NOTE 2 - SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

composition of securities

The composition of securities is as follows:

(in thousands)		Amortized cost basis (1)		Gross un-realized gains		Gross un-realized losses		Fair value
March 31, 2021
Available-for-sale
U.S. Government Agency notes	$	19,095	$	133	$	86	$	19,142
Municipal bonds		27,500		1,293		74		28,719
Mortgage-backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		55,435		786		499		55,722
Collateralized mortgage obligations:
U.S. Government agencies		14,590		321		62		14,849
Corporate bonds		8,750		161		-		8,911
Total securities available-for-sale	$	125,370	$	2,694	$	721	$	127,343
CRA mutual fund							$	904
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	1,713	$	-	$	-	$	1,713

(in thousands)		Amortized cost basis (1)		Gross un-realized gains		Gross un-realized losses		Fair value
December 31, 2020
Available-for-sale
U.S. Government Agency notes	$	7,735	$	153	$	37	$	7,851
Municipal bonds		25,831		1,787		1		27,617
Mortgage-backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		35,240		1,376		43		36,573
Collateralized mortgage obligations:
U.S. Government agencies		17,054		400		-		17,454
Corporate bonds		8,750		166		-		8,916
Total securities available-for-sale	$	94,610	$	3,882	$	81	$	98,411
CRA mutual fund							$	917
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	1,713	$	-	$	-	$	1,713

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
March 31, 2021 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	10,993	$	86	$	-	$	-	$	10,993	$	86
Municipal bonds		4,996		74		-		-		4,996		74
Mortgage- backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		36,534		499		-		-		36,534		499
Collateralized mortgage obligations:
U.S. Government agencies		4,030		62		-		-		4,030		62
Total temporarily impaired securities	$	56,553	$	721	$	-	$	-	$	56,553	$	721

	Less than 12 Months				12 Months or Longer				Total
December 31, 2020 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	2,553	$	36	$	20	$	1	$	2,573	$	37
Municipal bonds		558		1		-		-		558		1
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		3,761		42		45		1		3,806		43
Total temporarily impaired securities	$	6,872	$	79	$	65	$	2	$	6,937	$	81

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

The table below presents the amortized cost, fair value and tax equivalent yield of securities, by maturity. Debt securities issued by U.S. Government agencies (SBA securities), MBS, and CMOS are disclosed separately in the table below as these securities may prepay prior to the scheduled contractual maturity dates.

March 31, 2021 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	4,497	$	4,512	2.32	%
	After 5 year but within 10 years		2,995		2,964	1.35
	Total		7,492		7,476	1.93
Municipal bonds	After 5 year but within 10 years		3,038		3,188	2.71
	After 10 years		24,462		25,531	2.94
	Total		27,500		28,719	2.92
Mortgage-backed securities, Collateralized mortgage obligations,
U.S. Government agencies and sponsored enterprises	Not a single maturity		81,628		82,237	1.94
Corporate bonds	After 5 years but within 10 years		8,750		8,911	5.22
Securities available-for-sale		$	125,370	$	127,343	2.39	%

⁽¹⁾ Yield is based on amortized cost.