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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Short term and Long term Borrowings and Subordinated Debentures | 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, 2023 and 2022, the Company did not have any long-term borrowings.
|  | December 31, 2023 |  | Contractual Maturity |  | December 31, 2022
(Dollars in thousands) |  | Outstanding Balance |  | Weighted Average Contractual Rate |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Outstanding Balance |  | Weighted Average Contractual Rate
Short-Term Borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer repurchase agreements(1) |  | $ | 200,657 |  |  | 1.56 | % |  | $ | 200,657 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 196,451 |  |  | 1.00 | %
FHLBB and correspondent bank overnight borrowings(2) |  | 149,950 |  |  | 5.53 | % |  | 149,950 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 68,725 |  |  | 4.78 | %
Bank term funding program |  | 135,000 |  |  | 4.70 | % |  | 135,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | %
Total short-term borrowings |  | $ | 485,607 |  |  | 3.66 | % |  | $ | 485,607 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 265,176 |  |  | 1.98 | %
Junior Subordinated Debentures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CCTA(2) |  | 36,083 |  |  | 4.82 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36,083 |  |  | 36,083 |  |  | 4.62 | %
UBCT(2) |  | 8,248 |  |  | 4.65 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,248 |  |  | 8,248 |  |  | 5.39 | %
Total junior subordinated debentures |  | $ | 44,331 |  |  | 4.79 | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44,331 |  |  | $ | 44,331 |  |  | 4.76 | %
(1) Refer to Note 10 for further discussion of customer repurchase agreements. (2) The Company has interest rate swap contracts on certain borrowings. Refer to Note 12 for further discussion of derivative instruments.
Schedule of Federal Home Loan Bank Advances | The terms of the Company's outstanding FHLBB borrowings, including overnight funding, were as follows for the dates indicated:
|  | December 31,
(Dollars in thousands) |  | 2023 |  | 2022 |
Stated Maturity |  | Outstanding Balance |  | Weighted Average Contractual Rate |  | Outstanding Balance |  | Weighted Average Contractual Rate |
January 2024 |  | $ | 99,950 |  |  | 5.54 | % |  | $ | 18,725 |  |  | 4.38 | % |
March 2024 |  | 50,000 |  |  | 5.51 | % |  | 50,000 |  |  | 4.93 | % |
Total |  | $ | 149,950 |  |  |  |  | $ | 68,725 |  |  |  |

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