FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2018
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	—	$	2,504	$	—	$	2,504
Municipal bonds		—		2,529		—		2,529
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		35,164		—		35,164
Collateralized mortgage obligations:
U.S. Government agencies		—		13,496		—		13,496
Non-agency		—		1,910		—		1,910
SBA bonds		—		25,997		—		25,997
Corporate bonds		—		3,457		—		3,457
Securities available-for-sale	$	—	$	85,057	$	—	$	85,057
CRA mutual funds		825		—		—		825
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	4,980	$	4,980
Other real estate owned	$	—	$	—	$	478	$	478
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
June 30, 2018
Financial Assets
Cash and cash equivalents	$	77,473	$	77,473	$	77,473	$	—	$	—
Securities available-for-sale, net		85,057		85,057		—		85,057		—
CRA mutual fund		825		825		825		—		—
Federal Home Loan Bank of Boston stock		4,988		4,988		—		—		4,988
Loans held-for-sale		206		208		—		—		208
Loans receivable, net1		872,796		850,804		—		—		850,804
Accrued interest receivable		3,025		3,025		—		—		3,025
Cash surrender value of life insurance policies		14,544		14,544		14,544		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	215,149	$	215,149	$	—	$	—	$	215,149
Demand (interest-bearing)		147,120		147,120		—		—		147,120
Money market		228,918		228,918		—		—		228,918
Savings and other		172,701		172,701		—		—		172,701
Certificates of deposit		133,593		133,032		—		—		133,032
Deposits		897,481		896,920		—		—		896,920
Repurchase agreements		1,691		1,691		—		—		1,691
FHLBB advances		79,538		79,647		—		—		79,647
Subordinated debt		9,823		10,098		—		—		10,098
Note payable		297		308		—		—		308
Capital lease liability		3,147		3,442		—		—		3,442
Accrued interest payable		222		222		—		—		222
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 June 30, 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.