Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2022

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank, Advances

Borrowed funds were comprised of the following:

	As of December 31,
	2022		2021
	(In thousands)
Short-term FHLB advances	$	691,297	$	17
Escrow deposits of borrowers	22,314		20,258
Interest rate swap collateral funds	14,430		—
Long-term FHLB advances	12,787		14,003
Total borrowed funds	$	740,828	$	34,278

Interest expense on borrowed funds was as follows:

	For the Year Ended December 31,
	2022		2021		2020
	(In thousands)
Federal funds purchased	$	24	$	—	$	570
Federal Home Loan Bank advances	8,263		163		190
Escrow deposits of borrowers	3		2		2
Interest rate swap collateral funds	216		—		—
Total interest expense on borrowed funds	$	8,506	$	165	$	762

A summary of FHLBB advances by maturities were as follows:

	As of December 31,
	2022				2021
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
	(Dollars in thousands)
Within one year	$	691,297	4.36	%	$	17	0.14	%
Over one year to three years	2,835		0.86	%	1,488		0.32	%
Over three years to five years	2,534		1.89	%	2,854		1.10	%
Over five years	7,418		0.94	%	9,661		1.24	%
Total Federal Home Loan Bank advances (1)	$	704,084	4.30	%	$	14,020	1.11	%

(1)The weighted average interest rate of long-term FHLB advances as of both December 31, 2022 and December 31, 2021 was 1.11%.