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

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

	Fair Value Measurements Using						Assets at
(in thousands)	Level 1		Level 2		Level 3		fair
							value
March 31, 2023
Assets at fair value on a recurring basis
U.S. Treasury	$	—	$	17,479	$	—	$	17,479
U.S. Government Agency notes		—		26,844		—		26,844
Municipal bonds		—		48,199		—		48,199
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		60,550		—		60,550
Collateralized mortgage obligations:
U.S. Government agencies		—		21,915		—		21,915
Corporate bonds		834		11,777		—		12,611
Securities available-for-sale	$	834	$	186,764	$	—	$	187,598
Mutual funds		2,068		—		—		2,068

December 31, 2022
Assets at fair value on a recurring basis
U.S. Treasury	$	—	$	17,133	$	—	$	17,133
U.S. Government Agency notes		—		27,154		—		27,154
Municipal bonds		—		46,538		—		46,538
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		61,875		—		61,875
Collateralized mortgage obligations:
U.S. Government agencies		—		21,936		—		21,936
Corporate bonds		833		11,941		—		12,744
Securities available-for-sale	$	833	$	186,577	$	—	$	187,410
Mutual funds		1,933		—		—		1,933

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

(in thousands)	Carrying		Estimated		Fair value measurements using
	value		fair value		Level 1		Level 2		Level 3
March 31, 2023
Financial Assets
Cash and cash equivalents	$	49,844	$	49,844	$	49,844	$	—	$	—
Securities available-for-sale, net		187,598		187,598		834		186,764		—
Mutual funds		2,068		2,068		2,068		—		—
Federal Home Loan Bank of Boston stock		5,030		5,030		—		5,030		—
Loans held-for-sale		—		—		—		—		—
Loans receivable, net		1,234,632		1,193,272		—		—		1,193,272
Accrued interest receivable		6,383		6,383		—		6,383		—
Cash surrender value of life insurance policies		30,571		30,571		—		30,571		—
Financial Liabilities
Demand (non-interest-bearing)	$	370,049	$	370,049	$	—	$	370,049	$	—
Demand (interest-bearing)		218,902		218,902		—		218,902		—
Money market		296,974		296,974		—		296,974		—
Savings and other		236,755		236,755		—		236,755		—
Certificates of deposit		170,362		170,806		—		170,806		—
Deposits		1,293,042		1,293,486		—		1,293,486		—
Repurchase agreements		3,230		3,230		—		3,230		—
FHLBB advances		100,000		99,999		—		99,999		—
Subordinated debt		24,545		21,022		—		21,022		—
Note payable		117		114		—		114		—
Finance lease obligation		4,225		3,449		—		—		3,449
Accrued interest payable		425		425		—		425		—

December 31, 2022
Financial Assets
Cash and cash equivalents	$	50,539	$	50,539	$	50,539	$	—	$	—
Securities available-for-sale		187,410		187,410		833		186,577		—
Mutual fund		1,933		1,933		1,933		—		—
Federal Home Loan Bank of Boston stock		1,285		1,285		—		1,285		—
Loans held-for-sale		—		—		—		—		—
Loans receivable, net		1,213,671		1,172,416		—		—		1,172,416
Accrued interest receivable		6,797		6,797		—		6,797		—
Cash surrender value of life insurance policies		30,379		30,379		—		30,379		—
Financial Liabilities
Demand (non-interest-bearing)	$	395,994	$	395,994	$	—	$	395,994	$	—
Demand (interest-bearing)		231,486		231,486		—		231,486		—
Money market		343,965		343,965		—		343,965		—
Savings and other		233,578		233,578		—		233,578		—
Certificates of deposit		153,370		153,411		—		153,411		—
Deposits		1,358,393		1,358,434		—		1,358,434		—
Repurchase agreements		7,228		7,228		—		7,228		—
FHLBB advances		10,000		10,000		—		10,000		—
Subordinated debt		24,531		21,670		—		21,670		—
Note payable		128		125		—		125		—
Finance lease liability		4,262		3,546		—		—		3,546
Accrued interest payable		210		210		—		210		—