Western New England Bancorp (WNEB) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-16767
Entity Registrant Name	Western New England Bancorp, Inc.
Entity Central Index Key	0001157647
Entity Tax Identification Number	73-1627673
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	141 Elm Street
Entity Address, City or Town	Westfield
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01086
City Area Code	(413)
Local Phone Number	568-1911
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	WNEB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,176,019

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 22,440	$ 15,233
Federal funds sold	1,852	4,901
Interest-bearing deposits and other short-term investments	2,821	83,322
Cash and cash equivalents	27,113	103,456
Available-for-sale securities, at fair value	148,716	194,352
Held-to-maturity securities, at amortized cost (Fair value of $193,115 and $219,748 at September 30, 2022 and December 31, 2021, respectively)	234,387	222,272
Marketable equity securities, at fair value	11,280	11,896
Federal Home Loan Bank of Boston stock and other restricted stock, at cost	2,234	2,594
Loans, net of allowance for loan losses of $20,208 at June 30, 2022 and $19,787 at December 31, 2021	1,987,464	1,844,929
Premises and equipment, net	24,974	26,162
Accrued interest receivable	7,522	7,775
Bank-owned life insurance	74,192	72,895
Deferred tax asset, net	19,430	12,092
Goodwill	12,487	12,487
Core deposit intangible	2,281	2,563
Other assets	26,745	24,952
TOTAL ASSETS	2,578,825	2,538,425
Deposits:
Non-interest-bearing	669,649	641,284
Interest-bearing	1,618,105	1,615,614
Total deposits	2,287,754	2,256,898
Short-term borrowings	21,500
Long-term debt	1,178	2,653
Subordinated debt	19,663	19,633
Other liabilities	37,030	35,553
TOTAL LIABILITIES	2,367,125	2,314,737
SHAREHOLDERS’ EQUITY:
Preferred stock - $0.01 par value, 5,000,000 shares authorized, none outstanding at September 30, 2022 and December 31, 2021
Common stock - $0.01 par value, 75,000,000 shares authorized, 22,246,545 shares issued and outstanding at September 30, 2022; 22,656,515 shares issued and outstanding at December 31, 2021	222	227
Additional paid-in capital	129,234	132,821
Unearned compensation – Employee Stock Ownership Plan	(3,039)	(3,441)
Unearned compensation - Equity Incentive Plan	(1,280)	(981)
Retained earnings	120,248	107,376
Accumulated other comprehensive loss	(33,685)	(12,314)
TOTAL SHAREHOLDERS’ EQUITY	211,700	223,688
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,578,825	$ 2,538,425

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Held-to-maturity securities, fair value	$ 193,115	$ 219,748
Loans, allowance for loan losses	$ 20,208	$ 19,787	[1]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	22,246,545	22,656,515
Common stock, outstanding	22,246,545	22,656,515
[1]December 31, 2021 non-impaired loans balances exclude PPP loans.

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest and dividend income:
Residential and commercial real estate loans	$ 16,942	$ 14,766	$ 48,388	$ 43,732
Commercial and industrial loans	2,535	3,842	7,413	12,186
Consumer loans	66	62	189	193
Debt securities, taxable	2,039	1,474	5,992	3,548
Debt securities, tax-exempt	3	3	9	9
Marketable equity securities	62	23	121	74
Other investments	47	28	102	91
Short-term investments	60	40	129	90
Total interest and dividend income	21,754	20,238	62,343	59,923
Interest expense:
Deposits	1,164	1,217	3,146	4,417
Long-term debt				458
Subordinated debt	254	256	761	453
Short-term borrowings	48		58
Total interest expense	1,466	1,473	3,965	5,328
Net interest and dividend income	20,288	18,765	58,378	54,595
Provision (credit) for loan losses	675	(100)	550	(1,225)
Net interest and dividend income after provision (credit) for loan losses	19,613	18,865	57,828	55,820
Non-interest income:
Service charges and fees	2,223	2,132	6,743	6,090
Income from bank-owned life insurance	391	485	1,297	1,426
Gain (loss) on available-for-sale securities, net		2	(4)	(72)
Net unrealized (loss) gain on marketable equity securities	(235)	11	(736)	(72)
Gain on sale of mortgages		665	2	1,134
Gain on non-marketable equity investments	211		352	546
Loss on interest rate swap terminations				(402)
Other income			25	58
Total non-interest income	2,590	3,295	7,679	8,708
Non-interest expense:
Salaries and employees benefits	8,025	8,094	24,500	23,911
Occupancy	1,226	1,124	3,766	3,512
Furniture and equipment	465	533	1,547	1,536
Data processing	707	698	2,161	2,177
Professional fees	803	575	2,099	1,708
FDIC insurance assessment	273	273	793	796
Advertising	419	345	1,230	1,030
Loss on prepayment of borrowings				45
Other expenses	2,425	2,376	7,136	6,304
Total non-interest expense	14,343	14,018	43,232	41,019
Income before income taxes	7,860	8,142	22,275	23,509
Income tax provision	1,861	2,106	5,422	6,030
Net income	$ 5,999	$ 6,036	$ 16,853	$ 17,479
Earnings per common share:
Basic earnings per share	$ 0.28	$ 0.27	$ 0.77	$ 0.74
Weighted average basic shares outstanding	21,757,027	22,620,387	21,947,989	23,602,978
Diluted earnings per share	$ 0.28	$ 0.27	$ 0.77	$ 0.74
Weighted average diluted shares outstanding	21,810,036	22,714,429	22,001,371	23,670,347
Dividends per share	$ 0.06	$ 0.05	$ 0.18	$ 0.15

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net income		$ 5,999	$ 6,036	$ 16,853	$ 17,479
Unrealized gains (losses) on available-for-sale securities:
Unrealized holding losses		(9,500)	(939)	(29,188)	(4,701)
Reclassification adjustment for net (gains) losses realized in income	[1]		(2)	4	72
Unrealized losses		(9,500)	(941)	(29,184)	(4,629)
Tax effect		2,437	238	7,471	1,154
Net-of-tax amount		(7,063)	(703)	(21,713)	(3,475)
Cash flow hedges:
Reclassification adjustment for loss realized in income for interest rate swap termination	[2]				402
Reclassification adjustment for termination fee realized in interest expense	[3]				282
Unrealized gains on cash flow hedges					684
Tax effect					(192)
Net-of-tax amount					492
Defined benefit pension plan:
Amortization of defined benefit plan actuarial loss		158	234	475	701
Tax effect		(44)	(66)	(133)	(197)
Net-of-tax amount		114	168	342	504
Other comprehensive loss		(6,949)	(535)	(21,371)	(2,479)
Comprehensive (loss) income		$ (950)	$ 5,501	$ (4,518)	$ 15,000
[1]Realized gains and losses on available-for-sale securities are recognized as a component of non-interest income. The tax effects applicable to net realized gains and losses were $ 1,000 1,000 15,000 113,000 79,000

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Income tax effects applicable to net realized gains and losses on available-for-sale securities	$ 1	$ 1	$ 15
Income tax effects associated with reclassification adjustment for interest rate swap termination			113
Income tax effects associated with reclassification adjustment for loss realized in interest expense			$ 79

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Unearned Compensation - ESOP [Member]	Deferred Compensation, Share-Based Payments [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 253	$ 154,549	$ (3,997)	$ (1,240)	$ 88,354	$ (11,279)	$ 226,640
Balance at the beginning (in shares) at Dec. 31, 2020	25,276,193
Comprehensive income (loss)					5,791	(3,057)	2,734
Common stock held by ESOP committed to be released		8	139				147
Share-based compensation - equity incentive plan				231			231
Forfeited equity incentive plan shares reissued		(212)		212
Common stock repurchased	$ (7)	(5,770)					(5,777)
Common stock repurchased (in shares)	(711,635)
Issuance of common stock in connection with stock option exercises		113					113
Issuance of common stock in connection with stock option exercises (in shares)	19,400
Issuance of common stock in connection with equity incentive plan		162		(162)
Cash dividends declared and paid on common stock					(1,232)		(1,232)
Ending balance, value at Mar. 31, 2021	$ 246	148,850	(3,858)	(959)	92,913	(14,336)	222,856
Balance at the ending (in shares) at Mar. 31, 2021	24,583,958
Beginning balance, value at Dec. 31, 2020	$ 253	154,549	(3,997)	(1,240)	88,354	(11,279)	226,640
Balance at the beginning (in shares) at Dec. 31, 2020	25,276,193
Comprehensive income (loss)							15,000
Ending balance, value at Sep. 30, 2021	$ 228	134,556	(3,580)	(1,362)	102,258	(13,758)	218,342
Balance at the ending (in shares) at Sep. 30, 2021	22,848,781
Beginning balance, value at Mar. 31, 2021	$ 246	148,850	(3,858)	(959)	92,913	(14,336)	222,856
Balance at the beginning (in shares) at Mar. 31, 2021	24,583,958
Comprehensive income (loss)					5,652	1,113	6,765
Common stock held by ESOP committed to be released		27	139				166
Share-based compensation - equity incentive plan				380			380
Common stock repurchased	$ (6)	(5,295)					(5,301)
Common stock repurchased (in shares)	(635,921)
Issuance of common stock in connection with equity incentive plan	$ 1	1,020		(1,021)
Issuance of common stock in connection with equity incentive plan (in shares)	122,362
Cash dividends declared and paid on common stock					(1,195)		(1,195)
Ending balance, value at Jun. 30, 2021	$ 241	144,602	(3,719)	(1,600)	97,370	(13,223)	223,671
Balance at the ending (in shares) at Jun. 30, 2021	24,070,399
Comprehensive income (loss)					6,036	(535)	5,501
Common stock held by ESOP committed to be released		35	139				174
Share-based compensation - equity incentive plan				362			362
Common stock repurchased	$ (13)	(10,205)					(10,218)
Common stock repurchased (in shares)	(1,221,618)
Issuance of common stock in connection with equity incentive plan		124		(124)
Cash dividends declared and paid on common stock					(1,148)		(1,148)
Ending balance, value at Sep. 30, 2021	$ 228	134,556	(3,580)	(1,362)	102,258	(13,758)	218,342
Balance at the ending (in shares) at Sep. 30, 2021	22,848,781
Beginning balance, value at Dec. 31, 2021	$ 227	132,821	(3,441)	(981)	107,376	(12,314)	223,688
Balance at the beginning (in shares) at Dec. 31, 2021	22,656,515
Comprehensive income (loss)					5,319	(8,417)	(3,098)
Common stock held by ESOP committed to be released		45	134				179
Share-based compensation - equity incentive plan				301			301
Forfeited equity incentive plan shares		(57)		57
Forfeited equity incentive plan shares reissued		71		(71)
Common stock repurchased	$ (2)	(1,178)					(1,180)
Common stock repurchased (in shares)	(132,358)
Issuance of common stock in connection with stock option exercises	$ 1	509					510
Issuance of common stock in connection with stock option exercises (in shares)	80,881
Issuance of common stock in connection with equity incentive plan	$ 1	1,248		(1,249)
Issuance of common stock in connection with equity incentive plan (in shares)	137,151
Cash dividends declared and paid on common stock					(1,337)		(1,337)
Ending balance, value at Mar. 31, 2022	$ 227	133,459	(3,307)	(1,943)	111,358	(20,731)	219,063
Balance at the ending (in shares) at Mar. 31, 2022	22,742,189
Beginning balance, value at Dec. 31, 2021	$ 227	132,821	(3,441)	(981)	107,376	(12,314)	223,688
Balance at the beginning (in shares) at Dec. 31, 2021	22,656,515
Comprehensive income (loss)							(4,518)
Ending balance, value at Sep. 30, 2022	$ 222	129,234	(3,039)	(1,280)	120,248	(33,685)	211,700
Balance at the ending (in shares) at Sep. 30, 2022	22,246,545
Beginning balance, value at Mar. 31, 2022	$ 227	133,459	(3,307)	(1,943)	111,358	(20,731)	219,063
Balance at the beginning (in shares) at Mar. 31, 2022	22,742,189
Comprehensive income (loss)					5,535	(6,005)	(470)
Common stock held by ESOP committed to be released		38	134				172
Share-based compensation - equity incentive plan				292			292
Common stock repurchased	$ (2)	(2,508)					(2,510)
Common stock repurchased (in shares)	(293,173)
Issuance of common stock in connection with stock option exercises		115					115
Issuance of common stock in connection with stock option exercises (in shares)	16,975
Cash dividends declared and paid on common stock					(1,332)		(1,332)
Ending balance, value at Jun. 30, 2022	$ 225	131,104	(3,173)	(1,651)	115,561	(26,736)	215,330
Balance at the ending (in shares) at Jun. 30, 2022	22,465,991
Comprehensive income (loss)					5,999	(6,949)	(950)
Common stock held by ESOP committed to be released		28	134				162
Share-based compensation - equity incentive plan		(4)		215			211
Forfeited equity incentive plan shares		(156)		156
Common stock repurchased	$ (3)	(1,853)					(1,856)
Common stock repurchased (in shares)	(236,302)
Issuance of common stock in connection with stock option exercises		115					115
Issuance of common stock in connection with stock option exercises (in shares)	16,856
Cash dividends declared and paid on common stock					(1,312)		(1,312)
Ending balance, value at Sep. 30, 2022	$ 222	$ 129,234	$ (3,039)	$ (1,280)	$ 120,248	$ (33,685)	$ 211,700
Balance at the ending (in shares) at Sep. 30, 2022	22,246,545

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock held by ESOP committed to be released (shares)	78,526	78,526	78,526	81,893	81,893	81,893
Forfeited equity incentive plan shares (in shares)			6,651
Forfeited equity incentive plan shares reissued (shares)	17,789		7,289			19,086
Issuance of common stock in connection with equity incentive plan (in shares)				12,717		19,827
Cash dividends declared and paid on common stock (per share)	$ 0.06	$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.05

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES:
Net income	$ 16,853	$ 17,479
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for loan losses	550	(1,225)
Depreciation and amortization of premises and equipment	1,742	1,739
(Accretion) amortization of purchase accounting adjustments, net	(57)	53
Amortization of core deposit intangible	282	281
Net amortization of premiums and discounts on securities and mortgage loans	1,199	1,719
Amortization of subordinated debt issuance costs	30	17
Share-based compensation expense	804	973
ESOP expense	513	487
Gain on sale of portfolio mortgages		(227)
Principal balance of loans originated for sale	(277)	(32,383)
Principal balance of loans sold	277	32,383
Net change in unrealized loss on marketable equity securities	736	72
Net loss on available-for-sale securities	4	72
Income from bank-owned life insurance	(1,297)	(1,426)
Net change in:
Accrued interest receivable	253	546
Other assets	(5,196)	(5,277)
Other liabilities	2,911	3,256
Net cash provided by operating activities	19,327	18,539
INVESTING ACTIVITIES:
Purchases of held-to-maturity securities	(28,030)	(157,405)
Proceeds from calls, maturities, and principal collections of held-to-maturity securities	15,540	2,832
Purchases of available-for-sale securities	(5,000)	(65,291)
Proceeds from redemptions and sales of available-for-sale securities	20	9,562
Proceeds from calls, maturities, and principal collections of available-for-sale securities	20,514	43,433
Loan originations and principal payments, net	(143,056)	73,327
Redemption of Federal Home Loan Bank of Boston stock	360	2,462
Proceeds from sale of portfolio mortgages		7,801
Purchases of premises and equipment	(584)	(1,623)
Proceeds from payout on bank-owned life insurance	2,435
Net cash used in investing activities	(137,801)	(84,902)
FINANCING ACTIVITIES:
Net increase in deposits	30,881	186,738
Net change in short-term borrowings	21,500
Repayment of long-term debt	(1,472)	(54,011)
Proceeds from subordinated debt issuance		20,000
Payment of subordinated debt issuance costs		(394)
Cash dividends paid	(3,981)	(3,575)
Common stock repurchased	(5,537)	(21,456)
Issuance of common stock in connection with stock option exercise	740	113
Net cash provided by financing activities	42,131	127,415
NET CHANGE IN CASH AND CASH EQUIVALENTS:	(76,343)	61,052
Beginning of period	103,456	87,444
End of period	27,113	148,496
Supplemental cash flow information:
Net change in cash due to broker	9	(160)
Interest paid	3,987	5,406
Taxes paid	$ 5,568	$ 5,476

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Basis of Presentation The Bank operates 25 Wholly-owned Subsidiaries of the Bank Principles of Consolidation Estimates Basis of Presentation These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). Reclassifications

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings per common share:
EARNINGS PER SHARE	2. EARNINGS PER SHARE Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends on unvested awards are non-forfeitable, these unvested awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by us relate to stock options and certain performance-based restricted stock awards and are determined using the treasury stock method. Unallocated Employee Stock Ownership Plan (“ESOP”) shares are not deemed outstanding for earnings per share calculations. Earnings per share for the three and nine months ended September 30, 2022 and 2021 have been computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands, except per share data) Net income applicable to common stock $ 5,999 $ 6,036 $ 16,853 $ 17,479 Average number of common shares issued 22,317 23,255 22,531 24,232 Less: Average unallocated ESOP Shares (406 ) (486 ) (425 ) (506 ) Less: Average unvested performance-based equity incentive plan shares (154 ) (149 ) (158 ) (123 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,757 22,620 21,948 23,603 Effect of dilutive performance-based equity incentive plan 40 52 33 30 Effect of dilutive stock options 13 42 20 37 Average number of common shares outstanding used to calculate diluted earnings per common share 21,810 22,714 22,001 23,670 Basic earnings per share $ 0.28 $ 0.27 $ 0.77 $ 0.74 Diluted earnings per share $ 0.28 $ 0.27 $ 0.77 $ 0.74

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
COMPREHENSIVE INCOME (LOSS)	3. COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: September 30, 2022 December 31, 2021 (In thousands) Net unrealized losses on available-for-sale securities $ (33,869 ) $ (4,685 ) Tax effect 8,631 1,160 Net-of-tax amount (25,238 ) (3,525 ) Unrecognized actuarial loss on the defined benefit plan (11,750 ) (12,225 ) Tax effect 3,303 3,436 Net-of-tax amount (8,447 ) (8,789 ) Accumulated other comprehensive loss $ (33,685 ) $ (12,314 )

SECURITIES

SECURITIES	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
SECURITIES	4. SECURITIES Available-for-sale and held-to-maturity investment securities at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,910 $ — $ (3,470 ) $ 11,440 State and municipal bonds 270 — (2 ) 268 Corporate bonds 8,016 — (370 ) 7,646 Total debt securities 23,196 — (3,842 ) 19,354 Mortgage-backed securities: Government-sponsored mortgage-backed securities 151,793 — (28,471 ) 123,322 U.S. government guaranteed mortgage-backed securities 7,596 — (1,556 ) 6,040 Total mortgage-backed securities 159,389 — (30,027 ) 129,362 Total available-for-sale 182,585 — (33,869 ) 148,716 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,985 — (886 ) 9,099 Total debt securities 9,985 — (886 ) 9,099 Mortgage-backed securities: Government-sponsored mortgage-backed securities 224,402 20 (40,405 ) 184,016 Total mortgage-backed securities 224,402 20 (40,405 ) 184,016 Total held-to-maturity 234,387 20 (41,291 ) 193,115 Total $ 416,972 $ 20 $ (75,160 ) $ 341,831 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,902 $ — $ (676 ) $ 14,226 State and municipal bonds 405 1 — 406 Corporate bonds 3,026 86 — 3,112 Total debt securities 18,333 87 (676 ) 17,744 Mortgage-backed securities: Government-sponsored mortgage-backed securities 171,011 427 (3,929 ) 167,509 U.S. government guaranteed mortgage-backed securities 9,693 8 (602 ) 9,099 Total mortgage-backed securities 180,704 435 (4,531 ) 176,608 Total available-for-sale 199,037 522 (5,207 ) 194,352 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,979 — (6 ) 9,973 Total debt securities 9,979 — (6 ) 9,973 Mortgage-backed securities: Government-sponsored mortgage-backed securities 212,293 — (2,518 ) 209,775 Total mortgage-backed securities 212,293 — (2,518 ) 209,775 Total held-to-maturity 222,272 — (2,524 ) 219,748 Total $ 421,309 $ 522 $ (7,731 ) $ 414,100 At September 30, 2022, U.S. Treasury securities with a fair value of $ 4.5 7.5 45.6 The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2022, by final maturity, are shown below. Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Debt securities: Due after one year through five years $ 3,286 $ 3,171 $ 9,985 $ 9,099 Due after five years through ten years 14,910 12,606 — — Due after ten years 5,000 3,577 — — Total debt securities $ 23,196 $ 19,354 $ 9,985 $ 9,099 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Mortgage-backed securities: Due after one year through five years $ 594 $ 600 $ — $ — Due after five years through ten years 1,160 1,048 — — Due after ten years 157,635 127,754 224,402 184,016 Total mortgage-backed securities 159,389 129,362 224,402 184,016 Total securities $ 182,585 $ 148,716 $ 234,387 $ 193,115 Gross realized gains and losses on sales of available-for-sale securities for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Gross gains realized $ — $ 12 $ — $ 12 Gross losses realized — (10 ) (4 ) (84 ) Net (loss) gain realized $ — $ 2 $ (4 ) $ (72 ) Proceeds from the redemption and sales of available-for-sale securities totaled $ 20,000 9.6 Information pertaining to securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: September 30, 2022 Less Than Twelve Months Over Twelve Months Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) (Dollars in thousands) Available-for-sale: Government-sponsored mortgage-backed securities 25 $ 18,140 $ 2,297 11.2 % 46 $ 105,182 $ 26,174 19.9 % U.S. government guaranteed mortgage-backed securities 2 970 159 14.1 7 5,070 1,397 21.6 Government-sponsored enterprise obligations — — — — 3 11,440 3,470 23.3 Corporate bonds 3 7,645 370 4.6 — — — — State and municipal bonds 1 268 2 0.7 — — — — Total available-for-sale 31 27,023 2,828 56 121,692 31,041 Held-to-maturity: U.S. Treasury securities 2 9,099 886 8.9 % — — — — % Government-sponsored mortgage-backed securities 15 77,765 15,468 16.6 22 101,361 24,937 19.7 Total held-to-maturity 17 86,864 16,354 22 101,361 24,937 Total 48 $ 113,887 $ 19,182 78 $ 223,053 $ 55,978 December 31, 2021 Less Than Twelve Months Over Twelve Months Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) (Dollars in thousands) Available-for-sale: Government-sponsored mortgage-backed securities 34 $ 105,221 $ 2,088 1.9 % 18 $ 42,506 $ 1,841 4.2 % U.S. government guaranteed mortgage-backed securities 2 2,426 142 5.5 5 5,107 460 8.3 Government-sponsored enterprise obligations — — — — 3 14,226 676 4.5 Total available-for-sale 36 107,647 2,230 26 61,839 2,977 Held-to-maturity: U.S. Treasury securities 2 9,973 6 0.1 % — — — — % Government-sponsored mortgage-backed securities 31 209,775 2,518 1.2 — — — — Total held-to-maturity 33 219,748 2,524 — — — Total 69 $ 327,395 $ 4,754 26 $ 61,839 $ 2,977 During the nine months ended September 30, 2022 and year ended December 31, 2021, the Company did not record any other-than-temporary impairment (“OTTI”) charges on its investments. Management regularly reviews the portfolio for securities with unrealized losses. Management attributed the unrealized losses at September 30, 2022 to increases in current market yields compared to the yields at the time the investments were purchased by the Company and not due to credit quality. The process for assessing investments for OTTI may vary depending on the type of security. In assessing the Company’s investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise; Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”), Federal Farm Credit Bank (“FFCB”), or Federal Home Loan Bank (“FHLB”). Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company’s investments. Management’s assessment of other debt securities within the portfolio includes reviews of market pricing, ongoing credit quality evaluations, assessment of the investments’ materiality, and duration of the investments’ unrealized loss position. At September 30, 2022, the Company’s corporate and municipal bond portfolios did not contain any securities rated below investment grade, as reported by major credit rating agencies.

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
LOANS AND ALLOWANCE FOR LOAN LOSSES	5. LOANS AND ALLOWANCE FOR LOAN LOSSES Major classifications of loans as of the dates indicated were as follows: September 30, December 31, 2022 2021 (In thousands) Commercial real estate $ 1,081,728 $ 979,969 Residential real estate: Residential one-to-four family 581,242 552,332 Home equity 105,470 99,759 Total residential real estate 686,712 652,091 Commercial and industrial: Paycheck Protection Program (“PPP”) loans 2,453 25,329 Commercial and industrial 229,996 201,340 Total commercial and industrial 232,449 226,669 Consumer 4,652 4,250 Total gross loans 2,005,541 1,862,979 Unamortized PPP loan fees (121 ) (781 ) Unearned premiums and deferred loan fees and costs, net 2,252 2,518 Total loans, net 2,007,672 1,864,716 Allowance for loan losses (20,208 ) (19,787 ) Net loans $ 1,987,464 $ 1,844,929 Loans Serviced for Others. The Company has transferred a portion of its originated commercial loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in our accompanying consolidated balance sheets. We continue to service the loans on behalf of the participating lenders. We share with participating lenders, on a pro-rata basis, any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. At September 30, 2022 and December 31, 2021, the Company was servicing commercial loans participated out to various other institutions totaling $ 78 63.2 Residential real estate mortgages are originated by the Bank both for its portfolio and for sale into the secondary market. The Bank may sell its loans to institutional investors such as the FHLMC. Under loan sale and servicing agreements with the investor, the Bank generally continues to service the residential real estate mortgages. The Bank pays the investor an agreed upon rate on the loan, which is less than the interest rate received from the borrower. The Bank retains the difference as a fee for servicing the residential real estate mortgages. The Bank capitalizes mortgage servicing rights at their fair value upon sale of the related loans, amortizes the asset over the estimated life of the serviced loan, and periodically assesses the asset for impairment. The significant assumptions used by a third party to estimate the fair value of capitalized servicing rights at September 30, 2022, include weighted average prepayment speed for the portfolio using the Public Securities Association Standard Prepayment Model ( 107 9.01 0.25 83.86 277,000 40 2,000 1.1 At September 30, 2022 and December 31, 2021, the Company was servicing residential mortgage loans owned by investors totaling $ 80.8 88.2 158,000 88,000 A summary of the activity in the balances of mortgage servicing rights follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (In thousands) Balance at the beginning of period: $ 623 $ 693 Capitalized mortgage servicing rights — 2 Amortization (36 ) (108 ) Balance at the end of period $ 587 $ 587 Fair value at the end of period $ 783 $ 783 Loans are recorded at the principal amount outstanding, adjusted for charge-offs, unearned premiums and deferred loan fees and costs. Interest on loans is calculated using the effective yield method on daily balances of the principal amount outstanding and is credited to income on the accrual basis to the extent it is deemed collectable. Our general policy is to discontinue the accrual of interest when principal or interest payments are delinquent 90 days or more based on the contractual terms of the loan, or earlier if the loan is considered impaired. Any unpaid amounts previously accrued on these loans are reversed from income. Subsequent cash receipts are applied to the outstanding principal balance or to interest income if, in the judgment of management, collection of the principal balance is not in question. Loans are returned to accrual status when they become current as to both principal and interest and perform in accordance with contractual terms for a period of at least six months, reducing the concern as to the collectability of principal and interest. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income over the estimated average lives of the related loans. The allowance for loan losses is established through provisions for loan losses charged to expense. Loans are charged-off against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated, and unallocated components, as further described below. General component The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate (includes one-to-four family and home equity), commercial real estate, commercial and industrial, and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: trends in delinquencies and nonperforming loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; and national and local economic trends and industry conditions. There were no changes to the Company’s policies and procedures surrounding the allowance for loan losses during the nine months ended September 30, 2022. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate 97 90 85 80 85 Commercial real estate . Commercial and industrial loans Consumer loans Allocated component The allocated component relates to loans that are classified as impaired. Impaired loans are identified by analysis of loan performance, internal credit ratings and watch list loans that management believes are subject to a higher risk of loss. Impairment is measured on a loan by loan basis for commercial real estate and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. We determine the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Unallocated component An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance, if any, reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. An analysis of changes in the allowance for loan losses by segment for the three and nine months ended September 30, 2022 and 2021 is as follows: Commercial Residential Commercial Consumer Unallocated Total (In thousands) Balance at June 30, 2021 $ 12,129 $ 4,102 $ 3,410 $ 214 $ 15 $ 19,870 Provision (credit) 524 (176 ) (456 ) 18 (10 ) (100 ) Charge-offs — (3 ) — (35 ) — (38 ) Recoveries 6 87 3 9 — 105 Balance at September 30, 2021 $ 12,659 $ 4,010 $ 2,957 $ 206 $ 5 $ 19,837 Balance at June 30, 2022 $ 12,483 $ 4,164 $ 2,686 $ 210 $ 17 $ 19,560 Provision (credit) 68 86 481 53 (13 ) 675 Charge-offs — — — (59 ) — (59 ) Recoveries — — 14 18 — 32 Balance at September 30, 2022 $ 12,551 $ 4,250 $ 3,181 $ 222 $ 4 $ 20,208 Balance at December 31, 2020 $ 13,020 $ 4,240 $ 3,630 $ 241 $ 26 $ 21,157 Provision (credit) (265 ) (283 ) (665 ) 9 (21 ) (1,225 ) Charge-offs (103 ) (43 ) (34 ) (82 ) — (262 ) Recoveries 7 96 26 38 — 167 Balance at September 30, 2021 $ 12,659 $ 4,010 $ 2,957 $ 206 $ 5 $ 19,837 Balance at December 31, 2021 $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Provision (credit) (382 ) 282 538 121 (9 ) 550 Charge-offs (37 ) (27 ) (22 ) (145 ) — (231 ) Recoveries — 31 22 49 — 102 Balance at September 30, 2022 $ 12,551 $ 4,250 $ 3,181 $ 222 $ 4 $ 20,208 The following table presents information pertaining to the allowance for loan losses by segment as of the dates indicated: Commercial Residential Commercial and Industrial Consumer Unallocated Total (In thousands) September 30, 2022 Amount of allowance for impaired loans $ — $ — $ — $ — $ — $ — Amount of allowance for non-impaired loans 12,551 4,250 3,181 222 4 20,208 Total allowance for loan losses $ 12,551 $ 4,250 $ 3,181 $ 222 $ 4 $ 20,208 Impaired loans $ 9,301 $ 3,472 $ 470 $ — $ — $ 13,243 Non-impaired loans 1,068,626 681,549 231,627 4,652 — 1,986,454 Impaired loans acquired with deteriorated credit quality 3,801 1,691 352 — — 5,844 Total loans $ 1,081,728 $ 686,712 $ 232,449 $ 4,652 $ — $ 2,005,541 December 31, 2021 (1) Amount of allowance for impaired loans (1) $ — $ — $ — $ — $ — $ — Amount of allowance for non-impaired loans (1) 12,970 3,964 2,643 197 13 19,787 Total allowance for loan losses (1) $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Impaired loans (1) $ 9,601 $ 3,223 $ 699 $ 22 $ — $ 13,545 Non-impaired loans (1) 965,577 647,098 200,271 4,228 — 1,817,174 Impaired loans acquired with deteriorated credit quality (1) 4,791 1,770 370 — — 6,931 Total loans $ 979,969 $ 652,091 $ 201,340 $ 4,250 $ — $ 1,837,650 (1) December 31, 2021 non-impaired loans balances exclude PPP loans. Past Due and Nonaccrual Loans. The following tables present an age analysis of past due loans as of the dates indicated: 30 – 59 Days 60 – 89 Days 90 Days or Total Past Due Total Current Total Loans Nonaccrual (In thousands) September 30, 2022 Commercial real estate $ 342 $ 95 $ 436 $ 873 $ 1,080,855 $ 1,081,728 $ 641 Residential real estate: Residential 1,099 334 160 1,593 579,649 581,242 3,267 Home equity 213 — 51 264 105,206 105,470 184 Commercial and industrial 325 204 22 551 231,898 232,449 340 Consumer 18 — — 18 4,634 4,652 — Total loans $ 1,997 $ 633 $ 669 $ 3,299 $ 2,002,242 $ 2,005,541 $ 4,432 December 31, 2021 (1) Commercial real estate $ 139 $ — $ 436 $ 575 $ 979,394 $ 979,969 $ 1,224 Residential real estate: Residential 787 41 507 1,335 550,997 552,332 3,214 Home equity 57 5 63 125 99,634 99,759 94 Commercial and industrial 58 10 22 90 201,250 201,340 410 Consumer 5 — 11 16 4,234 4,250 22 Total loans $ 1,046 $ 56 $ 1,039 $ 2,141 $ 1,835,509 $ 1,837,650 $ 4,964 (1) December 31, 2021 balances exclude PPP loans. Impaired Loans. The following is a summary of impaired loans by class for the dates and periods indicated: Three Months Ended Nine Months Ended At September 30, 2022 September 30, 2022 September 30, 2022 Recorded Unpaid Principal Balance Average Recorded Investment Interest Average Recorded Investment Interest (In thousands) Impaired Loans (1) Commercial real estate $ 13,102 $ 14,252 $ 13,267 $ 79 $ 13,648 $ 217 Residential one-to-four family 4,962 5,718 4,798 15 4,716 45 Home equity 201 218 201 — 162 1 Commercial and industrial 822 3,181 851 23 936 56 Consumer — — — — 3 — Total impaired loans $ 19,087 $ 23,369 $ 19,117 $ 117 $ 19,465 $ 319 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. Three Months Ended Nine Months Ended At December 31, 2021 September 30, 2021 September 30, 2021 Recorded Investment Unpaid Principal Balance Average Recorded Investment Interest Average Recorded Investment Interest (In thousands) Impaired Loans (1) Commercial real estate $ 14,392 $ 15,563 $ 14,900 $ 72 $ 16,163 $ 377 Residential rea estate: Residential real estate 4,881 5,381 5,445 30 5,916 197 Home equity 112 136 162 3 146 7 Commercial and industrial 1,069 3,850 1,214 20 3,026 110 Consumer 22 37 24 3 25 3 Total impaired loans $ 20,476 $ 24,967 $ 21,745 $ 128 $ 25,276 $ 694 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. With the exception of loans acquired with deteriorated credit quality, the majority of impaired loans are included within the nonaccrual balances; however, not every loan on nonaccrual status has been designated as impaired. Impaired loans include loans that have been modified in a troubled debt restructuring (“TDR”). Impaired loans are individually evaluated and exclude large groups of smaller-balance homogeneous loans, such as residential mortgage loans and consumer loans, which are collectively evaluated for impairment, and loans that are measured at fair value, unless the loan is amended in a TDR. All payments received on impaired loans in nonaccrual status are applied to principal. There was no interest income recognized on nonaccrual impaired loans during the three and nine months ended September 30, 2022 and September 30, 2021. The Company’s obligation to fulfill the additional funding commitments on impaired loans is generally contingent on the borrower’s compliance with the terms of the credit agreement. If the borrower is not in compliance, additional funding commitments may or may not be made at the Company’s discretion. At September 30, 2022 and 2021, we had not committed to lend any additional funds for loans that are classified as impaired. Payments received on impaired loans in accrual status are recorded in accordance with the contractual terms of the loan. Interest income recognized on impaired loans during the three and nine months ended September 30, 2022 and 2021 pertained to performing TDRs and purchased impaired loans. Troubled Debt Restructurings. Loans are designated as a TDR when, as part of an agreement to modify the original contractual terms of the loan as a result of financial difficulties of the borrower, the Bank grants the borrower a concession on the terms that would not otherwise be considered. Typically, such concessions may consist of a reduction in interest rate to a below market rate, taking into account the credit quality of the note, extension of additional credit based on receipt of adequate collateral, or a deferment or reduction of payments (principal or interest) which materially alters the Bank’s position or significantly extends the note’s maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan’s origination. All loans that are modified are reviewed by the Company to identify if a TDR has occurred. All TDR loans are classified as impaired. When we modify loans in a TDR, we measure impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less selling costs for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through a specific allowance or a charge-off to the allowance. Nonperforming TDRs are included in nonperforming loans. There were no loan modifications classified as TDRs during the three and nine months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022 and 2021, no TDRs defaulted (defined as 30 days or more past due) within 12 months of restructuring. There were no charge-offs on TDRs during the nine months ended September 30, 2022 or 2021. Loans Acquired with Deteriorated Credit Quality. The following is a summary of loans acquired in the Chicopee Bancorp, Inc. (“Chicopee”) acquisition with evidence of credit deterioration when acquired. Contractual Required Payments Receivable Cash Expected To Be Collected Non-Accretable Accretable Yield Loans Receivable (In thousands) Balance at December 31, 2021 $ 12,134 $ 9,430 $ 2,704 $ 2,499 $ 6,931 Collections (1,379 ) (1,263 ) (116 ) (176 ) (1,087 ) Dispositions (63 ) (61 ) (2 ) (61 ) — Balance at September 30, 2022 $ 10,692 $ 8,106 $ 2,586 $ 2,262 $ 5,844 Credit Quality Information. The Company utilizes an eight-grade internal loan rating system for commercial real estate and commercial and industrial loans. Performing residential real estate, home equity and consumer loans are grouped with “Pass” rated loans. Nonperforming residential real estate, home equity and consumer loans are monitored individually for impairment and risk rated as “substandard.” Loans rated 1 – 4 Loans rated 5 Special Mention Loans rated 6 Substandard Loans rated 7 Doubtful Loans rated 8 On an annual basis, or more often if needed, we formally review the ratings on all commercial real estate and commercial and industrial loans. In addition, management utilizes delinquency reports, the criticized loan report and other loan reports to monitor credit quality. In addition, at least on an annual basis, the Company contracts with an external loan review company to review the internal credit ratings assigned to loans in the commercial loan portfolio on a pre-determined schedule, based on the type, size, rating, and overall risk of the loan. During the course of its review, the third party examines a sample of loans, including new loans, existing relationships over certain dollar amounts and classified assets. The following table presents our loans by risk rating for the periods indicated: Commercial Real Estate Residential 1-4 Family Home Equity Commercial and Industrial Consumer Total (In thousands) September 30, 2022 Pass (Rated 1 – 4) $ 1,032,221 $ 577,037 $ 105,124 $ 200,738 $ 4,633 $ 1,919,753 Special Mention (Rated 5) 32,241 — — 25,175 — 57,416 Substandard (Rated 6) 17,266 4,205 346 6,536 19 28,372 Total $ 1,081,728 $ 581,242 $ 105,470 $ 232,449 $ 4,652 $ 2,005,541 December 31, 2021 Pass (Rated 1 – 4) $ 913,063 $ 547,980 $ 99,503 $ 215,605 $ 4,228 $ 1,780,379 Special Mention (Rated 5) 48,765 — — 2,777 — 51,542 Substandard (Rated 6) 18,141 4,352 256 8,287 22 31,058 Total $ 979,969 $ 552,332 $ 99,759 $ 226,669 $ 4,250 $ 1,862,979

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLES	6. GOODWILL AND OTHER INTANGIBLES Goodwill. At September 30, 2022 and December 31, 2021, the Company’s goodwill was related to the acquisition of Chicopee in October 2016. There was no goodwill impairment recorded during the three and nine months ended September 30, 2022 or the year ended December 31, 2021. Annually, or more frequently if events or changes in circumstances warrant such evaluation, the Company evaluates its goodwill for impairment. Core Deposit Intangibles. In connection with the acquisition of Chicopee, the Bank recorded a core deposit intangible of $ 4.5 twelve years 94,000 282,000 375,000 406,000

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	7. SHARE-BASED COMPENSATION Stock Options. A summary of stock option activity for the three months ended September 30, 2022 is presented below: Shares Weighted Average Exercise Price Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2021 177,881 $ 6.57 0.81 $ 388 Exercised (114,712 ) 6.45 0.45 276 Outstanding at September 30, 2022 63,169 $ 6.82 0.23 $ 83 Exercisable at September 30, 2022 63,169 $ 6.82 0.23 $ 83 Cash received for options exercised during the nine months ended September 30, 2022 and 2021 was $ 740,000 113,000 Restricted Stock Awards. In May 2014, the Company’s shareholders approved the 2014 Omnibus Incentive Plan, a stock-based compensation plan (the “2014 RSA Plan”). Under the 2014 RSA Plan, up to 516,000 On an annual basis, the Compensation Committee (the “Committee”) approves long-term incentive awards out of the 2014 RSA Plan, whereby shares will be granted to eligible participants of the Company that are nominated by the Chief Executive Officer and approved by the Committee, with vesting over a three one In February 2020, 120,053 120,053 69,898 19,760 one year 50,138 three 50,155 50 three three The threshold, target and stretch metrics under the 2020 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2020 5.00 % 5.48 % 6.00 % December 31, 2021 5.62 % 6.24 % 6.86 % December 31, 2022 6.29 % 6.99 % 7.69 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 1.50 $ 1.65 $ 1.80 Eligible participants will be able to earn between 50 100 150 The fair market value of shares awarded is based on the market price at the grant date, recorded as unearned compensation and amortized over the applicable vesting period. Performance-based metrics are monitored on a quarterly basis in order to compare actual results to the performance metric, with any necessary adjustments being recognized through share-based compensation expense and unearned compensation. In February 2021, 19,827 one In May 2021, the Company’s shareholders approved the 2021 Omnibus Incentive Plan, a stock-based compensation plan (the “2021 RSA Plan”). Under the 2021 RSA Plan, up to 700,000 In May 2021, 122,362 122,362 61,181 three 61,181 50 three three The threshold, target and stretch metrics under the 2021 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2021 5.63 % 6.25 % 7.50 % December 31, 2022 5.85 % 6.50 % 7.80 % December 31, 2023 6.08 % 6.75 % 8.10 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 1.58 $ 1.97 $ 2.36 In March 2022, 137,151 137,151 77,463 17,775 one year 59,688 three 59,688 50 three three The threshold, target and stretch metrics under the 2022 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2022 7.79 % 8.20 % 8.61 % December 31, 2023 7.93 % 8.35 % 8.77 % December 31, 2024 8.03 % 8.45 % 8.87 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 2.35 $ 2.61 $ 2.85 At September 30, 2022, there were 459,508 A summary of the status of restricted stock awards at September 30, 2022 and 2021 is presented below: Shares Weighted Average Grant Date Fair Value Balance at December 31, 2021 213,381 $ 8.91 Shares granted 144,440 9.14 Shares forfeited (24,440 ) 8.73 Shares vested (60,009 ) 9.77 Balance at September 30, 2022 273,372 $ 8.86 Shares Weighted Average Grant Date Fair Value Balance at December 31, 2020 178,698 $ 9.63 Shares granted 142,189 8.32 Shares forfeited (19,086 ) 11.05 Shares vested (27,727 ) 9.81 Balance at September 30, 2021 274,074 $ 8.83 We recorded total expense for restricted stock awards of $ 804,000 973,000

SHORT-TERM BORROWINGS AND LONG-

SHORT-TERM BORROWINGS AND LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
SHORT-TERM BORROWINGS AND LONG-TERM DEBT	8. SHORT-TERM BORROWINGS AND LONG-TERM DEBT We utilize short-term borrowings and long-term debt as additional sources of funds to finance our lending and investing activities and to provide liquidity for daily operations. Total borrowing capacity includes borrowing arrangements at the FHLB, the Federal Reserve Bank (“FRB”), and borrowing arrangements with correspondent banks. Short-term borrowings can consist of FHLB advances with an original maturity of less than one year, overnight Ideal Way line of credit advances and other borrowings held as collateral for customer swap arrangements. Other borrowings totaled $ 6.2 15.3 FHLB advances provide more pricing and option alternatives for particular asset/liability needs. The FHLB provides a central credit facility primarily for member institutions. As an FHLB member, the Company is required to own capital stock of the FHLB, calculated periodically based primarily on its level of borrowings from the FHLB. FHLB borrowings are secured by certain securities from the Company’s investment portfolio not otherwise pledged as well as certain residential real estate and commercial real estate loans. Advances are made under several different credit programs with different lending standards, interest rates and range of maturities. This relationship is an integral component of the Company’s asset-liability management program. At September 30, 2022, the Bank had $ 424.5 The Company also has an available overnight Ideal Way line of credit with the FHLB of $ 9.5 The Company has an available line of credit of $ 4.5 The Company also has pre-established, non-collateralized overnight borrowing arrangements with large national and regional correspondent banks to provide additional overnight and short-term borrowing capacity for the Company. The Company has a $ 15 50 Long-term debt consists of FHLB advances with an original maturity of one year or more. At September 30, 2022, we had $ 1.2 2.7

SUBORDINATED DEBT

SUBORDINATED DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
SUBORDINATED DEBT	9. SUBORDINATED DEBT On April 20, 2021, the Company completed an offering of $ 20 4.875 Unless earlier redeemed, the Notes mature on May 1, 2031 May 1, 2026 4.875 90-day average secured overnight financing rate 412 May 1, 2026 The Notes are presented net of issuance costs of $ 337,000 30,000 17,000

PENSION BENEFITS

PENSION BENEFITS	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
PENSION BENEFITS	10. PENSION BENEFITS We provide a defined benefit pension plan for eligible employees (the “Plan”). Employees must work a minimum of 1,000 2.1 On July 26, 2022, the Board of Directors approved the termination of the Plan effective as of October 31, 2022. Termination of the Plan is subject to regulatory approvals and the Company has the right to change the effective date of the termination or to revoke its decision to terminate the Plan. In August 2022, the Plan’s assets were reallocated into fixed income pooled separate investment accounts offered by Principal Life Insurance Company, a division of Principal Financial Group, serving as the custodian of the Plan. The Company is anticipating Plan settlement to occur in 2023. The following table provides information regarding net pension benefit costs for the periods indicated: Three Months Ended Nine Months Ended, September 30, September 30, 2022 2021 2022 2021 (In thousands) Service cost $ 334 $ 454 $ 1,002 $ 1,362 Interest cost 312 293 937 880 Expected return on assets (426 ) (439 ) (1,279 ) (1,317 ) Amortization of actuarial loss 158 234 475 701 Net periodic pension cost $ 378 $ 542 $ 1,135 $ 1,626

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	11. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives. The Company is exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our assets and liabilities and the use of derivative financial instruments. Specifically, we entered into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to certain variable rate loan assets and variable rate borrowings. The following table presents information about interest rate swaps at September 30, 2022 and December 31, 2021: September 30, 2022 Notional Weighted Average Weighted Average Rate Estimated Fair Amount Maturity Receive Pay Value (In thousands) (In years) (In thousands) Non-hedging derivatives: Loan-level swaps – dealer counterparties $ 38,028 9.4 4.42 % 3.17 % $ 6,476 Loan-level swaps – borrower counterparties 38,028 9.4 3.17 % 4.42 % (6,476 ) Total $ 76,056 $ 0 December 31, 2021 Notional Weighted Average Weighted Average Rate Estimated Fair Amount Maturity Receive Pay Value (In thousands) (In years) (In thousands) Non-hedging derivatives: Loan-level swaps – dealer counterparties $ 16,023 11.1 1.99 % 3.76 % $ (662 ) Loan-level swaps – borrower counterparties 16,023 11.1 3.76 % 1.99 % 662 Forward starting loan-level swaps - dealer counterparties 22,390 10.5 1,030 Forward starting loan-level swaps - borrower counterparties 22,390 10.5 (1,030 ) Total $ 76,826 $ 0 Cash Flow Hedges of Interest Rate Risk. The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish these objectives, we entered into interest rate swaps as part of our interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for our making fixed payments. For derivatives designated as cash flow hedges, the changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings. We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of six years (excluding forecasted payment of variable interest on existing financial instruments). Non-hedging Derivatives. Derivatives not designated as hedges are not speculative, but rather result from a service the Company provides to certain customers. The Company executes loan-level derivative products such as interest-rate swap agreements with commercial banking customers to aid them in managing their interest-rate risk by converting floating-rate loan payments to fixed-rate loan payments. The Company concurrently enters into offsetting swaps with a third-party financial institution, effectively minimizing the Company’s net risk exposure resulting from such transactions. The third-party financial institution exchanges the customer’s fixed-rate loan payments for floating-rate loan payments. As the interest-rate swap agreements associated with this program do not meet hedge accounting requirements, changes in the fair value are recognized directly in earnings. Fair Values of Derivative Instruments on the Balance Sheet. The table below presents the fair value of our derivative financial instruments designated as hedging and non-hedging instruments as well as our classification on the balance sheet as of September 30, 2022 and December 31, 2021. September 30, 2022 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customers counterparties $ 0 $ 6,476 Interest rate swap – with dealer counterparties 6,476 0 Total derivatives not designated as hedging instruments Other Assets $ 6,476 Other Liabilities $ 6,476 December 31, 2021 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customers counterparties $ 662 $ 1,030 Interest rate swap – with dealer counterparties 1,030 662 Total derivatives not designated as hedging instruments Other Assets $ 1,692 Other Liabilities $ 1,692 Effect of Derivative Instruments in the Consolidated Statements of Net Income and Changes in Shareholders’ Equity. There were no gains or losses recognized in accumulated other comprehensive loss during the three and nine months ended September 30, 2022 and 2021. Amounts reported in accumulated other comprehensive loss related to these derivatives are reclassified to interest expense as interest payments are made on our designated rate sensitive liabilities. The table below presents the amount reclassified from accumulated other comprehensive loss into net income as interest expense for interest rate swaps: Amount of Loss Reclassified from OCI into Interest Expense (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands) Interest rate swaps $ — $ — $ — $ 282 During the nine months ended September 30, 2021, the Company terminated an interest rate swap designated as a cash flow hedge prior to its respective maturity date and recognized a loss. The net loss reclassified into earnings totaled $ 402,000 3.4 32.5 Credit-risk-related Contingent Features. By using derivative financial instruments, we expose ourselves to credit risk. Credit risk is the risk of failure by the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. When the fair value of a derivative is negative, we owe the counterparty and, therefore, it does not possess credit risk. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that we believe to be creditworthy and by limiting the amount of exposure to each counterparty. We have agreements with our derivative counterparties that contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. We also have agreements with certain of our derivative counterparties that contain a provision where if we fail to maintain our status as well capitalized, then the counterparty could terminate the derivative positions and we would be required to settle our obligations under the agreements. Certain of our agreements with our derivative counterparties contain provisions where if a formal administrative action by a federal or state regulatory agency occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument. At September 30, 2022, we had minimum collateral posting thresholds with certain of our derivative counterparties. As of September 30, 2022, we were not required to post collateral under these agreements because we did not have any derivatives in a liability position with those counterparties.

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	12. FAIR VALUE OF ASSETS AND LIABILITIES Determination of Fair Value. We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for our various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair Value Hierarchy. We group our assets and liabilities that are measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. Level 1 Level 2 Level 3 Methods and assumptions for valuing our financial instruments measured at fair value on a recurring basis are set forth below. Estimated fair values are calculated based on the value without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications or estimated transaction cost. Securities. The securities measured at fair value in Level 1 are based on quoted market prices in an active exchange market. All other securities are measured at fair value in Level 2 and are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. These securities include government-sponsored enterprise obligations, state and municipal obligations, corporate bonds, residential mortgage-backed securities guaranteed and sponsored by the U.S. government or an agency thereof. Fair value measurements are obtained from a third-party pricing service and are not adjusted by management. Interest Rate Swaps. The valuation of our interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. We have determined that the majority of the inputs used to value our interest rate derivatives fall within Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis. Assets and liabilities measured at fair value on a recurring basis are summarized below for the dates indicated: September 30, 2022 Level 1 Level 2 Level 3 Total Assets: (In thousands) Securities available-for-sale $ — $ 148,716 $ — $ 148,716 Marketable equity securities 11,280 — — 11,280 Interest rate swaps — 6,476 — 6,476 Total assets $ 11,280 $ 155,192 $ — $ 166,472 Liabilities: Interest rate swaps $ — $ 6,476 $ — $ 6,476 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: (In thousands) Securities available-for-sale $ — $ 194,352 $ — $ 194,352 Marketable equity securities 11,896 — — 11,896 Interest rate swaps — 1,692 — 1,692 Total assets $ 11,896 $ 196,044 $ — $ 207,940 Liabilities: Interest rate swaps $ — $ 1,692 $ — $ 1,692 Assets Measured at Fair Value on a Non-recurring Basis. We may also be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with U.S. GAAP. 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 assets measured at fair value on a non-recurring basis at September 30, 2022 or 2021. Summary of Fair Values of Financial Instruments. The estimated fair values of our financial instruments are as follows for the dates indicated: September 30, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 27,113 $ 27,113 $ — $ — $ 27,113 Securities held-to-maturity 234,387 9,099 184,016 — 193,115 Securities available-for-sale 148,716 — 148,716 — 148,716 Marketable equity securities 11,280 11,280 — — 11,280 Federal Home Loan Bank of Boston and other restricted stock 2,234 — — 2,234 2,234 Loans - net 1,987,464 — — 1,901,863 1,901,863 Accrued interest receivable 7,522 — — 7,522 7,522 Mortgage servicing rights 587 — 783 — 783 Derivative asset 6,476 — 6,476 — 6,476 Liabilities: Deposits 2,287,754 — — 2,279,108 2,279,108 Short-term borrowings 21,500 — 21,500 — 21,500 Long-term debt 1,178 — 1,178 — 1,178 Subordinated debt 19,663 — 19,771 — 19,771 Accrued interest payable 169 — — 169 169 Derivative liabilities 6,476 — 6,476 — 6,476 December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 103,456 $ 103,456 $ — $ — $ 103,456 Securities held-to-maturity 222,272 9,973 209,775 — 219,748 Securities available-for-sale 194,352 — 194,352 — 194,352 Marketable equity securities 11,896 11,896 — — 11,896 Federal Home Loan Bank of Boston and other restricted stock 2,594 — — 2,594 2,594 Loans - net 1,844,929 — — 1,838,045 1,838,045 Accrued interest receivable 7,775 — — 7,775 7,775 Mortgage servicing rights 693 — 739 — 739 Derivative asset 1,692 — 1,692 — 1,692 Liabilities: Deposits 2,256,898 — — 2,256,834 2,256,834 Long-term debt 2,653 — 2,620 — 2,620 Subordinated debt 19,633 20,479 — 20,479 Accrued interest payable 191 — — 191 191 Derivative liabilities 1,692 — 1,692 — 1,692

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	13. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses Upon adoption, the Company will apply the standards’ provisions as a cumulative effect adjustment to retained earnings as of the first reporting period in which the guidance is effective. The Company anticipates that the adoption of this ASU and related updates will impact the consolidated financial statements as it relates to the balance in the allowance for loan losses. The Company has implemented a third-party software vendor to model the allowance for loan losses in conformance with this ASU. The Company will continue to refine this model and assess the impact to its consolidated financial statements. The Company is working to complete its allowance for credit losses (“ACL”) methodology. To estimate the ACL for loans and off-balance sheet credit exposures, such as unfunded loan commitments, the Company will utilize a discounted cash flow model that contains additional assumptions to calculate credit losses over the estimated life of financial assets and off-balance sheet credit exposures and will include the impact of forecasted economic conditions. The estimate is expected to include a one-year reasonable and supportable forecast period and thereafter a one-year reversion period to the historical mean of its macro-economic assumption. The estimate will also include qualitative factors that may not be reflected in quantitatively derived results to ensure that the ACL reflects a reasonable estimate of current expected credit losses. The Company is currently refining various ACL assumptions and running parallel calculations on a monthly basis. Based upon current calculations, the Company expects the impact of the Current Expected Credit Losses (“CECL”) transitional amount on retained earnings to be within a range of one percent to three percent of the September 30, 2022 allowance. The Company will continue to refine its ACL methodology prior to implementation of CECL on January 1, 2023. In addition, the estimated ACL and allowance for unfunded commitments under both the incurred loss method and CECL will be affected by various factors, which include but are not limited to, changes in the composition and balance of the Company’s loan portfolio and unfunded commitments, changes to internal risk ratings of borrowers, changes to the risk-profile of the loan portfolio, changes in various macro-economic indicators, the impact of COVID-19 and geo-political events on the business environment, and other factors.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation The Bank operates 25
Wholly-owned Subsidiaries of the Bank	Wholly-owned Subsidiaries of the Bank
Principles of Consolidation	Principles of Consolidation
Estimates	Estimates
Basis of Presentation	Basis of Presentation These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”).
Reclassifications	Reclassifications

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings per common share:
Earnings per share for the three and nine months ended September 30, 2022 and 2021 have been computed based on the following:	Earnings per share for the three and nine months ended September 30, 2022 and 2021 have been computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands, except per share data) Net income applicable to common stock $ 5,999 $ 6,036 $ 16,853 $ 17,479 Average number of common shares issued 22,317 23,255 22,531 24,232 Less: Average unallocated ESOP Shares (406 ) (486 ) (425 ) (506 ) Less: Average unvested performance-based equity incentive plan shares (154 ) (149 ) (158 ) (123 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,757 22,620 21,948 23,603 Effect of dilutive performance-based equity incentive plan 40 52 33 30 Effect of dilutive stock options 13 42 20 37 Average number of common shares outstanding used to calculate diluted earnings per common share 21,810 22,714 22,001 23,670 Basic earnings per share $ 0.28 $ 0.27 $ 0.77 $ 0.74 Diluted earnings per share $ 0.28 $ 0.27 $ 0.77 $ 0.74

COMPREHENSIVE INCOME (LOSS) (Ta

COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
The components of accumulated other comprehensive loss included in shareholders’ equity are as follows:	The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: September 30, 2022 December 31, 2021 (In thousands) Net unrealized losses on available-for-sale securities $ (33,869 ) $ (4,685 ) Tax effect 8,631 1,160 Net-of-tax amount (25,238 ) (3,525 ) Unrecognized actuarial loss on the defined benefit plan (11,750 ) (12,225 ) Tax effect 3,303 3,436 Net-of-tax amount (8,447 ) (8,789 ) Accumulated other comprehensive loss $ (33,685 ) $ (12,314 )

SECURITIES (Tables)

SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Available-for-sale and held-to-maturity investment securities at September 30, 2022 and December 31, 2021 are summarized as follows:	Available-for-sale and held-to-maturity investment securities at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,910 $ — $ (3,470 ) $ 11,440 State and municipal bonds 270 — (2 ) 268 Corporate bonds 8,016 — (370 ) 7,646 Total debt securities 23,196 — (3,842 ) 19,354 Mortgage-backed securities: Government-sponsored mortgage-backed securities 151,793 — (28,471 ) 123,322 U.S. government guaranteed mortgage-backed securities 7,596 — (1,556 ) 6,040 Total mortgage-backed securities 159,389 — (30,027 ) 129,362 Total available-for-sale 182,585 — (33,869 ) 148,716 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,985 — (886 ) 9,099 Total debt securities 9,985 — (886 ) 9,099 Mortgage-backed securities: Government-sponsored mortgage-backed securities 224,402 20 (40,405 ) 184,016 Total mortgage-backed securities 224,402 20 (40,405 ) 184,016 Total held-to-maturity 234,387 20 (41,291 ) 193,115 Total $ 416,972 $ 20 $ (75,160 ) $ 341,831 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,902 $ — $ (676 ) $ 14,226 State and municipal bonds 405 1 — 406 Corporate bonds 3,026 86 — 3,112 Total debt securities 18,333 87 (676 ) 17,744 Mortgage-backed securities: Government-sponsored mortgage-backed securities 171,011 427 (3,929 ) 167,509 U.S. government guaranteed mortgage-backed securities 9,693 8 (602 ) 9,099 Total mortgage-backed securities 180,704 435 (4,531 ) 176,608 Total available-for-sale 199,037 522 (5,207 ) 194,352 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,979 — (6 ) 9,973 Total debt securities 9,979 — (6 ) 9,973 Mortgage-backed securities: Government-sponsored mortgage-backed securities 212,293 — (2,518 ) 209,775 Total mortgage-backed securities 212,293 — (2,518 ) 209,775 Total held-to-maturity 222,272 — (2,524 ) 219,748 Total $ 421,309 $ 522 $ (7,731 ) $ 414,100
The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2022, by final maturity, are shown below.	The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2022, by final maturity, are shown below. Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Debt securities: Due after one year through five years $ 3,286 $ 3,171 $ 9,985 $ 9,099 Due after five years through ten years 14,910 12,606 — — Due after ten years 5,000 3,577 — — Total debt securities $ 23,196 $ 19,354 $ 9,985 $ 9,099 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Mortgage-backed securities: Due after one year through five years $ 594 $ 600 $ — $ — Due after five years through ten years 1,160 1,048 — — Due after ten years 157,635 127,754 224,402 184,016 Total mortgage-backed securities 159,389 129,362 224,402 184,016 Total securities $ 182,585 $ 148,716 $ 234,387 $ 193,115
Gross realized gains and losses on sales of available-for-sale securities for the three and nine months ended September 30, 2022 and 2021 are as follows:	Gross realized gains and losses on sales of available-for-sale securities for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Gross gains realized $ — $ 12 $ — $ 12 Gross losses realized — (10 ) (4 ) (84 ) Net (loss) gain realized $ — $ 2 $ (4 ) $ (72 )
Information pertaining to securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows:	Information pertaining to securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: September 30, 2022 Less Than Twelve Months Over Twelve Months Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) (Dollars in thousands) Available-for-sale: Government-sponsored mortgage-backed securities 25 $ 18,140 $ 2,297 11.2 % 46 $ 105,182 $ 26,174 19.9 % U.S. government guaranteed mortgage-backed securities 2 970 159 14.1 7 5,070 1,397 21.6 Government-sponsored enterprise obligations — — — — 3 11,440 3,470 23.3 Corporate bonds 3 7,645 370 4.6 — — — — State and municipal bonds 1 268 2 0.7 — — — — Total available-for-sale 31 27,023 2,828 56 121,692 31,041 Held-to-maturity: U.S. Treasury securities 2 9,099 886 8.9 % — — — — % Government-sponsored mortgage-backed securities 15 77,765 15,468 16.6 22 101,361 24,937 19.7 Total held-to-maturity 17 86,864 16,354 22 101,361 24,937 Total 48 $ 113,887 $ 19,182 78 $ 223,053 $ 55,978 December 31, 2021 Less Than Twelve Months Over Twelve Months Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) Number of Securities Fair Value Gross Unrealized Loss Depreciation from Amortized Cost Basis (%) (Dollars in thousands) Available-for-sale: Government-sponsored mortgage-backed securities 34 $ 105,221 $ 2,088 1.9 % 18 $ 42,506 $ 1,841 4.2 % U.S. government guaranteed mortgage-backed securities 2 2,426 142 5.5 5 5,107 460 8.3 Government-sponsored enterprise obligations — — — — 3 14,226 676 4.5 Total available-for-sale 36 107,647 2,230 26 61,839 2,977 Held-to-maturity: U.S. Treasury securities 2 9,973 6 0.1 % — — — — % Government-sponsored mortgage-backed securities 31 209,775 2,518 1.2 — — — — Total held-to-maturity 33 219,748 2,524 — — — Total 69 $ 327,395 $ 4,754 26 $ 61,839 $ 2,977

LOANS AND ALLOWANCE FOR LOAN _2

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Major classifications of loans as of the dates indicated were as follows:	Major classifications of loans as of the dates indicated were as follows: September 30, December 31, 2022 2021 (In thousands) Commercial real estate $ 1,081,728 $ 979,969 Residential real estate: Residential one-to-four family 581,242 552,332 Home equity 105,470 99,759 Total residential real estate 686,712 652,091 Commercial and industrial: Paycheck Protection Program (“PPP”) loans 2,453 25,329 Commercial and industrial 229,996 201,340 Total commercial and industrial 232,449 226,669 Consumer 4,652 4,250 Total gross loans 2,005,541 1,862,979 Unamortized PPP loan fees (121 ) (781 ) Unearned premiums and deferred loan fees and costs, net 2,252 2,518 Total loans, net 2,007,672 1,864,716 Allowance for loan losses (20,208 ) (19,787 ) Net loans $ 1,987,464 $ 1,844,929
A summary of the activity in the balances of mortgage servicing rights follows:	A summary of the activity in the balances of mortgage servicing rights follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (In thousands) Balance at the beginning of period: $ 623 $ 693 Capitalized mortgage servicing rights — 2 Amortization (36 ) (108 ) Balance at the end of period $ 587 $ 587 Fair value at the end of period $ 783 $ 783
An analysis of changes in the allowance for loan losses by segment for the three and nine months ended September 30, 2022 and 2021 is as follows:	An analysis of changes in the allowance for loan losses by segment for the three and nine months ended September 30, 2022 and 2021 is as follows: Commercial Residential Commercial Consumer Unallocated Total (In thousands) Balance at June 30, 2021 $ 12,129 $ 4,102 $ 3,410 $ 214 $ 15 $ 19,870 Provision (credit) 524 (176 ) (456 ) 18 (10 ) (100 ) Charge-offs — (3 ) — (35 ) — (38 ) Recoveries 6 87 3 9 — 105 Balance at September 30, 2021 $ 12,659 $ 4,010 $ 2,957 $ 206 $ 5 $ 19,837 Balance at June 30, 2022 $ 12,483 $ 4,164 $ 2,686 $ 210 $ 17 $ 19,560 Provision (credit) 68 86 481 53 (13 ) 675 Charge-offs — — — (59 ) — (59 ) Recoveries — — 14 18 — 32 Balance at September 30, 2022 $ 12,551 $ 4,250 $ 3,181 $ 222 $ 4 $ 20,208 Balance at December 31, 2020 $ 13,020 $ 4,240 $ 3,630 $ 241 $ 26 $ 21,157 Provision (credit) (265 ) (283 ) (665 ) 9 (21 ) (1,225 ) Charge-offs (103 ) (43 ) (34 ) (82 ) — (262 ) Recoveries 7 96 26 38 — 167 Balance at September 30, 2021 $ 12,659 $ 4,010 $ 2,957 $ 206 $ 5 $ 19,837 Balance at December 31, 2021 $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Provision (credit) (382 ) 282 538 121 (9 ) 550 Charge-offs (37 ) (27 ) (22 ) (145 ) — (231 ) Recoveries — 31 22 49 — 102 Balance at September 30, 2022 $ 12,551 $ 4,250 $ 3,181 $ 222 $ 4 $ 20,208
The following table presents information pertaining to the allowance for loan losses by segment as of the dates indicated:	The following table presents information pertaining to the allowance for loan losses by segment as of the dates indicated: Commercial Residential Commercial and Industrial Consumer Unallocated Total (In thousands) September 30, 2022 Amount of allowance for impaired loans $ — $ — $ — $ — $ — $ — Amount of allowance for non-impaired loans 12,551 4,250 3,181 222 4 20,208 Total allowance for loan losses $ 12,551 $ 4,250 $ 3,181 $ 222 $ 4 $ 20,208 Impaired loans $ 9,301 $ 3,472 $ 470 $ — $ — $ 13,243 Non-impaired loans 1,068,626 681,549 231,627 4,652 — 1,986,454 Impaired loans acquired with deteriorated credit quality 3,801 1,691 352 — — 5,844 Total loans $ 1,081,728 $ 686,712 $ 232,449 $ 4,652 $ — $ 2,005,541 December 31, 2021 (1) Amount of allowance for impaired loans (1) $ — $ — $ — $ — $ — $ — Amount of allowance for non-impaired loans (1) 12,970 3,964 2,643 197 13 19,787 Total allowance for loan losses (1) $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Impaired loans (1) $ 9,601 $ 3,223 $ 699 $ 22 $ — $ 13,545 Non-impaired loans (1) 965,577 647,098 200,271 4,228 — 1,817,174 Impaired loans acquired with deteriorated credit quality (1) 4,791 1,770 370 — — 6,931 Total loans $ 979,969 $ 652,091 $ 201,340 $ 4,250 $ — $ 1,837,650 (1) December 31, 2021 non-impaired loans balances exclude PPP loans.
The following tables present an age analysis of past due loans as of the dates indicated:	The following tables present an age analysis of past due loans as of the dates indicated: 30 – 59 Days 60 – 89 Days 90 Days or Total Past Due Total Current Total Loans Nonaccrual (In thousands) September 30, 2022 Commercial real estate $ 342 $ 95 $ 436 $ 873 $ 1,080,855 $ 1,081,728 $ 641 Residential real estate: Residential 1,099 334 160 1,593 579,649 581,242 3,267 Home equity 213 — 51 264 105,206 105,470 184 Commercial and industrial 325 204 22 551 231,898 232,449 340 Consumer 18 — — 18 4,634 4,652 — Total loans $ 1,997 $ 633 $ 669 $ 3,299 $ 2,002,242 $ 2,005,541 $ 4,432 December 31, 2021 (1) Commercial real estate $ 139 $ — $ 436 $ 575 $ 979,394 $ 979,969 $ 1,224 Residential real estate: Residential 787 41 507 1,335 550,997 552,332 3,214 Home equity 57 5 63 125 99,634 99,759 94 Commercial and industrial 58 10 22 90 201,250 201,340 410 Consumer 5 — 11 16 4,234 4,250 22 Total loans $ 1,046 $ 56 $ 1,039 $ 2,141 $ 1,835,509 $ 1,837,650 $ 4,964 (1) December 31, 2021 balances exclude PPP loans.
The following is a summary of impaired loans by class for the dates and periods indicated:	The following is a summary of impaired loans by class for the dates and periods indicated: Three Months Ended Nine Months Ended At September 30, 2022 September 30, 2022 September 30, 2022 Recorded Unpaid Principal Balance Average Recorded Investment Interest Average Recorded Investment Interest (In thousands) Impaired Loans (1) Commercial real estate $ 13,102 $ 14,252 $ 13,267 $ 79 $ 13,648 $ 217 Residential one-to-four family 4,962 5,718 4,798 15 4,716 45 Home equity 201 218 201 — 162 1 Commercial and industrial 822 3,181 851 23 936 56 Consumer — — — — 3 — Total impaired loans $ 19,087 $ 23,369 $ 19,117 $ 117 $ 19,465 $ 319 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. Three Months Ended Nine Months Ended At December 31, 2021 September 30, 2021 September 30, 2021 Recorded Investment Unpaid Principal Balance Average Recorded Investment Interest Average Recorded Investment Interest (In thousands) Impaired Loans (1) Commercial real estate $ 14,392 $ 15,563 $ 14,900 $ 72 $ 16,163 $ 377 Residential rea estate: Residential real estate 4,881 5,381 5,445 30 5,916 197 Home equity 112 136 162 3 146 7 Commercial and industrial 1,069 3,850 1,214 20 3,026 110 Consumer 22 37 24 3 25 3 Total impaired loans $ 20,476 $ 24,967 $ 21,745 $ 128 $ 25,276 $ 694 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings.
The following is a summary of loans acquired in the Chicopee Bancorp, Inc. (“Chicopee”) acquisition with evidence of credit deterioration when acquired.	The following is a summary of loans acquired in the Chicopee Bancorp, Inc. (“Chicopee”) acquisition with evidence of credit deterioration when acquired. Contractual Required Payments Receivable Cash Expected To Be Collected Non-Accretable Accretable Yield Loans Receivable (In thousands) Balance at December 31, 2021 $ 12,134 $ 9,430 $ 2,704 $ 2,499 $ 6,931 Collections (1,379 ) (1,263 ) (116 ) (176 ) (1,087 ) Dispositions (63 ) (61 ) (2 ) (61 ) — Balance at September 30, 2022 $ 10,692 $ 8,106 $ 2,586 $ 2,262 $ 5,844
The following table presents our loans by risk rating for the periods indicated:	The following table presents our loans by risk rating for the periods indicated: Commercial Real Estate Residential 1-4 Family Home Equity Commercial and Industrial Consumer Total (In thousands) September 30, 2022 Pass (Rated 1 – 4) $ 1,032,221 $ 577,037 $ 105,124 $ 200,738 $ 4,633 $ 1,919,753 Special Mention (Rated 5) 32,241 — — 25,175 — 57,416 Substandard (Rated 6) 17,266 4,205 346 6,536 19 28,372 Total $ 1,081,728 $ 581,242 $ 105,470 $ 232,449 $ 4,652 $ 2,005,541 December 31, 2021 Pass (Rated 1 – 4) $ 913,063 $ 547,980 $ 99,503 $ 215,605 $ 4,228 $ 1,780,379 Special Mention (Rated 5) 48,765 — — 2,777 — 51,542 Substandard (Rated 6) 18,141 4,352 256 8,287 22 31,058 Total $ 979,969 $ 552,332 $ 99,759 $ 226,669 $ 4,250 $ 1,862,979

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
A summary of stock option activity for the three months ended September 30, 2022 is presented below:	A summary of stock option activity for the three months ended September 30, 2022 is presented below: Shares Weighted Average Exercise Price Weighted (in years) Aggregate (in thousands) Outstanding at December 31, 2021 177,881 $ 6.57 0.81 $ 388 Exercised (114,712 ) 6.45 0.45 276 Outstanding at September 30, 2022 63,169 $ 6.82 0.23 $ 83 Exercisable at September 30, 2022 63,169 $ 6.82 0.23 $ 83
The threshold, target and stretch metrics under the 2020 grants are as follows:	The threshold, target and stretch metrics under the 2020 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2020 5.00 % 5.48 % 6.00 % December 31, 2021 5.62 % 6.24 % 6.86 % December 31, 2022 6.29 % 6.99 % 7.69 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 1.50 $ 1.65 $ 1.80
The threshold, target and stretch metrics under the 2021 grants are as follows:	The threshold, target and stretch metrics under the 2021 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2021 5.63 % 6.25 % 7.50 % December 31, 2022 5.85 % 6.50 % 7.80 % December 31, 2023 6.08 % 6.75 % 8.10 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 1.58 $ 1.97 $ 2.36
The threshold, target and stretch metrics under the 2022 grants are as follows:	The threshold, target and stretch metrics under the 2022 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2022 7.79 % 8.20 % 8.61 % December 31, 2023 7.93 % 8.35 % 8.77 % December 31, 2024 8.03 % 8.45 % 8.87 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 2.35 $ 2.61 $ 2.85
A summary of the status of restricted stock awards at September 30, 2022 and 2021 is presented below:	A summary of the status of restricted stock awards at September 30, 2022 and 2021 is presented below: Shares Weighted Average Grant Date Fair Value Balance at December 31, 2021 213,381 $ 8.91 Shares granted 144,440 9.14 Shares forfeited (24,440 ) 8.73 Shares vested (60,009 ) 9.77 Balance at September 30, 2022 273,372 $ 8.86 Shares Weighted Average Grant Date Fair Value Balance at December 31, 2020 178,698 $ 9.63 Shares granted 142,189 8.32 Shares forfeited (19,086 ) 11.05 Shares vested (27,727 ) 9.81 Balance at September 30, 2021 274,074 $ 8.83

PENSION BENEFITS (Tables)

PENSION BENEFITS (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
The following table provides information regarding net pension benefit costs for the periods indicated:	The following table provides information regarding net pension benefit costs for the periods indicated: Three Months Ended Nine Months Ended, September 30, September 30, 2022 2021 2022 2021 (In thousands) Service cost $ 334 $ 454 $ 1,002 $ 1,362 Interest cost 312 293 937 880 Expected return on assets (426 ) (439 ) (1,279 ) (1,317 ) Amortization of actuarial loss 158 234 475 701 Net periodic pension cost $ 378 $ 542 $ 1,135 $ 1,626

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
The following table presents information about interest rate swaps at September 30, 2022 and December 31, 2021:	The following table presents information about interest rate swaps at September 30, 2022 and December 31, 2021: September 30, 2022 Notional Weighted Average Weighted Average Rate Estimated Fair Amount Maturity Receive Pay Value (In thousands) (In years) (In thousands) Non-hedging derivatives: Loan-level swaps – dealer counterparties $ 38,028 9.4 4.42 % 3.17 % $ 6,476 Loan-level swaps – borrower counterparties 38,028 9.4 3.17 % 4.42 % (6,476 ) Total $ 76,056 $ 0 December 31, 2021 Notional Weighted Average Weighted Average Rate Estimated Fair Amount Maturity Receive Pay Value (In thousands) (In years) (In thousands) Non-hedging derivatives: Loan-level swaps – dealer counterparties $ 16,023 11.1 1.99 % 3.76 % $ (662 ) Loan-level swaps – borrower counterparties 16,023 11.1 3.76 % 1.99 % 662 Forward starting loan-level swaps - dealer counterparties 22,390 10.5 1,030 Forward starting loan-level swaps - borrower counterparties 22,390 10.5 (1,030 ) Total $ 76,826 $ 0
The table below presents the fair value of our derivative financial instruments designated as hedging and non-hedging instruments as well as our classification on the balance sheet as of September 30, 2022 and December 31, 2021.	The table below presents the fair value of our derivative financial instruments designated as hedging and non-hedging instruments as well as our classification on the balance sheet as of September 30, 2022 and December 31, 2021. September 30, 2022 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customers counterparties $ 0 $ 6,476 Interest rate swap – with dealer counterparties 6,476 0 Total derivatives not designated as hedging instruments Other Assets $ 6,476 Other Liabilities $ 6,476 December 31, 2021 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customers counterparties $ 662 $ 1,030 Interest rate swap – with dealer counterparties 1,030 662 Total derivatives not designated as hedging instruments Other Assets $ 1,692 Other Liabilities $ 1,692
The table below presents the amount reclassified from accumulated other comprehensive loss into net income as interest expense for interest rate swaps:	Amounts reported in accumulated other comprehensive loss related to these derivatives are reclassified to interest expense as interest payments are made on our designated rate sensitive liabilities. The table below presents the amount reclassified from accumulated other comprehensive loss into net income as interest expense for interest rate swaps: Amount of Loss Reclassified from OCI into Interest Expense (Effective Portion) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands) Interest rate swaps $ — $ — $ — $ 282

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis are summarized below for the dates indicated:	Assets and liabilities measured at fair value on a recurring basis are summarized below for the dates indicated: September 30, 2022 Level 1 Level 2 Level 3 Total Assets: (In thousands) Securities available-for-sale $ — $ 148,716 $ — $ 148,716 Marketable equity securities 11,280 — — 11,280 Interest rate swaps — 6,476 — 6,476 Total assets $ 11,280 $ 155,192 $ — $ 166,472 Liabilities: Interest rate swaps $ — $ 6,476 $ — $ 6,476 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: (In thousands) Securities available-for-sale $ — $ 194,352 $ — $ 194,352 Marketable equity securities 11,896 — — 11,896 Interest rate swaps — 1,692 — 1,692 Total assets $ 11,896 $ 196,044 $ — $ 207,940 Liabilities: Interest rate swaps $ — $ 1,692 $ — $ 1,692
The estimated fair values of our financial instruments are as follows for the dates indicated:	The estimated fair values of our financial instruments are as follows for the dates indicated: September 30, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 27,113 $ 27,113 $ — $ — $ 27,113 Securities held-to-maturity 234,387 9,099 184,016 — 193,115 Securities available-for-sale 148,716 — 148,716 — 148,716 Marketable equity securities 11,280 11,280 — — 11,280 Federal Home Loan Bank of Boston and other restricted stock 2,234 — — 2,234 2,234 Loans - net 1,987,464 — — 1,901,863 1,901,863 Accrued interest receivable 7,522 — — 7,522 7,522 Mortgage servicing rights 587 — 783 — 783 Derivative asset 6,476 — 6,476 — 6,476 Liabilities: Deposits 2,287,754 — — 2,279,108 2,279,108 Short-term borrowings 21,500 — 21,500 — 21,500 Long-term debt 1,178 — 1,178 — 1,178 Subordinated debt 19,663 — 19,771 — 19,771 Accrued interest payable 169 — — 169 169 Derivative liabilities 6,476 — 6,476 — 6,476 December 31, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 103,456 $ 103,456 $ — $ — $ 103,456 Securities held-to-maturity 222,272 9,973 209,775 — 219,748 Securities available-for-sale 194,352 — 194,352 — 194,352 Marketable equity securities 11,896 11,896 — — 11,896 Federal Home Loan Bank of Boston and other restricted stock 2,594 — — 2,594 2,594 Loans - net 1,844,929 — — 1,838,045 1,838,045 Accrued interest receivable 7,775 — — 7,775 7,775 Mortgage servicing rights 693 — 739 — 739 Derivative asset 1,692 — 1,692 — 1,692 Liabilities: Deposits 2,256,898 — — 2,256,834 2,256,834 Long-term debt 2,653 — 2,620 — 2,620 Subordinated debt 19,633 20,479 — 20,479 Accrued interest payable 191 — — 191 191 Derivative liabilities 1,692 — 1,692 — 1,692

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Sep. 30, 2022 N
Accounting Policies [Abstract]
Number of banking offices in which bank operates	25

Earnings per share for the thre

Earnings per share for the three and nine months ended September 30, 2022 and 2021 have been computed based on the following: (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per common share:
Net income applicable to common stock	$ 5,999	$ 6,036	$ 16,853	$ 17,479
Average number of common shares issued	22,317	23,255	22,531	24,232
Less: Average unallocated ESOP Shares	(406)	(486)	(425)	(506)
Less: Average unvested performance-based equity incentive plan shares	(154)	(149)	(158)	(123)
Average number of common shares outstanding used to calculate basic earnings per common share	21,757	22,620	21,948	23,603
Effect of dilutive performance-based equity incentive plan	40	52	33	30
Effect of dilutive stock options	13	42	20	37
Average number of common shares outstanding used to calculate diluted earnings per common share	21,810	22,714	22,001	23,670
Basic earnings per share	$ 0.28	$ 0.27	$ 0.77	$ 0.74
Diluted earnings per share	$ 0.28	$ 0.27	$ 0.77	$ 0.74

The components of accumulated o

The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (33,685)	$ (12,314)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized actuarial loss on the defined benefit plan	(33,869)	(4,685)
Tax effect	8,631	1,160
Accumulated other comprehensive loss	(25,238)	(3,525)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized actuarial loss on the defined benefit plan	(11,750)	(12,225)
Tax effect	3,303	3,436
Accumulated other comprehensive loss	$ (8,447)	$ (8,789)

Available-for-sale and held-to-

Available-for-sale and held-to-maturity investment securities at September 30, 2022 and December 31, 2021 are summarized as follows: (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	$ 182,585	$ 199,037
Available-for-sale securities, gross unrealized gains		522
Available-for-sale securities, gross unrealized losses	(33,869)	(5,207)
Available-for-sale securities, at fair value	148,716	194,352
Held-to-maturity securities, amortized cost	234,387	222,272
Held-to-maturity securities, gross unrealized gains	20
Held-to-maturity securities, gross unrealized losses	(41,291)	(2,524)
Held-to-maturity securities, fair value	193,115	219,748
Total, amortized cost	416,972	421,309
Total, gross unrealized gains	20	522
Total, gross unrealized losses	(75,160)	(7,731)
Total, fair value	341,831	414,100
Government-sponsored enterprise obligations [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	14,910	14,902
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(3,470)	(676)
Available-for-sale securities, at fair value	11,440	14,226
State and Municipal Bonds [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	270	405
Available-for-sale securities, gross unrealized gains		1
Available-for-sale securities, gross unrealized losses	(2)
Available-for-sale securities, at fair value	268	406
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	8,016	3,026
Available-for-sale securities, gross unrealized gains		86
Available-for-sale securities, gross unrealized losses	(370)
Available-for-sale securities, at fair value	7,646	3,112
Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	23,196	18,333
Available-for-sale securities, gross unrealized gains		87
Available-for-sale securities, gross unrealized losses	(3,842)	(676)
Available-for-sale securities, at fair value	19,354	17,744
Held-to-maturity securities, amortized cost	9,985	9,979
Held-to-maturity securities, gross unrealized gains
Held-to-maturity securities, gross unrealized losses	(886)	(6)
Held-to-maturity securities, fair value	9,099	9,973
Government-sponsored mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	151,793	171,011
Available-for-sale securities, gross unrealized gains		427
Available-for-sale securities, gross unrealized losses	(28,471)	(3,929)
Available-for-sale securities, at fair value	123,322	167,509
Held-to-maturity securities, amortized cost	224,402	212,293
Held-to-maturity securities, gross unrealized gains	20
Held-to-maturity securities, gross unrealized losses	(40,405)	(2,518)
Held-to-maturity securities, fair value	184,016	209,775
U.S. government guaranteed mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	7,596	9,693
Available-for-sale securities, gross unrealized gains		8
Available-for-sale securities, gross unrealized losses	(1,556)	(602)
Available-for-sale securities, at fair value	6,040	9,099
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	159,389	180,704
Available-for-sale securities, gross unrealized gains		435
Available-for-sale securities, gross unrealized losses	(30,027)	(4,531)
Available-for-sale securities, at fair value	129,362	176,608
Held-to-maturity securities, amortized cost	224,402	212,293
Held-to-maturity securities, gross unrealized gains	20
Held-to-maturity securities, gross unrealized losses	(40,405)	(2,518)
Held-to-maturity securities, fair value	184,016	209,775
US Treasury Securities [Member]
Marketable Securities [Line Items]
Held-to-maturity securities, amortized cost	9,985	9,979
Held-to-maturity securities, gross unrealized gains
Held-to-maturity securities, gross unrealized losses	(886)	(6)
Held-to-maturity securities, fair value	$ 9,099	$ 9,973

The amortized cost and fair val

The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2022, by final maturity, are shown below. (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized cost, available for sale	$ 182,585	$ 199,037
Fair value, available for sale	148,716	194,352
Amortized cost, held to maturity	234,387	222,272
Fair value, held to maturity	193,115	219,748
Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, due after one year through five years, amortized cost	3,286
Available-for-sale securities, due after one year through five years, fair value	3,171
Held-to-maturity securities, due after one year through five years, amortized cost	9,985
Held-to-maturity securities, due after one year through five years, fair value	9,099
Available-for-sale securities, due after five years through ten years, amortized cost	14,910
Available-for-sale securities, due after five years through ten years, fair value	12,606
Held-to-maturity securities, due after five years through ten years, amortized cost
Held-to-maturity securities, due after five years through ten years, fair value
Available-for-sale securities, due after ten years, amortized cost	5,000
Available-for-sale securities, due after ten years, fair value	3,577
Held-to-maturity securities, due after ten years, amortized cost
Held-to-maturity securities, due after ten years, fair value
Amortized cost, available for sale	23,196	18,333
Fair value, available for sale	19,354	17,744
Amortized cost, held to maturity	9,985	9,979
Fair value, held to maturity	9,099	9,973
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, due after one year through five years, amortized cost	594
Available-for-sale securities, due after one year through five years, fair value	600
Held-to-maturity securities, due after one year through five years, amortized cost
Held-to-maturity securities, due after one year through five years, fair value
Available-for-sale securities, due after five years through ten years, amortized cost	1,160
Available-for-sale securities, due after five years through ten years, fair value	1,048
Held-to-maturity securities, due after five years through ten years, amortized cost
Held-to-maturity securities, due after five years through ten years, fair value
Available-for-sale securities, due after ten years, amortized cost	157,635
Available-for-sale securities, due after ten years, fair value	127,754
Held-to-maturity securities, due after ten years, amortized cost	224,402
Held-to-maturity securities, due after ten years, fair value	184,016
Amortized cost, available for sale	159,389	180,704
Fair value, available for sale	129,362	176,608
Amortized cost, held to maturity	224,402	212,293
Fair value, held to maturity	$ 184,016	$ 209,775

Gross realized gains and losses

Gross realized gains and losses on sales of available-for-sale securities for the three and nine months ended September 30, 2022 and 2021 are as follows: (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Gross gains realized		$ 12		$ 12
Gross losses realized		(10)	(4)	(84)
Net (loss) gain realized		$ 2	$ (4)	$ (72)

Information pertaining to secur

Information pertaining to securities with gross unrealized losses at September 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: (Details) $ in Thousands	Sep. 30, 2022 USD ($) N	Dec. 31, 2021 USD ($) N
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	31	36
Available-for-sale, less than 12 months, fair value	$ 27,023	$ 107,647
Available-for-sale, less than 12 months, gross unrealized loss	$ 2,828	$ 2,230
Available-for-sale, over 12 months, number of securities | N	56	26
Available-for-sale, over 12 months, fair value	$ 121,692	$ 61,839
Available-for-sale, over 12 months, gross unrealized loss	$ 31,041	$ 2,977
Held-to-maturity, less than 12 months, number of securities | N	17	33
Held-to-maturity, less than 12 months, fair value	$ 86,864	$ 219,748
Held-to-maturity, less than 12 months, gross unrealized loss	$ 16,354	$ 2,524
Held-to-maturity, over 12 months, number of securities | N	22
Held-to-maturity, over 12 months, fair value	$ 101,361
Held-to-maturity, over 12 months, gross unrealized loss	$ 24,937
Total, less than 12 months, number of securities | N	48	69
Total, less than 12 months, fair value	$ 113,887	$ 327,395
Total, less than 12 months, gross unrealized loss	$ 19,182	$ 4,754
Total, over 12 months, number of securities | N	78	26
Total, over 12 months, fair value	$ 223,053	$ 61,839
Total, over 12 months, gross unrealized loss	$ 55,978	$ 2,977
Government-sponsored mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	25	34
Available-for-sale, less than 12 months, fair value	$ 18,140	$ 105,221
Available-for-sale, less than 12 months, gross unrealized loss	$ 2,297	$ 2,088
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	11.20%	1.90%
Available-for-sale, over 12 months, number of securities | N	46	18
Available-for-sale, over 12 months, fair value	$ 105,182	$ 42,506
Available-for-sale, over 12 months, gross unrealized loss	$ 26,174	$ 1,841
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	19.90%	4.20%
Held-to-maturity, less than 12 months, number of securities | N	15	31
Held-to-maturity, less than 12 months, fair value	$ 77,765	$ 209,775
Held-to-maturity, less than 12 months, gross unrealized loss	$ 15,468	$ 2,518
Held-to-maturity, less than 12 months, depreciation from amortized cost basis (%)	16.60%	1.20%
Held-to-maturity, over 12 months, number of securities | N	22
Held-to-maturity, over 12 months, fair value	$ 101,361
Held-to-maturity, over 12 months, gross unrealized loss	$ 24,937
Held-to-maturity, over 12 months, depreciation from amortized cost basis (%)	19.70%
U.S. government guaranteed mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	2	2
Available-for-sale, less than 12 months, fair value	$ 970	$ 2,426
Available-for-sale, less than 12 months, gross unrealized loss	$ 159	$ 142
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	14.10%	5.50%
Available-for-sale, over 12 months, number of securities | N	7	5
Available-for-sale, over 12 months, fair value	$ 5,070	$ 5,107
Available-for-sale, over 12 months, gross unrealized loss	$ 1,397	$ 460
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	21.60%	8.30%
Government-sponsored enterprise obligations [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N
Available-for-sale, less than 12 months, fair value
Available-for-sale, less than 12 months, gross unrealized loss
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)
Available-for-sale, over 12 months, number of securities | N	3	3
Available-for-sale, over 12 months, fair value	$ 11,440	$ 14,226
Available-for-sale, over 12 months, gross unrealized loss	$ 3,470	$ 676
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	23.30%	4.50%
Corporate Bonds [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	3
Available-for-sale, less than 12 months, fair value	$ 7,645
Available-for-sale, less than 12 months, gross unrealized loss	$ 370
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	4.60%
Available-for-sale, over 12 months, number of securities | N
Available-for-sale, over 12 months, fair value
Available-for-sale, over 12 months, gross unrealized loss
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)
State and Municipal Bonds [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	1
Available-for-sale, less than 12 months, fair value	$ 268
Available-for-sale, less than 12 months, gross unrealized loss	$ 2
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	0.70%
Available-for-sale, over 12 months, number of securities | N
Available-for-sale, over 12 months, fair value
Available-for-sale, over 12 months, gross unrealized loss
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)
US Treasury Securities [Member]
Marketable Securities [Line Items]
Held-to-maturity, less than 12 months, number of securities | N	2	2
Held-to-maturity, less than 12 months, fair value	$ 9,099	$ 9,973
Held-to-maturity, less than 12 months, gross unrealized loss	$ 886	$ 6
Held-to-maturity, less than 12 months, depreciation from amortized cost basis (%)	8.90%	0.10%
Held-to-maturity, over 12 months, number of securities | N
Held-to-maturity, over 12 months, fair value
Held-to-maturity, over 12 months, gross unrealized loss
Held-to-maturity, over 12 months, depreciation from amortized cost basis (%)

SECURITIES (Details Narrative)

SECURITIES (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Marketable Securities [Line Items]
Proceeds from the sales and redemptions of available-for-sale securities	$ 20	$ 9,562
US Treasury Securities [Member]
Marketable Securities [Line Items]
Fair value of collateralized public deposits	4,500
Government-sponsored enterprise obligations [Member]
Marketable Securities [Line Items]
Fair value of collateralized public deposits	7,500
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Fair value of collateralized public deposits	$ 45,600

Major classifications of loans

Major classifications of loans as of the dates indicated were as follows: (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	$ 2,005,541		$ 1,862,979
Unamortized PPP loan fees	(121)		(781)
Unearned premiums and deferred loan fees and costs, net	2,252		2,518
Total loans, net	2,007,672		1,864,716
Allowance for loan losses	(20,208)	$ (19,560)	(19,787)	[1]	$ (19,837)	$ (19,870)	$ (21,157)
Net loans	1,987,464		1,844,929
Commercial Real Estate [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	1,081,728		979,969	[1],[2]
Allowance for loan losses	(12,551)	(12,483)	(12,970)	[1]	(12,659)	(12,129)	(13,020)
Residential Mortgage [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	581,242		552,332	[2]
Home Equity Line of Credit [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	105,470		99,759	[2]
Residential Portfolio Segment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	686,712		652,091	[1]
Allowance for loan losses	(4,250)	(4,164)	(3,964)	[1]	(4,010)	(4,102)	(4,240)
Commercial and Industrial Paycheck Protection Program [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	2,453		25,329
Commercial and Industrial [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	229,996		201,340	[1],[2]
Commercial and Industrial Sector [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	232,449		226,669
Allowance for loan losses	(3,181)	(2,686)	(2,643)	[1]	(2,957)	(3,410)	(3,630)
Consumer Loan [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total gross loans	4,652		4,250	[1],[2]
Allowance for loan losses	$ (222)	$ (210)	$ (197)	[1]	$ (206)	$ (214)	$ (241)
[1]December 31, 2021 non-impaired loans balances exclude PPP loans.[2]December 31, 2021 balances exclude PPP loans.

A summary of the activity in th

A summary of the activity in the balances of mortgage servicing rights follows: (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Receivables [Abstract]
Balance at the beginning of period:	$ 623	$ 693
Capitalized mortgage servicing rights		2
Amortization	(36)	(108)
Balance at the end of period	587	587
Fair value at the end of period	$ 783	$ 783

An analysis of changes in the a

An analysis of changes in the allowance for loan losses by segment for the three and nine months ended September 30, 2022 and 2021 is as follows: (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022		Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 19,560	$ 19,870	$ 19,787	[1]	$ 21,157
Provision (credit)	675	(100)	550		(1,225)
Charge-offs	(59)	(38)	(231)		(262)
Recoveries	32	105	102		167
Ending balance	20,208	19,837	20,208		19,837
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	12,483	12,129	12,970	[1]	13,020
Provision (credit)	68	524	(382)		(265)
Charge-offs			(37)		(103)
Recoveries		6			7
Ending balance	12,551	12,659	12,551		12,659
Residential Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	4,164	4,102	3,964	[1]	4,240
Provision (credit)	86	(176)	282		(283)
Charge-offs		(3)	(27)		(43)
Recoveries		87	31		96
Ending balance	4,250	4,010	4,250		4,010
Commercial and Industrial Sector [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	2,686	3,410	2,643	[1]	3,630
Provision (credit)	481	(456)	538		(665)
Charge-offs			(22)		(34)
Recoveries	14	3	22		26
Ending balance	3,181	2,957	3,181		2,957
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	210	214	197	[1]	241
Provision (credit)	53	18	121		9
Charge-offs	(59)	(35)	(145)		(82)
Recoveries	18	9	49		38
Ending balance	222	206	222		206
Unallocated [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	17	15	13	[1]	26
Provision (credit)	(13)	(10)	(9)		(21)
Charge-offs
Recoveries
Ending balance	$ 4	$ 5	$ 4		$ 5
[1]December 31, 2021 non-impaired loans balances exclude PPP loans.

The following table presents in

The following table presents information pertaining to the allowance for loan losses by segment as of the dates indicated: (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans					[1]
Amount of allowance for non-impaired loans		20,208		19,787	[1]
Total allowance for loan losses		20,208	$ 19,560	19,787	[1]	$ 19,837	$ 19,870	$ 21,157
Impaired loans		13,243		13,545	[1]
Non-impaired loans		1,986,454		1,817,174	[1]
Impaired loans acquired with deteriorated credit quality		5,844		6,931	[1]
Total loans		2,005,541		1,862,979
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans					[1]
Amount of allowance for non-impaired loans		12,551		12,970	[1]
Total allowance for loan losses		12,551	12,483	12,970	[1]	12,659	12,129	13,020
Impaired loans		9,301		9,601	[1]
Non-impaired loans		1,068,626		965,577	[1]
Impaired loans acquired with deteriorated credit quality		3,801		4,791	[1]
Total loans		1,081,728		979,969	[1],[2]
Residential Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans					[1]
Amount of allowance for non-impaired loans		4,250		3,964	[1]
Total allowance for loan losses		4,250	4,164	3,964	[1]	4,010	4,102	4,240
Impaired loans		3,472		3,223	[1]
Non-impaired loans		681,549		647,098	[1]
Impaired loans acquired with deteriorated credit quality		1,691		1,770	[1]
Total loans		686,712		652,091	[1]
Commercial and Industrial Sector [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans					[1]
Amount of allowance for non-impaired loans		3,181		2,643	[1]
Total allowance for loan losses		3,181	2,686	2,643	[1]	2,957	3,410	3,630
Impaired loans		470		699	[1]
Non-impaired loans		231,627		200,271	[1]
Impaired loans acquired with deteriorated credit quality		352		370	[1]
Total loans		232,449		226,669
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans					[1]
Amount of allowance for non-impaired loans		222		197	[1]
Total allowance for loan losses		222	210	197	[1]	206	214	241
Impaired loans				22	[1]
Non-impaired loans		4,652		4,228	[1]
Impaired loans acquired with deteriorated credit quality					[1]
Total loans		4,652		4,250	[1],[2]
Unallocated [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans					[1]
Amount of allowance for non-impaired loans		4		13	[1]
Total allowance for loan losses		4	$ 17	13	[1]	$ 5	$ 15	$ 26
Impaired loans					[1]
Non-impaired loans					[1]
Impaired loans acquired with deteriorated credit quality					[1]
Total loans					[1]
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans		$ 229,996		201,340	[1],[2]
Total Loans Non PPE [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans	[1]			$ 1,837,650
[1]December 31, 2021 non-impaired loans balances exclude PPP loans.[2]December 31, 2021 balances exclude PPP loans.

The following tables present an

The following tables present an age analysis of past due loans as of the dates indicated: (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total loans		$ 2,005,541	$ 1,862,979
Non-Accrual Loans		4,432	4,964	[1]
Total Loans Non PPE [Member]
Financing Receivable, Past Due [Line Items]
Total loans	[1]		1,837,650
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		1,997	1,046	[1]
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		633	56	[1]
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		669	1,039	[1]
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		3,299	2,141	[1]
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		2,002,242	1,835,509	[1]
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans		1,081,728	979,969	[1],[2]
Non-Accrual Loans		641	1,224	[1]
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		342	139	[1]
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		95		[1]
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		436	436	[1]
Commercial Real Estate [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		873	575	[1]
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		1,080,855	979,394	[1]
Residential Mortgage [Member]
Financing Receivable, Past Due [Line Items]
Total loans		581,242	552,332	[1]
Non-Accrual Loans		3,267	3,214	[1]
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		1,099	787	[1]
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		334	41	[1]
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		160	507	[1]
Residential Mortgage [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		1,593	1,335	[1]
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		579,649	550,997	[1]
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Total loans		105,470	99,759	[1]
Non-Accrual Loans		184	94	[1]
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		213	57	[1]
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans			5	[1]
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		51	63	[1]
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		264	125	[1]
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		105,206	99,634	[1]
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Total loans		232,449	226,669
Non-Accrual Loans		340	410	[1]
Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		325	58	[1]
Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		204	10	[1]
Commercial and Industrial Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		22	22	[1]
Commercial and Industrial Sector [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		551	90	[1]
Commercial and Industrial Sector [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		231,898	201,250	[1]
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total loans		4,652	4,250	[1],[2]
Non-Accrual Loans			22	[1]
Consumer Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		18	5	[1]
Consumer Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans				[1]
Consumer Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans			11	[1]
Consumer Loan [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		18	16	[1]
Consumer Loan [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		4,634	4,234	[1]
Commercial and Industrial [Member]
Financing Receivable, Past Due [Line Items]
Total loans		$ 229,996	$ 201,340	[1],[2]
[1]December 31, 2021 balances exclude PPP loans.[2]December 31, 2021 non-impaired loans balances exclude PPP loans.

The following is a summary of i

The following is a summary of impaired loans by class for the dates and periods indicated: (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Impaired Financing Receivable, Recorded Investment	[1]	$ 19,087		$ 19,087		$ 20,476
Impaired Financing Receivable, Unpaid Principal Balance	[1]	23,369		23,369		24,967
Impaired Financing Receivable, Average Recorded Investment	[1]	19,117	$ 21,745	19,465	$ 25,276
Impaired Financing Receivable, Interest Income, Accrual Method	[1]	117	128	319	694
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Impaired Financing Receivable, Recorded Investment	[1]	13,102		13,102		14,392
Impaired Financing Receivable, Unpaid Principal Balance	[1]	14,252		14,252		15,563
Impaired Financing Receivable, Average Recorded Investment	[1]	13,267	14,900	13,648	16,163
Impaired Financing Receivable, Interest Income, Accrual Method	[1]	79	72	217	377
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Impaired Financing Receivable, Recorded Investment	[1]	4,962		4,962		4,881
Impaired Financing Receivable, Unpaid Principal Balance	[1]	5,718		5,718		5,381
Impaired Financing Receivable, Average Recorded Investment	[1]	4,798	5,445	4,716	5,916
Impaired Financing Receivable, Interest Income, Accrual Method	[1]	15	30	45	197
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Impaired Financing Receivable, Recorded Investment	[1]	201		201		112
Impaired Financing Receivable, Unpaid Principal Balance	[1]	218		218		136
Impaired Financing Receivable, Average Recorded Investment	[1]	201	162	162	146
Impaired Financing Receivable, Interest Income, Accrual Method	[1]		3	1	7
Commercial and Industrial [Member]
Financing Receivable, Past Due [Line Items]
Impaired Financing Receivable, Recorded Investment	[1]	822		822		1,069
Impaired Financing Receivable, Unpaid Principal Balance	[1]	3,181		3,181		3,850
Impaired Financing Receivable, Average Recorded Investment	[1]	851	1,214	936	3,026
Impaired Financing Receivable, Interest Income, Accrual Method	[1]	23	20	56	110
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Impaired Financing Receivable, Recorded Investment	[1]					22
Impaired Financing Receivable, Unpaid Principal Balance	[1]					$ 37
Impaired Financing Receivable, Average Recorded Investment	[1]		24	3	25
Impaired Financing Receivable, Interest Income, Accrual Method	[1]		$ 3		$ 3
[1]Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings.

The following is a summary of l

The following is a summary of loans acquired in the Chicopee Bancorp, Inc. (“Chicopee”) acquisition with evidence of credit deterioration when acquired. (Details) - Chicopee Bancorp Inc [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Loans receivable - Contractual Required Payments Receivable beginning	$ 12,134
Loans receivable - Cash Expected To Be Collected beginning	9,430
Loans receivable - Non-Accretable Discount beginning	2,704
Loans receivable - Accretable Yield beginning	2,499
Loans receivable - Outstanding beginning	6,931
Collections - Contractually Required Payments Receivable	(1,379)
Collections - Cash Expected to be Collected	(1,263)
Collections - Non-Accretable Discount	(116)
Collections - Accretable Yield	(176)
Collections	(1,087)
Dispositions - Contractually Required Payments Receivable	(63)
Dispositions - Cash Expected to be Collected	(61)
Dispositions - Non-Accretable Discount	(2)
Dispositions - Accretable Yield	(61)
Dispositions
Loans receivable - Contractual Required Payments Receivable ending	10,692
Loans receivable - Cash Expected To Be Collected ending	8,106
Loans receivable - Non-Accretable Discount ending	2,586
Loans receivable - Accretable Yield ending	2,262
Loans receivable - Outstanding ending	$ 5,844

The following table presents ou

The following table presents our loans by risk rating for the periods indicated: (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 2,005,541	$ 1,862,979
Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,919,753	1,780,379
Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	57,416	51,542
Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	28,372	31,058
Commercial Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,081,728	979,969	[1],[2]
Commercial Real Estate [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,032,221	913,063
Commercial Real Estate [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	32,241	48,765
Commercial Real Estate [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	17,266	18,141
Residential Mortgage [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	581,242	552,332	[1]
Residential Mortgage [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	577,037	547,980
Residential Mortgage [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total
Residential Mortgage [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,205	4,352
Home Equity Line of Credit [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	105,470	99,759	[1]
Home Equity Line of Credit [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	105,124	99,503
Home Equity Line of Credit [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total
Home Equity Line of Credit [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	346	256
Commercial and Industrial Sector [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	232,449	226,669
Commercial and Industrial Sector [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	200,738	215,605
Commercial and Industrial Sector [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	25,175	2,777
Commercial and Industrial Sector [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	6,536	8,287
Consumer Loan [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,652	4,250	[1],[2]
Consumer Loan [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	4,633	4,228
Consumer Loan [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total
Consumer Loan [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 19	$ 22
[1]December 31, 2021 balances exclude PPP loans.[2]December 31, 2021 non-impaired loans balances exclude PPP loans.

LOANS AND ALLOWANCE FOR LOAN _3

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / Loans	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Receivables [Abstract]
Serviced commercial loans for participants	$ 78,000		$ 78,000		$ 63,200
Weighted average prepayment speed, PSA			107%
Weighted average internal rate of return			9.01%
Weighted average servicing fee percentage			0.25%
Net cost to service loans | $ / Loans			83.86
Sale of residential real estate mortgages			$ 277	$ 40,000
Gain on sale of mortgages		$ 665	2	1,134
Mortgage loans serviced for others	$ 80,800		80,800		$ 88,200
Servicing fee income			$ 158	$ 88
First mortgages maximum loan-to-value percentage, owner-occupied homes			97%
First mortgages maximum loan-to-value percentage, second homes			90%
First mortgages maximum loan-to-value percentage, investment properties			85%
Loan-to-value ratio requiring private mortgage insurance			80%
Residential equity loans and lines maximum percentage of appraised value underwritten			85%

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of core deposit intangible	$ 94	$ 282	$ 281
Core Deposits [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired core deposit intangible	4,500	$ 4,500
Amortization period of core deposit intangible		12 years
Future amortization of core deposit intangible assets years 1-5	375	$ 375
Future amortization of core deposit intangible assets thereafter	$ 406	$ 406

A summary of stock option activ

A summary of stock option activity for the three months ended September 30, 2022 is presented below: (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at beginning of period	177,881
Outstanding at beginning of period	$ 6.57
Outstanding at beginning of period	9 months 21 days
Outstanding at beginning of period	$ 388
Exercised	(114,712)
Exercised	$ 6.45
Exercised	5 months 12 days
Exercised	$ 276
Outstanding at end of period	63,169
Outstanding at end of period	$ 6.82
Outstanding at end of period	2 months 23 days
Outstanding at end of period	$ 83
Exercisable at end of period	63,169
Exercisable at end of period	$ 6.82
Exercisable at end of period	2 months 23 days
Exercisable at end of period	$ 83

The threshold, target and stret

The threshold, target and stretch metrics under the 2020 grants are as follows: (Details) - LTI Plan for 2020 [Member]	12 Months Ended
	Dec. 31, 2020 $ / shares
Threshold [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2020	5%
December 31, 2021	5.62%
December 31, 2022	6.29%
Three-year Cumulative Diluted Earnings Per Share	$ 1.50
Target [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2020	5.48%
December 31, 2021	6.24%
December 31, 2022	6.99%
Three-year Cumulative Diluted Earnings Per Share	$ 1.65
Stretch [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2020	6%
December 31, 2021	6.86%
December 31, 2022	7.69%
Three-year Cumulative Diluted Earnings Per Share	$ 1.80

The threshold, target and str_2

The threshold, target and stretch metrics under the 2021 grants are as follows: (Details) - LTI Plan for 2021 [Member]	12 Months Ended
	Dec. 31, 2021 $ / shares
Threshold [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2021	5.63%
December 31, 2022	5.85%
December 31, 2023	6.08%
Three-year Cumulative Diluted Earnings Per Share	$ 1.58
Target [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2021	6.25%
December 31, 2022	6.50%
December 31, 2023	6.75%
Three-year Cumulative Diluted Earnings Per Share	$ 1.97
Stretch [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2021	7.50%
December 31, 2022	7.80%
December 31, 2023	8.10%
Three-year Cumulative Diluted Earnings Per Share	$ 2.36

The threshold, target and str_3

The threshold, target and stretch metrics under the 2022 grants are as follows: (Details) - LTI Plan for 2022 [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares
Threshold [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2022	7.79%
December 31, 2023	7.93%
December 31, 2024	8.03%
Three-year Cumulative Diluted Earnings Per Share	$ 2.35
Target [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2022	8.20%
December 31, 2023	8.35%
December 31, 2024	8.45%
Three-year Cumulative Diluted Earnings Per Share	$ 2.61
Stretch [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2022	8.61%
December 31, 2023	8.77%
December 31, 2024	8.87%
Three-year Cumulative Diluted Earnings Per Share	$ 2.85

A summary of the status of rest

A summary of the status of restricted stock awards at September 30, 2022 and 2021 is presented below: (Details) - Restricted Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	213,381	178,698
Beginning balance	$ 8.91	$ 9.63
Shares granted	144,440	142,189
Shares granted	$ 9.14	$ 8.32
Shares forfeited	(24,440)	(19,086)
Shares forfeited	$ 8.73	$ 11.05
Shares vested	(60,009)	(27,727)
Shares vested	$ 9.77	$ 9.81
Ending balance	273,372	274,074
Ending balance	$ 8.86	$ 8.83

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($)	1 Months Ended				9 Months Ended
	Mar. 31, 2022	May 31, 2021	Feb. 28, 2021	Feb. 29, 2020	Sep. 30, 2022	Sep. 30, 2021	May 14, 2014
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cash received for options exercised					$ 740,000	$ 113,000
Restricted stock expense					$ 804,000	$ 973,000
LTI Plan for 2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted				120,053
LTI Plan for 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted		122,362
2021 RSA Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized		700,000
Shares available for grant					459,508
LTI Plan for 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	137,151
Director [Member] | LTI Plan for 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			1 year
Shares granted			19,827
Share-Based Payment Arrangement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized							516,000
Share-Based Payment Arrangement [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					1 year
Share-Based Payment Arrangement [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					3 years
Time Based Shares [Member] | LTI Plan for 2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted				69,898
Time Based Shares [Member] | LTI Plan for 2020 [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				1 year
Shares granted				19,760
Time Based Shares [Member] | LTI Plan for 2020 [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
Shares granted				50,138
Time Based Shares [Member] | LTI Plan for 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Shares granted		61,181
Time Based Shares [Member] | LTI Plan for 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	77,463
Time Based Shares [Member] | LTI Plan for 2022 [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Shares granted	17,775
Time Based Shares [Member] | LTI Plan for 2022 [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Shares granted	59,688
Performance Shares [Member] | LTI Plan for 2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period				3 years
Shares granted				50,155
Vesting percentage				50%
Performance Shares [Member] | LTI Plan for 2020 [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of awards participants may earn				150%
Performance Shares [Member] | LTI Plan for 2020 [Member] | Threshold [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of awards participants may earn				50%
Performance Shares [Member] | LTI Plan for 2020 [Member] | Target [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of awards participants may earn				100%
Performance Shares [Member] | LTI Plan for 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Shares granted		61,181
Vesting percentage		50%
Performance Shares [Member] | LTI Plan for 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Shares granted	59,688
Vesting percentage	50%

SHORT-TERM BORROWINGS AND LON_2

SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Details Narrative) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Other borrowings	$ 6,200,000
Federal Home Loan Bank Advances [Member]
Debt Instrument [Line Items]
Long-term Debt	1,200,000	$ 2,700,000
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit available	9,500,000	9,500,000
FRB Discount Window [Member]
Debt Instrument [Line Items]
Line of credit available	4,500,000
Correspondent Banks [Member]
Debt Instrument [Line Items]
Line of credit available	15,000,000	15,000,000
Bank [Member]
Debt Instrument [Line Items]
Line of credit available	50,000,000	$ 50,000,000
Federal Home Loan Bank Borrowings [Member]
Debt Instrument [Line Items]
Short term borrowings	15,300,000
Borrowing capacity	$ 424,500,000

SUBORDINATED DEBT (Details Narr

SUBORDINATED DEBT (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Apr. 20, 2021
Debt Instrument [Line Items]
Amortization of subordinated debt issuance costs	$ 30	$ 17
Subordinated Debt [Member]
Debt Instrument [Line Items]
Principal amount			$ 20,000
Maturity Date	May 01, 2031
Earliest redemption date	May 01, 2026
Issuance costs	$ 337
Amortization of subordinated debt issuance costs	$ 30	$ 17
Subordinated Debt [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Interest rate	4.875%
Subordinated Debt [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Benchmark rate	90-day average secured overnight financing rate
Interest rate basis spread	4.12%

The following table provides in

The following table provides information regarding net pension benefit costs for the periods indicated: (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 334	$ 454	$ 1,002	$ 1,362
Interest cost	312	293	937	880
Expected return on assets	(426)	(439)	(1,279)	(1,317)
Amortization of actuarial loss	158	234	475	701
Net periodic pension cost	$ 378	$ 542	$ 1,135	$ 1,626

PENSION BENEFITS (Details Narra

PENSION BENEFITS (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) N
Defined Benefit Plan Disclosure [Line Items]
Payment for pensions | $	$ 2.1
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum working hours needed for eligibility | N	1,000

The following table presents _2

The following table presents information about interest rate swaps at September 30, 2022 and December 31, 2021: (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 76,056	$ 76,826
Estimated Fair Value	0	0
Not Designated as Hedging Instrument [Member] | Loan-Level Swaps - Dealer [Member]
Derivative [Line Items]
Notional Amount	$ 38,028	$ 16,023
Weighted Average Maturity	9 years 4 months 24 days	11 years 1 month 6 days
Weighted Average Rate Received	4.42%	1.99%
Weighted Average Rate Paid	3.17%	3.76%
Estimated Fair Value	$ 6,476	$ (662)
Not Designated as Hedging Instrument [Member] | Loan-Level Swaps - Borrower [Member]
Derivative [Line Items]
Notional Amount	$ 38,028	$ 16,023
Weighted Average Maturity	9 years 4 months 24 days	11 years 1 month 6 days
Weighted Average Rate Received	3.17%	3.76%
Weighted Average Rate Paid	4.42%	1.99%
Estimated Fair Value	$ (6,476)	$ 662
Not Designated as Hedging Instrument [Member] | Forward Starting Loan-Level Swaps - Dealer [Member]
Derivative [Line Items]
Notional Amount		$ 22,390
Weighted Average Maturity		10 years 6 months
Estimated Fair Value		$ 1,030
Not Designated as Hedging Instrument [Member] | Forward Starting Loan-Level Swaps - Borrower [Member]
Derivative [Line Items]
Notional Amount		$ 22,390
Weighted Average Maturity		10 years 6 months
Estimated Fair Value		$ (1,030)

The table below presents the fa

The table below presents the fair value of our derivative financial instruments designated as hedging and non-hedging instruments as well as our classification on the balance sheet as of September 30, 2022 and December 31, 2021. (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets [Member]
Derivative [Line Items]
Fair value of derivative assets	$ 6,476	$ 1,692
Other Liabilities [Member]
Derivative [Line Items]
Fair value of derivative liability	6,476	1,692
Interest Rate Swap Agreement [Member] | Customers [Member]
Derivative [Line Items]
Fair value of derivative assets	0	662
Fair value of derivative liability	6,476	1,030
Interest Rate Swap Agreement [Member] | Counterparties [Member]
Derivative [Line Items]
Fair value of derivative assets	6,476	1,030
Fair value of derivative liability	$ 0	$ 662

The table below presents the am

The table below presents the amount reclassified from accumulated other comprehensive loss into net income as interest expense for interest rate swaps: (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from OCI into Expense (Effective Portion)				$ 282

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES (Details Narrative) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Reclassification adjustment for loss realized in income for interest rate swap termination	[1]				$ 402
Notional Amount		$ 76,056		$ 76,056		$ 76,826
Terminated Interest Rate Swap [Member]
Derivative [Line Items]
Loss on derivative					3,400
Notional Amount			$ 32,500		$ 32,500
[1]Loss realized in income on interest rate swap termination is recognized as a component of non-interest income. Income tax effects associated with the reclassification adjustments was $ 113,000

Assets and liabilities measured

Assets and liabilities measured at fair value on a recurring basis are summarized below for the dates indicated: (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Securities available-for-sale	$ 148,716	$ 194,352
Marketable equity securities	11,280	11,896
Interest rate swaps	6,476	1,692
Liabilities:
Interest rate swaps	6,476	1,692
Fair Value, Inputs, Level 1 [Member]
Assets:
Securities available-for-sale
Marketable equity securities	11,280	11,896
Interest rate swaps
Liabilities:
Interest rate swaps
Fair Value, Inputs, Level 2 [Member]
Assets:
Securities available-for-sale	148,716	194,352
Marketable equity securities
Interest rate swaps	6,476	1,692
Liabilities:
Interest rate swaps	6,476	1,692
Fair Value, Inputs, Level 3 [Member]
Assets:
Securities available-for-sale
Marketable equity securities
Interest rate swaps
Liabilities:
Interest rate swaps
Fair Value, Recurring [Member]
Assets:
Securities available-for-sale	148,716	194,352
Marketable equity securities	11,280	11,896
Interest rate swaps	6,476	1,692
Total assets	166,472	207,940
Liabilities:
Interest rate swaps	6,476	1,692
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Securities available-for-sale
Marketable equity securities	11,280	11,896
Interest rate swaps
Total assets	11,280	11,896
Liabilities:
Interest rate swaps
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Securities available-for-sale	148,716	194,352
Marketable equity securities
Interest rate swaps	6,476	1,692
Total assets	155,192	196,044
Liabilities:
Interest rate swaps	6,476	1,692
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Securities available-for-sale
Marketable equity securities
Interest rate swaps
Total assets
Liabilities:
Interest rate swaps

The estimated fair values of ou

The estimated fair values of our financial instruments are as follows for the dates indicated: (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 27,113	$ 103,456
Securities held-to-maturity	193,115	219,748
Securities available-for-sale	148,716	194,352
Marketable equity securities	11,280	11,896
Federal Home Loan Bank of Boston and other restricted stock	2,234	2,594
Loans - net	1,901,863	1,838,045
Accrued interest receivable	7,522	7,775
Mortgage servicing rights	783	739
Derivative asset	6,476	1,692
Liabilities:
Deposits	2,279,108	2,256,834
Short-term borrowings	21,500
Long-term debt	1,178	2,620
Subordinated debt	19,771	20,479
Accrued interest payable	169	191
Derivative liabilities	6,476	1,692
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	27,113	103,456
Securities held-to-maturity	9,099	9,973
Securities available-for-sale
Marketable equity securities	11,280	11,896
Federal Home Loan Bank of Boston and other restricted stock
Loans - net
Accrued interest receivable
Mortgage servicing rights
Derivative asset
Liabilities:
Deposits
Short-term borrowings
Long-term debt
Subordinated debt
Accrued interest payable
Derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents
Securities held-to-maturity	184,016	209,775
Securities available-for-sale	148,716	194,352
Marketable equity securities
Federal Home Loan Bank of Boston and other restricted stock
Loans - net
Accrued interest receivable
Mortgage servicing rights	783	739
Derivative asset	6,476	1,692
Liabilities:
Deposits
Short-term borrowings	21,500
Long-term debt	1,178	2,620
Subordinated debt	19,771	20,479
Accrued interest payable
Derivative liabilities	6,476	1,692
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents
Securities held-to-maturity
Securities available-for-sale
Marketable equity securities
Federal Home Loan Bank of Boston and other restricted stock	2,234	2,594
Loans - net	1,901,863	1,838,045
Accrued interest receivable	7,522	7,775
Mortgage servicing rights
Derivative asset
Liabilities:
Deposits	2,279,108	2,256,834
Short-term borrowings
Long-term debt
Subordinated debt
Accrued interest payable	169	191
Derivative liabilities
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	27,113	103,456
Securities held-to-maturity	234,387	222,272
Securities available-for-sale	148,716	194,352
Marketable equity securities	11,280	11,896
Federal Home Loan Bank of Boston and other restricted stock	2,234	2,594
Loans - net	1,987,464	1,844,929
Accrued interest receivable	7,522	7,775
Mortgage servicing rights	587	693
Derivative asset	6,476	1,692
Liabilities:
Deposits	2,287,754	2,256,898
Short-term borrowings	21,500
Long-term debt	1,178	2,653
Subordinated debt	19,663	19,633
Accrued interest payable	169	191
Derivative liabilities	$ 6,476	$ 1,692