SECURITIES (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019
Available-for-sale
U.S. Government Agency notes	$	7,391	$	124	$	2	$	7,513
Municipal bonds		9,251		240		—		9,491
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		56,009		503		153		56,359
Collateralized mortgage obligations:
U.S. Government agencies		20,493		186		74		20,605
Corporate bonds		4,250		37		—		4,287
Total securities available-for-sale	$	97,394	$	1,090	$	229	$	98,255
CRA mutual fund	$	852	$	—	$	—	$	852
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,372	$	—	$	—	$	3,372
(in thousands)		Amortized cost basis (1)		Gross un-realized gains		Gross un-realized losses		Fair value
December 31, 2018
Available-for-sale
U.S. Government Agency notes	$	7,590	$	83	$	3	$	7,670
Municipal bonds		5,334		45		—		5,379
Mortgage-backed securities:
U.S. Government agencies and U.S. Government sponsored enterprises		57,837		170		561		57,446
Collateralized mortgage obligations:
U.S. Government agencies		17,835		85		173		17,747
Corporate bonds		3,500		76		—		3,576
Total securities available-for-sale	$	92,096	$	459	$	737	$	91,818
CRA mutual fund	$	836	$	—	$	—	$	836
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	4,496	$	—	$	—	$	4,496

Aggreggate fair value and gross unrealized loss of securities

	Less than 12 Months				12 Months or Longer				Total
March 31, 2019 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	448	$	2	$	448	$	2
Mortgage- backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		1,060		13		22,957		140		24,017		153
Collateralized mortgage obligations:
U.S. Government Agencies		—		—		8,159		74		8,159		74
Total temporarily impaired securities	$	1,060	$	13	$	31,564	$	216	$	32,624	$	229
		Less than 12 Months				12 Months or Longer				Total
December 31, 2018 (in thousands)		Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	34	$	—	$	532	$	3	$	566	$	3
Mortgage-backed securities:
U.S. Government agencies and U.S. Government –sponsored enterprises		13,063		175		26,777		386		39,840		561
Collateralized mortgage obligations:
U.S. Government Agencies		—		—		8,281		173		8,281		173
Total temporarily impaired securities	$	13,097	$	175	$	35,590	$	562	$	48,687	$	737

Amortized cost, fair value and tax equivalent yield of securities

March 31, 2019 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	505	$	503		3.63	%
	After 5 year but within 10 years		6,886		7,010		3.48
	Total		7,391		7,513		3.49
Municipal bonds	Within 1 year		257		257		2.44
	After 10 years		8,994		9,234		4.06
	Total		9,251		9,491		4.02
Mortgage-backed securities and Collateralized mortgage obligations	U.S. Government agencies		76,502		76,964		2.92
Corporate bonds	After 5 years but within 10 years		4,250		4,287		5.43
Securities available-for-sale		$	97,394	$	98,255		3.04	%

⁽¹⁾       Yield is based on amortized cost.