Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Short term and Long term Borrowings and Subordinated Debentures

The following table summarizes the Company's short-term borrowings, long-term borrowings and subordinated debentures as presented on the consolidated statements of condition for the dates indicated:



	December 31, 2019				Contractual Maturity												December 31, 2018
(Dollars in thousands)	Outstanding Balance		Weighted Average Contract Rate		2020		2021		2022		2023		2024		Thereafter		Outstanding Balance		Weighted Average Contract Rate
Short-Term Borrowings:
FHLBB borrowings	$	25,000			$	25,000	$	—	$	—	$	—	$	—	$	—	$	25,000
Customer repurchase agreements	237,984				237,984		—		—		—		—		—		245,868
FHLBB and correspondent bank overnight borrowings	5,825				5,825		—		—		—		—		—		—
Total short-term borrowings	$	268,809	1.28	%	$	268,809	$	—	$	—	$	—	$	—	$	—	$	270,868	1.43	%
Long-Term Borrowings:
FHLBB borrowings	$	10,000	1.87	%	$	10,000	$	—	$	—	$	—	$	—	$	—	$	10,000	1.87	%
Capital lease obligation⁽¹⁾	—		—		—		—		—		—		—		—		1,580		4.20	%
Total long-term borrowings	$	10,000	1.87	%	$	10,000	$	—	$	—	$	—	$	—	$	—	$	11,580	2.19	%
Subordinated Debentures:
Subordinated debentures⁽²⁾	$	14,749	5.50	%	$	—	$	—	$	—	$	—	$	—	$	14,749	$	14,634	5.50	%
CCTA	36,083		5.50	%	—		—		—		—		—		36,083		36,083		5.38	%
UBCT	8,248		4.45	%	—		—		—		—		—		8,248		8,350		4.14	%
Total subordinated debentures	$	59,080	5.35	%	$	—	$	—	$	—	$	—	$	—	$	59,080	$	59,067	5.23	%


(1)	Upon adoption of ASU 2016-02, effective January 1, 2019, lease liabilities are presented within other liabilities on the consolidated statements of condition. Refer to Notes 1 and 6 for further information.


(2)	The outstanding balance of subordinated debentures was presented net of debt issuance costs of $251,000 and $366,000 at December 31, 2019 and 2018, respectively.

Schedule of Federal Home Loan Bank Advances

The terms of the Company's outstanding FHLBB borrowings, including overnight funding, were as follows as of the dates indicated:



	December 31,
(Dollars in thousands)	2019				2018
Stated Maturity	Outstanding Balance		Weighted Average Contractual Rate		Outstanding Balance		Weighted Average Contractual Rate
January 2019	$	—	—		$	25,000	2.71	%
January 2020	30,825		1.79	%	—		—
April 2020	10,000		1.87	%	10,000		1.87	%
Total	$	40,825			$	35,000

The Company's outstanding FHLBB borrowings at December 31, 2019 and 2018 did not contain any call options.