SECURITIES (Tables)

12 Months Ended

Dec. 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
December 31, 2014
Available-for-sale
U.S. Treasury notes	$	2,699	$	107	$	—		$	2,806
U.S. Government agency notes		5,850		24		—			5,874
Municipal bonds		38,962		1,455		(65	)		40,352
Mortgage-backed securities
U.S. Government agencies and U.S. Government-sponsored enterprises		27,036		688		(15	)		27,709
Collateralized mortgage obligations
U.S. Government agencies		2,657		22		—			2,679
Non-agency		6,056		552		(12	)		6,596
SBA bonds		4,336		129		—			4,465
CRA mutual funds		502		2		—			504
Preferred stock		20		307		—			327
Total securities available-for-sale	$	88,118	$	3,286	$	(92	)	$	91,312
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,515	$	—	$	—		$	3,515

(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, 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 and U.S. Government-sponsored enterprises		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.

Sales of securities available-for-sale and gains realized

Years ended December 31, (in thousands)		2014		2013		2012
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, 2014
Available-for-sale
Municipal bonds	$	177	$	1	$	1,589	$	64	$	1,766	$	65
Mortgage-backed securities		56		1		1,885		14		1,941		15
Collateralized mortgage obligations
Non-agency		441		7		164		5		605		12
Total temporarily impaired securities		674		9		3,638		83		4,312		92
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency		—		—		—		—		—		—
Total temporarily impaired and other-than-
temporarily impaired securities	$	674	$	9	$	3,638	$	83	$	4,312	$	92
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

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

December 31, 2014 (dollars in thousands)			Amortized cost		Fair value	Yield(1)
U.S. Treasury notes	Within 1 year	$	202	$	202	2.13	%
	After 1 year but within 5 years		2,497		2,604	3.00
	Total		2,699		2,806	2.93
U.S. Government agency notes	After 1 year but within 5 years		3,878		3,891	0.90
	After 5 years but within 10 years		1,972		1,983	1.25
	Total		5,850		5,874	1.02
Municipal bonds	Within 1 year		162		162	5.61
	After 1 year but within 5 years		1,101		1,104	5.51
	After 5 years but within 10 years		2,286		2,331	6.28
	After 10 years but within 15 years		2,179		2,270	6.25
	After 15 years		33,234		34,485	6.67
	Total		38,962		40,352	6.59
Mortgage-backed securities	U.S. Government agency and U.S. Government-sponsored enterprises		27,036		27,709	3.44
Collateralized mortgage obligations	U.S. Government agency and U.S. Government-sponsored enterprises		2,657		2,679	1.05
	Non-agency		6,056		6,596	4.32
SBA bonds			4,336		4,465	2.86
CRA mutual funds			502		504	3.38
Preferred stock			20		327	3.50
Securities available-for-sale		$	88,118	$	91,312	4.62

(1) Yield is based on amortized cost.