NOTE 23 - FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets measured at fair value

Assets measured at fair value are as follows:

	Fair Value Measurements Using						Assets at
(in thousands)		Level 1		Level 2		Level 3		fair value
December 31, 2020
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	-	$	7,851	$	-	$	7,851
Municipal bonds		-		27,617		-		27,617
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		-		36,573		-		36,573
Collateralized mortgage obligations:
U.S. Government agencies		-		17,454		-		17,454
Corporate bonds		-		8,916		-		8,916
Securities available-for-sale	$	-	$	98,411	$	-	$	98,411
CRA mutual funds		917		-		-		917
Derivative financial instruments		-		4		-		4
Assets at fair value on a non-recurring basis
Impaired loans carried at fair value	$	-	$	-	$	-	$	-
Other real estate owned	$	-	$	-	$	-	$	-

December 31, 2019
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	-	$	4,644	$	-	$	4,644
Municipal bonds		-		27,193		-		27,193
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		-		29,357		-		29,357
Collateralized mortgage obligations:
U.S. Government agencies		-		25,499		-		25,499
Corporate bonds		-		5,108		-		5,108
Securities available-for-sale	$	-	$	91,801	$	-	$	91,801
CRA mutual funds		882		-		-		882
Assets at fair value on a non-recurring basis
Impaired loans carried at fair value	$	-	$	-	$	1,593	$	1,593
Other real estate owned	$	-	$	-	$	314	$	314

Carrying values and estimated fair values of financial instruments

Carrying values and estimated fair values of financial instruments are as follows:

		Carrying		Estimated	Fair value measurements using
(In thousands)		value		fair value		Level 1		Level 2		Level 3
December 31, 2020
Financial Assets
Cash and cash equivalents	$	93,162	$	93,162	$	93,162	$	-	$	-
Interest bearing time deposits with financial institutions		750		750		750		-		-
Securities available-for-sale		98,411		98,411		-		98,411		-
CRA mutual fund		917		917		917		-		-
Federal Home Loan Bank of Boston stock		1,713		1,713		1,713		-		-
Loans held-for-sale		2,735		2,790		-		-		2,790
Loans receivable, net		1,027,738		1,057,234		-		-		1,057,234
Accrued interest receivable		6,373		6,373		6,373		-		-
Cash surrender value of life insurance policies		21,182		21,182		21,182		-		-
Derivative financial instruments		4		4		-		4		-
Financial Liabilities
Demand (non-interest-bearing)	$	310,769	$	310,769	$	-	$	310,769	$	-
Demand (interest-bearing)		218,869		218,869		-		218,869		-
Money market		278,146		278,146		-		278,146		-
Savings and other		189,776		189,776		-		189,776		-
Certificates of deposit		131,514		132,875		-		132,875		-
Deposits		1,129,074		1,130,435		-		1,130,435		-
Repurchase agreements		7,116		7,116		-		7,116		-
FHLBB advances		12,639		12,786		-		12,786		-
Subordinated debt		9,883		10,027		10,027		-		-
Note payable		208		212		-		212		-
Finance lease liability		1,673		1,920		-		-		1,920

Accrued interest payable 43 43 43 - -

December 31, 2019
Financial Assets
Cash and cash equivalents	$	26,885	$	26,885	$	26,885	$	-	$	-
Interest bearing time deposits with financial institutions		750		750		750		-		-
Securities available-for-sale		91,801		91,801		-		91,801		-
CRA mutual fund		882		882		882		-		-
Federal Home Loan Bank of Boston stock		3,242		3,242		3,242		-		-
Loans held-for-sale		332		334		-		-		334
Loans receivable, net		927,413		933,287		-		-		933,287
Accrued interest receivable		3,415		3,415		3,415		-		-
Cash surrender value of life insurance policies		20,580		20,580		20,580		-		-
Financial Liabilities
Demand (non-interest-bearing)	$	237,852	$	237,852	$	-	$	237,852	$	-
Demand (interest-bearing)		153,314		153,314		-		153,314		-
Money market		239,504		239,504		-		239,504		-
Savings and other		161,112		161,112		-		161,112		-
Certificates of deposit		127,724		128,629		-		128,629		-
Deposits		919,506		920,411		-		920,411		-
Repurchase agreements		8,530		8,530		-		8,530		-
FHLBB advances		50,887		51,028		-		51,028		-
Subordinated debt		9,859		10,113		10,113		-		-
Note payable		246		251		-		251		-
Finance lease liability		1,718		1,967		-		-		1,967
Accrued interest payable		78		78		78		-		-