FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 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:

	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities	$	—	$	146,373	$	—	$	146,373
Marketable equity securities		6,309		—		—		6,309
Interest rate swaps		—		5,344		—		5,344
Total assets	$	6,309	$	151,717	$	—	$	158,026
Liabilities:
Interest rate swaps	$	—	$	5,344	$	—	$	5,344

	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 March 31, 2023 and December 31, 2022:

We may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of March 31, 2023 and December 31, 2022:

							Three Months Ended
	At March 31, 2023						March 31, 2023
							Total
	Level 1		Level 2		Level 3		Losses
	(In thousands)						(In thousands)
Impaired Loans	$	—	$	—	$	267	$	1,828

							Three Months Ended
	At December 31, 2022						March 31, 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:

	March 31, 2023
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents	$	23,230	$	23,230	$	—	$	—	$	23,230
Securities held-to-maturity		226,996		9,294		181,779		—		191,073
Securities available-for-sale		146,373		—		146,373		—		146,373
Marketable equity securities		6,309		6,309		—		—		6,309
Federal Home Loan Bank of Boston and other restricted stock		7,173		—		—		7,173		7,173
Loans - net		1,987,468		—		—		1,865,277		1,865,277
Accrued interest receivable		8,009		—		—		8,140		8,140
Mortgage servicing rights		515		—		779		—		779
Derivative asset		5,344		—		5,344		—		5,344
Liabilities:
Deposits		2,157,128		—		—		2,150,323		2,150,323
Short-term borrowings		98,990		—		99,145		—		99,145
Long-term debt		31,178		—		31,123		—		31,123
Subordinated debt		19,682		—		18,392		—		18,392
Accrued interest payable		335		—		—		335		335
Derivative liabilities		5,344		—		5,344		—		5,344

	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