SECURITIES (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Composition of Securities

(in thousands)	Amortized cost basis		Gross un- realized gains		Gross un- realized losses		Fair value
December 31, 2019
Available-for-sale
U.S. Government Agency notes	$	4,520	$	125	$	1	$	4,644
Municipal bonds		26,562		704		73		27,193
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		28,961		420		24		29,357
Collateralized mortgage obligations:
U.S. Government agencies		25,041		468		10		25,499
Corporate bonds		5,000		108		—		5,108
Total securities available-for-sale	$	90,084	$	1,825	$	108	$	91,801
CRA mutual fund							$	882
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,242	$	—	$	—	$	3,242
(in thousands)	Amortized cost basis		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
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	4,496	$	—	$	—	$	4,496

Sales of securities available-for-sale and gross gains and gross losses realized

Years ended December 31, (in thousands)		2019			2018			2017
Proceeds	$	41,814		$	10,036		$	199
Gains realized		371			361			192
Losses realized		(108	)		(43	)		(14	)
Net gains realized		263			318			178
Income tax provision		55			67			61

Aggreggate fair value and gross unrealized loss of securities

	Less than 12 Months				12 Months or Longer				Total
December 31, 2019 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair Value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	195	$	1	$	195	$	1
Municipal bonds		6,273		73		—		—		6,273		73
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		5,781		22		704		2		6,485		24
Collateralized mortgage obligations:
U.S. Government Agencies		1,438		10		—		—		1,438		10
Total temporarily impaired securities	$	13,492	$	105	$	899	$	3	$	14,391	$	108
	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

December 31, 2019 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 5 year but within 10 years	$	2,497	$	2,551	3.48	%
	Total		2,497		2,551	3.48
Municipal bonds	Within 1 year		60		60	2.63
	After 5 year but within 10 years		1,734		1,833	3.16
	After 10 years		24,768		25,300	3.48
	Total		26,562		27,193	3.46
Corporate bonds	After 5 years but within 10 years		5,000		5,108	5.21
Mortgage-backed securities, CMO securities and SBA securities			56,025		56,949	2.85
Securities available-for-sale		$	90,084	$	91,801	3.17	%

(1)       Yield is based on amortized cost.