NOTE 13 – FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2023
Assets at fair value on a recurring basis
U.S. Treasury	$	—	$	17,245	$	—	$	17,245
U.S. Government Agency notes		—		25,516		—		25,516
Municipal bonds		—		43,662		—		43,662
Mortgage-backed securities:
U.S. Government agencies and U.S. Government-sponsored enterprises		—		58,069		—		58,069
Collateralized mortgage obligations:
U.S. Government agencies		—		20,825		—		20,825
Corporate bonds		803		11,357		—		12,160
Securities available-for-sale	$	803	$	176,674	$	—	$	177,477
Mutual funds		2,020		—		—		2,020

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
June 30, 2023
Financial Assets
Cash and cash equivalents	$	54,057	$	54,057	$	54,057	$	—	$	—
Securities available-for-sale, net		177,477		177,477		803		176,674		—
Mutual funds		2,020		2,020		2,020		—		—
Federal Home Loan Bank of Boston stock		1,488		1,488		—		1,488		—
Loans held-for-sale		—		—		—		—		—
Loans receivable, net		1,237,511		1,180,881		—		—		1,180,881
Accrued interest receivable		6,546		6,546		—		6,546		—
Cash surrender value of life insurance policies		30,248		30,248		—		30,248		—
Financial Liabilities
Demand (non-interest-bearing)	$	353,794	$	353,794	$	—	$	353,794	$	—
Demand (interest-bearing)		219,483		219,483		—		219,483		—
Money market		361,004		361,004		—		361,004		—
Savings and other		218,339		218,339		—		218,339		—
Certificates of deposit		207,330		206,311		—		206,311		—
Deposits		1,359,950		1,358,931		—		1,358,931		—
Repurchase agreements		7,492		7,492		—		7,492		—
FHLBB advances		20,000		20,000		—		20,000		—
Subordinated debt		24,559		20,257		—		20,257		—
Note payable		106		103		—		103		—
Finance lease obligation		4,189		3,357		—		—		3,357
Accrued interest payable		721		721		—		721		—

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		—