SECURITIES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2018
Available-for-sale
U.S. Government Agency notes	$	2,497	$	7	$	—	$	2,504
Municipal bonds		2,524		5		—		2,529
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		35,768		24		628		35,164
Collateralized mortgage obligations:
U.S. Government agencies		13,803		6		313		13,496
Non-agency		1,556		371		17		1,910
SBA bonds		26,480		32		515		25,997
Corporate bonds		3,500		30		73		3,457
Total securities available-for-sale	$	86,128	$	475	$	1,546	$	85,057
CRA mutual fund	$	825	$	—	$	—	$	825
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	4,988	$	—	$	—	$	4,988
(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

June 30, 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	$	13,447	$	230	$	18,039	$	398	$	31,486	$	628
Collateralized mortgage obligations:
U.S. Government Agencies		8,604		313		—		—		8,604		313
Non-agency		21		1		—		—		21		1
SBA bonds		18,827		420		2,534		95		21,361		515
Corporate bonds		1,927		73		—		—		1,927		73
Total -temporarily impaired securities	$	42,826	$	1,037	$	20,573	$	493	$	63,399	$	1,530
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency		—		—		81		16		81		16
Total temporarily impaired and other-than-temporarily impaired securities	$	42,826	$	1,037	$	20,654	$	509	$	63,480	$	1,546
December 31, 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
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

June 30, 2018 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
U.S. Government agency notes	After 5 years but within 10 years	$	2,497	$	2,504		3.67	%
	Total		2,497		2,504		3.67
Municipal bonds	Within 1 year		277		278		4.33
	After 1 year but within 5 years		259		259		3.84
	After 10 years but within 15 years		1,988		1,992		6.13
	Total		2,524		2,529		5.69
Mortgage-backed securities	U.S. Government agency and U.S. Government-sponsored enterprises		35,768		35,164		2.36
Collateralized mortgage obligations	U.S. Government agency and U.S. Government-sponsored enterprises		13,803		13,496		3.07
	Non-agency		1,556		1,910		3.53
SBA bonds			26,480		25,997		3.12
Corporate bonds	After 5 years but within 10 years		3,500		3,457		5.57
Securities available-for-sale		$	86,128	$	85,057		3.00	%

(1)       Yield is based on amortized cost.

Activity related to credit losses recognized into earnings

Six months ended June 30 (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