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SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015
Available-for-sale
U.S. Treasury notes		$	2,699			$	98			$	—			$	2,797
U.S. Government agency notes			2,980				23				—				3,003
Municipal bonds			34,424				1,014				(29	)			35,409
Mortgage-backed securities
U.S. Government agencies and U.S. Government-sponsored enterprises			25,633				707				(2	)			26,338
Collateralized mortgage obligations
U.S. Government agencies			2,493				20				—				2,513
Non-agency			5,713				547				(7	)			6,253
SBA bonds			3,886				99				—				3,985
CRA mutual funds			505				7				—				512
Preferred stock			20				349				—				369
Total securities available-for-sale		$	78,353			$	2,864			$	(38	)		$	81,179
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	3,515			$	—			$	—				3,515
(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

Aggreggate fair value and gross unrealized loss of securities

(in thousands)		Less than 12 Months								12 Months or Longer								Total
		Fair value				Unrealized losses				Fair value				Unrealized losses				Fair value				Unrealized losses
March 31, 2015
Available-for-sale
Municipal bonds		$	1,303			$	(29	)		$	—			$	—			$	1,303			$	(29	)
Mortgage-backed securities			239				(2	)			—				—				239				(2	)
Collateralized mortgage obligations											—				—
Non-agency			291				(7	)			—				—				291				(7	)
Total temporarily impaired securities			1,833				(38	)			—				—				1,833				(38	)
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency			—				—				—				—				—				—
Total temporarily impaired and other-than-temporarily impaired securities		$	1,833			$	(38	)		$	—			$	—			$	1,833			$	(38	)

Activity related to credit losses recognized into earnings

Three months ended March 31 (in thousands)			2015				2014
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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