restricted stock units awarded under the 2017 Long-Term Incentive Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant price, beginning of year		$ 22.53
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance	42,200	27,400
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance	$ 20.92	$ 19.32
Restricted stock awards, beginning of year	13,900	14,800
Weighted average grant price, beginning of year	$ 28.33	$ 23.90
Restricted stock awards, beginning of year	(12,900)
Weighted average grant price, beginning of year	$ 20.60
Restricted stock awards, beginning of year	12,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance	43,200	42,200
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance	$ 23.41	$ 20.92

NOTE 16 - LONG TERM INCENTIVE_3

NOTE 16 - LONG TERM INCENTIVE PLANS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
[custom:TotalNumberOfSharesOfCommonStockReservedAndAvailableForIssuanceInTenYearsFollowingAdoptionOfPlan]	168,000
[custom:MaximumSharesIssuedPerCalendarYear]	60,000
[custom:TotalSharesAwardedAsISOs]	84,000
[custom:TotalSharesIssuedAsDirectorsStockRetainerAwards]	30,000
[custom:AnnualStockRetainerIndividualDirectorMaximum]	680
[custom:TotalSharesAvailableForIssuanceForAwardsUnder2017LTIP]	400,000
[custom:TotalSharesAvailableForIssuanceForAwardsUnder2017LTIPExerciseOfStockOptions]	400,000
[custom:TotalSharesAvailableForIssuanceForAwardsUnder2017LTIPIssuedAsRestrictedStock]	300,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	36,680	33,300	30,950
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 1,000,000	$ 750,000	$ 554,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value	816,000	538,000
Deferred Compensation Arrangement with Individual, Compensation Expense	799,000	599,000	525,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	1,144,000	925,000
[custom:TaxBenefitAssociatedWithRestrictedStockAwardsRecognizedInEarnings]	$ 144,000	$ 108,000	$ 95,000
[custom:PerformancebasedRestrictedStockUnitsPursuantTo2017LongtermIncentivePlanGranted]	13,900	14,800	14,500	6,800
[custom:PerformancebasedRestrictedStockUnitsPursuantTo2017LongtermIncentivePlanFairValue]	$ 394,000	$ 354,000	$ 264,000
[custom:PerformancebasedRestrictedStockUnitsPursuantTo2017LongtermIncentivePlanCompensationExpense]	329,000	331,000	221,000
[custom:ShortTermIncentivePlanExpenseIncludedInCompensationExpenses]	$ 1,297,000	$ 1,166,000	$ 941,000

Remaining outstanding options r

Remaining outstanding options related to acquisition of Riverside Bank and summary of status of Salisbury's outstanding stock options (Details) - Outstanding Stock Options [Member] - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	25,920	29,430
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 8.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	(25,920)	(3,510)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 8.52	$ 8.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance		25,920
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance		$ 8.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	0 years	2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 0	$ 491,443

NOTE 17 _ STOCK OPTIONS (Detail

NOTE 17 – STOCK OPTIONS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 531	$ 37	$ 78

Changes in loans to executive o

Changes in loans to executive officers, directors and their related associates (Details) - Equity Method Investee [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
	$ 9,046	$ 9,417
	3,734	2,067
	(3,934)	(2,438)
	$ 8,846	$ 9,046

Reconciliation of the changes i

Reconciliation of the changes in the components of other comprehensive (loss) income, including the amount of income tax benefit (expense) allocated to each component of other comprehensive (loss) income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale	$ (27,171)	$ (2,701)	$ 2,280
Unrealized (losses) gains on securities available-for-sale	(27,336)	(2,699)	2,084
Other Comprehensive Income (Loss) [Member]
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale	(27,171)	(2,701)	2,280
Reclassification of net realized (gains) losses in net income (1)	(165)	2	(196)
Unrealized (losses) gains on securities available-for-sale	(27,336)	(2,699)	2,084
Income tax benefit (expense)	5,741	565	(437)
Unrealized (losses) gains on securities available-for-sale, net of tax	$ (21,595)	$ (2,134)	$ 1,647

Components of accumulated other

Components of accumulated other comprehensive income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Unrealized (losses) gains on securities available-for-sale, net of tax	$ (20,725)	$ 870
Accumulated other comprehensive (loss) income	$ (20,725)	$ 870

NOTE 19 _ OTHER COMPREHENSIVE_3

NOTE 19 – OTHER COMPREHENSIVE (LOSS) INCOME (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Reclassification from AOCI, Current Period, Tax	$ 35	$ 0	$ 41

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 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	$ 64	$ 3
Hedged items	18	(14)
Derivatives designated as hedging instruments	46	17
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

NOTE 21 - COMMITMENTS AND CON_2

NOTE 21 - COMMITMENTS AND CONTINGENT LIABILITIES (Details Narrative)	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	$ 800,000

Financial instruments with off-

Financial instruments with off-balance sheet credit risk (Details) - Performing Financial Instruments [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Residential	$ 39,735	$ 16,288
Home equity lines of credit	34,957	31,490
Commercial	44,356	41,544
Land	747	839
Real estate secured	119,795	90,161
Commercial and industrial	129,762	112,262
Municipal	2,538	541
Consumer	5,232	4,349
Unadvanced portions of loans	257,327	207,313
Commitments to originate loans	48,711	43,689
Letters of credit	777	2,835
Total	$ 306,815	$ 253,837

Assets measured at fair value (

Assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 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 funds		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 funds
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 funds
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 funds		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	833
Securities available-for-sale	833
Mutual funds	1,933
Fair Value Inputs Level 2 S A L [Member]
Assets at fair value on a recurring basis
U.S. Treasury	17,133
U.S. Government Agency notes	27,154
Municipal bonds	46,538
U.S. Government agencies and U.S. Government-sponsored enterprises	61,875
U.S. Government agencies	21,936
Corporate bonds	11,941
Securities available-for-sale	186,577
Mutual funds
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 funds
Fair Value Inputs Level 12 And 3 S A L [Member]
Assets at fair value on a recurring basis
U.S. Treasury	17,133
U.S. Government Agency notes	27,154
Municipal bonds	46,538
U.S. Government agencies and U.S. Government-sponsored enterprises	61,875
U.S. Government agencies	21,936
Corporate bonds	12,744
Securities available-for-sale	187,410
Mutual funds	$ 1,933

Carrying values and estimated f

Carrying values and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying Reported Amount Fair Value Disclosure S A L [Member]
Financial Assets
Cash and cash equivalents	$ 50,539	$ 175,335
Securities available-for-sale	187,410	202,396
Mutual fund	1,933	901
Federal Home Loan Bank of Boston stock	1,285	1,397
Loans held-for-sale		2,684
Loans receivable, net	1,213,671	1,066,750
Accrued interest receivable	6,797	6,260
Cash surrender value of life insurance policies	30,379	27,738
Financial Liabilities
Demand (non-interest-bearing)	395,994	416,073
Demand (interest-bearing)	231,486	233,600
Money market	343,965	330,436
Savings and other	233,578	237,075
Certificates of deposit	153,370	119,009
Deposits	1,358,393	1,336,193
Repurchase agreements	7,228	11,430
FHLBB advances	10,000	7,656
Subordinated debt	24,531	24,474
Note payable	128	170
Finance lease liability	4,262	4,107
Accrued interest payable	210	49
Interest bearing time deposits with financial institutions		750
Derivative financial instruments		18
Estimate Of Fair Value Fair Value Disclosure S A L [Member]
Financial Assets
Cash and cash equivalents	50,539	175,335
Securities available-for-sale	187,410	202,396
Mutual fund	1,933	901
Federal Home Loan Bank of Boston stock	1,285	1,397
Loans held-for-sale		2,721
Loans receivable, net	1,172,416	1,066,733
Accrued interest receivable	6,797	6,260
Cash surrender value of life insurance policies	30,379	27,738
Financial Liabilities
Demand (non-interest-bearing)	395,994	416,073
Demand (interest-bearing)	231,486	233,600
Money market	343,965	330,436
Savings and other	233,578	237,075
Certificates of deposit	153,411	119,716
Deposits	1,358,434	1,336,900
Repurchase agreements	7,228	11,430
FHLBB advances	10,000	7,714
Subordinated debt	21,670	24,409
Note payable	125	171
Finance lease liability	3,546	4,223
Accrued interest payable	210	49
Interest bearing time deposits with financial institutions		750
Derivative financial instruments		18
Fair Value Inputs Level 1 S A L [Member]
Financial Assets
Cash and cash equivalents	50,539	175,335
Securities available-for-sale	833
Mutual fund	1,933	901
Federal Home Loan Bank of Boston stock
Loans held-for-sale
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
Derivative financial instruments
Fair Value Inputs Level 2 S A L [Member]
Financial Assets
Cash and cash equivalents
Securities available-for-sale	186,577	202,396
Mutual fund
Federal Home Loan Bank of Boston stock	1,285	1,397
Loans held-for-sale
Loans receivable, net
Accrued interest receivable	6,797	6,260
Cash surrender value of life insurance policies	30,379	27,738
Financial Liabilities
Demand (non-interest-bearing)	395,994	416,073
Demand (interest-bearing)	231,486	233,600
Money market	343,965	330,436
Savings and other	233,578	237,075
Certificates of deposit	153,411	119,716
Deposits	1,358,434	1,336,900
Repurchase agreements	7,228	11,430
FHLBB advances	10,000	7,714
Subordinated debt	21,670	24,409
Note payable	125	171
Finance lease liability
Accrued interest payable	210	49
Interest bearing time deposits with financial institutions
Derivative financial instruments		18
Fair Value Inputs Level 3 S A L [Member]
Financial Assets
Cash and cash equivalents
Securities available-for-sale
Mutual fund
Federal Home Loan Bank of Boston stock
Loans held-for-sale		2,721
Loans receivable, net	1,172,416	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	3,546	4,223
Accrued interest payable
Interest bearing time deposits with financial institutions
Derivative financial instruments

Unconsolidated balance sheets o

Unconsolidated balance sheets of Salisbury Bancorp, Inc. (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 5,864	$ 6,404
Other assets	4,886	5,527
Total Assets	1,541,582	1,529,184
Liabilities and Shareholders' Equity
Subordinated debt	24,531	24,474
Shareholders' equity	128,355	136,600	$ 124,752	$ 113,655
Total Liabilities and Shareholders' Equity	1,541,582	1,529,184
Parent Company [Member]
Assets
Cash and due from banks	5,443	6,412
Investment in bank subsidiary	146,772	154,292
Other assets	796	386
Total Assets	153,011	161,090
Liabilities and Shareholders' Equity
Subordinated debt	24,531	24,474
Other liabilities	125	16
Shareholders' equity	128,355	136,600
Total Liabilities and Shareholders' Equity	$ 153,011	$ 161,090

Statements of income of Salisbu

Statements of income of Salisbury Bancorp, Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Net income	$ 15,874	$ 16,473	$ 11,940
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Dividends from subsidiary	4,321	3,994	3,787
Interest income	10	11	6
Interest expense	932	1,000	618
Non-interest expenses	1,063	574	495
Income before taxes and equity in undistributed net income of subsidiary	2,336	2,431	2,680
Income tax benefit	409	386	273
Income before equity in undistributed net income of subsidiary	2,745	2,817	2,953
Equity in undistributed net income of subsidiary	13,129	13,656	8,987
Net income	$ 15,874	$ 16,473	$ 11,940

Statements of cash flows of Sal

Statements of cash flows of Salisbury Bancorp, Inc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Net income	$ 15,874	$ 16,473	$ 11,940
Adjustments to reconcile net income to net cash provided by operating activities:
Net cash provided by operating activities	27,446	18,048	13,803
Investing Activities
Net cash utilized by investing activities	(168,735)	(153,206)	(114,021)
Financing activities
Issuance of subordinated debt, net of issuance cost		24,418
Payoff of subordinated debt		(10,000)
Common stock dividends paid	(3,691)	(3,452)	(3,286)
Net cash (utilized) provided by financing activities	16,493	217,331	166,495
Net (decrease) increase in cash and cash equivalents	(124,796)	82,173	66,277
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	15,874	16,473	11,940
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiary	(13,129)	(13,656)	(8,987)
Other	(245)	63	(25)
Net cash provided by operating activities	2,500	2,880	2,928
Investing Activities
Investment in bank		(9,433)
Net cash utilized by investing activities		(9,433)
Financing activities
Issuance of subordinated debt, net of issuance cost		24,418
Payoff of subordinated debt		(10,000)
Common stock dividends paid	(3,691)	(3,452)	(3,286)
Proceeds from issuance of common stock	222	31	53
Net cash (utilized) provided by financing activities	(3,469)	10,997	(3,233)
Net (decrease) increase in cash and cash equivalents	(969)	4,444	(305)
Cash and cash equivalents, beginning of period	6,412	1,968	2,273
Cash and cash equivalents, end of period	$ 5,443	$ 6,412	$ 1,968

Calculation of earnings per sha

Calculation of earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 15,874	$ 16,473	$ 11,940
Less: Undistributed earnings allocated to participating securities	(276)	(248)	(165)
Net income allocated to common shareholders	15,598	16,225	11,775
Weighted average common shares issued	5,770	5,710	5,674
Less: Unvested restricted stock awards	(100)	(86)	(78)
Weighted average common shares outstanding used to calculate basic earnings per common share	5,670	5,624	5,596
Add: Dilutive effect of performance based restricted stock awards and stock options	26	48	16
Weighted average common shares outstanding used to calculate diluted earnings per common share	$ 5,696	$ 5,672	$ 5,612
Earnings per common share (basic)	$ 2.75	$ 2.88	$ 2.11
Earnings per common share (diluted)	$ 2.74	$ 2.86	$ 2.10

NOTE 26 _ SUBSEQUENT EVENTS (De

NOTE 26 – SUBSEQUENT EVENTS (Details Narrative)	Jan. 25, 2023 $ / shares
Subsequent Events [Abstract]
Dividends Payable, Amount Per Share	$ 0.16