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SECURITIES (Tables)

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Composition of Securities

(in thousands)		Amortized cost (1)				Gross un- realized gains				Gross un-realized losses				Fair value
March 31, 2014
Available-for-sale
U.S. Treasury notes		$	2,497			$	145			$	—			$	2,642
U.S. Government Agency notes			2,505				66				—				2,571
Municipal bonds			40,690				873				(917	)			40,646
Mortgage-backed securities
U.S. Government Agencies			31,926				544				(34	)			32,436
Collateralized mortgage obligations
U.S. Government Agencies			3,313				32				—				3,345
Non-agency			7,422				614				(15	)			8,021
SBA bonds			1,885				141				—				2,026
Preferred Stock			20				968				—				988
Total securities available-for-sale		$	90,258			$	3,383			$	(966	)		$	92,675
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	5,340			$	—			$	—			$	5,340

(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

Aggreggate fair value and gross unrealized loss of securities

			Less than 12 Months								12 Months or Longer								Total
			Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(in thousands)			Value				losses				value				losses				value				losses
March 31, 2014
Available-for-sale
Municipal bonds		$	11,154			$	407			$	2,708			$	510			$	13,862			$	917
Mortgage-backed securities			2,128				—				2,105				34				4,233				34
Collateralized mortgage obligations
Non-agency			366				3				185				6				551				9
Total temporarily impaired securities			13,648				410				4,998				550				18,646				960
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency			299				6				—				—				299				6
Total temporarily and other-than-temporarily impaired securities		$	13,947			$	416			$	4,998			$	550			$	18,945			$	966

Activity related to credit losses recognized into earnings

Three months ended March 31 (in thousands)		2014				2013
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.

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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.

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