NOTE 3 - SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

composition of securities

The composition of securities is as follows:

(in thousands)	Amortized cost basis		Gross un- realized gains		Gross un- realized 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

(in thousands)	Amortized cost basis		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

Sales of securities available-for-sale and gross gains and gross losses realized

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

Years ended December 31, (in thousands)		2020			2019			2018
Proceeds	$	15,589		$	41,814		$	10,036
Gains realized		293			371			361
Losses realized		(97	)		(108	)		(43	)
Net gains realized		196			263			318
Income tax provision		41			55			67

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 as of the dates presented:

	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

	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, by maturity

The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity. Debt securities issued by U.S. Government agencies (SBA securities), MBS, and CMOS are disclosed separately in the table below as these securities may prepay prior to the scheduled contractual maturity dates.

December 31, 2020 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	2,497	$	2,545	3.48	%
	Total		2,497		2,545	3.48
Municipal bonds	After 5 years but within 10 years		2,731		2,910	2.59
	After 10 years		23,100		24,707	3.02
	Total		25,831		27,617	2.98
Corporate bonds	After 5 years but within 10 years		8,750		8,916	5.22
Mortgage-backed securities, CMO securities and SBA securities			57,532		59,333	2.00
Securities available-for-sale		$	94,610	$	98,411	2.61	%

(1) Yield is based on amortized cost.