Western New England Bancorp (WNEB) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-16767
Entity Registrant Name	Western New England Bancorp, Inc.
Entity Central Index Key	0001157647
Entity Tax Identification Number	73-1627673
Entity Incorporation, State or Country Code	MA
Entity Address, Address Line One	141 Elm Street
Entity Address, City or Town	Westfield
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01086
City Area Code	(413)
Local Phone Number	568-1911
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	WNEB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,209,347

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 17,677	$ 25,577
Federal funds sold	458	1,652
Interest-bearing deposits and other short-term investments	5,095	3,113
Cash and cash equivalents	23,230	30,342
Available-for-sale securities, at fair value	146,373	146,997
Held-to-maturity securities, at amortized cost (Fair value of $191,073 and $190,950 at March 31, 2023 and December 31, 2022, respectively)	226,996	230,168
Marketable equity securities, at fair value	6,309	6,237
Federal Home Loan Bank of Boston stock and other restricted stock, at cost	7,173	3,352
Loans, net of allowance for credit losses of $19,031 at March 31, 2023 and $19,931 at December 31, 2022	1,987,468	1,971,469
Premises and equipment, net	24,379	24,953
Accrued interest receivable	8,009	8,140
Bank-owned life insurance	75,060	74,620
Deferred tax asset, net	14,348	15,027
Goodwill	12,487	12,487
Core deposit intangible	2,094	2,188
Other assets	28,089	27,170
TOTAL ASSETS	2,562,015	2,553,150
Deposits:
Non-interest-bearing	625,656	645,529
Interest-bearing	1,531,472	1,583,914
Total deposits	2,157,128	2,229,443
Short-term borrowings	98,990	41,350
Long-term debt	31,178	1,178
Subordinated debt	19,682	19,673
Other liabilities	21,815	33,363
TOTAL LIABILITIES	2,328,793	2,325,007
SHAREHOLDERS’ EQUITY:
Preferred stock - $0.01 par value, 5,000,000 shares authorized, none outstanding at March 31, 2023 and December 31, 2022
Common stock - $0.01 par value, 75,000,000 shares authorized, 22,209,347 shares issued and outstanding at March 31, 2023; 22,216,789 shares issued and outstanding at December 31, 2022	222	222
Additional paid-in capital	129,156	128,899
Unearned compensation – Employee Stock Ownership Plan	(2,778)	(2,906)
Unearned compensation - Equity Incentive Plan	(2,039)	(1,012)
Retained earnings	131,762	127,982
Accumulated other comprehensive loss	(23,101)	(25,042)
TOTAL SHAREHOLDERS’ EQUITY	233,222	228,143
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,562,015	$ 2,553,150

CONSOLIDATED BALANCE SHEETS -_2

CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022
Statement of Financial Position [Abstract]
Held-to-maturity securities, fair value		$ 191,073		$ 190,950
Loans, allowance for loan losses	[1]	$ 19,031	[2]	$ 19,931	[3]
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, authorized		5,000,000		5,000,000
Preferred stock, outstanding		0		0
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Common stock, authorized		75,000,000		75,000,000
Common stock, issued		22,209,347		22,216,789
Common stock, outstanding		22,209,347		22,216,789
[1]The Company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at March 31, 2023, the allowance for credit losses was determined in accordance with ASC 326, “ Financial Instruments-Credit Losses 7 2,113,000 931,000

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest and dividend income:
Residential and commercial real estate loans	$ 18,252	$ 15,343
Commercial and industrial loans	3,002	2,544
Consumer loans	75	60
Debt securities, taxable	2,076	1,923
Debt securities, tax-exempt	2	3
Marketable equity securities	71	24
Other investments	106	25
Short-term investments	54	21
Total interest and dividend income	23,638	19,943
Interest expense:
Deposits	4,103	992
Short-term borrowings	703
Long-term debt	74
Subordinated debt	254	253
Total interest expense	5,134	1,245
Net interest and dividend income	18,504	18,698
Reversal of credit losses	(388)	(425)
Net interest and dividend income after reversal of credit losses	18,892	19,123
Non-interest income:
Service charges and fees	2,187	2,174
Income from bank-owned life insurance	440	448
Loss on available-for-sale securities, net		(4)
Net unrealized loss on marketable equity securities		(276)
Gain on sale of mortgages		2
Gain on non-marketable equity investments	352
Other income		4
Total non-interest income	2,979	2,348
Non-interest expense:
Salaries and employees benefits	8,431	8,239
Occupancy	1,348	1,363
Furniture and equipment	486	543
Data processing	753	723
Professional fees	757	577
FDIC insurance assessment	352	286
Advertising	417	399
Other expenses	2,352	2,326
Total non-interest expense	14,896	14,456
Income before income taxes	6,975	7,015
Income tax provision	1,671	1,696
Net income	$ 5,304	$ 5,319
Earnings per common share:
Basic earnings per share	$ 0.24	$ 0.24
Weighted average shares outstanding	21,699,042	22,100,076
Diluted earnings per share	$ 0.24	$ 0.24
Weighted average diluted shares outstanding	21,716,869	22,172,909
Dividends per share	$ 0.07	$ 0.06

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net income		$ 5,304	$ 5,319
Unrealized gain (loss) on available-for-sale securities:
Unrealized holding gain (loss)		2,616	(11,468)
Reclassification adjustment for net loss realized in income	[1]		4
Unrealized gain (loss)		2,616	(11,464)
Tax effect		(675)	2,934
Net-of-tax amount		1,941	(8,530)
Defined benefit pension plan:
Amortization of defined benefit plans actuarial loss			158
Tax effect			(45)
Net-of-tax amount			113
Other comprehensive income (loss)		1,941	(8,417)
Comprehensive income (loss)		$ 7,245	$ (3,098)
[1]Realized losses on available-for-sale securities are recognized as a component of non-interest income. The tax effects applicable to net realized losses were $ 1,000

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Statement [Abstract]
Tax effects applicable to net realized losses on available-for-sale securities	$ 1

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Unearned Compensation - ESOP [Member]	Deferred Compensation, Share-Based Payments [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2021		$ 227	$ 132,821	$ (3,441)	$ (981)	$ 107,376	$ (12,314)	$ 223,688
Beginning balance, shares at Dec. 31, 2021		22,656,515
Comprehensive income						5,319	(8,417)	(3,098)
Common stock held by ESOP committed to be released			45	134				179
Share-based compensation - equity incentive plan					301			301
Forfeited equity incentive plan shares (6,651 shares)			(57)		57
Forfeited equity incentive plan shares reissued (7,289 shares)			71		(71)
Common stock repurchased		$ (2)	(1,178)					(1,180)
Common stock repurchased, shares		(132,358)
Issuance of common stock in connection with stock option exercises		$ 1	509					510
Issuance of common stock in connection with stock option exercises, shares		80,881
Issuance of common stock in connection with equity incentive plan		$ 1	1,248		(1,249)
Issuance of common stock in connection with equity incentive plan, shares		137,151
Cash dividends declared and paid on common stock						(1,337)		(1,337)
Ending balance, value at Mar. 31, 2022		$ 227	133,459	(3,307)	(1,943)	111,358	(20,731)	219,063
Ending balance, shares at Mar. 31, 2022		22,742,189
Beginning balance, value at Dec. 31, 2022		$ 222	128,899	(2,906)	(1,012)	127,982	(25,042)	228,143
Beginning balance, shares at Dec. 31, 2022		22,216,789
Cumulative effect accounting adjustment	[1]					9		9
Comprehensive income						5,304	1,941	7,245
Common stock held by ESOP committed to be released			52	128				180
Share-based compensation - equity incentive plan					529			529
Forfeited equity incentive plan shares reissued in connection with 2020 LTI performance share grant (19,761 shares)			180		(180)
Common stock repurchased		$ (1)	(1,350)					(1,351)
Common stock repurchased, shares		(143,896)
Issuance of common stock in connection with equity incentive plan		$ 1	1,348		(1,349)
Issuance of common stock in connection with equity incentive plan, shares		136,454
Forfeited equity incentive plan shares reissued in connection with 2023 LTI grant (2,742 shares)			27		(27)
Cash dividends declared and paid on common stock						(1,533)		(1,533)
Ending balance, value at Mar. 31, 2023		$ 222	$ 129,156	$ (2,778)	$ (2,039)	$ 131,762	$ (23,101)	$ 233,222
Ending balance, shares at Mar. 31, 2023		22,209,347
[1]Represents gross transition adjustment amount of $ 13,000 4,000 Financial Instruments-Credit Losses on Financial Instruments Loans and Allowance for Credit Losses

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock held by ESOP committed to be released (shares)	74,993	78,526
Forfeited equity incentive plan shares (in shares)		6,651
Forfeited equity incentive plan shares reissued (shares)		7,289
Cash dividends declared and paid on common stock (per share)	$ 0.07	$ 0.06
Forfeited equity incentive plan shares reissued in connection with 2020 LTI performance share grant, shares	19,761
Forfeited equity incentive plan shares reissued in connection with 2023 LTI grant, shares	2,742
Accounting Standards Update 2016-13 [Member]
Cumulative effect accounting adjustment, before tax	$ 13
Cumulative effect accounting adjustment, tax	$ 4

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,304	$ 5,319
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Reversal of credit losses	(388)	(425)
Depreciation and amortization of premises and equipment	562	584
Amortization (accretion) of purchase accounting adjustments, net	72	(29)
Amortization of core deposit intangible	94	94
Net amortization of premiums and discounts on securities and mortgage loans	330	441
Net amortization of deferred costs on mortgage loans	106	131
Net amortization of premiums on subordinated debt	9	10
Share-based compensation expense	529	301
ESOP expense	180	179
Principal balance of loans originated for sale		(277)
Principal balance of loans sold		277
Net loss on available-for-sale securities		4
Net change in unrealized loss on marketable equity securities		276
Income from bank-owned life insurance	(440)	(448)
Net change in:
Accrued interest receivable	131	52
Other assets	(1,424)	(954)
Other liabilities	(11,043)	1,661
Net cash (used in) provided by operating activities	(5,978)	7,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of held-to-maturity securities		(20,627)
Proceeds from calls, maturities and principal collections of held-to-maturity securities	3,065	5,190
Proceeds from sales and redemption of available-for-sale securities		20
Proceeds from calls, maturities, and principal collections of available-for-sale securities	2,949	8,630
Loan originations and principal payments, net	(15,770)	(61,734)
Purchase of Federal Home Loan Bank of Boston stock	(3,821)
Purchases of premises and equipment	2	(118)
Proceeds from payout on bank-owned life insurance		2,435
Net cash used in investing activities	(13,575)	(66,204)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in deposits	(72,315)	21,275
Net change in short-term borrowings	57,640
Repayment of long-term debt		(964)
Proceeds from issuance of long-term debt	30,000
Cash dividends paid on common stock	(1,533)	(1,337)
Common stock repurchased	(1,351)	(1,034)
Issuance of common stock in connection with stock option exercises		510
Net cash provided by financing activities	12,441	18,450
NET CHANGE IN CASH AND CASH EQUIVALENTS:	(7,112)	(40,558)
Beginning of period	30,342	103,456
End of period	23,230	62,898
Supplemental cash flow information:
Interest paid	4,984	1,267
Taxes paid	3,077	1,020
Net change in cash due to broker for common stock repurchased		$ 146

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 Basis of Presentation On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments - Credit Losses Topic326 Measurement of Credit Losses on Financial Instruments These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022, included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). Reclassifications

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings per common share:
EARNINGS PER SHARE	2. EARNINGS PER SHARE Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. If rights to dividends on unvested awards are non-forfeitable, these unvested awards are considered outstanding in the computation of basic earnings per share. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by us relate to stock options and certain performance-based restricted stock awards and are determined using the treasury stock method. Unallocated Employee Stock Ownership Plan (“ESOP”) shares are not deemed outstanding for earnings per share calculations. There were no anti-dilutive shares outstanding during the three months ended March 31, 2023 and 2022. Earnings per common share for the three months ended March 31, 2023 and 2022 have been computed based on the following: Three Months Ended March 31, 2023 2022 (In thousands, except per share data) Net income applicable to common stock $ 5,304 $ 5,319 Average number of common shares issued 22,220 22,705 Less: Average unallocated ESOP Shares (367 ) (445 ) Less: Average unvested equity incentive plan shares (154 ) (160 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,699 22,100 Effect of dilutive equity incentive plan 18 41 Effect of dilutive stock options — 32 Average number of common shares outstanding used to calculate diluted earnings per common share 21,717 22,173 Basic earnings per share $ 0.24 $ 0.24 Diluted earnings per share $ 0.24 $ 0.24

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
COMPREHENSIVE INCOME (LOSS)	3. COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: March 31, 2023 December 31, 2022 (In thousands) Net unrealized losses on available-for-sale securities $ (29,543 ) $ (32,159 ) Tax effect 7,522 8,197 Net-of-tax amount (22,021 ) (23,962 ) Unrecognized actuarial loss on the defined benefit plan (1,501 ) (1,501 ) Tax effect 421 421 Net-of-tax amount (1,080 ) (1,080 ) Accumulated other comprehensive loss $ (23,101 ) $ (25,042 )

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	4. INVESTMENT SECURITIES Available-for-sale and held-to-maturity investment securities at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,916 $ — $ (3,045 ) $ 11,871 State and municipal bonds 270 — — 270 Corporate bonds 8,008 — (509 ) 7,499 Total debt securities 23,194 — (3,554 ) 19,640 Mortgage-backed securities: Government-sponsored mortgage-backed securities 145,456 — (24,621 ) 120,835 U.S. government guaranteed mortgage-backed securities 7,266 — (1,368 ) 5,898 Total mortgage-backed securities 152,722 — (25,989 ) 126,733 Total available-for-sale 175,916 — (29,543 ) 146,373 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,989 — (695 ) 9,294 Total debt securities 9,989 — (695 ) 9,294 Mortgage-backed securities: Government-sponsored mortgage-backed securities 217,007 118 (35,346 ) 181,779 Total mortgage-backed securities 217,007 118 (35,346 ) 181,779 Total held-to-maturity 226,996 118 (36,041 ) 191,073 Total $ 402,912 $ 118 $ (65,584 ) $ 337,446 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 losses recognized on marketable equity securities for the periods indicated: Three Months Ended March 31 2023 2022 (In thousands) Net losses recognized during the period on marketable equity securities $ — $ (276 ) Net losses recognized during the period on equity securities sold during the period — — Unrealized losses recognized during the period on marketable equity securities still held at end of period $ — $ (276 ) At March 31, 2023, U.S. Treasury securities with a fair value of $ 9.3 7.8 188.8 The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2023, 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 in one year or less $ 3,008 $ 2,965 $ — $ — Due after one year through five years 270 270 9,989 9,294 Due after five years through ten years 14,916 12,674 — — Due after ten years 5,000 3,731 — — Total debt securities 23,194 19,640 9,989 9,294 Mortgage-backed securities: Due after one year through five years 535 508 — — Due after five years through ten years 1,036 954 — — Due after ten years 151,151 125,271 217,007 181,779 Total mortgage-backed securities 152,722 126,733 217,007 181,779 Total securities $ 175,916 $ 146,373 $ 226,996 $ 191,073 Gross realized gains and losses on sales of available-for-sale securities for the three months ended March 31, 2023 and 2022 are as follows: Three Months Ended March 31, 2023 2022 (In thousands) Gross gains realized $ — $ — Gross losses realized — (4 ) Net loss realized $ — $ (4 ) Proceeds from the redemption of available-for-sale securities totaled $ 20,000 On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Allowance for Credit Losses – Available-for-Sale Securities The Company measures expected credit losses on available-for-sale debt securities based upon the gain or loss position of the security. For available-for-sale debt securities in an unrealized loss position which the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the security before recovery of the Company’s amortized cost, the Company evaluates qualitative criteria to determine any expected loss. This includes among other items the financial health of, and specific prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. The Company also evaluates quantitative criteria including determining whether there has been an adverse change in expected future cash flows of the security. Available-for-sale securities which are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. 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. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a government-sponsored enterprise’s ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. Accrued interest receivable on available-for-sale securities guaranteed by government agencies totaled $ 411,000 78,000 Allowance for Credit Losses – Held-to-Maturity Securities The Company measures expected credit losses on held-to-maturity debt securities on a collective basis by security type and risk rating where available. The reserve for each pool is calculated based on a Probability of Default/Loss Given Default basis taking into consideration the expected life of each security. Held-to-maturity securities which are issued by the United States Treasury or are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. 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; FHLMC, FNMA, FFCB, or 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. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a government-sponsored enterprise’s ability to draw funds from the U.S. government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. Any expected credit losses on held-to-maturity securities would be presented as an allowance for credit loss. Accrued interest receivable on held-to-maturity securities totaled $ 463,000 At March 31, 2023 and December 31, 2022, management attributed 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. There was no credit loss during the three months ended March 31, 2023 or the year ended December 31, 2022. At March 31, 2023 and December 31, 2022, there was one available-for-sale 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. Information pertaining to securities with gross unrealized losses March 31, 2023 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 2 $ 1,257 $ 40 3.1 % 68 $ 119,578 $ 24,581 17.1 % U.S. government guaranteed mortgage-backed securities — — — — 9 5,898 1,368 18.8 Government-sponsored enterprise obligations — — — — 3 11,871 3,045 20.4 Corporate bonds 2 4,534 465 9.3 1 2,965 44 1.5 Total available-for-sale 4 5,791 505 81 140,312 29,038 Held-to-maturity: U.S. Treasury securities — — — — % 2 9,294 695 7.0 % Government-sponsored mortgage-backed securities 1 1,087 77 6.6 35 174,385 35,269 16.8 Total held-to-maturity 1 1,087 77 37 183,679 35,964 Total 5 $ 6,878 $ 582 118 $ 323,990 $ 65,002 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

LOANS AND ALLOWANCE FOR CREDIT

LOANS AND ALLOWANCE FOR CREDIT LOSSES	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
LOANS AND ALLOWANCE FOR CREDIT LOSSES	5. LOANS AND ALLOWANCE FOR CREDIT LOSSES Major classifications of loans at the periods indicated were as follows: March 31, 2023 December 31, 2022 (In thousands) Commercial real estate $ 1,079,664 $ 1,069,323 Residential real estate: Residential one-to-four family 595,097 589,503 Home equity 105,801 105,557 Total residential real estate 700,898 695,060 Commercial and industrial: Paycheck Protection Program (“PPP”) loans 2,129 2,274 Commercial and industrial 215,971 217,574 Total commercial and industrial 218,100 219,848 Consumer 5,667 5,045 Total gross loans 2,004,329 1,989,276 Unamortized PPP loan fees (99 ) (109 ) Unearned premiums and deferred loan fees and costs, net 2,269 2,233 Total loans, net 2,006,499 1,991,400 Allowance for credit losses (1) (19,031 ) (19,931 ) Net loans $ 1,987,468 $ 1,971,469 (1) The Company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at March 31, 2023, the allowance for credit losses was determined in accordance with ASC 326, “ Financial Instruments-Credit Losses 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 March 31, 2023 and December 31, 2022, the Company was servicing commercial loans participated out to various other institutions totaling $ 71.2 70.5 Residential real estate mortgages are originated by the Company both for its portfolio and for sale into the secondary market. The Company may sell its loans to institutional investors such as the FHLMC. Under loan sale and servicing agreements with the investor, the Company generally continues to service the residential real estate mortgages. The Company pays the investor an agreed upon rate on the loan, which is less than the interest rate received from the borrower. The Company retains the difference as a fee for servicing the residential real estate mortgages. The Company 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 March 31, 2023, include weighted average prepayment speed for the portfolio using the Public Securities Association Standard Prepayment Model ( 102 10.01 0.25 83.53 277,000 2,000 At March 31, 2023 and December 31, 2022, the Company was servicing residential mortgage loans owned by investors totaling $ 77.6 79.3 50,000 53,000 A summary of the activity in the balances of mortgage servicing rights follows: Three Months Ended March 31, 2023 2022 (In thousands) Balance at the beginning of year: $ 550 $ 693 Capitalized mortgage servicing rights — 2 Amortization (35 ) (36 ) Balance at the end of period $ 515 $ 659 Fair value at the end of period $ 779 $ 813 Loans are recorded at the principal amount outstanding, adjusted for charge-offs, unearned premiums and deferred loan fees and costs. Interest on loans is calculated using the effective yield method on daily balances of the principal amount outstanding and is credited to income on the accrual basis to the extent it is deemed collectable. Our general policy is to discontinue the accrual of interest when principal or interest payments are delinquent 90 days or more based on the contractual terms of the loan, or earlier if there are concerns regarding the collectability of the loan. Any unpaid amounts previously accrued on these loans are reversed from income. Subsequent cash receipts are applied to the outstanding principal balance or to interest income if, in the judgment of management, collection of the principal balance is not in question. Loans are returned to accrual status when they become current as to both principal and interest and perform in accordance with contractual terms for a period of at least six months, reducing the concern as to the collectability of principal and interest. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income over the estimated average lives of the related loans. Effect of New Financial Accounting Standards. On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses Topic326 Measurement of Credit Losses on Financial Instruments The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net increase to retained earnings of $ 9,000 ASC 326 4,000 1.2 918,000 The following table illustrates the impact of ASC 326: Pre-ASC 326 Adoption December 31, 2022 As Reported Under ASC 326 January 1, 2023 Impact of ASC 326 Adoption (In thousands) Assets Loans (1) $ 1,989,276 $ 1,991,389 $ 2,113 Allowance for credit losses on loans (2) (19,931 ) (21,113 ) (1,182 ) Deferred tax asset 15,027 15,023 (4 ) Liabilities Allowance for credit losses on off-balance sheet exposures $ — $ (918 ) $ (918 ) Shareholders’ Equity Retained earnings, net of tax $ (127,982 ) $ (127,991 ) $ (9 ) (1) Purchase credit deteriorated (“PCD loans”) gross up of cost basis of loans totaled $ 422,000 1,691,000 (2) Increase to allowance for credit losses on loans of $ 2,113,000 931,000 Allowance for Credit Losses. The allowance for credit losses is an estimate of expected losses inherent within the Company’s existing loans held for investment portfolio. The allowance for credit losses for loans held for investment, as reported in our consolidated balance sheet, is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries. Accrued interest receivable on loans held for investment was $ 7 The loan loss estimation process involves procedures to appropriately consider the unique characteristics of loan portfolio segments, which consist of commercial real estate loans, residential real estate loans, commercial and industrial loans, and consumer loans. These segments are further disaggregated into loan classes, the level at which credit risk is monitored. For each of these pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The quantitative component of the ACL on loans is model-based and utilizes a forward-looking macroeconomic forecast. The Company uses a discounted cash flow method, incorporating probability of default and loss given default forecasted based on statistically derived economic variable loss drivers, to estimate expected credit losses. This process includes estimates which involve modeling loss projections attributable to existing loan balances, and considering historical experience, current conditions, and future expectations for pools of loans over a reasonable and supportable forecast period. The historical information either experienced by the Company or by a selection of peer banks, when appropriate, is derived from a combination of recessionary and non-recessionary performance periods for which data is available. Commercial real estate loans Residential real estate loans 97 90 85 80 85 Commercial and industrial loans Consumer loans Discounted cash flow method (“DCF”) In estimating the component of the allowance for credit losses for loans that share similar risk characteristics with other loans, such loans are segregated into loan classes. Loans are designated into loan classes based on loans pooled by product types and similar risk characteristics or areas of risk concentration. In determining the allowance for credit losses, we derive an estimated credit loss assumption from a model that categorizes loan pools based on loan type and purpose. This model calculates an expected loss percentage for each loan class by considering the probability of default, using life-of-loan analysis periods for all loan segments, and the historical severity of loss, based on the aggregate net lifetime losses incurred per loan class. The default and severity factors used to calculate the allowance for credit losses for loans that share similar risk characteristics with other loans are adjusted for differences between the historical period used to calculate historical default and loss severity rates and expected conditions over the remaining lives of the loans in the portfolio related to: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio; (3) the nature and volume of the loan portfolio including the terms of the loans; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due and adversely classified loans and the volume of nonaccrual loans; (6) the quality of our loan review system and (7) the value of underlying collateral for collateralized loans. Additional factors include the existence and effect of any concentrations of credit, and changes in the level of such concentrations and the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Such factors are used to adjust the historical probabilities of default and severity of loss so that they reflect management expectation of future conditions based on a reasonable and supportable forecast. The Company uses regression analysis of historical internal and peer data to determine which variables are best suited to be economic variables utilized when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the economic variables. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. Individually evaluated financial assets For a loan that does not share risk characteristics with other loans, expected credit loss is measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, we recognize expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Purchased Credit Deteriorated Loans The Company has loans acquired with evidence of credit deterioration from Chicopee Bancorp, Inc. Prior to the adoption of CECL, these loans were accounted for under accounting guidance for purchased credit-impaired (“PCI”) loans. The Company did not elect the practical expedient to maintain pool accounting for these loans and will measure credit loss at the loan level. Upon adoption of ASC 326, PCI loans are accounted for as purchase credit deteriorated (“PCD loans”). PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through credit loss expense. Allowance for credit losses on off-balance sheet credit exposures, including unfunded loan commitments The Company maintains a separate allowance for credit losses from off-balance-sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the balance sheet. Management estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the ACL methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company, such as undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. The allowance for credit losses on off-balance sheet credit exposures is adjusted as credit loss expense. Categories of off-balance sheet credit exposures correspond to the loan portfolio segments described above. Management evaluates the need for a reserve on unfunded loan commitments in a manner consistent with loans held for investment. Upon adoption of ASU 2016-13 on January 1, 2023, the Company recorded a transition adjustment related to the reserve for unfunded loan commitments of $ 918,000 An analysis of changes in the allowance for credit losses by segment Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) Balance at December 31, 2021 $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Provision (credit) (639 ) 90 89 27 8 (425 ) Charge-offs (37 ) (16 ) (7 ) (45 ) — (105 ) Recoveries — 30 1 20 — 51 Balance at March 31, 2022 $ 12,294 $ 4,068 $ 2,726 $ 199 $ 21 $ 19,308 Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) Balance at December 31, 2022 $ 12,199 $ 4,312 $ 3,160 $ 245 $ 15 $ 19,931 Cumulative effect of change in accounting principle (1) 3,989 (2,518 ) (75 ) (199 ) (15 ) 1,182 Adjusted Beginning Balance $ 16,188 $ 1,794 $ 3,085 46 — $ 21,113 Provision (reversal) for credit losses (349 ) 83 3 31 — (232 ) Charge-offs (414 ) — (1,413 ) (35 ) — (1,862 ) Recoveries — — 1 11 — 12 Balance at March 31, 2023 (2) $ 15,425 $ 1,877 $ 1,676 $ 53 $ — $ 19,031 Allowance for credit losses for off-balance sheet exposures Balance at December 31, 2022 $ — $ — $ — $ — $ — $ — Cumulative effect of change in accounting principle 611 267 40 — — 918 Provision (reversal) for credit losses (93 ) (62 ) (1 ) — — (156 ) Balance at March 31, 2023 $ 518 $ 205 $ 39 $ — $ — $ 762 (1) Represents the net adjustment needed to reflect the cumulative day one impact pursuant to the Company’s adoption of ASU 2016-13 (i.e., cumulative effect adjustment related to the adoption of ASU 2016-13 as of January 1, 2023). The adjustment represents a $ 931,000 2,113,000 (2) The balance of $ 7 The $ 232,000 156,000 12.9 The following table presents information pertaining to the allowance for credit losses by segment 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 Past Due 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) March 31, 2023 Commercial real estate $ 175 $ 26 $ 526 $ 727 $ 1,078,937 $ 1,079,664 $ 1,429 Residential real estate: Residential one-to-four family 1,089 279 774 2,142 592,955 595,097 3,921 Home equity 97 — 51 148 105,653 105,801 174 Total 1,186 279 825 2,290 698,608 700,898 4,095 Commercial and industrial — 1 26 27 218,073 218,100 270 Consumer 2 — — 2 5,665 5,667 — Total loans $ 1,363 $ 306 $ 1,377 $ 3,046 $ 2,001,283 $ 2,004,329 $ 5,794 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 Total 1,977 197 465 2,639 692,421 695,060 3,471 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 At March 31, 2023 and December 31, 2022, total past due loans totaled $ 3 0.15 4.5 0.22 Nonaccrual Loans. Accrual of interest on loans is generally discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management’s judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are generally applied to principal. If collection of the principal is reasonably assured, interest payments are recognized as income on the cash basis. Loans are generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of at least six consecutive months of performance has been achieved. The following table presents information regarding nonaccrual loans as of the date indicated: As of March 31, 2023 (1) Nonaccrual Loans with Allowance for Credit Loss Nonaccrual Loans Without Allowance for Credit Loss Total Nonaccrual Loans Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing (In thousands) Commercial real estate (1) $ — $ 1,429 $ 1,429 $ — Residential real estate: Residential (1) — 3,921 3,921 — Home equity (1) — 174 174 — Commercial and industrial (1) 3 267 270 — Consumer (1) — — — — Total loans (1) $ 3 $ 5,791 $ 5,794 $ — (1) The Company adopted ASU 2016-13 as of January 1, 2023. At March 31, 2023 and December 31, 2022, nonaccrual loans totaled $ 5.8 0.29% 5.7 0.29% Individually Evaluated Loans. In connection with the adoption of ASU-2106-13, the Company no longer provides information on impaired loans. A loan is considered individually evaluated when, based on current information and events, the borrower is experiencing financial difficulty and repayment, both principal and interest, is expected to be provided substantially through the operation or sale of the collateral. At March 31, 2023, the Company had $ 889,000 18 The following table summarizes the Company’s individually evaluated loans Recorded Investment Related Allowance (In thousands) With no related allowance recorded: Commercial real estate $ 11,970 $ — Residential real estate: Residential one-to-four family 5,853 — Home equity 189 — Commercial and industrial 372 — Consumer — — Loans with no related allowance recorded $ 18,384 $ — With an allowance recorded: Commercial real estate $ — $ — Residential real estate: Residential real estate — — Home equity — — Commercial and industrial 517 286 Consumer — — Loans with an allowance recorded $ 517 $ 286 Total individually evaluated loans $ 18,901 $ 286 Pre-ASC 326 CECL adoption impaired loan information as of December 31, 2022 is as follows: At December 31, 2022 Year Ended December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) Impaired Loans (1) 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. Modified Loans. Loans are designated as modified 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 Company 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 Company’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. There were no loan modifications during the three months ended March 31, 2023 and for the year ended December 31, 2022. During the three months ended March 31, 2023 and 2022, no modified loans defaulted (defined as 30 days or more past due) within 12 months of restructuring. There were no charge-offs on modified loans during the three months ended March 31, 2023 or 2022. The following is a summary of loans acquired with deteriorated credit quality in the Chicopee Bancorp, Inc. acquisition Pre-ASC 326 CECL adoption. 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 loan report and other loan reports to monitor credit quality. In addition, at least on an annual basis, the Company contracts with an external loan review company to review the internal credit ratings assigned to loans in the commercial loan portfolio on a pre-determined schedule, based on the type, size, rating, and overall risk of the loan. During the course of its review, the third party examines a sample of loans, including new loans, existing relationships over certain dollar amounts and classified assets. The following table details the amortized cost balances of the Company’s loan portfolio presented by risk rating                   Term Loan Origination by Year Revolving Loans March 31, 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial Real Estate: Pass (Rated 1- 4) $ 13,865 $ 176,853 $ 220,537 $ 101,212 $ 89,646 $ 348,403 $ 97,226 $ 794 $ 1,048,536 Special Mention (Rated 5) — 229 1,192 3,923 1,624 6,903 1,853 — 15,724 Substandard (Rated 6) — — — 9,775 2,013 3,616 — — 15,404 Total commercial real estate loans $ 13,865 $ 177,082 $ 221,729 $ 114,910 $ 93,283 $ 358,922 $ 99,079 $ 794 $ 1,079,664 Current period gross charge-offs $ — $ — $ — $ — $ — $ 414 $ — $ — $ 414 Residential One-to-Four Family: Pass (Rated 1- 4) $ 10,848 $ 84,058 $ 96,747 $ 133,471 $ 56,932 $ 194,852 $ 13,206 $ — $ 590,114 Special Mention (Rated 5) — — — — — — — — — Substandard (Rated 6) — 447 — 346 — 4,190 — — 4,983 Total residential one-to-four family $ 10,848 $ 84,505 $ 96,747 $ 133,817 $ 56,932 $ 199,042 $ 13,206 $ — $ 595,097 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Payment Performance: Performing $ 10,848 $ 84,058 $ 96,747 $ 133,471 $ 56,932 $ 195,914 $ 13,206 $ — $ 591,176 Nonperforming — 447 — 346 — 3,128 — — 3,921 Home Equity: Pass (Rated 1- 4) $ 1,858 $ 12,329 $ 7,482 $ 7,823 $ 6,205 $ 8,509 $ 58,986 $ 2,307 $ 105,499 Special Mention (Rated 5) — — — — — — — — — Substandard (Rated 6) — — — — — 51 222 29 302 Total home equity loans $ 1,858 $ 12,329 $ 7,482 $ 7,823 $ 6,205 $ 8,560 $ 59,208 $ 2,336 $ 105,801 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Payment Performance: Performing $ 1,858 $ 12,329 $ 7,482 $ 7,823 $ 6,205 $ 8,509 $ 59,114 $ 2,307 $ 105,627 Nonperforming — — — — — 51 94 29 174                   Term Loans Originated by Year Revolving Loans March 31, 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial and Industrial: Pass (Rated 1- 4) $ 10,924 $ 40,322 $ 30,170 $ 23,935 $ 21,394 $ 11,591 $ 54,899 $ 74 $ 193,309 Special Mention (Rated 5) — — 808 1,551 — 677 2,065 — 5,101 Substandard (Rated 6) — 36 1,669 9,325 1,421 373 6,866 — 19,690 Total commercial and industrial loans $ 10,924 $ 40,358 $ 32,647 $ 34,811 $ 22,815 $ 12,641 $ 63,830 $ 74 $ 218,100 Current period gross charge-offs $ — $ — $ — $ — $ — $ 220 $ — $ 1,193 $ 1,413 Consumer: Pass (Rated 1- 4) $ 1,132 $ 2,060 $ 751 $ 514 $ 198 $ 278 $ 713 $ 3 $ 5,649 Special Mention (Rated 5) — — — — — — — — — Substandard (Rated 6) — — — — — 18 — — 18 Total consumer loans $ 1,132 $ 2,060 $ 751 $ 514 $ 198 $ 296 $ 713 $ 3 $ 5,667 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 3 $ 32 $ 35 Payment Performance: Performing $ 1,132 $ 2,060 $ 751 $ 514 $ 198 $ 296 $ 713 $ 3 $ 5,667 Nonperforming — — — — — — — — — The following table presents our loans by risk rating as of December 31, 2022 Pre-ASC 326 CECL adoption: Commercial Real Estate Residential 1-4 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

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLES	6. GOODWILL AND OTHER INTANGIBLES Goodwill At March 31, 2023 and December 31, 2022, the Company’s goodwill was related to the acquisition of Chicopee Bancorp, Inc. in October 2016. There was no goodwill impairment recorded during the three months ended March 31, 2023 or the year ended December 31, 2022. Annually, or more frequently if events or changes in circumstances warrant such evaluation, the Company evaluates its goodwill for impairment. Core Deposit Intangible In connection with the acquisition of Chicopee Bancorp, Inc., the Bank recorded a core deposit intangible of $ 4.5 twelve years 94,000 94,000 375,000 219,000

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	7. SHARE-BASED COMPENSATION Restricted Stock Awards. In May 2014, the Company’s shareholders approved the 2014 Omnibus Incentive Plan, a stock-based compensation plan (the “2014 Plan”). Under the 2014 Plan, up to 516,000 On an annual basis, the Compensation Committee (the “Committee”) approves long-term incentive awards out of the 2014 Plan, whereby shares will be granted to eligible participants of the Company that are nominated by the Chief Executive Officer and approved by the Committee, with vesting over a three one In February 2020, 120,053 120,053 69,898 19,760 one year 50,138 three 50,155 50 three 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 three 50,155 59,268 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 May 2021, the Company’s shareholders approved the 2021 Omnibus Incentive Plan, a stock-based compensation plan (the “2021 Plan”). Under the 2021 Plan, up to 700,000 In May 2021, 122,362 122,362 61,181 three 61,181 50 three three The threshold, target and stretch metrics under the 2021 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2021 5.63 % 6.25 % 7.50 % December 31, 2022 5.85 % 6.50 % 7.80 % December 31, 2023 6.08 % 6.75 % 8.10 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 1.58 $ 1.97 $ 2.36 In March 2022, 137,151 137,151 77,463 17,775 one year 59,688 three 59,688 50 three three The threshold, target and stretch metrics under the 2022 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2022 7.79 % 8.20 % 8.61 % December 31, 2023 7.93 % 8.35 % 8.77 % December 31, 2024 8.03 % 8.45 % 8.87 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 2.35 $ 2.61 $ 2.85 In March 2023, 139,196 139,196 78,697 18,198 one year 60,499 three 60,499 50 three The threshold, target and stretch metrics under the 2023 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2023 8.00 % 8.45 % 8.85 % December 31, 2024 8.75 % 9.25 % 9.75 % December 31, 2025 9.00 % 9.50 % 10.00 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 2.39 $ 2.65 $ 2.89 At March 31, 2023, there were 304,033 A summary of the status of restricted stock awards at March 31, 2023 and 2022 is presented below: Shares Weighted Average Grant Date Fair Value ($) Balance at December 31, 2022 206,092 8.85 Shares granted 158,957 9.79 Shares vested (59,270 ) 9.11 Balance at March 31, 2023 305,779 9.29 Shares Weighted Average Grant Date Fair Value ($) Balance at December 31, 2021 213,381 8.91 Shares granted 144,440 9.14 Shares forfeited (6,651 ) 8.66 Shares vested (60,009 ) 9.77 Balance at March 31, 2022 291,161 8.85 We recorded total expense for restricted stock awards of $ 529,000 301,000

SHORT-TERM BORROWINGS AND LONG-

SHORT-TERM BORROWINGS AND LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
SHORT-TERM BORROWINGS AND LONG-TERM DEBT	8. SHORT-TERM BORROWINGS AND LONG-TERM DEBT We utilize short-term borrowings and long-term debt as additional sources of funds to finance our lending and investing activities and to provide liquidity for daily operations. Total borrowing capacity includes borrowing arrangements at the FHLB, the Federal Reserve Bank (“FRB”), and borrowing arrangements with correspondent banks. Short-term borrowings can consist of FHLB advances with an original maturity of less than one year, overnight Ideal Way line of credit advances and other borrowings held as collateral for customer swap arrangements. Other borrowings totaled $ 5.5 4.83% 6.4 4.33% 93.5 4.89% 35 4.38% 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 March 31, 2023, the Bank had $ 281.6 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 $ 53.4 71.5 The Company also has pre-established, non-collateralized overnight borrowing arrangements with large national and regional correspondent banks to provide additional overnight and short-term borrowing capacity for the Company. The Company has a $ 15 50 Long-term debt consists of FHLB advances with an original maturity of one year or more. At March 31, 2023, we had $ 31.2 1.2

SUBORDINATED DEBT

SUBORDINATED DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
SUBORDINATED DEBT	9. SUBORDINATED DEBT On April 20, 2021, the Company completed an offering of $ 20 4.875 19.7 Unless earlier redeemed, the Notes mature on May 1, 2031 May 1, 2026 4.875 90-day average secured overnight financing rate 412 May 1, 2026 The Notes are presented net of issuance costs of $ 318,000 9,000 10,000

PENSION BENEFITS

PENSION BENEFITS	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
PENSION BENEFITS	10. PENSION BENEFITS The Board of Directors previously announced the termination of the Westfield Bank Defined Benefit Pension Plan (the “DB Plan”) on October 31, 2022, subject to required regulatory approval. At December 31, 2022, the Company reversed $ 7.3 2.8 1.3 6.3 In August 2022, the DB Plan’s assets were reallocated into short-and-long duration fixed income pooled separate investment accounts offered by the Principal Life Insurance Company. The overall investment objective is to preserve principal and protect DB Plan assets from market volatility ahead of the DB Plan settlement during the second quarter of 2023. The following table provides information regarding net pension benefit costs for the period shown: Three Months Ended March 31, 2022 (In thousands) Service cost $ 334 Interest cost 313 Expected return on assets (427 ) Amortization of actuarial loss 158 Net periodic pension cost $ 378

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: Notional Weighted Average Weighted Average Rate Estimated Fair March 31, 2023 Amount Maturity Receive Pay Value (In thousands) (In years) (In thousands) Non-hedging derivatives: Loan-level swaps – dealer $ 37,505 9.5 6.54 % 3.17 % $ 5,344 Loan-level swaps – borrower 37,505 9.5 3.17 % 6.54 % (5,344 ) Total $ 75,010 $ 0 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 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 March 31, 2023 and December 31, 2022. March 31, 2023 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customer counterparties $ 0 $ 5,344 Interest rate swap – with dealer counterparties 5,344 0 Total derivatives not designated as hedging instruments Other Assets $ 5,344 Other Liabilities $ 5,344 Asset Derivatives Liability Derivatives December 31, 2022 Balance Sheet Location Fair Value Balance Sheet Location 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 Effect of Derivative Instruments in the Consolidated Statements of Net Income and Changes in Shareholders’ Equity. There were no gains or losses recognized in accumulated other comprehensive income during the three months ended March 31, 2023 or 2022. The Company no longer has 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 March 31, 2023, we had minimum collateral posting thresholds with certain of our derivative counterparties. As of March 31, 2023, we were not required to post collateral under these agreements because we did not have any derivatives in a liability position with those counterparties.

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	12. FAIR VALUE OF ASSETS AND LIABILITIES Determination of Fair Value. We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for our various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. 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: March 31, 2023 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 146,373 $ — $ 146,373 Marketable equity securities 6,309 — — 6,309 Interest rate swaps — 5,344 — 5,344 Total assets $ 6,309 $ 151,717 $ — $ 158,026 Liabilities: Interest rate swaps $ — $ 5,344 $ — $ 5,344 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 146,997 $ — $ 146,997 Marketable equity securities 6,237 — — 6,237 Interest rate swaps — 6,343 — 6,343 Total assets $ 6,237 $ 153,340 $ — $ 159,577 Liabilities: Interest rate swaps $ — $ 6,343 $ — $ 6,343 There were no transfers to or from Level 1 and 2 for assets measured at fair value on a recurring basis at March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022: Three Months Ended At March 31, 2023 March 31, 2023 Total Level 1 Level 2 Level 3 Losses (In thousands) (In thousands) Impaired Loans $ — $ — $ 267 $ 1,828 Three Months Ended At December 31, 2022 March 31, 2022 Total Level 1 Level 2 Level 3 Losses (In thousands) (In thousands) Impaired Loans $ — $ — $ 877 $ — The 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. Summary of Fair Values of Financial Instruments. The estimated fair values of our financial instruments are as follows: March 31, 2023 Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 23,230 $ 23,230 $ — $ — $ 23,230 Securities held-to-maturity 226,996 9,294 181,779 — 191,073 Securities available-for-sale 146,373 — 146,373 — 146,373 Marketable equity securities 6,309 6,309 — — 6,309 Federal Home Loan Bank of Boston and other restricted stock 7,173 — — 7,173 7,173 Loans - net 1,987,468 — — 1,865,277 1,865,277 Accrued interest receivable 8,009 — — 8,140 8,140 Mortgage servicing rights 515 — 779 — 779 Derivative asset 5,344 — 5,344 — 5,344 Liabilities: Deposits 2,157,128 — — 2,150,323 2,150,323 Short-term borrowings 98,990 — 99,145 — 99,145 Long-term debt 31,178 — 31,123 — 31,123 Subordinated debt 19,682 — 18,392 — 18,392 Accrued interest payable 335 — — 335 335 Derivative liabilities 5,344 — 5,344 — 5,344 December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 30,342 $ 30,342 $ — $ — $ 30,342 Securities held-to-maturity 230,168 9,162 181,788 — 190,950 Securities available-for-sale 146,997 — 146,997 — 146,997 Marketable equity securities 6,237 6,237 — — 6,237 Federal Home Loan Bank of Boston and other restricted stock 3,352 — — 3,352 3,352 Loans - net 1,971,469 — — 1,856,087 1,856,087 Accrued interest receivable 8,140 — — 8,140 8,140 Mortgage servicing rights 550 — 794 — 794 Derivative asset 6,343 — 6,343 — 6,343 Liabilities: Deposits 2,229,443 — — 2,220,405 2,220,405 Short-term borrowings 41,350 — 41,350 — 41,350 Long-term debt 1,178 — 1,094 — 1,094 Subordinated debt 19,673 — 18,132 — 18,132 Accrued interest payable 186 — — 186 186 Derivative liabilities 6,343 — 6,343 — 6,343

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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
Basis of Presentation	Basis of Presentation On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments - Credit Losses Topic326 Measurement of Credit Losses on Financial Instruments These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022, included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”).
Reclassifications	Reclassifications

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings per common share:
Earnings per common share for the three months ended March 31, 2023 and 2022 have been computed based on the following:	Earnings per common share for the three months ended March 31, 2023 and 2022 have been computed based on the following: Three Months Ended March 31, 2023 2022 (In thousands, except per share data) Net income applicable to common stock $ 5,304 $ 5,319 Average number of common shares issued 22,220 22,705 Less: Average unallocated ESOP Shares (367 ) (445 ) Less: Average unvested equity incentive plan shares (154 ) (160 ) Average number of common shares outstanding used to calculate basic earnings per common share 21,699 22,100 Effect of dilutive equity incentive plan 18 41 Effect of dilutive stock options — 32 Average number of common shares outstanding used to calculate diluted earnings per common share 21,717 22,173 Basic earnings per share $ 0.24 $ 0.24 Diluted earnings per share $ 0.24 $ 0.24

COMPREHENSIVE INCOME (LOSS) (Ta

COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
The components of accumulated other comprehensive loss included in shareholders’ equity are as follows:	The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: March 31, 2023 December 31, 2022 (In thousands) Net unrealized losses on available-for-sale securities $ (29,543 ) $ (32,159 ) Tax effect 7,522 8,197 Net-of-tax amount (22,021 ) (23,962 ) Unrecognized actuarial loss on the defined benefit plan (1,501 ) (1,501 ) Tax effect 421 421 Net-of-tax amount (1,080 ) (1,080 ) Accumulated other comprehensive loss $ (23,101 ) $ (25,042 )

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-sale and held-to-maturity investment securities at March 31, 2023 and December 31, 2022 are summarized as follows:	Available-for-sale and held-to-maturity investment securities at March 31, 2023 and December 31, 2022 are summarized as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale securities: Debt securities: Government-sponsored enterprise obligations $ 14,916 $ — $ (3,045 ) $ 11,871 State and municipal bonds 270 — — 270 Corporate bonds 8,008 — (509 ) 7,499 Total debt securities 23,194 — (3,554 ) 19,640 Mortgage-backed securities: Government-sponsored mortgage-backed securities 145,456 — (24,621 ) 120,835 U.S. government guaranteed mortgage-backed securities 7,266 — (1,368 ) 5,898 Total mortgage-backed securities 152,722 — (25,989 ) 126,733 Total available-for-sale 175,916 — (29,543 ) 146,373 Held-to-maturity securities: Debt securities: U.S. Treasury securities 9,989 — (695 ) 9,294 Total debt securities 9,989 — (695 ) 9,294 Mortgage-backed securities: Government-sponsored mortgage-backed securities 217,007 118 (35,346 ) 181,779 Total mortgage-backed securities 217,007 118 (35,346 ) 181,779 Total held-to-maturity 226,996 118 (36,041 ) 191,073 Total $ 402,912 $ 118 $ (65,584 ) $ 337,446 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 losses recognized on marketable equity securities for the periods indicated:	The following table presents the unrealized losses recognized on marketable equity securities for the periods indicated: Three Months Ended March 31 2023 2022 (In thousands) Net losses recognized during the period on marketable equity securities $ — $ (276 ) Net losses recognized during the period on equity securities sold during the period — — Unrealized losses recognized during the period on marketable equity securities still held at end of period $ — $ (276 )
The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2023, by final maturity, are shown below.	The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2023, 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 in one year or less $ 3,008 $ 2,965 $ — $ — Due after one year through five years 270 270 9,989 9,294 Due after five years through ten years 14,916 12,674 — — Due after ten years 5,000 3,731 — — Total debt securities 23,194 19,640 9,989 9,294 Mortgage-backed securities: Due after one year through five years 535 508 — — Due after five years through ten years 1,036 954 — — Due after ten years 151,151 125,271 217,007 181,779 Total mortgage-backed securities 152,722 126,733 217,007 181,779 Total securities $ 175,916 $ 146,373 $ 226,996 $ 191,073
Gross realized gains and losses on sales of available-for-sale securities for the three months ended March 31, 2023 and 2022 are as follows:	Gross realized gains and losses on sales of available-for-sale securities for the three months ended March 31, 2023 and 2022 are as follows: Three Months Ended March 31, 2023 2022 (In thousands) Gross gains realized $ — $ — Gross losses realized — (4 ) Net loss realized $ — $ (4 )
Information pertaining to securities with gross unrealized losses	Information pertaining to securities with gross unrealized losses March 31, 2023 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 2 $ 1,257 $ 40 3.1 % 68 $ 119,578 $ 24,581 17.1 % U.S. government guaranteed mortgage-backed securities — — — — 9 5,898 1,368 18.8 Government-sponsored enterprise obligations — — — — 3 11,871 3,045 20.4 Corporate bonds 2 4,534 465 9.3 1 2,965 44 1.5 Total available-for-sale 4 5,791 505 81 140,312 29,038 Held-to-maturity: U.S. Treasury securities — — — — % 2 9,294 695 7.0 % Government-sponsored mortgage-backed securities 1 1,087 77 6.6 35 174,385 35,269 16.8 Total held-to-maturity 1 1,087 77 37 183,679 35,964 Total 5 $ 6,878 $ 582 118 $ 323,990 $ 65,002 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

LOANS AND ALLOWANCE FOR CREDI_2

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Major classifications of loans at the periods indicated were as follows:	Major classifications of loans at the periods indicated were as follows: March 31, 2023 December 31, 2022 (In thousands) Commercial real estate $ 1,079,664 $ 1,069,323 Residential real estate: Residential one-to-four family 595,097 589,503 Home equity 105,801 105,557 Total residential real estate 700,898 695,060 Commercial and industrial: Paycheck Protection Program (“PPP”) loans 2,129 2,274 Commercial and industrial 215,971 217,574 Total commercial and industrial 218,100 219,848 Consumer 5,667 5,045 Total gross loans 2,004,329 1,989,276 Unamortized PPP loan fees (99 ) (109 ) Unearned premiums and deferred loan fees and costs, net 2,269 2,233 Total loans, net 2,006,499 1,991,400 Allowance for credit losses (1) (19,031 ) (19,931 ) Net loans $ 1,987,468 $ 1,971,469 (1) The Company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at March 31, 2023, the allowance for credit losses was determined in accordance with ASC 326, “ Financial Instruments-Credit Losses
A summary of the activity in the balances of mortgage servicing rights follows:	A summary of the activity in the balances of mortgage servicing rights follows: Three Months Ended March 31, 2023 2022 (In thousands) Balance at the beginning of year: $ 550 $ 693 Capitalized mortgage servicing rights — 2 Amortization (35 ) (36 ) Balance at the end of period $ 515 $ 659 Fair value at the end of period $ 779 $ 813
The following table illustrates the impact of ASC 326:	The following table illustrates the impact of ASC 326: Pre-ASC 326 Adoption December 31, 2022 As Reported Under ASC 326 January 1, 2023 Impact of ASC 326 Adoption (In thousands) Assets Loans (1) $ 1,989,276 $ 1,991,389 $ 2,113 Allowance for credit losses on loans (2) (19,931 ) (21,113 ) (1,182 ) Deferred tax asset 15,027 15,023 (4 ) Liabilities Allowance for credit losses on off-balance sheet exposures $ — $ (918 ) $ (918 ) Shareholders’ Equity Retained earnings, net of tax $ (127,982 ) $ (127,991 ) $ (9 ) (1) Purchase credit deteriorated (“PCD loans”) gross up of cost basis of loans totaled $ 422,000 1,691,000 (2) Increase to allowance for credit losses on loans of $ 2,113,000 931,000
An analysis of changes in the allowance for credit losses by segment	An analysis of changes in the allowance for credit losses by segment Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) Balance at December 31, 2021 $ 12,970 $ 3,964 $ 2,643 $ 197 $ 13 $ 19,787 Provision (credit) (639 ) 90 89 27 8 (425 ) Charge-offs (37 ) (16 ) (7 ) (45 ) — (105 ) Recoveries — 30 1 20 — 51 Balance at March 31, 2022 $ 12,294 $ 4,068 $ 2,726 $ 199 $ 21 $ 19,308 Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Unallocated Total (In thousands) Balance at December 31, 2022 $ 12,199 $ 4,312 $ 3,160 $ 245 $ 15 $ 19,931 Cumulative effect of change in accounting principle (1) 3,989 (2,518 ) (75 ) (199 ) (15 ) 1,182 Adjusted Beginning Balance $ 16,188 $ 1,794 $ 3,085 46 — $ 21,113 Provision (reversal) for credit losses (349 ) 83 3 31 — (232 ) Charge-offs (414 ) — (1,413 ) (35 ) — (1,862 ) Recoveries — — 1 11 — 12 Balance at March 31, 2023 (2) $ 15,425 $ 1,877 $ 1,676 $ 53 $ — $ 19,031 Allowance for credit losses for off-balance sheet exposures Balance at December 31, 2022 $ — $ — $ — $ — $ — $ — Cumulative effect of change in accounting principle 611 267 40 — — 918 Provision (reversal) for credit losses (93 ) (62 ) (1 ) — — (156 ) Balance at March 31, 2023 $ 518 $ 205 $ 39 $ — $ — $ 762 (1) Represents the net adjustment needed to reflect the cumulative day one impact pursuant to the Company’s adoption of ASU 2016-13 (i.e., cumulative effect adjustment related to the adoption of ASU 2016-13 as of January 1, 2023). The adjustment represents a $ 931,000 2,113,000 (2) The balance of $ 7
The following table presents information pertaining to the allowance for credit losses by segment	The following table presents information pertaining to the allowance for credit losses by segment 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
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) March 31, 2023 Commercial real estate $ 175 $ 26 $ 526 $ 727 $ 1,078,937 $ 1,079,664 $ 1,429 Residential real estate: Residential one-to-four family 1,089 279 774 2,142 592,955 595,097 3,921 Home equity 97 — 51 148 105,653 105,801 174 Total 1,186 279 825 2,290 698,608 700,898 4,095 Commercial and industrial — 1 26 27 218,073 218,100 270 Consumer 2 — — 2 5,665 5,667 — Total loans $ 1,363 $ 306 $ 1,377 $ 3,046 $ 2,001,283 $ 2,004,329 $ 5,794 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 Total 1,977 197 465 2,639 692,421 695,060 3,471 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
The following table presents information regarding nonaccrual loans as of the date indicated:	The following table presents information regarding nonaccrual loans as of the date indicated: As of March 31, 2023 (1) Nonaccrual Loans with Allowance for Credit Loss Nonaccrual Loans Without Allowance for Credit Loss Total Nonaccrual Loans Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing (In thousands) Commercial real estate (1) $ — $ 1,429 $ 1,429 $ — Residential real estate: Residential (1) — 3,921 3,921 — Home equity (1) — 174 174 — Commercial and industrial (1) 3 267 270 — Consumer (1) — — — — Total loans (1) $ 3 $ 5,791 $ 5,794 $ — (1) The Company adopted ASU 2016-13 as of January 1, 2023.
The following table summarizes the Company’s individually evaluated loans	The following table summarizes the Company’s individually evaluated loans Recorded Investment Related Allowance (In thousands) With no related allowance recorded: Commercial real estate $ 11,970 $ — Residential real estate: Residential one-to-four family 5,853 — Home equity 189 — Commercial and industrial 372 — Consumer — — Loans with no related allowance recorded $ 18,384 $ — With an allowance recorded: Commercial real estate $ — $ — Residential real estate: Residential real estate — — Home equity — — Commercial and industrial 517 286 Consumer — — Loans with an allowance recorded $ 517 $ 286 Total individually evaluated loans $ 18,901 $ 286 Pre-ASC 326 CECL adoption impaired loan information as of December 31, 2022 is as follows: At December 31, 2022 Year Ended December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) Impaired Loans (1) 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.
The following is a summary of loans acquired with deteriorated credit quality in the Chicopee Bancorp, Inc. acquisition Pre-ASC 326 CECL adoption.	The following is a summary of loans acquired with deteriorated credit quality in the Chicopee Bancorp, Inc. acquisition Pre-ASC 326 CECL adoption. 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 details the amortized cost balances of the Company’s loan portfolio presented by risk rating	The following table details the amortized cost balances of the Company’s loan portfolio presented by risk rating                   Term Loan Origination by Year Revolving Loans March 31, 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial Real Estate: Pass (Rated 1- 4) $ 13,865 $ 176,853 $ 220,537 $ 101,212 $ 89,646 $ 348,403 $ 97,226 $ 794 $ 1,048,536 Special Mention (Rated 5) — 229 1,192 3,923 1,624 6,903 1,853 — 15,724 Substandard (Rated 6) — — — 9,775 2,013 3,616 — — 15,404 Total commercial real estate loans $ 13,865 $ 177,082 $ 221,729 $ 114,910 $ 93,283 $ 358,922 $ 99,079 $ 794 $ 1,079,664 Current period gross charge-offs $ — $ — $ — $ — $ — $ 414 $ — $ — $ 414 Residential One-to-Four Family: Pass (Rated 1- 4) $ 10,848 $ 84,058 $ 96,747 $ 133,471 $ 56,932 $ 194,852 $ 13,206 $ — $ 590,114 Special Mention (Rated 5) — — — — — — — — — Substandard (Rated 6) — 447 — 346 — 4,190 — — 4,983 Total residential one-to-four family $ 10,848 $ 84,505 $ 96,747 $ 133,817 $ 56,932 $ 199,042 $ 13,206 $ — $ 595,097 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Payment Performance: Performing $ 10,848 $ 84,058 $ 96,747 $ 133,471 $ 56,932 $ 195,914 $ 13,206 $ — $ 591,176 Nonperforming — 447 — 346 — 3,128 — — 3,921 Home Equity: Pass (Rated 1- 4) $ 1,858 $ 12,329 $ 7,482 $ 7,823 $ 6,205 $ 8,509 $ 58,986 $ 2,307 $ 105,499 Special Mention (Rated 5) — — — — — — — — — Substandard (Rated 6) — — — — — 51 222 29 302 Total home equity loans $ 1,858 $ 12,329 $ 7,482 $ 7,823 $ 6,205 $ 8,560 $ 59,208 $ 2,336 $ 105,801 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Payment Performance: Performing $ 1,858 $ 12,329 $ 7,482 $ 7,823 $ 6,205 $ 8,509 $ 59,114 $ 2,307 $ 105,627 Nonperforming — — — — — 51 94 29 174                   Term Loans Originated by Year Revolving Loans March 31, 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial and Industrial: Pass (Rated 1- 4) $ 10,924 $ 40,322 $ 30,170 $ 23,935 $ 21,394 $ 11,591 $ 54,899 $ 74 $ 193,309 Special Mention (Rated 5) — — 808 1,551 — 677 2,065 — 5,101 Substandard (Rated 6) — 36 1,669 9,325 1,421 373 6,866 — 19,690 Total commercial and industrial loans $ 10,924 $ 40,358 $ 32,647 $ 34,811 $ 22,815 $ 12,641 $ 63,830 $ 74 $ 218,100 Current period gross charge-offs $ — $ — $ — $ — $ — $ 220 $ — $ 1,193 $ 1,413 Consumer: Pass (Rated 1- 4) $ 1,132 $ 2,060 $ 751 $ 514 $ 198 $ 278 $ 713 $ 3 $ 5,649 Special Mention (Rated 5) — — — — — — — — — Substandard (Rated 6) — — — — — 18 — — 18 Total consumer loans $ 1,132 $ 2,060 $ 751 $ 514 $ 198 $ 296 $ 713 $ 3 $ 5,667 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 3 $ 32 $ 35 Payment Performance: Performing $ 1,132 $ 2,060 $ 751 $ 514 $ 198 $ 296 $ 713 $ 3 $ 5,667 Nonperforming — — — — — — — — — The following table presents our loans by risk rating as of December 31, 2022 Pre-ASC 326 CECL adoption: Commercial Real Estate Residential 1-4 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

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
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
The threshold, target and stretch metrics under the 2023 grants are as follows:	The threshold, target and stretch metrics under the 2023 grants are as follows: Return on Equity Metrics Performance Period Ending Threshold Target Stretch December 31, 2023 8.00 % 8.45 % 8.85 % December 31, 2024 8.75 % 9.25 % 9.75 % December 31, 2025 9.00 % 9.50 % 10.00 % Earnings Per Share Metrics Performance Period Ending Threshold Target Stretch Three-year Cumulative Diluted Earnings Per Share $ 2.39 $ 2.65 $ 2.89
A summary of the status of restricted stock awards at March 31, 2023 and 2022 is presented below:	A summary of the status of restricted stock awards at March 31, 2023 and 2022 is presented below: Shares Weighted Average Grant Date Fair Value ($) Balance at December 31, 2022 206,092 8.85 Shares granted 158,957 9.79 Shares vested (59,270 ) 9.11 Balance at March 31, 2023 305,779 9.29 Shares Weighted Average Grant Date Fair Value ($) Balance at December 31, 2021 213,381 8.91 Shares granted 144,440 9.14 Shares forfeited (6,651 ) 8.66 Shares vested (60,009 ) 9.77 Balance at March 31, 2022 291,161 8.85

PENSION BENEFITS (Tables)

PENSION BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
The following table provides information regarding net pension benefit costs for the period shown:	In August 2022, the DB Plan’s assets were reallocated into short-and-long duration fixed income pooled separate investment accounts offered by the Principal Life Insurance Company. The overall investment objective is to preserve principal and protect DB Plan assets from market volatility ahead of the DB Plan settlement during the second quarter of 2023. The following table provides information regarding net pension benefit costs for the period shown: Three Months Ended March 31, 2022 (In thousands) Service cost $ 334 Interest cost 313 Expected return on assets (427 ) Amortization of actuarial loss 158 Net periodic pension cost $ 378

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
The following table presents information about interest rate swaps at March 31, 2023 and December 31, 2022:	The following table presents information about interest rate swaps at March 31, 2023 and December 31, 2022: Notional Weighted Average Weighted Average Rate Estimated Fair March 31, 2023 Amount Maturity Receive Pay Value (In thousands) (In years) (In thousands) Non-hedging derivatives: Loan-level swaps – dealer $ 37,505 9.5 6.54 % 3.17 % $ 5,344 Loan-level swaps – borrower 37,505 9.5 3.17 % 6.54 % (5,344 ) Total $ 75,010 $ 0 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
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 March 31, 2023 and December 31, 2022.	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 March 31, 2023 and December 31, 2022. March 31, 2023 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives not designated as hedging instruments: Interest rate swap – with customer counterparties $ 0 $ 5,344 Interest rate swap – with dealer counterparties 5,344 0 Total derivatives not designated as hedging instruments Other Assets $ 5,344 Other Liabilities $ 5,344 Asset Derivatives Liability Derivatives December 31, 2022 Balance Sheet Location Fair Value Balance Sheet Location 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

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis are summarized below:	Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2023 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 146,373 $ — $ 146,373 Marketable equity securities 6,309 — — 6,309 Interest rate swaps — 5,344 — 5,344 Total assets $ 6,309 $ 151,717 $ — $ 158,026 Liabilities: Interest rate swaps $ — $ 5,344 $ — $ 5,344 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities $ — $ 146,997 $ — $ 146,997 Marketable equity securities 6,237 — — 6,237 Interest rate swaps — 6,343 — 6,343 Total assets $ 6,237 $ 153,340 $ — $ 159,577 Liabilities: Interest rate swaps $ — $ 6,343 $ — $ 6,343
The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of March 31, 2023 and December 31, 2022:	We may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine the carrying values of the related assets as of March 31, 2023 and December 31, 2022: Three Months Ended At March 31, 2023 March 31, 2023 Total Level 1 Level 2 Level 3 Losses (In thousands) (In thousands) Impaired Loans $ — $ — $ 267 $ 1,828 Three Months Ended At December 31, 2022 March 31, 2022 Total Level 1 Level 2 Level 3 Losses (In thousands) (In thousands) Impaired Loans $ — $ — $ 877 $ —
The estimated fair values of our financial instruments are as follows:	The estimated fair values of our financial instruments are as follows: March 31, 2023 Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 23,230 $ 23,230 $ — $ — $ 23,230 Securities held-to-maturity 226,996 9,294 181,779 — 191,073 Securities available-for-sale 146,373 — 146,373 — 146,373 Marketable equity securities 6,309 6,309 — — 6,309 Federal Home Loan Bank of Boston and other restricted stock 7,173 — — 7,173 7,173 Loans - net 1,987,468 — — 1,865,277 1,865,277 Accrued interest receivable 8,009 — — 8,140 8,140 Mortgage servicing rights 515 — 779 — 779 Derivative asset 5,344 — 5,344 — 5,344 Liabilities: Deposits 2,157,128 — — 2,150,323 2,150,323 Short-term borrowings 98,990 — 99,145 — 99,145 Long-term debt 31,178 — 31,123 — 31,123 Subordinated debt 19,682 — 18,392 — 18,392 Accrued interest payable 335 — — 335 335 Derivative liabilities 5,344 — 5,344 — 5,344 December 31, 2022 Carrying Value Fair Value Level 1 Level 2 Level 3 Total (In thousands) Assets: Cash and cash equivalents $ 30,342 $ 30,342 $ — $ — $ 30,342 Securities held-to-maturity 230,168 9,162 181,788 — 190,950 Securities available-for-sale 146,997 — 146,997 — 146,997 Marketable equity securities 6,237 6,237 — — 6,237 Federal Home Loan Bank of Boston and other restricted stock 3,352 — — 3,352 3,352 Loans - net 1,971,469 — — 1,856,087 1,856,087 Accrued interest receivable 8,140 — — 8,140 8,140 Mortgage servicing rights 550 — 794 — 794 Derivative asset 6,343 — 6,343 — 6,343 Liabilities: Deposits 2,229,443 — — 2,220,405 2,220,405 Short-term borrowings 41,350 — 41,350 — 41,350 Long-term debt 1,178 — 1,094 — 1,094 Subordinated debt 19,673 — 18,132 — 18,132 Accrued interest payable 186 — — 186 186 Derivative liabilities 6,343 — 6,343 — 6,343

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Mar. 31, 2023 N
Accounting Policies [Abstract]
Number of banking offices in which bank operates	25

Earnings per common share for t

Earnings per common share for the three months ended March 31, 2023 and 2022 have been computed based on the following: (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per common share:
Net income applicable to common stock	$ 5,304	$ 5,319
Average number of common shares issued	22,220	22,705
Less: Average unallocated ESOP Shares	(367)	(445)
Less: Average unvested equity incentive plan shares	(154)	(160)
Average number of common shares outstanding used to calculate basic earnings per common share	21,699	22,100
Effect of dilutive equity incentive plan	18	41
Effect of dilutive stock options		32
Average number of common shares outstanding used to calculate diluted earnings per common share	21,717	22,173
Basic earnings per share	$ 0.24	$ 0.24
Diluted earnings per share	$ 0.24	$ 0.24

The components of accumulated o

The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (23,101)	$ (25,042)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized actuarial loss on the defined benefit plan	(29,543)	(32,159)
Tax effect	7,522	8,197
Accumulated other comprehensive loss	(22,021)	(23,962)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized actuarial loss on the defined benefit plan	(1,501)	(1,501)
Tax effect	421	421
Accumulated other comprehensive loss	$ (1,080)	$ (1,080)

Available-for-sale and held-to-

Available-for-sale and held-to-maturity investment securities at March 31, 2023 and December 31, 2022 are summarized as follows: (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	$ 175,916	$ 179,156
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(29,543)	(32,159)
Available-for-sale securities, at fair value	146,373	146,997
Held-to-maturity securities, amortized cost	226,996	230,168
Held-to-maturity securities, gross unrealized gains	118	67
Held-to-maturity securities, gross unrealized losses	(36,041)	(39,285)
Held-to-maturity securities, fair value	191,073	190,950
Total, amortized cost	402,912	409,324
Total, gross unrealized gains	118	67
Total, gross unrealized losses	(65,584)	(71,444)
Total, fair value	337,446	337,947
Government-sponsored enterprise obligations [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	14,916	14,913
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(3,045)	(3,345)
Available-for-sale securities, at fair value	11,871	11,568
State and Municipal Bonds [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	270	270
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses
Available-for-sale securities, at fair value	270	270
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	8,008	8,012
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(509)	(519)
Available-for-sale securities, at fair value	7,499	7,493
Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	23,194	23,195
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(3,554)	(3,864)
Available-for-sale securities, at fair value	19,640	19,331
Held-to-maturity securities, amortized cost	9,989	9,987
Held-to-maturity securities, gross unrealized gains
Held-to-maturity securities, gross unrealized losses	(695)	(825)
Held-to-maturity securities, fair value	9,294	9,162
Government-sponsored mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	145,456	148,544
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(24,621)	(26,826)
Available-for-sale securities, at fair value	120,835	121,718
Held-to-maturity securities, amortized cost	217,007	220,181
Held-to-maturity securities, gross unrealized gains	118	67
Held-to-maturity securities, gross unrealized losses	(35,346)	(38,460)
Held-to-maturity securities, fair value	181,779	181,788
U.S. government guaranteed mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	7,266	7,417
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(1,368)	(1,469)
Available-for-sale securities, at fair value	5,898	5,948
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, amortized cost	152,722	155,961
Available-for-sale securities, gross unrealized gains
Available-for-sale securities, gross unrealized losses	(25,989)	(28,295)
Available-for-sale securities, at fair value	126,733	127,666
Held-to-maturity securities, amortized cost	217,007	220,181
Held-to-maturity securities, gross unrealized gains	118	67
Held-to-maturity securities, gross unrealized losses	(35,346)	(38,460)
Held-to-maturity securities, fair value	181,779	181,788
US Treasury Securities [Member]
Marketable Securities [Line Items]
Held-to-maturity securities, amortized cost	9,989	9,987
Held-to-maturity securities, gross unrealized gains
Held-to-maturity securities, gross unrealized losses	(695)	(825)
Held-to-maturity securities, fair value	$ 9,294	$ 9,162

The following table presents th

The following table presents the unrealized losses recognized on marketable equity securities for the periods indicated: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net losses recognized during the period on marketable equity securities		$ (276)
Net losses recognized during the period on equity securities sold during the period
Unrealized losses recognized during the period on marketable equity securities still held at end of period		$ (276)

The amortized cost and fair val

The amortized cost and fair value of available-for-sale and held-to-maturity securities at March 31, 2023, by final maturity, are shown below. (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized cost, available for sale	$ 175,916	$ 179,156
Fair value, available for sale	146,373	146,997
Amortized cost, held to maturity	226,996	230,168
Fair value, held to maturity	191,073	190,950
Debt Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, due in one year or less, amortized cost	3,008
Available-for-sale securities, due in one year or less, fair value	2,965
Held-to-maturity securities, due in one year or less, amortized cost
Held-to-maturity securities, due in one year or less, fair value
Available-for-sale securities, due after one year through five years, amortized cost	270
Available-for-sale securities, due after one year through five years, fair value	270
Held-to-maturity securities, due after one year through five years, amortized cost	9,989
Held-to-maturity securities, due after one year through five years, fair value	9,294
Available-for-sale securities, due after five years through ten years, amortized cost	14,916
Available-for-sale securities, due after five years through ten years, fair value	12,674
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	3,731
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	23,194	23,195
Fair value, available for sale	19,640	19,331
Amortized cost, held to maturity	9,989	9,987
Fair value, held to maturity	9,294	9,162
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for-sale securities, due after one year through five years, amortized cost	535
Available-for-sale securities, due after one year through five years, fair value	508
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	1,036
Available-for-sale securities, due after five years through ten years, fair value	954
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	151,151
Available-for-sale securities, due after ten years, fair value	125,271
Held-to-maturity securities, due after ten years, amortized cost	217,007
Held-to-maturity securities, due after ten years, fair value	181,779
Amortized cost, available for sale	152,722	155,961
Fair value, available for sale	126,733	127,666
Amortized cost, held to maturity	217,007	220,181
Fair value, held to maturity	$ 181,779	$ 181,788

Gross realized gains and losses

Gross realized gains and losses on sales of available-for-sale securities for the three months ended March 31, 2023 and 2022 are as follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gross gains realized
Gross losses realized		(4)
Net loss realized		$ (4)

Information pertaining to secur

Information pertaining to securities with gross unrealized losses (Details) $ in Thousands	Mar. 31, 2023 USD ($) N	Dec. 31, 2022 USD ($) N
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	4	14
Available-for-sale, less than 12 months, fair value	$ 5,791	$ 16,739
Available-for-sale, less than 12 months, gross unrealized loss	$ 505	$ 1,315
Available-for-sale, over 12 months, number of securities | N	81	71
Available-for-sale, over 12 months, fair value	$ 140,312	$ 129,989
Available-for-sale, over 12 months, gross unrealized loss	$ 29,038	$ 30,844
Held-to-maturity, less than 12 months, number of securities | N	1	6
Held-to-maturity, less than 12 months, fair value	$ 1,087	$ 18,911
Held-to-maturity, less than 12 months, gross unrealized loss	$ 77	$ 2,116
Held-to-maturity, over 12 months, number of securities | N	37	33
Held-to-maturity, over 12 months, fair value	$ 183,679	$ 167,109
Held-to-maturity, over 12 months, gross unrealized loss	$ 35,964	$ 37,169
Total, less than 12 months, number of securities | N	5	20
Total, less than 12 months, fair value	$ 6,878	$ 35,650
Total, less than 12 months, gross unrealized loss	$ 582	$ 3,431
Total, over 12 months, number of securities | N	118	104
Total, over 12 months, fair value	$ 323,990	$ 297,098
Total, over 12 months, gross unrealized loss	$ 65,002	$ 68,013
Government-sponsored mortgage-backed securities [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	2	10
Available-for-sale, less than 12 months, fair value	$ 1,257	$ 9,133
Available-for-sale, less than 12 months, gross unrealized loss	$ 40	$ 776
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	3.10%	7.80%
Available-for-sale, over 12 months, number of securities | N	68	60
Available-for-sale, over 12 months, fair value	$ 119,578	$ 112,586
Available-for-sale, over 12 months, gross unrealized loss	$ 24,581	$ 26,050
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	17.10%	18.80%
Held-to-maturity, less than 12 months, number of securities | N	1	6
Held-to-maturity, less than 12 months, fair value	$ 1,087	$ 18,911
Held-to-maturity, less than 12 months, gross unrealized loss	$ 77	$ 2,116
Held-to-maturity, less than 12 months, depreciation from amortized cost basis (%)	6.60%	10.10%
Held-to-maturity, over 12 months, number of securities | N	35	31
Held-to-maturity, over 12 months, fair value	$ 174,385	$ 157,947
Held-to-maturity, over 12 months, gross unrealized loss	$ 35,269	$ 36,344
Held-to-maturity, over 12 months, depreciation from amortized cost basis (%)	16.80%	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
Available-for-sale, less than 12 months, fair value		$ 113
Available-for-sale, less than 12 months, gross unrealized loss		$ 20
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)		15%
Available-for-sale, over 12 months, number of securities | N	9	8
Available-for-sale, over 12 months, fair value	$ 5,898	$ 5,835
Available-for-sale, over 12 months, gross unrealized loss	$ 1,368	$ 1,449
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	18.80%	19.90%
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	$ 11,871	$ 11,568
Available-for-sale, over 12 months, gross unrealized loss	$ 3,045	$ 3,345
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	20.40%	22.40%
Corporate Bonds [Member]
Marketable Securities [Line Items]
Available-for-sale, less than 12 months, number of securities | N	2	3
Available-for-sale, less than 12 months, fair value	$ 4,534	$ 7,493
Available-for-sale, less than 12 months, gross unrealized loss	$ 465	$ 519
Available-for-sale, less than 12 months, depreciation from amortized cost basis (%)	9.30%	6.50%
Available-for-sale, over 12 months, number of securities | N	1
Available-for-sale, over 12 months, fair value	$ 2,965
Available-for-sale, over 12 months, gross unrealized loss	$ 44
Available-for-sale, over 12 months, depreciation from amortized cost basis (%)	1.50%
US Treasury Securities [Member]
Marketable Securities [Line Items]
Held-to-maturity, less than 12 months, number of securities | N
Held-to-maturity, less than 12 months, fair value
Held-to-maturity, less than 12 months, gross unrealized loss
Held-to-maturity, less than 12 months, depreciation from amortized cost basis (%)
Held-to-maturity, over 12 months, number of securities | N	2	2
Held-to-maturity, over 12 months, fair value	$ 9,294	$ 9,162
Held-to-maturity, over 12 months, gross unrealized loss	$ 695	$ 825
Held-to-maturity, over 12 months, depreciation from amortized cost basis (%)	7%	8.30%

INVESTMENT SECURITIES (Details

INVESTMENT SECURITIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Marketable Securities [Line Items]
Securities fair value	$ 337,446		$ 337,947
Proceeds from the sales and redemptions of available-for-sale securities		$ 20
Accrued interest receivable on held-to-maturity securities	463
Guaranteed by government agencies [Member]
Marketable Securities [Line Items]
Accrued interest receivable on available for sale securities	411
Not guaranteed by government agencies [Member]
Marketable Securities [Line Items]
Accrued interest receivable on available for sale securities	78
Asset Pledged as Collateral [Member] | Deposits [Member] | US Treasury Securities [Member]
Marketable Securities [Line Items]
Securities fair value	9,300
Asset Pledged as Collateral [Member] | Deposits [Member] | Government-sponsored enterprise obligations [Member]
Marketable Securities [Line Items]
Securities fair value	7,800
Asset Pledged as Collateral [Member] | Deposits [Member] | Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Securities fair value	$ 188,800

Major classifications of loans

Major classifications of loans at the periods indicated were as follows: (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	$ 2,004,329		$ 1,989,276	[1]
Unamortized PPP loan fees	(99)		(109)
Unearned premiums and deferred loan fees and costs, net	2,269		2,233
Total loans, net	2,006,499		1,991,400
Allowance for credit losses	(19,031)	[2],[3]	(19,931)	[2],[4]	$ (19,308)	$ (19,787)
Net loans	1,987,468		1,971,469
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	1,079,664		1,069,323
Allowance for credit losses	(15,425)	[3]	(12,199)		(12,294)	(12,970)
Residential Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	595,097		589,503
Home Equity Line of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	105,801		105,557
Residential Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	700,898		695,060
Allowance for credit losses	(1,877)	[3]	(4,312)		(4,068)	(3,964)
Commercial and Industrial Paycheck Protection Program [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	2,129		2,274
Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	215,971		217,574
Commercial and Industrial Sector [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	218,100		219,848
Allowance for credit losses	(1,676)	[3]	(3,160)		(2,726)	(2,643)
Consumer Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total gross loans	5,667		5,045
Allowance for credit losses	$ (53)	[3]	$ (245)		$ (199)	$ (197)
[1]Purchase credit deteriorated (“PCD loans”) gross up of cost basis of loans totaled $ 422,000 1,691,000 Financial Instruments-Credit Losses 7 2,113,000 931,000

A summary of the activity in th

A summary of the activity in the balances of mortgage servicing rights follows: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Balance at the beginning of year:	$ 550	$ 693
Capitalized mortgage servicing rights		2
Amortization	(35)	(36)
Balance at the end of period	515	659
Fair value at the end of period	$ 779	$ 813

The following table illustrates

The following table illustrates the impact of ASC 326: (Details) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans		$ 2,004,329		$ 1,989,276	[1]
Allowance for credit losses on loans		(19,031)	[2],[3]	(19,931)	[2],[4]	$ (19,308)	$ (19,787)
Deferred tax asset		14,348		15,027
Allowance for credit losses on off-balance sheet exposures		(762)
Retained earnings, net of tax		$ (131,762)		(127,982)
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans	[1]			1,991,389
Allowance for credit losses on loans	[4]			(21,113)
Deferred tax asset				15,023
Allowance for credit losses on off-balance sheet exposures				(918)
Retained earnings, net of tax				(127,991)
Cumulative Effect, Period of Adoption, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans	[1]			2,113
Allowance for credit losses on loans	[4],[5]			(1,182)
Deferred tax asset				(4)
Allowance for credit losses on off-balance sheet exposures				(918)
Retained earnings, net of tax				$ (9)
[1]Purchase credit deteriorated (“PCD loans”) gross up of cost basis of loans totaled $ 422,000 1,691,000 Financial Instruments-Credit Losses 7 2,113,000 931,000 931,000 2,113,000

An analysis of changes in the a

An analysis of changes in the allowance for credit losses by segment (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		$ 19,931	[1],[2]	$ 19,787
Provision (reversal) for credit losses		(232)		(425)
Charge-offs		(1,862)		(105)
Recoveries		12		51
Ending balance, allowance for credit losses		19,031	[2],[3]	19,308
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Provision (reversal) for credit losses		(156)
Ending balance		762
Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[1],[4]	1,182
Allowance for credit losses for off-balance sheet exposures
Beginning balance		918
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[1]	21,113
Allowance for credit losses for off-balance sheet exposures
Beginning balance		918
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		12,199		12,970
Provision (reversal) for credit losses		(349)		(639)
Charge-offs		(414)		(37)
Recoveries
Ending balance, allowance for credit losses		15,425	[3]	12,294
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Provision (reversal) for credit losses		(93)
Ending balance		518
Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[4]	3,989
Allowance for credit losses for off-balance sheet exposures
Beginning balance		611
Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		16,188
Residential Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		4,312		3,964
Provision (reversal) for credit losses		83		90
Charge-offs				(16)
Recoveries				30
Ending balance, allowance for credit losses		1,877	[3]	4,068
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Provision (reversal) for credit losses		(62)
Ending balance		205
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[4]	(2,518)
Allowance for credit losses for off-balance sheet exposures
Beginning balance		267
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		1,794
Commercial and Industrial Sector [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		3,160		2,643
Provision (reversal) for credit losses		3		89
Charge-offs		(1,413)		(7)
Recoveries		1		1
Ending balance, allowance for credit losses		1,676	[3]	2,726
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Provision (reversal) for credit losses		(1)
Ending balance		39
Commercial and Industrial Sector [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[4]	(75)
Allowance for credit losses for off-balance sheet exposures
Beginning balance		40
Commercial and Industrial Sector [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		3,085
Consumer Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		245		197
Provision (reversal) for credit losses		31		27
Charge-offs		(35)		(45)
Recoveries		11		20
Ending balance, allowance for credit losses		53	[3]	199
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Provision (reversal) for credit losses
Ending balance
Consumer Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[4]	(199)
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Consumer Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		46
Unallocated [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses		15		13
Provision (reversal) for credit losses				8
Charge-offs
Recoveries
Ending balance, allowance for credit losses			[3]	$ 21
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Provision (reversal) for credit losses
Ending balance
Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses	[4]	(15)
Allowance for credit losses for off-balance sheet exposures
Beginning balance
Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance, allowance for credit losses
[1]Increase to allowance for credit losses on loans of $ 2,113,000 931,000 Financial Instruments-Credit Losses 7 931,000 2,113,000

The following table presents in

The following table presents information pertaining to the allowance for credit losses by segment (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Amount of allowance for impaired loans	$ 286
Amount of allowance for non-impaired loans			19,931
Total allowance for loan losses	19,031	[1],[2]	19,931	[1],[3]	$ 19,308	$ 19,787
Impaired loans			13,208
Non-impaired loans			1,970,870
Impaired loans acquired with deteriorated credit quality			5,198
Total loans	2,004,329		1,989,276	[4]
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Amount of allowance for impaired loans
Amount of allowance for non-impaired loans			12,199
Total allowance for loan losses	15,425	[2]	12,199		12,294	12,970
Impaired loans			9,178
Non-impaired loans			1,056,886
Impaired loans acquired with deteriorated credit quality			3,259
Total loans	1,079,664		1,069,323
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Amount of allowance for impaired loans
Amount of allowance for non-impaired loans			4,312
Total allowance for loan losses	1,877	[2]	4,312		4,068	3,964
Impaired loans			3,623
Non-impaired loans			689,776
Impaired loans acquired with deteriorated credit quality			1,661
Total loans	700,898		695,060
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Amount of allowance for impaired loans	286
Amount of allowance for non-impaired loans			3,160
Total allowance for loan losses	1,676	[2]	3,160		2,726	2,643
Impaired loans			407
Non-impaired loans			219,163
Impaired loans acquired with deteriorated credit quality			278
Total loans	218,100		219,848
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Amount of allowance for impaired loans
Amount of allowance for non-impaired loans			245
Total allowance for loan losses	53	[2]	245		199	197
Impaired loans
Non-impaired loans			5,045
Impaired loans acquired with deteriorated credit quality
Total loans	5,667		5,045
Unallocated [Member]
Financing Receivable, Past Due [Line Items]
Amount of allowance for impaired loans
Amount of allowance for non-impaired loans			15
Total allowance for loan losses		[2]	15		$ 21	$ 13
Impaired loans
Non-impaired loans
Impaired loans acquired with deteriorated credit quality
Total loans
[1]The Company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at March 31, 2023, the allowance for credit losses was determined in accordance with ASC 326, “ Financial Instruments-Credit Losses 7 2,113,000 931,000 422,000 1,691,000

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	Mar. 31, 2023		Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total loans	$ 2,004,329		$ 1,989,276	[1]
Non-Accrual Loans	5,794	[2]	5,694
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,363		2,160
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	306		418
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,377		1,891
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	3,046		4,469
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2,001,283		1,984,807
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,079,664		1,069,323
Non-Accrual Loans	1,429	[2]	1,933
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	175
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	26		211
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	526		1,404
Commercial Real Estate [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	727		1,615
Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,078,937		1,067,708
Residential Mortgage [Member]
Financing Receivable, Past Due [Line Items]
Total loans	595,097		589,503
Non-Accrual Loans	3,921	[2]	3,290
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,089		1,768
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	279		100
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	774		414
Residential Mortgage [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2,142		2,282
Residential Mortgage [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	592,955		587,221
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Total loans	105,801		105,557
Non-Accrual Loans	174	[2]	181
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	97		209
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans			97
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		51
Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	148		357
Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	105,653		105,200
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	700,898		695,060
Non-Accrual Loans	4,095		3,471
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1,186		1,977
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	279		197
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	825		465
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2,290		2,639
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	698,608		692,421
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Total loans	218,100		219,848
Non-Accrual Loans	270	[2]	290
Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans			170
Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	1		10
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	26		22
Commercial and Industrial Sector [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	27		202
Commercial and Industrial Sector [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	218,073		219,646
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Total loans	5,667		5,045
Non-Accrual Loans		[2]
Consumer Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2		13
Consumer Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Consumer Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Consumer Loan [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	2		13
Consumer Loan [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	$ 5,665		$ 5,032
[1]Purchase credit deteriorated (“PCD loans”) gross up of cost basis of loans totaled $ 422,000 1,691,000

The following table presents _2

The following table presents information regarding nonaccrual loans as of the date indicated: (Details) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with Allowance for Credit Loss	[1]	$ 3
Nonaccrual Loans Without Allowance for Credit Loss	[1]	5,791
Total Nonaccrual Loans		5,794	[1]	$ 5,694
Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing	[1]
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with Allowance for Credit Loss	[1]
Nonaccrual Loans Without Allowance for Credit Loss	[1]	1,429
Total Nonaccrual Loans		1,429	[1]	1,933
Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing	[1]
Residential Mortgage [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with Allowance for Credit Loss	[1]
Nonaccrual Loans Without Allowance for Credit Loss	[1]	3,921
Total Nonaccrual Loans		3,921	[1]	3,290
Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing	[1]
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with Allowance for Credit Loss	[1]
Nonaccrual Loans Without Allowance for Credit Loss	[1]	174
Total Nonaccrual Loans		174	[1]	181
Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing	[1]
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with Allowance for Credit Loss	[1]	3
Nonaccrual Loans Without Allowance for Credit Loss	[1]	267
Total Nonaccrual Loans		270	[1]	290
Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing	[1]
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual Loans with Allowance for Credit Loss	[1]
Nonaccrual Loans Without Allowance for Credit Loss	[1]
Total Nonaccrual Loans			[1]
Amortized Cost of Loans Greater than 90 Days Past Due and Still Accruing	[1]
[1]The Company adopted ASU 2016-13 as of January 1, 2023.

The following table summarizes

The following table summarizes the Company’s individually evaluated loans (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Mar. 31, 2023
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded, recorded investment			$ 18,384
Loans with an allowance recorded, recorded investment			517
Loans with an allowance recorded, related allowance			286
Total individually evaluated loans, recorded investment			18,901
Impaired loans, recorded investment	[1]	18,406
Impaired loans, unpaid principal balance	[1]	22,927
Impaired loans, average recorded investment	[1]	19,285
Impaired loans, interest income recognized	[1]	374
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded, recorded investment			11,970
Loans with an allowance recorded, related allowance
Impaired loans, recorded investment	[1]	12,437
Impaired loans, unpaid principal balance	[1]	13,795
Impaired loans, average recorded investment	[1]	13,427
Impaired loans, interest income recognized	[1]	248
Residential Mortgage [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded, recorded investment			5,853
Impaired loans, recorded investment	[1]	5,088
Impaired loans, unpaid principal balance	[1]	5,823
Impaired loans, average recorded investment	[1]	4,792
Impaired loans, interest income recognized	[1]	59
Home Equity Line of Credit [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded, recorded investment			189
Impaired loans, recorded investment	[1]	196
Impaired loans, unpaid principal balance	[1]	214
Impaired loans, average recorded investment	[1]	172
Impaired loans, interest income recognized	[1]	1
Commercial and Industrial Sector [Member]
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded, recorded investment			372
Loans with an allowance recorded, recorded investment			517
Loans with an allowance recorded, related allowance			$ 286
Impaired loans, recorded investment	[1]	685
Impaired loans, unpaid principal balance	[1]	3,095
Impaired loans, average recorded investment	[1]	891
Impaired loans, interest income recognized	[1]	66
Consumer Loan [Member]
Financing Receivable, Past Due [Line Items]
Loans with an allowance recorded, related allowance
Impaired loans, recorded investment	[1]
Impaired loans, unpaid principal balance	[1]
Impaired loans, average recorded investment	[1]	3
Impaired loans, interest income recognized	[1]
[1]Includes loans acquired with deteriorated credit quality and performing troubled debt restructurings.

The following is a summary of l

The following is a summary of loans acquired with deteriorated credit quality in the Chicopee Bancorp, Inc. acquisition Pre-ASC 326 CECL adoption. (Details) - Chicopee Bancorp Inc [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items]
Loans receivable - Contractual Required Payments Receivable beginning	$ 12,134
Loans receivable - Cash Expected To Be Collected beginning	9,430
Loans receivable - Non-Accretable Discount beginning	2,704
Loans receivable - Accretable Yield beginning	2,499
Loans receivable - Outstanding beginning	6,931
Collections - Contractually Required Payments Receivable	(1,792)
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 details the

The following table details the amortized cost balances of the Company’s loan portfolio presented by risk rating (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	$ 2,004,329		$ 1,989,276	[1]
Current period gross charge-offs	1,862	$ 105
Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans			1,925,319
Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans			21,658
Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans			42,299
Commercial Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	13,865
2022	177,082
2021	221,729
2020	114,910
2019	93,283
Prior	358,922
Revolving Loans	99,079
Revolving Loans Converted to Term Loans	794
Total loans	1,079,664		1,069,323
Current period gross charge-offs, Prior	414
Current period gross charge-offs	414	37
Commercial Real Estate [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	13,865
2022	176,853
2021	220,537
2020	101,212
2019	89,646
Prior	348,403
Revolving Loans	97,226
Revolving Loans Converted to Term Loans	794
Total loans	1,048,536		1,036,337
Commercial Real Estate [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022	229
2021	1,192
2020	3,923
2019	1,624
Prior	6,903
Revolving Loans	1,853
Revolving Loans Converted to Term Loans
Total loans	15,724		16,035
Commercial Real Estate [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020	9,775
2019	2,013
Prior	3,616
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans	15,404		16,951
Residential Mortgage [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,848
2022	84,505
2021	96,747
2020	133,817
2019	56,932
Prior	199,042
Revolving Loans	13,206
Revolving Loans Converted to Term Loans
Total loans	595,097		589,503
Residential Mortgage [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,848
2022	84,058
2021	96,747
2020	133,471
2019	56,932
Prior	195,914
Revolving Loans	13,206
Revolving Loans Converted to Term Loans
Total loans	591,176
Residential Mortgage [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022	447
2021
2020	346
2019
Prior	3,128
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans	3,921
Residential Mortgage [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,848
2022	84,058
2021	96,747
2020	133,471
2019	56,932
Prior	194,852
Revolving Loans	13,206
Revolving Loans Converted to Term Loans
Total loans	590,114		585,292
Residential Mortgage [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans
Residential Mortgage [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022	447
2021
2020	346
2019
Prior	4,190
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans	4,983		4,211
Home Equity Line of Credit [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,858
2022	12,329
2021	7,482
2020	7,823
2019	6,205
Prior	8,560
Revolving Loans	59,208
Revolving Loans Converted to Term Loans	2,336
Total loans	105,801		105,557
Home Equity Line of Credit [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,858
2022	12,329
2021	7,482
2020	7,823
2019	6,205
Prior	8,509
Revolving Loans	59,114
Revolving Loans Converted to Term Loans	2,307
Total loans	105,627
Home Equity Line of Credit [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior	51
Revolving Loans	94
Revolving Loans Converted to Term Loans	29
Total loans	174
Home Equity Line of Credit [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,858
2022	12,329
2021	7,482
2020	7,823
2019	6,205
Prior	8,509
Revolving Loans	58,986
Revolving Loans Converted to Term Loans	2,307
Total loans	105,499		105,248
Home Equity Line of Credit [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans
Home Equity Line of Credit [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior	51
Revolving Loans	222
Revolving Loans Converted to Term Loans	29
Total loans	302		309
Commercial and Industrial Sector [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,924
2022	40,358
2021	32,647
2020	34,811
2019	22,815
Prior	12,641
Revolving Loans	63,830
Revolving Loans Converted to Term Loans	74
Total loans	218,100		219,848
Current period gross charge-offs, Prior	220
Current period gross charge-offs, Revolving Loans Converted to Term Loans	1,193
Current period gross charge-offs	1,413	7
Commercial and Industrial Sector [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	10,924
2022	40,322
2021	30,170
2020	23,935
2019	21,394
Prior	11,591
Revolving Loans	54,899
Revolving Loans Converted to Term Loans	74
Total loans	193,309		193,415
Commercial and Industrial Sector [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021	808
2020	1,551
2019
Prior	677
Revolving Loans	2,065
Revolving Loans Converted to Term Loans
Total loans	5,101		5,623
Commercial and Industrial Sector [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022	36
2021	1,669
2020	9,325
2019	1,421
Prior	373
Revolving Loans	6,866
Revolving Loans Converted to Term Loans
Total loans	19,690		20,810
Consumer Loan [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,132
2022	2,060
2021	751
2020	514
2019	198
Prior	296
Revolving Loans	713
Revolving Loans Converted to Term Loans	3
Total loans	5,667		5,045
Current period gross charge-offs, Revolving Loans	3
Current period gross charge-offs, Revolving Loans Converted to Term Loans	32
Current period gross charge-offs	35	$ 45
Consumer Loan [Member] | Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,132
2022	2,060
2021	751
2020	514
2019	198
Prior	296
Revolving Loans	713
Revolving Loans Converted to Term Loans	3
Total loans	5,667
Consumer Loan [Member] | Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans
Consumer Loan [Member] | Pass (Rated 1 - 4) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1,132
2022	2,060
2021	751
2020	514
2019	198
Prior	278
Revolving Loans	713
Revolving Loans Converted to Term Loans	3
Total loans	5,649		5,027
Consumer Loan [Member] | Special Mention (Rated 5) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans
Consumer Loan [Member] | Substandard (Rated 6) [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2023
2022
2021
2020
2019
Prior	18
Revolving Loans
Revolving Loans Converted to Term Loans
Total loans	$ 18		$ 18
[1]Purchase credit deteriorated (“PCD loans”) gross up of cost basis of loans totaled $ 422,000 1,691,000

LOANS AND ALLOWANCE FOR CREDI_3

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Details Narrative)		3 Months Ended			12 Months Ended
		Mar. 31, 2023 USD ($) $ / Loans		Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serviced commercial loans for participants		$ 71,200,000			$ 70,500,000
Weighted average prepayment speed, PSA		102%
Weighted average internal rate of return		10.01%
Weighted average servicing fee percentage		0.25%
Net cost to service loans | $ / Loans		83.53
Sale of residential real estate mortgages				$ 277,000
Gain on sale of mortgages				2,000
Mortgage loans serviced for others		77,600,000			79,300,000
Servicing fee income		50,000		53,000
Retained earnings, net of tax		131,762,000			$ 127,982,000
Cumulative effect of ASU 2016-13					Accounting Standards Update 2016-13 [Member]
Deferred tax asset		(14,348,000)			$ (15,027,000)
Allowance for credit losses on loans		19,031,000	[1],[2]	19,308,000	19,931,000	[1],[3]	$ 19,787,000
Allowance for credit losses on off-balance sheet exposures		762,000
Total loans		2,004,329,000			$ 1,989,276,000	[4]
Accrued interest receivable		$ 7,000,000
Loan-to-value ratio requiring private mortgage insurance		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%
Reversal for credit losses for loans		$ 232,000		425,000
Reversal for credit losses for off-balance sheet exposures		$ 156,000
Total past due, percentage of total loans		0.15%			0.22%
Nonaccrual loans		$ 5,794,000	[5]		$ 5,694,000
Nonaccrual loans, percentage of total loans		0.29%			0.29%
Individually evaluated loans		$ 18,901,000
Financial Asset, Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		3,046,000			$ 4,469,000
Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans		15,425,000	[2]	12,294,000	12,199,000		12,970,000
Allowance for credit losses on off-balance sheet exposures		518,000
Total loans		1,079,664,000			1,069,323,000
Reversal for credit losses for loans		349,000		639,000
Reversal for credit losses for off-balance sheet exposures		93,000
Nonaccrual loans		1,429,000	[5]		1,933,000
Commercial Real Estate [Member] | Financial Asset, Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		727,000			1,615,000
Commercial and Industrial Sector [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans		1,676,000	[2]	2,726,000	3,160,000		$ 2,643,000
Allowance for credit losses on off-balance sheet exposures		39,000
Total loans		218,100,000			219,848,000
Reversal for credit losses for loans		(3,000)		$ (89,000)
Reversal for credit losses for off-balance sheet exposures		1,000
Nonaccrual loans		270,000	[5]		290,000
Commercial and Industrial Sector [Member] | Financial Asset, Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans		27,000			202,000
Unfunded Loan Commitment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in unfunded commitments		12,900,000
Commercial Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated loans		889,000
Real Estate Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Individually evaluated loans		$ 18,000,000
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans					422,000
Financial Asset Acquired with Credit Deterioration [Member] | Commercial and Industrial Sector [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans					1,691,000
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings, net of tax					9,000
Deferred tax asset					4,000
Allowance for credit losses on loans	[3],[6]				1,182,000
Allowance for credit losses on off-balance sheet exposures					918,000
Total loans	[4]				2,113,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans	[6]				3,989,000
Allowance for credit losses on off-balance sheet exposures					611,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial Sector [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans	[6]				(75,000)
Allowance for credit losses on off-balance sheet exposures					40,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans					2,113,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans					(931,000)
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retained earnings, net of tax					127,991,000
Deferred tax asset					(15,023,000)
Allowance for credit losses on loans	[3]				21,113,000
Allowance for credit losses on off-balance sheet exposures					918,000
Total loans	[4]				1,991,389,000
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial Real Estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans					16,188,000
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial and Industrial Sector [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on loans					3,085,000
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Unfunded Loan Commitment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses on off-balance sheet exposures					$ 918,000
[1]The Company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at March 31, 2023, the allowance for credit losses was determined in accordance with ASC 326, “ Financial Instruments-Credit Losses 7 2,113,000 931,000 422,000 1,691,000 931,000 2,113,000

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of core deposit intangible	$ 94	$ 94
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	$ 219

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

The threshold, target and str_4

The threshold, target and stretch metrics under the 2023 grants are as follows: (Details) - LTI Plan for 2023 [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares
Threshold [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2023	8%
December 31, 2024	8.75%
December 31, 2025	9%
Three-year Cumulative Diluted Earnings Per Share	$ 2.39
Target [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2023	8.45%
December 31, 2024	9.25%
December 31, 2025	9.50%
Three-year Cumulative Diluted Earnings Per Share	$ 2.65
Stretch [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
December 31, 2023	8.85%
December 31, 2024	9.75%
December 31, 2025	10%
Three-year Cumulative Diluted Earnings Per Share	$ 2.89

A summary of the status of rest

A summary of the status of restricted stock awards at March 31, 2023 and 2022 is presented below: (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	206,092	213,381
Beginning balance	$ 8.85	$ 8.91
Shares granted	158,957	144,440
Shares granted	$ 9.79	$ 9.14
Shares forfeited		(6,651)
Shares forfeited		$ 8.66
Shares vested	(59,270)	(60,009)
Shares vested	$ 9.11	$ 9.77
Ending balance	305,779	291,161
Ending balance	$ 9.29	$ 8.85

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	May 31, 2021	Feb. 29, 2020	Feb. 28, 2020	Mar. 31, 2023	Mar. 31, 2022	May 14, 2014
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock expense						$ 529	$ 301
LTI Plan for 2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted				120,053
2021 RSA Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized			700,000
Shares available for grant	304,033					304,033
LTI Plan for 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted			122,362
LTI Plan for 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted		137,151
LTI Plan for 2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	139,196
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
Time Based Shares [Member] | LTI Plan for 2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	78,697
Time Based Shares [Member] | LTI Plan for 2023 [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	18,198
Time Based Shares [Member] | LTI Plan for 2023 [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	60,499
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 period earned					3 years
Performance based shares eligible for vest	59,268					59,268
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%
Performance Shares [Member] | LTI Plan for 2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Shares granted	60,499
Vesting percentage	50%

SHORT-TERM BORROWINGS AND LON_2

SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other borrowings	$ 5,500,000	$ 6,400,000
Weighted average rate for other borrowings	4.83%	4.33%
Short term borrowings	$ 98,990,000	$ 41,350,000
Federal Home Loan Bank Advances [Member]
Debt Instrument [Line Items]
Long-term Debt	31,200,000	1,200,000
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit available	9,500,000	9,500,000
FRB Discount Window [Member]
Debt Instrument [Line Items]
Line of credit available	53,400,000
FRB Bank Term Funding Program [Member]
Debt Instrument [Line Items]
Line of credit available	71,500,000
Correspondent Banks [Member]
Debt Instrument [Line Items]
Line of credit available	15,000,000	15,000,000
Bank [Member]
Debt Instrument [Line Items]
Line of credit available	50,000,000	50,000,000
Federal Home Loan Bank Borrowings [Member]
Debt Instrument [Line Items]
Short term borrowings	$ 93,500,000	$ 35,000,000
Weighted average rate for short term debt	4.89%	4.38%
Borrowing capacity	$ 281,600,000

SUBORDINATED DEBT (Details Narr

SUBORDINATED DEBT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Apr. 20, 2021
Debt Instrument [Line Items]
Amortization of subordinated debt issuance costs	$ 9	$ 10
Subordinated Debt [Member]
Debt Instrument [Line Items]
Principal amount			$ 20,000
Principal amount outstanding	$ 19,700
Maturity Date	May 01, 2031
Earliest redemption date	May 01, 2026
Issuance costs	$ 318
Amortization of subordinated debt issuance costs	$ 9	$ 10
Subordinated Debt [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Interest rate	4.875%
Subordinated Debt [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Benchmark rate	90-day average secured overnight financing rate
Interest rate basis spread	4.12%

The following table provides in

The following table provides information regarding net pension benefit costs for the period shown: (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Retirement Benefits [Abstract]
Service cost	$ 334
Interest cost	313
Expected return on assets	(427)
Amortization of actuarial loss	158
Net periodic pension cost	$ 378

PENSION BENEFITS (Details Narra

PENSION BENEFITS (Details Narrative) - Pension Plan [Member] - USD ($) $ in Millions			12 Months Ended
	Apr. 14, 2023	Apr. 11, 2023	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Net unrealized losses reversed				$ 7.3
Gain on defined benefit plan curtailment			$ 2.8
Subsequent Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional cash contribution		$ 1.3
Premium to purchase annuity contracts	$ 6.3

The following table presents _3

The following table presents information about interest rate swaps at March 31, 2023 and December 31, 2022: (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 75,010	$ 75,534
Estimated Fair Value	0	0
Not Designated as Hedging Instrument [Member] | Loan-Level Swaps - Dealer [Member]
Derivative [Line Items]
Notional Amount	$ 37,505	$ 37,767
Weighted Average Maturity	9 years 6 months	9 years 9 months 18 days
Weighted Average Rate Received	6.54%	4.42%
Weighted Average Rate Paid	3.17%	3.17%
Estimated Fair Value	$ 5,344	$ 6,343
Not Designated as Hedging Instrument [Member] | Loan-Level Swaps - Borrower [Member]
Derivative [Line Items]
Notional Amount	$ 37,505	$ 37,767
Weighted Average Maturity	9 years 6 months	9 years 9 months 18 days
Weighted Average Rate Received	3.17%	3.17%
Weighted Average Rate Paid	6.54%	4.42%
Estimated Fair Value	$ (5,344)	$ (6,343)

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 March 31, 2023 and December 31, 2022. (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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 assets	$ 5,344	$ 6,343
Fair value of derivative liability	5,344	6,343
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Agreement [Member] | Customer counterparties [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative assets	0	0
Fair value of derivative liability	5,344	6,343
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Agreement [Member] | Dealer counterparties [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative assets	5,344	6,343
Fair value of derivative liability	$ 0	$ 0

Assets and liabilities measured

Assets and liabilities measured at fair value on a recurring basis are summarized below: (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Available-for-sale securities	$ 146,373	$ 146,997
Marketable equity securities	6,309	6,237
Interest rate swaps	5,344	6,343
Liabilities:
Interest rate swaps	5,344	6,343
Fair Value, Inputs, Level 1 [Member]
Assets:
Available-for-sale securities
Marketable equity securities	6,309	6,237
Interest rate swaps
Liabilities:
Interest rate swaps
Fair Value, Inputs, Level 2 [Member]
Assets:
Available-for-sale securities	146,373	146,997
Marketable equity securities
Interest rate swaps	5,344	6,343
Liabilities:
Interest rate swaps	5,344	6,343
Fair Value, Inputs, Level 3 [Member]
Assets:
Available-for-sale securities
Marketable equity securities
Interest rate swaps
Liabilities:
Interest rate swaps
Fair Value, Recurring [Member]
Assets:
Available-for-sale securities	146,373	146,997
Marketable equity securities	6,309	6,237
Interest rate swaps	5,344	6,343
Total assets	158,026	159,577
Liabilities:
Interest rate swaps	5,344	6,343
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Available-for-sale securities
Marketable equity securities	6,309	6,237
Interest rate swaps
Total assets	6,309	6,237
Liabilities:
Interest rate swaps
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Available-for-sale securities	146,373	146,997
Marketable equity securities
Interest rate swaps	5,344	6,343
Total assets	151,717	153,340
Liabilities:
Interest rate swaps	5,344	6,343
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Available-for-sale securities
Marketable equity securities
Interest rate swaps
Total assets
Liabilities:
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 March 31, 2023 and December 31, 2022: (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total losses	$ 1,828
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans	$ 267	$ 877

The estimated fair values of ou

The estimated fair values of our financial instruments are as follows: (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 23,230	$ 30,342
Securities held-to-maturity	191,073	190,950
Securities available-for-sale	146,373	146,997
Marketable equity securities	6,309	6,237
Federal Home Loan Bank of Boston and other restricted stock	7,173	3,352
Loans - net	1,865,277	1,856,087
Accrued interest receivable	8,140	8,140
Mortgage servicing rights	779	794
Derivative asset	5,344	6,343
Liabilities:
Deposits	2,150,323	2,220,405
Short-term borrowings	99,145	41,350
Long-term debt	31,123	1,094
Subordinated debt	18,392	18,132
Accrued interest payable	335	186
Derivative liabilities	5,344	6,343
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	23,230	30,342
Securities held-to-maturity	9,294	9,162
Securities available-for-sale
Marketable equity securities	6,309	6,237
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	181,779	181,788
Securities available-for-sale	146,373	146,997
Marketable equity securities
Federal Home Loan Bank of Boston and other restricted stock
Loans - net
Accrued interest receivable
Mortgage servicing rights	779	794
Derivative asset	5,344	6,343
Liabilities:
Deposits
Short-term borrowings	99,145	41,350
Long-term debt	31,123	1,094
Subordinated debt	18,392	18,132
Accrued interest payable
Derivative liabilities	5,344	6,343
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	7,173	3,352
Loans - net	1,865,277	1,856,087
Accrued interest receivable	8,140	8,140
Mortgage servicing rights
Derivative asset
Liabilities:
Deposits	2,150,323	2,220,405
Short-term borrowings
Long-term debt
Subordinated debt
Accrued interest payable	335	186
Derivative liabilities
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	23,230	30,342
Securities held-to-maturity	226,996	230,168
Securities available-for-sale	146,373	146,997
Marketable equity securities	6,309	6,237
Federal Home Loan Bank of Boston and other restricted stock	7,173	3,352
Loans - net	1,987,468	1,971,469
Accrued interest receivable	8,009	8,140
Mortgage servicing rights	515	550
Derivative asset	5,344	6,343
Liabilities:
Deposits	2,157,128	2,229,443
Short-term borrowings	98,990	41,350
Long-term debt	31,178	1,178
Subordinated debt	19,682	19,673
Accrued interest payable	335	186
Derivative liabilities	$ 5,344	$ 6,343