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Borrowings (Tables)
12 Months Ended
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 MaturityDecember 31,
2022
(Dollars in thousands)
Outstanding BalanceWeighted
Average
Contractual Rate
20242025202620272028ThereafterOutstanding BalanceWeighted
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 MaturityOutstanding BalanceWeighted Average Contractual RateOutstanding BalanceWeighted 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