Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Assets and liabilities recorded at fair value on a recurring basis are summarized below.

							Total
	Level 1		Level 2		Level 3		Fair Value
	(In thousands)
March 31, 2022
Assets:
Securities available for sale	$	—	$	48,836	$	—	$	48,836
Portfolio loans (fair value option)		—		10,177		—		10,177
Loans held for sale (fair value option)		—		22,698		—		22,698
Derivative loan commitments		—		221		—		221
Forward loan sale commitments, including TBAs		—		674		—		674
Liabilities:
Derivative loan commitments		—		199		—		199
Forward loan sale commitments, including TBAs		—		13		—		13
December 31, 2021
Assets:
Securities available for sale	$	—	$	51,666	$	—	$	51,666
Portfolio loans (fair value option)		—		13,780		—		13,780
Loans held for sale (fair value option)		—		44,766		—		44,766
Derivative loan commitments		—		1,364		—		1,364
Forward loan sale commitments		—		50		—		50
Liabilities:
Forward loan sale commitments, including TBAs		—		84		—		84

Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis

The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of March 31, 2022 and December 31, 2021.

							Period Ended
	March 31, 2022						March 31, 2022
	Level 1		Level 2		Level 3		Total Gains (Losses)
	(In thousands)
Collateral dependent impaired loans	$	—	$	—	$	2,716	$	—
Mortgage servicing rights		—		15,378		—		135
	$	—	$	15,378	$	2,716	$	135
	December 31, 2021
	Level 1		Level 2		Level 3
	(In thousands)
Collateral dependent impaired loans	$	—	$	—	$	2,551
Mortgage servicing rights		—		15,616		—
	$	—	$	15,616	$	2,551

Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below.  Certain financial instruments and all non-financial instruments are exempt from disclosure requirements.  Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable.

	March 31, 2022
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Financial assets:
Securities available for sale		48,836		48,836		—		48,836		—
Loans held for sale		22,698		22,698		—		22,698		—
Loans, net		579,591		569,377		—		—		569,377
Derivative assets		895		895		—		895		—
Financial liabilities:
Deposits	$	624,679	$	624,762	$	—	$	624,762	$	—
FHLBB advances		45,000		44,378		—		44,378		—
Derivative liabilities		212		212		—		212		—

	December 31, 2021
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Financial assets:
Securities available for sale		51,666		51,666		—		51,666		—
Loans held for sale		44,766		44,766		—		44,766		—
Loans, net		544,621		549,674		—		—		549,674
Derivative assets		1,414		1,414		—		1,414		—
Financial liabilities:
Deposits	$	638,147		637,538	$	—	$	637,538	$	—
FHLBB advances		50,000		50,001				50,001
Derivative liabilities		84		84		—		84		—