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SECURITIES (Tables)
 6 Months Ended
Jun. 30, 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 
June 30, 2017                    
Available-for-sale                    
Municipal bonds  $6,528   $71   $—   $6,599 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   48,866    271    173    48,964 
Collateralized mortgage obligations                    
U.S. Government agencies   8,694    66    1    8,759 
Non-agency   2,733    419    8    3,144 
SBA bonds   10,488    23    3    10,508 
CRA mutual funds   842    —    11    831 
Corporate bonds   2,000    45    —    2,045 
Preferred stock   7    159    —    166 
Total securities available-for-sale  $80,158   $1,054   $196   $81,016 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,452   $—   $—   $3,452 

 

(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
June 30, 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  $15,685   $109   $10,615   $64   $26,300   $173 
Collateralized mortgage obligations:                              
Non-agency   2,526    1    286    3    2,812    4 
SBA bonds   2,669    3    44    —    2,713    3 
CRA funds   831    11    —    —    831    11 
Total temporarily impaired securities   21,711    124    10,945    67    32,656    191 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   120    5    —    —    120    5 
Total temporarily impaired and other-than-temporarily impaired securities  $21,831   $129   $10,945   $67   $32,776   $196 
                               
December 31, 2016 (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                              
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 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
June 30, 2017 (in thousands)  Maturity  Amortized cost  Fair value  Yield(1)
Municipal bonds  Within 1 year  $257   $258    4.55%
   After 1 year but within 5 years   543    547    3.25 
   After 10 years but within 15 years   2,661    2,684    4.48 
   After 15 years   3,067    3,110    4.51 
   Total   6,528    6,599    4.40 
Mortgage-backed securities  U.S. Government agency and U.S. Government-sponsored enterprises   48,866    48,964    2.33 
Collateralized mortgage obligations  U.S. Government agency and U.S. Government-sponsored enterprises   8,694    8,759    2.64 
   Non-agency   2,733    3,144    3.99 
SBA bonds      10,488    10,508    2.99 
CRA mutual funds      842    831    5.01 
Corporate bonds  After 5 years but within 10 years   2,000    2,045    5.50 
Preferred stock      7    166    5.48 
Securities available-for-sale     $80,158   $81,016    2.78%

(1)       Yield is based on amortized cost.
Activity related to credit losses recognized into earnings
  Six months ended June 30 (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