NOTE 13 - FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets measured at fair value

Assets measured at fair value are as follows:

	Fair Value Measurements Using						Assets and Liabilities at
(in thousands)	Level 1		Level 2		Level 3		fair
							value
September 30, 2021
Assets at fair value on a recurring basis
U.S. Treasury	$	-	$	10,302	$	-	$	10,302
U.S. Government Agency notes		-		32,274		-		32,274
Municipal bonds		-		39,605		-		39,605
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		-		67,179		-		67,179
Collateralized mortgage obligations:
U.S. Government agencies		-		15,011		-		15,011
Corporate bonds		-		11,197		-		11,197
Securities available-for-sale	$	-	$	175,568	$	-	$	175,568
CRA mutual funds	$	907	$	-	$	-	$	907
Derivative financial instruments	$	-	$	4	$	-	$	4
Assets at fair value on a non-recurring basis
Assets held for sale 1	$	700	$	-	$	-	$	700

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

Carrying values and estimated fair values of financial instruments

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

(in thousands)	Carrying		Estimated		Fair value measurements using
	value		fair value		Level 1		Level 2		Level 3
September 30, 2021
Financial Assets
Cash and cash equivalents	$	166,295	$	166,295	$	166,295	$	-	$	-
Interest bearing time deposits with financial institutions		750		750		750		-		-
Securities available-for-sale		175,568		175,568		-		175,568		-
CRA mutual fund		907		907		907		-		-
Federal Home Loan Bank of Boston stock		1,504		1,504		1,504		-		-
Loans held-for-sale		639		649		-		-		649
Loans receivable, net		1,057,451		1,051,127		-		-		1,051,127
Accrued interest receivable		5,932		5,932		5,932		-		-
Derivative financial instruments		4		4		-		4		-
Cash surrender value of life insurance policies		25,067		25,067		25,067		-		-
Financial Liabilities
Demand (non-interest-bearing)	$	392,322	$	392,322	$	-	$	392,322	$	-
Demand (interest-bearing)		220,533		220,533		-		220,533		-
Money market		328,392		328,392		-		328,392		-
Savings and other		224,286		224,286		-		224,286		-
Certificates of deposit		124,095		124,946		-		124,946		-
Deposits		1,289,628		1,290,747		-		1,290,747		-
Repurchase agreements		10,450		10,450		-		10,450		-
FHLBB advances		8,905		9,000		-		9,000		-
Subordinated debt		24,460		24,276		-		24,276		-
Note payable		180		181		-		181		-
Finance lease liability		1,631		1,732		-		-		1,732
Accrued interest payable		34		34		34		-		-

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		-		-