SECURITIES (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Composition of Securities

(in thousands)	Amortized cost basis (1)			Gross un- realized gains			Gross un- realized losses			Fair Value
March 31, 2017
Available-for-sale
Municipal bonds		$	12,816		$	137		$	—		$	12,953
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises			49,217			221			229			49,209
Collateralized mortgage obligations:
U.S. Government agencies			6,360			3			—			6,363
Non-agency			2,997			419			9			3,407
SBA bonds			1,876			7			1			1,882
CRA mutual funds			838			—			16			822
Corporate bonds			2,000			41			—			2,041
Preferred stock			7			165			—			172
Total securities available-for-sale		$	76,111		$	993		$	255		$	76,849
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	3,510		$	—		$	—		$	3,510
(in thousands)	Amortized cost basis (1)			Gross un- realized gains			Gross un- realized losses			Fair Value
December 31, 2016
Available-for-sale
Municipal bonds		$	15,800		$	197		$	1		$	15,996
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises			53,407			229			335			53,301
Collateralized mortgage obligations:
U.S. Government agencies			1,470			4			—			1,474
Non-agency			3,327			414			6			3,735
SBA bonds			2,056			9			1			2,064
CRA mutual funds			834			—			16			818
Corporate bonds			2,000			16			3			2,013
Preferred stock			7			215			—			222
Total securities available-for-sale		$	78,901		$	1,084		$	362		$	79,623
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	3,211		$	—		$	—		$	3,211

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

Aggreggate fair value and gross unrealized loss of securities

March 31, 2017 (in thousands)	Less than 12 Months				12 Months or Longer				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
Mortgage-backed securities	$	30,690	$	223	$	246	$	6	$	30,936	$	229
Collateralized mortgage obligations:
Non-agency		44		5		305		4		349		9
SBA bonds		348		1		74		—		422		1
CRA funds		822		16		—		—		822		16
Total temporarily impaired securities	$	31,904	$	245	$	625	$	10	$	32,529	$	255

At March 31, 2017 there were no other than temporarily impaired securities with unrealized losses.

	Less than 12 Months				12 Months or Longer				Total
December 31, 2016 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
Municipal bonds	$	517	$	1	$	—	$	—	$	517	$	1
Mortgage-backed securities		34,758		329		249		6		35,007		335
Collateralized mortgage obligations
Non-agency		60		—		339		5		399		5
SBA bonds		475		1		—		—		475		1
CRA mutual funds		818		16		—		—		818		16
Corporate bonds		498		3		—		—		498		3
Total temporarily impaired securities		37,126		350		588		11		37,714		361
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency		174		1		—		—		174		1
Total temporarily impaired and other-than-temporarily impaired securities	$	37,300	$	351	$	588	$	11	$	37,888	$	362

Amortized cost, fair value and tax equivalent yield of securities

March 31, 2017 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
Municipal bonds	Within 1 year	$	75	$	75		4.92	%
	After 1 year but within 5 years		869		873		5.48
	After 10 years but within 15 years		4,478		4,522		6.64
	After 15 years		7,394		7,483		6.73
	Total		12,816		12,953		6.61
Mortgage-backed securities	U.S. Government agency and U.S. Government-sponsored enterprises		49,217		49,209		2.35
Collateralized mortgage obligations	U.S. Government agency and U.S. Government-sponsored enterprises		6,360		6,363		2.64
	Non-agency		2,997		3,407		4.04
SBA bonds			1,876		1,882		3.48
CRA mutual funds			838		822		4.51
Corporate bonds	After 5 years but within 10 years		2,000		2,041		5.50
Preferred stock			7		172		0.00
Securities available-for-sale		$	76,111	$	76,849		3.29	%

(1) Yield is based on amortized cost.

Activity related to credit losses recognized into earnings

Three months ended March 31 (in thousands)		2017		2016
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