Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 0-24751 | |
Entity Registrant Name | SALISBURY BANCORP, INC. | |
Entity Central Index Key | 0001060219 | |
Entity Tax Identification Number | 06-1514263 | |
Entity Incorporation, State or Country Code | CT | |
Entity Address, Address Line One | 5 Bissell Street | |
Entity Address, City or Town | Lakeville | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06039 | |
City Area Code | 860 | |
Local Phone Number | 435-9801 | |
Title of 12(b) Security | Common Stock, Par Value $0.10 per share | |
Trading Symbol | SAL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,861,697 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 8,853 | $ 10,599 |
Interest bearing demand deposits with other banks | 170,973 | 82,563 |
Total cash and cash equivalents | 179,826 | 93,162 |
Interest bearing Time Deposits with Financial Institutions | 750 | 750 |
Securities | ||
Available-for-sale at fair value | 150,530 | 98,411 |
CRA mutual fund at fair value | 909 | 917 |
Federal Home Loan Bank of Boston stock at cost | 1,504 | 1,713 |
Loans held-for-sale | 415 | 2,735 |
Loans receivable, net (allowance for loan losses: $12,708 and $13,754) | 1,032,345 | 1,027,738 |
Bank premises and equipment, net | 21,375 | 20,355 |
Goodwill | 13,815 | 13,815 |
Intangible assets (net of accumulated amortization: $5,343 and $5,207) | 538 | 674 |
Accrued interest receivable | 6,357 | 6,373 |
Cash surrender value of life insurance policies | 21,433 | 21,182 |
Deferred taxes | 2,390 | 2,412 |
Other assets | 4,479 | 3,423 |
Total Assets | 1,436,666 | 1,293,660 |
Deposits | ||
Demand (non-interest bearing) | 359,517 | 310,769 |
Demand (interest bearing) | 224,791 | 218,869 |
Money market | 315,518 | 278,146 |
Savings and other | 206,887 | 189,776 |
Certificates of deposit | 136,656 | 131,514 |
Total deposits | 1,243,369 | 1,129,074 |
Repurchase agreements | 17,492 | 7,116 |
Federal Home Loan Bank of Boston advances | 10,152 | 12,639 |
Subordinated debt | 24,445 | 9,883 |
Note payable | 189 | 208 |
Finance lease obligations | 1,646 | 1,673 |
Accrued interest and other liabilities | 7,664 | 8,315 |
Total Liabilities | 1,304,957 | 1,168,908 |
Shareholders' Equity | ||
Outstanding: 2,861,697 and 2,843,292 | 286 | 284 |
Unearned compensation - restricted stock awards | (1,224) | (774) |
Paid-in capital | 46,217 | 45,264 |
Retained earnings | 84,174 | 76,974 |
Accumulated other comprehensive income, net | 2,256 | 3,004 |
Total Shareholders' Equity | 131,709 | 124,752 |
Total Liabilities and Shareholders' Equity | $ 1,436,666 | $ 1,293,660 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 2,861,697 | 2,843,292 |
Common stock, shares outstanding | 2,861,697 | 2,843,292 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 9,901 | $ 10,313 | $ 20,377 | $ 20,300 |
Interest on debt securities | ||||
Taxable | 488 | 409 | 912 | 864 |
Tax exempt | 172 | 171 | 334 | 356 |
Other interest and dividends | 61 | 51 | 95 | 142 |
Total interest and dividend income | 10,622 | 10,944 | 21,718 | 21,662 |
Interest expense | ||||
Deposits | 567 | 988 | 1,121 | 2,497 |
Repurchase agreements | 4 | 4 | 8 | 10 |
Finance lease | 36 | 35 | 69 | 71 |
Note payable | 3 | 4 | 6 | 7 |
Subordinated debt | 415 | 156 | 534 | 312 |
Federal Home Loan Bank of Boston advances | 32 | 140 | 65 | 359 |
Total interest expense | 1,057 | 1,327 | 1,803 | 3,256 |
Net interest and dividend income | 9,565 | 9,617 | 19,915 | 18,406 |
(Release) provision for loan losses | (1,075) | 1,806 | (917) | 3,512 |
Net interest and dividend income after (release) provision for loan losses | 10,640 | 7,811 | 20,832 | 14,894 |
Non-interest income | ||||
Trust and wealth advisory | 1,254 | 1,031 | 2,399 | 2,061 |
Service charges and fees | 1,374 | 598 | 2,325 | 1,503 |
Mortgage banking activities, net | 196 | 318 | 804 | 446 |
Gains (losses) on CRA mutual fund | 3 | 8 | (14) | 22 |
(Losses) gains on securities, net | (9) | 181 | (9) | 182 |
Bank-owned life insurance ("BOLI") income | 125 | 133 | 251 | 266 |
Other | 28 | 47 | 57 | 80 |
Total non-interest income | 2,971 | 2,316 | 5,813 | 4,560 |
Non-interest expense | ||||
Salaries | 3,403 | 2,411 | 6,304 | 5,261 |
Employee benefits | 1,356 | 1,037 | 2,668 | 2,183 |
Premises and equipment | 1,019 | 981 | 1,973 | 1,891 |
Data processing | 628 | 557 | 1,193 | 1,098 |
Professional fees | 644 | 758 | 1,355 | 1,385 |
Collections, OREO, and loan related | 113 | 79 | 197 | 104 |
FDIC insurance | 80 | 103 | 225 | 208 |
Marketing and community support | 214 | 169 | 296 | 293 |
Amortization of intangibles | 65 | 83 | 137 | 170 |
Other | 564 | 611 | 999 | 1,133 |
Total non-interest expense | 8,086 | 6,789 | 15,347 | 13,726 |
Income before income taxes | 5,525 | 3,338 | 11,298 | 5,728 |
Income tax provision | 1,172 | 604 | 2,419 | 947 |
Net income | 4,353 | 2,734 | 8,879 | 4,781 |
Net income available to common shareholders | $ 4,287 | $ 2,691 | $ 8,749 | $ 4,704 |
Basic earnings per common share | $ 1.53 | $ 0.96 | $ 3.12 | $ 1.68 |
Diluted earnings per common share | 1.52 | 0.96 | 3.10 | 1.68 |
Common dividends per share | $ 0.30 | $ 0.29 | $ 0.59 | $ 0.58 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income | $ 4,353 | $ 2,734 | $ 8,879 | $ 4,781 |
Other comprehensive income | ||||
Net unrealized gains (losses) on securities available-for-sale | 874 | 470 | (954) | 1,799 |
Reclassification of net realized losses (gains) in net income (1) | 9 | (181) | 9 | (182) |
Unrealized gains (losses) on securities available-for-sale | 883 | 289 | (945) | 1,617 |
Income tax (expense) benefit | (186) | (61) | 197 | (340) |
Unrealized gains (losses) on securities available-for-sale, net of tax | 697 | 228 | (748) | 1,277 |
Comprehensive income | $ 5,050 | $ 2,962 | $ 8,131 | $ 6,058 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Reclassification of net realized losses (gains) in net income | $ (9) | $ 181 | $ (9) | $ 182 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Deferred Compensation, Share-based Payments [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at December 31, 2020 at Dec. 31, 2019 | $ 283 | $ 44,490 | $ 68,320 | $ (795) | $ 1,357 | $ 113,655 |
Beginning balance, shares at Dec. 31, 2019 | 2,825,912 | |||||
Balances at June 30, 2021 at Mar. 31, 2020 | $ 283 | 44,566 | 69,547 | (659) | 2,406 | $ 116,143 |
Ending balance, shares at Mar. 31, 2020 | 2,829,017 | |||||
Stock options exercised, shares | 1,350 | |||||
Balances at December 31, 2020 at Dec. 31, 2019 | $ 283 | 44,490 | 68,320 | (795) | 1,357 | $ 113,655 |
Beginning balance, shares at Dec. 31, 2019 | 2,825,912 | |||||
Net income | 4,781 | 4,781 | ||||
Other comprehensive loss, net of tax | 1,277 | 1,277 | ||||
Common stock dividends declared | (1,640) | (1,640) | ||||
Issuance of restricted stock awards | $ 1 | 421 | (422) | |||
Issuance of restricted stock awards, shares | 11,775 | |||||
Stock options exercised | 53 | 53 | ||||
Forfeiture of restricted stock awards | (29) | 29 | ||||
Forfeiture of restricted stock awards, shares | (700) | |||||
Issuance of director’s restricted stock awards Stock based compensation-restricted | 114 | (114) | ||||
Issuance of director's restricted stock awards Stock based compensation-restricted, shares | 3,200 | |||||
Stock based compensation-restricted stock awards | 47 | 271 | 318 | |||
Balances at June 30, 2021 at Jun. 30, 2020 | $ 284 | 45,096 | 71,461 | (1,031) | 2,634 | 118,444 |
Ending balance, shares at Jun. 30, 2020 | 2,843,292 | |||||
Stock options exercised, shares | 3,105 | |||||
Balances at December 31, 2020 at Mar. 31, 2020 | $ 283 | 44,566 | 69,547 | (659) | 2,406 | 116,143 |
Beginning balance, shares at Mar. 31, 2020 | 2,829,017 | |||||
Net income | 2,734 | 2,734 | ||||
Other comprehensive loss, net of tax | 228 | 228 | ||||
Common stock dividends declared | (820) | (820) | ||||
Issuance of restricted stock awards | $ 1 | 421 | (422) | |||
Issuance of restricted stock awards, shares | 11,775 | |||||
Stock options exercised | ||||||
Forfeiture of restricted stock awards | (29) | 29 | ||||
Forfeiture of restricted stock awards, shares | (700) | |||||
Issuance of director’s restricted stock awards Stock based compensation-restricted | 114 | (114) | ||||
Issuance of director's restricted stock awards Stock based compensation-restricted, shares | 3,200 | |||||
Stock based compensation-restricted stock awards | 24 | 135 | 159 | |||
Balances at June 30, 2021 at Jun. 30, 2020 | $ 284 | 45,096 | 71,461 | (1,031) | 2,634 | 118,444 |
Ending balance, shares at Jun. 30, 2020 | 2,843,292 | |||||
Balances at December 31, 2020 at Dec. 31, 2020 | $ 284 | 45,264 | 79,974 | (774) | 3,004 | 124,752 |
Beginning balance, shares at Dec. 31, 2020 | 2,843,292 | |||||
Balances at June 30, 2021 at Mar. 31, 2021 | $ 285 | 45,369 | 80,675 | (646) | 1,559 | 127,242 |
Ending balance, shares at Mar. 31, 2021 | 2,845,147 | |||||
Balances at December 31, 2020 at Dec. 31, 2020 | $ 284 | 45,264 | 79,974 | (774) | 3,004 | 124,752 |
Beginning balance, shares at Dec. 31, 2020 | 2,843,292 | |||||
Net income | 8,879 | 8,879 | ||||
Other comprehensive loss, net of tax | (748) | (748) | ||||
Common stock dividends declared | (1,679) | (1,679) | ||||
Issuance of restricted stock awards | $ 1 | 623 | (624) | |||
Issuance of restricted stock awards, shares | 13,850 | |||||
Stock options exercised | $ 30 | 31 | ||||
Issuance of director’s restricted stock awards Stock based compensation-restricted | 126 | (126) | ||||
Issuance of director's restricted stock awards Stock based compensation-restricted, shares | 2,800 | |||||
Stock based compensation-restricted stock awards | 174 | 300 | 474 | |||
Balances at June 30, 2021 at Jun. 30, 2021 | $ 286 | 46,217 | 84,174 | (1,224) | 2,256 | 131,709 |
Ending balance, shares at Jun. 30, 2021 | 2,861,697 | |||||
Stock options exercised, shares | 1,755 | |||||
Balances at December 31, 2020 at Mar. 31, 2021 | $ 285 | 45,369 | 80,675 | (646) | 1,559 | 127,242 |
Beginning balance, shares at Mar. 31, 2021 | 2,845,147 | |||||
Net income | 4,353 | 4,353 | ||||
Other comprehensive loss, net of tax | 697 | 697 | ||||
Common stock dividends declared | (854) | (854) | ||||
Issuance of restricted stock awards | $ 1 | 619 | (620) | |||
Issuance of restricted stock awards, shares | 13,750 | |||||
Stock options exercised | ||||||
Issuance of director’s restricted stock awards Stock based compensation-restricted | 126 | (126) | ||||
Issuance of director's restricted stock awards Stock based compensation-restricted, shares | 2,800 | |||||
Stock based compensation-restricted stock awards | 103 | 168 | 271 | |||
Balances at June 30, 2021 at Jun. 30, 2021 | $ 286 | $ 46,217 | $ 84,174 | $ (1,224) | $ 2,256 | $ 131,709 |
Ending balance, shares at Jun. 30, 2021 | 2,861,697 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 8,879,000 | $ 4,781,000 |
Amortization(accretion) and depreciation | ||
Securities | 463,000 | 231,000 |
Bank premises and equipment | 756,000 | 720,000 |
Core deposit intangible | 136,000 | 170,000 |
Modification fees on Federal Home Loan Bank of Boston advances | 11,000 | 59,000 |
Subordinated debt issuance costs | 144,000 | 12,000 |
Mortgage servicing rights | 131,000 | 28,000 |
Fair value adjustment on deposits | (2,000) | |
Loss (gain) on sales and calls of securities available-for-sale, net | 9,000 | (182,000) |
Loss (gain) on CRA mutual fund | 14,000 | (22,000) |
Gain on sales of loans, excluding capitalized servicing rights | (621,000) | (295,000) |
Gain on sale of disposed assets | (6,000) | |
(Release) provision for loan losses | (917,000) | 3,512,000 |
Proceeds from loans sold | 28,546,000 | 18,117,000 |
Loans originated for sale | (25,605,000) | (22,803,000) |
Decrease in deferred loan origination fees and costs, net | 517,000 | 2,701,000 |
Mortgage servicing rights originated | (258,000) | (143,000) |
Decrease in mortgage impairment charge | (9,000) | |
Decrease (increase) in interest receivable | 16,000 | (573,000) |
Decrease (increase) in deferred tax benefit | 219,000 | (1,026,000) |
(Increase) decrease in prepaid expenses | (97,000) | 367,000 |
Increase in cash surrender value of life insurance policies | (251,000) | (266,000) |
Decrease (increase) in other assets | 80,000 | (8,000) |
Increase in income taxes payable | 631,000 | 1,728,000 |
Decrease in accrued expenses | (188,000) | (1,556,000) |
(Decrease) increase in interest payable | (1,174,000) | 109,000 |
Increase in other liabilities | 80,000 | 44,000 |
Stock based compensation-restricted stock awards | 474,000 | 318,000 |
Net cash provided by operating activities | 11,982,000 | 6,021,000 |
Investing Activities | ||
Net redemptions (purchases) of Federal Home Loan Bank of Boston stock | 209,000 | (111,000) |
Purchases of securities available-for-sale | (72,654,000) | (15,417,000) |
Proceeds from sales of securities available-for-sale | 2,407,000 | 10,598,000 |
Proceeds from calls of securities available-for-sale | 1,500,000 | 655,000 |
Proceeds from maturities of securities available-for-sale | 14,306,000 | 8,082,000 |
Reinvestment of CRA mutual fund | (6,000) | (8,000) |
Loan originations and principal collections, net | (4,258,000) | (119,192,000) |
Recoveries of loans previously charged off | 51,000 | 34,000 |
Proceeds from sales of other real estate owned | 314,000 | |
Proceeds from sales of disposed assets | 18,000 | |
Capital expenditures | (1,788,000) | (1,285,000) |
Net cash utilized by investing activities | (60,215,000) | (116,330,000) |
Financing Activities | ||
Increase in deposit transaction accounts, net | 109,153,000 | 144,015,000 |
Increase in time deposits, net | 5,142,000 | 22,080,000 |
Increase (decrease) in securities sold under agreements to repurchase, net | 10,376,000 | (721,000) |
Federal Home Loan Bank of Boston short-term advances, net change | (20,000,000) | |
Advances on Federal Home Loan Bank of Boston advances | 25,000,000 | |
Principal payments on amortizing FHLB advances | (2,498,000) | (828,000) |
Issuance of Subordinated debt, net of issuance costs | 24,418,000 | |
Repayment of Subordinated debt | (10,000,000) | |
Principal payments on note payable | (19,000) | (18,000) |
Decrease in finance lease obligation | (27,000) | (22,000) |
Stock options exercised | 31,000 | 53,000 |
Common stock dividends paid | (1,679,000) | (1,640,000) |
Net cash provided by financing activities | 134,897,000 | 167,919,000 |
Net increase in cash and cash equivalents | 86,664,000 | 57,610,000 |
Cash and cash equivalents, beginning of period | 93,162,000 | 26,885,000 |
Cash and cash equivalents, end of period | 179,826,000 | 84,495,000 |
Cash paid during period | ||
Interest | 1,649,000 | 3,078,000 |
Income taxes | 1,563,000 | 245,000 |
Non-cash supplemental | ||
Available for Sale Security Due from Broker | $ 904,000 | $ 0 |
NOTE 1 - BASIS OF PRESENTATION
NOTE 1 - BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
NOTE 1 - BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION The interim (unaudited) consolidated financial statements of Salisbury Bancorp, Inc. ("Salisbury") include those of Salisbury and its wholly owned subsidiary, Salisbury Bank and Trust Company (the "Bank"). In the opinion of management, the interim unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the consolidated financial position of Salisbury and the consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the interim periods presented. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). In preparing the financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairment of securities and impairment of goodwill and intangibles. Certain financial information, which is normally included in financial statements prepared in accordance with generally accepted accounting principles, but which is not required for interim reporting purposes, has been condensed or omitted. Operating results for the interim period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying condensed financial statements should be read in conjunction with the financial statements and notes thereto included in Salisbury's 2020 Annual Report on Form 10-K for the year ended December 31, 2020. The allowance for loan losses is a significant accounting policy and is presented in the Notes to Consolidated Financial Statements and in Management's Discussion and Analysis, which provides information on how significant assets are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions and estimates underlying those amounts, management has identified the determination of the allowance for loan losses to be the accounting area that requires the most subjective judgments, and as such could be most subject to revision as new information becomes available. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument's contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. In April 2019, the FASB issued ASU 2019-04 which clarified the treatment of accrued interest when measuring credit losses. Entities may: (1) measure the allowance for credit losses on accrued interest receivable balances separately from other components of the amortized cost basis of associated financial assets; (2) make various accounting policy elections regarding the treatment of accrued interest receivable; or (3) elect a practical expedient to disclose separately the total amount of accrued interest included in the amortized cost basis as a single balance to meet certain disclosure requirements. ASU 2019-04 also clarified that expected recoveries of amounts previously written off and expected to be written off should be included in the valuation account and should not exceed the aggregate of amounts previously written off and expected to be written off by the entity. In addition, for collateral dependent financial assets, the amendments clarify that an allowance for credit losses that is added to the amortized cost basis of the financial asset(s) should not exceed amounts previously written off. In November 2019, the FASB issued ASU 2019-10, which delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, although early adoption is permitted. Salisbury meets the definition of a smaller reporting company. In November 2019, the FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses" which clarified or addressed specific issues about certain aspects of the amendments in ASU 2016-13. The amendments in ASU 2019-11 clarified the following: (1) The allowance for credit losses (ACL) for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cashflows after acquisition; (2) Transition relief will be provided by permitting entities an accounting policy election to adjust the effective interest rate on existing troubled debt restructurings using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring; (3) Disclosure relief will be extended for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis; (4) An entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. Upon adoption, Salisbury will apply the standards' provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. Salisbury anticipates that the adoption of ASU 2016-13 and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. Salisbury has engaged a third-party software vendor to model the allowance for loan losses in conformance with this ASU. Salisbury will continue to refine this model and assess the impact to its consolidated financial statements. The Bank is working towards the completion of its ACL methodology. To estimate the ACL for loans and off-balance sheet credit exposures, such as unfunded loan commitments, the Bank will utilize a discounted cash flow model that contains additional assumptions to calculate credit losses over the estimated life of financial assets and off-balance sheet credit exposures and will include the impact of forecasted economic conditions. The estimate is expected to include a one-year reasonable and supportable forecast period and thereafter a one-year reversion period to the historical mean of its macroeconomic assumption. The estimate will also include qualitative factors that may not be reflected in quantitatively derived results to ensure that the ACL reflects a reasonable estimate of current expected credit losses. Based on the credit quality of Salisbury's existing available for sale debt securities portfolio, which primarily consists of obligations of U.S. government agency and U.S. government-sponsored enterprise securities, including mortgage-backed securities, Salisbury does not expect the adoption of ASU 2016-13, as it relates to debt securities, to be significant. For available for sale debt securities with unrealized losses, credit losses will be recognized as an allowance rather than a reduction in the amortized cost of the securities. As a result, improvements to estimated credit losses will be recognized immediately in earnings rather than as interest income over time. The Bank is currently refining various ACL assumptions and running parallel calculations on a monthly basis. Salisbury expects to complete independent model validation and to finalize its documentation of ACL processes and controls by the first quarter of 2023. In December 2019, the FASB issued ASU 2019-12, "Simplifying the Accounting for Income Taxes." The amendments in this Update simplify the accounting for income taxes by removing the following exceptions:1. Exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. On January 1, 2021, Salisbury adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements. In October 2020, the FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. Under current generally accepted accounting principles, entities amortize the premium on purchased callable debt securities to the earliest call date. If a callable debt security contains additional future call dates, entities should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess or premium should be amortized to the next call date. This ASU clarifies that the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. ASU 2020-08 is effective for interim and annual reporting periods beginning after December 15, 2020. On January 1, 2021, Salisbury adopted the new standard, which did not have a material impact on Salisbury's Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)." In response to the risk of cessation of the London Interbank Offered Rate (LIBOR) as a reference rate, this ASU clarifies the scope of Topic 848 so that derivatives affected by this transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning interim period that includes or is subsequent to March 12, 2020 or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that the financial statements are available to be issued. Salisbury is currently evaluating the impact of the transition from LIBOR to a new reference rate. |
NOTE 2 - SECURITIES
NOTE 2 - SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
NOTE 2 - SECURITIES | NOTE 2 - SECURITIES The composition of securities (in thousands) Amortized cost basis Gross unrealized gains Gross unrealized losses Fair value June 30, 2021 Available-for-sale U.S. Government Agency notes $ 35,303 $ 286 $ 62 $ 35,527 Municipal bonds 29,485 1,614 20 31,079 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 60,446 991 441 60,996 Collateralized mortgage obligations: U.S. Government agencies 12,440 285 10 12,715 Corporate bonds 10,000 213 - 10,213 Total securities available-for-sale $ 147,674 $ 3,389 $ 533 $ 150,530 CRA mutual fund $ 909 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,504 $ - $ - $ 1,504 (in thousands) Amortized cost basis Gross unrealized gains Gross unrealized losses Fair value December 31, 2020 Available-for-sale U.S. Government Agency notes $ 7,735 $ 153 $ 37 $ 7,851 Municipal bonds 25,831 1,787 1 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 35,240 1,376 43 36,573 Collateralized mortgage obligations: U.S. Government agencies 17,054 400 - 17,454 Corporate bonds 8,750 166 - 8,916 Total securities available-for-sale $ 94,610 $ 3,882 $ 81 $ 98,411 CRA mutual fund $ 917 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,713 $ - $ - $ 1,713 Salisbury sold $ 3.3 9 2 10.6 182 38 The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position Less than 12 Months 12 Months or Longer Total June 30, 2021 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 17,155 $ 62 $ - $ - $ 17,155 $ 62 Municipal bonds 2,896 20 - - 2,896 20 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 30,869 441 - - 30,869 441 Collateralized mortgage obligations: U.S. Government agencies 1,429 10 - - 1,429 10 Total temporarily impaired securities $ 52,349 $ 533 $ - $ - $ 52,349 $ 533 Less than 12 Months 12 Months or Longer Total December 31, 2020 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 2,553 $ 36 $ 20 $ 1 $ 2,573 $ 37 Municipal bonds 558 1 - - 558 1 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 3,761 42 45 1 3,806 43 Total temporarily impaired securities $ 6,872 $ 79 $ 65 $ 2 $ 6,937 $ 81 The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity June 30, 2021 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Government Agency notes After 1 year but within 5 years $ 3,497 $ 3,502 2.77 % After 5 year but within 10 years 15,917 15,931 1.30 Total 19,414 19,433 1.56 Municipal bonds After 5 year but within 10 years 3,030 3,210 2.71 After 10 years 26,455 27,869 2.85 Total 29,485 31,079 2.84 Mortgage-backed securities, Collateralized mortgage obligations, U.S. Government agencies and sponsored enterprises Not a single maturity 88,775 89,805 1.73 Corporate bonds After 5 years but within 10 years 10,000 10,213 4.88 Securities available-for-sale $ 147,674 $ 150,530 2.14 % (1) Salisbury evaluates debt securities for OTTI where the fair value of a security is less than its amortized cost basis at the balance sheet date. As part of this process, Salisbury considers whether it has the intent to sell each debt security and whether it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of these conditions is met, Salisbury recognizes an OTTI charge to earnings equal to the entire difference between the security's amortized cost basis and its fair value at the balance sheet date. For securities that meet neither of these conditions, an analysis is performed to determine if any of these securities are at risk for OTTI. The following summarizes, by security type, the basis for evaluating if the applicable securities were OTTI at June 30, 2021. U.S. Government Agency notes: The contractual cash flows are guaranteed by the U.S. government. Fifteen securities had unrealized losses at June 30, 2021, which approximated 0.36% 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 June 30, 2021. Municipal bonds: Salisbury performed a detailed analysis of the municipal bond portfolio. Four securities had unrealized losses at June 30, 2021, which approximated 0.69% 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 June 30, 2021. U.S. Government agency and U.S. Government-sponsored mortgage-backed securities and collateralized mortgage obligations: The contractual cash flows are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Thirty-eight securities had unrealized losses at June 30, 2021, which approximated 1.40% 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 June 30, 2021. The Federal Home Loan Bank of Boston (FHLBB) is a cooperative that provides services, including funding in the form of advances, to its member banking institutions. As a requirement of membership, the Bank must own a minimum amount of FHLBB stock, calculated periodically based primarily on its level of borrowings from the FHLBB. No market exists for shares of the FHLBB and therefore, they are carried at par value. FHLBB stock may be redeemed at par value five years following termination of FHLBB membership, subject to limitations which may be imposed by the FHLBB or its regulator, the Federal Housing Finance Board, to maintain capital adequacy of the FHLBB. While the Bank currently has no intentions to terminate its FHLBB membership, the ability to redeem its investment in FHLBB stock would be subject to the conditions imposed by the FHLBB. Based on the capital adequacy and the liquidity position of the FHLBB, management believes there is no impairment related to the carrying amount of the Bank's FHLBB stock as of June 30, 2021. Deterioration of the FHLBB's capital levels may require the Bank to deem its restricted investment in FHLBB stock to be OTTI. If evidence of impairment exists in the future, the FHLBB stock would reflect fair value using either observable or unobservable inputs. The Bank will continue to monitor its investment in FHLBB stock. |
NOTE 3 - LOANS
NOTE 3 - LOANS | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
NOTE 3 - LOANS | NOTE 3 - LOANS The composition of loans receivable and loans held-for-sale (In thousands) June 30, 2021 December 31, 2020 Residential 1-4 family $ 353,652 $ 352,001 Residential 5+ multifamily 36,972 37,058 Construction of residential 1-4 family 12,251 8,814 Home equity lines of credit 25,262 27,804 Residential real estate 428,137 425,677 Commercial 312,646 310,841 Construction of commercial 41,983 31,722 Commercial real estate 354,629 342,563 Farm land 3,529 3,198 Vacant land 13,006 14,079 Real estate secured 799,301 785,517 Commercial and industrial ex PPP Loans 156,849 140,516 PPP Loans 61,908 86,632 Total Commercial and industrial 218,757 227,148 Municipal 18,341 21,512 Consumer 9,543 7,687 Loans receivable, gross 1,045,942 1,041,864 Deferred loan origination fees, net (889 ) (372 ) Allowance for loan losses (12,708 ) (13,754 ) Loans receivable, net $ 1,032,345 $ 1,027,738 Loans held-for-sale Residential 1-4 family $ 415 $ 2,735 Salisbury has entered into loan participation agreements with other banks and transferred a portion of its originated loans to the participating banks. Transferred amounts are accounted for as sales and excluded from Salisbur y's loans receivable. Salisbury and its participating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. Salisbury services the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. Salisbury also has entered into loan participation agreements with other banks and purchased a portion of the other banks' originated loans. Purchased amounts are accounted for as loans without recourse to the originating bank. Salisbury and its originating lenders share ratably in any gains or losses that may result from a borrower's lack of compliance with contractual terms of the loan. The originating banks service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. At June 30, 2021 and December 31, 2020, Salisbury serviced commercial loans for other banks under loan participation agreements totaling $ 56.0 65.3 Concentrations of Credit Risk Salisbury's loans consist primarily of residential and commercial real estate loans located principally in Litchfield County, Connecticut; Dutchess, Orange and Ulster Counties, New York; and Berkshire County, Massachusetts, which constitute Salisbury's service area. Salisbury offers a broad range of loan and credit facilities to borrowers in its service area, including residential mortgage loans, commercial real estate loans, construction loans, working capital loans, equipment loans, and a variety of consumer loans, including home equity lines of credit, installment loans and collateral loans. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy as well as the health of the real estate economic sector in Salisbury's market area. Salisbury's commercial loan portfolio is comprised of loans to diverse industries, several of which may experience operating challenges due to the COVID-19 virus pandemic ("virus"). Approximately 40% of the Bank's commercial loan portfolio are to entities who operate rental properties, which include commercial strip malls, smaller rental units as well as multi-unit dwellings. Approximately 13% of the Bank's commercial loans are to entities in the hospitality industry, which includes hotels, bed & breakfast inns and restaurants. Approximately 8% of the Bank's commercial loans are to educational institutions and approximately 6% of Salisbury's commercial loans are to entertainment and recreation related businesses, which include camps and amusement parks. Salisbury's commercial real estate exposure as a percentage of the Bank's total risk-based capital, which represents Tier 1 plus Tier 2 capital, was approximately 163% as of June 30, 2021 and 182% at December 31, 2020 compared to the regulatory monitoring guideline of 300%. Salisbury's commercial loan exposure is mitigated by a variety of factors including the personal liquidity of the borrower, real estate and/or non-real estate collateral, U.S. Department of Agriculture or Small Business Administration ("SBA") guarantees, loan payment deferrals and economic stimulus loans from the U.S. government as a result of the virus, and other factors. Due to the COVID-19 pandemic, the Bank may experience higher loan payment delinquencies and higher loan charge-offs, which could warrant increased provisions for loan losses. In 2021 Salisbury processed 472 48.2 For the three and six months ended June 30, 2021, Salisbury recorded interest income of $ 0.2 0.4 0.6 1.6 3.1 2.1 2.9 61.9 86.6 13.7 48.2 Credit Quality Salisbury uses credit risk ratings as part of its determination of the allowance for loan losses. Credit risk ratings categorize loans by common financial and structural characteristics that measure the credit strength of a borrower. The rating model has eight risk rating grades, with each grade corresponding to a progressively greater risk of default. Grades 1 through 4 are pass ratings and 5 through 8 are criticized as defined by the regulatory agencies. Risk ratings are assigned to differentiate risk within the portfolio and are reviewed on an ongoing basis and revised, if needed, to reflect changes in the borrowers' current financial position and outlook, risk profiles and the related collateral and structural positions. Loans rated as "special mention" (5) possess credit deficiencies or potential weaknesses deserving management's close attention that if left uncorrected may result in deterioration of the repayment prospects for the loans at some future date. Loans rated as "substandard" (6) are loans where the Bank's position is clearly not protected adequately by borrower current net worth or payment capacity. These loans have well defined weaknesses based on objective evidence and include loans where future losses to the Bank may result if deficiencies are not corrected, and loans where the primary source of repayment such as income is diminished and the Bank must rely on sale of collateral or other secondary sources of collection. Loans rated "doubtful" (7) have the same weaknesses as substandard loans with the added characteristic that the weakness makes collection or liquidation in full, given current facts, conditions, and values, to be highly improbable. The possibility of loss is high, but due to certain important and reasonably specific pending factors, which may work to strengthen the loan, its reclassification as an estimated loss is deferred until its exact status can be determined. Loans classified as "loss" (8) are considered uncollectible and of such little value that continuance as Bank assets is unwarranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this loan even though partial recovery may be made in the future. Management actively reviews and tests its credit risk ratings against actual experience and engages an independent third-party to annually validate its assignment of credit risk ratings. In addition, the Bank's loan portfolio is examined periodically by its regulatory agencies, the Federal Deposit Insurance Corporation ("FDIC") and the Connecticut Department of Banking ("CTDOB"). The composition of loans receivable by risk rating grade ecember 31, 2020. (in thousands) Pass Special mention Substandard Doubtful Loss Total June 30, 2021 Residential 1-4 family $ 344,976 $ 4,553 $ 4,123 $ - $ - $ 353,652 Residential 5+ multifamily 35,204 85 1,683 - - 36,972 Construction of residential 1-4 family 12,251 - - - - 12,251 Home equity lines of credit 24,879 236 147 - - 25,262 Residential real estate 417,310 4,874 5,953 - - 428,137 Commercial 269,496 6,855 36,295 - - 312,646 Construction of commercial 41,983 - - - - 41,983 Commercial real estate 311,479 6,855 36,295 - - 354,629 Farm land 1,619 1,316 594 - - 3,529 Vacant land 12,927 44 35 - - 13,006 Real estate secured 743,335 13,089 42,877 - - 799,301 Commercial and industrial 215,693 914 1,867 283 - 218,757 Municipal 18,341 - - - - 18,341 Consumer 9,520 1 22 - - 9,543 Loans receivable, gross $ 986,889 $ 14,004 $ 44,766 $ 283 $ - $ 1,045,942 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2020 Residential 1-4 family $ 342,243 $ 5,615 $ 4,143 $ - $ - $ 352,001 Residential 5+ multifamily 35,272 90 1,696 - - 37,058 Construction of residential 1-4 family 8,814 - - - - 8,814 Home equity lines of credit 27,393 257 154 - - 27,804 Residential real estate 413,722 5,962 5,993 - - 425,677 Commercial 276,866 15,565 18,410 - - 310,841 Construction of commercial 31,493 - 229 - - 31,722 Commercial real estate 308,359 15,565 18,639 - - 342,563 Farm land 1,612 - 1,586 - - 3,198 Vacant land 13,992 50 37 - - 14,079 Real estate secured 737,685 21,577 26,255 - - 785,517 Commercial and industrial 224,906 1,271 632 339 - 227,148 Municipal 21,512 - - - - 21,512 Consumer 7,660 - 27 - - 7,687 Loans receivable, gross $ 991,763 $ 22,848 $ 26,914 $ 339 $ - $ 1,041,864 The composition of loans receivable by delinquency status Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual June 30, 2021 Residential 1-4 family $ 352,735 $ 128 $ 457 $ - $ 332 $ 917 $ - $ 1,544 Residential 5+ multifamily 36,111 - - - 861 861 - 861 Construction of residential 1-4 family 12,251 - - - - - - - Home equity lines of credit 24,923 182 46 7 104 339 - 147 Residential real estate 426,020 310 503 7 1,297 2,117 - 2,552 Commercial 310,574 1,538 31 503 - 2,072 - 2,000 Construction of commercial 41,983 - - - - - - - Commercial real estate 352,557 1,538 31 503 - 2,072 - 2,000 Farm land 2,940 - 139 - 450 589 - 594 Vacant land 13,006 - - - - - - 35 Real estate secured 794,523 1,848 673 510 1,747 4,778 - 5,181 Commercial and industrial 218,037 674 - - 46 720 11 347 Municipal 18,341 - - - - - - - Consumer 9,539 3 1 - - 4 - - Loans receivable, gross $ 1,040,440 $ 2,525 $ 674 $ 510 $ 1,793 $ 5,502 $ 11 $ 5,528 Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual December 31, 2020 Residential 1-4 family $ 349,382 $ 1,419 $ 308 $ 673 $ 219 $ 2,619 $ - $ 1,508 Residential 5+ multifamily 36,197 - - - 861 861 - 861 Construction of residential 1-4 family 8,814 - - - - - - - Home equity lines of credit 27,522 157 9 - 116 282 - 154 Residential real estate 421,915 1,576 317 673 1,196 3,762 - 2,523 Commercial 307,927 1,855 530 95 434 2,914 - 2,544 Construction of commercial 31,722 - - - - - - - Commercial real estate 339,649 1,855 530 95 434 2,914 - 2,544 Farm land 2,594 154 450 - - 604 - 158 Vacant land 14,079 - - - - - - 37 Real estate secured 778,237 3,585 1,297 768 1,630 7,280 - 5,262 Commercial and industrial 224,496 2,148 457 1 46 2,652 12 374 Municipal 21,512 - - - - - - - Consumer 7,677 10 - - - 10 - - Loans receivable, gross $ 1,031,922 $ 5,743 $ 1,754 $ 769 $ 1,676 $ 9,942 $ 12 $ 5,636 Troubled Debt Restructurings (TDRs) There were no troubled debt restructurings in either the second quarter 2021 or the second quarter 2020. For the six months ended June 30, 2021, there were no troubled debt restructurings whereas there was one troubled debt restructuring of $ 133 Allowance for Loan Losses Changes in the allowance for loan losses In second quarter 2021, Salisbury sold certain loans which the Bank classified as "substandard" credit risks. The sale resulted in charge-offs of approximately $ 18 131 Three months ended June 30, 2021 Three months ended June 30, 2020 (in thousands) Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,430 $ (55 ) $ (1 ) $ 3 $ 2,377 $ 2,706 $ 342 $ - $ - $ 3,048 Residential 5+ multifamily 622 (77 ) - - 545 508 122 (41 ) - 589 Construction of residential 1-4 family 77 18 - - 95 87 - - - 87 Home equity lines of credit 195 (5 ) - - 190 278 5 - - 283 Residential real estate 3,324 (119 ) (1 ) 3 3,207 3,579 469 (41 ) - 4,007 Commercial 7,080 (875 ) - 7 6,212 4,519 645 (4 ) - 5,160 Construction of commercial 584 102 (18 ) - 668 126 79 - - 205 Commercial real estate 7,664 (773 ) (18 ) 7 6,880 4,645 724 (4 ) - 5,365 Farm land 50 (18 ) - - 32 52 8 - - 60 Vacant land 109 (22 ) - - 87 144 38 - - 182 Real estate secured 11,147 (932 ) (19 ) 10 10,206 8,420 1,239 (45 ) - 9,614 Commercial and industrial 1,369 (27 ) (131 ) 45 1,256 1,071 444 - - 1,515 Municipal 43 (11 ) - - 32 53 (17 ) - - 36 Consumer 52 22 (11 ) 3 66 102 (20 ) (13 ) 5 74 Unallocated 1,275 (127 ) - - 1,148 972 160 - - 1,132 Totals $ 13,886 $ (1,075 ) $ (161 ) $ 58 $ 12,708 $ 10,618 $ 1,806 $ (58 ) $ 5 $ 12,371 Six months ended June 30, 2021 Six months ended June 30, 2020 (in thousands) Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,646 $ (264 ) $ (10 ) $ 5 $ 2,377 $ 2,393 $ 647 $ - $ 8 $ 3,048 Residential 5+ multifamily 686 (141 ) - - 545 446 185 (42 ) - 589 Construction of residential 1-4 family 65 30 - - 95 75 12 - - 87 Home equity lines of credit 252 (62 ) - - 190 197 86 - - 283 Residential real estate 3,649 (437 ) (10 ) 5 3,207 3,111 930 (42 ) 8 4,007 Commercial 6,546 (345 ) (6 ) 17 6,212 3,742 1,402 (3 ) 19 5,160 Construction of commercial 596 90 (18 ) - 668 104 101 - - 205 Commercial real estate 7,142 (255 ) (24 ) 17 6,880 3,846 1,503 (3 ) 19 5,365 Farm land 59 ( ) - - 32 47 13 - - 60 Vacant land 180 (93 ) - - 87 71 111 - - 182 Real estate secured 11,030 (812 ) (34 ) 22 10,206 7,075 2,557 (45 ) 27 9,614 Commercial and industrial 1,397 (55 ) (131 ) 45 1,256 1,145 370 - - 1,515 Municipal 43 (11 ) - - 32 46 (10 ) - - 36 Consumer 77 20 (15 ) (16 ) 66 60 32 (25 ) 7 74 Unallocated 1,207 (59 ) - - 1,148 569 563 - - 1,132 Totals $ 13,754 $ (917 ) $ (180 ) $ 51 $ 12,708 $ 8,895 $ 3,512 $ (70 ) $ 34 $ 12,371 The composition of loans receivable and the allowance for loan losses (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance June 30, 2021 Residential 1-4 family $ 350,241 $ 2,374 $ 3,411 $ 3 $ 353,652 $ 2,377 Residential 5+ multifamily 36,010 545 962 - 36,972 545 Construction of residential 1-4 family 12,251 95 - - 12,251 95 Home equity lines of credit 25,115 190 147 - 25,262 190 Residential real estate 423,617 3,204 4,520 3 428,137 3,207 Commercial 308,165 6,167 4,481 45 312,646 6,212 Construction of commercial 41,983 668 - - 41,983 668 Commercial real estate 350,148 6,835 4,481 45 354,629 6,880 Farm land 2,935 32 594 - 3,529 32 Vacant land 12,846 87 160 - 13,006 87 Real estate secured 789,546 10,158 9,755 48 799,301 10,206 Commercial and industrial 218,307 1,141 450 115 218,757 1,256 Municipal 18,341 32 - - 18,341 32 Consumer 9,522 66 21 - 9,543 66 Unallocated allowance - 1,148 - - - 1,148 Totals $ 1,035,716 $ 12,545 $ 10,226 $ 163 $ 1,045,942 $ 12,708 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2020 Residential 1-4 family $ 347,695 $ 2,445 $ 4,306 $ 201 $ 352,001 $ 2,646 Residential 5+ multifamily 36,094 686 964 - 37,058 686 Construction of residential 1-4 family 8,814 65 - - 8,814 65 Home equity lines of credit 27,650 232 154 20 27,804 252 Residential real estate 420,253 3,428 5,424 221 425,677 3,649 Commercial 305,193 6,298 5,648 248 310,841 6,546 Construction of commercial 31,722 596 - - 31,722 596 Commercial real estate 336,915 6,894 5,648 248 342,563 7,142 Farm land 3,040 59 158 - 3,198 59 Vacant land 13,912 178 167 2 14,079 180 Real estate secured 774,120 10,559 11,397 471 785,517 11,030 Commercial and industrial 226,662 1,223 486 174 227,148 1,397 Municipal 21,512 43 - - 21,512 43 Consumer 7,661 59 26 18 7,687 77 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 The credit quality segments of loans receivable and the allowance for loan losses June 30, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 998,869 $ 8,644 $ - $ - $ 998,869 $ 8,644 Potential problem loans 1 36,847 2,753 - - 36,847 2,753 Impaired loans - - 10,226 163 10,226 163 Unallocated allowance - 1,148 - - - 1,148 Totals $ 1,035,716 $ 12,545 $ 10,226 $ 163 $ 1,045,942 $ 12,708 December 31, 2020 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,011,757 $ 10,424 $ - $ - $ 1,011,757 $ 10,424 Potential problem loans 1 18,198 1,460 - - 18,198 1,460 Impaired loans - - 11,909 663 11,909 663 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 1 A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or fair value of collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment 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 June 30, 2021 Residential $ 47 $ 49 $ 1,580 $ 3 $ 1 $ 4,326 $ 4,776 $ 3,401 $ 40 Home equity lines of credit - - 32 - - 147 188 168 - Residential real estate 47 49 1,612 3 1 4,473 4,964 3,569 40 Commercial 1,140 1,164 2,294 45 25 3,341 3,984 3,024 44 Construction of commercial - - - - - - - - - Farm land - - - - - 594 764 344 - Vacant land - - 104 - - 160 178 60 4 Real estate secured 1,187 1,213 4,010 48 26 8,568 9,890 6,997 88 Commercial and industrial 364 377 365 115 2 86 243 92 1 Consumer - - 11 - - 21 21 13 1 Totals $ 1,551 $ 1,590 $ 4,386 $ 163 $ 28 $ 8,675 $ 10,154 $ 7,102 $ 90 Note: The income recognized is for the six month period ended June 30, 2021. 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 June 30, 2020 Residential $ 4,203 $ 4,345 $ 4,066 $ 406 $ 45 $ 1,696 $ 2,043 $ 1,919 $ 13 Home equity lines of credit 227 540 79 20 - 38 74 100 - Residential real estate 4,430 4,885 4,145 426 45 1,734 2,117 2,019 13 Commercial 3,727 3,818 3,452 324 75 816 1,411 899 16 Construction of commercial - - - - - - - - - Farm land - - - - - 174 325 181 - Vacant land 39 41 40 3 - 134 151 137 5 Real estate secured 8,196 8,744 7,637 753 120 2,858 4,004 3,236 34 Commercial and industrial 896 901 241 376 7 - 151 64 - Consumer 31 31 34 19 1 - - - - Totals $ 9,123 $ 9,676 $ 7,912 $ 1,148 $ 128 $ 2,858 $ 4,155 $ 3,300 $ 34 Note: The income recognized is for the six month period ended June 30, 2020. Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 2020 Residential $ 2,971 $ 3,040 $ 3,862 $ 201 $ 72 $ 2,299 $ 2,676 $ 1,993 $ 27 Home equity lines of credit 75 75 76 20 - 79 117 103 - Residential real estate 3,046 3,115 3,938 221 72 2,378 2,793 2,096 27 Commercial 3,058 3,117 3,325 248 132 2,590 3,203 1,139 91 Construction of commercial - - - - - - - - - Farm land - - - - - 158 319 173 - Vacant land 37 40 39 2 - 130 145 134 9 Real estate secured 6,141 6,272 7,302 471 204 5,256 6,460 3,542 127 Commercial and industrial 416 424 482 174 4 70 283 58 2 Consumer 26 26 31 18 2 - - - - Totals $ 6,583 $ 6,722 $ 7,815 $ 663 $ 210 $ 5,326 $ 6,743 $ 3,600 $ 129 |
NOTE 4 - LEASES
NOTE 4 - LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Note 4 - Leases | |
NOTE 4 - LEASES | NOTE 4 - LEASES The Bank leases facilities and equipment with various expiration dates through 2036. The facilities leases have varying renewal options, generally require fixed annual rent, and provide that real estate taxes, insurance, and maintenance are to be paid by Salisbury. The Bank does not have any leases with related parties and equipment leases are not material to Salisbury's consolidated financial statements. In second quarter 2021, Salisbury executed a purchase and sale agreement to sell its office building in Poughkeepsie, New York. Salisbury will also relocate its Poughkeepsie, New York branch to leased space nearby. As a result of the sale, which is expected to close in late third quarter or early fourth quarter 2021, Salisbury will recognize a pre-tax loss of approximately $ 147 The following table provides information on the operating and finance leases ($ in thousands, except lease term and discount rate) Classification June 30, 2021 December 31, 2020 Assets Operating Other assets $ 1,074 $ 1,182 Finance Bank premises and equipment 1 1,352 1,402 Total Leased Assets $ 2,426 $ 2,584 Liabilities Operating Other liabilities $ 1,074 $ 1,182 Finance Finance lease 1,646 1,673 Total lease liabilities $ 2,720 $ 2,855 1 Lease cost Classification Six months ended June 30, 2021 Three months ended June 30, 2021 Operating leases Premises and equipment $ 147 $ 68 Finance leases: Amortization of leased assets Premises and equipment 51 25 Interest on finance leases Interest expense 69 36 Total lease cost $ 267 $ 129 Lease cost Classification Six months ended June 30, 2020 Three months ended June 30, 2020 Operating leases Premises and equipment $ 123 $ 61 Finance leases: Amortization of leased assets Premises and equipment 51 25 Interest on finance leases Interest expense 71 36 Total lease cost $ 245 $ 122 Weighted Average Remaining Lease Term June 30, 2021 December 31, 2020 Operating leases 7.4 years 7.6 years Financing leases 13.9 years 14.2 years Weighted Average Discount Rate 1 Operating leases 3.8% 3.7% Financing leases 8.3% 8.4% 1 The following is a schedule by years of the present value of the net minimum lease payments Future minimum lease payments (in thousands) Operating Leases Finance Leases 2021 $ 121 $ 96 2022 199 195 2023 146 197 2024 130 200 2025 137 203 Thereafter 436 1,777 Total future minimum lease payments 1,169 2,668 Less amount representing interest (95 ) (1,022 ) Total present value of net future minimum lease payments $ 1,074 $ 1,646 |
NOTE 5 - MORTGAGE SERVICING RIG
NOTE 5 - MORTGAGE SERVICING RIGHTS | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
NOTE 5 - MORTGAGE SERVICING RIGHTS | NOTE 5 - MORTGAGE SERVICING RIGHTS (in thousands) June 30, 2021 December 31, 2020 Residential mortgage loans serviced for others $ 145,585 $ 134,428 Fair value of mortgage servicing rights 950 762 Changes in mortgage servicing rights Three months ended Six months ended Periods ended June 30, (in thousands) 2021 2020 2021 2020 Mortgage Servicing Rights Balance, beginning of period $ 739 $ 255 $ 621 $ 238 Originated 64 110 258 143 Amortization (1) (55 ) (12 ) (131 ) (28 ) Balance, end of period $ 748 $ 353 $ 748 $ 353 Valuation Allowance Balance, beginning of period - - (9 ) - Decrease in impairment reserve (1) - - 9 - Balance, end of period - - - - Mortgage servicing rights, net $ 748 $ 353 $ 748 $ 353 (1) Amortization expense and changes in the impairment reserve are recorded in mortgage banking activities, net. |
NOTE 6 - PLEDGED ASSETS
NOTE 6 - PLEDGED ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
NOTE 6 - PLEDGED ASSETS | NOTE 6 - PLEDGED ASSETS The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (in thousands) June 30, 2021 December 31, 2020 Securities available-for-sale (at fair value) $ 67,145 $ 54,581 Loans receivable (at book value) 389,587 420,415 Total pledged assets $ 456,732 $ 474,996 At June 30, 2021, securities were pledged as follows: $ 49.64 17.49 0.02 |
NOTE 7 - DERIVATIVES AND HEDGIN
NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES | NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives Salisbury is exposed to certain risk arising from both its business operations and economic conditions. The Bank principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Bank manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Bank enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Bank uses derivative financial instruments to manage differences in the amount, timing, and duration of the Bank's known or expected cash receipts and its known or expected cash payments principally related to its portfolio of loans to first-time home buyers. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain pools of its pre-payable fixed-rate assets due to changes in benchmark interest rates. Salisbury uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, Federal Funds. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for Salisbury receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. As of June 30, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (in thousands) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Loans receivable (1) $ 9,992 $ 9,996 $ (8 ) $ (4 ) Total $ 9,992 $ 9,996 $ (8 ) $ (4 ) (1) These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 42.7 8 10.0 The table below presents the fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet As of June 30, 2021 As of December 31, 2020 (in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedge instruments Interest Rate Products $ 10,000 Other assets $ 8 Other Assets $ 4 Total Derivatives designated as hedge instruments $ 8 $ 4 The table below presents the effect of the Company's derivative financial instruments on the Income Statement for the three and six months ended June 30, 2021. Salisbury did not use derivatives prior to fourth quarter 2020. Three months ended Six months ended (in thousands) Interest Interest Interest Interest Total amounts of interest income and expense line items presented in the income statement in which the effects of fair value or cash flow hedges are recorded $ - $ - $ 1 $ - Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (2 ) - (4 ) - Derivatives designated as hedging instruments $ 2 $ - $ 5 $ - Credit-Risk Related Contingent Features Salisbury has an agreement with its derivative counterparty that contains a provision that provides that if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The agreement also contains a provision where if the Bank fails to maintain its status as a well / adequate capitalized institution, then Salisbury could be required to post cash or certain marketable securities issued by the U.S. Treasury or U.S. Government-sponsored enterprises as collateral. The minimum amount that Salisbury would have to post as collateral is $ 250 As of June 30, 2021, the fair value of derivative was $ 8 |
NOTE 8 - EARNINGS PER SHARE
NOTE 8 - EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
NOTE 8 - EARNINGS PER SHARE | NOTE 8 - EARNINGS PER SHARE Salisbury defines unvested share-based payment awards that contain non-forfeitable rights to dividends as participating securities that are included in computing earnings per share (EPS) using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic EPS excludes dilution and is computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The following table sets forth the computation of earnings per share (basic and diluted) Three months ended Six months ended Periods ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 4,353 $ 2,734 $ 8,879 $ 4,781 Less: Undistributed earnings allocated to participating securities (66 ) (43 ) (129 ) (77 ) Net income allocated to common stock $ 4,287 $ 2,691 $ 8,749 $ 4,704 Weighted-average common shares issued 2,852 2,834 2,849 2,831 Less: Unvested restricted stock awards (43 ) (38 ) (42 ) (38 ) Weighted average common shares outstanding used to calculate basic earnings per common share 2,810 2,796 2,807 2,793 Add: Dilutive effect of stock options 19 7 18 8 Weighted-average common shares outstanding used to calculate diluted earnings per common share 2,829 2,803 2,825 2,801 Earnings per common share (basic) $ 1.53 $ 0.96 $ 3.12 $ 1.68 Earnings per common share (diluted) $ 1.52 $ 0.96 $ 3.10 $ 1.68 |
NOTE 9 - SHAREHOLDERS' EQUITY
NOTE 9 - SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
NOTE 9 - SHAREHOLDERS' EQUITY | NOTE 9 - SHAREHOLDERS' EQUITY Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional and discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Bank became subject to capital regulations adopted by the Board of Governors of the Federal Reserve System (FRB) and the FDIC, which implemented the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The required minimum regulatory capital ratios to which the Bank is subject, and the minimum ratios required for the Bank to be categorized as "well capitalized" under the prompt corrective action framework are noted in the table below. In addition, the regulations established a capital conservation buffer of 2.5% effective January 1, 2019. Failure to maintain the capital conservation buffer will limit the ability of the Company and the Bank to pay discretionary bonuses and dividends. At June 30, 2021, the Bank exceeded the minimum requirement for the capital conservation buffer. As of December 31, 2020, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed that categorization. On March 31, 2021, Salisbury issued $ 25 15 10 As of June 30, 2021, Salisbury did not repurchase any of its common shares pursuant to the Common Stock Repurchase Plan approved by the Board of Directors in March 2021. The Bank's risk-weighted assets at June 30, 2021 and December 31, 2020 were $ 992.0 938.0 Actual regulatory capital position and minimum capital requirements Actual Minimum Capital Required For Capital Adequacy Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio June 30, 2021 Total Capital (to risk-weighted assets) $ 145,567 14.67 % $ 79,360 8.0 % $ 104,160 10.5 % $ 99,200 10.0 % Tier 1 Capital (to risk-weighted assets) 133,162 13.42 59,520 6.0 84,320 8.5 79,360 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 133,162 13.42 44,640 4.5 69,440 7.0 64,480 6.5 Tier 1 Capital (to average assets) $ 133,162 9.33 $ 57,077 4.0 $ 57,077 4.0 $ 71,346 5.0 December 31, 2020 Total Capital (to risk-weighted assets) $ 127,254 13.57 % $ 75,037 8.0 % $ 98,486 10.5 % $ 93,796 10.0 % Tier 1 Capital (to risk-weighted assets) 115,503 12.31 56,278 6.0 79,727 8.5 75,037 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 115,503 12.31 42,208 4.5 66,657 7.0 60,967 6.5 Tier 1 Capital (to average assets) $ 115,503 8.90 $ 51,907 4.0 $ 51,907 4.0 $ 64,884 5.0 Restrictions on Cash Dividends to Common Shareholders Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years. FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company ("BHC") should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure. |
NOTE 10 - BENEFITS
NOTE 10 - BENEFITS | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
NOTE 10 - BENEFITS | NOTE 10 - BENEFITS 401(k) Salisbury's 401(k) Plan expense was $ 308 200 594 438 ESOP Salisbury offers an ESOP to eligible employees. Under the Plan, Salisbury may make discretionary contributions to the Plan. Discretionary contributions vest in full upon six years and reflect the following schedule of qualified service: 20% after the second year, 20% per year thereafter, vesting at 100% after six full years of service. Salisbury's ESOP expense was $ 73 56 129 113 Other Retirement Plans Salisbury adopted ASC 715-60, "Compensation - Retirement Benefits - Defined Benefit Plans - Other Postretirement" and recognized a liability for Salisbury's future postretirement benefit obligations under endorsement split-dollar life insurance arrangements. The total liability for the arrangements included in other liabilities was $ 944 771 86 14 173 38 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 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. Salisbury's expense for this plan was $ 29 33 57 67 Management Agreements: Salisbury or the Bank has entered into various management agreements with its named executive officers, including a severance agreement with Mr. Cantele, President and Chief Executive Officer, a change in control agreement with Mr. Albero, Executive Vice President and Chief Financial Officer, and a severance agreement with Mr. Davies, President of the New York Region and Chief Lending Officer. In addition to these agreements, Salisbury has change in control agreements or a severance agreement, with change in control provisions, with eleven other executives with payouts ranging from 0.5 to 1.0 times base salary, annual cash bonus and other benefits. Such agreements, and their subsequent amendments, are designed to allow Salisbury to retain the services of the designated executives while reducing, to the extent possible, unnecessary disruptions to Salisbury's operations. |
NOTE 11 - LONG TERM INCENTIVE P
NOTE 11 - LONG TERM INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
NOTE 11 - LONG TERM INCENTIVE PLANS | NOTE 11 - LONG TERM INCENTIVE PLANS Restricted stock Restricted stock expense was $ 168 135 300 271 32 30 25 54 49 16,550 746 1,224 1,031 29 700 29 700 Performance-based restricted stock units On March 29, 2019, the Compensation Committee granted performance-based restricted stock units (RSU) pursuant to the 2017 Long-Term Incentive Plan to further align compensation with the Bank's performance. This RSU plan replaced the Bank's Phantom Stock Appreciation Units plan (Phantom). Salisbury paid out the final tranche of these awards in January 2021. The performance goal for awards granted under the RSU plan in 2019 is based on the increase in the Bank's tangible book value by $3.50 per share over the performance period for threshold performance. Vesting will range from 75% of target for achieving threshold performance, to 100% of target for achieving target payout performance ($5.00 increase in tangible book value per share) to 150% of target for achieving in excess of target payout performance and, if the performance goals are achieved, vesting will occur no later than March 29, 2022. On July 29, 2020, the Compensation Committee granted an additional 7,250 On June 23, 2021, the Compensation Committee granted an additional 7,400 The fair value of the awards granted under the RSU plan at the grant date was $ 354 264 280 103 24 174 47 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 $ 310 189 548 341 Options Salisbury issued stock options in conjunction with its acquisition of Riverside Bank in 2014. In second quarter 2021 and second quarter 2020, no stock options were exercised. In first quarter 2021 and first quarter 2020, a former Riverside Bank executive exercised 1,755 17.04 1,350 17.04 |
NOTE 12 - FAIR VALUE OF ASSETS
NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES | NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES Salisbury uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Additionally, from time to time, other assets are recorded at fair value on a nonrecurring basis, such as loans held for sale, collateral dependent impaired loans, property acquired through foreclosure or repossession and mortgage servicing rights. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Salisbury adopted ASC 820-10, "Fair Value Measurement - Overall," which provides a framework for measuring fair value under generally accepted accounting principles. This guidance permitted Salisbury the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. Salisbury did not elect fair value treatment for any financial assets or liabilities upon adoption. In accordance with ASC 820-10, Salisbury groups its financial assets and financial liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information ("inputs") are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Salisbury's market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1. Quoted prices in active markets for identical assets. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. • Level 2. Significant other observable inputs. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. • Level 3. Significant unobservable inputs. Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. The following is a description of valuation methodologies for assets recorded at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy. • Securities available-for-sale and the CRA mutual fund. Securities available-for-sale and the CRA mutual fund are recorded at fair value on a recurring basis. Level 1 securities include exchange-traded equity securities. Level 2 securities include debt securities with quoted prices, which are traded less frequently than exchange-traded instruments, whose value is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes obligations of the U.S. Treasury and U.S. government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, municipal bonds, SBA bonds, corporate bonds and certain preferred equities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management's best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. • Derivative financial instruments. The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. • Collateral dependent loans that are deemed to be impaired are valued based upon the fair value of the underlying collateral less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the property. Internal valuations are utilized to determine the fair value of other business assets. Collateral dependent impaired loans are categorized as Level 3. • Other real estate owned acquired through foreclosure or repossession is adjusted to fair value less costs to sell upon transfer out of loans. Subsequently, it is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. Management adjusts appraised values to reflect estimated market value declines or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property, and such property is categorized as Level 3. Assets measured at fair value Fair Value Measurements Using Assets at (in thousands) Level 1 Level 2 Level 3 fair value June 30, 2021 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 35,527 $ - $ 35,527 Municipal bonds - 31,079 - 31,079 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 60,996 - 60,996 Collateralized mortgage obligations: U.S. Government agencies - 12,715 - 12,715 Corporate bonds - 10,213 - 10,213 Securities available-for-sale $ - $ 150,530 $ - $ 150,530 CRA mutual funds $ 909 $ - $ - $ 909 Derivative financial instruments $ - $ 8 $ - $ 8 December 31, 2020 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 7,851 $ - $ 7,851 Municipal bonds - 27,617 - 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 36,573 - 36,573 Collateralized mortgage obligations: U.S. Government agencies - 17,454 - 17,454 Corporate bonds - 8,916 - 8,916 Securities available-for-sale $ - $ 98,411 $ - $ 98,411 CRA mutual funds $ 917 $ - $ - $ 917 Derivative financial instruments $ - $ 4 $ - $ 4 Carrying values and estimated fair values of financial instruments (in thousands) Carrying Estimated Fair value measurements using value fair value Level 1 Level 2 Level 3 June 30, 2021 Financial Assets Cash and cash equivalents $ 179,826 $ 179,826 $ 179,826 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 - - Securities available-for-sale, net 150,530 150,530 - 150,530 - CRA mutual fund 909 909 909 - - Federal Home Loan Bank of Boston stock 1,504 1,504 1,504 - - Loans held-for-sale 415 422 - - 422 Loans receivable, net 1,032,345 1,029,934 - - 1,029,934 Accrued interest receivable 6,357 6,357 6,357 - - Cash surrender value of life insurance policies 21,433 21,433 21,433 - - Derivative financial instruments 8 8 - 8 - Financial Liabilities Demand (non-interest-bearing) $ 359,517 $ 359,517 $ - $ 359,517 $ - Demand (interest-bearing) 224,791 224,791 - 224,791 - Money market 315,518 315,518 - 315,518 - Savings and other 206,887 206,887 - 206,887 - Certificates of deposit 136,656 137,673 - 137,673 - Deposits 1,243,369 1,244,386 - 1,244,386 - Repurchase agreements 17,492 17,492 - 17,492 - FHLBB advances 10,152 10,264 - 10,264 - Subordinated debt 24,445 24,517 - 24,517 - Note payable 189 192 - 192 - Finance lease obligation 1,646 1,767 - - 1,767 Accrued interest payable 42 42 42 - - December 31, 2020 Financial Assets Cash and cash equivalents $ 93,162 $ 93,162 $ 93,162 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 - - Securities available-for-sale 98,411 98,411 - 98,411 - CRA mutual fund 917 917 917 - - Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - - Loans held-for-sale 2,735 2,790 - - 2,790 Loans receivable, net 1,027,738 1,057,234 - - 1,057,234 Accrued interest receivable 6,373 6,373 6,373 - - Cash surrender value of life insurance policies 21,182 21,182 21,182 - - Derivative financial instruments 4 4 - 4 - Financial Liabilities Demand (non-interest-bearing) $ 310,769 $ 310,769 $ - $ 310,769 $ - Demand (interest-bearing) 218,869 218,869 - 218,869 - Money market 278,146 278,146 - 278,146 - Savings and other 189,776 189,776 - 189,776 - Certificates of deposit 131,514 132,875 - 132,875 - Deposits 1,129,074 1,130,435 - 1,130,435 - Repurchase agreements 7,116 7,116 - 7,116 - FHLBB advances 12,639 12,786 - 12,786 - Subordinated debt 9,883 10,027 10,027 - - Note payable 208 212 - 212 - Finance lease liability 1,673 1,920 - - 1,920 Accrued interest payable 43 43 43 - - The carrying amounts of financial instruments shown in the above table are included in the consolidated balance sheets under the indicated captions or are included in accrued interest and other liabilities. During the three months ended March 31, 2021, Salisbury issued new subordinated debt, and during the three months ended June 30, 2021 paid off its previously issued subordinated debt in its entirety. Salisbury categorized its new subordinated debt within level 2 of the fair value hierarchy. |
NOTE 13 - SUBSEQUENT EVENTS
NOTE 13 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
NOTE 13 - SUBSEQUENT EVENTS | NOTE 13 - SUBSEQUENT EVENTS On July 21, 2021 the Board of Directors of Salisbury approved a $ 0.01 0.31 On July 26, 2021, Salisbury sold the real estate that housed its operations center in Canaan, Connecticut for a pre-tax gain of approximately $ 67 |
NOTE 2 - SECURITIES (Tables)
NOTE 2 - SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
composition of securities | The composition of securities (in thousands) Amortized cost basis Gross unrealized gains Gross unrealized losses Fair value June 30, 2021 Available-for-sale U.S. Government Agency notes $ 35,303 $ 286 $ 62 $ 35,527 Municipal bonds 29,485 1,614 20 31,079 Mortgage-backed securities: U.S. Government agencies and U.S. Government- sponsored enterprises 60,446 991 441 60,996 Collateralized mortgage obligations: U.S. Government agencies 12,440 285 10 12,715 Corporate bonds 10,000 213 - 10,213 Total securities available-for-sale $ 147,674 $ 3,389 $ 533 $ 150,530 CRA mutual fund $ 909 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,504 $ - $ - $ 1,504 (in thousands) Amortized cost basis Gross unrealized gains Gross unrealized losses Fair value December 31, 2020 Available-for-sale U.S. Government Agency notes $ 7,735 $ 153 $ 37 $ 7,851 Municipal bonds 25,831 1,787 1 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 35,240 1,376 43 36,573 Collateralized mortgage obligations: U.S. Government agencies 17,054 400 - 17,454 Corporate bonds 8,750 166 - 8,916 Total securities available-for-sale $ 94,610 $ 3,882 $ 81 $ 98,411 CRA mutual fund $ 917 Non-marketable securities Federal Home Loan Bank of Boston stock $ 1,713 $ - $ - $ 1,713 |
aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position | The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position Less than 12 Months 12 Months or Longer Total June 30, 2021 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 17,155 $ 62 $ - $ - $ 17,155 $ 62 Municipal bonds 2,896 20 - - 2,896 20 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 30,869 441 - - 30,869 441 Collateralized mortgage obligations: U.S. Government agencies 1,429 10 - - 1,429 10 Total temporarily impaired securities $ 52,349 $ 533 $ - $ - $ 52,349 $ 533 Less than 12 Months 12 Months or Longer Total December 31, 2020 (in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale U.S. Government Agency notes $ 2,553 $ 36 $ 20 $ 1 $ 2,573 $ 37 Municipal bonds 558 1 - - 558 1 Mortgage- backed securities: U.S. Government agencies and U.S. Government - sponsored enterprises 3,761 42 45 1 3,806 43 Total temporarily impaired securities $ 6,872 $ 79 $ 65 $ 2 $ 6,937 $ 81 |
amortized cost, fair value and tax equivalent yield of securities, by maturity | The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity June 30, 2021 (in thousands) Maturity Amortized cost Fair value Yield (1) U.S. Government Agency notes After 1 year but within 5 years $ 3,497 $ 3,502 2.77 % After 5 year but within 10 years 15,917 15,931 1.30 Total 19,414 19,433 1.56 Municipal bonds After 5 year but within 10 years 3,030 3,210 2.71 After 10 years 26,455 27,869 2.85 Total 29,485 31,079 2.84 Mortgage-backed securities, Collateralized mortgage obligations, U.S. Government agencies and sponsored enterprises Not a single maturity 88,775 89,805 1.73 Corporate bonds After 5 years but within 10 years 10,000 10,213 4.88 Securities available-for-sale $ 147,674 $ 150,530 2.14 % (1) |
NOTE 3 - LOANS (Tables)
NOTE 3 - LOANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
composition of loans receivable and loans held-for-sale | The composition of loans receivable and loans held-for-sale (In thousands) June 30, 2021 December 31, 2020 Residential 1-4 family $ 353,652 $ 352,001 Residential 5+ multifamily 36,972 37,058 Construction of residential 1-4 family 12,251 8,814 Home equity lines of credit 25,262 27,804 Residential real estate 428,137 425,677 Commercial 312,646 310,841 Construction of commercial 41,983 31,722 Commercial real estate 354,629 342,563 Farm land 3,529 3,198 Vacant land 13,006 14,079 Real estate secured 799,301 785,517 Commercial and industrial ex PPP Loans 156,849 140,516 PPP Loans 61,908 86,632 Total Commercial and industrial 218,757 227,148 Municipal 18,341 21,512 Consumer 9,543 7,687 Loans receivable, gross 1,045,942 1,041,864 Deferred loan origination fees, net (889 ) (372 ) Allowance for loan losses (12,708 ) (13,754 ) Loans receivable, net $ 1,032,345 $ 1,027,738 Loans held-for-sale Residential 1-4 family $ 415 $ 2,735 |
composition of loans receivable by risk rating grade | The composition of loans receivable by risk rating grade ecember 31, 2020. (in thousands) Pass Special mention Substandard Doubtful Loss Total June 30, 2021 Residential 1-4 family $ 344,976 $ 4,553 $ 4,123 $ - $ - $ 353,652 Residential 5+ multifamily 35,204 85 1,683 - - 36,972 Construction of residential 1-4 family 12,251 - - - - 12,251 Home equity lines of credit 24,879 236 147 - - 25,262 Residential real estate 417,310 4,874 5,953 - - 428,137 Commercial 269,496 6,855 36,295 - - 312,646 Construction of commercial 41,983 - - - - 41,983 Commercial real estate 311,479 6,855 36,295 - - 354,629 Farm land 1,619 1,316 594 - - 3,529 Vacant land 12,927 44 35 - - 13,006 Real estate secured 743,335 13,089 42,877 - - 799,301 Commercial and industrial 215,693 914 1,867 283 - 218,757 Municipal 18,341 - - - - 18,341 Consumer 9,520 1 22 - - 9,543 Loans receivable, gross $ 986,889 $ 14,004 $ 44,766 $ 283 $ - $ 1,045,942 (in thousands) Pass Special mention Substandard Doubtful Loss Total December 31, 2020 Residential 1-4 family $ 342,243 $ 5,615 $ 4,143 $ - $ - $ 352,001 Residential 5+ multifamily 35,272 90 1,696 - - 37,058 Construction of residential 1-4 family 8,814 - - - - 8,814 Home equity lines of credit 27,393 257 154 - - 27,804 Residential real estate 413,722 5,962 5,993 - - 425,677 Commercial 276,866 15,565 18,410 - - 310,841 Construction of commercial 31,493 - 229 - - 31,722 Commercial real estate 308,359 15,565 18,639 - - 342,563 Farm land 1,612 - 1,586 - - 3,198 Vacant land 13,992 50 37 - - 14,079 Real estate secured 737,685 21,577 26,255 - - 785,517 Commercial and industrial 224,906 1,271 632 339 - 227,148 Municipal 21,512 - - - - 21,512 Consumer 7,660 - 27 - - 7,687 Loans receivable, gross $ 991,763 $ 22,848 $ 26,914 $ 339 $ - $ 1,041,864 |
composition of loans receivable by delinquency status | The composition of loans receivable by delinquency status Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual June 30, 2021 Residential 1-4 family $ 352,735 $ 128 $ 457 $ - $ 332 $ 917 $ - $ 1,544 Residential 5+ multifamily 36,111 - - - 861 861 - 861 Construction of residential 1-4 family 12,251 - - - - - - - Home equity lines of credit 24,923 182 46 7 104 339 - 147 Residential real estate 426,020 310 503 7 1,297 2,117 - 2,552 Commercial 310,574 1,538 31 503 - 2,072 - 2,000 Construction of commercial 41,983 - - - - - - - Commercial real estate 352,557 1,538 31 503 - 2,072 - 2,000 Farm land 2,940 - 139 - 450 589 - 594 Vacant land 13,006 - - - - - - 35 Real estate secured 794,523 1,848 673 510 1,747 4,778 - 5,181 Commercial and industrial 218,037 674 - - 46 720 11 347 Municipal 18,341 - - - - - - - Consumer 9,539 3 1 - - 4 - - Loans receivable, gross $ 1,040,440 $ 2,525 $ 674 $ 510 $ 1,793 $ 5,502 $ 11 $ 5,528 Past due 180 30 Accruing (in thousands) days days 90 days 30-59 60-89 90-179 and and and Non- Current days days days over over over accrual December 31, 2020 Residential 1-4 family $ 349,382 $ 1,419 $ 308 $ 673 $ 219 $ 2,619 $ - $ 1,508 Residential 5+ multifamily 36,197 - - - 861 861 - 861 Construction of residential 1-4 family 8,814 - - - - - - - Home equity lines of credit 27,522 157 9 - 116 282 - 154 Residential real estate 421,915 1,576 317 673 1,196 3,762 - 2,523 Commercial 307,927 1,855 530 95 434 2,914 - 2,544 Construction of commercial 31,722 - - - - - - - Commercial real estate 339,649 1,855 530 95 434 2,914 - 2,544 Farm land 2,594 154 450 - - 604 - 158 Vacant land 14,079 - - - - - - 37 Real estate secured 778,237 3,585 1,297 768 1,630 7,280 - 5,262 Commercial and industrial 224,496 2,148 457 1 46 2,652 12 374 Municipal 21,512 - - - - - - - Consumer 7,677 10 - - - 10 - - Loans receivable, gross $ 1,031,922 $ 5,743 $ 1,754 $ 769 $ 1,676 $ 9,942 $ 12 $ 5,636 |
Changes in the allowance for loan losses | Changes in the allowance for loan losses In second quarter 2021, Salisbury sold certain loans which the Bank classified as "substandard" credit risks. The sale resulted in charge-offs of approximately $ 18 131 Three months ended June 30, 2021 Three months ended June 30, 2020 (in thousands) Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,430 $ (55 ) $ (1 ) $ 3 $ 2,377 $ 2,706 $ 342 $ - $ - $ 3,048 Residential 5+ multifamily 622 (77 ) - - 545 508 122 (41 ) - 589 Construction of residential 1-4 family 77 18 - - 95 87 - - - 87 Home equity lines of credit 195 (5 ) - - 190 278 5 - - 283 Residential real estate 3,324 (119 ) (1 ) 3 3,207 3,579 469 (41 ) - 4,007 Commercial 7,080 (875 ) - 7 6,212 4,519 645 (4 ) - 5,160 Construction of commercial 584 102 (18 ) - 668 126 79 - - 205 Commercial real estate 7,664 (773 ) (18 ) 7 6,880 4,645 724 (4 ) - 5,365 Farm land 50 (18 ) - - 32 52 8 - - 60 Vacant land 109 (22 ) - - 87 144 38 - - 182 Real estate secured 11,147 (932 ) (19 ) 10 10,206 8,420 1,239 (45 ) - 9,614 Commercial and industrial 1,369 (27 ) (131 ) 45 1,256 1,071 444 - - 1,515 Municipal 43 (11 ) - - 32 53 (17 ) - - 36 Consumer 52 22 (11 ) 3 66 102 (20 ) (13 ) 5 74 Unallocated 1,275 (127 ) - - 1,148 972 160 - - 1,132 Totals $ 13,886 $ (1,075 ) $ (161 ) $ 58 $ 12,708 $ 10,618 $ 1,806 $ (58 ) $ 5 $ 12,371 Six months ended June 30, 2021 Six months ended June 30, 2020 (in thousands) Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Beginning balance Provision (Benefit) Charge- offs Reco- veries Ending balance Residential 1-4 family $ 2,646 $ (264 ) $ (10 ) $ 5 $ 2,377 $ 2,393 $ 647 $ - $ 8 $ 3,048 Residential 5+ multifamily 686 (141 ) - - 545 446 185 (42 ) - 589 Construction of residential 1-4 family 65 30 - - 95 75 12 - - 87 Home equity lines of credit 252 (62 ) - - 190 197 86 - - 283 Residential real estate 3,649 (437 ) (10 ) 5 3,207 3,111 930 (42 ) 8 4,007 Commercial 6,546 (345 ) (6 ) 17 6,212 3,742 1,402 (3 ) 19 5,160 Construction of commercial 596 90 (18 ) - 668 104 101 - - 205 Commercial real estate 7,142 (255 ) (24 ) 17 6,880 3,846 1,503 (3 ) 19 5,365 Farm land 59 ( ) - - 32 47 13 - - 60 Vacant land 180 (93 ) - - 87 71 111 - - 182 Real estate secured 11,030 (812 ) (34 ) 22 10,206 7,075 2,557 (45 ) 27 9,614 Commercial and industrial 1,397 (55 ) (131 ) 45 1,256 1,145 370 - - 1,515 Municipal 43 (11 ) - - 32 46 (10 ) - - 36 Consumer 77 20 (15 ) (16 ) 66 60 32 (25 ) 7 74 Unallocated 1,207 (59 ) - - 1,148 569 563 - - 1,132 Totals $ 13,754 $ (917 ) $ (180 ) $ 51 $ 12,708 $ 8,895 $ 3,512 $ (70 ) $ 34 $ 12,371 |
composition of loans receivable and the allowance for loan losses | The composition of loans receivable and the allowance for loan losses (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance June 30, 2021 Residential 1-4 family $ 350,241 $ 2,374 $ 3,411 $ 3 $ 353,652 $ 2,377 Residential 5+ multifamily 36,010 545 962 - 36,972 545 Construction of residential 1-4 family 12,251 95 - - 12,251 95 Home equity lines of credit 25,115 190 147 - 25,262 190 Residential real estate 423,617 3,204 4,520 3 428,137 3,207 Commercial 308,165 6,167 4,481 45 312,646 6,212 Construction of commercial 41,983 668 - - 41,983 668 Commercial real estate 350,148 6,835 4,481 45 354,629 6,880 Farm land 2,935 32 594 - 3,529 32 Vacant land 12,846 87 160 - 13,006 87 Real estate secured 789,546 10,158 9,755 48 799,301 10,206 Commercial and industrial 218,307 1,141 450 115 218,757 1,256 Municipal 18,341 32 - - 18,341 32 Consumer 9,522 66 21 - 9,543 66 Unallocated allowance - 1,148 - - - 1,148 Totals $ 1,035,716 $ 12,545 $ 10,226 $ 163 $ 1,045,942 $ 12,708 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance December 31, 2020 Residential 1-4 family $ 347,695 $ 2,445 $ 4,306 $ 201 $ 352,001 $ 2,646 Residential 5+ multifamily 36,094 686 964 - 37,058 686 Construction of residential 1-4 family 8,814 65 - - 8,814 65 Home equity lines of credit 27,650 232 154 20 27,804 252 Residential real estate 420,253 3,428 5,424 221 425,677 3,649 Commercial 305,193 6,298 5,648 248 310,841 6,546 Construction of commercial 31,722 596 - - 31,722 596 Commercial real estate 336,915 6,894 5,648 248 342,563 7,142 Farm land 3,040 59 158 - 3,198 59 Vacant land 13,912 178 167 2 14,079 180 Real estate secured 774,120 10,559 11,397 471 785,517 11,030 Commercial and industrial 226,662 1,223 486 174 227,148 1,397 Municipal 21,512 43 - - 21,512 43 Consumer 7,661 59 26 18 7,687 77 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 |
credit quality segments of loans receivable and the allowance for loan losses | The credit quality segments of loans receivable and the allowance for loan losses June 30, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 998,869 $ 8,644 $ - $ - $ 998,869 $ 8,644 Potential problem loans 1 36,847 2,753 - - 36,847 2,753 Impaired loans - - 10,226 163 10,226 163 Unallocated allowance - 1,148 - - - 1,148 Totals $ 1,035,716 $ 12,545 $ 10,226 $ 163 $ 1,045,942 $ 12,708 December 31, 2020 (in thousands) Collectively evaluated Individually evaluated Total portfolio Loans Allowance Loans Allowance Loans Allowance Performing loans $ 1,011,757 $ 10,424 $ - $ - $ 1,011,757 $ 10,424 Potential problem loans 1 18,198 1,460 - - 18,198 1,460 Impaired loans - - 11,909 663 11,909 663 Unallocated allowance - 1,207 - - - 1,207 Totals $ 1,029,955 $ 13,091 $ 11,909 $ 663 $ 1,041,864 $ 13,754 1 |
Certain data with respect to loans individually evaluated for impairment | A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or fair value of collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment 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 June 30, 2021 Residential $ 47 $ 49 $ 1,580 $ 3 $ 1 $ 4,326 $ 4,776 $ 3,401 $ 40 Home equity lines of credit - - 32 - - 147 188 168 - Residential real estate 47 49 1,612 3 1 4,473 4,964 3,569 40 Commercial 1,140 1,164 2,294 45 25 3,341 3,984 3,024 44 Construction of commercial - - - - - - - - - Farm land - - - - - 594 764 344 - Vacant land - - 104 - - 160 178 60 4 Real estate secured 1,187 1,213 4,010 48 26 8,568 9,890 6,997 88 Commercial and industrial 364 377 365 115 2 86 243 92 1 Consumer - - 11 - - 21 21 13 1 Totals $ 1,551 $ 1,590 $ 4,386 $ 163 $ 28 $ 8,675 $ 10,154 $ 7,102 $ 90 Note: The income recognized is for the six month period ended June 30, 2021. 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 June 30, 2020 Residential $ 4,203 $ 4,345 $ 4,066 $ 406 $ 45 $ 1,696 $ 2,043 $ 1,919 $ 13 Home equity lines of credit 227 540 79 20 - 38 74 100 - Residential real estate 4,430 4,885 4,145 426 45 1,734 2,117 2,019 13 Commercial 3,727 3,818 3,452 324 75 816 1,411 899 16 Construction of commercial - - - - - - - - - Farm land - - - - - 174 325 181 - Vacant land 39 41 40 3 - 134 151 137 5 Real estate secured 8,196 8,744 7,637 753 120 2,858 4,004 3,236 34 Commercial and industrial 896 901 241 376 7 - 151 64 - Consumer 31 31 34 19 1 - - - - Totals $ 9,123 $ 9,676 $ 7,912 $ 1,148 $ 128 $ 2,858 $ 4,155 $ 3,300 $ 34 Note: The income recognized is for the six month period ended June 30, 2020. Impaired loans with specific allowance Impaired loans with no specific allowance (in thousands) Loan balance Loan balance Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized December 31, 2020 Residential $ 2,971 $ 3,040 $ 3,862 $ 201 $ 72 $ 2,299 $ 2,676 $ 1,993 $ 27 Home equity lines of credit 75 75 76 20 - 79 117 103 - Residential real estate 3,046 3,115 3,938 221 72 2,378 2,793 2,096 27 Commercial 3,058 3,117 3,325 248 132 2,590 3,203 1,139 91 Construction of commercial - - - - - - - - - Farm land - - - - - 158 319 173 - Vacant land 37 40 39 2 - 130 145 134 9 Real estate secured 6,141 6,272 7,302 471 204 5,256 6,460 3,542 127 Commercial and industrial 416 424 482 174 4 70 283 58 2 Consumer 26 26 31 18 2 - - - - Totals $ 6,583 $ 6,722 $ 7,815 $ 663 $ 210 $ 5,326 $ 6,743 $ 3,600 $ 129 |
NOTE 4 - LEASES (Tables)
NOTE 4 - LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Note 4 - Leases | |
operating and finance leases | The following table provides information on the operating and finance leases ($ in thousands, except lease term and discount rate) Classification June 30, 2021 December 31, 2020 Assets Operating Other assets $ 1,074 $ 1,182 Finance Bank premises and equipment 1 1,352 1,402 Total Leased Assets $ 2,426 $ 2,584 Liabilities Operating Other liabilities $ 1,074 $ 1,182 Finance Finance lease 1,646 1,673 Total lease liabilities $ 2,720 $ 2,855 1 Lease cost Classification Six months ended June 30, 2021 Three months ended June 30, 2021 Operating leases Premises and equipment $ 147 $ 68 Finance leases: Amortization of leased assets Premises and equipment 51 25 Interest on finance leases Interest expense 69 36 Total lease cost $ 267 $ 129 Lease cost Classification Six months ended June 30, 2020 Three months ended June 30, 2020 Operating leases Premises and equipment $ 123 $ 61 Finance leases: Amortization of leased assets Premises and equipment 51 25 Interest on finance leases Interest expense 71 36 Total lease cost $ 245 $ 122 Weighted Average Remaining Lease Term June 30, 2021 December 31, 2020 Operating leases 7.4 years 7.6 years Financing leases 13.9 years 14.2 years Weighted Average Discount Rate 1 Operating leases 3.8% 3.7% Financing leases 8.3% 8.4% 1 |
schedule by years of the present value of the net minimum lease payments | The following is a schedule by years of the present value of the net minimum lease payments Future minimum lease payments (in thousands) Operating Leases Finance Leases 2021 $ 121 $ 96 2022 199 195 2023 146 197 2024 130 200 2025 137 203 Thereafter 436 1,777 Total future minimum lease payments 1,169 2,668 Less amount representing interest (95 ) (1,022 ) Total present value of net future minimum lease payments $ 1,074 $ 1,646 |
NOTE 5 - MORTGAGE SERVICING R_2
NOTE 5 - MORTGAGE SERVICING RIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of Participating Mortgage Loans [Table Text Block] | (in thousands) June 30, 2021 December 31, 2020 Residential mortgage loans serviced for others $ 145,585 $ 134,428 Fair value of mortgage servicing rights 950 762 |
Changes in mortgage servicing rights | Changes in mortgage servicing rights Three months ended Six months ended Periods ended June 30, (in thousands) 2021 2020 2021 2020 Mortgage Servicing Rights Balance, beginning of period $ 739 $ 255 $ 621 $ 238 Originated 64 110 258 143 Amortization (1) (55 ) (12 ) (131 ) (28 ) Balance, end of period $ 748 $ 353 $ 748 $ 353 Valuation Allowance Balance, beginning of period - - (9 ) - Decrease in impairment reserve (1) - - 9 - Balance, end of period - - - - Mortgage servicing rights, net $ 748 $ 353 $ 748 $ 353 (1) Amortization expense and changes in the impairment reserve are recorded in mortgage banking activities, net. |
NOTE 6 - PLEDGED ASSETS (Tables
NOTE 6 - PLEDGED ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available | The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (in thousands) June 30, 2021 December 31, 2020 Securities available-for-sale (at fair value) $ 67,145 $ 54,581 Loans receivable (at book value) 389,587 420,415 Total pledged assets $ 456,732 $ 474,996 |
NOTE 7 - DERIVATIVES AND HEDG_2
NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges | As of June 30, 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (in thousands) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Loans receivable (1) $ 9,992 $ 9,996 $ (8 ) $ (4 ) Total $ 9,992 $ 9,996 $ (8 ) $ (4 ) (1) These amounts include the amortized cost basis of closed portfolios used in designated hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 42.7 8 10.0 |
fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet | The table below presents the fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet As of June 30, 2021 As of December 31, 2020 (in thousands) Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedge instruments Interest Rate Products $ 10,000 Other assets $ 8 Other Assets $ 4 Total Derivatives designated as hedge instruments $ 8 $ 4 |
effect of the Company's derivative financial instruments on the Income Statement | The table below presents the effect of the Company's derivative financial instruments on the Income Statement for the three and six months ended June 30, 2021. Salisbury did not use derivatives prior to fourth quarter 2020. Three months ended Six months ended (in thousands) Interest Interest Interest Interest Total amounts of interest income and expense line items presented in the income statement in which the effects of fair value or cash flow hedges are recorded $ - $ - $ 1 $ - Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (2 ) - (4 ) - Derivatives designated as hedging instruments $ 2 $ - $ 5 $ - |
NOTE 8 - EARNINGS PER SHARE (Ta
NOTE 8 - EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
computation of earnings per share (basic and diluted) | The following table sets forth the computation of earnings per share (basic and diluted) Three months ended Six months ended Periods ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 4,353 $ 2,734 $ 8,879 $ 4,781 Less: Undistributed earnings allocated to participating securities (66 ) (43 ) (129 ) (77 ) Net income allocated to common stock $ 4,287 $ 2,691 $ 8,749 $ 4,704 Weighted-average common shares issued 2,852 2,834 2,849 2,831 Less: Unvested restricted stock awards (43 ) (38 ) (42 ) (38 ) Weighted average common shares outstanding used to calculate basic earnings per common share 2,810 2,796 2,807 2,793 Add: Dilutive effect of stock options 19 7 18 8 Weighted-average common shares outstanding used to calculate diluted earnings per common share 2,829 2,803 2,825 2,801 Earnings per common share (basic) $ 1.53 $ 0.96 $ 3.12 $ 1.68 Earnings per common share (diluted) $ 1.52 $ 0.96 $ 3.10 $ 1.68 |
NOTE 9 - SHAREHOLDERS' EQUITY (
NOTE 9 - SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Actual regulatory capital position and minimum capital requirements | The Bank's risk-weighted assets at June 30, 2021 and December 31, 2020 were $ 992.0 938.0 Actual regulatory capital position and minimum capital requirements Actual Minimum Capital Required For Capital Adequacy Minimum Capital Required For Capital Adequacy Plus Required Capital Conservation Buffer Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio June 30, 2021 Total Capital (to risk-weighted assets) $ 145,567 14.67 % $ 79,360 8.0 % $ 104,160 10.5 % $ 99,200 10.0 % Tier 1 Capital (to risk-weighted assets) 133,162 13.42 59,520 6.0 84,320 8.5 79,360 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 133,162 13.42 44,640 4.5 69,440 7.0 64,480 6.5 Tier 1 Capital (to average assets) $ 133,162 9.33 $ 57,077 4.0 $ 57,077 4.0 $ 71,346 5.0 December 31, 2020 Total Capital (to risk-weighted assets) $ 127,254 13.57 % $ 75,037 8.0 % $ 98,486 10.5 % $ 93,796 10.0 % Tier 1 Capital (to risk-weighted assets) 115,503 12.31 56,278 6.0 79,727 8.5 75,037 8.0 Common Equity Tier 1 Capital (to risk-weighted assets) 115,503 12.31 42,208 4.5 66,657 7.0 60,967 6.5 Tier 1 Capital (to average assets) $ 115,503 8.90 $ 51,907 4.0 $ 51,907 4.0 $ 64,884 5.0 Restrictions on Cash Dividends to Common Shareholders Salisbury's ability to pay cash dividends is substantially dependent on the Bank's ability to pay cash dividends to Salisbury. There are certain restrictions on the payment of cash dividends and other payments by the Bank to Salisbury. Under Connecticut law, the Bank cannot declare a cash dividend except from net profits, defined as the remainder of all earnings from current operations. The total of all cash dividends declared by the Bank in any calendar year shall not, unless specifically approved by the Banking Commissioner, exceed the total of its net profits of that year combined with its retained net profits of the preceding two years. FRB Supervisory Letter SR 09-4, February 24, 2009, revised March 30, 2009, notes that, as a general matter, the Board of Directors of a Bank Holding Company ("BHC") should inform the Federal Reserve and should eliminate, defer, or significantly reduce dividends if (1) net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (2) the prospective rate of earnings retention is not consistent with capital needs and overall current and prospective financial condition; or (3) the BHC will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Moreover, a BHC should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period (e.g., quarter) for which the dividend is being paid or that could result in a material adverse change to the BHC capital structure. |
NOTE 12 - FAIR VALUE OF ASSET_2
NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value | Assets measured at fair value Fair Value Measurements Using Assets at (in thousands) Level 1 Level 2 Level 3 fair value June 30, 2021 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 35,527 $ - $ 35,527 Municipal bonds - 31,079 - 31,079 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 60,996 - 60,996 Collateralized mortgage obligations: U.S. Government agencies - 12,715 - 12,715 Corporate bonds - 10,213 - 10,213 Securities available-for-sale $ - $ 150,530 $ - $ 150,530 CRA mutual funds $ 909 $ - $ - $ 909 Derivative financial instruments $ - $ 8 $ - $ 8 December 31, 2020 Assets at fair value on a recurring basis U.S. Government Agency notes $ - $ 7,851 $ - $ 7,851 Municipal bonds - 27,617 - 27,617 Mortgage-backed securities: U.S. Government agencies and U.S. Government-sponsored enterprises - 36,573 - 36,573 Collateralized mortgage obligations: U.S. Government agencies - 17,454 - 17,454 Corporate bonds - 8,916 - 8,916 Securities available-for-sale $ - $ 98,411 $ - $ 98,411 CRA mutual funds $ 917 $ - $ - $ 917 Derivative financial instruments $ - $ 4 $ - $ 4 |
Carrying values and estimated fair values of financial instruments | Carrying values and estimated fair values of financial instruments (in thousands) Carrying Estimated Fair value measurements using value fair value Level 1 Level 2 Level 3 June 30, 2021 Financial Assets Cash and cash equivalents $ 179,826 $ 179,826 $ 179,826 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 - - Securities available-for-sale, net 150,530 150,530 - 150,530 - CRA mutual fund 909 909 909 - - Federal Home Loan Bank of Boston stock 1,504 1,504 1,504 - - Loans held-for-sale 415 422 - - 422 Loans receivable, net 1,032,345 1,029,934 - - 1,029,934 Accrued interest receivable 6,357 6,357 6,357 - - Cash surrender value of life insurance policies 21,433 21,433 21,433 - - Derivative financial instruments 8 8 - 8 - Financial Liabilities Demand (non-interest-bearing) $ 359,517 $ 359,517 $ - $ 359,517 $ - Demand (interest-bearing) 224,791 224,791 - 224,791 - Money market 315,518 315,518 - 315,518 - Savings and other 206,887 206,887 - 206,887 - Certificates of deposit 136,656 137,673 - 137,673 - Deposits 1,243,369 1,244,386 - 1,244,386 - Repurchase agreements 17,492 17,492 - 17,492 - FHLBB advances 10,152 10,264 - 10,264 - Subordinated debt 24,445 24,517 - 24,517 - Note payable 189 192 - 192 - Finance lease obligation 1,646 1,767 - - 1,767 Accrued interest payable 42 42 42 - - December 31, 2020 Financial Assets Cash and cash equivalents $ 93,162 $ 93,162 $ 93,162 $ - $ - Interest bearing time deposits with financial institutions 750 750 750 - - Securities available-for-sale 98,411 98,411 - 98,411 - CRA mutual fund 917 917 917 - - Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - - Loans held-for-sale 2,735 2,790 - - 2,790 Loans receivable, net 1,027,738 1,057,234 - - 1,057,234 Accrued interest receivable 6,373 6,373 6,373 - - Cash surrender value of life insurance policies 21,182 21,182 21,182 - - Derivative financial instruments 4 4 - 4 - Financial Liabilities Demand (non-interest-bearing) $ 310,769 $ 310,769 $ - $ 310,769 $ - Demand (interest-bearing) 218,869 218,869 - 218,869 - Money market 278,146 278,146 - 278,146 - Savings and other 189,776 189,776 - 189,776 - Certificates of deposit 131,514 132,875 - 132,875 - Deposits 1,129,074 1,130,435 - 1,130,435 - Repurchase agreements 7,116 7,116 - 7,116 - FHLBB advances 12,639 12,786 - 12,786 - Subordinated debt 9,883 10,027 10,027 - - Note payable 208 212 - 212 - Finance lease liability 1,673 1,920 - - 1,920 Accrued interest payable 43 43 43 - - |
composition of securities (Deta
composition of securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Cost of Security Sold or Transferred, Method, Specific Identification [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | $ 35,303 | $ 7,735 |
Municipal bonds | 29,485 | 25,831 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 60,446 | 35,240 |
U.S. Government agencies | 12,440 | 17,054 |
Corporate bonds | 10,000 | 8,750 |
Total securities available-for-sale | 147,674 | 94,610 |
Non-marketable securities | ||
Federal Home Loan Bank of Boston stock | 1,504 | 1,713 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 286 | 153 |
Municipal bonds | 1,614 | 1,787 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 991 | 1,376 |
U.S. Government agencies | 285 | 400 |
Corporate bonds | 213 | 166 |
Total securities available-for-sale | 3,389 | 3,882 |
Non-marketable securities | ||
Federal Home Loan Bank of Boston stock | ||
Accumulated Net Unrealized Investment Gain Loss 1 [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 62 | 37 |
Municipal bonds | 20 | 1 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 441 | 43 |
U.S. Government agencies | 10 | |
Corporate bonds | ||
Total securities available-for-sale | 533 | 81 |
Non-marketable securities | ||
Federal Home Loan Bank of Boston stock | ||
Securities Financing Transaction, Fair Value [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 35,527 | 7,851 |
Municipal bonds | 31,079 | 27,617 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 60,996 | 36,573 |
U.S. Government agencies | 12,715 | 17,454 |
Corporate bonds | 10,213 | 8,916 |
Total securities available-for-sale | 150,530 | 98,411 |
CRA mutual fund | 909 | 917 |
Non-marketable securities | ||
Federal Home Loan Bank of Boston stock | $ 1,504 | $ 1,713 |
aggregate fair value and gross
aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Fair Value [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | $ 17,155 | $ 2,553 |
Municipal bonds | 2,896 | 558 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 30,869 | 3,761 |
U.S. Government agencies | 1,429 | |
Total temporarily impaired securities | 52,349 | 6,872 |
Aggregate Fair Value Gross Unrealized Loss Of Securities Less Than 12 Months Unrealized Losses [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 62 | 36 |
Municipal bonds | 20 | 1 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 441 | 42 |
U.S. Government agencies | 10 | |
Total temporarily impaired securities | 533 | 79 |
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Fair Value [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 20 | |
Municipal bonds | ||
U.S. Government agencies and U.S. Government - sponsored enterprises | 45 | |
U.S. Government agencies | ||
Total temporarily impaired securities | 65 | |
Aggregate Fair Value Gross Unrealized Loss Of Securities 12 Months Or Longer Unrealized Losses [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 1 | |
Municipal bonds | ||
U.S. Government agencies and U.S. Government - sponsored enterprises | 1 | |
U.S. Government agencies | ||
Total temporarily impaired securities | 2 | |
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Fair Value [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 17,155 | 2,573 |
Municipal bonds | 2,896 | 558 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 30,869 | 3,806 |
U.S. Government agencies | 1,429 | |
Total temporarily impaired securities | 52,349 | 6,937 |
Aggregate Fair Value Gross Unrealized Loss Of Securities Total Unrealized Losses [Member] | ||
Available-for-sale | ||
U.S. Government Agency notes | 62 | 37 |
Municipal bonds | 20 | 1 |
U.S. Government agencies and U.S. Government - sponsored enterprises | 441 | 43 |
U.S. Government agencies | 10 | |
Total temporarily impaired securities | $ 533 | $ 81 |
amortized cost, fair value and
amortized cost, fair value and tax equivalent yield of securities, by maturity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
U S Government Agency Notes 1 [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 3,497 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 3,502 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 2.77% |
U S Government Agency Notes 2 [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 15,917 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 15,931 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 1.30% |
U S Government Agency Notes Total [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 19,414 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 19,433 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 1.56% |
U S States And Political Subdivisions 2 [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 3,030 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 3,210 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 2.71% |
U S States And Political Subdivisions 3 [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 26,455 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 27,869 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 2.85% |
U S States And Political Subdivisions Total [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 29,485 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 31,079 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 2.84% |
US Government Agencies Debt Securities [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 88,775 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 89,805 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 1.73% |
Corporate Debt Securities [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 10,000 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 10,213 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 4.88% |
Available-for-sale Securities [Member] | |
Open Option Contracts Written [Line Items] | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $ 147,674 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $ 150,530 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 2.14% |
NOTE 2 - SECURITIES (Details Na
NOTE 2 - SECURITIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Available-for-sale securities sold | $ 3,300,000 | $ 10,600,000 | $ 3,300,000 | $ 10,600,000 |
Pre-tax gain on sales of available-for-sale securities | 9,000 | 182,000 | 9,000 | (182,000) |
Related tax expense on available-for-sale securities sold | $ 2,000 | $ 38,000 | $ 2,000 | 38,000 |
Pre-tax gain on available-for-sale securities sold | $ 182,000 |
composition of loans receivable
composition of loans receivable and loans held-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, net | $ 1,032,345 | $ 1,027,738 |
Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 353,652 | 352,001 |
Residential 5+ multifamily | 36,972 | 37,058 |
Construction of residential 1-4 family | 12,251 | 8,814 |
Home equity lines of credit | 25,262 | 27,804 |
Residential real estate | 428,137 | 425,677 |
Commercial | 312,646 | 310,841 |
Construction of commercial | 41,983 | 31,722 |
Commercial real estate | 354,629 | 342,563 |
Farm land | 3,529 | 3,198 |
Vacant land | 13,006 | 14,079 |
Real estate secured | 799,301 | 785,517 |
Commercial and industrial ex PPP Loans | 156,849 | 140,516 |
PPP Loans | 61,908 | 86,632 |
Total Commercial and industrial | 218,757 | 227,148 |
Municipal | 18,341 | 21,512 |
Consumer | 9,543 | 7,687 |
Loans receivable, gross | 1,045,942 | 1,041,864 |
Deferred loan origination fees, net | (889) | (372) |
Allowance for loan losses | (12,708) | (13,754) |
Loans receivable, net | 1,032,345 | 1,027,738 |
Loans held-for-sale | ||
Residential 1-4 family | $ 415 | $ 2,735 |
composition of loans receivab_2
composition of loans receivable by risk rating grade (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Residential 1-4 family | $ 344,976 | $ 342,243 | |
Residential 5+ multifamily | 35,204 | 35,272 | |
Construction of residential 1-4 family | 12,251 | 8,814 | |
Home equity lines of credit | 24,879 | 27,393 | |
Residential real estate | 417,310 | 413,722 | |
Commercial | 269,496 | 276,866 | |
Construction of commercial | 41,983 | 31,493 | |
Commercial real estate | 311,479 | 308,359 | |
Farm land | 1,619 | 1,612 | |
Vacant land | 12,927 | 13,992 | |
Real estate secured | 743,335 | 737,685 | |
Commercial and industrial | 215,693 | 224,906 | |
Municipal | 18,341 | 21,512 | |
Consumer | 9,520 | 7,660 | |
Loans receivable, gross | 986,889 | 991,763 | |
Special Mention [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Residential 1-4 family | 4,553 | 5,615 | |
Residential 5+ multifamily | 85 | 90 | |
Construction of residential 1-4 family | |||
Home equity lines of credit | 236 | 257 | |
Residential real estate | 4,874 | 5,962 | |
Commercial | 6,855 | 15,565 | |
Construction of commercial | |||
Commercial real estate | 6,855 | 15,565 | |
Farm land | 1,316 | ||
Vacant land | 44 | 50 | |
Real estate secured | 13,089 | 21,577 | |
Commercial and industrial | 914 | 1,271 | |
Municipal | |||
Consumer | 1 | ||
Loans receivable, gross | 14,004 | 22,848 | |
Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Residential 1-4 family | 4,123 | 4,143 | |
Residential 5+ multifamily | 1,683 | 1,696 | |
Construction of residential 1-4 family | |||
Home equity lines of credit | 147 | 154 | |
Residential real estate | 5,953 | 5,993 | |
Commercial | 36,295 | 18,410 | |
Construction of commercial | 229 | ||
Commercial real estate | 36,295 | 18,639 | |
Farm land | 594 | 1,586 | |
Vacant land | 35 | 37 | |
Real estate secured | 42,877 | 26,255 | |
Commercial and industrial | 1,867 | 632 | |
Municipal | |||
Consumer | 22 | 27 | |
Loans receivable, gross | 44,766 | 26,914 | |
Doubtful [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Residential 1-4 family | |||
Residential 5+ multifamily | |||
Construction of residential 1-4 family | |||
Home equity lines of credit | |||
Residential real estate | |||
Commercial | |||
Construction of commercial | |||
Commercial real estate | |||
Farm land | |||
Vacant land | |||
Real estate secured | |||
Commercial and industrial | 283 | 339 | |
Municipal | |||
Consumer | |||
Loans receivable, gross | 283 | 339 | |
Unlikely to be Collected Financing Receivable [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Residential 1-4 family | |||
Residential 5+ multifamily | |||
Construction of residential 1-4 family | |||
Home equity lines of credit | |||
Residential real estate | |||
Commercial | |||
Construction of commercial | |||
Commercial real estate | |||
Farm land | |||
Vacant land | |||
Real estate secured | |||
Commercial and industrial | |||
Municipal | |||
Consumer | |||
Loans receivable, gross | |||
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Residential 1-4 family | $ 352,001 | 353,652 | |
Residential 5+ multifamily | 37,058 | 36,972 | |
Construction of residential 1-4 family | 8,814 | 12,251 | |
Home equity lines of credit | 27,804 | 25,262 | |
Residential real estate | 425,677 | 428,137 | |
Commercial | 310,841 | 312,646 | |
Construction of commercial | 31,722 | 41,983 | |
Commercial real estate | 342,563 | 354,629 | |
Farm land | 3,198 | 3,529 | |
Vacant land | 14,079 | 13,006 | |
Real estate secured | 785,517 | 799,301 | |
Commercial and industrial | 227,148 | 218,757 | |
Municipal | 21,512 | 18,341 | |
Consumer | 7,687 | 9,543 | |
Loans receivable, gross | $ 1,041,864 | $ 1,045,942 |
composition of loans receivab_3
composition of loans receivable by delinquency status (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans Receivable Delinquency Status Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | $ 352,735 | $ 349,382 |
Residential 5+ multifamily | 36,111 | 36,197 |
Construction of residential 1-4 family | 12,251 | 8,814 |
Home equity lines of credit | 24,923 | 27,522 |
Residential real estate | 426,020 | 421,915 |
Commercial | 310,574 | 307,927 |
Construction of commercial | 41,983 | 31,722 |
Commercial real estate | 352,557 | 339,649 |
Farm land | 2,940 | 2,594 |
Vacant land | 13,006 | 14,079 |
Real estate secured | 794,523 | 778,237 |
Commercial and industrial | 218,037 | 224,496 |
Municipal | 18,341 | 21,512 |
Consumer | 9,539 | 7,677 |
Loans receivable, gross | 1,040,440 | 1,031,922 |
Loans Receivable Delinquency Status Period Two [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 128 | 1,419 |
Residential 5+ multifamily | ||
Construction of residential 1-4 family | ||
Home equity lines of credit | 182 | 157 |
Residential real estate | 310 | 1,576 |
Commercial | 1,538 | 1,855 |
Construction of commercial | ||
Commercial real estate | 1,538 | 1,855 |
Farm land | 154 | |
Vacant land | ||
Real estate secured | 1,848 | 3,585 |
Commercial and industrial | 674 | 2,148 |
Municipal | ||
Consumer | 3 | 10 |
Loans receivable, gross | 2,525 | 5,743 |
Loans Receivable Delinquency Status Period Three [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 457 | 308 |
Residential 5+ multifamily | ||
Construction of residential 1-4 family | ||
Home equity lines of credit | 46 | 9 |
Residential real estate | 503 | 317 |
Commercial | 31 | 530 |
Construction of commercial | ||
Commercial real estate | 31 | 530 |
Farm land | 139 | 450 |
Vacant land | ||
Real estate secured | 673 | 1,297 |
Commercial and industrial | 457 | |
Municipal | ||
Consumer | 1 | |
Loans receivable, gross | 674 | 1,754 |
Loans Receivable Delinquency Status Period Four [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 673 | |
Residential 5+ multifamily | ||
Construction of residential 1-4 family | ||
Home equity lines of credit | 7 | |
Residential real estate | 7 | 673 |
Commercial | 503 | 95 |
Construction of commercial | ||
Commercial real estate | 503 | 95 |
Farm land | ||
Vacant land | ||
Real estate secured | 510 | 768 |
Commercial and industrial | 1 | |
Municipal | ||
Consumer | ||
Loans receivable, gross | 510 | 769 |
Loans Receivable Delinquency Status Period Five [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 332 | 219 |
Residential 5+ multifamily | 861 | 861 |
Construction of residential 1-4 family | ||
Home equity lines of credit | 104 | 116 |
Residential real estate | 1,297 | 1,196 |
Commercial | 434 | |
Construction of commercial | ||
Commercial real estate | 434 | |
Farm land | 450 | |
Vacant land | ||
Real estate secured | 1,747 | 1,630 |
Commercial and industrial | 46 | 46 |
Municipal | ||
Consumer | ||
Loans receivable, gross | 1,793 | 1,676 |
Loans Receivable Delinquency Status Period Six [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 917 | 2,619 |
Residential 5+ multifamily | 861 | 861 |
Construction of residential 1-4 family | ||
Home equity lines of credit | 339 | 282 |
Residential real estate | 2,117 | 3,762 |
Commercial | 2,072 | 2,914 |
Construction of commercial | ||
Commercial real estate | 2,072 | 2,914 |
Farm land | 589 | 604 |
Vacant land | ||
Real estate secured | 4,778 | 7,280 |
Commercial and industrial | 720 | 2,652 |
Municipal | ||
Consumer | 4 | 10 |
Loans receivable, gross | 5,502 | 9,942 |
Loans Receivable Delinquency Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | ||
Residential 5+ multifamily | ||
Construction of residential 1-4 family | ||
Home equity lines of credit | ||
Residential real estate | ||
Commercial | ||
Construction of commercial | ||
Commercial real estate | ||
Farm land | ||
Vacant land | ||
Real estate secured | ||
Commercial and industrial | 11 | 12 |
Municipal | ||
Consumer | ||
Loans receivable, gross | 11 | 12 |
Loans Receivable Delinquency Non Accrual [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential 1-4 family | 1,544 | 1,508 |
Residential 5+ multifamily | 861 | 861 |
Construction of residential 1-4 family | ||
Home equity lines of credit | 147 | 154 |
Residential real estate | 2,552 | 2,523 |
Commercial | 2,000 | 2,544 |
Construction of commercial | ||
Commercial real estate | 2,000 | 2,544 |
Farm land | 594 | 158 |
Vacant land | 35 | 37 |
Real estate secured | 5,181 | 5,262 |
Commercial and industrial | 347 | 374 |
Municipal | ||
Consumer | ||
Loans receivable, gross | $ 5,528 | $ 5,636 |
Changes in the allowance for lo
Changes in the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Residential 1-4 family | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | $ 2,430 | $ 2,706 | $ 2,646 | $ 2,393 |
Provision | (55) | 342 | (264) | 647 |
Charge-offs | (1) | (10) | ||
Recoveries | 3 | 5 | 8 | |
Ending balance | 2,377 | 3,048 | 2,377 | 3,048 |
Recoveries | (3) | (5) | (8) | |
Residential 5+ multifamily | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 622 | 508 | 686 | 446 |
Provision | (77) | 122 | (141) | 185 |
Charge-offs | (41) | (42) | ||
Recoveries | ||||
Ending balance | 545 | 589 | 545 | 589 |
Recoveries | ||||
Construction of residential 1-4 family | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 77 | 87 | 65 | 75 |
Provision | 18 | 30 | 12 | |
Charge-offs | ||||
Recoveries | ||||
Ending balance | 95 | 87 | 95 | 87 |
Recoveries | ||||
Home equity lines of credit | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 195 | 278 | 252 | 197 |
Provision | (5) | 5 | (62) | 86 |
Charge-offs | ||||
Recoveries | ||||
Ending balance | 190 | 283 | 190 | 283 |
Recoveries | ||||
Residential real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 3,324 | 3,579 | 3,649 | 3,111 |
Provision | (119) | 469 | (437) | 930 |
Charge-offs | (1) | (41) | (10) | (42) |
Recoveries | 3 | 5 | 8 | |
Ending balance | 3,207 | 4,007 | 3,207 | 4,007 |
Recoveries | (3) | (5) | (8) | |
Commercial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 7,080 | 4,519 | 6,546 | 3,742 |
Provision | (875) | 645 | (345) | 1,402 |
Charge-offs | (4) | (6) | (3) | |
Recoveries | 7 | 17 | 19 | |
Ending balance | 6,212 | 5,160 | 6,212 | 5,160 |
Recoveries | (7) | (17) | (19) | |
Construction of commercial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 584 | 126 | 596 | 104 |
Provision | 102 | 79 | 90 | 101 |
Charge-offs | (18) | (18) | ||
Recoveries | ||||
Ending balance | 668 | 205 | 668 | 205 |
Recoveries | ||||
Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 7,664 | 4,645 | 7,142 | 3,846 |
Provision | (773) | 724 | (255) | 1,503 |
Charge-offs | (18) | (4) | (24) | (3) |
Recoveries | 7 | 17 | 19 | |
Ending balance | 6,880 | 5,365 | 6,880 | 5,365 |
Recoveries | (7) | (17) | (19) | |
Farm land | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 50 | 52 | 59 | 47 |
Provision | (18) | 8 | 27 | 13 |
Charge-offs | ||||
Recoveries | ||||
Ending balance | 32 | 60 | 32 | 60 |
Recoveries | ||||
Vacant land | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 109 | 144 | 180 | 71 |
Provision | (22) | 38 | (93) | 111 |
Charge-offs | ||||
Recoveries | ||||
Ending balance | 87 | 182 | 87 | 182 |
Recoveries | ||||
Real estate secured | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 11,147 | 8,420 | 11,030 | 7,075 |
Provision | (932) | 1,239 | (812) | 2,557 |
Charge-offs | (19) | (45) | (34) | (45) |
Recoveries | 10 | 22 | 27 | |
Ending balance | 10,206 | 9,614 | 10,206 | 9,614 |
Recoveries | (10) | (22) | (27) | |
Commercial and industrial | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 1,369 | 1,071 | 1,397 | 1,145 |
Provision | (27) | 444 | (55) | 370 |
Charge-offs | (131) | (131) | ||
Recoveries | 45 | 45 | ||
Ending balance | 1,256 | 1,515 | 1,256 | 1,515 |
Recoveries | (45) | (45) | ||
Municipal | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 43 | 53 | 43 | 46 |
Provision | (11) | (17) | (11) | (10) |
Charge-offs | ||||
Recoveries | ||||
Ending balance | 32 | 36 | 32 | 36 |
Recoveries | ||||
Consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 52 | 102 | 77 | 60 |
Provision | 22 | (20) | 20 | 32 |
Charge-offs | (11) | (13) | (15) | (25) |
Recoveries | 3 | 5 | 16 | 7 |
Ending balance | 66 | 74 | 66 | 74 |
Recoveries | (3) | (5) | (16) | (7) |
Unallocated | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 1,275 | 972 | 1,207 | 569 |
Provision | (127) | 160 | (59) | 563 |
Charge-offs | ||||
Recoveries | ||||
Ending balance | 1,148 | 1,132 | 1,148 | 1,132 |
Recoveries | ||||
Totals | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 13,886 | 10,618 | 13,754 | 8,895 |
Provision | (1,075) | 1,806 | (917) | 3,512 |
Charge-offs | (161) | (58) | (180) | (70) |
Recoveries | 58 | 5 | 51 | 34 |
Ending balance | 12,708 | 12,371 | 12,708 | 12,371 |
Recoveries | $ (58) | $ (5) | $ (51) | $ (34) |
composition of loans receivab_4
composition of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Totals | $ 1,032,345 | $ 1,027,738 |
Allowance For Loan And Lease Losses Collectively Evaluated Loans [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Residential 1-4 family | 350,241 | 347,695 |
Residential 5+ multifamily | 36,010 | 36,094 |
Construction of residential 1-4 family | 12,251 | 8,814 |
Home equity lines of credit | 25,115 | 27,650 |
Residential real estate | 423,617 | 420,253 |
Commercial | 308,165 | 305,193 |
Construction of commercial | 41,983 | 31,722 |
Commercial real estate | 350,148 | 336,915 |
Farm land | 2,935 | 3,040 |
Vacant land | 12,846 | 13,912 |
Real estate secured | 789,546 | 774,120 |
Commercial and industrial | 218,307 | 226,662 |
Municipal | 18,341 | 21,512 |
Consumer | 9,522 | 7,661 |
Unallocated allowance | ||
Totals | 1,035,716 | 1,029,955 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss, Real Estate [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Residential 1-4 family | 2,374 | 2,445 |
Residential 5+ multifamily | 545 | 686 |
Construction of residential 1-4 family | 95 | 65 |
Home equity lines of credit | 190 | 232 |
Residential real estate | 3,204 | 3,428 |
Commercial | 6,167 | 6,298 |
Construction of commercial | 668 | 596 |
Commercial real estate | 6,835 | 6,894 |
Farm land | 32 | 59 |
Vacant land | 87 | 178 |
Real estate secured | 10,158 | 10,559 |
Commercial and industrial | 1,141 | 1,223 |
Municipal | 32 | 43 |
Consumer | 66 | 59 |
Unallocated allowance | 1,148 | 1,207 |
Totals | 12,545 | 13,091 |
Allowance For Loan And Lease Losses Individually Evaluated Loans [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Residential 1-4 family | 3,411 | 4,306 |
Residential 5+ multifamily | 962 | 964 |
Construction of residential 1-4 family | ||
Home equity lines of credit | 147 | 154 |
Residential real estate | 4,520 | 5,424 |
Commercial | 4,481 | 5,648 |
Construction of commercial | ||
Commercial real estate | 4,481 | 5,648 |
Farm land | 594 | 158 |
Vacant land | 160 | 167 |
Real estate secured | 9,755 | 11,397 |
Commercial and industrial | 450 | 486 |
Municipal | ||
Consumer | 21 | 26 |
Unallocated allowance | ||
Totals | 10,226 | 11,909 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Residential 1-4 family | 3 | 201 |
Residential 5+ multifamily | ||
Construction of residential 1-4 family | ||
Home equity lines of credit | 20 | |
Residential real estate | 3 | 221 |
Commercial | 45 | 248 |
Construction of commercial | ||
Commercial real estate | 45 | 248 |
Farm land | ||
Vacant land | 2 | |
Real estate secured | 48 | 471 |
Commercial and industrial | 115 | 174 |
Municipal | ||
Consumer | 18 | |
Unallocated allowance | ||
Totals | 163 | 663 |
Allowance For Loan And Lease Losses Total Portfolio Loans [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Residential 1-4 family | 353,652 | 352,001 |
Residential 5+ multifamily | 36,972 | 37,058 |
Construction of residential 1-4 family | 12,251 | 8,814 |
Home equity lines of credit | 25,262 | 27,804 |
Residential real estate | 428,137 | 425,677 |
Commercial | 312,646 | 310,841 |
Construction of commercial | 41,983 | 31,722 |
Commercial real estate | 354,629 | 342,563 |
Farm land | 3,529 | 3,198 |
Vacant land | 13,006 | 14,079 |
Real estate secured | 799,301 | 785,517 |
Commercial and industrial | 218,757 | 227,148 |
Municipal | 18,341 | 21,512 |
Consumer | 9,543 | 7,687 |
Unallocated allowance | ||
Totals | 1,045,942 | 1,041,864 |
Allowance For Loan And Lease Losses Total Portfolio Allowance [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Residential 1-4 family | 2,377 | 2,646 |
Residential 5+ multifamily | 545 | 686 |
Construction of residential 1-4 family | 95 | 65 |
Home equity lines of credit | 190 | 252 |
Residential real estate | 3,207 | 3,649 |
Commercial | 6,212 | 6,546 |
Construction of commercial | 668 | 596 |
Commercial real estate | 6,880 | 7,142 |
Farm land | 32 | 59 |
Vacant land | 87 | 180 |
Real estate secured | 10,206 | 11,030 |
Commercial and industrial | 1,256 | 1,397 |
Municipal | 32 | 43 |
Consumer | 66 | 77 |
Unallocated allowance | 1,148 | 1,207 |
Totals | $ 12,708 | $ 13,754 |
credit quality segments of loan
credit quality segments of loans receivable and the allowance for loan losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Totals | $ 1,032,345 | $ 1,027,738 |
Allowance For Loan And Lease Losses Collectively Evaluated Loans Credit Quality Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Performing loans | 998,869 | 1,011,757 |
Potential problem loans 1 | 36,847 | 18,198 |
Impaired loans | ||
Unallocated allowance | ||
Totals | 1,035,716 | 1,029,955 |
Allowance For Loan And Lease Losses Collectively Evaluated Allowance Credit Quality Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Performing loans | 8,644 | 10,424 |
Potential problem loans 1 | 2,753 | 1,460 |
Impaired loans | ||
Unallocated allowance | 1,148 | 1,207 |
Totals | 12,545 | 13,091 |
Allowance For Loan And Lease Losses Individually Evaluated Loans Credit Quality Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Performing loans | ||
Potential problem loans 1 | ||
Impaired loans | 10,226 | 11,909 |
Unallocated allowance | ||
Totals | 10,226 | 11,909 |
Allowance For Loan And Lease Losses Individually Evaluated Allowance Credit Quality Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Performing loans | ||
Potential problem loans 1 | ||
Impaired loans | 163 | 663 |
Unallocated allowance | ||
Totals | 163 | 663 |
Allowance For Loan And Lease Losses Total Portfolio Loans Credit Quality Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Performing loans | 998,869 | 1,011,757 |
Potential problem loans 1 | 36,847 | 18,198 |
Impaired loans | 10,226 | 11,909 |
Unallocated allowance | ||
Totals | 1,045,942 | 1,041,864 |
Allowance For Loan And Lease Losses Total Portfolio Allowance Credit Quality Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Performing loans | 8,644 | 10,424 |
Potential problem loans 1 | 2,753 | 1,460 |
Impaired loans | 163 | 663 |
Unallocated allowance | 1,148 | 1,207 |
Totals | $ 12,708 | $ 13,754 |
Certain data with respect to lo
Certain data with respect to loans individually evaluated for impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Totals | $ 1,032,345 | $ 1,027,738 | |
Impaired Loans Specific Allowance Loan Balance Book [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 47 | $ 4,203 | |
Home equity lines of credit | 227 | ||
Residential real estate | 47 | 4,430 | |
Commercial | 1,140 | 3,727 | |
Construction of commercial | |||
Farm land | |||
Vacant land | 39 | ||
Real estate secured | 1,187 | 8,196 | |
Commercial and industrial | 364 | 896 | |
Consumer | 31 | ||
Totals | 1,551 | 9,123 | |
Impaired Loans Specific Allowance Loan Balance Note [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 49 | 3,040 | 4,345 |
Home equity lines of credit | 75 | 540 | |
Residential real estate | 49 | 3,115 | 4,885 |
Commercial | 1,164 | 3,117 | 3,818 |
Construction of commercial | |||
Farm land | |||
Vacant land | 40 | 41 | |
Real estate secured | 1,213 | 6,272 | 8,744 |
Commercial and industrial | 377 | 424 | 901 |
Consumer | 26 | 31 | |
Totals | 1,590 | 6,722 | 9,676 |
Impaired Loans Specific Allowance Loan Balance Average [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 1,580 | 3,862 | 4,066 |
Home equity lines of credit | 32 | 76 | 79 |
Residential real estate | 1,612 | 3,938 | 4,145 |
Commercial | 2,294 | 3,325 | 3,452 |
Construction of commercial | |||
Farm land | |||
Vacant land | 104 | 39 | 40 |
Real estate secured | 4,010 | 7,302 | 7,637 |
Commercial and industrial | 365 | 482 | 241 |
Consumer | 11 | 31 | 34 |
Totals | 4,386 | 7,815 | 7,912 |
SEC Schedule, 12-09, Reserve, Impairment of Recognized Servicing Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 3 | 201 | 406 |
Home equity lines of credit | 20 | 20 | |
Residential real estate | 3 | 221 | 426 |
Commercial | 45 | 248 | 324 |
Construction of commercial | |||
Farm land | |||
Vacant land | 2 | 3 | |
Real estate secured | 48 | 471 | 753 |
Commercial and industrial | 115 | 174 | 376 |
Consumer | 18 | 19 | |
Totals | 163 | 663 | 1,148 |
Impaired Loans Specific Allowance Loan Income Recognized [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 1 | 72 | 45 |
Home equity lines of credit | |||
Residential real estate | 1 | 72 | 45 |
Commercial | 25 | 132 | 75 |
Construction of commercial | |||
Farm land | |||
Vacant land | |||
Real estate secured | 26 | 204 | 120 |
Commercial and industrial | 2 | 4 | 7 |
Consumer | 2 | 1 | |
Totals | 28 | 210 | 128 |
Impaired Loans No Specific Allowance Loan Balance Book [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 4,326 | 1,696 | |
Home equity lines of credit | 147 | 38 | |
Residential real estate | 4,473 | 1,734 | |
Commercial | 3,341 | 816 | |
Construction of commercial | |||
Farm land | 594 | 174 | |
Vacant land | 160 | 134 | |
Real estate secured | 8,568 | 2,858 | |
Commercial and industrial | 86 | ||
Consumer | 21 | ||
Totals | 8,675 | 2,858 | |
Impaired Loans No Specific Allowance Loan Balance Note [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 4,776 | 2,676 | 2,043 |
Home equity lines of credit | 188 | 117 | 74 |
Residential real estate | 4,964 | 2,793 | 2,117 |
Commercial | 3,984 | 3,203 | 1,411 |
Construction of commercial | |||
Farm land | 764 | 319 | 325 |
Vacant land | 178 | 145 | 151 |
Real estate secured | 9,890 | 6,460 | 4,004 |
Commercial and industrial | 243 | 283 | 151 |
Consumer | 21 | ||
Totals | 10,154 | 6,743 | 4,155 |
Impaired Loans No Specific Allowance Loan Balance Average [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 3,401 | 1,993 | 1,919 |
Home equity lines of credit | 168 | 103 | 100 |
Residential real estate | 3,569 | 2,096 | 2,019 |
Commercial | 3,024 | 1,139 | 899 |
Construction of commercial | |||
Farm land | 344 | 173 | 181 |
Vacant land | 60 | 134 | 137 |
Real estate secured | 6,997 | 3,542 | 3,236 |
Commercial and industrial | 92 | 58 | 64 |
Consumer | 13 | ||
Totals | 7,102 | 3,600 | 3,300 |
Impaired Loans No Specific Allowance Loan Income Recognized [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 40 | 27 | 13 |
Home equity lines of credit | |||
Residential real estate | 40 | 27 | 13 |
Commercial | 44 | 91 | 16 |
Construction of commercial | |||
Farm land | |||
Vacant land | 4 | 9 | 5 |
Real estate secured | 88 | 127 | 34 |
Commercial and industrial | 1 | 2 | |
Consumer | 1 | ||
Totals | $ 90 | 129 | $ 34 |
Impaired Loans Specific Allowance Loan Balance Recorded Investment [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 2,971 | ||
Home equity lines of credit | 75 | ||
Residential real estate | 3,046 | ||
Commercial | 3,058 | ||
Construction of commercial | |||
Farm land | |||
Vacant land | 37 | ||
Real estate secured | 6,141 | ||
Commercial and industrial | 416 | ||
Consumer | 26 | ||
Totals | 6,583 | ||
Impaired Loans No Specific Allowance Loan Balance Recorded Investment [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Residential | 2,299 | ||
Home equity lines of credit | 79 | ||
Residential real estate | 2,378 | ||
Commercial | 2,590 | ||
Construction of commercial | |||
Farm land | 158 | ||
Vacant land | 130 | ||
Real estate secured | 5,256 | ||
Commercial and industrial | 70 | ||
Consumer | |||
Totals | $ 5,326 |
NOTE 3 - LOANS (Details Narrati
NOTE 3 - LOANS (Details Narrative) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)Integer | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Receivables [Abstract] | ||||
Commercial loans serviced for other banks under loan participation agreements | $ 56,000,000 | $ 56,000,000 | $ 65,300,000 | |
SBA PPP loans, number of applications processed | Integer | 472 | |||
SBA PPP loans processed | $ 48,200,000 | |||
Net interest income on PPP loans | 200,000 | 400,000 | ||
Net fee income on PPP loans | 600,000 | 1,600,000 | ||
Total net fees on PPP loans that will be recognized over the life of the loans | 2,100,000 | 3,100,000 | ||
Net origination fees on PPP loans | 2,900,000 | |||
SBA PPP loan balance | 61,900,000 | 61,900,000 | $ 86,600,000 | |
SBA PPP loans originated in 2020 on balance sheet | 13,700,000 | 13,700,000 | ||
SBA PPP loans originated in 2021 on balance sheet | 48,200,000 | $ 48,200,000 | ||
Commercial real estate troubled debt restructuring | $ 133,000 | |||
Charge-offs for commercial construction loans | 18,000 | |||
Charge-offs for commercial and industrial loans | $ 131,000 |
operating and finance leases (D
operating and finance leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Liabilities | |||||
Operating leases | $ 68 | $ 61 | $ 147 | $ 123 | |
Amortization of leased assets | 25 | 25 | 51 | 51 | |
Interest on finance leases | 36 | 36 | 69 | 71 | |
Total lease cost | $ 129 | $ 122 | $ 267 | $ 245 | |
Weighted Average Remaining Lease Term | |||||
Operating leases | 7 years 146 days | 7 years 146 days | 7 years 219 days | ||
Financing leases | 13 years 328 days 12 hours | 13 years 328 days 12 hours | 14 years 73 days | ||
Weighted Average Discount Rate 1 | |||||
Operating leases | 3.80% | 3.80% | 3.70% | ||
Financing leases | 8.30% | 8.30% | 8.40% | ||
Assets And Liabilities [Member] | |||||
Assets | |||||
Operating | $ 1,074 | $ 1,074 | $ 1,182 | ||
Finance | 1,352 | 1,352 | 1,402 | ||
Total Leased Assets | 2,426 | 2,426 | 2,584 | ||
Liabilities | |||||
Finance | 1,646 | 1,646 | 1,673 | ||
Total lease liabilities | $ 2,720 | $ 2,720 | $ 2,855 |
schedule by years of the presen
schedule by years of the present value of the net minimum lease payments (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
 | $ 121 |
 | 199 |
 | 146 |
 | 130 |
 | 137 |
 | 436 |
 | 1,169 |
 | (95) |
 | 1,074 |
Finance Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
 | 96 |
 | 195 |
 | 197 |
 | 200 |
 | 203 |
 | 1,777 |
 | 2,668 |
 | (1,022) |
 | $ 1,646 |
NOTE 4 - LEASES (Details Narrat
NOTE 4 - LEASES (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Note 4 - Leases | |
Pre-tax loss recognized as result of sale of Poughkeepsie office building | $ 147 |
Mortgage Servicing Rights
Mortgage Servicing Rights - Derivative Financial Instruments, Assets [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Residential mortgage loans serviced for others | $ 145,585 | $ 134,428 |
Fair value of mortgage servicing rights | $ 950 | $ 762 |
Changes in mortgage servicing r
Changes in mortgage servicing rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Mortgage Servicing Rights | ||||
Balance, beginning of period | $ 739 | $ 255 | $ 621 | $ 238 |
Originated | 64 | 110 | 258 | 143 |
Amortization (1) | (55) | (12) | (131) | (28) |
Balance, end of period | 748 | 353 | 748 | 353 |
Valuation Allowance | ||||
Balance, beginning of period | (9) | |||
Decrease in impairment reserve (1) | 9 | |||
Balance, end of period | ||||
Mortgage servicing rights, net | $ 748 | $ 353 | $ 748 | $ 353 |
The following securities and lo
The following securities and loans were pledged to secure public and trust deposits, securities sold under agreements to repurchase, FHLBB advances and credit facilities available (Details) - Guarantee Type, Other [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Securities available-for-sale (at fair value) | $ 67,145 | $ 54,581 |
Loans receivable (at book value) | 389,587 | 420,415 |
Total pledged assets | $ 456,732 | $ 474,996 |
NOTE 6 - PLEDGED ASSETS (Detail
NOTE 6 - PLEDGED ASSETS (Details Narrative) | Jun. 30, 2021USD ($) |
Guarantees and Product Warranties [Abstract] | |
Securities pledged to secure public deposits | $ 49,640,000 |
Securities pledged to secure repurchase agreements | 17,490,000 |
Securities pledged to secure FHLBB advances | $ 20,000 |
the following amounts were reco
the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loans receivable, cumulative amount of fair value hedging adjustment included in carrying amount of hedged assets | $ (8,000) | $ (4,000) |
Total, cumulative amount of fair value hedging adjustment included in carrying amount of hedged assets | (8,000) | (4,000) |
Amortized cost basis of closed portfolios used in hedging relationships | 42,700,000 | |
Cumulative basis adjustment associated with hedging relationships | 8,000 | |
Amount of designated hedged item | 10,000,000 | |
Hedged Assets Liabilities Carrying Amount [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loans receivable(1) | 9,992,000 | 9,996,000 |
Total | $ 9,992,000 | $ 9,996,000 |
fair value of Salisbury's deriv
fair value of Salisbury's derivative financial instrument and its classification on the Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Notional Amount [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Products | $ 10,000 | |
Derivative Instrument Fair Value [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Rate Products | 8 | $ 4 |
Total Derivatives designated as hedge instruments | $ 8 | $ 4 |
effect of the Company's derivat
effect of the Company's derivative financial instruments on the Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Interest Income Derivative Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total amounts of interest income and expense line items presented in the income statement in which the effects of fair value or cash flow hedges are recorded | $ 1 | |
Hedged items | (2) | (4) |
Derivatives designated as hedging instruments | 2 | 5 |
Interest Expense Derivative Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total amounts of interest income and expense line items presented in the income statement in which the effects of fair value or cash flow hedges are recorded | ||
Hedged items | ||
Derivatives designated as hedging instruments |
NOTE 7 - DERIVATIVES AND HEDG_3
NOTE 7 - DERIVATIVES AND HEDGING ACTIVITIES (Details Narrative) $ in Thousands | Jun. 30, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Minimum amount of posted collateral for Credit-Risk Related Contingent Features agreement | $ 250 |
Fair value of derivative in a net asset position related to Credit-Risk Related Contingent Features agreement | $ 8 |
computation of earnings per sha
computation of earnings per share (basic and diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 4,353 | $ 2,734 | $ 8,879 | $ 4,781 |
Less: Undistributed earnings allocated to participating securities | (66) | (43) | (129) | (77) |
Net income allocated to common stock | 4,287 | 2,691 | 8,749 | 4,704 |
Weighted-average common shares issued | 2,852 | 2,834 | 2,849 | 2,831 |
Less: Unvested restricted stock awards | (43) | (38) | (42) | (38) |
Weighted average common shares outstanding used to calculate basic earnings per common share | 2,810 | 2,796 | 2,807 | 2,793 |
Add: Dilutive effect of stock options | 19 | 7 | 18 | 8 |
Weighted-average common shares outstanding used to calculate diluted earnings per common share | $ 2,829 | $ 2,803 | $ 2,825 | $ 2,801 |
Earnings per common share (basic) | $ 1.53 | $ 0.96 | $ 3.12 | $ 1.68 |
Earnings per common share (diluted) | $ 1.52 | $ 0.96 | $ 3.10 | $ 1.68 |
Actual regulatory capital posit
Actual regulatory capital position and minimum capital requirements (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital To Risk Weighted Assets [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Banking Regulation, Total Capital, Actual | $ 145,567 | $ 127,254 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1467 | 0.1357 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 79,360 | $ 75,037 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.080 | 0.080 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0] | $ 104,160 | $ 98,486 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0] | 10.50% | 10.50% |
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | $ 99,200 | $ 93,796 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.100 | 0.100 |
Tier 1 Capital To Risk Weighted Assets [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Banking Regulation, Total Capital, Actual | $ 133,162 | $ 115,503 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1342 | 0.1231 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 59,520 | $ 56,278 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.060 | 0.060 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0] | $ 84,320 | $ 79,727 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0] | 8.50% | 8.50% |
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | $ 79,360 | $ 75,037 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.080 | 0.080 |
Common Equity Tier 1 Capital To Risk Weighted Assets [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Banking Regulation, Total Capital, Actual | $ 133,162 | $ 115,503 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1342 | 0.1231 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 44,640 | $ 42,208 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.045 | 0.045 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0] | $ 69,440 | $ 66,657 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0] | 7.00% | 7.00% |
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | $ 64,480 | $ 60,967 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | 0.065 |
Tier 1 Capital To Average Assets [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Banking Regulation, Total Capital, Actual | $ 133,162 | $ 115,503 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.0933 | 0.0890 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 57,077 | $ 51,907 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.040 | 0.040 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferAmount-0] | $ 57,077 | $ 51,907 |
[custom:TotalCapitalMinimumCapitalRequiredForCapitalAdequacyPlusRequiredCapitalConservationBufferRatio-0] | 4.00% | 4.00% |
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | $ 71,346 | $ 64,884 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.050 | 0.050 |
NOTE 9 - SHAREHOLDERS' EQUITY_2
NOTE 9 - SHAREHOLDERS' EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Equity [Abstract] | ||||
Subordinated debt issued | $ 25,000,000 | |||
Net proceeds from issuance of subordinated debt retained at the holding company level | $ 15,000,000 | |||
Subordinated debt redeemed | $ 10,000,000 | $ 24,418,000 |
NOTE 10 - BENEFITS (Details Nar
NOTE 10 - BENEFITS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||||
Salisbury's 401(k) Plan expense | $ 308,000 | $ 200,000 | $ 594,000 | $ 438,000 | |
Salisbury's ESOP expense | 73,000 | 56,000 | 129,000 | 113,000 | |
Total liability for endorsement split-dollar life insurance arrangements included in other liabilities | 944,000 | 944,000 | $ 771,000 | ||
Net credit to expense future postretirement benefit obligations under endorsement split-dollar life insurance arrangements | 86,000 | 14,000 | 173,000 | 38,000 | |
Expenses related to Non-Qualified Deferred Compensation Plan | $ 29 | $ 33,000 | $ 57,000 | $ 67,000 |
NOTE 11 - LONG TERM INCENTIVE_2
NOTE 11 - LONG TERM INCENTIVE PLANS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Restricted stock expense | $ 168 | $ 135 | $ 300 | $ 271 | |||
Expense for accelerated vesting of restricted stock awards previously granted to certain Directors | 32 | 32 | |||||
Tax benefit from restricted stock expense | $ 30 | 25 | 54 | 49 | |||
Restricted stock granted pursuant to 2017 Long Term Incentive Plan, shares | 16,550 | ||||||
Restricted stock granted pursuant to 2017 Long Term Incentive Plan, value | $ 746 | ||||||
Unrecognized compensation cost relating to awards | 1,224 | 1,031 | $ 1,224 | 1,031 | |||
Forfeitures of restricted stock, amount | $ 29 | $ 29 | |||||
Forfeitures of restricted stock, shares | 700 | 700 | |||||
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, granted | 7,400 | 7,250 | |||||
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, fair value | $ 354 | $ 264 | $ 280 | ||||
Performance-based restricted stock units pursuant to 2017 Long-Term Incentive Plan, compensation expense | 103 | $ 24 | 174 | 47 | |||
Short Term Incentive Plan expense, included in compensation expenses | $ 310 | $ 189 | $ 548 | $ 341 | |||
Options exercised by former Riverside executive, number | 1,350 | ||||||
Outstanding Stock Options 1 [Member] | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Options exercised by former Riverside executive, number | 1,755 | 1,755 | |||||
Options exercised by former Riverside executive, exercise price | $ 17.04 | $ 17.04 | |||||
Outstanding Stock Options 2 [Member] | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Options exercised by former Riverside executive, exercise price | $ 17.04 |
Assets measured at fair value (
Assets measured at fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Inputs Level 1 S A L [Member] | ||
Assets at fair value on a recurring basis | ||
U.S. Government Agency notes | ||
Municipal bonds | ||
U.S. Government agencies and U.S. Government-sponsored enterprises | ||
U.S. Government agencies | ||
Corporate bonds | ||
Securities available-for-sale | ||
CRA mutual funds | 909 | 917 |
Derivative financial instruments | ||
Fair Value Inputs Level 2 S A L [Member] | ||
Assets at fair value on a recurring basis | ||
U.S. Government Agency notes | 35,527 | 7,851 |
Municipal bonds | 31,079 | 27,617 |
U.S. Government agencies and U.S. Government-sponsored enterprises | 60,996 | 36,573 |
U.S. Government agencies | 12,715 | 17,454 |
Corporate bonds | 10,213 | 8,916 |
Securities available-for-sale | 150,530 | 98,411 |
CRA mutual funds | ||
Derivative financial instruments | 8 | 4 |
Fair Value Inputs Level 3 S A L [Member] | ||
Assets at fair value on a recurring basis | ||
U.S. Government Agency notes | ||
Municipal bonds | ||
U.S. Government agencies and U.S. Government-sponsored enterprises | ||
U.S. Government agencies | ||
Corporate bonds | ||
Securities available-for-sale | ||
CRA mutual funds | ||
Derivative financial instruments | ||
Fair Value Inputs Level 12 And 3 S A L [Member] | ||
Assets at fair value on a recurring basis | ||
U.S. Government Agency notes | 35,527 | 7,851 |
Municipal bonds | 31,079 | 27,617 |
U.S. Government agencies and U.S. Government-sponsored enterprises | 60,996 | 36,573 |
U.S. Government agencies | 12,715 | 17,454 |
Corporate bonds | 10,213 | 8,916 |
Securities available-for-sale | 150,530 | 98,411 |
CRA mutual funds | 909 | 917 |
Derivative financial instruments | $ 8 | $ 4 |
Carrying values and estimated f
Carrying values and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Reported Amount Fair Value Disclosure S A L [Member] | ||
Financial Assets | ||
Cash and cash equivalents | $ 179,826 | $ 93,162 |
Interest bearing time deposits with financial institutions | 750 | 750 |
Securities available-for-sale | 150,530 | 98,411 |
CRA mutual fund | 909 | 917 |
Federal Home Loan Bank of Boston stock | 1,504 | 1,713 |
Loans held-for-sale | 415 | 2,735 |
Loans receivable, net | 1,032,345 | 1,027,738 |
Accrued interest receivable | 6,357 | 6,373 |
Cash surrender value of life insurance policies | 21,433 | 21,182 |
Derivative financial instruments | 8 | 4 |
Financial Liabilities | ||
Demand (non-interest-bearing) | 359,517 | 310,769 |
Demand (interest-bearing) | 224,791 | 218,869 |
Money market | 315,518 | 278,146 |
Savings and other | 206,887 | 189,776 |
Certificates of deposit | 136,656 | 131,514 |
Deposits | 1,243,369 | 1,129,074 |
Repurchase agreements | 17,492 | 7,116 |
FHLBB advances | 10,152 | 12,639 |
Subordinated debt | 24,445 | 9,883 |
Note payable | 189 | 208 |
Finance lease liability | 1,646 | 1,673 |
Accrued interest payable | 42 | 43 |
Estimate Of Fair Value Fair Value Disclosure S A L [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 179,826 | 93,162 |
Interest bearing time deposits with financial institutions | 750 | 750 |
Securities available-for-sale | 150,530 | 98,411 |
CRA mutual fund | 909 | 917 |
Federal Home Loan Bank of Boston stock | 1,504 | 1,713 |
Loans held-for-sale | 422 | 2,790 |
Loans receivable, net | 1,029,934 | 1,057,234 |
Accrued interest receivable | 6,357 | 6,373 |
Cash surrender value of life insurance policies | 21,433 | 21,182 |
Derivative financial instruments | 8 | 4 |
Financial Liabilities | ||
Demand (non-interest-bearing) | 359,517 | 310,769 |
Demand (interest-bearing) | 224,791 | 218,869 |
Money market | 315,518 | 278,146 |
Savings and other | 206,887 | 189,776 |
Certificates of deposit | 137,673 | 132,875 |
Deposits | 1,244,386 | 1,130,435 |
Repurchase agreements | 17,492 | 7,116 |
FHLBB advances | 10,264 | 12,786 |
Subordinated debt | 24,517 | 10,027 |
Note payable | 192 | 212 |
Finance lease liability | 1,767 | 1,920 |
Accrued interest payable | 42 | 43 |
Fair Value Inputs Level 1 S A L [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 179,826 | 93,162 |
Interest bearing time deposits with financial institutions | 750 | 750 |
Securities available-for-sale | ||
CRA mutual fund | 909 | 917 |
Federal Home Loan Bank of Boston stock | 1,504 | 1,713 |
Loans held-for-sale | ||
Loans receivable, net | ||
Accrued interest receivable | 6,357 | 6,373 |
Cash surrender value of life insurance policies | 21,433 | 21,182 |
Derivative financial instruments | ||
Financial Liabilities | ||
Demand (non-interest-bearing) | ||
Demand (interest-bearing) | ||
Money market | ||
Savings and other | ||
Certificates of deposit | ||
Deposits | ||
Repurchase agreements | ||
FHLBB advances | ||
Subordinated debt | 10,027 | |
Note payable | ||
Finance lease liability | ||
Accrued interest payable | 42 | 43 |
Fair Value Inputs Level 2 S A L [Member] | ||
Financial Assets | ||
Cash and cash equivalents | ||
Interest bearing time deposits with financial institutions | ||
Securities available-for-sale | 150,530 | 98,411 |
CRA mutual fund | ||
Federal Home Loan Bank of Boston stock | ||
Loans held-for-sale | ||
Loans receivable, net | ||
Accrued interest receivable | ||
Cash surrender value of life insurance policies | ||
Derivative financial instruments | 8 | 4 |
Financial Liabilities | ||
Demand (non-interest-bearing) | 359,517 | 310,769 |
Demand (interest-bearing) | 224,791 | 218,869 |
Money market | 315,518 | 278,146 |
Savings and other | 206,887 | 189,776 |
Certificates of deposit | 137,673 | 132,875 |
Deposits | 1,244,386 | 1,130,435 |
Repurchase agreements | 17,492 | 7,116 |
FHLBB advances | 10,264 | 12,786 |
Subordinated debt | 24,517 | |
Note payable | 192 | 212 |
Finance lease liability | ||
Accrued interest payable | ||
Fair Value Inputs Level 3 S A L [Member] | ||
Financial Assets | ||
Cash and cash equivalents | ||
Interest bearing time deposits with financial institutions | ||
Securities available-for-sale | ||
CRA mutual fund | ||
Federal Home Loan Bank of Boston stock | ||
Loans held-for-sale | 422 | 2,790 |
Loans receivable, net | 1,029,934 | 1,057,234 |
Accrued interest receivable | ||
Cash surrender value of life insurance policies | ||
Derivative financial instruments | ||
Financial Liabilities | ||
Demand (non-interest-bearing) | ||
Demand (interest-bearing) | ||
Money market | ||
Savings and other | ||
Certificates of deposit | ||
Deposits | ||
Repurchase agreements | ||
FHLBB advances | ||
Subordinated debt | ||
Note payable | ||
Finance lease liability | 1,767 | 1,920 |
Accrued interest payable |
NOTE 13 - SUBSEQUENT EVENTS (De
NOTE 13 - SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 27, 2021 | Aug. 27, 2021 | Jul. 21, 2021 |
Subsequent Events [Abstract] | |||
Quarterly dividend increase approved by Board of Directors | $ 0.01 | ||
Quarterly dividend payable | $ 0.31 | ||
Approximate pre-tax gain from sale of Canaan, CT operations center real estate | $ 67 |