SECURITIES (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020
Available-for-sale
U.S. Government Agency notes	$	4,186	$	176	$	1	$	4,361
Municipal bonds		24,701		1,207		12		25,896
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		30,881		1,179		35		32,025
Collateralized mortgage obligations:
U.S. Government agencies		20,349		699		—		21,048
Corporate bonds		6,000		147		25		6,122
Total securities available-for-sale	$	86,117	$	3,408	$	73	$	89,452
CRA mutual fund							$	912
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,353	$	—	$	—	$	3,353
(in thousands)		Amortized cost basis (1)		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

Aggreggate fair value and gross unrealized loss of securities

	Less than 12 Months				12 Months or Longer				Total
June 30, 2020 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	—	$	—	$	102	$	1	$	102	$	1
Municipal bonds		2,074		12		—		—		2,074		12
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		4,160		34		105		1		4,265		35
Corporate bonds		725		25		—		—		725		25
Total temporarily impaired securities	$	6,959	$	71	$	207	$	2	$	7,166	$	73
	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

Amortized cost, fair value and tax equivalent yield of securities

June 30, 2020 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 5 year but within 10 years	$	2,496	$	2,557	3.48	%
	Total		2,496		2,557	3.48
Municipal bonds	After 5 year but within 10 years		1,720		1,881	3.16
	After 10 years		22,981		24,015	3.07
	Total		24,701		25,896	3.08
Mortgage-backed securities and Collateralized mortgage obligations	U.S. Government agencies		52,920		54,877	2.85
Corporate bonds	After 5 years but within 10 years		6,000		6,122	5.21
Securities available-for-sale		$	86,117	$	89,452	3.17	%

⁽¹⁾ Yield is based on amortized cost.