FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2020
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	—	$	4,361	$	—	$	4,361
Municipal bonds		—		25,896		—		25,896
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		32,025		—		32,025
Collateralized mortgage obligations:
U.S. Government agencies		—		21,048		—		21,048
Corporate bonds		—		6,122		—		6,122
Securities available-for-sale	$	—	$	89,452	$	—	$	89,452
CRA mutual funds		912		—		—		912
Assets at fair value on a non-recurring basis
Collateral dependent impaired loans	$	—	$	—	$	1,282	$	1,282
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
June 30, 2020
Financial Assets
Cash and cash equivalents	$	84,495	$	84,495	$	84,495	$	—	$	—
Interest bearing time deposits with financial institutions		750		750		750		—		—
Securities available-for-sale, net		89,452		89,452		—		89,452		—
CRA mutual fund		912		912		912		—		—
Federal Home Loan Bank of Boston stock		3,353		3,353		3,353		—		—
Loans held-for-sale		5,313		5,392		—		—		5,392
Loans receivable, net		1,040,358		1,062,289		—		—		1,062,289
Accrued interest receivable		3,988		3,988		3,988		—		—
Cash surrender value of life insurance policies		20,846		20,846		20,846		—		—
Financial Liabilities
Demand (non-interest-bearing)	$	325,531	$	325,531	$	—	$	325,531	$	—
Demand (interest-bearing)		188,487		188,487		—		188,487		—
Money market		251,242		251,242		—		251,242		—
Savings and other		170,537		170,537		—		170,537		—
Certificates of deposit		149,802		151,315		—		151,315		—
Deposits		1,085,599		1,087,112		—		1,087,112		—
Repurchase agreements		7,809		7,809		—		7,809		—
FHLBB advances		55,118		55,377		—		55,377		—
Subordinated debt		9,871		9,910		9,910		—		—
Note payable		228		231		—		231		—
Finance lease obligation		1,696		1,902		—		—		1,902
Accrued interest payable		187		187		187		—		—
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		—		—