NOTE 2 - SECURITIES (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

composition of securities

The composition of securities is as follows:

(in thousands)		Amortized cost basis		Gross unrealized gains		Gross unrealized losses		Fair value
June 30, 2021
Available-for-sale
U.S. Government Agency notes	$	35,303	$	286	$	62	$	35,527
Municipal bonds		29,485		1,614		20		31,079
Mortgage-backed securities:
U.S. Government agencies and U.S. Government- sponsored enterprises		60,446		991		441		60,996
Collateralized mortgage obligations:
U.S. Government agencies		12,440		285		10		12,715
Corporate bonds		10,000		213		-		10,213
Total securities available-for-sale	$	147,674	$	3,389	$	533	$	150,530
CRA mutual fund							$	909
Non-marketable securities
Federal Home Loan Bank of Boston stock	$	1,504	$	-	$	-	$	1,504

(in thousands)		Amortized cost basis		Gross unrealized gains		Gross unrealized 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
June 30, 2021 (in thousands)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
Available-for-sale
U.S. Government Agency notes	$	17,155	$	62	$	-	$	-	$	17,155	$	62
Municipal bonds		2,896		20		-		-		2,896		20
Mortgage- backed securities:
U.S. Government agencies and U.S. Government - sponsored enterprises		30,869		441		-		-		30,869		441
Collateralized mortgage obligations:
U.S. Government agencies		1,429		10		-		-		1,429		10
Total temporarily impaired securities	$	52,349	$	533	$	-	$	-	$	52,349	$	533

	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.

June 30, 2021 (in thousands)	Maturity	Amortized cost			Fair value	Yield(1)
U.S. Government Agency notes	After 1 year but within 5 years	$	3,497	$	3,502	2.77	%
	After 5 year but within 10 years		15,917		15,931	1.30
	Total		19,414		19,433	1.56
Municipal bonds	After 5 year but within 10 years		3,030		3,210	2.71
	After 10 years		26,455		27,869	2.85
	Total		29,485		31,079	2.84
Mortgage-backed securities, Collateralized mortgage obligations,
U.S. Government agencies and sponsored enterprises	Not a single maturity		88,775		89,805	1.73
Corporate bonds	After 5 years but within 10 years		10,000		10,213	4.88
Securities available-for-sale		$	147,674	$	150,530	2.14	%

⁽¹⁾ Yield is based on amortized cost.