BORROWINGS

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS

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)	June 30, 2023		December 31, 2022
Short-Term Borrowings:
Customer Repurchase Agreements	$	193,182	$	196,451
Bank Term Funding Program	135,000		—
Overnight Borrowings	—		18,725
FHLBB Borrowings	120,000		50,000
Total Short-Term Borrowings	$	448,182	$	265,176

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

The Company has two tranches of junior subordinated debentures in the amount of $44.3 million as of June 30, 2023 and December 31, 2022. Refer to Note 10 of the consolidated financial statements for further details.

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.