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SECURITIES (Tables)
12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Composition of Securities
  (in thousands)  Amortized
cost (1)
 

Gross un-

realized gains

 

Gross un-

realized losses

  Fair value
December 31, 2017                    
Available-for-sale                    
Municipal bonds  $3,476   $11   $1   $3,486 
Mortgage-backed securities                    
U.S. Government agencies and U.S. Government-sponsored enterprises   45,983    152    267    45,868 
Collateralized mortgage obligations                    
U.S. Government agencies   10,462    2    87    10,377 
Non-agency   2,271    410    17    2,664 
SBA bonds   12,278    9    20    12,267 
CRA mutual funds   851        16    835 
Corporate bonds   3,500    59    9    3,550 
Total securities available-for-sale  $78,821   $643   $417   $79,047 
Non-marketable securities                    
Federal Home Loan Bank of Boston stock  $3,813   $   $   $3,813 

  

  (in thousands)  Amortized
cost (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 prior years.

Sales of securities available-for-sale and gross gains and gross losses realized are as follows:

  Years ended December 31, (in thousands)    2017      2016      2015  
Proceeds  $199   $4,865   $3,861 
Gains realized   192    569    180 
Losses realized   (14)       (27)
Net gains realized   178    569    153 
Income tax provision   61    193    52 
Aggreggate fair value and gross unrealized loss of securities
   Less than 12 Months  12 Months or Longer  Total
  December 31, 2017 (in thousands)  Fair
value
 

Unrealized

losses

  Fair
value
 

Unrealized

losses

  Fair
Value
 

Unrealized

losses

Available-for-sale                              
Municipal bonds  $479   $1   $   $   $479   $1 
Mortgage-backed securities   15,914    99    17,892    168    33,806    267 
Collateralized mortgage obligations                              
U.S. Government Agencies   9,317    87            9,317    87 
Non-agency           77    3    77    3 
SBA bonds   8,519    20            8,519    20 
CRA mutual funds   835    16            835    16 
Corporate bonds   1,491    9            1,491    9 
Total temporarily impaired securities   36,555    232    17,969    171    54,524    403 
Other-than-temporarily impaired securities                              
Collateralized mortgage obligations                              
Non-agency   101    14            101    14 
Total temporarily impaired and other-than-temporarily impaired securities  $36,656   $246   $17,969   $171   $54,625   $417 

 

December 31, 2016 (in thousands)                              
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
  December 31, 2017 (in thousands) Maturity  Amortized cost      Fair value      Yield(1)  
Municipal bonds  Within 1 year  $353   $353    6.17%
   After 1 year but within 5 years   439    440    5.03%
   After 10 years but within 15 years   1,494    1,500    7.15%
   After 15 years   1,190    1,193    7.13%
   Total   3,476    3,486    6.78%
Mortgage backed securities  U.S. Government Agency and U.S. Government-sponsored enterprises   45,983    45,868    2.33%
Collateralized mortgage obligations  U.S. Government Agency and U.S. Government-sponsored enterprises   10,462    10,377    2.76%
   Non-agency   2,271    2,664    3.97%
SBA bonds      12,278    12,267    2.99%
CRA mutual funds      851    835    2.17%
Corporate bonds  After 5 years but within 10 years   3,500    3,550    5.57%
Securities available-for-sale     $78,821   $79,047    2.87%

(1)       Yield is based on amortized cost.