FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Assets measured at fair value

	Fair Value Measurements Using						Assets at
(in thousands)	Level 1		Level 2		Level 3		fair
							value
September 30, 2019
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	—	$	4,804	$	—	$	4,804
Municipal bonds		—		27,305		—		27,305
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		31,121		—		31,121
Collateralized mortgage obligations:
U.S. Government agencies		—		27,247		—		27,247
Corporate bonds		—		4,337		—		4,337
Securities available-for-sale	$	—	$	94,814	$	—	$	94,814
CRA mutual funds		881		—		—		881
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	3,162	$	3,162
Other real estate owned	$	—	$	—	$	317	$	317
December 31, 2018
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	—	$	7,670	$	—	$	7,670
Municipal bonds		—		5,379		—		5,379
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		57,446		—		57,446
Collateralized mortgage obligations:
U.S. Government agencies		—		17,747		—		17,747
Corporate bonds		—		3,576		—		3,576
Securities available-for-sale	$	—	$	91,818	$	—	$	91,818
CRA mutual funds		836		—		—		836
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	4,238	$	4,238
Other real estate owned	$	—	$	—	$	1,810	$	1,810

Carrying value and estimated fair values of financial instruments

(in thousands)	Carrying		Estimated		Fair value measurements using
	value		fair value		Level 1		Level 2		Level 3
September 30, 2019
Financial Assets
Cash and cash equivalents	$	53,548	$	53,548	$	53,548	$	—	$	—
Interest bearing time deposits with financial institutions		786		786		786		—		—
Securities available-for-sale		94,814		94,814		—		94,814		—
CRA mutual fund		881		881		881		—		—
Federal Home Loan Bank of Boston stock		2,575		2,575		2,575		—		—
Loans held-for-sale		506		512		—		—		512
Loans receivable, net		915,083		919,524		—		—		919,524
Accrued interest receivable		3,425		3,425		3,425		—		—
Cash surrender value of life insurance policies		20,441		20,441		20,441		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	247,771	$	247,771	$	—	$	247,771	$	—
Demand (interest-bearing)		160,139		160,139		—		160,139		—
Money market		238,494		238,494		—		238,494		—
Savings and other		166,298		166,298		—		166,298		—
Certificates of deposit		153,476		154,205		—		154,205		—
Deposits		966,178		966,907		—		966,907		—
Repurchase agreements		8,588		8,588		—		8,588		—
FHLBB advances		37,828		38,010		—		38,010		—
Subordinated debt		9,853		10,072		10,072		—		—
Note payable		255		260		—		260		—
Finance lease liability		1,729		1,929		—		—		1,929
Accrued interest payable		508		508		508		—		—
December 31, 2018
Financial Assets
Cash and cash equivalents	$	58,445	$	58,445	$	58,445	$	—	$	—
Securities available-for-sale, net		91,818		91,818		—		91,818		—
CRA mutual fund		836		836		836		—		—
Federal Home Loan Bank of Boston stock		4,496		4,496		4,496		—		—
Loans receivable, net		909,279		886,222		—		—		886,222
Accrued interest receivable		3,148		3,148		3,148		—		—
Cash surrender value of life insurance policies		14,438		14,438		14,438		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	228,448	$	228,448	$	—	$	228,448	$	—
Demand (interest-bearing)		153,586		153,586		—		153,586		—
Money market		204,219		204,219		—		204,219		—
Savings and other		178,807		178,807		—		178,807		—
Certificates of deposit		161,679		162,013		—		162,013		—
Deposits		926,739		927,073		—		927,073		—
Repurchase agreements		4,104		4,104		—		4,104		—
FHLBB advances		67,154		67,231		—		67,231		—
Subordinated debt		9,835		10,006		10,006		—		—
Note payable		280		288		—		288		—
Finance lease liability		3,081		3,339		—		—		3,339
Accrued interest payable		237		237		237		—		—