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Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
The following table summarizes the Company's short-term borrowings and junior subordinated debentures as presented on the consolidated statements of condition for the dates indicated. At December 31, 2022 and 2021, the Company did not have any long-term borrowings.
December 31,
2022		Contractual MaturityDecember 31,
2021
(Dollars in thousands)
Outstanding BalanceWeighted
Average
Contractual Rate		20232024202520262027ThereafterOutstanding BalanceWeighted
Average
Contractual Rate
Short-Term Borrowings:
  
Customer repurchase agreements
$196,451 1.00 %$196,451 $— $— $— $— $— $211,608 0.25 %
FHLBB and correspondent bank overnight borrowings
68,725 4.78 %68,725 — — — — — — — 
Total short-term borrowings
$265,176 1.98 %$265,176 $— $— $— $— $— $211,608 0.25 %
Junior Subordinated Debentures:
CCTA(1)
36,083 4.62 %— — — — — 36,083 36,083 5.50 %
UBCT(1)
8,248 5.39 %— — — — — 8,248 8,248 5.48 %
Total subordinated debentures
$44,331 4.76 %$— $— $— $— $— $44,331 $44,331 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 December 31, 2022. The Company had no FHLBB borrowings at December 31, 2021.
December 31,
(Dollars in thousands)2022
Stated MaturityOutstanding BalanceWeighted Average Contractual Rate
January 2023$18,725 4.38 %
March 202350,000 4.93 %
Total$68,725 

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 $1.8 billion and $1.4 billion at December 31, 2022 and 2021, respectively. The carrying value of investment securities pledged as collateral at the FHLBB was $22,000 and $26,000 at December 31, 2022 and 2021, respectively.

Junior Subordinated Debentures

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, and in accordance with the LIBOR Act effective June 30, 2023, the index will transition to three month CME term SOFR plus the spread adjustment of 26.161 basis points. At December 31, 2022 and 2021, the interest rate on the trust preferred securities was 5.07% and 1.62%, 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 three-month LIBOR plus 1.42%, and in accordance with the LIBOR Act effective June 30, 2023 the index will transition to three month CME term SOFR plus the spread adjustment of 26.161 basis points. At December 31, 2022 and 2021, the interest rate on the trust preferred securities was 5.50% and 1.54%, 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, 2022, $43.0 million of the trust preferred securities were included in the Company’s total Tier 1 capital and amounted to 8.3% of Tier 1 capital of the Company, or 106 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 $2.1 million, $2.5 million, and $3.5 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 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, 2022 and 2021. 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 15, 2023, for which the interest rate is SOFR-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 $42.4 million through the FRB's Discount Window for which the interest rate is set by the FRB daily. At December 31, 2022, the Bank pledged investment securities of $51.4 million.