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Borrowings | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS The following table summarizes the Company's short-term borrowings, long-term borrowings and subordinated debentures as presented on the consolidated statements of condition for the dates indicated:
|  | December 31, 2021 |  | Contractual Maturity |  | December 31, 2020
(Dollars in thousands) |  | Outstanding Balance |  | Weighted Average Contractual Rate |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Outstanding Balance |  | Weighted Average Contractual Rate
Short-Term Borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer repurchase agreements |  | $ | 211,608 |  |  | 0.25 | % |  | $ | 211,608 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 162,439 |  |  | 0.34 | %
FHLBB and correspondent bank overnight borrowings |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total short-term borrowings |  | $ | 211,608 |  |  | 0.25 | % |  | $ | 211,608 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 162,439 |  |  | 0.34 | %
Long-Term Borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLBB borrowings |  | $ | — |  |  | — | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,000 |  |  | 0.98 | %
Total long-term borrowings |  | $ | — |  |  | — | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 25,000 |  |  | 0.98 | %
Subordinated Debentures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | — |  |  | — | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,000 |  |  | 5.50 | %
CCTA(1) |  | 36,083 |  |  | 5.50 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36,083 |  |  | 36,083 |  |  | 5.50 | %
UBCT(1) |  | 8,248 |  |  | 5.48 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,248 |  |  | 8,248 |  |  | 5.48 | %
Total subordinated debentures |  | $ | 44,331 |  |  | 5.50 | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44,331 |  |  | $ | 59,331 |  |  | 5.50 | %
(1) The Company has interest rate swap contracts on certain borrowings. Refer to Note 12 for further discussion of derivative instruments. FHLBB Borrowings The terms of the Company's outstanding FHLBB borrowings, including overnight funding, were as follows as of the dates indicated:
|  | December 31,
(Dollars in thousands) |  | 2021 |  | 2020
Stated Maturity |  | Outstanding Balance |  | Weighted Average Contractual Rate |  |  | Outstanding Balance |  | Weighted Average Contractual Rate
March 2025 |  | $ | — |  |  | — | % |  |  | $ | 25,000 |  |  | 0.98 | %
Total |  | $ | — |  |  |  |  |  | $ | 25,000 |  |  |
In February 2021, the Company terminated its $25.0 million FHLBB borrowing contract, with a maturity date in 2025, and incurred a one-time prepayment penalty of $514,000. FHLBB borrowings, if any, are collateralized by a blanket lien on qualified collateral consisting primarily of loans with first mortgages secured by one-to-four family properties, certain commercial real estate loans, certain pledged investment securities and other qualified assets. The carrying value of residential real estate and commercial loans pledged as collateral was $1.4 billion and $1.3 billion at December 31, 2021 and 2020, respectively. The carrying value of investment securities pledged as collateral at the FHLBB was $26,000 and $38,000 at December 31, 2021 and 2020, respectively. Subordinated Debentures In October 2015, the Company issued $15.0 million of subordinated debt with an interest rate of 5.50% per annum, which qualified as Tier 2 regulatory capital. In April 2021, the Company redeemed the subordinated debt in full at par, plus accrued and unpaid interest. At December 31, 2020, the Company's $15.0 million of subordinated debt provided $12.0 million of Tier 2 capital, or 37 basis points of the Total risk-based capital ratio. The Company incurred certain costs associated with the issuance of the subordinated debt, which amortized over the expected life of the debt. For the years ended December 31, 2021, 2020 and 2019, the amortization expense for debt issuance costs was $0 and $251,000 and $115,000, respectively, and was recognized as an increase to interest expense within the consolidated statements of income. Debt issuance costs were fully amortized as of December 31, 2020. In April 2006, the Company formed CCTA, which issued and sold trust preferred securities to the public. The Company received $36.1 million from the issuance of the trust preferred securities in return for junior subordinated debentures issued by the Company to CCTA. The Company owns all of the $1.1 million of outstanding common securities of CCTA and was presented within other assets on the consolidated statements of condition. The contract interest rate of the trust preferred securities is three-month LIBOR plus 140 basis points. At December 31, 2021 and 2020, the interest rate on the trust preferred securities was 1.62% and 1.64%, respectively. The proceeds from the offering were used to repurchase Company common stock under the tender offer completed in May 2006. The trust preferred securities, which pay interest quarterly at the same rate as the junior subordinated debentures held by CCTA, are mandatorily redeemable on June 30, 2036, or may be redeemed by CCTA at par at any time. In connection with an acquisition in 2008, the Company assumed $8.0 million of trust preferred securities, held through a Delaware trust affiliate, UBCT. In 2006, an aggregate principal amount of $8.2 million of 30-year junior subordinated debt securities were issued to UBCT. The Company owns all of the $248,000 of outstanding common securities of UBCT, and was presented within other assets on the consolidated statements of condition. The Company is obligated to pay interest on their principal sum quarterly. The contract interest rate of the trust preferred securities is the average three-month LIBOR plus 1.42%. At December 31, 2021 and 2020, the interest rate on the trust preferred securities was 1.54% and 1.66%, respectively. The debt securities mature on April 7, 2036, but may be redeemed by the Company at par, in whole or in part, on any interest payment date. The debt securities may also be redeemed by the Company in whole or in part, within 90 days of the occurrence of certain special redemption events. CCTA and UBCT are Delaware statutory trusts created for the sole purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures of the Company. The junior subordinated debentures are the sole assets of the trusts. The Company is the owner of all of the common securities of CCTA and UBCT and fully and unconditionally guarantees each trust’s securities obligations. In accordance with GAAP, CCTA and UBCT are treated as unconsolidated subsidiaries. The common stock investment in the statutory trusts is included in other assets on the consolidated statements of condition. At December 31, 2021, $43.0 million of the trust preferred securities were included in the Company’s total Tier 1 capital and amounted to 8.8% of Tier 1 capital of the Company, or 121 basis points of the Tier 1 capital ratio. The Company has a notional amount of $43.0 million in interest rate swap agreements on its junior subordinated debentures. Further discussion on the terms and accounting for the interest rate swap agreements is included within Note 12 of the consolidated financial statements. Interest expense on the subordinated debentures, including the effective portion of the associated interest rate swaps on these debt instruments reclassified from OCI into earnings, totaled $2.5 million, $3.5 million, and $3.3 million for the year ended December 31, 2021, 2020 and 2019, respectively. Refer to Note 12 of the consolidated financial statements for information pertaining to the reclassification of OCI into earnings on the interest rate swaps. Credit Lines At December 31, 2021, the Company has the following lines of credit available to it, for which it had no outstanding balances: •The Bank had an available line of credit with the FHLBB of $9.9 million at December 31, 2021 and 2020. This line of credit serves as overdraft protection should the Company overdraw its account with the FHLBB. The interest rate for this line of credit is set daily by the FHLBB. •The Company has an unsecured $10.0 million line of credit with PNC Bank that has a maturity date of December 16, 2022 for which the interest rate is LIBOR-based and is set daily by PNC Bank. •The Company, through the Bank, has an unsecured $50.0 million line of credit with PNC Bank for which the interest rate is set daily by PNC Bank. •The Company, through the Bank, has a secured line of credit of $54.7 million through the FRB's Discount Window for which the interest rate is set by the FRB daily. At December 31, 2021, the Bank pledged investment securities of $56.5 million.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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