FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities	$	—	$	138,362	$	—	$	138,362
Marketable equity securities		222		—		—		222
Interest rate swaps		—		6,720		—		6,720
Total assets	$	222	$	145,082	$	—	$	145,304
Liabilities:
Interest rate swaps	$	—	$	5,875	$	—	$	5,875

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:	(In thousands)
Available-for-sale securities	$	—	$	137,115	$	—	$	137,115
Marketable equity securities		196		—		—		196
Interest rate swaps		—		5,890		—		5,890
Total assets	$	196	$	143,005	$	—	$	143,201
Liabilities:
Interest rate swaps	$	—	$	5,239	$	—	$	5,239

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

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. There were no collateral dependent loans measured at fair value on a nonrecurring basis as of March 31, 2024. The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of December 31, 2023:

	At December 31, 2023						Three Months Ended March 31, 2023
	Level 1		Level 2		Level 3		Total Losses
	(In thousands)						(In thousands)
Collateral dependent loans	$	—	$	—	$	1,100	$	2,178

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

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

	March 31, 2024
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents	$	22,613	$	22,613	$	—	$	—	$	22,613
Securities held-to-maturity		221,242		9,463		172,216		—		181,679
Securities available-for-sale		138,362		—		138,362		—		138,362
Marketable equity securities		222		222		—		—		222
Federal Home Loan Bank of Boston and other restricted stock		3,105		—		—		3,105		3,105
Loans - net		2,005,682		—		—		1,837,472		1,837,472
Accrued interest receivable		8,622		—		—		8,622		8,622
Mortgage servicing rights		400		—		707		—		707
Derivative asset		6,720		—		6,720		—		6,720
Liabilities:
Deposits		2,143,747		—		—		2,140,561		2,140,561
Short-term borrowings		11,470		—		11,459		—		11,459
Long-term debt		120,646		—		120,459		—		120,459
Subordinated debt		19,722		—		17,281		—		17,281
Accrued interest payable		4,414		—		—		4,414		4,414
Derivative liabilities		5,875		—		5,875		—		5,875

	December 31, 2023
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Cash and cash equivalents	$	28,840	$	28,840	$	—	$	—	$	28,840
Securities held-to-maturity		223,370		9,450		178,242		—		187,692
Securities available-for-sale		137,115		—		137,115		—		137,115
Marketable equity securities		196		196		—		—		196
Federal Home Loan Bank of Boston and other restricted stock		3,707		—		—		3,707		3,707
Loans - net		2,007,050		—		—		1,841,913		1,841,913
Accrued interest receivable		8,528		—		—		8,528		8,528
Mortgage servicing rights		422		—		724		—		724
Derivative asset		5,890		—		5,890		—		5,890
Liabilities:
Deposits		2,143,744		—		—		2,140,930		2,140,930
Short-term borrowings		16,100		—		16,100		—		16,100
Long-term debt		120,646		—		120,460		—		120,460
Subordinated debt		19,712		—		17,938		—		17,938
Accrued interest payable		3,310		—		—		3,310		3,310
Derivative liabilities		5,239		—		5,239		—		5,239