Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

16. BORROWINGS

Advances consist of funds borrowed from the Federal Home Loan Bank of Boston (the “FHLB”). Maturities of advances from the FHLB as of March 31, 2022 are summarized as follows:

	March 31, 2022
	(In thousands)
2022	$	—
2023		5,000
2024		—
2025		40,000
		45,000

Borrowings from the FHLB, which aggregated $45.0 million at March 31, 2022, are secured by blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one- to four-family properties, certain commercial loans and qualified mortgage-backed government securities. The interest rates on FHLB advances ranged from 0.45% to 1.49%, and the weighted average interest rate on FHLB advances was 1.28% at March 31, 2022. All FHLB borrowings at March 31, 2022 are long-term with an original maturity of more than one year.