Borrowed Funds, Subordinated Debentures and Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Borrowed Funds, Subordinated Debentures and Derivatives

Schedule of Debt

The following table presents the period-end and weighted average rate for borrowed funds and subordinated debentures as of the past two year end dates:

	2022				2021
(In thousands)	Amount		Rate		Amount		Rate
FHLB borrowings :
At December 31,	$	383,000	4.30	%	$	40,000	1.81	%
Subordinated debentures:
At December 31,	$	10,310	6.32	%	$	10,310	1.69	%

Schedule of Maturities of Term Debt

The following table presents the expected maturities of borrowed funds and subordinated debentures over the next five years:

(In thousands)	2023		2024		2025		2026		2027		Thereafter		Total
FHLB borrowings	$	343,000	$	40,000	$	—	$	—	$	—	$	—	$	383,000
Subordinated debentures		—		—		—		—		—		10,310		10,310
Total borrowings	$	343,000	$	40,000	$	—	$	—	$	—	$	10,310	$	393,310

Summary of Interest Rate Swaps

(In thousands, except percentages and years)	December 31, 2022			December 31, 2021
Notional amount	$	20,000		$	40,000
Fair value	$	1,537		$	408
Weighted average pay rate		0.83	%		0.98	%
Weighted average receive rate		1.50	%		0.19	%
Weighted average maturity in years		2.57			2.37
Number of contracts		1			2

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

	For the years ended December 31,
(In thousands)	2022		2021
Gain recognized in OCI, net of tax	$	1,566	$	1,029
Gain (loss) reclassified from AOCI into net income, net of tax	$	754	$	(450)