NOTE 2 - SECURITIES (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

composition of securities

The composition of securities is as follows:

(in thousands)		Amortized cost basis		Gross un-realized gains		Gross un-realized losses		Fair value
September 30, 2020
Available-for-sale
U.S. Government Agency notes	$	5,643	$	176	$	32	$	5,787
Municipal bonds		25,219		1,348		9		26,558
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		35,256		1,288		36		36,508
Collateralized mortgage obligations:
U.S. Government agencies		18,439		598		—		19,037
Corporate bonds		7,750		101		21		7,830
Total securities available-for-sale	$	92,307	$	3,511	$	98	$	95,720
CRA mutual fund							$	916
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,158	$	—	$	—	$	3,158

(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

[custom:MarketableSecurities1TextBlock]

(in thousands)		Amortized cost basis		Gross un-realized gains		Gross un-realized losses		Fair value
September 30, 2020
Available-for-sale
U.S. Government Agency notes	$	5,643	$	176	$	32	$	5,787
Municipal bonds		25,219		1,348		9		26,558
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		35,256		1,288		36		36,508
Collateralized mortgage obligations:
U.S. Government agencies		18,439		598		—		19,037
Corporate bonds		7,750		101		21		7,830
Total securities available-for-sale	$	92,307	$	3,511	$	98	$	95,720
CRA mutual fund							$	916
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	3,158	$	—	$	—	$	3,158

(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

amortized cost, fair value and tax equivalent yield of securities, by maturity

The amortized cost, fair value and tax equivalent yield of securities, by maturity, are as follows:

September 30, 2020 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	2,496	$	2,567	3.48	%
Municipal bonds	After 5 year but within 10 years		2,224		2,379	2.85
	After 10 years		22,995		24,179	3.05
	Total		25,219		26,558	3.03
Mortgage-backed securities and Collateralized mortgage obligations	Securities not due at a single maturity date		56,842		58,765	2.15
Corporate bonds	After 5 years but within 10 years		7,750		7,830	5.20
Securities available-for-sale		$	92,307	$	95,720	2.68	%

⁽¹⁾ Yield is based on amortized cost.

[custom:ScheduleOfAvailableForSaleSecuritiesReconciliation1TableTextBlock]

September 30, 2020 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	2,496	$	2,567	3.48	%
Municipal bonds	After 5 year but within 10 years		2,224		2,379	2.85
	After 10 years		22,995		24,179	3.05
	Total		25,219		26,558	3.03
Mortgage-backed securities and Collateralized mortgage obligations	Securities not due at a single maturity date		56,842		58,765	2.15
Corporate bonds	After 5 years but within 10 years		7,750		7,830	5.20
Securities available-for-sale		$	92,307	$	95,720	2.68	%

⁽¹⁾ Yield is based on amortized cost.

aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position

The following table summarizes the aggregate fair value and gross unrealized loss of securities that have been in a continuous unrealized loss position as of the date presented:

	Less than 12 Months				12 Months or Longer				Total
September 30, 2020 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	1,561	$	31	$	75	$	1	$	1,636	$	32
Municipal bonds		2,194		9		—		—		2,194		9
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		6,729		35		65		1		6,794		36
Corporate bonds		1,479		21		—		—		1,479		21
Total temporarily impaired securities	$	11,963	$	96	$	140	$	2	$	12,103	$	98

	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

[custom:ScheduleOfUnrealizedLossOnInvestments1TableTextBlock]

	Less than 12 Months				12 Months or Longer				Total
September 30, 2020 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	1,561	$	31	$	75	$	1	$	1,636	$	32
Municipal bonds		2,194		9		—		—		2,194		9
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		6,729		35		65		1		6,794		36
Corporate bonds		1,479		21		—		—		1,479		21
Total temporarily impaired securities	$	11,963	$	96	$	140	$	2	$	12,103	$	98

	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