Western New England Bancorp (WNEB) 10-K 10 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 03, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
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	01085
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 167,596,293
Entity Common Stock, Shares Outstanding		22,210,653
ICFR Auditor Attestation Flag	true
Share Price			$ 7.46
Auditor Name	Wolf & Company, P.C.
Auditor Location	Boston, Massachusetts
Auditor Firm ID	392

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 25,577	$ 15,233
Federal funds sold	1,652	4,901
Interest-bearing deposits and other short-term investments	3,113	83,322
Cash and cash equivalents	30,342	103,456
Available-for-sale securities, at fair value	146,997	194,352
Held-to-maturity securities, at amortized cost (Fair value of $190,950 at December 31, 2022 and $219,748 at December 31, 2021)	230,168	222,272
Marketable equity securities, at fair value	6,237	11,896
Federal Home Loan Bank stock and other restricted stock, at cost	3,352	2,594
Loans, net of allowance for loan losses of $19,931 and $19,787 at December 31, 2022 and 2021, respectively	1,971,469	1,844,929
Premises and equipment, net	24,953	26,162
Accrued interest receivable	8,140	7,775
Bank-owned life insurance	74,620	72,895
Deferred tax asset, net	15,027	12,092
Goodwill	12,487	12,487
Core deposit intangible	2,188	2,563
Other assets	27,170	24,952
TOTAL ASSETS	2,553,150	2,538,425
Deposits:
Non-interest-bearing	645,529	641,284
Interest-bearing	1,583,914	1,615,614
Total deposits	2,229,443	2,256,898
Short-term borrowings	41,350
Long-term debt	1,178	2,653
Subordinated debt	19,673	19,633
Other liabilities	33,363	35,553
Total liabilities	2,325,007	2,314,737
SHAREHOLDERS’ EQUITY:
Preferred stock - $0.01 par value, 5,000,000 shares authorized, none outstanding at December 31, 2022 and  December 31, 2021
Common stock - $0.01 par value, 75,000,000 shares authorized, 22,216,789 shares issued and outstanding at December 31, 2022; 22,656,515 shares issued and outstanding at December 31, 2021	222	227
Additional paid-in capital	128,899	132,821
Unearned compensation - ESOP	(2,906)	(3,441)
Unearned compensation - Equity Incentive Plan	(1,012)	(981)
Retained earnings	127,982	107,376
Accumulated other comprehensive loss	(25,042)	(12,314)
TOTAL SHAREHOLDERS’ EQUITY	228,143	223,688
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,553,150	$ 2,538,425

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Held-to-maturity securities, fair value	$ 190,950	$ 219,748
Loans, allowance for loan losses	$ 19,931	$ 19,787
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	75,000,000	75,000,000
Common stock, issued	22,216,789	22,656,515
Common stock, outstanding	22,216,789	22,656,515

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest and dividend income:
Residential and commercial real estate loans	$ 66,609	$ 58,682	$ 62,115
Commercial and industrial loans	10,397	15,263	15,409
Consumer loans	258	255	313
Debt securities, taxable	8,095	5,286	4,163
Debt securities, tax-exempt	11	12	56
Marketable equity securities	190	96	123
Other investments	177	116	587
Short-term investments	191	139	109
Total interest and dividend income	85,928	79,849	82,875
Interest expense:
Deposits	5,352	5,508	13,500
Long-term debt		458	3,333
Subordinated debt	1,014	706
Short-term borrowings	330		1,612
Total interest expense	6,696	6,672	18,445
Net interest and dividend income	79,232	73,177	64,430
Provision (credit) for loan losses	700	(925)	7,775
Net interest and dividend income after provision (credit) for loan losses	78,532	74,102	56,655
Non-interest income:
Service charges and fees	9,072	8,360	7,067
Income from bank-owned life insurance	1,725	1,912	1,809
Bank-owned life insurance death benefit		555
(Loss) gain on available-for-sale securities, net	(4)	(72)	1,965
Gain on sale of mortgages	2	1,423
Net (losses) gains on marketable equity securities	(717)	(168)	109
Gain on non-marketable equity investments	422	898
Gain on defined benefit plan curtailment	2,807
Loss on interest rate swap termination		(402)	(2,353)
Other income	25	58	654
Total non-interest income	13,332	12,564	9,251
Non-interest expense:
Salaries and employees benefits	32,697	32,186	29,349
Occupancy	4,984	4,656	4,520
Furniture and equipment	2,026	2,084	1,537
Data processing	2,885	2,903	2,901
Professional fees	2,716	2,185	2,372
FDIC insurance assessment	1,048	998	1,032
Advertising	1,408	1,292	1,106
Loss on prepayment of borrowings		45	987
Other expenses	9,471	8,593	7,946
Total non-interest expense	57,235	54,942	51,750
Income before income taxes	34,629	31,724	14,156
Income tax provision	8,742	8,025	2,941
Net income	$ 25,887	$ 23,699	$ 11,215
Earnings per common share:
Basic earnings per share	$ 1.18	$ 1.02	$ 0.45
Weighted average shares outstanding	21,879,657	23,223,633	25,047,195
Diluted earnings per share	$ 1.18	$ 1.02	$ 0.45
Weighted average diluted shares outstanding	21,938,323	23,300,637	25,062,476
Dividends per share	$ 0.24	$ 0.20	$ 0.20

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net income		$ 25,887	$ 23,699	$ 11,215
Unrealized (losses) gains on available-for-sale securities:
Unrealized holding (losses) gains		(27,478)	(6,059)	3,660
Reclassification adjustment for net losses (gains) realized in income	[1]	4	72	(1,965)
Unrealized (losses) gains		(27,474)	(5,987)	1,695
Tax effect		7,037	1,499	(410)
Net-of-tax amount		(20,437)	(4,488)	1,285
Cash flow hedges:
Change in fair value of derivatives used for cash flow hedges				(1,254)
Reclassification adjustment for loss realized in income for interest rate swap termination	[2]		402	2,353
Reclassification adjustment for loss realized in interest expense	[3]			674
Reclassification adjustment for termination fee realized in interest expense	[4]		282	842
Unrealized gains on cash flow hedges			684	2,615
Tax effect			(192)	(736)
Net-of-tax amount			492	1,879
Defined benefit pension plan:
Gains (losses) arising during the period		7,386	3,209	(8,037)
Reclassification adjustment for gain realized in income for defined benefit plan curtailment	[5]	2,807
Amortization of defined benefit plan actuarial loss	[6]	531	910	421
Unrecognized actuarial gains (losses) on defined benefit plan		10,724	4,119	(7,616)
Tax effect		(3,015)	(1,158)	2,141
Net-of-tax amount		7,709	2,961	(5,475)
Other comprehensive loss		(12,728)	(1,035)	(2,311)
Comprehensive income		$ 13,159	$ 22,664	$ 8,904
[1]Realized gains and losses on available-for-sale securities are recognized as a component of non-interest income in the consolidated statements of net income. The tax effects associated with the reclassification adjustments were $ (1,000) (15,000) 502,000 113,000 661,000 189,000 79,000 237,000 789,000 149,000 256,000 118,000

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Income tax effects applicable to net realized gains and losses on available-for-sale securities	$ (1,000)	$ (15,000)	$ 502,000
Income tax effects associated with reclassification adjustment for interest rate swap termination		113,000	661,000
Income tax effects associated with reclassification adjustment for loss realized in interest expense		189,000
Income tax benefit on termination fee on derivative instruments		79,000	237,000
Income tax effect, defined benefit plan curtailment	789,000
Income tax benefit, defined benefit plans	$ 149,000	$ 256,000	$ 118,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 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, 2019	$ 266	$ 164,248	$ (4,574)	$ (1,124)	$ 82,176	$ (8,968)	$ 232,024
Beginning balance, shares at Dec. 31, 2019	26,557,981
Comprehensive income (loss)					11,215	(2,311)	8,904
Common stock held by ESOP committed to be released		(26)	577				551
Forfeited equity incentive plan shares		(319)		319
Common stock repurchased	$ (14)	(10,665)					(10,679)
Common stock repurchased (in shares)	(1,416,362)
Share-based compensation - equity incentive plan				834			834
Issuance of common stock in connection with stock option exercises		43					43
Issuance of common stock in connection with stock option exercises (in shares)	7,239
Issuance of common stock in connection with equity incentive plan	$ 1	1,268		(1,269)
Issuance of common stock in connection with equity incentive plan (in shares)	127,335
Cash dividends declared and paid on common stock					(5,037)		(5,037)
Ending balance, value at Dec. 31, 2020	$ 253	154,549	(3,997)	(1,240)	88,354	(11,279)	226,640
Ending balance, shares at Dec. 31, 2020	25,276,193
Comprehensive income (loss)					23,699	(1,035)	22,664
Common stock held by ESOP committed to be released		126	556				682
Forfeited equity incentive plan shares		(259)		259
Common stock repurchased	$ (27)	(23,094)					(23,121)
Common stock repurchased (in shares)	(2,775,134)
Share-based compensation - equity incentive plan				1,307			1,307
Issuance of common stock in connection with stock option exercises		193					193
Issuance of common stock in connection with stock option exercises (in shares)	33,094
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
Forfeited equity incentive plan shares reissued		286		(286)
Cash dividends declared and paid on common stock					(4,677)		(4,677)
Ending balance, value at Dec. 31, 2021	$ 227	132,821	(3,441)	(981)	107,376	(12,314)	223,688
Ending balance, shares at Dec. 31, 2021	22,656,515
Comprehensive income (loss)					25,887	(12,728)	13,159
Common stock held by ESOP committed to be released		148	535				683
Forfeited equity incentive plan shares		(213)		213
Common stock repurchased	$ (8)	(6,343)					(6,351)
Common stock repurchased (in shares)	(754,758)
Share-based compensation - equity incentive plan		(2)		1,076			1,074
Issuance of common stock in connection with stock option exercises	$ 2	1,169					1,171
Issuance of common stock in connection with stock option exercises (in shares)	177,881
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
Forfeited equity incentive plan shares reissued		71		(71)
Cash dividends declared and paid on common stock					(5,281)		(5,281)
Ending balance, value at Dec. 31, 2022	$ 222	$ 128,899	$ (2,906)	$ (1,012)	$ 127,982	$ (25,042)	$ 228,143
Ending balance, shares at Dec. 31, 2022	22,216,789

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock held by ESOP committed to be released (shares)	78,526	81,893	85,101
Forfeited equity incentive plan shares (in shares)	24,440	24,506	30,193
Forfeited equity incentive plan shares reissued (in shares)	7,289	32,544
Cash dividends declared and paid on common stock (per share)	$ 0.24	$ 0.20	$ 0.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net income	$ 25,887	$ 23,699	$ 11,215
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (credit) for loan losses	700	(925)	7,775
Depreciation and amortization of premises and equipment	2,312	2,322	2,145
Net (accretion) amortization of purchase accounting adjustments	(135)	95	(946)
Amortization of core deposit intangible	375	374	375
Net amortization of premiums and discounts on securities and mortgage loans	1,553	2,251	2,540
Amortization of subordinated debt issuance costs	40	27
Share-based compensation expense	1,074	1,307	834
ESOP expense	683	682	551
Gain on sale of portfolio mortgages		(227)
Principal balance of loans originated for sale	(277)	(52,130)
Principal balance of loans sold	277	52,130
Net loss (gain) on marketable equity securities	717	168	(109)
Net loss (gain) on sales of available-for-sale securities	4	72	(1,965)
Loss on prepayment of borrowings		45	987
Gain on bank-owned life insurance death benefit		(555)
Deferred income tax provision (benefit)	1,088	644	(2,431)
Income from bank-owned life insurance	(1,725)	(1,912)	(1,809)
Net change in:
Accrued interest receivable	(365)	702	(3,164)
Other assets	(4,218)	(4,914)	5,182
Other liabilities	8,099	3,687	3,887
Net cash provided by operating activities	36,089	27,542	25,067
INVESTING ACTIVITIES:
Purchases of held-to-maturity securities	(28,030)	(231,292)
Proceeds from calls, maturities, and principal collections of held-to-maturity securities	19,650	8,714
Purchases of available-for-sale securities	(5,000)	(65,291)	(158,979)
Proceeds from redemption and sales of available-for-sale securities	20	9,562	96,320
Proceeds from calls, maturities, and principal collections of available-for-sale securities	23,644	55,382	84,774
Proceeds from redemption of marketable equity securities	5,131
Loan originations and principal payments, net	(127,142)	54,322	(151,474)
Redemption of Federal Home Loan Bank of Boston stock, net	(758)	2,566	9,317
Proceeds from sale of portfolio mortgages		7,801
Purchases of premises and equipment	(1,143)	(3,457)	(3,581)
Proceeds from sale of premises and equipment		36	66
Proceeds from payout on Bank owned life insurance	2,435
Net cash used in investing activities	(111,193)	(161,657)	(123,557)
FINANCING ACTIVITIES:
Net (decrease) increase in deposits	(27,427)	213,516	360,313
Net increase (decrease) in short-term borrowings	41,350		(35,000)
Repayment of long-term debt	(1,472)	(55,230)	(207,524)
Proceeds from subordinated debt issuance		20,000
Payment of subordinated debt issuance costs		(394)
Proceeds from long-term debt			58,917
Cash dividends paid	(5,281)	(4,677)	(5,037)
Common stock repurchased	(6,351)	(23,281)	(10,519)
Issuance of common stock in connection with stock option exercises	1,171	193	43
Net cash provided by financing activities	1,990	150,127	161,193
NET CHANGE IN CASH AND CASH EQUIVALENTS:	(73,114)	16,012	62,703
Beginning of year	103,456	87,444	24,741
End of year	30,342	103,456	87,444
Supplemental cash flow information:
Net change in due to broker for common stock repurchased		$ (160)	$ 160

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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 Principles of Consolidation Estimates Reclassifications Significant Group Concentrations of Credit Risk Cash and Cash Equivalents Securities and Mortgage-Backed Securities Realized gains and losses on sales of securities and mortgage-backed securities are computed using the specific identification method and are included in non-interest income on the trade date. The amortization of premiums and accretion of discounts are determined by using the level yield method to the maturity date, except that premiums are amortized to the earliest call date or maturity. Non-marketable Equity Securities Derivatives Other-than-Temporary Impairment of Securities Fair Value Hierarchy Level 1: Level 2: Level 3: Federal Home Loan Bank of Boston Stock Loans Held for Sale Loans Receivable Allowance for Loan Losses 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. In 2020, the Bank added a new qualitative factor category to the allowance calculation – “Economic Impact of COVID-19” based upon an analysis of the loan portfolio that included identifying borrowers sensitive to the shutdown. During the year ended December 31, 2021, the qualitative adjustment factors related to the COVID-19 pandemic and the uncertainty in the economic environment were reduced as Management continued to assess the exposure of the Company’s loan portfolio to the COVID-19 pandemic related factors, economic trends and their potential effect on asset quality. There were no changes to the Company’s policies and procedures surrounding the allowance for loan losses during the year ended December 31, 2022. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan portfolio segment are as follows: Commercial real estate loans Residential real estate loans 97 90 85 80 85 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. We may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are classified as impaired. While we use our best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. 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 reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Loans Acquired with Deteriorated Credit Quality Bank-owned Life Insurance Transfers and Servicing of Financial Assets Premises and Equipment The estimated useful lives of the assets are as follows: Years Buildings 39 Leasehold Improvements 5 20 Furniture and Equipment 3 7 The cost of maintenance and repairs is charged to expense when incurred. Major expenditures for betterments are capitalized and depreciated. Other Real Estate Owned Servicing Servicing fee income is recorded for fees earned for servicing loans, which is included in service charges and fee income. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Impairment of Long-lived Assets Goodwill is measured as the excess of the cost of a business combination over the sum of the amounts assigned to identifiable intangible assets acquired less liabilities assumed. Goodwill is not amortized but rather assessed for impairment annually or more frequently if circumstances warrant. Management has the option of first assessing qualitative factors, such as events and circumstances, to determine whether it is more likely than not, meaning a likelihood of more than 50%, the value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, management determines it is not more likely than not the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is unnecessary. For the year ended December 31, 2022, management determined that it was not more likely than not the fair value of the reporting unit (the consolidated Company, in our case) was less than its carrying amount. If management had determined otherwise, a fair value analysis would have been completed to determine the impairment and necessary write-down of goodwill. Retirement Plans and Employee Benefits 50 6 Share-based Compensation Plans Employee Stock Ownership Plan Leases other assets other liabilities Advertising Costs Income Taxes Earnings per Share Earnings per common share have been computed based on the following: Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Net income applicable to common stock $ 25,887 $ 23,699 $ 11,215 Average number of common shares issued 22,451 23,849 25,751 Less: Average unallocated ESOP Shares (415 ) (496 ) (580 ) Less: Average unvested equity incentive plan shares (156 ) (129 ) (124 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,880 23,224 25,047 Effect of dilutive equity incentive plan 42 36 — Effect of dilutive stock options 17 41 15 Average number of common shares outstanding used to calculate diluted earnings per common share 21,939 23,301 25,062 Basic earnings per share $ 1.18 $ 1.02 $ 0.45 Diluted earnings per share $ 1.18 $ 1.02 $ 0.45 Anti-dilutive shares (1) — — 259 (1) Shares outstanding but not included because the impact of these shares would be anti-dilutive to the earnings per share calculation for the period presented. 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: December 31, 2022 December 31, 2021 (In thousands) Net unrealized losses on available-for-sale securities $ (32,159 ) $ (4,685 ) Tax effect 8,197 1,160 Net-of-tax amount (23,962 ) (3,525 ) Unrecognized actuarial loss on the defined benefit plan (1,501 ) (12,225 ) Tax effect 421 3,436 Net-of-tax amount (1,080 ) (8,789 ) Accumulated other comprehensive loss $ (25,042 ) $ (12,314 ) Recent Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 Financial Instruments—Credit Losses The adoption of the Current Expected Credit (“CECL”) methodology to calculate loan losses became effective for the Company on January 1, 2023 January 1, 2023 9,000

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	2. INVESTMENT SECURITIES Available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,913 $ — $ (3,345 ) $ 11,568 State and municipal bonds 270 — — 270 Corporate bonds 8,012 — (519 ) 7,493 Total debt securities 23,195 — (3,864 ) 19,331 Mortgage-backed securities: Government-sponsored mortgage-backed securities 148,544 — (26,826 ) 121,718 U.S. government guaranteed mortgage-backed securities 7,417 — (1,469 ) 5,948 Total mortgage-backed securities 155,961 — (28,295 ) 127,666 Total available-for-sale 179,156 — (32,159 ) 146,997 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,987 — (825 ) 9,162 Total debt securities 9,987 — (825 ) 9,162 Mortgage-backed securities: Government-sponsored mortgage-backed securities 220,181 67 (38,460 ) 181,788 Total mortgage-backed securities 220,181 67 (38,460 ) 181,788 Total held-to-maturity 230,168 67 (39,285 ) 190,950 Total $ 409,324 $ 67 $ (71,444 ) $ 337,947 The following table presents the unrealized gains (losses) recognized on marketable equity securities for the periods indicated: Years Ended December 31, 2022 2021 2020 (In thousands) Net (losses) gains recognized during the year on marketable equity securities $ (717 ) $ (168 ) $ 109 Net losses recognized during the year on equity securities sold during the year 1,021 — — Unrealized gain (loss) recognized during the year on marketable equity securities still held at year end $ 304 $ (168 ) $ 109 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 December 31, 2022, U.S. Treasury securities with a fair value of $ 4.5 7.6 44.7 The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 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 $ 3,282 $ 3,188 $ 9,987 $ 9,162 Due after five years through ten years 14,913 12,567 — — Due after ten years 5,000 3,576 — — Total debt securities $ 23,195 $ 19,331 $ 9,987 $ 9,162 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 $ 564 $ 530 $ — $ — Due after five years through ten years 1,088 989 — — Due after ten years 154,309 126,147 220,181 181,788 Total mortgage-backed securities 155,961 127,666 220,181 181,788 Total securities $ 179,156 $ 146,997 $ 230,168 $ 190,950 Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31, 2022, 2021 and 2020 are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Gross gains realized $ — $ 12 $ 2,188 Gross losses realized (4 ) (84 ) (223 ) Net (loss) gain realized $ (4 ) $ (72 ) $ 1,965 Proceeds from the redemption and sales of available-for-sale securities totaled $ 20,000 9.6 96.3 Information pertaining to securities with gross unrealized losses at December 31, 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: December 31, 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 10 $ 9,133 $ 776 7.8 % 60 $ 112,586 $ 26,050 18.8 % U.S. government guaranteed mortgage-backed securities 1 113 20 15.0 8 5,835 1,449 19.9 Government-sponsored enterprise obligations — — — — 3 11,568 3,345 22.4 Corporate bonds 3 7,493 519 6.5 — — — — Total available-for-sale 14 16,739 1,315 71 129,989 30,844 Held-to-maturity: U.S. Treasury securities — — — — % 2 9,162 825 8.3 % Government-sponsored mortgage-backed securities 6 18,911 2,116 10.1 31 157,947 36,344 18.7 Total held-to-maturity 6 18,911 2,116 33 167,109 37,169 Total 20 $ 35,650 $ 3,431 104 $ 297,098 $ 68,013 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 2.0 % 18 $ 42,506 $ 1,841 4.5 % U.S. government guaranteed mortgage-backed securities 2 2,426 142 6.2 5 5,107 460 9.9 Government-sponsored enterprise obligations — — — — 3 14,226 676 5.0 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 years ended December 31, 2022 and 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. At December 31, 2022, management attributes the unrealized losses 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 December 31, 2022, there was one corporate bond that was below investment grade. The Company reviewed the financial strength of this bond and has concluded that the amortized cost remains supported by the expected future cash flows of the security.

LOANS

LOANS	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
LOANS	3. LOANS Major classifications of loans as of the dates indicated were as follows: December 31, December 31, 2022 2021 (In thousands) Commercial real estate $ 1,069,323 $ 979,969 Residential real estate: Residential one-to-four family 589,503 552,332 Home equity 105,557 99,759 Total residential real estate 695,060 652,091 Commercial and industrial: Paycheck protection program (“PPP”) loans 2,274 25,329 Commercial and industrial 217,574 201,340 Total commercial and industrial 219,848 226,669 Consumer 5,045 4,250 Total gross loans 1,989,276 1,862,979 Unamortized PPP loan fees (109 ) (781 ) Unearned premiums and deferred loan fees and costs, net 2,233 2,518 Total loans, net 1,991,400 1,864,716 Allowance for loan losses (19,931 ) (19,787 ) Net loans $ 1,971,469 $ 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 December 31, 2022 and December 31, 2021, the Company was servicing commercial loans participated out to various other institutions totaling $ 70.5 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 December 31, 2022, include weighted average prepayment speed for the portfolio using the Public Securities Association Standard Prepayment Model ( 105 10.01 0.25 83.71 277,000 59.7 2,000 1.4 At December 31, 2022 and December 31, 2021, the Company was servicing residential mortgage loans owned by investors totaling $ 79.3 88.2 208,000 137,000 A summary of the activity in the balances of mortgage servicing rights follows: Years Ended December 31, 2022 2021 (In thousands) Balance at the beginning of year: $ 693 $ 153 Capitalized mortgage servicing rights 2 628 Amortization (145 ) (86 ) Write-down of mortgage servicing asset to fair value — (2 ) Balance at the end of year $ 550 $ 693 Fair value at the end of year $ 794 $ 739 Allowance for Loan Losses. An analysis of changes in the allowance for loan losses by segment for the years ended December 31, 2022, 2021 and 2020 is as follows: Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) Balance at December 31, 2019 $ 6,807 $ 3,920 $ 3,183 $ 203 $ (11 ) $ 14,102 Provision 6,262 408 939 129 37 7,775 Charge-offs (107 ) (177 ) (543 ) (136 ) — (963 ) Recoveries 58 89 51 45 — 243 Balance at December 31, 2020 $ 13,020 $ 4,240 $ 3,630 $ 241 $ 26 $ 21,157 Provision (credit) 46 (349 ) (644 ) 35 (13 ) (925 ) Charge-offs (103 ) (44 ) (370 ) (128 ) — (645 ) Recoveries 7 117 27 49 — 200 Balance at December 31, 2021 $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Provision (credit) (434 ) 344 586 202 2 700 Charge-offs (337 ) (28 ) (92 ) (216 ) — (673 ) Recoveries — 32 23 62 — 117 Balance at December 31, 2022 $ 12,199 $ 4,312 $ 3,160 $ 245 $ 15 $ 19,931 The following table presents information pertaining to the allowance for loan losses by segment as of the dates indicated: Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) December 31, 2022 Amount of allowance for impaired loans $ — $ — $ — $ — $ — $ — Amount of allowance for non-impaired loans 12,199 4,312 3,160 245 15 19,931 Total allowance for loan losses $ 12,199 $ 4,312 $ 3,160 $ 245 $ 15 $ 19,931 Impaired loans $ 9,178 $ 3,623 $ 407 $ — $ — $ 13,208 Non-impaired loans 1,056,886 689,776 219,163 5,045 — 1,970,870 Impaired loans acquired with deteriorated credit quality 3,259 1,661 278 — — 5,198 Total loans $ 1,069,323 $ 695,060 $ 219,848 $ 5,045 $ — $ 1,989,276 Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total 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 (1) $ 979,969 $ 652,091 $ 201,340 $ 4,250 $ — $ 1,837,650 (1) December 31, 2021 non-impaired loan 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 Past Due 60 – 89 Days Past Due 90 Days or More Past Due Total Past Due Loans Total Current Loans Total Loans Nonaccrual Loans (In thousands) December 31, 2022 Commercial real estate $ — $ 211 $ 1,404 $ 1,615 $ 1,067,708 $ 1,069,323 $ 1,933 Residential real estate: Residential one-to-four family 1,768 100 414 2,282 587,221 589,503 3,290 Home equity 209 97 51 357 105,200 105,557 181 Commercial and industrial 170 10 22 202 219,646 219,848 290 Consumer 13 — — 13 5,032 5,045 — Total loans $ 2,160 $ 418 $ 1,891 $ 4,469 $ 1,984,807 $ 1,989,276 $ 5,694 December 31, 2021 (1) Commercial real estate $ 139 $ — $ 436 $ 575 $ 979,394 $ 979,969 $ 1,224 Residential real estate: Residential one-to-four family 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. At December 31, 2022 and December 31, 2021, all loans past due 90 days or more were carried as nonaccrual. The ratio of nonaccrual loans to total loans was 0.29 0.27 Impaired Loans. The following is a summary of impaired loans by class: Year Ended At December 31, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired Loans (1) (In thousands) Commercial real estate $ 12,437 $ 13,795 $ — $ 13,427 $ 248 Residential real estate: Residential one-to-four family 5,088 5,823 — 4,792 59 Home equity 196 214 — 172 1 Commercial and industrial 685 3,095 — 891 66 Consumer — — — 3 — Total impaired loans $ 18,406 $ 22,927 $ — $ 19,285 $ 374 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. Year Ended At December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired Loans (1) (In thousands) Commercial real estate $ 14,392 $ 15,563 $ — $ 15,757 $ 469 Residential real estate: Residential one-to-four family 4,881 5,381 — 5,693 233 Home equity 112 136 — 146 7 Commercial and industrial 1,069 3,850 — 2,551 131 Consumer 22 37 — 25 3 Total impaired loans $ 20,476 $ 24,967 $ — $ 24,172 $ 843 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. 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 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 years ended December 31, 2022 and December 31, 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. As of December 31, 2022, we have 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. 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 charge-offs on TDRs during the years ended December 31, 2022 and 2021. During the years ended December 31, 2022 and 2021, no TDRs defaulted (defined as 30 days or more past due) within 12 months of restructuring. Loans Acquired with Deteriorated Credit Quality. The following is a summary of loans acquired with evidence of credit deterioration from Chicopee as of December 31, 2022. Contractual Required Payments Receivable Cash Expected To Be Collected Non-Accretable Discount Accretable Yield Loans Receivable (In thousands) Balance at December 31, 2021 $ 12,134 $ 9,430 $ 2,704 $ 2,499 $ 6,931 Collections (1,792 ) (1,576 ) (216 ) (213 ) (1,363 ) Dispositions (589 ) (439 ) (150 ) (69 ) (370 ) Balance at December 31, 2022 $ 9,753 $ 7,415 $ 2,338 $ 2,217 $ 5,198 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 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 their 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 One-to-Four Family Home Equity Commercial and Industrial Consumer Total (In thousands) December 31, 2022 Pass (Rated 1 – 4) $ 1,036,337 $ 585,292 $ 105,248 $ 193,415 $ 5,027 $ 1,925,319 Special Mention (Rated 5) 16,035 — — 5,623 — 21,658 Substandard (Rated 6) 16,951 4,211 309 20,810 18 42,299 Total $ 1,069,323 $ 589,503 $ 105,557 $ 219,848 $ 5,045 $ 1,989,276 Commercial Real Estate Residential One-to-Four Family Home Equity Commercial and Industrial Consumer Total December 31, 2021 (In thousands) 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

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	4. PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, 2022 2021 (In thousands) Land $ 6,239 $ 6,239 Buildings 26,738 26,343 Leasehold improvements 3,472 3,409 Furniture and equipment 21,880 21,195 Total 58,329 57,186 Less: accumulated depreciation and amortization (33,376 ) (31,024 ) Premises and equipment, net $ 24,953 $ 26,162 Depreciation and amortization expense for the years ended December 31, 2022, 2021 and 2020 amounted to $ 2.3 2.3 2.1

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLES	5. GOODWILL AND OTHER INTANGIBLES At December 31, 2022 and December 31, 2021, the Company’s goodwill was related to the acquisition of Chicopee Savings Bank in October 2016. There was no goodwill impairment recorded during the years ended December 31, 2022 and 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 375,000 374,000 375,000 375,000 313,000

DEPOSITS

DEPOSITS	12 Months Ended
	Dec. 31, 2022
Deposit Assets [Abstract]
DEPOSITS	6. DEPOSITS Deposit accounts, by type, are summarized as follows for the periods indicated: At December 31, 2022 2021 (In thousands) Demand and interest-bearing checking: Interest-bearing checking accounts $ 148,670 $ 145,739 Demand deposits 645,571 641,284 Savings: Regular savings accounts 222,436 217,565 Money market accounts 801,076 850,330 Time deposits 411,690 401,980 Total deposits $ 2,229,443 $ 2,256,898 There were no brokered deposits at December 31, 2022 and December 31, 2021. Time deposits of $250,000 or more totaled $ 131.7 358,000 412,000 The scheduled maturities of time deposits for the periods indicated are as follows: At December 31, 2022 2021 (In thousands) 2022 $ — $ 363,290 2023 288,697 24,500 2024 114,244 7,911 2025 4,873 4,892 2026 3,780 1,387 2027 96 — Total time deposits $ 411,690 $ 401,980 Interest expense on deposits for the years ended December 31, 2022, 2021 and 2020 is summarized as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Regular accounts $ 161 $ 154 $ 136 Money market accounts 3,187 2,412 2,838 Time deposits 1,474 2,543 10,139 Interest-bearing checking accounts 530 399 387 Total $ 5,352 $ 5,508 $ 13,500 Cash paid for interest on deposits totaled $ 5.3 5.5 13.6

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
SHORT-TERM BORROWINGS	7. SHORT-TERM BORROWINGS 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 $ 6.4 4.33% no 35 4.38% none 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 December 31, 2022, the Bank had $ 407.4 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 $ 4.4 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

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	8. LONG-TERM DEBT FHLB Advances. The following advances are collateralized by a blanket lien on our residential real estate loans and certain eligible commercial real estate loans. Amount Weighted Average Rate 2022 2021 2022 2021 (In thousands) Fixed-rate advances maturing: 2022 $ — $ 1,475 — % 0.1 % 2023 532 532 — — 2024 646 646 — — 2025 — — — — Total long-term advances $ 1,178 $ 2,653 — % 0.1 % Cash paid for interest on long-term FHLB advances totaled $ 513,000 3.6 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 4.875 90-day average secured overnight financing rate 412 May 1, 2026 The Notes are presented net of issuance costs of $ 327,000 40,000 27,000

STOCK PLANS AND EMPLOYEE STOCK

STOCK PLANS AND EMPLOYEE STOCK OWNERSHIP PLAN	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
STOCK PLANS AND EMPLOYEE STOCK OWNERSHIP PLAN	9. STOCK PLANS AND EMPLOYEE STOCK OWNERSHIP PLAN Stock Options. A summary of the status of our stock options at December 31, 2022 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 177,881 $ 6.57 0.81 $ 388 Exercised (177,881 ) 6.58 0.33 430 Outstanding at December 31, 2022 — $ — — $ — Cash received for options exercised during the years ended December 31, 2022, 2021 and 2020 was $ 1.2 193,000 43,000 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-year one-year In February 2020, 120,053 120,053 69,898 19,760 one year 50,138 three-year 50,155 50 three-year 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-year 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-year 61,181 50 three-year three-year 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-year 59,688 50 three-year three-year 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 December 31, 2022, there were 459,508 A summary of the status of restricted stock awards at December 31, 2022 and 2021 is presented below: Shares Weighted Average Balance at December 31, 2021 213,381 $ 8.91 Shares granted 144,440 9.14 Shares forfeited (24,440 ) 8.73 Shares vested (127,289 ) 9.32 Balance at December 31, 2022 206,092 $ 8.85 Shares Weighted Average Grant Date Fair Value Balance at December 31, 2020 178,766 $ 9.63 Shares granted 154,906 8.44 Shares forfeited (24,506 ) 10.59 Shares vested (95,785 ) 9.05 Balance at December 31, 2021 213,381 $ 8.91 We recorded total expense for restricted stock awards of $ 1.1 1.3 834,000 1.2 16,000 (5,000) (23,000) 1.2 1.5 Employee Stock Ownership Plan (“ESOP”). 21 1,000 8 1,305,359 In January 2007, as part of the second-step stock conversion, we provided an additional loan to the ESOP Trust which was used to purchase 4.0 736,000 18,400,000 8.0 At December 31, 2022, the remaining principal balances are payable as follows: Years Ending December 31, Amount (In thousands) 2023 $ 447 2024 447 2025 447 2026 447 2027 447 Thereafter 1,462 Total $ 3,697 We have committed to make contributions to the ESOP sufficient to support the debt service of the loans. The loans are secured by the shares purchased, which are held in a suspense account for allocation among the participants as the loans are paid. Total compensation expense applicable to the ESOP amounted to $ 683,000 682,000 551,000 Shares held by the ESOP include the following at December 31, 2022 and 2021: 2022 2021 Allocated 1,139,325 1,127,074 Committed to be allocated 78,526 81,893 Unallocated 366,487 445,013 Total 1,584,338 1,653,980 Cash dividends declared and received on allocated shares are allocated to participants and charged to retained earnings. Cash dividends declared and received on unallocated shares are held in suspense and are applied to repay the outstanding debt of the ESOP. The fair value of unallocated shares was $ 3.5 3.9

RETIREMENT PLANS AND EMPLOYEE B

RETIREMENT PLANS AND EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
RETIREMENT PLANS AND EMPLOYEE BENEFITS	10. RETIREMENT PLANS AND EMPLOYEE BENEFITS Pension Plan 1,000 On July 26, 2022, the Board of Directors approved the termination of the DB Plan, which became effective as of October 31, 2022, subject to regulatory approvals. Once the Company has received regulatory approval to terminate the DB Plan, which is expected in the first quarter of 2023, the Company will make an additional cash contribution during the second quarter of 2023, if necessary, in order to fully fund the DB Plan on a plan termination basis, followed by the purchase of annuity contracts to transfer its remaining liabilities under the DB Plan, for those participants who do not opt for a one-time lump sum payment. At December 31, 2022, the Company reversed $ 7.3 2.8 The following table provides information for the DB Plan at or for the years ended December 31: Years Ended December 31, 2022 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 45,089 $ 47,592 $ 36,158 Service cost 1,108 1,842 1,396 Interest 1,254 1,171 1,162 Actuarial (gain) loss (15,518 ) (3,028 ) 9,690 Effect of curtailment (5,059 ) — — Benefits paid (2,262 ) (2,488 ) (814 ) Benefit obligation at end of year 24,612 45,089 47,592 Change in plan assets: Fair value of plan assets at beginning of year 27,702 26,264 22,787 Actual return on plan assets (5,906 ) 1,926 3,191 Employer contribution 3,600 2,000 1,100 Benefits paid (2,262 ) (2,488 ) (814 ) Fair value of plan assets at end of year 23,134 27,702 26,264 Funded status and accrued benefit at end of year $ (1,478 ) $ (17,387 ) $ (21,328 ) Accumulated benefit obligation at end of year $ 24,612 $ 34,137 $ 35,755 The following actuarial assumptions were used in determining the pension benefit obligation: December 31, 2022 2021 Discount rate 5.05 % 2.85 % Rate of compensation increase N/A 4.00 The discount rate used to determine the pension benefit obligation increased from 2.85 5.05 5.1 Net pension cost includes the following components for the years ended December 31: 2022 2021 2020 (In thousands) Service cost $ 1,108 $ 1,842 $ 1,396 Interest cost 1,254 1,171 1,162 Expected return on assets (1,712 ) (1,755 ) (1,526 ) Amortization of actuarial loss 531 910 421 Net periodic pension cost $ 1,181 $ 2,168 $ 1,453 The following actuarial assumptions were used in determining the net periodic pension cost for the years ended December 31: 2022 2021 2020 Discount rate 2.85 % 2.50 % 3.25 % Expected return on plan assets 6.50 7.00 7.00 Rate of compensation increase 4.00 4.00 4.00 The following is a summary of the DB Plan’s investments for the years ended December 31: 2022 2021 (In thousands) Pooled separate investment accounts: Fixed income $ 21,255 $ 12,896 Large U.S. equity — 7,501 International equity — 4,251 Small/mid U.S. equity — 1,228 Other 1,879 1,826 Total $ 23,134 $ 27,702 Pooled separate accounts are valued at the Net Asset Value (“NAV”) of units held by the DB Plan at year end. The NAV is used as a practical expedient to estimate fair value. This practical expedient would not be used if it was determined to be probable that the funds will sell the underlying investments for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily. The preceding method described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the DB Plan administrators believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table summarizes the investments for which fair value is measured using NAV per share as a practical expedient for the years ended December 31, 2022 and 2021. Fair Value Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period (In thousands) December 31, 2022 $ 23,134 n/a Daily 1 day December 31, 2021 $ 27,702 n/a Daily 1 day The defined benefit plan offers a mixture of fixed income, equity and real assets as the underlying investment structure for its retirement structure for the pension plan. In August 2022, the DB Plan’s assets were reallocated into short-and-long duration fixed income pooled separate investment accounts offered by the Custodian. In anticipation of DB Plan settlement during the second quarter of 2023, the overall investment objective is to preserve principal and protect DB Plan assets from market volatility. Prior to the DB Plan termination, the target allocation mix for the pension plan for 2022 was an equity-based investment deployment of 50 50 We estimate that the benefits to be paid from the pension plan for years ended December 31 are as follows: Year Projected Benefit Payments to (In thousands) 2023 $ 1,708 2024 1,839 2025 4,311 2026 3,914 2027 2,282 In aggregate for 2028 – 2032 10,018 401(k) Defined Contribution Plan. The Company has a 401(k) defined contribution employee benefit plan. The 401(k) plan allows eligible employees to contribute a percentage of their earnings to the plan. A portion of the employee contribution, as determined by the Compensation Committee of the Board of Directors, is matched by the Company. In 2022, 2021 and 2020, the Company’s percentage match was 50 6 The Company’s expense for the 401(k) plan match was $ 470,000 476,000 468,000

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 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 December 31, 2022 and December 31, 2021: December 31, 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 $ 37,767 9.8 4.42 % 3.17 % $ 6,343 Loan-level swaps – borrower 37,767 9.8 3.17 % 4.42 % (6,343 ) Total $ 75,534 $ 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 $ 16,023 11.1 1.99 % 3.76 % $ (662 ) Loan-level swaps – borrower 16,023 11.1 3.76 % 1.99 % 662 Forward starting loan-level swaps - dealer 22,390 10.5 1,030 Forward starting loan-level swaps - borrower 22,390 10.5 (1,030 ) Total $ 76,826 $ 0 At December 31, 2022, the Company had $ 75.5 76.8 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). There were no cash flow hedges on the balance sheet as of December 31, 2022 or 2021. 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 non-hedging instruments as well as our classification on the balance sheet as of December 31, 2022 and December 31, 2021. December 31, 2022 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customer counterparties $ 0 $ 6,343 Interest rate swap – with dealer counterparties 6,343 0 Total derivatives not designated as hedging instruments Other Assets $ 6,343 Other Liabilities $ 6,343 December 31, 2021 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customer 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. The table below presents the pre-tax net gains (losses) of our cash flow hedges for the periods indicated: Amount of Gain (Loss) Recognized in OCI on Derivative Twelve Months Ended December 31, 2022 2021 2020 (In thousands) Interest rate swaps $ — $ — $ 1,099 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 for interest rate swaps and termination fees: Amount of Gain Reclassified from OCI into Expense (Effective Portion) Twelve Months Ended December 31, 2022 2021 2020 (In thousands) Interest rate swaps $ — $ — $ 1,516 At December 31, 2022 and 2021, the Company did not have any outstanding cash flow hedges. 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 December 31, 2022, we had minimum collateral posting thresholds with certain of our derivative counterparties. As of December 31, 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.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases
LEASES	12. LEASES The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. We have not elected the practical expedient to account for lease and non-lease components as one lease component. The Company has operating leases for certain of our banking offices and ATMs. Our leases have remaining lease terms of less than one year sixteen years five-year ten years 1.5 1.6 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2022 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,482 $ 1,525 ROU assets obtained in exchange for lease obligations: Operating leases 1,714 181 Supplemental balance sheet information related to leases was as follows: December 31, 2022 December 31, 2021 (In thousands) Operating lease ROU assets $ 9,224 $ 8,789 Operating lease liabilities $ 9,457 $ 8,964 The weighted average remaining lease term for our operating leases was 9.8 3.22 Future undiscounted lease payments for the Company’s operating lease liabilities were as follows (in thousands): Years Ending December 31, 2023 $ 1,423 2024 1,364 2025 1,280 2026 1,238 2027 983 Thereafter 4,899 Total lease payments 11,187 Less imputed interest (1,730 ) Total $ 9,457

REGULATORY CAPITAL

REGULATORY CAPITAL	12 Months Ended
	Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
REGULATORY CAPITAL	13. REGULATORY CAPITAL The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on our consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to savings and loan holding companies. Federal banking regulations require the Company and the Bank to maintain minimum amounts and ratios of total, common equity Tier 1, Tier 1 and total capital to risk-weighted assets and Tier 1 capital to average assets, as set forth in the table below. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5 At December 31, 2022, we exceeded each of the applicable regulatory capital requirements including the capital conservation buffer. As of December 31, 2022, the most recent notification from the Office of Comptroller of the Currency categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized,” the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would change our category. Our actual capital ratios of December 31, 2022 and December 31, 2021 are also presented in the following table. Actual Minimum For Capital Adequacy Purpose Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2022 Total Capital (to Risk Weighted Assets): Consolidated $ 278,729 14.20 % $ 157,042 8.00 % N/A N/A Bank 264,795 13.50 156,904 8.00 $ 196,131 10.00 % Tier 1 Capital (to Risk Weighted Assets): Consolidated 239,125 12.18 117,781 6.00 N/A N/A Bank 244,864 12.48 117,678 6.00 156,904 8.00 Common Equity Tier 1 Capital (to Risk Weighted Assets): Consolidated 239,125 12.18 88,336 4.50 N/A N/A Bank 244,864 12.48 88,259 4.50 127,485 6.50 Tier 1 Leverage Ratio (to Adjusted Average Assets): Consolidated 239,125 9.27 103,229 4.00 N/A N/A Bank 244,864 9.49 103,166 4.00 128,957 5.00 Actual Minimum For Capital Adequacy Purpose Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2021 Total Capital (to Risk Weighted Assets): Consolidated $ 261,093 14.27 % $ 146,347 8.00 % N/A N/A Bank 243,788 13.35 146,135 8.00 $ 182,669 10.00 % Tier 1 Capital (to Risk Weighted Assets): Consolidated 221,673 12.12 109,761 6.00 N/A N/A Bank 224,001 12.26 109,601 6.00 146,135 8.00 Common Equity Tier 1 Capital (to Risk Weighted Assets): Consolidated 221,673 12.12 82,320 4.50 N/A N/A Bank 224,001 12.26 82,201 4.50 118,735 6.50 Tier 1 Leverage Ratio (to Adjusted Average Assets): Consolidated 221,673 8.75 101,320 4.00 N/A N/A Bank 224,001 8.86 101,101 4.00 126,377 5.00 The following is a reconciliation of our GAAP capital to regulatory Tier 1, Common Equity Tier 1 and total capital: December 31, 2022 2021 (In thousands) Consolidated GAAP capital $ 228,143 $ 223,688 Net unrealized losses on available-for-sale securities, net of tax 23,962 3,525 Unrealized loss on defined benefit pension plan, net of tax 1,080 8,789 Goodwill (12,487 ) (12,487 ) Intangible assets, net of associated deferred tax liabilities (1,573 ) (1,842 ) Tier 1 and Common Equity Tier 1 capital 239,125 221,673 Allowance for loan losses for regulatory capital 19,931 19,787 Subordinated debt 19,673 19,633 Total regulatory capital $ 278,729 $ 261,093 On October 13, 2022, the Company announced the completion of its previously authorized stock repurchase plan (the “2021 Plan”) pursuant to which the Company was authorized to repurchase up to 2.4 10 1.1 5 78,826 720,975 1,056,344 We are subject to dividend restrictions imposed by various regulators, including a limitation on the total of all dividends that the Bank may pay to the Company in any calendar year, to an amount that shall not exceed the Bank’s net income for the current year, plus its net income retained for the two previous years, without regulatory approval. At December 31, 2022, the Bank had $ 33.6 156.9 146.1

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES Income taxes consist of the following: Years Ended December 31, 2022 2021 2020 (In thousands) Current tax provision: Federal $ 5,251 $ 5,061 $ 3,793 State 2,403 2,320 1,579 Total 7,654 7,381 5,372 Deferred tax provision (benefit): Federal 712 462 (1,639 ) State 376 182 (792 ) Total 1,088 644 (2,431 ) Total tax provision $ 8,742 $ 8,025 $ 2,941 The differences between the statutory federal income tax at a rate of 21% and the effective tax are summarized below: Years Ended December 31, 2022 2021 2020 (In thousands) Statutory federal income tax $ 7,272 $ 6,662 $ 2,973 Increase (decrease) resulting from: State taxes, net of federal tax benefit 2,195 1,977 622 Tax exempt income (360 ) (307 ) (337 ) Bank-owned life insurance (BOLI) (362 ) (401 ) (380 ) BOLI death benefit — (117 ) — Option exercise tax (benefit) shortfall (28 ) (15 ) 1 Other, net 25 226 62 Effective tax $ 8,742 $ 8,025 $ 2,941 Cash paid for income taxes for the years ended December 31, 2022, 2021 and 2020 was $ 7.4 6.9 5.8 The tax effects of each item that gives rise to deferred taxes are as follows: December 31, 2022 2021 (In thousands) Deferred tax assets: Net unrealized loss on available-for-sale securities $ 8,197 $ 1,160 Allowance for loan losses 5,603 5,562 Lease liability 2,658 2,520 Employee benefit and share-based compensation plans 1,027 2,409 Accrued expenses 807 624 Defined benefit plan 421 3,436 Net unrealized loss on marketable equity securities 287 85 Nonaccrual interest 211 196 Purchased mortgage servicing rights 89 140 Other 165 182 Gross deferred tax assets 19,465 16,314 Deferred tax liabilities: Lease right-of-use asset (2,593 ) (2,471 ) Deferred loan fees (708 ) (539 ) Fixed asset depreciation (675 ) (677 ) Purchase accounting adjustments, net (442 ) (523 ) Other (20 ) (12 ) Gross deferred tax liabilities (4,438 ) (4,222 ) Net deferred tax asset $ 15,027 $ 12,092 The federal income tax reserve for loan losses at the Bank’s base year is $ 9.4 150 2.6 We do not have any uncertain tax positions at December 31, 2022 or 2021 which require accrual or disclosure. We record interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2022, 2021 and 2020. Our income tax returns are subject to review and examination by federal and state tax authorities. We are currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2019 through 2022. The years open to examination by state taxing authorities vary by jurisdiction; however, no years prior to 2019 are open.

TRANSACTIONS WITH DIRECTORS AND

TRANSACTIONS WITH DIRECTORS AND EXECUTIVE OFFICERS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
TRANSACTIONS WITH DIRECTORS AND EXECUTIVE OFFICERS	15. TRANSACTIONS WITH DIRECTORS AND EXECUTIVE OFFICERS We have had, and expect to have in the future, loans with our directors and executive officers including their affiliates. Such loans, in our opinion, do not include more than the normal risk of collectability or other unfavorable features. Following is a summary of activity for such loans: Years Ended December 31, 2022 2021 (In thousands) Balance at beginning of year $ 603 $ 695 Principal distributions 15 12 Repayments of principal (43 ) (104 ) Change in related party status (30 ) — Balance at end of year $ 545 $ 603

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Loan Commitments. In the normal course of business, various commitments and contingent liabilities are outstanding, such as standby letters of credit and commitments to extend credit with off-balance-sheet risk that are not reflected in the consolidated financial statements. Financial instruments with off-balance-sheet risk involve elements of credit, interest rate, liquidity and market risk. We do not anticipate any significant losses as a result of these transactions. The following summarizes these financial instruments and other commitments and contingent liabilities at their contract amounts: December 31, 2022 2021 (In thousands) Commitments to extend credit: Unused lines of credit $ 328,850 $ 326,017 Loan commitments 84,123 138,765 Existing construction loan agreements 70,516 48,235 Standby letters of credit 22,049 30,160 We use the same credit policies in making commitments and conditional obligations as for on balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some commitments expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by us upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Standby letters of credit are written conditional commitments that guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. At December 31, 2022 and 2021, outstanding standby letter of credit commitments totaled $ 22.0 30.2 16.4 23.4 At December 31, 2022, outstanding commitments to extend credit totaled $ 505.5 107.1 1.99 18.00 398.4 543.2 101.5 1.99 18.00 441.7 We also have risk participation agreements (“RPAs”) with another financial institution. The RPAs are a guarantee to share credit risk associated with an interest rate swap on participation loans in the event of counterparty default. As such, we accept a portion of the credit risk in order to participate in the loans and we receive a one-time fee. The interest rate swap is collateralized (generally by real estate or business assets) by us and the third party, which limits the credit risk associated with the RPAs. Per the terms of the RPAs, we must pledge collateral equal to our exposure for the interest rate swap. We monitor overall collateral as part of our off-balance sheet liability analysis, and at December 31, 2022, believe sufficient collateral is available to cover potential swap losses. In the ordinary course of business, we are party to various legal proceedings, none of which, in our opinion, will have a material effect on our consolidated financial position or results of operations. Vendor Contract. The Company entered into a long-term contractual obligation with a vendor for use of its core provider and ancillary services beginning in 2016. Total remaining contractual obligations outstanding with this vendor as of December 31, 2022 were estimated to be $ 10.7 4.9 5.8 Investment Commitments. The Bank is a limited partner in a Small Business Investment Company (“SBIC”) and committed to contribute capital of $ 3 2.7 300,000 Employment and change of control agreements. We have entered into employment and change of control agreements with certain senior officers. The initial term of the employment agreements is for three years subject to separate one-year extensions as approved by the Board of Directors at the end of each applicable fiscal year. Each employment agreement provides for minimum annual salaries, discretionary cash bonuses and other fringe benefits as well as severance benefits upon certain terminations of employment that are not for cause. The change of control agreements expire one year following a notice of non-extension and only provide for severance benefits upon certain terminations of employment that are not for cause and that are related to a change of control of the Company or the Bank.

FAIR VALUE OF ASSETS AND LIABLI

FAIR VALUE OF ASSETS AND LIABLITIES	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABLITIES	17. FAIR VALUE OF ASSETS AND LIABLITIES 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. Methods and assumptions for valuing our financial instruments 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. Interest rate swaps. 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: December 31, 2022 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 146,997 $ — $ 146,997 Marketable equity securities 6,237 — — 6,237 Interest rate swaps — 6,343 — 6,343 Total assets $ 6,237 $ 153,340 $ — $ 159,577 Liabilities: Interest rate swaps $ — $ 6,343 $ — $ 6,343 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 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 There were no transfers to or from Level 1 and 2 for assets measured at fair value on a recurring basis during the years ended December 31, 2022 and 2021. Assets Measured at Fair Value on a Non-recurring Basis. We may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of December 31, 2022. Year Ended At December 31, 2022 December 31, 2022 Total Level 1 Level 2 Level 3 Losses (In thousands) (In thousands) Impaired Loans $ — $ — $ 877 $ 472 The amount of impaired loans represents the carrying value, net of the related write-down or valuation allowance of impaired loans for which adjustments are based on the estimated fair value of the underlying collateral. The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on real estate appraisals performed by independent licensed or certified appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management will discount appraisals as deemed necessary based on the date of the appraisal and new information deemed relevant to the valuation. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. The resulting losses were recognized in earnings through the provision for loan losses. There were no liabilities measured at fair value on a non-recurring basis at December 31, 2021. Summary of Fair Values of Financial Instruments. The estimated fair values of our financial instruments are as follows: December 31, 2022 Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 30,342 $ 30,342 $ — $ — $ 30,342 Securities held-to-maturity 230,168 9,162 181,788 — 190,950 Securities available-for-sale 146,997 — 146,997 — 146,997 Marketable equity securities 6,237 6,237 — — 6,237 Federal Home Loan Bank of Boston and other restricted stock 3,352 — — 3,352 3,352 Loans - net 1,971,469 — — 1,856,087 1,856,087 Accrued interest receivable 8,140 — — 8,140 8,140 Mortgage servicing rights 550 — 794 — 794 Derivative asset 6,343 — 6,343 — 6,343 Liabilities: Deposits 2,229,443 — — 2,220,405 2,220,405 Short-term borrowings 41,350 — 41,350 — 41,350 Long-term debt 1,178 — 1,094 — 1,094 Subordinated debt 19,673 — 18,132 — 18,132 Accrued interest payable 186 — — 186 186 Derivative liabilities 6,343 — 6,343 — 6,343 December 31, 2021 Carrying 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 Limitations

SEGMENT

SEGMENT	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT	18. SEGMENT The Company, through its bank subsidiary, provides a broad range of financial services to individuals and companies primarily in western Massachusetts and northern Connecticut. These services include commercial lending, residential lending and consumer lending, checking, savings and time deposits, cash management, and wealth management. Substantially all of the Company’s revenues, profits, and assets are derived by the Bank from banking products and services. The Company did not have any reportable segments for the years ended December 31, 2022, 2021 or 2020.

CONDENSED PARENT COMPANY FINANC

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS	19. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS The condensed balance sheets of the parent company are as follows: December 31, 2022 2021 (In thousands) ASSETS: Cash equivalents $ 763 $ 4,083 Investment in subsidiaries 233,882 226,015 ESOP loan receivable 3,697 4,356 Other assets 13,784 13,819 TOTAL ASSETS $ 252,126 $ 248,273 LIABILITIES: ESOP loan payable $ 3,697 $ 4,356 Other liabilities 20,286 20,229 EQUITY 228,143 223,688 TOTAL LIABILITIES AND EQUITY $ 252,126 $ 248,273 The condensed statements of net income for the parent company are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) INCOME: Dividends from subsidiaries $ 8,152 $ 13,024 $ 15,812 ESOP loan interest income 349 402 457 Other income 2 1 1 Total income 8,503 13,427 16,270 OPERATING EXPENSE: Salaries and employee benefits 2,011 2,153 1,420 ESOP interest 349 402 457 Other expenses 1,283 998 406 Total operating expense 3,643 3,553 2,283 Income before equity in undistributed income of subsidiaries and income taxes 4,860 9,874 13,987 Equity in undistributed income (loss) of subsidiaries 20,595 13,009 (3,123 ) Net income before taxes 25,455 22,883 10,864 Income tax benefit (432 ) (816 ) (351 ) Net income $ 25,887 $ 23,699 $ 11,215 The condensed statements of cash flows of the parent company are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) OPERATING ACTIVITIES: Net income $ 25,887 $ 23,699 $ 11,215 Equity in undistributed (income) loss of subsidiaries (20,595 ) (13,009 ) 3,123 Net amortization of premiums on subordinated debt 40 27 — Change in other liabilities (642 ) (353 ) (672 ) Change in other assets 694 (142 ) 335 Other, net 1,757 1,989 1,385 Net cash provided by operating activities 7,141 12,211 15,386 INVESTING ACTIVITIES: Purchase of securities (107 ) (105 ) (122 ) Sales of securities 107 105 122 Net cash provided by investing activities — — — FINANCING ACTIVITIES: Cash dividends paid (5,281 ) (4,677 ) (5,037 ) Common stock repurchased (6,351 ) (23,281 ) (10,519 ) Proceeds from issuance of subordinated debt — 20,000 — Payment of subordinated debt issue costs — (394 ) — Issuance of common stock in connection with stock option exercises 1,171 193 43 Net cash used in financing activities (10,461 ) (8,159 ) (15,513 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (3,320 ) 4,052 (127 ) CASH AND CASH EQUIVALENTS Beginning of year 4,083 31 158 End of year $ 763 $ 4,083 $ 31 Supplemental cash flow information: Net change in due to broker for common stock repurchased $ — $ (160 ) $ 160

SUMMARY OF QUARTERLY FINANCIAL

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	20. SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following tables present a summary of our quarterly financial information for the periods indicated. 2022 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Interest and dividend income $ 19,943 $ 20,646 $ 21,754 $ 23,585 Interest expense 1,245 1,254 1,466 2,731 Net interest and dividend income 18,698 19,392 20,288 20,854 (Credit) provision for loan losses (425 ) 300 675 150 Loss on available-for-sale securities, net (4 ) — — — Unrealized (losses) gains on marketable equity securities, net (276 ) (225 ) (235 ) 19 Gain on non-marketable equity investments — 141 211 70 Gain on defined benefit plan curtailment (1) — — — 2,807 (1) Gain on sale of mortgages 2 — — — Other non-interest income 2,626 2,825 2,614 2,757 Non-interest income 2,348 2,741 2,590 5,653 Non-interest expense 14,456 14,433 14,343 14,003 Income before income taxes 7,015 7,400 7,860 12,354 Income tax provision 1,696 1,865 1,861 3,320 Net income $ 5,319 $ 5,535 $ 5,999 $ 9,034 Basic earnings per share $ 0.24 $ 0.25 $ 0.28 $ 0.42 Diluted earnings per share $ 0.24 $ 0.25 $ 0.28 $ 0.42 (1) The increase in non-interest income for the three months ended December 31, 2022 was due to a $ 2.8 2021 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Interest and dividend income $ 20,033 $ 19,652 $ 20,238 $ 19,926 Interest expense 2,007 1,848 1,473 1,344 Net interest and dividend income 18,026 17,804 18,765 18,582 Provision (credit) for loan losses 75 (1,200 ) (100 ) 300 (Loss) gain on available-for-sale securities, net (62 ) (12 ) 2 — Unrealized (losses) gains on marketable equity securities, net (89 ) 6 11 (96 ) Loss on interest rate swap termination — (402 ) — — Gain on non-marketable equity investments 546 — — 352 BOLI death benefit — — — 555 Gain on sale of mortgages 227 242 665 289 Other non-interest income 2,382 2,575 2,617 2,756 Non-interest income 3,004 2,409 3,295 3,856 Non-interest expense 13,327 13,674 14,018 13,923 Income before income taxes 7,628 7,739 8,142 8,215 Income tax provision 1,837 2,087 2,106 1,995 Net income $ 5,791 $ 5,652 $ 6,036 $ 6,220 Basic earnings per share $ 0.24 $ 0.24 $ 0.27 $ 0.28 Diluted earnings per share $ 0.24 $ 0.24 $ 0.27 $ 0.28

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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	Wholly-owned Subsidiaries
Principles of Consolidation	Principles of Consolidation
Estimates	Estimates
Reclassifications	Reclassifications
Significant Group Concentrations of Credit Risk	Significant Group Concentrations of Credit Risk
Cash and Cash Equivalents	Cash and Cash Equivalents
Securities and Mortgage-Backed Securities	Securities and Mortgage-Backed Securities Realized gains and losses on sales of securities and mortgage-backed securities are computed using the specific identification method and are included in non-interest income on the trade date. The amortization of premiums and accretion of discounts are determined by using the level yield method to the maturity date, except that premiums are amortized to the earliest call date or maturity.
Non-marketable Equity Securities	Non-marketable Equity Securities
Derivatives	Derivatives
Other-than-Temporary Impairment of Securities	Other-than-Temporary Impairment of Securities
Fair Value Hierarchy	Fair Value Hierarchy Level 1: Level 2: Level 3:
Federal Home Loan Bank of Boston Stock	Federal Home Loan Bank of Boston Stock
Loans Held for Sale	Loans Held for Sale
Loans Receivable	Loans Receivable
Allowance for Loan Losses	Allowance for Loan Losses 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. In 2020, the Bank added a new qualitative factor category to the allowance calculation – “Economic Impact of COVID-19” based upon an analysis of the loan portfolio that included identifying borrowers sensitive to the shutdown. During the year ended December 31, 2021, the qualitative adjustment factors related to the COVID-19 pandemic and the uncertainty in the economic environment were reduced as Management continued to assess the exposure of the Company’s loan portfolio to the COVID-19 pandemic related factors, economic trends and their potential effect on asset quality. There were no changes to the Company’s policies and procedures surrounding the allowance for loan losses during the year ended December 31, 2022. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan portfolio segment are as follows: Commercial real estate loans Residential real estate loans 97 90 85 80 85 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. We may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are classified as impaired. While we use our best judgment and information available, the ultimate appropriateness of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. 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 reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.
Loans Acquired with Deteriorated Credit Quality	Loans Acquired with Deteriorated Credit Quality
Bank-owned Life Insurance	Bank-owned Life Insurance
Transfers and Servicing of Financial Assets	Transfers and Servicing of Financial Assets
Premises and Equipment	Premises and Equipment The estimated useful lives of the assets are as follows: Years Buildings 39 Leasehold Improvements 5 20 Furniture and Equipment 3 7 The cost of maintenance and repairs is charged to expense when incurred. Major expenditures for betterments are capitalized and depreciated.
Other Real Estate Owned	Other Real Estate Owned
Servicing	Servicing Servicing fee income is recorded for fees earned for servicing loans, which is included in service charges and fee income. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned.
Impairment of Long-lived Assets	Impairment of Long-lived Assets Goodwill is measured as the excess of the cost of a business combination over the sum of the amounts assigned to identifiable intangible assets acquired less liabilities assumed. Goodwill is not amortized but rather assessed for impairment annually or more frequently if circumstances warrant. Management has the option of first assessing qualitative factors, such as events and circumstances, to determine whether it is more likely than not, meaning a likelihood of more than 50%, the value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, management determines it is not more likely than not the fair value of a reporting unit is less than its carrying amount, then performing an impairment test is unnecessary. For the year ended December 31, 2022, management determined that it was not more likely than not the fair value of the reporting unit (the consolidated Company, in our case) was less than its carrying amount. If management had determined otherwise, a fair value analysis would have been completed to determine the impairment and necessary write-down of goodwill.
Retirement Plans and Employee Benefits	Retirement Plans and Employee Benefits 50 6
Share-based Compensation Plans	Share-based Compensation Plans
Employee Stock Ownership Plan	Employee Stock Ownership Plan
Leases	Leases other assets other liabilities
Advertising Costs	Advertising Costs
Income Taxes	Income Taxes
Earnings per Share	Earnings per Share Earnings per common share have been computed based on the following: Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Net income applicable to common stock $ 25,887 $ 23,699 $ 11,215 Average number of common shares issued 22,451 23,849 25,751 Less: Average unallocated ESOP Shares (415 ) (496 ) (580 ) Less: Average unvested equity incentive plan shares (156 ) (129 ) (124 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,880 23,224 25,047 Effect of dilutive equity incentive plan 42 36 — Effect of dilutive stock options 17 41 15 Average number of common shares outstanding used to calculate diluted earnings per common share 21,939 23,301 25,062 Basic earnings per share $ 1.18 $ 1.02 $ 0.45 Diluted earnings per share $ 1.18 $ 1.02 $ 0.45 Anti-dilutive shares (1) — — 259 (1) Shares outstanding but not included because the impact of these shares would be anti-dilutive to the earnings per share calculation for the period presented.
Comprehensive Income (Loss)	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: December 31, 2022 December 31, 2021 (In thousands) Net unrealized losses on available-for-sale securities $ (32,159 ) $ (4,685 ) Tax effect 8,197 1,160 Net-of-tax amount (23,962 ) (3,525 ) Unrecognized actuarial loss on the defined benefit plan (1,501 ) (12,225 ) Tax effect 421 3,436 Net-of-tax amount (1,080 ) (8,789 ) Accumulated other comprehensive loss $ (25,042 ) $ (12,314 )
Recent Accounting Pronouncements.	Recent Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 Financial Instruments—Credit Losses The adoption of the Current Expected Credit (“CECL”) methodology to calculate loan losses became effective for the Company on January 1, 2023 January 1, 2023 9,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
The estimated useful lives of the assets are as follows:	The estimated useful lives of the assets are as follows: Years Buildings 39 Leasehold Improvements 5 20 Furniture and Equipment 3 7
Earnings per common share have been computed based on the following:	Earnings per common share have been computed based on the following: Years Ended December 31, 2022 2021 2020 (In thousands, except per share data) Net income applicable to common stock $ 25,887 $ 23,699 $ 11,215 Average number of common shares issued 22,451 23,849 25,751 Less: Average unallocated ESOP Shares (415 ) (496 ) (580 ) Less: Average unvested equity incentive plan shares (156 ) (129 ) (124 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,880 23,224 25,047 Effect of dilutive equity incentive plan 42 36 — Effect of dilutive stock options 17 41 15 Average number of common shares outstanding used to calculate diluted earnings per common share 21,939 23,301 25,062 Basic earnings per share $ 1.18 $ 1.02 $ 0.45 Diluted earnings per share $ 1.18 $ 1.02 $ 0.45 Anti-dilutive shares (1) — — 259 (1) Shares outstanding but not included because the impact of these shares would be anti-dilutive to the earnings per share calculation for the period presented.
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: December 31, 2022 December 31, 2021 (In thousands) Net unrealized losses on available-for-sale securities $ (32,159 ) $ (4,685 ) Tax effect 8,197 1,160 Net-of-tax amount (23,962 ) (3,525 ) Unrecognized actuarial loss on the defined benefit plan (1,501 ) (12,225 ) Tax effect 421 3,436 Net-of-tax amount (1,080 ) (8,789 ) Accumulated other comprehensive loss $ (25,042 ) $ (12,314 )

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 are summarized as follows:	Available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,913 $ — $ (3,345 ) $ 11,568 State and municipal bonds 270 — — 270 Corporate bonds 8,012 — (519 ) 7,493 Total debt securities 23,195 — (3,864 ) 19,331 Mortgage-backed securities: Government-sponsored mortgage-backed securities 148,544 — (26,826 ) 121,718 U.S. government guaranteed mortgage-backed securities 7,417 — (1,469 ) 5,948 Total mortgage-backed securities 155,961 — (28,295 ) 127,666 Total available-for-sale 179,156 — (32,159 ) 146,997 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,987 — (825 ) 9,162 Total debt securities 9,987 — (825 ) 9,162 Mortgage-backed securities: Government-sponsored mortgage-backed securities 220,181 67 (38,460 ) 181,788 Total mortgage-backed securities 220,181 67 (38,460 ) 181,788 Total held-to-maturity 230,168 67 (39,285 ) 190,950 Total $ 409,324 $ 67 $ (71,444 ) $ 337,947 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 following table presents the unrealized gains (losses) recognized on marketable equity securities for the periods indicated:	The following table presents the unrealized gains (losses) recognized on marketable equity securities for the periods indicated: Years Ended December 31, 2022 2021 2020 (In thousands) Net (losses) gains recognized during the year on marketable equity securities $ (717 ) $ (168 ) $ 109 Net losses recognized during the year on equity securities sold during the year 1,021 — — Unrealized gain (loss) recognized during the year on marketable equity securities still held at year end $ 304 $ (168 ) $ 109
The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2022, by final maturity, are shown below.	The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 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 $ 3,282 $ 3,188 $ 9,987 $ 9,162 Due after five years through ten years 14,913 12,567 — — Due after ten years 5,000 3,576 — — Total debt securities $ 23,195 $ 19,331 $ 9,987 $ 9,162 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 $ 564 $ 530 $ — $ — Due after five years through ten years 1,088 989 — — Due after ten years 154,309 126,147 220,181 181,788 Total mortgage-backed securities 155,961 127,666 220,181 181,788 Total securities $ 179,156 $ 146,997 $ 230,168 $ 190,950
Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31, 2022, 2021 and 2020 are as follows:	Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31, 2022, 2021 and 2020 are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Gross gains realized $ — $ 12 $ 2,188 Gross losses realized (4 ) (84 ) (223 ) Net (loss) gain realized $ (4 ) $ (72 ) $ 1,965
Information pertaining to securities with gross unrealized losses at December 31, 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 December 31, 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: December 31, 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 10 $ 9,133 $ 776 7.8 % 60 $ 112,586 $ 26,050 18.8 % U.S. government guaranteed mortgage-backed securities 1 113 20 15.0 8 5,835 1,449 19.9 Government-sponsored enterprise obligations — — — — 3 11,568 3,345 22.4 Corporate bonds 3 7,493 519 6.5 — — — — Total available-for-sale 14 16,739 1,315 71 129,989 30,844 Held-to-maturity: U.S. Treasury securities — — — — % 2 9,162 825 8.3 % Government-sponsored mortgage-backed securities 6 18,911 2,116 10.1 31 157,947 36,344 18.7 Total held-to-maturity 6 18,911 2,116 33 167,109 37,169 Total 20 $ 35,650 $ 3,431 104 $ 297,098 $ 68,013 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 2.0 % 18 $ 42,506 $ 1,841 4.5 % U.S. government guaranteed mortgage-backed securities 2 2,426 142 6.2 5 5,107 460 9.9 Government-sponsored enterprise obligations — — — — 3 14,226 676 5.0 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 (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 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: December 31, December 31, 2022 2021 (In thousands) Commercial real estate $ 1,069,323 $ 979,969 Residential real estate: Residential one-to-four family 589,503 552,332 Home equity 105,557 99,759 Total residential real estate 695,060 652,091 Commercial and industrial: Paycheck protection program (“PPP”) loans 2,274 25,329 Commercial and industrial 217,574 201,340 Total commercial and industrial 219,848 226,669 Consumer 5,045 4,250 Total gross loans 1,989,276 1,862,979 Unamortized PPP loan fees (109 ) (781 ) Unearned premiums and deferred loan fees and costs, net 2,233 2,518 Total loans, net 1,991,400 1,864,716 Allowance for loan losses (19,931 ) (19,787 ) Net loans $ 1,971,469 $ 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: Years Ended December 31, 2022 2021 (In thousands) Balance at the beginning of year: $ 693 $ 153 Capitalized mortgage servicing rights 2 628 Amortization (145 ) (86 ) Write-down of mortgage servicing asset to fair value — (2 ) Balance at the end of year $ 550 $ 693 Fair value at the end of year $ 794 $ 739
An analysis of changes in the allowance for loan losses by segment for the years ended December 31, 2022, 2021 and 2020 is as follows:	An analysis of changes in the allowance for loan losses by segment for the years ended December 31, 2022, 2021 and 2020 is as follows: Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) Balance at December 31, 2019 $ 6,807 $ 3,920 $ 3,183 $ 203 $ (11 ) $ 14,102 Provision 6,262 408 939 129 37 7,775 Charge-offs (107 ) (177 ) (543 ) (136 ) — (963 ) Recoveries 58 89 51 45 — 243 Balance at December 31, 2020 $ 13,020 $ 4,240 $ 3,630 $ 241 $ 26 $ 21,157 Provision (credit) 46 (349 ) (644 ) 35 (13 ) (925 ) Charge-offs (103 ) (44 ) (370 ) (128 ) — (645 ) Recoveries 7 117 27 49 — 200 Balance at December 31, 2021 $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Provision (credit) (434 ) 344 586 202 2 700 Charge-offs (337 ) (28 ) (92 ) (216 ) — (673 ) Recoveries — 32 23 62 — 117 Balance at December 31, 2022 $ 12,199 $ 4,312 $ 3,160 $ 245 $ 15 $ 19,931
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 Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) December 31, 2022 Amount of allowance for impaired loans $ — $ — $ — $ — $ — $ — Amount of allowance for non-impaired loans 12,199 4,312 3,160 245 15 19,931 Total allowance for loan losses $ 12,199 $ 4,312 $ 3,160 $ 245 $ 15 $ 19,931 Impaired loans $ 9,178 $ 3,623 $ 407 $ — $ — $ 13,208 Non-impaired loans 1,056,886 689,776 219,163 5,045 — 1,970,870 Impaired loans acquired with deteriorated credit quality 3,259 1,661 278 — — 5,198 Total loans $ 1,069,323 $ 695,060 $ 219,848 $ 5,045 $ — $ 1,989,276 Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total 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 (1) $ 979,969 $ 652,091 $ 201,340 $ 4,250 $ — $ 1,837,650 (1) December 31, 2021 non-impaired loan 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 Past Due 60 – 89 Days Past Due 90 Days or More Past Due Total Past Due Loans Total Current Loans Total Loans Nonaccrual Loans (In thousands) December 31, 2022 Commercial real estate $ — $ 211 $ 1,404 $ 1,615 $ 1,067,708 $ 1,069,323 $ 1,933 Residential real estate: Residential one-to-four family 1,768 100 414 2,282 587,221 589,503 3,290 Home equity 209 97 51 357 105,200 105,557 181 Commercial and industrial 170 10 22 202 219,646 219,848 290 Consumer 13 — — 13 5,032 5,045 — Total loans $ 2,160 $ 418 $ 1,891 $ 4,469 $ 1,984,807 $ 1,989,276 $ 5,694 December 31, 2021 (1) Commercial real estate $ 139 $ — $ 436 $ 575 $ 979,394 $ 979,969 $ 1,224 Residential real estate: Residential one-to-four family 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:	The following is a summary of impaired loans by class: Year Ended At December 31, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired Loans (1) (In thousands) Commercial real estate $ 12,437 $ 13,795 $ — $ 13,427 $ 248 Residential real estate: Residential one-to-four family 5,088 5,823 — 4,792 59 Home equity 196 214 — 172 1 Commercial and industrial 685 3,095 — 891 66 Consumer — — — 3 — Total impaired loans $ 18,406 $ 22,927 $ — $ 19,285 $ 374 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings. Year Ended At December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired Loans (1) (In thousands) Commercial real estate $ 14,392 $ 15,563 $ — $ 15,757 $ 469 Residential real estate: Residential one-to-four family 4,881 5,381 — 5,693 233 Home equity 112 136 — 146 7 Commercial and industrial 1,069 3,850 — 2,551 131 Consumer 22 37 — 25 3 Total impaired loans $ 20,476 $ 24,967 $ — $ 24,172 $ 843 (1) Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings.
The following is a summary of loans acquired with evidence of credit deterioration from Chicopee as of December 31, 2022.	The following is a summary of loans acquired with evidence of credit deterioration from Chicopee as of December 31, 2022. Contractual Required Payments Receivable Cash Expected To Be Collected Non-Accretable Discount Accretable Yield Loans Receivable (In thousands) Balance at December 31, 2021 $ 12,134 $ 9,430 $ 2,704 $ 2,499 $ 6,931 Collections (1,792 ) (1,576 ) (216 ) (213 ) (1,363 ) Dispositions (589 ) (439 ) (150 ) (69 ) (370 ) Balance at December 31, 2022 $ 9,753 $ 7,415 $ 2,338 $ 2,217 $ 5,198
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 One-to-Four Family Home Equity Commercial and Industrial Consumer Total (In thousands) December 31, 2022 Pass (Rated 1 – 4) $ 1,036,337 $ 585,292 $ 105,248 $ 193,415 $ 5,027 $ 1,925,319 Special Mention (Rated 5) 16,035 — — 5,623 — 21,658 Substandard (Rated 6) 16,951 4,211 309 20,810 18 42,299 Total $ 1,069,323 $ 589,503 $ 105,557 $ 219,848 $ 5,045 $ 1,989,276 Commercial Real Estate Residential One-to-Four Family Home Equity Commercial and Industrial Consumer Total December 31, 2021 (In thousands) 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

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Premises and equipment are summarized as follows:	Premises and equipment are summarized as follows: December 31, 2022 2021 (In thousands) Land $ 6,239 $ 6,239 Buildings 26,738 26,343 Leasehold improvements 3,472 3,409 Furniture and equipment 21,880 21,195 Total 58,329 57,186 Less: accumulated depreciation and amortization (33,376 ) (31,024 ) Premises and equipment, net $ 24,953 $ 26,162

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2022
Deposit Assets [Abstract]
Deposit accounts, by type, are summarized as follows for the periods indicated:	Deposit accounts, by type, are summarized as follows for the periods indicated: At December 31, 2022 2021 (In thousands) Demand and interest-bearing checking: Interest-bearing checking accounts $ 148,670 $ 145,739 Demand deposits 645,571 641,284 Savings: Regular savings accounts 222,436 217,565 Money market accounts 801,076 850,330 Time deposits 411,690 401,980 Total deposits $ 2,229,443 $ 2,256,898
The scheduled maturities of time deposits for the periods indicated are as follows:	The scheduled maturities of time deposits for the periods indicated are as follows: At December 31, 2022 2021 (In thousands) 2022 $ — $ 363,290 2023 288,697 24,500 2024 114,244 7,911 2025 4,873 4,892 2026 3,780 1,387 2027 96 — Total time deposits $ 411,690 $ 401,980
Interest expense on deposits for the years ended December 31, 2022, 2021 and 2020 is summarized as follows:	Interest expense on deposits for the years ended December 31, 2022, 2021 and 2020 is summarized as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Regular accounts $ 161 $ 154 $ 136 Money market accounts 3,187 2,412 2,838 Time deposits 1,474 2,543 10,139 Interest-bearing checking accounts 530 399 387 Total $ 5,352 $ 5,508 $ 13,500

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
The following advances are collateralized by a blanket lien on our residential real estate loans and certain eligible commercial real estate loans.	FHLB Advances. The following advances are collateralized by a blanket lien on our residential real estate loans and certain eligible commercial real estate loans. Amount Weighted Average Rate 2022 2021 2022 2021 (In thousands) Fixed-rate advances maturing: 2022 $ — $ 1,475 — % 0.1 % 2023 532 532 — — 2024 646 646 — — 2025 — — — — Total long-term advances $ 1,178 $ 2,653 — % 0.1 %

STOCK PLANS AND EMPLOYEE STOC_2

STOCK PLANS AND EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
A summary of the status of our stock options at December 31, 2022 is presented below:	Stock Options. A summary of the status of our stock options at December 31, 2022 is presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 177,881 $ 6.57 0.81 $ 388 Exercised (177,881 ) 6.58 0.33 430 Outstanding at December 31, 2022 — $ — — $ —
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 December 31, 2022 and 2021 is presented below:	A summary of the status of restricted stock awards at December 31, 2022 and 2021 is presented below: Shares Weighted Average Balance at December 31, 2021 213,381 $ 8.91 Shares granted 144,440 9.14 Shares forfeited (24,440 ) 8.73 Shares vested (127,289 ) 9.32 Balance at December 31, 2022 206,092 $ 8.85 Shares Weighted Average Grant Date Fair Value Balance at December 31, 2020 178,766 $ 9.63 Shares granted 154,906 8.44 Shares forfeited (24,506 ) 10.59 Shares vested (95,785 ) 9.05 Balance at December 31, 2021 213,381 $ 8.91
At December 31, 2022, the remaining principal balances are payable as follows:	At December 31, 2022, the remaining principal balances are payable as follows: Years Ending December 31, Amount (In thousands) 2023 $ 447 2024 447 2025 447 2026 447 2027 447 Thereafter 1,462 Total $ 3,697
Shares held by the ESOP include the following at December 31, 2022 and 2021:	Shares held by the ESOP include the following at December 31, 2022 and 2021: 2022 2021 Allocated 1,139,325 1,127,074 Committed to be allocated 78,526 81,893 Unallocated 366,487 445,013 Total 1,584,338 1,653,980

RETIREMENT PLANS AND EMPLOYEE_2

RETIREMENT PLANS AND EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
The following table provides information for the DB Plan at or for the years ended December 31:	The following table provides information for the DB Plan at or for the years ended December 31: Years Ended December 31, 2022 2021 2020 (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 45,089 $ 47,592 $ 36,158 Service cost 1,108 1,842 1,396 Interest 1,254 1,171 1,162 Actuarial (gain) loss (15,518 ) (3,028 ) 9,690 Effect of curtailment (5,059 ) — — Benefits paid (2,262 ) (2,488 ) (814 ) Benefit obligation at end of year 24,612 45,089 47,592 Change in plan assets: Fair value of plan assets at beginning of year 27,702 26,264 22,787 Actual return on plan assets (5,906 ) 1,926 3,191 Employer contribution 3,600 2,000 1,100 Benefits paid (2,262 ) (2,488 ) (814 ) Fair value of plan assets at end of year 23,134 27,702 26,264 Funded status and accrued benefit at end of year $ (1,478 ) $ (17,387 ) $ (21,328 ) Accumulated benefit obligation at end of year $ 24,612 $ 34,137 $ 35,755
The following actuarial assumptions were used in determining the pension benefit obligation:	The following actuarial assumptions were used in determining the pension benefit obligation: December 31, 2022 2021 Discount rate 5.05 % 2.85 % Rate of compensation increase N/A 4.00
Net pension cost includes the following components for the years ended December 31:	Net pension cost includes the following components for the years ended December 31: 2022 2021 2020 (In thousands) Service cost $ 1,108 $ 1,842 $ 1,396 Interest cost 1,254 1,171 1,162 Expected return on assets (1,712 ) (1,755 ) (1,526 ) Amortization of actuarial loss 531 910 421 Net periodic pension cost $ 1,181 $ 2,168 $ 1,453
The following actuarial assumptions were used in determining the net periodic pension cost for the years ended December 31:	The following actuarial assumptions were used in determining the net periodic pension cost for the years ended December 31: 2022 2021 2020 Discount rate 2.85 % 2.50 % 3.25 % Expected return on plan assets 6.50 7.00 7.00 Rate of compensation increase 4.00 4.00 4.00
The following is a summary of the DB Plan’s investments for the years ended December 31:	The following is a summary of the DB Plan’s investments for the years ended December 31: 2022 2021 (In thousands) Pooled separate investment accounts: Fixed income $ 21,255 $ 12,896 Large U.S. equity — 7,501 International equity — 4,251 Small/mid U.S. equity — 1,228 Other 1,879 1,826 Total $ 23,134 $ 27,702
The following table summarizes the investments for which fair value is measured using NAV per share as a practical expedient for the years ended December 31, 2022 and 2021.	The following table summarizes the investments for which fair value is measured using NAV per share as a practical expedient for the years ended December 31, 2022 and 2021. Fair Value Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period (In thousands) December 31, 2022 $ 23,134 n/a Daily 1 day December 31, 2021 $ 27,702 n/a Daily 1 day
We estimate that the benefits to be paid from the pension plan for years ended December 31 are as follows:	We estimate that the benefits to be paid from the pension plan for years ended December 31 are as follows: Year Projected Benefit Payments to (In thousands) 2023 $ 1,708 2024 1,839 2025 4,311 2026 3,914 2027 2,282 In aggregate for 2028 – 2032 10,018

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
The following table presents information about interest rate swaps at December 31, 2022 and December 31, 2021:	The following table presents information about interest rate swaps at December 31, 2022 and December 31, 2021: December 31, 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 $ 37,767 9.8 4.42 % 3.17 % $ 6,343 Loan-level swaps – borrower 37,767 9.8 3.17 % 4.42 % (6,343 ) Total $ 75,534 $ 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 $ 16,023 11.1 1.99 % 3.76 % $ (662 ) Loan-level swaps – borrower 16,023 11.1 3.76 % 1.99 % 662 Forward starting loan-level swaps - dealer 22,390 10.5 1,030 Forward starting loan-level swaps - borrower 22,390 10.5 (1,030 ) Total $ 76,826 $ 0
The table below presents the fair value of our derivative financial instruments designated as non-hedging instruments as well as our classification on the balance sheet as of December 31, 2022 and December 31, 2021.	The table below presents the fair value of our derivative financial instruments designated as non-hedging instruments as well as our classification on the balance sheet as of December 31, 2022 and December 31, 2021. December 31, 2022 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customer counterparties $ 0 $ 6,343 Interest rate swap – with dealer counterparties 6,343 0 Total derivatives not designated as hedging instruments Other Assets $ 6,343 Other Liabilities $ 6,343 December 31, 2021 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customer 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 pre-tax net gains (losses) of our cash flow hedges for the periods indicated:	The table below presents the pre-tax net gains (losses) of our cash flow hedges for the periods indicated: Amount of Gain (Loss) Recognized in OCI on Derivative Twelve Months Ended December 31, 2022 2021 2020 (In thousands) Interest rate swaps $ — $ — $ 1,099 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 for interest rate swaps and termination fees: Amount of Gain Reclassified from OCI into Expense (Effective Portion) Twelve Months Ended December 31, 2022 2021 2020 (In thousands) Interest rate swaps $ — $ — $ 1,516

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Supplemental cash flow information related to leases was as follows:	Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2022 2021 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,482 $ 1,525 ROU assets obtained in exchange for lease obligations: Operating leases 1,714 181
Supplemental balance sheet information related to leases was as follows:	Supplemental balance sheet information related to leases was as follows: December 31, 2022 December 31, 2021 (In thousands) Operating lease ROU assets $ 9,224 $ 8,789 Operating lease liabilities $ 9,457 $ 8,964
Future undiscounted lease payments for the Company’s operating lease liabilities were as follows (in thousands):	The weighted average remaining lease term for our operating leases was 9.8 3.22 Future undiscounted lease payments for the Company’s operating lease liabilities were as follows (in thousands): Years Ending December 31, 2023 $ 1,423 2024 1,364 2025 1,280 2026 1,238 2027 983 Thereafter 4,899 Total lease payments 11,187 Less imputed interest (1,730 ) Total $ 9,457

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Our actual capital ratios of December 31, 2022 and December 31, 2021 are also presented in the following table.	Our actual capital ratios of December 31, 2022 and December 31, 2021 are also presented in the following table. Actual Minimum For Capital Adequacy Purpose Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2022 Total Capital (to Risk Weighted Assets): Consolidated $ 278,729 14.20 % $ 157,042 8.00 % N/A N/A Bank 264,795 13.50 156,904 8.00 $ 196,131 10.00 % Tier 1 Capital (to Risk Weighted Assets): Consolidated 239,125 12.18 117,781 6.00 N/A N/A Bank 244,864 12.48 117,678 6.00 156,904 8.00 Common Equity Tier 1 Capital (to Risk Weighted Assets): Consolidated 239,125 12.18 88,336 4.50 N/A N/A Bank 244,864 12.48 88,259 4.50 127,485 6.50 Tier 1 Leverage Ratio (to Adjusted Average Assets): Consolidated 239,125 9.27 103,229 4.00 N/A N/A Bank 244,864 9.49 103,166 4.00 128,957 5.00 Actual Minimum For Capital Adequacy Purpose Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2021 Total Capital (to Risk Weighted Assets): Consolidated $ 261,093 14.27 % $ 146,347 8.00 % N/A N/A Bank 243,788 13.35 146,135 8.00 $ 182,669 10.00 % Tier 1 Capital (to Risk Weighted Assets): Consolidated 221,673 12.12 109,761 6.00 N/A N/A Bank 224,001 12.26 109,601 6.00 146,135 8.00 Common Equity Tier 1 Capital (to Risk Weighted Assets): Consolidated 221,673 12.12 82,320 4.50 N/A N/A Bank 224,001 12.26 82,201 4.50 118,735 6.50 Tier 1 Leverage Ratio (to Adjusted Average Assets): Consolidated 221,673 8.75 101,320 4.00 N/A N/A Bank 224,001 8.86 101,101 4.00 126,377 5.00
The following is a reconciliation of our GAAP capital to regulatory Tier 1, Common Equity Tier 1 and total capital:	The following is a reconciliation of our GAAP capital to regulatory Tier 1, Common Equity Tier 1 and total capital: December 31, 2022 2021 (In thousands) Consolidated GAAP capital $ 228,143 $ 223,688 Net unrealized losses on available-for-sale securities, net of tax 23,962 3,525 Unrealized loss on defined benefit pension plan, net of tax 1,080 8,789 Goodwill (12,487 ) (12,487 ) Intangible assets, net of associated deferred tax liabilities (1,573 ) (1,842 ) Tier 1 and Common Equity Tier 1 capital 239,125 221,673 Allowance for loan losses for regulatory capital 19,931 19,787 Subordinated debt 19,673 19,633 Total regulatory capital $ 278,729 $ 261,093

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes consist of the following:	Income taxes consist of the following: Years Ended December 31, 2022 2021 2020 (In thousands) Current tax provision: Federal $ 5,251 $ 5,061 $ 3,793 State 2,403 2,320 1,579 Total 7,654 7,381 5,372 Deferred tax provision (benefit): Federal 712 462 (1,639 ) State 376 182 (792 ) Total 1,088 644 (2,431 ) Total tax provision $ 8,742 $ 8,025 $ 2,941
The differences between the statutory federal income tax at a rate of 21% and the effective tax are summarized below:	The differences between the statutory federal income tax at a rate of 21% and the effective tax are summarized below: Years Ended December 31, 2022 2021 2020 (In thousands) Statutory federal income tax $ 7,272 $ 6,662 $ 2,973 Increase (decrease) resulting from: State taxes, net of federal tax benefit 2,195 1,977 622 Tax exempt income (360 ) (307 ) (337 ) Bank-owned life insurance (BOLI) (362 ) (401 ) (380 ) BOLI death benefit — (117 ) — Option exercise tax (benefit) shortfall (28 ) (15 ) 1 Other, net 25 226 62 Effective tax $ 8,742 $ 8,025 $ 2,941
The tax effects of each item that gives rise to deferred taxes are as follows:	The tax effects of each item that gives rise to deferred taxes are as follows: December 31, 2022 2021 (In thousands) Deferred tax assets: Net unrealized loss on available-for-sale securities $ 8,197 $ 1,160 Allowance for loan losses 5,603 5,562 Lease liability 2,658 2,520 Employee benefit and share-based compensation plans 1,027 2,409 Accrued expenses 807 624 Defined benefit plan 421 3,436 Net unrealized loss on marketable equity securities 287 85 Nonaccrual interest 211 196 Purchased mortgage servicing rights 89 140 Other 165 182 Gross deferred tax assets 19,465 16,314 Deferred tax liabilities: Lease right-of-use asset (2,593 ) (2,471 ) Deferred loan fees (708 ) (539 ) Fixed asset depreciation (675 ) (677 ) Purchase accounting adjustments, net (442 ) (523 ) Other (20 ) (12 ) Gross deferred tax liabilities (4,438 ) (4,222 ) Net deferred tax asset $ 15,027 $ 12,092

TRANSACTIONS WITH DIRECTORS A_2

TRANSACTIONS WITH DIRECTORS AND EXECUTIVE OFFICERS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Following is a summary of activity for such loans:	We have had, and expect to have in the future, loans with our directors and executive officers including their affiliates. Such loans, in our opinion, do not include more than the normal risk of collectability or other unfavorable features. Following is a summary of activity for such loans: Years Ended December 31, 2022 2021 (In thousands) Balance at beginning of year $ 603 $ 695 Principal distributions 15 12 Repayments of principal (43 ) (104 ) Change in related party status (30 ) — Balance at end of year $ 545 $ 603

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
The following summarizes these financial instruments and other commitments and contingent liabilities at their contract amounts:	We do not anticipate any significant losses as a result of these transactions. The following summarizes these financial instruments and other commitments and contingent liabilities at their contract amounts: December 31, 2022 2021 (In thousands) Commitments to extend credit: Unused lines of credit $ 328,850 $ 326,017 Loan commitments 84,123 138,765 Existing construction loan agreements 70,516 48,235 Standby letters of credit 22,049 30,160

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABLITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis are summarized below:	Assets and liabilities measured at fair value on a recurring basis are summarized below: December 31, 2022 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 146,997 $ — $ 146,997 Marketable equity securities 6,237 — — 6,237 Interest rate swaps — 6,343 — 6,343 Total assets $ 6,237 $ 153,340 $ — $ 159,577 Liabilities: Interest rate swaps $ — $ 6,343 $ — $ 6,343 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 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 following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of December 31, 2022.	We may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of December 31, 2022. Year Ended At December 31, 2022 December 31, 2022 Total Level 1 Level 2 Level 3 Losses (In thousands) (In thousands) Impaired Loans $ — $ — $ 877 $ 472
The estimated fair values of our financial instruments are as follows:	The estimated fair values of our financial instruments are as follows: December 31, 2022 Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 30,342 $ 30,342 $ — $ — $ 30,342 Securities held-to-maturity 230,168 9,162 181,788 — 190,950 Securities available-for-sale 146,997 — 146,997 — 146,997 Marketable equity securities 6,237 6,237 — — 6,237 Federal Home Loan Bank of Boston and other restricted stock 3,352 — — 3,352 3,352 Loans - net 1,971,469 — — 1,856,087 1,856,087 Accrued interest receivable 8,140 — — 8,140 8,140 Mortgage servicing rights 550 — 794 — 794 Derivative asset 6,343 — 6,343 — 6,343 Liabilities: Deposits 2,229,443 — — 2,220,405 2,220,405 Short-term borrowings 41,350 — 41,350 — 41,350 Long-term debt 1,178 — 1,094 — 1,094 Subordinated debt 19,673 — 18,132 — 18,132 Accrued interest payable 186 — — 186 186 Derivative liabilities 6,343 — 6,343 — 6,343 December 31, 2021 Carrying 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

CONDENSED PARENT COMPANY FINA_2

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
The condensed balance sheets of the parent company are as follows:	The condensed balance sheets of the parent company are as follows: December 31, 2022 2021 (In thousands) ASSETS: Cash equivalents $ 763 $ 4,083 Investment in subsidiaries 233,882 226,015 ESOP loan receivable 3,697 4,356 Other assets 13,784 13,819 TOTAL ASSETS $ 252,126 $ 248,273 LIABILITIES: ESOP loan payable $ 3,697 $ 4,356 Other liabilities 20,286 20,229 EQUITY 228,143 223,688 TOTAL LIABILITIES AND EQUITY $ 252,126 $ 248,273
The condensed statements of net income for the parent company are as follows:	The condensed statements of net income for the parent company are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) INCOME: Dividends from subsidiaries $ 8,152 $ 13,024 $ 15,812 ESOP loan interest income 349 402 457 Other income 2 1 1 Total income 8,503 13,427 16,270 OPERATING EXPENSE: Salaries and employee benefits 2,011 2,153 1,420 ESOP interest 349 402 457 Other expenses 1,283 998 406 Total operating expense 3,643 3,553 2,283 Income before equity in undistributed income of subsidiaries and income taxes 4,860 9,874 13,987 Equity in undistributed income (loss) of subsidiaries 20,595 13,009 (3,123 ) Net income before taxes 25,455 22,883 10,864 Income tax benefit (432 ) (816 ) (351 ) Net income $ 25,887 $ 23,699 $ 11,215
The condensed statements of cash flows of the parent company are as follows:	The condensed statements of cash flows of the parent company are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) OPERATING ACTIVITIES: Net income $ 25,887 $ 23,699 $ 11,215 Equity in undistributed (income) loss of subsidiaries (20,595 ) (13,009 ) 3,123 Net amortization of premiums on subordinated debt 40 27 — Change in other liabilities (642 ) (353 ) (672 ) Change in other assets 694 (142 ) 335 Other, net 1,757 1,989 1,385 Net cash provided by operating activities 7,141 12,211 15,386 INVESTING ACTIVITIES: Purchase of securities (107 ) (105 ) (122 ) Sales of securities 107 105 122 Net cash provided by investing activities — — — FINANCING ACTIVITIES: Cash dividends paid (5,281 ) (4,677 ) (5,037 ) Common stock repurchased (6,351 ) (23,281 ) (10,519 ) Proceeds from issuance of subordinated debt — 20,000 — Payment of subordinated debt issue costs — (394 ) — Issuance of common stock in connection with stock option exercises 1,171 193 43 Net cash used in financing activities (10,461 ) (8,159 ) (15,513 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (3,320 ) 4,052 (127 ) CASH AND CASH EQUIVALENTS Beginning of year 4,083 31 158 End of year $ 763 $ 4,083 $ 31 Supplemental cash flow information: Net change in due to broker for common stock repurchased $ — $ (160 ) $ 160

SUMMARY OF QUARTERLY FINANCIA_2

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
The following tables present a summary of our quarterly financial information for the periods indicated.	The following tables present a summary of our quarterly financial information for the periods indicated. 2022 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Interest and dividend income $ 19,943 $ 20,646 $ 21,754 $ 23,585 Interest expense 1,245 1,254 1,466 2,731 Net interest and dividend income 18,698 19,392 20,288 20,854 (Credit) provision for loan losses (425 ) 300 675 150 Loss on available-for-sale securities, net (4 ) — — — Unrealized (losses) gains on marketable equity securities, net (276 ) (225 ) (235 ) 19 Gain on non-marketable equity investments — 141 211 70 Gain on defined benefit plan curtailment (1) — — — 2,807 (1) Gain on sale of mortgages 2 — — — Other non-interest income 2,626 2,825 2,614 2,757 Non-interest income 2,348 2,741 2,590 5,653 Non-interest expense 14,456 14,433 14,343 14,003 Income before income taxes 7,015 7,400 7,860 12,354 Income tax provision 1,696 1,865 1,861 3,320 Net income $ 5,319 $ 5,535 $ 5,999 $ 9,034 Basic earnings per share $ 0.24 $ 0.25 $ 0.28 $ 0.42 Diluted earnings per share $ 0.24 $ 0.25 $ 0.28 $ 0.42 (1) The increase in non-interest income for the three months ended December 31, 2022 was due to a $ 2.8 2021 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands, except per share amounts) Interest and dividend income $ 20,033 $ 19,652 $ 20,238 $ 19,926 Interest expense 2,007 1,848 1,473 1,344 Net interest and dividend income 18,026 17,804 18,765 18,582 Provision (credit) for loan losses 75 (1,200 ) (100 ) 300 (Loss) gain on available-for-sale securities, net (62 ) (12 ) 2 — Unrealized (losses) gains on marketable equity securities, net (89 ) 6 11 (96 ) Loss on interest rate swap termination — (402 ) — — Gain on non-marketable equity investments 546 — — 352 BOLI death benefit — — — 555 Gain on sale of mortgages 227 242 665 289 Other non-interest income 2,382 2,575 2,617 2,756 Non-interest income 3,004 2,409 3,295 3,856 Non-interest expense 13,327 13,674 14,018 13,923 Income before income taxes 7,628 7,739 8,142 8,215 Income tax provision 1,837 2,087 2,106 1,995 Net income $ 5,791 $ 5,652 $ 6,036 $ 6,220 Basic earnings per share $ 0.24 $ 0.24 $ 0.27 $ 0.28 Diluted earnings per share $ 0.24 $ 0.24 $ 0.27 $ 0.28

The estimated useful lives of t

The estimated useful lives of the assets are as follows: (Details)	12 Months Ended
	Dec. 31, 2022
Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	39 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Earnings per common share have

Earnings per common share have been computed based on the following: (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income applicable to common stock		$ 9,034	$ 5,999	$ 5,535	$ 5,319	$ 6,220	$ 6,036	$ 5,652	$ 5,791	$ 25,887	$ 23,699	$ 11,215
Average number of common shares issued										22,451	23,849	25,751
Less: Average unallocated ESOP Shares										(415)	(496)	(580)
Less: Average unvested equity incentive plan shares										(156)	(129)	(124)
Average number of common shares outstanding used to calculate basic earnings per common share										21,880	23,224	25,047
Effect of dilutive equity incentive plan										42	36
Effect of dilutive stock options										17	41	15
Average number of common shares outstanding used to calculate diluted earnings per common share										21,939	23,301	25,062
Basic earnings per share		$ 0.42	$ 0.28	$ 0.25	$ 0.24	$ 0.28	$ 0.27	$ 0.24	$ 0.24	$ 1.18	$ 1.02	$ 0.45
Diluted earnings per share		$ 0.42	$ 0.28	$ 0.25	$ 0.24	$ 0.28	$ 0.27	$ 0.24	$ 0.24	$ 1.18	$ 1.02	$ 0.45
Anti-dilutive shares	[1]											259
[1]Shares outstanding but not included because the impact of these shares would be anti-dilutive to the earnings per share calculation for the period presented.

The components of accumulated o

The components of accumulated other comprehensive loss, included in shareholders’ equity, are as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (25,042)	$ (12,314)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) before tax	(32,159)	(4,685)
Tax effect	8,197	1,160
Accumulated other comprehensive loss	(23,962)	(3,525)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) before tax	(1,501)	(12,225)
Tax effect	421	3,436
Accumulated other comprehensive loss	$ (1,080)	$ (8,789)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2022 USD ($) N	Dec. 31, 2021 USD ($)
Number of banking offices in which bank operates | N	25
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%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Adopt ASU 2016-13	us-gaap:AccountingStandardsUpdate201613Member
Retained earnings	$ 127,982,000	$ 107,376,000
Pro Forma [Member]
ASU 2016-13 adoption date	Jan. 01, 2023
Pro Forma [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained earnings	$ 9,000
401 (k) [Member]
Employer matching contribution for the first 6% of each participant's annual earnings	50%
Maximum percentage of participant's annual earnings subject to match by employer for 401(K) plan	6%

Available-for-sale and held-to-

Available-for-sale and held-to-maturity investment securities at December 31, 2022 and 2021 are summarized as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	$ 179,156	$ 199,037
Available-for-sale securities, gross unrealized gains		522
Available-for-sale securities, gross unrealized losses	(32,159)	(5,207)
Available-for-sale securities, at fair value	146,997	194,352
Held-to-maturity securities, amortized cost	230,168	222,272
Held-to-maturity securities, gross unrealized gains	67
Held-to-maturity securities, gross unrealized losses	(39,285)	(2,524)
Held-to-maturity securities, fair value	190,950	219,748
Total, amortized cost	409,324	421,309
Total, gross unrealized gains	67	522
Total, gross unrealized losses	(71,444)	(7,731)
Total, fair value	337,947	414,100
Government-sponsored enterprise obligations [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	14,913	14,902
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(3,345)	(676)
Available-for-sale securities, at fair value	11,568	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
Available-for-sale securities, at fair value	270	406
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	8,012	3,026
Available-for-sale securities, gross unrealized gains		86
Available-for-sale securities, gross unrealized losses	(519)
Available-for-sale securities, at fair value	7,493	3,112
Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	23,195	18,333
Available-for-sale securities, gross unrealized gains		87
Available-for-sale securities, gross unrealized losses	(3,864)	(676)
Available-for-sale securities, at fair value	19,331	17,744
Held-to-maturity securities, amortized cost	9,987	9,979
Held-to-maturity securities, gross unrealized gains
Held-to-maturity securities, gross unrealized losses	(825)	(6)
Held-to-maturity securities, fair value	9,162	9,973
Government-sponsored mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	148,544	171,011
Available-for-sale securities, gross unrealized gains		427
Available-for-sale securities, gross unrealized losses	(26,826)	(3,929)
Available-for-sale securities, at fair value	121,718	167,509
Held-to-maturity securities, amortized cost	220,181	212,293
Held-to-maturity securities, gross unrealized gains	67
Held-to-maturity securities, gross unrealized losses	(38,460)	(2,518)
Held-to-maturity securities, fair value	181,788	209,775
U.S. government guaranteed mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	7,417	9,693
Available-for-sale securities, gross unrealized gains		8
Available-for-sale securities, gross unrealized losses	(1,469)	(602)
Available-for-sale securities, at fair value	5,948	9,099
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	155,961	180,704
Available-for-sale securities, gross unrealized gains		435
Available-for-sale securities, gross unrealized losses	(28,295)	(4,531)
Available-for-sale securities, at fair value	127,666	176,608
Held-to-maturity securities, amortized cost	220,181	212,293
Held-to-maturity securities, gross unrealized gains	67
Held-to-maturity securities, gross unrealized losses	(38,460)	(2,518)
Held-to-maturity securities, fair value	181,788	209,775
US Treasury Securities [Member]
Marketable Securities [Line Items]
Held-to-maturity securities, amortized cost	9,987	9,979
Held-to-maturity securities, gross unrealized gains
Held-to-maturity securities, gross unrealized losses	(825)	(6)
Held-to-maturity securities, fair value	$ 9,162	$ 9,973

The following table presents th

The following table presents the unrealized gains (losses) recognized on marketable equity securities for the periods indicated: (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net (losses) gains recognized during the year on marketable equity securities	$ 19	$ (235)	$ (225)	$ (276)	$ (96)	$ 11	$ 6	$ (89)	$ (717)	$ (168)	$ 109
Net losses recognized during the year on equity securities sold during the year									1,021
Unrealized gain (loss) recognized during the year on marketable equity securities still held at year end									$ 304	$ (168)	$ 109

The amortized cost and fair val

The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2022, by final maturity, are shown below. (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized cost, available for sale	$ 179,156	$ 199,037
Fair value, available for sale	146,997	194,352
Amortized cost, held to maturity	230,168	222,272
Fair value, held to maturity	190,950	219,748
Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, due after one year through five years, amortized cost	3,282
Available-for-sale securities, due after one year through five years, fair value	3,188
Held-to-maturity securities, due after one year through five years, amortized cost	9,987
Held-to-maturity securities, due after one year through five years, fair value	9,162
Available-for-sale securities, due after five years through ten years, amortized cost	14,913
Available-for-sale securities, due after five years through ten years, fair value	12,567
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	3,576
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	23,195	18,333
Fair value, available for sale	19,331	17,744
Amortized cost, held to maturity	9,987	9,979
Fair value, held to maturity	9,162	9,973
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, due after one year through five years, amortized cost	564
Available-for-sale securities, due after one year through five years, fair value	530
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	1,088
Available-for-sale securities, due after five years through ten years, fair value	989
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	154,309
Available-for-sale securities, due after ten years, fair value	126,147
Held-to-maturity securities, due after ten years, amortized cost	220,181
Held-to-maturity securities, due after ten years, fair value	181,788
Amortized cost, available for sale	155,961	180,704
Fair value, available for sale	127,666	176,608
Amortized cost, held to maturity	220,181	212,293
Fair value, held to maturity	$ 181,788	$ 209,775

Gross realized gains and losses

Gross realized gains and losses on sales of available-for-sale securities for the years ended December 31, 2022, 2021 and 2020 are as follows: (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Gross gains realized										$ 12	$ 2,188
Gross losses realized									(4)	(84)	(223)
Net (loss) gain realized				$ (4)		$ 2	$ (12)	$ (62)	$ (4)	$ (72)	$ 1,965

Information pertaining to secur

Information pertaining to securities with gross unrealized losses at December 31, 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	Dec. 31, 2022 USD ($) N	Dec. 31, 2021 USD ($) N
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	14	36
Available-for-sale, less than 12 months, fair value	$ 16,739	$ 107,647
Available-for-sale, less than 12 months, gross unrealized loss	$ 1,315	$ 2,230
Available-for-sale, over 12 months, number of securities | N	71	26
Available-for-sale, over 12 months, fair value	$ 129,989	$ 61,839
Available-for-sale, over 12 months, gross unrealized loss	$ 30,844	$ 2,977
Held-to-maturity, less than 12 months, number of securities | N	6	33
Held-to-maturity, less than 12 months, fair value	$ 18,911	$ 219,748
Held-to-maturity, less than 12 months, gross unrealized loss	$ 2,116	$ 2,524
Held-to-maturity, over 12 months, number of securities | N	33
Held-to-maturity, over 12 months, fair value	$ 167,109
Held-to-maturity, over 12 months, gross unrealized loss	$ 37,169
Total, less than 12 months, number of securities | N	20	69
Total, less than 12 months, fair value	$ 35,650	$ 327,395
Total, less than 12 months, gross unrealized loss	$ 3,431	$ 4,754
Total, over 12 months, number of securities | N	104	26
Total, over 12 months, fair value	$ 297,098	$ 61,839
Total, over 12 months, gross unrealized loss	$ 68,013	$ 2,977
Government-sponsored mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	10	34
Available-for-sale, less than 12 months, fair value	$ 9,133	$ 105,221
Available-for-sale, less than 12 months, gross unrealized loss	$ 776	$ 2,088
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	7.80%	2%
Available-for-sale, over 12 months, number of securities | N	60	18
Available-for-sale, over 12 months, fair value	$ 112,586	$ 42,506
Available-for-sale, over 12 months, gross unrealized loss	$ 26,050	$ 1,841
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	18.80%	4.50%
Held-to-maturity, less than 12 months, number of securities | N	6	31
Held-to-maturity, less than 12 months, fair value	$ 18,911	$ 209,775
Held-to-maturity, less than 12 months, gross unrealized loss	$ 2,116	$ 2,518
Held-to-maturity, less than 12 months, depreciation from amortized cost basis (%)	10.10%	1.20%
Held-to-maturity, over 12 months, number of securities | N	31
Held-to-maturity, over 12 months, fair value	$ 157,947
Held-to-maturity, over 12 months, gross unrealized loss	$ 36,344
Held-to-maturity, over 12 months, depreciation from amortized cost basis (%)	18.70%
U.S. government guaranteed mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	1	2
Available-for-sale, less than 12 months, fair value	$ 113	$ 2,426
Available-for-sale, less than 12 months, gross unrealized loss	$ 20	$ 142
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	15%	6.20%
Available-for-sale, over 12 months, number of securities | N	8	5
Available-for-sale, over 12 months, fair value	$ 5,835	$ 5,107
Available-for-sale, over 12 months, gross unrealized loss	$ 1,449	$ 460
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	19.90%	9.90%
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	$ 11,568	$ 14,226
Available-for-sale, over 12 months, gross unrealized loss	$ 3,345	$ 676
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	22.40%	5%
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	$ 7,493
Available-for-sale, less than 12 months, gross unrealized loss	$ 519
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	6.50%
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
Held-to-maturity, less than 12 months, fair value		$ 9,973
Held-to-maturity, less than 12 months, gross unrealized loss		$ 6
Held-to-maturity, less than 12 months, depreciation from amortized cost basis (%)		0.10%
Held-to-maturity, over 12 months, number of securities | N	2
Held-to-maturity, over 12 months, fair value	$ 9,162
Held-to-maturity, over 12 months, gross unrealized loss	$ 825
Held-to-maturity, over 12 months, depreciation from amortized cost basis (%)	8.30%

INVESTMENT SECURITIES (Details

INVESTMENT SECURITIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Proceeds from redemptions and sales	$ 20	$ 9,562	$ 96,320
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	7,600
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Fair value of collateralized public deposits	$ 44,700

Major classifications of loans

Major classifications of loans as of the dates indicated were as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total gross loans	$ 1,989,276	$ 1,862,979
Unamortized PPP loan fees	(109)	(781)
Unearned premiums and deferred loan fees and costs, net	2,233	2,518
Total loans, net	1,991,400	1,864,716
Allowance for loan losses	(19,931)	(19,787)		$ (21,157)	$ (14,102)
Net loans	1,971,469	1,844,929
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	1,069,323	979,969	[1],[2]
Allowance for loan losses	(12,199)	(12,970)	[2]	(13,020)	(6,807)
Residential Mortgage [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	589,503	552,332	[1]
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	105,557	99,759	[1]
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	695,060	652,091	[2]
Allowance for loan losses	(4,312)	(3,964)	[2]	(4,240)	(3,920)
Commercial and Industrial Paycheck Protection Program [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	2,274	25,329
Commercial and Industrial [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	217,574	201,340	[1],[2]
Allowance for loan losses	(3,160)	(2,643)	[2]	(3,630)	(3,183)
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	219,848	226,669
Allowance for loan losses	(3,160)
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total gross loans	5,045	4,250	[1],[2]
Allowance for loan losses	$ (245)	$ (197)	[2]	$ (241)	$ (203)
[1]December 31, 2021 balances exclude PPP loans.[2]December 31, 2021 non-impaired loan 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Balance at the beginning of year:	$ 693	$ 153
Capitalized mortgage servicing rights	2	628
Amortization	(145)	(86)
Write-down of mortgage servicing asset to fair value		(2)
Balance at the end of year	550	693
Fair value at the end of year	$ 794	$ 739

An analysis of changes in the a

An analysis of changes in the allowance for loan losses by segment for the years ended December 31, 2022, 2021 and 2020 is as follows: (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022		Dec. 31, 2021		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at December 31, 2021				$ 19,787						$ 21,157	$ 19,787		$ 21,157		$ 14,102
Provision (credit)	$ 150	$ 675	$ 300	(425)		$ 300		$ (100)	$ (1,200)	75	700		(925)		7,775
Charge-offs											(673)		(645)		(963)
Recoveries											117		200		243
Balance at December 31, 2022	19,931					19,787					19,931		19,787		21,157
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at December 31, 2021				12,970	[1]					13,020	12,970	[1]	13,020		6,807
Provision (credit)											(434)		46		6,262
Charge-offs											(337)		(103)		(107)
Recoveries													7		58
Balance at December 31, 2022	12,199					12,970	[1]				12,199		12,970	[1]	13,020
Residential Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at December 31, 2021				3,964	[1]					4,240	3,964	[1]	4,240		3,920
Provision (credit)											344		(349)		408
Charge-offs											(28)		(44)		(177)
Recoveries											32		117		89
Balance at December 31, 2022	4,312					3,964	[1]				4,312		3,964	[1]	4,240
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at December 31, 2021				2,643	[1]					3,630	2,643	[1]	3,630		3,183
Provision (credit)											586		(644)		939
Charge-offs											(92)		(370)		(543)
Recoveries											23		27		51
Balance at December 31, 2022	3,160					2,643	[1]				3,160		2,643	[1]	3,630
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at December 31, 2021				197	[1]					241	197	[1]	241		203
Provision (credit)											202		35		129
Charge-offs											(216)		(128)		(136)
Recoveries											62		49		45
Balance at December 31, 2022	245					197	[1]				245		197	[1]	241
Unallocated [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance at December 31, 2021				$ 13	[1]					$ 26	13	[1]	26		(11)
Provision (credit)											2		(13)		37
Charge-offs
Recoveries
Balance at December 31, 2022	$ 15					$ 13	[1]				$ 15		$ 13	[1]	$ 26
[1]December 31, 2021 non-impaired loan 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		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans
Amount of allowance for non-impaired loans		19,931
Total allowance for loan losses		19,931	$ 19,787		$ 21,157	$ 14,102
Impaired loans		13,208
Non-impaired loans		1,970,870
Impaired loans acquired with deteriorated credit quality		5,198
Total loans		1,989,276	1,862,979
Total Loans Non PPE [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans				[1]
Amount of allowance for non-impaired loans		19,931	19,787	[1]
Total allowance for loan losses		19,931	19,787	[1]
Impaired loans		13,208	13,545	[1]
Non-impaired loans		1,970,870	1,817,174	[1]
Impaired loans acquired with deteriorated credit quality		5,198	6,931	[1]
Total loans		1,989,276	1,837,650	[1],[2]
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		12,199	12,970	[1]
Total allowance for loan losses		12,199	12,970	[1]	13,020	6,807
Impaired loans		9,178	9,601	[1]
Non-impaired loans		1,056,886	965,577	[1]
Impaired loans acquired with deteriorated credit quality		3,259	4,791	[1]
Total loans		1,069,323	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		4,312	3,964	[1]
Total allowance for loan losses		4,312	3,964	[1]	4,240	3,920
Impaired loans		3,623	3,223	[1]
Non-impaired loans		689,776	647,098	[1]
Impaired loans acquired with deteriorated credit quality		1,661	1,770	[1]
Total loans		695,060	652,091	[1]
Commercial and Industrial Sector [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of allowance for impaired loans
Amount of allowance for non-impaired loans		3,160
Total allowance for loan losses		3,160
Impaired loans		407
Non-impaired loans		219,163
Impaired loans acquired with deteriorated credit quality		278
Total loans		219,848	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		245	197	[1]
Total allowance for loan losses		245	197	[1]	241	203
Impaired loans			22	[1]
Non-impaired loans		5,045	4,228	[1]
Impaired loans acquired with deteriorated credit quality				[1]
Total loans		5,045	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		15	13	[1]
Total allowance for loan losses		15	13	[1]	26	(11)
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]
Amount of allowance for impaired loans	[1]
Amount of allowance for non-impaired loans	[1]		2,643
Total allowance for loan losses		3,160	2,643	[1]	$ 3,630	$ 3,183
Impaired loans	[1]		699
Non-impaired loans	[1]		200,271
Impaired loans acquired with deteriorated credit quality	[1]		370
Total loans		$ 217,574	$ 201,340	[1],[2]
[1]December 31, 2021 non-impaired loan 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	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total loans	$ 1,989,276	$ 1,862,979
Non-Accrual Loans	5,694	4,964	[1]
Total Loans Non PPE [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,989,276	1,837,650	[1],[2]
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2,160	1,046	[1]
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	418	56	[1]
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,891	1,039	[1]
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	4,469	2,141	[1]
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,984,807	1,835,509	[1]
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,069,323	979,969	[1],[2]
Non-Accrual Loans	1,933	1,224	[1]
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans		139	[1]
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	211		[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	1,404	436	[1]
Commercial Real Estate [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,615	575	[1]
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,067,708	979,394	[1]
Residential Mortgage [Member]
Financing Receivable, Past Due [Line Items]
Total loans	589,503	552,332	[1]
Non-Accrual Loans	3,290	3,214	[1]
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,768	787	[1]
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	100	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	414	507	[1]
Residential Mortgage [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2,282	1,335	[1]
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	587,221	550,997	[1]
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Total loans	105,557	99,759	[1]
Non-Accrual Loans	181	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	209	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	97	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	357	125	[1]
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	105,200	99,634	[1]
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Total loans	219,848	226,669
Non-Accrual Loans	290	410	[1]
Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	170	58	[1]
Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	10	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	202	90	[1]
Commercial and Industrial Sector [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	219,646	201,250	[1]
Commercial and Industrial Excluding PPP Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	219,848
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total loans	5,045	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	13	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	13	16	[1]
Consumer Loan [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	5,032	4,234	[1]
Commercial and Industrial [Member]
Financing Receivable, Past Due [Line Items]
Total loans	$ 217,574	$ 201,340	[1],[2]
[1]December 31, 2021 balances exclude PPP loans.[2]December 31, 2021 non-impaired loan balances exclude PPP loans.

The following is a summary of i

The following is a summary of impaired loans by class: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	[1]	Dec. 31, 2021	[2]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Recorded Investment	$ 18,406		$ 20,476
Impaired Financing Receivable, Unpaid Principal Balance	22,927		24,967
Impaired Financing Receivable, Average Recorded Investment	19,285		24,172
Impaired Financing Receivable, Interest Income, Accrual Method	374		843
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Recorded Investment	12,437		14,392
Impaired Financing Receivable, Unpaid Principal Balance	13,795		15,563
Impaired Financing Receivable, Average Recorded Investment	13,427		15,757
Impaired Financing Receivable, Interest Income, Accrual Method	248		469
Residential Portfolio Segment [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Recorded Investment	5,088		4,881
Impaired Financing Receivable, Unpaid Principal Balance	5,823		5,381
Impaired Financing Receivable, Average Recorded Investment	4,792		5,693
Impaired Financing Receivable, Interest Income, Accrual Method	59		233
Home Equity Line of Credit [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Recorded Investment	196		112
Impaired Financing Receivable, Unpaid Principal Balance	214		136
Impaired Financing Receivable, Average Recorded Investment	172		146
Impaired Financing Receivable, Interest Income, Accrual Method	1		7
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Recorded Investment	685		1,069
Impaired Financing Receivable, Unpaid Principal Balance	3,095		3,850
Impaired Financing Receivable, Average Recorded Investment	891		2,551
Impaired Financing Receivable, Interest Income, Accrual Method	66		131
Consumer Loan [Member]
Financing Receivable, Impaired [Line Items]
Impaired Financing Receivable, Recorded Investment			22
Impaired Financing Receivable, Unpaid Principal Balance			37
Impaired Financing Receivable, Average Recorded Investment	3		25
Impaired Financing Receivable, Interest Income, Accrual Method			$ 3
[1]Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings.[2]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 with evidence of credit deterioration from Chicopee as of December 31, 2022. (Details) - Chicopee Bancorp Inc [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [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	(1,792)
Collections - Cash Expected to be Collected	(1,576)
Collections - Non-Accretable Discount	(216)
Collections - Accretable Yield	(213)
Collections	(1,363)
Dispositions - Contractually Required Payments Receivable	(589)
Dispositions - Cash Expected to be Collected	(439)
Dispositions - Non-Accretable Discount	(150)
Dispositions - Accretable Yield	(69)
Dispositions	(370)
Loans receivable - Contractual Required Payments Receivable ending	9,753
Loans receivable - Cash Expected To Be Collected ending	7,415
Loans receivable - Non-Accretable Discount ending	2,338
Loans receivable - Accretable Yield ending	2,217
Loans receivable - Outstanding ending	$ 5,198

The following table presents ou

The following table presents our loans by risk rating for the periods indicated: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 1,989,276	$ 1,862,979
Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,925,319	1,780,379
Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	21,658	51,542
Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	42,299	31,058
Commercial Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,069,323	979,969	[1],[2]
Commercial Real Estate [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,036,337	913,063
Commercial Real Estate [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	16,035	48,765
Commercial Real Estate [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	16,951	18,141
Residential Mortgage [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	589,503	552,332	[1]
Residential Mortgage [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	585,292	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	4,211	4,352
Home Equity Line of Credit [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	105,557	99,759	[1]
Home Equity Line of Credit [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	105,248	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	309	256
Commercial and Industrial Sector [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	219,848	226,669
Commercial and Industrial Sector [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	193,415	215,605
Commercial and Industrial Sector [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,623	2,777
Commercial and Industrial Sector [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	20,810	8,287
Consumer Loan [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,045	4,250	[1],[2]
Consumer Loan [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,027	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	$ 18	$ 22
[1]December 31, 2021 balances exclude PPP loans.[2]December 31, 2021 non-impaired loan balances exclude PPP loans.

LOANS (Details Narrative)

LOANS (Details Narrative) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / Loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Receivables [Abstract]
Serviced commercial loans for participants	$ 70,500				$ 63,200				$ 70,500	$ 63,200
Weighted average prepayment speed, PSA									105%
Weighted average internal rate of return									10.01%
Weighted average servicing fee percentage									0.25%
Net cost to service loans | $ / Loan									83.71
Sale of residential real estate mortgages									$ 277	59,700
Gain on sale of mortgages				$ 2	289	$ 665	$ 242	$ 227	2	1,423
Mortgage loans serviced for others	$ 79,300				$ 88,200				79,300	88,200
Servicing fee income									$ 208	$ 137
Percentage of nonaccrual loans	0.29%				0.27%				0.29%	0.27%

Premises and equipment are summ

Premises and equipment are summarized as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total	$ 58,329	$ 57,186
Less: accumulated depreciation and amortization	(33,376)	(31,024)
Premises and equipment, net	24,953	26,162
Land [Member]
Property, Plant and Equipment [Line Items]
Total	6,239	6,239
Building [Member]
Property, Plant and Equipment [Line Items]
Total	26,738	26,343
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	3,472	3,409
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	$ 21,880	$ 21,195

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2.3	$ 2.3	$ 2.1

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of core deposit intangible	$ 375	$ 374	$ 375
Core Deposits [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired core deposit intangible	$ 4,500
Amortization period of core deposit intangible	12 years
Future amortization of core deposit intangible assets years 1-5	$ 375
Future amortization of core deposit intangible assets thereafter	$ 313

Deposit accounts, by type, are

Deposit accounts, by type, are summarized as follows for the periods indicated: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Demand and interest-bearing checking:
Interest-bearing checking accounts	$ 148,670	$ 145,739
Demand deposits	645,571	641,284
Savings:
Regular savings accounts	222,436	217,565
Money market accounts	801,076	850,330
Time deposits	411,690	401,980
Total deposits	$ 2,229,443	$ 2,256,898

The scheduled maturities of tim

The scheduled maturities of time deposits for the periods indicated are as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposit Assets [Abstract]
2022		$ 363,290
2023	288,697	24,500
2024	114,244	7,911
2025	4,873	4,892
2026	3,780	1,387
2027	96
Total time deposits	$ 411,690	$ 401,980

Interest expense on deposits fo

Interest expense on deposits for the years ended December 31, 2022, 2021 and 2020 is summarized as follows: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deposit Assets [Abstract]
Regular accounts	$ 161	$ 154	$ 136
Money market accounts	3,187	2,412	2,838
Time deposits	1,474	2,543	10,139
Interest-bearing checking accounts	530	399	387
Total	$ 5,352	$ 5,508	$ 13,500

DEPOSITS (Details Narrative)

DEPOSITS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deposit Assets [Abstract]
Time deposits $250,000 or more	$ 131,700
Interest expense on time deposits 250000 or more	358	$ 412
Cash paid for interest on deposits	$ 5,300	$ 5,500	$ 13,600

The following advances are coll

The following advances are collateralized by a blanket lien on our residential real estate loans and certain eligible commercial real estate loans. (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022		$ 1,475
Weighted Average Rate, 2022		0.10%
2023	532	$ 532
2024	646	646
2025
Total long-term advances	$ 1,178	$ 2,653
Weighted average rate		0.10%

SHORT-TERM BORROWINGS (Details

SHORT-TERM BORROWINGS (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Line of Credit [Member]
Short-Term Debt [Line Items]
Line of credit available	$ 9,500,000	$ 9,500,000
FRB Discount Window [Member]
Short-Term Debt [Line Items]
Line of credit available	4,400,000
Correspondent Banks [Member]
Short-Term Debt [Line Items]
Line of credit available	15,000,000	15,000,000
Bank [Member]
Short-Term Debt [Line Items]
Line of credit available	50,000,000	50,000,000
Other Borrowings [Member]
Short-Term Debt [Line Items]
Other borrowings	$ 6,400,000	0
Weighted average rate	4.33%
Federal Home Loan Bank Borrowings [Member]
Short-Term Debt [Line Items]
Weighted average rate	4.38%
Short term borrowings	$ 35,000,000	$ 0
Borrowing capacity	$ 407,400,000

LONG-TERM DEBT (Details Narrati

LONG-TERM DEBT (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 20, 2021
Debt Instrument [Line Items]
Amortization of issuance costs	$ 40	$ 27
Federal Home Loan Bank Advances [Member]
Debt Instrument [Line Items]
Cash paid for interest		513	$ 3,600
Subordinated Debt [Member]
Debt Instrument [Line Items]
Principal amount				$ 20,000
Maturity Date	May 01, 2031
Earliest redemption date	May 01, 2026
Issuance costs	$ 327
Amortization of issuance costs	$ 40	$ 27
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%

A summary of the status of our

A summary of the status of our stock options at December 31, 2022 is presented below: (Details) - Share-Based Payment Arrangement, Option [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at beginning of period | shares	177,881
Outstanding at beginning of period | $ / shares	$ 6.57
Outstanding at beginning of period	9 months 21 days
Outstanding at beginning of period | $	$ 388
Exercised | shares	(177,881)
Exercised | $ / shares	$ 6.58
Exercised	3 months 29 days
Exercised | $	$ 430
Outstanding at end of period | shares
Outstanding at end of period | $ / shares
Outstanding at end of period
Outstanding at end of period | $

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]	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021 is presented below: (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	213,381	178,766
Beginning balance	$ 8.91	$ 9.63
Shares granted	144,440	154,906
Shares granted	$ 9.14	$ 8.44
Shares forfeited	(24,440)	(24,506)
Shares forfeited	$ 8.73	$ 10.59
Shares vested	(127,289)	(95,785)
Shares vested	$ 9.32	$ 9.05
Ending balance	206,092	213,381
Ending balance	$ 8.85	$ 8.91

At December 31, 2022, the remai

At December 31, 2022, the remaining principal balances are payable as follows: (Details) - Loan to Employee Stock Ownership Plan Trust [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 447
2024	447
2025	447
2026	447
2027	447
Thereafter	1,462
Total	$ 3,697

Shares held by the ESOP include

Shares held by the ESOP include the following at December 31, 2022 and 2021: (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Allocated	1,139,325	1,127,074
Committed to be allocated	78,526	81,893	85,101
Unallocated	366,487	445,013
Total	1,584,338	1,653,980

STOCK PLANS AND EMPLOYEE STOC_3

STOCK PLANS AND EMPLOYEE STOCK OWNERSHIP PLAN (Details Narrative)	1 Months Ended						12 Months Ended
	Mar. 31, 2022 shares	May 31, 2021 shares	Feb. 28, 2021 shares	Feb. 29, 2020 shares	Jan. 31, 2007 shares	Jan. 31, 2002 N shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	May 14, 2014 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cash received for options exercised | $							$ 1,171,000	$ 193,000	$ 43,000
Restricted stock expense | $							1,100,000	1,300,000	834,000
Tax (shortfall) benefits | $							16,000	(5,000)	(23,000)
Unrecognized compensation cost for stock awards | $							$ 1,200,000
Unrecognized compensation cost remaining term							1 year 6 months
Employee age required to qualify for ESOP benefit | N						21
Minimum working hours needed for eligibility | N						1,000
Purchase of common stock by ESOP Trust of IPO, percent					4%	8%
Purchase of common stock by ESOP Trust of IPO					736,000	1,305,359
Number O fShares Sold In IPO					18,400,000
Total ESOP compensation expense | $							$ 683,000	682,000	$ 551,000
Fair value of unallocated shares | $							$ 3,500,000	$ 3,900,000
Loan to Employee Stock Ownership Plan Trust [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Interest rate							8%
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]
Vesting period			1 year
Shares granted		122,362	19,827
LTI Plan for 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	137,151
2021 RSA Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant							459,508
2014 RSA Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized										516,000
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
Share-Based Payment Arrangement [Member] | Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period							1 year
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%
2021 RSA Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized		700,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted							144,440	154,906
Fair value of restricted stock vested | $							$ 1,200,000

The following table provides in

The following table provides information for the DB Plan at or for the years ended December 31: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation:
Benefit obligation at beginning of year	$ 45,089	$ 47,592	$ 36,158
Service cost	1,108	1,842	1,396
Interest	1,254	1,171	1,162
Actuarial (gain) loss	(15,518)	(3,028)	9,690
Effect of curtailment	(5,059)
Benefits paid	(2,262)	(2,488)	(814)
Benefit obligation at end of year	24,612	45,089	47,592
Change in plan assets:
Fair value of plan assets at beginning of year	27,702	26,264	22,787
Actual return on plan assets	(5,906)	1,926	3,191
Employer contribution	3,600	2,000	1,100
Benefits paid	(2,262)	(2,488)	(814)
Fair value of plan assets at end of year	23,134	27,702	26,264
Funded status and accrued benefit at end of year	(1,478)	(17,387)	(21,328)
Accumulated benefit obligation at end of year	$ 24,612	$ 34,137	$ 35,755

The following actuarial assumpt

The following actuarial assumptions were used in determining the pension benefit obligation: (Details)	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Discount rate	5.05%	2.85%
Rate of compensation increase		4%

Net pension cost includes the f

Net pension cost includes the following components for the years ended December 31: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Service cost	$ 1,108	$ 1,842	$ 1,396
Interest cost	$ 1,254	1,171	1,162
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income Extensible Enumeration Not Disclosed	true
Expected return on assets	$ (1,712)	(1,755)	(1,526)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income Extensible Enumeration Not Disclosed	true
Amortization of actuarial loss	$ 531	910	421
Net periodic pension cost	$ 1,181	$ 2,168	$ 1,453

The following actuarial assum_2

The following actuarial assumptions were used in determining the net periodic pension cost for the years ended December 31: (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Discount rate	2.85%	2.50%	3.25%
Expected return on plan assets	6.50%	7%	7%
Rate of compensation increase	4%	4%	4%

The following is a summary of t

The following is a summary of the DB Plan’s investments for the years ended December 31: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total	$ 23,134	$ 27,702	$ 26,264	$ 22,787
Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	21,255	12,896
Large U.S. equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Total		7,501
International equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Total		4,251
Small/mid U.S. equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Total		1,228
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	$ 1,879	$ 1,826

The following table summarizes

The following table summarizes the investments for which fair value is measured using NAV per share as a practical expedient for the years ended December 31, 2022 and 2021. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 23,134	$ 27,702	$ 26,264	$ 22,787
Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 23,134	$ 27,702
Unfunded Commitments	n/a	n/a
Redemption Frequency (if Currently Eligible)	Daily	Daily
Redemption Notice Period	1 day	1 day

We estimate that the benefits t

We estimate that the benefits to be paid from the pension plan for years ended December 31 are as follows: (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
2023	$ 1,708
2024	1,839
2025	4,311
2026	3,914
2027	2,282
In aggregate for 2028 – 2032	$ 10,018

RETIREMENT PLANS AND EMPLOYEE_3

RETIREMENT PLANS AND EMPLOYEE BENEFITS (Details Narrative)	3 Months Ended					12 Months Ended
	Dec. 31, 2022 USD ($)		Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) N	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Gain on defined benefit plan curtailment	$ 2,807,000	[1]				$ 2,807,000
Discount rate	5.05%					5.05%	2.85%
Defined Benefit Plan, Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan target plan asset allocations	50%					50%
Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan target plan asset allocations	50%					50%
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum working hours needed for eligibility | N						1,000
Net unrealized losses reversed						$ 7,300,000
Curtailment of future salary recognition						$ 5,100,000
401 (k) [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution for the first 6% of each participant's annual earnings						50%
Maximum percentage of participant's annual earnings subject to match by employer for 401(K) plan						6%
Employer contribution to plan						$ 470,000	$ 476,000	$ 468,000
[1]The increase in non-interest income for the three months ended December 31, 2022 was due to a $ 2.8

The following table presents _2

The following table presents information about interest rate swaps at December 31, 2022 and December 31, 2021: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional Amount	$ 75,534	$ 76,826
Estimated Fair Value	0	0
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional Amount	75,500	76,800
Not Designated as Hedging Instrument [Member] | Loan-Level Swaps - Dealer [Member]
Derivative [Line Items]
Notional Amount	$ 37,767	$ 16,023
Weighted Average Maturity	9 years 9 months 18 days	11 years 1 month 6 days
Weighted Average Rate - Receive	4.42%	1.99%
Weighted Average Rate - Pay	3.17%	3.76%
Estimated Fair Value	$ 6,343	$ (662)
Not Designated as Hedging Instrument [Member] | Loan-Level Swaps - Borrower [Member]
Derivative [Line Items]
Notional Amount	$ 37,767	$ 16,023
Weighted Average Maturity	9 years 9 months 18 days	11 years 1 month 6 days
Weighted Average Rate - Receive	3.17%	3.76%
Weighted Average Rate - Pay	4.42%	1.99%
Estimated Fair Value	$ (6,343)	$ 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 non-hedging instruments as well as our classification on the balance sheet as of December 31, 2022 and December 31, 2021. (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative asset	$ 6,343	$ 1,692
Fair value of derivative liability	6,343	1,692
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Agreement [Member] | Customers [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative asset	0	662
Fair value of derivative liability	6,343	1,030
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Agreement [Member] | Counterparties [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative asset	6,343	1,030
Fair value of derivative liability	$ 0	$ 662

The table below presents the pr

The table below presents the pre-tax net gains (losses) of our cash flow hedges for the periods indicated: (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Reclassified from OCI into Expense (Effective Portion)			$ 1,516
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative			$ 1,099

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, Notional Amount	$ 75,534	$ 76,826
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 75,500	$ 76,800

Supplemental cash flow informat

Supplemental cash flow information related to leases was as follows: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,482	$ 1,525
ROU assets obtained in exchange for lease obligations:
Operating leases	$ 1,714	$ 181

Supplemental balance sheet info

Supplemental balance sheet information related to leases was as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease ROU assets	$ 9,224	$ 8,789
Operating lease liabilities	$ 9,457	$ 8,964

Future undiscounted lease payme

Future undiscounted lease payments for the Company’s operating lease liabilities were as follows (in thousands): (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Years Ending December 31,
2023	$ 1,423
2024	1,364
2025	1,280
2026	1,238
2027	983
Thereafter	4,899
Total lease payments	11,187
Less imputed interest	(1,730)
Total	$ 9,457	$ 8,964

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost	$ 1.5	$ 1.6
Weighted average remaining lease term	9 years 9 months 18 days
Weighted average discount rate	3.22%
Minimum [Member]
Operating lease, term of contract	1 year
Operating lease, renewal term	5 years
Maximum [Member]
Operating lease, term of contract	16 years
Operating lease, renewal term	10 years

Our actual capital ratios of De

Our actual capital ratios of December 31, 2022 and December 31, 2021 are also presented in the following table. (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Total Capital	$ 278,729,000	$ 261,093,000
Total Capital (to risk-weighted assets) ratio	0.1420	0.1427
Minimum amount of capital for adequacy purposes	$ 157,042,000	$ 146,347,000
Minimum amount of capital for adequacy purposes, ratio	0.0800	0.0800
Tier 1 Capital	$ 239,125,000	$ 221,673,000
Tier 1 Capital (to risk-weighted assets) ratio	0.1218	0.1212
Minimum amount of Tier 1 Capital for adequacy purposes	$ 117,781,000	$ 109,761,000
Minimum amount of Tier 1 Capital for adequacy purposes, ratio	0.0600	0.0600
Common Equity Tier 1 Capital	$ 239,125,000	$ 221,673,000
Common Equity Tier 1 Capital (to risk-weighted assets) ratio	0.1218	0.1212
Minimum amount of Common Equity Tier 1 Capital for adequacy purposes	$ 88,336,000	$ 82,320,000
Minimum amount of Common Equity Tier 1 Capital for adequacy purposes, ratio	0.0450	0.0450
Tier 1 Leverage ratio	$ 239,125,000	$ 221,673,000
Tier 1 Leverage (to adjusted average assets) ratio	0.0927	0.0875
Minimum amount of Tier 1 Leverage for adequacy purposes	$ 103,229,000	$ 101,320,000
Minimum amount of Tier 1 Leverage for adequacy purposes, ratio	0.0400	0.0400
Subsidiaries [Member]
Total Capital	$ 264,795,000	$ 243,788,000
Total Capital (to risk-weighted assets) ratio	0.1350	0.1335
Minimum amount of capital for adequacy purposes	$ 156,904,000	$ 146,135,000
Minimum amount of capital for adequacy purposes, ratio	0.0800	0.0800
Minimum Capital required to be well-capitalized	$ 196,131,000	$ 182,669,000
Minimum Capital required to be well-capitalized, ratio	0.1000	0.1000
Tier 1 Capital	$ 244,864,000	$ 224,001,000
Tier 1 Capital (to risk-weighted assets) ratio	0.1248	0.1226
Minimum amount of Tier 1 Capital for adequacy purposes	$ 117,678,000	$ 109,601,000
Minimum amount of Tier 1 Capital for adequacy purposes, ratio	0.0600	0.0600
Minimum Tier 1 Capital required to be well-capitalized	$ 156,904,000	$ 146,135,000
Minimum Tier 1 Capital required to be well-capitalized, ratio	0.0800	0.0800
Common Equity Tier 1 Capital	$ 244,864,000	$ 224,001,000
Common Equity Tier 1 Capital (to risk-weighted assets) ratio	0.1248	0.1226
Minimum amount of Common Equity Tier 1 Capital for adequacy purposes	$ 88,259,000	$ 82,201,000
Minimum amount of Common Equity Tier 1 Capital for adequacy purposes, ratio	0.0450	0.0450
Minimum Common Equity Tier 1 Capital required to be well-capitalized	$ 127,485,000	$ 118,735,000
Minimum Common Equity Tier 1 Capital required to be well-capitalized, ratio	0.0650	0.0650
Tier 1 Leverage ratio	$ 244,864,000	$ 224,001,000
Tier 1 Leverage (to adjusted average assets) ratio	0.0949	0.0886
Minimum amount of Tier 1 Leverage for adequacy purposes	$ 103,166,000	$ 101,101,000
Minimum amount of Tier 1 Leverage for adequacy purposes, ratio	0.0400	0.0400
Minimum Tier 1 Capital required to be well-capitalized	$ 128,957,000	$ 126,377,000
Minimum Tier 1 Leverage required to be well-capitalized, ratio	0.0500	0.0500

The following is a reconciliati

The following is a reconciliation of our GAAP capital to regulatory Tier 1, Common Equity Tier 1 and total capital: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Consolidated GAAP capital	$ 228,143	$ 223,688	$ 226,640	$ 232,024
Net unrealized losses on available-for-sale securities, net of tax	23,962	3,525
Unrealized loss on defined benefit pension plan, net of tax	1,080	8,789
Goodwill	(12,487)	(12,487)
Intangible assets, net of associated deferred tax liabilities	(1,573)	(1,842)
Tier 1 and Common Equity Tier 1 capital	239,125	221,673
Allowance for loan losses for regulatory capital	19,931	19,787
Subordinated debt	19,673	19,633
Total regulatory capital	$ 278,729	$ 261,093

REGULATORY CAPITAL (Details Nar

REGULATORY CAPITAL (Details Narrative) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares	Oct. 13, 2022 shares	Jul. 26, 2022 shares	Dec. 31, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Capital conservation buffer of common equity Tier 1 capital, minimum percentage	0.025	0.025
Amount available for payment of dividends without prior regulatory approval | $	$ 33.6	$ 33.6
Restricted equity in net assets | $	$ 156.9	$ 156.9			$ 146.1
2021 Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased			2,400,000
Number of shares authorized to be repurchased as percentage of total outstanding shares of common stock			10%
Repurchase Plan 2022 [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased				1,100,000
Number of shares authorized to be repurchased as percentage of total outstanding shares of common stock				5%
Common stock repurchased (in shares)	78,826
Shares remaining under plan	1,056,344	1,056,344
Repurchase Plans 2021 and 2022 [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased (in shares)		720,975

Income taxes consist of the fol

Income taxes consist of the following: (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax provision:
Federal									$ 5,251	$ 5,061	$ 3,793
State									2,403	2,320	1,579
Total									7,654	7,381	5,372
Deferred tax provision (benefit):
Federal									712	462	(1,639)
State									376	182	(792)
Total									1,088	644	(2,431)
Total tax provision	$ 3,320	$ 1,861	$ 1,865	$ 1,696	$ 1,995	$ 2,106	$ 2,087	$ 1,837	$ 8,742	$ 8,025	$ 2,941

The differences between the sta

The differences between the statutory federal income tax at a rate of 21% and the effective tax are summarized below: (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory federal income tax									$ 7,272	$ 6,662	$ 2,973
Increase (decrease) resulting from:
State taxes, net of federal tax benefit									2,195	1,977	622
Tax exempt income									(360)	(307)	(337)
Bank-owned life insurance (BOLI)									(362)	(401)	(380)
BOLI death benefit										(117)
Option exercise tax (benefit) shortfall									(28)	(15)	1
Other, net									25	226	62
Effective tax	$ 3,320	$ 1,861	$ 1,865	$ 1,696	$ 1,995	$ 2,106	$ 2,087	$ 1,837	$ 8,742	$ 8,025	$ 2,941

The tax effects of each item th

The tax effects of each item that gives rise to deferred taxes are as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net unrealized loss on available-for-sale securities	$ 8,197	$ 1,160
Allowance for loan losses	5,603	5,562
Lease liability	2,658	2,520
Employee benefit and share-based compensation plans	1,027	2,409
Accrued expenses	807	624
Defined benefit plan	421	3,436
Net unrealized loss on marketable equity securities	287	85
Nonaccrual interest	211	196
Purchased mortgage servicing rights	89	140
Other	165	182
Gross deferred tax assets	19,465	16,314
Deferred tax liabilities:
Lease right-of-use asset	(2,593)	(2,471)
Deferred loan fees	(708)	(539)
Fixed asset depreciation	(675)	(677)
Purchase accounting adjustments, net	(442)	(523)
Other	(20)	(12)
Gross deferred tax liabilities	(4,438)	(4,222)
Net deferred tax asset	$ 15,027	$ 12,092

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for income taxes	$ 7,400,000	$ 6,900,000	$ 5,800,000
Domestic Tax Authority [Member]
Income tax reserve for loan losses at Bank's base year	$ 9,400,000
Percentage of amount actually used net of reserve subject to taxation	150%
Deferred tax liability not recognized	$ 2,600,000

Following is a summary of activ

Following is a summary of activity for such loans: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Balance at beginning of year	$ 603	$ 695
Principal distributions	15	12
Repayments of principal	(43)	(104)
Change in related party status	(30)
Balance at end of year	$ 545	$ 603

The following summarizes these

The following summarizes these financial instruments and other commitments and contingent liabilities at their contract amounts: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Commitments to extend credit	$ 505,500	$ 543,200
Unused lines of Credit [Member]
Other Commitments [Line Items]
Commitments to extend credit	328,850	326,017
Loan Commitments [Member]
Other Commitments [Line Items]
Commitments to extend credit	84,123	138,765
Existing construction loan agreements [Member]
Other Commitments [Line Items]
Commitments to extend credit	70,516	48,235
Standby Letters of Credit [Member]
Other Commitments [Line Items]
Commitments to extend credit	$ 22,049	$ 30,160

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Commitments to extend credit	$ 505,500,000	$ 543,200,000
Fixed rate commitments	107,100,000	101,500,000
Variable rate commitments	398,400,000	$ 441,700,000
Vendor contract payable	10,700,000
Vendor contract payable within one year	4,900,000
Vendor contract payable within the next five years	5,800,000
General Partner [Member]
Loss Contingencies [Line Items]
Partners committed capital contrbution	3,000,000
Unfunded commitment	300,000
General Partner [Member] | Other Assets [Member]
Loss Contingencies [Line Items]
Partners committed book value	$ 2,700,000
Minimum [Member]
Loss Contingencies [Line Items]
Fixed rate commitments - interest rates	1.99%	1.99%
Maximum [Member]
Loss Contingencies [Line Items]
Fixed rate commitments - interest rates	18%	18%
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Commitments to extend credit	$ 22,049,000	$ 30,160,000
FHLB Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Commitments to extend credit	$ 16,400,000	$ 23,400,000

Assets and liabilities measured

Assets and liabilities measured at fair value on a recurring basis are summarized below: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 146,997	$ 194,352
Marketable equity securities	6,237	11,896
Interest rate swaps	6,343	1,692
Interest rate swaps	6,343	1,692
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Marketable equity securities	6,237	11,896
Interest rate swaps
Interest rate swaps
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	146,997	194,352
Marketable equity securities
Interest rate swaps	6,343	1,692
Interest rate swaps	6,343	1,692
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Marketable equity securities
Interest rate swaps
Interest rate swaps
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	146,997	194,352
Marketable equity securities	6,237	11,896
Interest rate swaps	6,343	1,692
Total assets	159,577	207,940
Interest rate swaps	6,343	1,692
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Marketable equity securities	6,237	11,896
Interest rate swaps
Total assets	6,237	11,896
Interest rate swaps
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	146,997	194,352
Marketable equity securities
Interest rate swaps	6,343	1,692
Total assets	153,340	196,044
Interest rate swaps	6,343	1,692
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Marketable equity securities
Interest rate swaps
Total assets
Interest rate swaps

The following table summarize_2

The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of December 31, 2022. (Details) - Fair Value, Nonrecurring [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total losses	$ 472
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 877

The estimated fair values of ou

The estimated fair values of our financial instruments are as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 30,342	$ 103,456
Securities held-to-maturity	190,950	219,748
Securities available-for-sale	146,997	194,352
Marketable equity securities	6,237	11,896
Federal Home Loan Bank of Boston and other restricted stock	3,352	2,594
Loans - net	1,856,087	1,838,045
Accrued interest receivable	8,140	7,775
Mortgage servicing rights	794	739
Derivative asset	6,343	1,692
Liabilities:
Deposits	2,220,405	2,256,834
Short-term borrowings	41,350
Long-term debt	1,094	2,620
Subordinated debt	18,132	20,479
Accrued interest payable	186	191
Derivative liabilities	6,343	1,692
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	30,342	103,456
Securities held-to-maturity	9,162	9,973
Securities available-for-sale
Marketable equity securities	6,237	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	181,788	209,775
Securities available-for-sale	146,997	194,352
Marketable equity securities
Federal Home Loan Bank of Boston and other restricted stock
Loans - net
Accrued interest receivable
Mortgage servicing rights	794	739
Derivative asset	6,343	1,692
Liabilities:
Deposits
Short-term borrowings	41,350
Long-term debt	1,094	2,620
Subordinated debt	18,132	20,479
Accrued interest payable
Derivative liabilities	6,343	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	3,352	2,594
Loans - net	1,856,087	1,838,045
Accrued interest receivable	8,140	7,775
Mortgage servicing rights
Derivative asset
Liabilities:
Deposits	2,220,405	2,256,834
Short-term borrowings
Long-term debt
Subordinated debt
Accrued interest payable	186	191
Derivative liabilities
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	30,342	103,456
Securities held-to-maturity	230,168	222,272
Securities available-for-sale	146,997	194,352
Marketable equity securities	6,237	11,896
Federal Home Loan Bank of Boston and other restricted stock	3,352	2,594
Loans - net	1,971,469	1,844,929
Accrued interest receivable	8,140	7,775
Mortgage servicing rights	550	693
Derivative asset	6,343	1,692
Liabilities:
Deposits	2,229,443	2,256,898
Short-term borrowings	41,350
Long-term debt	1,178	2,653
Subordinated debt	19,673	19,633
Accrued interest payable	186	191
Derivative liabilities	$ 6,343	$ 1,692

The condensed balance sheets of

The condensed balance sheets of the parent company are as follows: (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS:
Other assets	$ 27,170	$ 24,952
TOTAL ASSETS	2,553,150	2,538,425
LIABILITIES:
Other liabilities	33,363	35,553
EQUITY	228,143	223,688	$ 226,640	$ 232,024
TOTAL LIABILITIES AND EQUITY	2,553,150	2,538,425
Parent Company [Member]
ASSETS:
Cash equivalents	763	4,083
Investment in subsidiaries	233,882	226,015
ESOP loan receivable	3,697	4,356
Other assets	13,784	13,819
TOTAL ASSETS	252,126	248,273
LIABILITIES:
ESOP loan payable	3,697	4,356
Other liabilities	20,286	20,229
EQUITY	228,143	223,688
TOTAL LIABILITIES AND EQUITY	$ 252,126	$ 248,273

The condensed statements of net

The condensed statements of net income for the parent company are as follows: (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING EXPENSE:
Salaries and employee benefits									$ 32,697	$ 32,186	$ 29,349
Net income before taxes	$ 12,354	$ 7,860	$ 7,400	$ 7,015	$ 8,215	$ 8,142	$ 7,739	$ 7,628	34,629	31,724	14,156
Income tax benefit	3,320	1,861	1,865	1,696	1,995	2,106	2,087	1,837	8,742	8,025	2,941
Net income	$ 9,034	$ 5,999	$ 5,535	$ 5,319	$ 6,220	$ 6,036	$ 5,652	$ 5,791	25,887	23,699	11,215
Parent Company [Member]
INCOME:
Dividends from subsidiaries									8,152	13,024	15,812
ESOP loan interest income									349	402	457
Other income									2	1	1
Total income									8,503	13,427	16,270
OPERATING EXPENSE:
Salaries and employee benefits									2,011	2,153	1,420
ESOP interest									349	402	457
Other expenses									1,283	998	406
Total operating expense									3,643	3,553	2,283
Income before equity in undistributed income of subsidiaries and income taxes									4,860	9,874	13,987
Equity in undistributed income (loss) of subsidiaries									20,595	13,009	(3,123)
Net income before taxes									25,455	22,883	10,864
Income tax benefit									(432)	(816)	(351)
Net income									$ 25,887	$ 23,699	$ 11,215

The condensed statements of cas

The condensed statements of cash flows of the parent company are as follows: (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net income	$ 9,034	$ 5,999	$ 5,535	$ 5,319	$ 6,220	$ 6,036	$ 5,652	$ 5,791	$ 25,887	$ 23,699	$ 11,215
Change in other liabilities									8,099	3,687	3,887
Change in other assets									(4,218)	(4,914)	5,182
Net cash provided by operating activities									36,089	27,542	25,067
INVESTING ACTIVITIES:
Net cash provided by investing activities									(111,193)	(161,657)	(123,557)
FINANCING ACTIVITIES:
Cash dividends paid									(5,281)	(4,677)	(5,037)
Common stock repurchased									(6,351)	(23,281)	(10,519)
Proceeds from issuance of subordinated debt										20,000
Payment of subordinated debt issue costs										(394)
Issuance of common stock in connection with stock option exercises									1,171	193	43
Net cash used in financing activities									1,990	150,127	161,193
NET CHANGE IN CASH AND CASH EQUIVALENTS									(73,114)	16,012	62,703
Supplemental cash flow information:
Net change in due to broker for common stock repurchased										(160)	160
Parent Company [Member]
OPERATING ACTIVITIES:
Net income									25,887	23,699	11,215
Equity in undistributed (income) loss of subsidiaries									(20,595)	(13,009)	3,123
Net amortization of premiums on subordinated debt									40	27
Change in other liabilities									(642)	(353)	(672)
Change in other assets									694	(142)	335
Other, net									1,757	1,989	1,385
Net cash provided by operating activities									7,141	12,211	15,386
INVESTING ACTIVITIES:
Purchase of securities									(107)	(105)	(122)
Sales of securities									107	105	122
Net cash provided by investing activities
FINANCING ACTIVITIES:
Cash dividends paid									(5,281)	(4,677)	(5,037)
Common stock repurchased									(6,351)	(23,281)	(10,519)
Proceeds from issuance of subordinated debt										20,000
Payment of subordinated debt issue costs										(394)
Issuance of common stock in connection with stock option exercises									1,171	193	43
Net cash used in financing activities									(10,461)	(8,159)	(15,513)
NET CHANGE IN CASH AND CASH EQUIVALENTS									(3,320)	4,052	(127)
CASH AND CASH EQUIVALENTS
Beginning of year				$ 4,083				$ 31	4,083	31	158
End of year	$ 763				$ 4,083				763	4,083	31
Supplemental cash flow information:
Net change in due to broker for common stock repurchased										$ (160)	$ 160

The following tables present a

The following tables present a summary of our quarterly financial information for the periods indicated. (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Interest and dividend income	$ 23,585		$ 21,754	$ 20,646	$ 19,943	$ 19,926	$ 20,238	$ 19,652	$ 20,033	$ 85,928	$ 79,849	$ 82,875
Interest expense	2,731		1,466	1,254	1,245	1,344	1,473	1,848	2,007	6,696	6,672	18,445
Net interest and dividend income	20,854		20,288	19,392	18,698	18,582	18,765	17,804	18,026	79,232	73,177	64,430
Provision (credit) for loan losses	150		675	300	(425)	300	(100)	(1,200)	75	700	(925)	7,775
(Loss) gain on available-for-sale securities, net					(4)		2	(12)	(62)	(4)	(72)	1,965
Unrealized (losses) gains on marketable equity securities, net	19		(235)	(225)	(276)	(96)	11	6	(89)	(717)	(168)	109
Loss on interest rate swap termination								(402)			(402)	(2,353)
Gain on non-marketable equity investments	70		211	141		352			546	422	898
BOLI death benefit						555					555
Gain on defined benefit plan curtailment	2,807	[1]								2,807
Gain on sale of mortgages					2	289	665	242	227	2	1,423
Other non-interest income	2,757		2,614	2,825	2,626	2,756	2,617	2,575	2,382
Non-interest income	5,653		2,590	2,741	2,348	3,856	3,295	2,409	3,004	13,332	12,564	9,251
Non-interest expense	14,003		14,343	14,433	14,456	13,923	14,018	13,674	13,327	57,235	54,942	51,750
Income before income taxes	12,354		7,860	7,400	7,015	8,215	8,142	7,739	7,628	34,629	31,724	14,156
Income tax provision	3,320		1,861	1,865	1,696	1,995	2,106	2,087	1,837	8,742	8,025	2,941
Net income	$ 9,034		$ 5,999	$ 5,535	$ 5,319	$ 6,220	$ 6,036	$ 5,652	$ 5,791	$ 25,887	$ 23,699	$ 11,215
Basic earnings per share	$ 0.42		$ 0.28	$ 0.25	$ 0.24	$ 0.28	$ 0.27	$ 0.24	$ 0.24	$ 1.18	$ 1.02	$ 0.45
Diluted earnings per share	$ 0.42		$ 0.28	$ 0.25	$ 0.24	$ 0.28	$ 0.27	$ 0.24	$ 0.24	$ 1.18	$ 1.02	$ 0.45
[1]The increase in non-interest income for the three months ended December 31, 2022 was due to a $ 2.8