FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2018

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
March 31, 2018
Assets at fair value on a recurring basis
Municipal bonds	$	—	$	2,978	$	—	$	2,978
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		43,737		—		43,737
Collateralized mortgage obligations:
U.S. Government agencies		—		9,882		—		9,882
Non-agency		—		2,066		—		2,066
SBA bonds		—		17,764		—		17,764
Corporate bonds		—		3,479		—		3,479
Securities available-for-sale	$	—	$	79,906	$	—	$	79,906
CRA mutual funds		826		—		—		826
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	5,169	$	5,169
Other real estate owned	$	—	$	—	$	667	$	667
December 31, 2017
Assets at fair value on a recurring basis
Municipal bonds	$	—	$	3,486	$	—	$	3,486
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		45,868		—		45,868
Collateralized mortgage obligations:
U.S. Government agencies		—		10,377		—		10,377
Non-agency		—		2,664		—		2,664
SBA bonds		—		12,267		—		12,267
Corporate bonds		—		3,550		—		3,550
Securities available-for-sale	$	—	$	78,212	$	—	$	78,212
CRA mutual funds		835		—		—		835
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	5,863	$	5,863
Other real estate owned	$	—	$	—	$	719	$	719

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
March 31, 2018
Financial Assets
Cash and cash equivalents	$	44,979	$	44,979	$	44,979	$	—	$	—
Securities available-for-sale, net		79,906		79,906		—		79,906		—
CRA mutual fund		826		826		826		—		—
Federal Home Loan Bank of Boston stock		4,146		4,146		—		—		4,146
Loans held-for-sale		—		—		—		—		—
Loans receivable, net1		830,370		813,423		—		—		813,423
Accrued interest receivable		2,704		2,704		—		—		2,704
Cash surrender value of life insurance policies		14,462		14,462		14,462		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	220,796	$	220,796	$	—	$	—	$	220,796
Demand (interest-bearing)		146,312		146,312		—		—		146,312
Money market		185,955		185,955		—		—		185,955
Savings and other		155,630		155,630		—		—		155,630
Certificates of deposit		123,144		120,890		—		—		120,890
Deposits		831,838		831,100		—		—		831,100
Repurchase agreements		3,962		3,962		—		—		3,962
FHLBB advances		62,480		62,697		—		—		62,697
Subordinated debt		9,817		10,193		—		—		10,193
Note payable		305		317		—		—		317
Capital lease liability		3,179		3,493		—		—		3,493
Accrued interest payable		307		307		—		—		307
December 31, 2017
Financial Assets
Cash and cash equivalents	$	48,486	$	48,486	$	48,486	$	—	$	—
Securities available-for-sale, net		78,212		78,212		—		78,212		—
CRA mutual fund		835		835		835		—		—
Federal Home Loan Bank of Boston stock		3,813		3,813		—		—		3,813
Loans held-for-sale		669		669		—		—		669
Loans receivable, net1		801,703		816,451		—		—		816,451
Accrued interest receivable		2,665		2,665		—		—		2,665
Cash surrender value of life insurance policies		14,381		14,381		14,381		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	220,536	$	220,536	$	—	$	—	$	220,536
Demand (interest-bearing)		142,575		142,575		—		—		142,575
Money market		190,953		190,953		—		—		190,953
Savings and other		144,600		144,600		—		—		144,600
Certificates of deposit		116,831		115,290		—		—		115,290
Deposits		815,495		813,954		—		—		813,954
Repurchase agreements		1,668		1,668		—		—		1,668
FHLBB advances		54,422		54,918		—		—		54,918
Subordinated debt		9,811		10,313		—		—		10,313
Note payable		313		341		—		—		341
Capital lease liability		1,835		2,161		—		—		2,161
Accrued interest payable		99		99		—		—		99

¹ In accordance with the prospective adoption of ASU No. 2016-01, the fair value of loans as of March 31, 2018 was measured using an exit price notion. The fair value of loans as of December 31, 2017 was measured using an entry price notion.