FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Assets measured at fair value

Assets measured at fair value are as follows:

	Fair Value Measurements Using
(in thousands)		Level 1		Level 2		Level 3		Assets at fair value
September 30, 2013
Assets measured at fair value on a recurring basis
U.S. Treasury notes	$	-	$	2,670	$	-	$	2,670
U.S. Government agency notes		-		2,619		-		2,619
Municipal bonds		-		42,573		-		42,573
Mortgage-backed securities:
U.S. Government agencies		-		36,314		-		36,314
Collateralized mortgage obligations:
U.S. Government agencies		-		3,848		-		3,848
Non-agency		-		8,895		-		8,895
SBA bonds		-		2,361		-		2,361
Preferred stocks		536		-		-		536
Securities available-for-sale	$	536	$	99,280	$	-	$	99,816
Assets measured at fair value on a non-recurring basis
Collateral dependent impaired loans	$	-	$	-	$	6,547	$	6,547
Other real estate owned		-		-		571		571
December 31, 2012
Assets measured at fair value on a recurring basis
U.S. Treasury notes	$	-	$	2,733	$	-	$	2,733
U.S. Government agency notes		-		7,726		-		7,726
Municipal bonds		-		47,365		-		47,365
Mortgage-backed securities:
U.S. Government agencies		-		48,729		-		48,729
Collateralized mortgage obligations:
U.S. Government agencies		-		5,197		-		5,197
Non-agency		-		11,507		-		11,507
SBA bonds		-		2,863		-		2,863
Preferred stocks		167		-		-		167
Securities available-for-sale	$	167	$	126,120	$	-	$	126,287
Assets measured at fair value on a non-recurring basis
Collateral dependent impaired loans	$		$		$	8,434	$	8,434
Other real estate owned		-		-		244		244

Carrying values and estimated fair values of financial instruments

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

					Fair value measurements using
(in thousands)		Carrying value		Estimated fair value		Level 1		Level 2		Level 3
September 30, 2013
Financial Assets
Cash and due from banks	$	23,719	$	23,719	$	23,719	$	-	$	-
Interest-bearing time deposits		5,220		5,220		-		-		5,220
Securities available-for-sale		99,816		99,816		536		99,280		-
Federal Home Loan Bank stock		5,340		5,340		-		5,340		-
Loans held-for-sale		708		713		-		-		713
Loans receivable net		420,306		413,809		-		-		413,809
Accrued interest receivable		1,823		1,823		-		-		1,823
Financial Liabilities
Demand (non-interest-bearing)	$	83,892	$	83,892	$	-	$	-	$	83,892
Demand (interest-bearing)		79,232		79,232		-		-		79,232
Money market		125,070		125,070		-		-		125,070
Savings and other		107,380		107,380		-		-		107,380
Certificates of deposit		84,295		84,950		-		-		84,950
Deposits		479,869		480,524		-		-		480,524
FHLBB advances		30,801		33,692		-		-		33,692
Repurchase agreements		3,870		3,870		-		-		3,870
Accrued interest payable		166		166		-		-		166
December 31, 2012
Financial Assets
Cash and due from banks	$	43,574	$	43,574	$	43,574	$	-	$	-
Securities available-for-sale		126,287		126,287		167		126,120		-
Federal Home Loan Bank stock		5,747		5,747		-		5,747		-
Loans held-for-sale		1,879		1,893		-		-		1,893
Loans receivable net		388,758		389,292		-		-		389,292
Accrued interest receivable		1,818		1,818		-		-		1,818
Financial Liabilities
Demand (non-interest-bearing)	$	98,850	$	98,850	$	-	$	-	$	98,850
Demand (interest-bearing)		65,991		65,991		-		-		65,991
Money market		128,501		128,501		-		-		128,501
Savings and other		103,985		103,985		-		-		103,985
Certificates of deposit		93,888		94,894		-		-		94,894
Deposits		491,215		492,221		-		-		492,221
FHLBB advances		31,980		35,363		-		-		35,363
Repurchase agreements		1,784		1,784		-		-		1,784
Accrued interest payable		196		196		-		-		196