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NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Assets measured at fair value

Assets measured at fair value are as follows:

Fair Value Measurements Using Assets at
(in thousands) Level 1 Level 2 Level 3 fair
value
March 31, 2021
Assets at fair value on a recurring basis
U.S. Government Agency notes $- $19,142 $- $19,142
Municipal bonds - 28,719 - 28,719
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises - 55,722 - 55,722
Collateralized mortgage obligations:
U.S. Government agencies - 14,849 - 14,849
Corporate bonds - 8,911 - 8,911
Securities available-for-sale $- $127,343 $- $127,343
CRA mutual funds 904 - - 904
Derivative financial instruments - 7 - 7
December 31, 2020
Assets at fair value on a recurring basis
U.S. Government Agency notes $- $ 7,851 $ - $7,851
Municipal bonds - 27,617 - 27,617
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises - 36,573 - 36,573
Collateralized mortgage obligations:
U.S. Government agencies - 17,454 - 17,454
Corporate bonds - 8,916 - 8,916
Securities available-for-sale $- $98,411 $ - $98,411
CRA mutual funds 917 - - 917
Derivative financial instruments - 4 - 4
Carrying values and estimated fair values of financial instruments

Carrying values and estimated fair values of financial instruments are as follows:

(in thousands) Carrying Estimated Fair value measurements using
value fair value Level 1 Level 2 Level 3
March 31, 2021
Financial Assets
Cash and cash equivalents $159,196 $ 159,196 $159,196 $- $-
Interest bearing time deposits with financial institutions 750 750 750
Securities available-for-sale, net 127,343 127,343 - 127,343 -
CRA mutual fund 904 904 904 - -
Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - -
Loans held-for-sale 2,313 2,352 - - 2,352
Loans receivable, net 1,041,185 1,043,432 - - 1,043,432
Accrued interest receivable 6,237 6,237 6,237 - -
Cash surrender value of life insurance policies 21,307 21,307 21,307 - -
Derivative financial instruments 7 7 - 7 -
Financial Liabilities
Demand (non-interest-bearing) $334,638 $ 334,638 $- $334,638 $-
Demand (interest-bearing) 229,200 229,200 - 229,200 -
Money market 311,971 311,971 - 311,971 -
Savings and other 207,109 207,109 - 207,109 -
Certificates of deposit 128,253 129,440 - 129,440 -
Deposits 1,211,171 1,212,358 - 1,212,358 -
Repurchase agreements 8,687 8,687 - 8,687 -
FHLBB advances 11,396 11,525 - 11,525 -
Subordinated debt 34,305 35,041 35,041 - -
Note payable 197 202 - 202 -
Finance lease obligation 1,658 1,801 - - 1,801
Accrued interest payable 37 37 37 - -
December 31, 2020
Financial Assets
Cash and cash equivalents $93,162 $93,162 $93,162 $- $-
Interest bearing time deposits with financial institutions 750 750 750 - -
Securities available-for-sale 98,411 98,411 - 98,411 -
CRA mutual fund 917 917 917 - -
Federal Home Loan Bank of Boston stock 1,713 1,713 1,713 - -
Loans held-for-sale 2,735 2,790 - - 2,790
Loans receivable, net 1,027,738 1,057,234 - - 1,057,234
Accrued interest receivable 6,373 6,373 6,373 - -
Cash surrender value of life insurance policies 21,182 21,182 21,182 - -
Derivative financial instruments 4 4 - 4 -
Financial Liabilities
Demand (non-interest-bearing) $310,769 $310,769 $- $310,769 $-
Demand (interest-bearing) 218,869 218,869 - 218,869 -
Money market 278,146 278,146 - 278,146 -
Savings and other 189,776 189,776 - 189,776 -
Certificates of deposit 131,514 132,875 - 132,875 -
Deposits 1,129,074 1,130,435 - 1,130,435 -
Repurchase agreements 7,116 7,116 - 7,116 -
FHLBB advances 12,639 12,786 - 12,786 -
Subordinated debt 9,883 10,027 10,027 - -
Note payable 208 212 - 212 -
Finance lease liability 1,673 1,920 - - 1,920
Accrued interest payable 43 43 43 - -