SECURITIES (Tables)

9 Months Ended

Sep. 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
September 30, 2018
Available-for-sale
U.S. Government Agency notes	$	4,991	$	—	$	28	$	4,963
Municipal bonds		5,392		5		7		5,390
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		34,845		21		467		34,399
Collateralized mortgage obligations:
U.S. Government agencies		18,255		1		404		17,852
Non-agency		1,423		395		21		1,797
SBA bonds		28,607		—		757		27,850
Corporate bonds		3,500		29		—		3,529
Total securities available-for-sale	$	97,013	$	451	$	1,684	$	95,780
CRA mutual fund	$	823	$	—	$	—	$	823
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

September 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
U.S. Government Agency notes	$	4,963	$	28	$	—	$	—	$	4,963	$	28
Municipal bonds		1,674		7		—		—		1,674		7
Mortgage-backed securities		12,694		210		19,584		257		32,278		467
Collateralized mortgage obligations:
U.S. Government Agencies		13,546		225		3,949		179		17,495		404
Non-agency		94		4		—		—		94		4
SBA bonds		25,346		643		2,428		114		27,774		757
Total -temporarily impaired securities	$	58,317	$	1,117	$	25,961	$	550	$	84,278	$	1,667
Other-than-temporarily impaired securities
Collateralized mortgage obligations
Non-agency		—		—		75		17		75		17
Total temporarily impaired and other-than-temporarily impaired securities	$	58,317	$	1,117	$	26,036	$	567	$	84,343	$	1,684
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

September 30, 2018 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
U.S. Government agency notes	After 5 years but within 10 years	$	4,991	$	4,963		3.59	%
	Total		4,991		4,963		3.59
Municipal bonds	Within 1 year		347		347		2.37
	After 1 year but within 5 years		137		137		2.78
	After 10 years but within 15 years		4,373		4,374		4.55
	After 15 years		535		532		3.35
	Total		5,392		5,390		4.29
Mortgage-backed securities	U.S. Government agency and U.S. Government-sponsored enterprises		34,845		34,399		2.43
Collateralized mortgage obligations	U.S. Government agency and U.S. Government-sponsored enterprises		18,255		17,852		3.00
	Non-agency		1,423		1,797		5.36
SBA bonds			28,607		27,850		3.06
Corporate bonds	After 5 years but within 10 years		3,500		3,529		5.57
Securities available-for-sale		$	97,013	$	95,780		3.05	%

(1)       Yield is based on amortized cost.

Activity related to credit losses recognized into earnings

Nine months ended September 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