FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities	$	—	$	141,481	$	—	$	141,481
Interest rate swaps		—		7,510		—		7,510
Total assets	$	—	$	148,991	$	—	$	148,991
Liabilities:
Interest rate swaps	$	—	$	5,825	$	—	$	5,825

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities	$	—	$	146,997	$	—	$	146,997
Marketable equity securities		6,237		—		—		6,237
Interest rate swaps		—		6,343		—		6,343
Total assets	$	6,237	$	153,340	$	—	$	159,577
Liabilities:
Interest rate swaps	$	—	$	6,343	$	—	$	6,343

The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of June 30, 2023 and December 31, 2022:

The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of June 30, 2023 and December 31, 2022:

							Six Months Ended
	At June 30, 2023						June 30, 2023
							Total
	Level 1		Level 2		Level 3		Losses
	(In thousands)						(In thousands)
Impaired Loans	$	—	$	—	$	258	$	1,828
							Six Months Ended
	At December 31, 2022						June 30, 2022
							Total
	Level 1		Level 2		Level 3		Losses
	(In thousands)						(In thousands)
Impaired Loans	$	—	$	—	$	877	$	—

The estimated fair values of our financial instruments are as follows:

The estimated fair values of our financial instruments are as follows:

	June 30, 2023
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents	$	31,689	$	31,689	$	—	$	—	$	31,689
Securities held-to-maturity		222,900		9,205		175,740		—		184,945
Securities available-for-sale		141,481		—		141,481		—		141,481
Federal Home Loan Bank of Boston and other restricted stock		3,226		—		—		3,226		3,226
Loans - net		1,995,946		—		—		1,815,123		1,815,123
Accrued interest receivable		7,812		—		—		7,812		7,812
Mortgage servicing rights		480		—		759		—		759
Derivative asset		7,510		—		7,510		—		7,510
Liabilities:
Deposits		2,157,974		—		—		2,151,390		2,151,390
Short-term borrowings		7,190		—		7,190		—		7,190
Long-term debt		121,178		—		120,969		—		120,969
Subordinated debt		19,692		—		18,028		—		18,028
Accrued interest payable		972		—		—		972		972
Derivative liabilities		5,825		—		5,825		—		5,825

	December 31, 2022
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents	$	30,342	$	30,342	$	—	$	—	$	30,342
Securities held-to-maturity		230,168		9,162		181,788		—		190,950
Securities available-for-sale		146,997		—		146,997		—		146,997
Marketable equity securities		6,237		6,237		—		—		6,237
Federal Home Loan Bank of Boston and other restricted stock		3,352		—		—		3,352		3,352
Loans - net		1,971,469		—		—		1,856,087		1,856,087
Accrued interest receivable		8,140		—		—		8,140		8,140
Mortgage servicing rights		550		—		794		—		794
Derivative asset		6,343		—		6,343		—		6,343
Liabilities:
Deposits		2,229,443		—		—		2,220,405		2,220,405
Short-term borrowings		41,350		—		41,350		—		41,350
Long-term debt		1,178		—		1,094		—		1,094
Subordinated debt		19,673		—		18,132		—		18,132
Accrued interest payable		186		—		—		186		186
Derivative liabilities		6,343		—		6,343		—		6,343