SECURITIES (Tables)

9 Months Ended

Sep. 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
September 30, 2017
Available-for-sale
Municipal bonds	$	4,611	$	30	$	—	$	4,641
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		49,655		274		172		49,757
Collateralized mortgage obligations:
U.S. Government agencies		10,815		39		13		10,841
Non-agency		2,464		420		16		2,868
SBA bonds		12,767		59		10		12,816
CRA mutual funds		847		—		7		840
Corporate bonds		3,500		57		—		3,557
Preferred stock		7		181		—		188
Total securities available-for-sale	$	84,666	$	1,060	$	218	$	85,508
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,038	$	—	$	—	$	3,038

(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

September 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	$	10,483	$	56	$	18,553	$	116	$	29,036	$	172
Collateralized mortgage obligations:
U.S. Government agencies		4,810		13		—		—		4,810		13
Non-agency		—		—		118		3		118		3
SBA bonds		3,414		10		—		—		3,414		10
Corporate bonds		500		—		—		—		500		—
CRA mutual funds		840		7		—		—		840		7
Total temporarily impaired securities		20,047		86		18,671		119		38,718		205
Other-than-temporarily impaired securities
Collateralized mortgage obligations:
Non-agency		107		13		—		—		107		13
Total temporarily impaired and other-than-temporarily impaired securities	$	20,154	$	99	$	18,671	$	119	$	38,825	$	218
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 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

September 30, 2017 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
Municipal bonds	Within 1 year	$	305	$	306		6.26	%
	After 1 year but within 5 years		491		495		5.10
	After 10 years but within 15 years		1,839		1,852		7.01
	After 15 years		1,976		1,988		6.94
	Total		4,611		4,641		6.73
Mortgage-backed securities	U.S. Government agency and U.S. Government-sponsored enterprises		49,655		49,757		2.31
Collateralized mortgage obligations	U.S. Government agency and U.S. Government-sponsored enterprises		10,815		10,841		2.73
	Non-agency		2,464		2,868		3.99
SBA bonds			12,767		12,816		3.02
CRA mutual funds			847		840		2.30
Corporate bonds	After 5 years but within 10 years		3,500		3,557		5.57
Preferred stock			7		188		5.49
Securities available-for-sale		$	84,666	$	85,508		2.89	%

(1)       Yield is based on amortized cost.

Activity related to credit losses recognized into earnings

Nine months ended September 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