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BORROWINGS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
The following summarizes the Company's borrowings as presented on the consolidated statements of condition as of the dates indicated:
(In thousands)March 31,
2025
December 31,
2024
Short-Term Borrowings:    
FHLBB Borrowings(1)
$325,000 $325,000 
Customer Repurchase Agreements(2)
242,436 175,621 
Total Short-Term Borrowings$567,436 $500,621 
Junior Subordinated Debentures:
    
CCTA(1)
$36,083 $36,083 
UBCT(1)
8,248 8,248 
NCT III(1)(3)
8,479 — 
NCT IV(1)(3)
8,480 — 
Total Junior Subordinated Debentures
$61,290 $44,331 
(1)    The Company has interest rate swap contracts on certain borrowings. Refer to Note 10 for further discussion of derivative instruments.
(2)    The Company assumed customer repurchase agreements of $65.5 million through the acquisition of Northway on January 2, 2025. Refer to Note 8 for further discussion of the Company's customer repurchase agreements and to Note 3 for further details of the acquisition of Northway.
(3)    The Company assumed junior subordinated debentures through the acquisition of Northway on January 2, 2025. Refer to Note 3 for further details on the accounting for the junior subordinated debentures on the acquisition date.

Junior Subordinated Debentures

The Company assumed $10.0 million of junior subordinated debentures issued to NCT III, which issued trust preferred securities to the public. The Company acquired all outstanding equity interest in NCT III as part of the Northway acquisition. The Company is obligated to pay interest on the junior subordinated debentures (and NCT III is obligated to pay interest on the trust preferred securities) quarterly. Both the debentures and the trust preferred securities issued by NCT III have a floating rate, which resets quarterly, equal to the three-month CME Term SOFR plus 1.60%. At March 31, 2025, the interest rate on these debentures and trust preferred securities was 6.16%. The debt securities mature on June 15, 2037, 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 120 days of the occurrence of certain special redemption events.

The Company assumed $10.0 million of junior subordinated debentures issued to NCT IV, which issued trust preferred securities to the public. The Company acquired all outstanding equity interest in NCT IV as part of the Northway acquisition. The Company is obligated to pay interest on the junior subordinated debentures (and NCT IV is obligated to pay interest on the trust preferred securities) quarterly. Both the debentures and the trust preferred securities have a floating rate, which resets quarterly, equal to the three-month CME Term SOFR plus 1.49%. At March 31, 2025, the interest rate on these debentures and trust preferred securities was 6.05%. The debt securities mature on June 15, 2037, 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.