SECURITIES (Tables)

3 Months Ended

Mar. 31, 2018

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
March 31, 2018
Available-for-sale
Municipal bonds		$	2,972		$	6		$	—		$	2,978
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises			44,315			65			643			43,737
Collateralized mortgage obligations:
U.S. Government agencies			10,160			10			288			9,882
Non-agency			1,714			365			13			2,066
SBA bonds			18,020			—			256			17,764
Corporate bonds			3,500			58			79			3,479
Total securities available-for-sale		$	80,681		$	504		$	1,279		$	79,906
CRA mutual fund		$	826			—			—			826
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	4,146		$	—		$	—		$	4,146
(in thousands)	Amortized cost basis (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
Corporate bonds			3,500			59			9			3,550
Total securities available-for-sale		$	77,970		$	643		$	401		$	78,212
CRA mutual fund		$	835			—			—			835
Non-marketable securities
Federal Home Loan Bank of Boston stock		$	3,813		$	—		$	—		$	3,813

(1) Net of other-than-temporary impairment write-downs recognized in earnings.

Aggreggate fair value and gross unrealized loss of securities

March 31, 2018 (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	$	22,537	$	303	$	16,091	$	340	$	38,628	$	643
Collateralized mortgage obligations:
U.S. Government Agencies		8,860		288		—		—		8,860		288
SBA bonds		15,652		256		—		—		15,652		256
Corporate bonds		1,421		79		—		—		1,421		79
Total -temporarily impaired securities	$	48,470	$	926	$	16,091	$	340	$	64,561	$	1,266
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency		93		13		—		—		93		13
Total temporarily impaired and other-than-temporarily impaired securities	$	48,563	$	939	$	16,091	$	340	$	64,654	$	1,279

	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
Corporate bonds		1,491		9		—		—		1,491		9
Total temporarily impaired securities		35,720		216		17,969		171		53,689		387
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency		101		14		—		—		101		14
Total temporarily impaired and other-than-temporarily impaired securities	$	35,821	$	230	$	17,969	$	171	$	53,790	$	401

Amortized cost, fair value and tax equivalent yield of securities

March 31, 2018 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
Municipal bonds	Within 1 year	$	529	$	530		5.01	%
	After 1 year but within 5 years		259		260		3.84
	After 10 years but within 15 years		2,184		2,188		6.09
	After 15 years		—		—		—
	Total		2,972		2,978		5.70
Mortgage-backed securities	U.S. Government agency and U.S. Government-sponsored enterprises		44,315		43,737		2.38
Collateralized mortgage obligations	U.S. Government agency and U.S. Government-sponsored enterprises		10,160		9,882		2.80
	Non-agency		1,714		2,066		3.58
SBA bonds			18,020		17,764		3.00
Corporate bonds	After 5 years but within 10 years		3,500		3,479		5.57
Securities available-for-sale		$	80,681	$	79,906		2.85	%

(1)    Yield is based on amortized cost.

Activity related to credit losses recognized into earnings

Three months ended March 31 (in thousands)		2018		2017
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