NOTE 2 - SECURITIES (Tables)

9 Months Ended

Sep. 30, 2021

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
September 30, 2021
Available-for-sale
U.S. Treasury	$	10,397	$	-	$	95	$	10,302
U.S. Government Agency notes		32,093		280		99		32,274
Municipal bonds		38,525		1,331		251		39,605
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		67,059		818		698		67,179
Collateralized mortgage obligations:
U.S. Government agencies		14,844		208		41		15,011
Corporate bonds		11,000		197		-		11,197
Total securities available-for-sale	$	173,918	$	2,834	$	1,184	$	175,568
CRA mutual fund							$	907
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	1,504	$	-	$	-	$	1,504

(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

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 date presented:

	Less than 12 Months				12 Months or Longer				Total
September 30, 2021 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Treasury	$	10,302	$	95	$	-	$	-	$	10,302	$	95
U.S. Government Agency notes		20,550		80		1,125		19		21,675		99
Municipal bonds		13,980		251		-		-		13,980		251
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		42,471		647		1,398		26		43,869		698
Collateralized mortgage obligations		4,625		66		-		-		4,625		41
Corporate bonds		-		-		-		-		-		-
Total temporarily impaired securities	$	91,928	$	1,139	$	2,523	$	45	$	94,451	$	1,184

	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

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.

September 30, 2021 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Treasury	After 5 year but within 10 years	$	10,397	$	10,302	1.15	%
U.S. Government Agency notes	After 5 year but within 10 years		15,902		15,848	1.23
	Total		26,299		26,150	1.20
Municipal bonds	After 5 year but within 10 years		3,594		3,820	2.80
	After 10 years		34,931		35,785	2.61
	Total		38,525		39,605	2.63
Mortgage-backed securities, Collateralized mortgage obligations,	Securities not due at a single maturity date		98,094		98,616	1.64
Corporate bonds	After 5 years but within 10 years		11,000		11,197	4.61
Securities available-for-sale		$	173,918	$	175,568	2.04	%