FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

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
March 31, 2020
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	—	$	4,391	$	—	$	4,391
Municipal bonds		—		27,250		—		27,250
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		29,843		—		29,843
Collateralized mortgage obligations:
U.S. Government agencies		—		24,727		—		24,727
Corporate bonds		—		5,122		—		5,122
Securities available-for-sale	$	—	$	91,333	$	—	$	91,333
CRA mutual funds		900		—		—		900
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	1,207	$	1,207
Other real estate owned	$	—	$	—	$	—	$	—
December 31, 2019
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	—	$	4,644	$	—	$	4,644
Municipal bonds		—		27,193		—		27,193
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		29,357		—		29,357
Collateralized mortgage obligations:
U.S. Government agencies		—		25,499		—		25,499
Corporate bonds		—		5,108		—		5,108
Securities available-for-sale	$	—	$	91,801	$	—	$	91,801
CRA mutual funds		882		—		—		882
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	1,593	$	1,593
Other real estate owned	$	—	$	—	$	314	$	314

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
March 31, 2020
Financial Assets
Cash and cash equivalents	$	39,262	$	39,262	$	39,262	$	—	$	—
Interest bearing time deposits with financial institutions		750		750		750
Securities available-for-sale, net		91,333		91,333		—		91,333		—
CRA mutual fund		900		900		900		—		—
Federal Home Loan Bank of Boston stock		2,733		2,733		2,733		—		—
Loans held-for-sale		580		589		—		—		589
Loans receivable, net		949,142		948,157		—		—		948,157
Accrued interest receivable		3,437		3,437		3,437		—		—
Cash surrender value of life insurance policies		20,714		20,714		20,714		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	243,491	$	243,491	$	—	$	243,491	$	—
Demand (interest-bearing)		157,069		157,069		—		157,069		—
Money market		222,746		222,746		—		222,746		—
Savings and other		167,408		167,408		—		167,408		—
Certificates of deposit		174,906		176,461		—		176,461		—
Deposits		965,620		967,175		—		967,175		—
Repurchase agreements		4,929		4,929		—		4,929		—
FHLBB advances		40,932		41,167		—		41,167		—
Subordinated debt		9,865		9,958		9,958		—		—
Note payable		237		241		—		241		—
Finance lease obligation		1,707		1,935		—		—		1,938
Accrued interest payable		297		297		297		—		—
December 31, 2019
Financial Assets
Cash and cash equivalents	$	26,885	$	26,885	$	26,885	$	—	$	—
Interest bearing time deposits with financial institutions		750		750		750		—		—
Securities available-for-sale		91,801		91,801		—		91,801		—
CRA mutual fund		882		882		882		—		—
Federal Home Loan Bank of Boston stock		3,242		3,242		3,242		—		—
Loans held-for-sale		332		334		—		—		334
Loans receivable, net		927,413		933,287		—		—		933,287
Accrued interest receivable		3,415		3,415		3,415		—		—
Cash surrender value of life insurance policies		20,580		20,580		20,580		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	237,852	$	237,852	$	—	$	237,852	$	—
Demand (interest-bearing)		153,314		153,314		—		153,314		—
Money market		239,504		239,504		—		239,504		—
Savings and other		161,112		161,112		—		161,112		—
Certificates of deposit		127,724		128,629		—		128,629		—
Deposits		919,506		920,411		—		920,411		—
Repurchase agreements		8,530		8,530		—		8,530		—
FHLBB advances		50,887		51,028		—		51,028		—
Subordinated debt		9,859		10,113		10,113		—		—
Note payable		246		251		—		251		—
Finance lease liability		1,718		1,967		—		—		1,967
Accrued interest payable		78		78		78		—		—