FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Assets measured at fair value

	Fair Value Measurements Using						Assets at
(in thousands)	Level 1		Level 2		Level 3		fair
							value
March 31, 2017
Assets at fair value on a recurring basis
Municipal bonds	$	—	$	12,953	$	—	$	12,953
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		49,209		—		49,209
Collateralized mortgage obligations:
U.S. Government agencies		—		6,363		—		6,363
Non-agency		—		3,407		—		3,407
SBA bonds		—		1,882		—		1,882
CRA mutual funds		822		—		—		822
Corporate bonds		—		2,041		—		2,041
Preferred stock		172		—		—		172
Securities available-for-sale	$	994	$	75,855	$	—	$	76,849
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	5,139	$	5,139
Other real estate owned	$	—	$	—	$	3,833	$	3,833
December 31, 2016
Assets at fair value on a recurring basis
Municipal bonds	$	—	$	15,996	$	—	$	15,996
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		53,301		—		53,301
Collateralized mortgage obligations:
U.S. Government agencies		—		1,474		—		1,474
Non-agency		—		3,735		—		3,735
SBA bonds		—		2,064		—		2,064
CRA mutual funds		818		—		—		818
Corporate bonds		—		2,013		—		2,013
Preferred stock		222		—		—		222
Securities available-for-sale	$	1,040	$	78,583	$	—	$	79,623
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	5,256	$	5,256
Other real estate owned	$	—	$	—	$	3,773	$	3,773

Carrying value and estimated fair values of financial instruments

(in thousands)	Carrying		Estimated		Fair value measurements using
	value		fair value		Level 1		Level 2		Level 3
March 31, 2017
Financial Assets
Cash and cash equivalents	$	41,292	$	41,292	$	41,292	$	—	$	—
Securities available-for-sale		76,849		76,849		994		75,855		—
Federal Home Loan Bank stock		3,510		3,510		—				3,510
Loans held-for-sale		53		53		—		—		53
Loans receivable, net		764,665		777,371		—		—		777,371
Accrued interest receivable		2,431		2,431		—		—		2,431
Cash surrender value of life insurance		14,126		14,126		14,126		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	201,215	$	201,215	$	—	$	—	$	201,215
Demand (interest-bearing)		132,527		132,527		—		—		132,527
Money market		182,438		182,438		—		—		182,438
Savings and other		141,085		141,085		—		—		141,085
Certificates of deposit		115,151		116,305		—		—		116,305
Deposits		772,416		773,570		—		—		773,570
Repurchase agreements		2,350		2,350		—		—		2,350
FHLBB advances		52,745		53,857		—		—		53,857
Subordinated debt		9,794		10,391		—		—		10,391
Note payable		335		370		—		—		370
Capital lease liability		417		829		—		—		829
Accrued interest payable		238		238		—		—		238
December 31, 2016
Financial Assets
Cash and cash equivalents	$	35,485	$	35,485	$	35,485	$	—	$	—
Securities available-for-sale		79,623		79,623		1,040		78,583		—
Federal Home Loan Bank stock		3,211		3,211		—		—		3,211
Loans receivable, net		763,184		747,442		—		—		747,442
Accrued interest receivable		2,424		2,424		—		—		2,424
Cash surrender value of life insurance		14,038		14,038		14,038		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	218,420	$	218,420	$	—	$	—	$	218,420
Demand (interest-bearing)		127,854		127,854		—		—		127,854
Money market		182,476		182,476		—		—		182,476
Savings and other		135,435		135,435		—		—		135,435
Certificates of deposit		117,585		118,610		—		—		118,610
Deposits		781,770		782,795		—		—		782,795
Repurchase agreements		5,535		5,535		—		—		5,535
FHLBB advances		37,188		38,440		—		—		38,440
Subordinated debt		9,788		10,378		—		—		10,378
Note payable		344		377		—		—		377
Capital lease liability		418		841		—		—		841
Accrued interest payable		89		89		—		—		89