SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

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
March 31, 2020
Available-for-sale
U.S. Government Agency notes	$	4,218	$	174	$	1	$	4,391
Municipal bonds		26,392		861		3		27,250
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		29,003		871		31		29,843
Collateralized mortgage obligations:
U.S. Government agencies		23,674		1,053		—		24,727
Corporate bonds		5,000		158		36		5,122
Total securities available-for-sale	$	88,287	$	3,117	$	71	$	91,333
CRA mutual fund							$	900
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	2,733	$	—	$	—	$	2,733
(in thousands)		Amortized cost basis (1)		Gross un-realized gains		Gross un-realized losses		Fair value
December 31, 2019
Available-for-sale
U.S. Government Agency notes	$	4,520	$	125	$	1	$	4,644
Municipal bonds		26,562		704		73		27,193
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		28,961		420		24		29,357
Collateralized mortgage obligations:
U.S. Government agencies		25,041		468		10		25,499
Corporate bonds		5,000		108		—		5,108
Total securities available-for-sale	$	90,084	$	1,825	$	108	$	91,801
CRA mutual fund							$	882
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,242	$	—	$	—	$	3,242

Aggreggate fair value and gross unrealized loss of securities

	Less than 12 Months				12 Months or Longer				Total
March 31, 2020 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	126	$	1	$	126	$	1
Municipal bonds		1,060		3		—		—		1,060		3
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		2,808		30		108		1		2,916		31
Corporate bonds		714		36		—		—		714		36
Total temporarily impaired securities	$	4,582	$	69	$	234	$	2	$	4,816	$	71
	Less than 12 Months				12 Months or Longer				Total
December 31, 2019 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	195	$	1	$	195	$	1
Municipal bonds		6,273		73		—		—		6,273		73
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		5,781		22		704		2		6,485		24
Collateralized mortgage obligations:
U.S. Government Agencies		1,438		10		—		—		1,438		10
Total temporarily impaired securities	$	13,492	$	105	$	899	$	3	$	14,391	$	108

Amortized cost, fair value and tax equivalent yield of securities

March 31, 2020 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	—	$	—		%
	After 5 year but within 10 years		2,496		2,567	3.48
	Total		2,493		2,567	3.48
Municipal bonds	After 5 year but within 10 years		1,727		1,841	3.16
	After 10 years		24,665		25,409	3.43
	Total		26,392		27,250	3.41
Mortgage-backed securities and Collateralized mortgage obligations	U.S. Government agencies		54,399		56,394	2.85
Corporate bonds	After 5 years but within 10 years		5,000		5,122	5.21
Securities available-for-sale		$	88,287	$	91,333	3.17	%

⁽¹⁾ Yield is based on amortized cost.