SECURITIES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2019
Available-for-sale
U.S. Government Agency notes	$	4,771	$	163	$	2	$	4,932
Municipal bonds		20,205		430		12		20,623
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		39,158		585		20		39,723
Collateralized mortgage obligations:
U.S. Government agencies		29,925		606		1		30,530
Corporate bonds		4,250		91		—		4,341
Total securities available-for-sale	$	98,309	$	1,875	$	35	$	100,149
CRA mutual fund	$	869	$	—	$	—	$	869
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	2,839	$	—	$	—	$	2,839
(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
June 30, 2019 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	336	$	2	$	336	$	2
Municipal bonds		4,679		12		—		—		4,679		12
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		6,134		14		729		6		6,863		20
Collateralized mortgage obligations:
U.S. Government Agencies		—		—		1,616		1		1,616		1
Total temporarily impaired securities	$	10,813	$	26	$	2,681	$	9	$	13,494	$	35
	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

June 30, 2019 (in thousands)	Maturity	Amortized cost		Fair value		Yield(1)
U.S. Government Agency notes	Within 1 year	$	22	$	22		3.79	%
	After 1 year but within 5 years		359		358		3.60
	After 5 year but within 10 years		4,390		4,552		3.36
	Total		4,771		4,932		3.38
Municipal bonds	Within 1 year		231		231		2.44
	After 10 years		19,974		20,392		3.66
	Total		20,205		20,623		3.65
Mortgage-backed securities and Collateralized mortgage obligations	U.S. Government agencies		69,083		70,253		2.85
Corporate bonds	After 5 years but within 10 years		4,250		4,341		5.43
Securities available-for-sale		$	98,309	$	100,149		3.03	%

⁽¹⁾ Yield is based on amortized cost.