FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2017
Assets at fair value on a recurring basis
Municipal bonds	$	—	$	4,641	$	—	$	4,641
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		49,757		—		49,757
Collateralized mortgage obligations:
U.S. Government agencies		—		10,841		—		10,841
Non-agency		—		2,868		—		2,868
SBA bonds		—		12,816		—		12,816
CRA mutual funds		840		—		—		840
Corporate bonds		—		3,557		—		3,557
Preferred stock		188		—		—		188
Securities available-for-sale	$	1,028	$	84,480	$	—	$	85,508
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	5,064	$	5,064
Other real estate owned	$	—	$	—	$	3,944	$	3,944
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
September 30, 2017
Financial Assets
Cash and cash equivalents	$	49,403	$	49,403	$	49,403	$	—	$	—
Securities available-for-sale		85,508		85,508		1,028		84,480		—
Federal Home Loan Bank stock		3,038		3,038		—		3,038		—
Loans held-for-sale		561		561		—		—		561
Loans receivable, net		784,136		798,367		—		—		798,367
Accrued interest receivable		2,520		2,520		—		—		2,520
Cash surrender value of life insurance		14,297		14,297		14,297		—		—
Financial Liabilities
Demand (non-interest bearing)	$	225,496	$	225,496	$	—	$	—	$	225,496
Demand (interest-bearing)		139,521		139,521		—		—		139,521
Money market		196,745		196,745		—		—		196,745
Savings and other		152,570		152,570		—		—		152,570
Certificates of deposit		117,657		118,642		—		—		118,642
Deposits		831,989		833,439		—		—		833,439
Repurchase agreements		4,529		4,529		—		—		4,529
FHLBB advances		27,364		28,212		—		—		28,212
Subordinated debt		9,805		10,394		—		—		10,394
Note payable		321		351		—		—		351
Capital lease liability		1,859		2,249		—		—		2,249
Accrued interest payable		246		246		—		—		246
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		774,442		—		—		774,442
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