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SECURITIES (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Composition of Securities

(in thousands)		Amortized cost (1)				Gross un- realized gains				Gross un-realized losses				Fair value
September 30, 2014
Available-for-sale
U.S. Treasury notes		$	2,498			$	122			$	—			$	2,620
U.S. Government Agency notes			2,501				16				—				2,517
Municipal bonds			37,770				1,310				(190	)			38,890
Mortgage-backed securities
U.S. Government Agencies			28,412				610				(21	)			29,001
Collateralized mortgage obligations
U.S. Government Agencies			2,849				25				—				2,874
Non-agency			6,398				537				(8	)			6,927
SBA bonds			1,566				113				—				1,679
Preferred stock			20				917				—				937
Total securities available-for-sale		$	82,014			$	3,650			$	(219	)		$	85,445
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	3,515			$	—			$	—			$	3,515

(in thousands)		Amortized cost (1)				Gross un- realized gains				Gross un-realized losses				Fair value
December 31, 2013
Available-for-sale
U.S. Treasury notes		$	2,497			$	160			$	—			$	2,657
U.S. Government Agency notes			2,507				83				—				2,590
Municipal bonds			41,775				782				(2,120	)			40,437
Mortgage-backed securities
U.S. Government Agencies			33,522				442				(72	)			33,892
Collateralized mortgage obligations
U.S. Government Agencies			3,545				35				—				3,580
Non-agency			7,923				401				(16	)			8,308
SBA bonds			2,042				188				—				2,230
Preferred stock			20				777				—				797
Total securities available-for-sale		$	93,831			$	2,868			$	(2,208	)		$	94,491
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	5,340			$	—			$	—			$	5,340

(1)

Net of other-than-temporary impairment write-downs recognized in earnings.

Aggreggate fair value and gross unrealized loss of securities

			Less than 12 Months								12 Months or Longer								Total
			Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(in thousands)			Value				losses				value				losses				value				losses
September 30, 2014
Available-for-sale
Municipal bonds		$	1,040			$	1			$	4,044			$	189			$	5,084			$	190
Mortgage-backed securities			557				2				1,948				19				2,505				21
Collateralized mortgage obligations
Non-agency			391				4				169				4				560				8
Total temporarily impaired securities			1,988				7				6,161				212				8,149				219
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency			—				—				—				—				—				—
Total temporarily and other-than-temporarily impaired securities		$	1,988			$	7			$	6,161			$	212			$	8,149			$	219

			Less than 12 Months								12 Months or Longer								Total
			Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(in thousands)			Value				losses				value				losses				value				losses
December 31, 2013
Available-for-sale
Municipal bonds		$	19,714			$	1,428			$	2,323			$	692			$	22,037			$	2,120
Mortgage-backed securities			15,096				20				2,132				52				17,228				72
Collateralized mortgage obligations
Non-agency			398				2				294				10				692				12
Total temporarily impaired securities			35,208				1,450				4,749				754				39,957				2,204
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency			320				4				—				—				320				4
Total temporarily and other-than-temporarily impaired securities		$	35,528			$	1,454			$	4,749			$	754			$	40,277			$	2,208

Activity related to credit losses recognized into earnings

Nine months ended September 30 (in thousands)			2014				2013
Balance, beginning of period		$	1,128			$	1,128
Credit component on debt securities in which OTTI was not previously recognized			—				—
Balance, end of period		$	1,128			$	1,128

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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