NOTE 12 - FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2021
Assets at fair value on a recurring basis
U.S. Government Agency notes	$	-	$	35,527	$	-	$	35,527
Municipal bonds		-		31,079		-		31,079
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		-		60,996		-		60,996
Collateralized mortgage obligations:
U.S. Government agencies		-		12,715		-		12,715
Corporate bonds		-		10,213		-		10,213
Securities available-for-sale	$	-	$	150,530	$	-	$	150,530
CRA mutual funds	$	909	$	-	$	-	$	909
Derivative financial instruments	$	-	$	8	$	-	$	8

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
June 30, 2021
Financial Assets
Cash and cash equivalents	$	179,826	$	179,826	$	179,826	$	-	$	-
Interest bearing time deposits with financial institutions		750		750		750		-		-
Securities available-for-sale, net		150,530		150,530		-		150,530		-
CRA mutual fund		909		909		909		-		-
Federal Home Loan Bank of Boston stock		1,504		1,504		1,504		-		-
Loans held-for-sale		415		422		-		-		422
Loans receivable, net		1,032,345		1,029,934		-		-		1,029,934
Accrued interest receivable		6,357		6,357		6,357		-		-
Cash surrender value of life insurance policies		21,433		21,433		21,433		-		-
Derivative financial instruments		8		8		-		8		-
Financial Liabilities
Demand (non-interest-bearing)	$	359,517	$	359,517	$	-	$	359,517	$	-
Demand (interest-bearing)		224,791		224,791		-		224,791		-
Money market		315,518		315,518		-		315,518		-
Savings and other		206,887		206,887		-		206,887		-
Certificates of deposit		136,656		137,673		-		137,673		-
Deposits		1,243,369		1,244,386		-		1,244,386		-
Repurchase agreements		17,492		17,492		-		17,492		-
FHLBB advances		10,152		10,264		-		10,264		-
Subordinated debt		24,445		24,517		-		24,517		-
Note payable		189		192		-		192		-
Finance lease obligation		1,646		1,767		-		-		1,767
Accrued interest payable		42		42		42		-		-

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		-		-