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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Composition of Securities

(in thousands)		Amortized cost (1)				Gross un- realized gains				Gross un- realized losses				Fair value
December 31, 2013
Available-for-sale
U.S. Treasury notes		$	2,497			$	160			$	—			$	2,657
U.S. Government Agency notes			2,507				83				—				2,590
Municipal bonds			41,775				782				(2,120	)			40,437
Mortgage-backed securities
U.S. Government Agencies			33,522				442				(72	)			33,892
Collateralized mortgage obligations
U.S. Government Agencies			3,545				35				—				3,580
Non-agency			7,923				401				(16	)			8,308
SBA bonds			2,042				188				—				2,230
Preferred Stock			20				777				—				797
Total securities available-for-sale		$	93,831			$	2,868			$	(2,208	)		$	94,491
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	5,340			$	—			$	—			$	5,340

(1)

Net of other-than-temporary impairment write-downs recognized in earnings.

(in thousands)		Amortized cost (1)				Gross un- realized gains				Gross un- realized losses				Fair value
December 31, 2012
Available-for-sale
U.S. Treasury notes		$	2,496			$	237			$	—			$	2,733
U.S. Government Agency notes			7,515				211				—				7,726
Municipal bonds			45,395				2,138				(168	)			47,365
Mortgage-backed securities
U.S. Government Agencies			47,465				1,284				(20	)			48,729
Collateralized mortgage obligations
U.S. Government Agencies			5,131				66				—				5,197
Non-agency			11,081				494				(68	)			11,507
SBA bonds			2,781				82				—				2,863
Preferred Stock			20				147				—				167
Total securities available-for-sale		$	121,884			$	4,659			$	(256	)		$	126,287
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	5,747			$	—			$	—			$	5,747

Sales of securities available-for-sale and gains realized

Years ended December 31, (in thousands)			2013				2012				2011
Proceeds		$	—			$	2,771			$	—
Gains realized			—				267				—
Losses realized			—				—				—
Net gains realized			—				267				—
Income tax provision			—				91				—

Aggreggate fair value and gross unrealized loss of securities

		Less than 12 Months								12 Months or Longer								Total
(in thousands)		Fair value				Unrealized losses				Fair value				Unrealized losses				Fair Value				Unrealized losses
December 31, 2013
Available-for-sale
Municipal bonds		$	19,714			$	1,428			$	2,323			$	692			$	22,037			$	2,120
Mortgage-backed securities			15,096				20				2,132				52				17,228				72
Collateralized mortgage obligations
Non-agency			398				2				294				10				692				12
Total temporarily impaired securities			35,208				1,450				4,749				754				39,957				2,204
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency			320				4				—				—				320				4
Total temporarily impaired and other-than-
temporarily impaired securities		$	35,528			$	1,454			$	4,749			$	754			$	40,277			$	2,208
December 31, 2012
Available-for-sale
Municipal bonds		$	839			$	20			$	2,360			$	148			$	3,199			$	168
Mortgage-backed securities			3,021				19				44				1				3,065				20
Collateralized mortgage obligations
Non-agency			612				2				901				17				1,513				19
Total temporarily impaired securities			4,472				41				3,305				166				7,777				207
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency			535				6				1,963				43				2,498				49
Total temporarily impaired and other-than-
temporarily impaired securities		$	5,007			$	47			$	5,268			$	209			$	10,275			$	256

Securities amortized cost; fair value and tax equivalent yield by maturity

December 31, 2013 (dollars in thousands)				Amortized cost				Fair value				Yield(1)
U.S. Treasury notes		After 1 year but within 5 years		$	2,497			$	2,657				3.00	%
U.S. Government Agency notes		Within 1 year			—				—				—
		After 15 years			2,507				2,590				5.38
		Total			2,507				2,590				5.38
Municipal bonds		Within 1 year			3,686				3,935				6.90
		After 1 year but within 5 years			4,095				4,486				6.84
		After 5 years but within 10 years			2,140				2,171				6.33
		After 10 years but within 15 years			1,832				1,826				6.25
		After 15 years			30,022				28,019				6.60
		Total			41,775				40,437				6.62
Mortgage-backed securities		U.S. Government Agency			33,522				33,892				3.47
Collateralized mortgage obligations		U.S. Government Agency			3,545				3,580				1.19
		Non-agency			7,923				8,308				4.51
SBA bonds					2,042				2,230				2.57
Preferred Stock					20				797				3.58
Securities available-for-sale				$	93,831			$	94,491				4.89

Securities for which an OTTI has been recognized

Years ended December 31, (in thousands)			2013				2012
Non-Agency CMOs
OTTI losses (unrealized and realized)		$	—			$	—
Less: unrealized OTTI recognized in other comprehensive (loss) income			—				—
Net impairment losses recognized in earnings		$	—			$	—

Activity related to credit losses recognized into earnings

Years ended December 31, (in thousands)			2013				2012
Balance, beginning of period		$	1,128			$	1,128
Credit component on debt securities in which OTTI was not previously recognized			—				—
Balance, end of period		$	1,128			$	1,128

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References+ Details

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details

Tabular disclosure of securities financing transactions including resale and repurchase agreements, securities borrowed and lending transactions, securities received as collateral and obligations to return securities received as collateral.

+ References+ Details