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BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Borrowed Funds Outstanding

The following summarizes the Company's short-term borrowed funds as presented on the consolidated statements of condition as of the dates indicated:

(In thousands)						September 30, 2023						December 31, 2022
Short-Term Borrowings:
Customer Repurchase Agreements						$	210,140					$	196,451
Bank Term Funding Program(1)						135,000						—
Overnight Borrowings						—						18,725
FHLBB Borrowings						125,000						50,000
Total Short-Term Borrowings						$	470,140					$	265,176

(1)    In the second quarter of 2023, the Company borrowed $135.0 million from the BTFP for a period of one year at a fixed rate of 4.70%. Under the program, the Company may prepay this borrowing at any time without penalty and the borrowing is secured by the Company's MBS and CMO securities at par.

The Company did not have any long-term borrowings as of the dates indicated.

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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