SECURITIES (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Composition of Securities

(in thousands)		Amortized cost basis (1)		Gross un-realized gains		Gross un-realized losses		Fair value
September 30, 2019
Available-for-sale
U.S. Government Agency notes	$	4,642	$	165	$	3	$	4,804
Municipal bonds		26,604		746		45		27,305
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		30,534		624		37		31,121
Collateralized mortgage obligations:
U.S. Government agencies		26,621		626		—		27,247
Corporate bonds		4,250		87		—		4,337
Total securities available-for-sale	$	92,651	$	2,248	$	85	$	94,814
CRA mutual fund	$	881	$	—	$	—	$	881
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	2,575	$	—	$	—	$	2,575
(in thousands)		Amortized cost basis (1)		Gross un-realized gains		Gross un-realized losses		Fair value
December 31, 2018
Available-for-sale
U.S. Government Agency notes	$	7,590	$	83	$	3	$	7,670
Municipal bonds		5,334		45		—		5,379
Mortgage-backed securities:
U.S. Government agencies and U.S. Government sponsored enterprises		57,837		170		561		57,446
Collateralized mortgage obligations:
U.S. Government agencies		17,835		85		173		17,747
Corporate bonds		3,500		76		—		3,576
Total securities available-for-sale	$	92,096	$	459	$	737	$	91,818
CRA mutual fund	$	836	$	—	$	—	$	836
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	4,496	$	—	$	—	$	4,496

Aggreggate fair value and gross unrealized loss of securities

	Less than 12 Months				12 Months or Longer				Total
September 30, 2019 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	306	$	3	$	306	$	3
Municipal bonds		6,307		45		—		—		6,307		45
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		6,097		34		731		3		6,828		37
Total temporarily impaired securities	$	12,404	$	79	$	1,037	$	6	$	13,441	$	85
	Less than 12 Months				12 Months or Longer				Total
December 31, 2018 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	34	$	—	$	532	$	3	$	566	$	3
Mortgage-backed securities:
U.S. Government agencies and U.S. Government –sponsored enterprises		13,063		175		26,777		386		39,840		561
Collateralized mortgage obligations:
U.S. Government Agencies		—		—		8,281		173		8,281		173
Total temporarily impaired securities	$	13,097	$	175	$	35,590	$	562	$	48,687	$	737

Amortized cost, fair value and tax equivalent yield of securities

September 30, 2019 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
U.S. Government Agency notes	Within 1 year	$	49	$	49		3.32	%
	After 1 year but within 5 years		292		290		3.88
	After 5 year but within 10 years		4,301		4,465		3.36
	Total		4,642		4,804		3.39
Municipal bonds	Within 1 year		61		61		2.63
	After 5 year but within 10 years		1,741		1,846		3.16
	After 10 years		24,802		25,398		3.48
	Total		26,604		27,305		3.46
Mortgage-backed securities and Collateralized mortgage obligations	U.S. Government agencies		57,155		58,368		2.88
Corporate bonds	After 5 years but within 10 years		4,250		4,337		5.43
Securities available-for-sale		$	92,651	$	94,814		3.07	%

⁽¹⁾ Yield is based on amortized cost.