Borrowed Funds and Subordinated Debentures (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents the period-end and average balances of borrowed funds and subordinated debentures for the past three years with resultant rates:



	2019				2018				2017
(In thousands)	Amount		Rate		Amount		Rate		Amount		Rate
FHLB borrowings and repurchase agreements:
At December 31,	$	283,000	1.74	%	$	210,000	2.31	%	$	260,000	1.59	%
Year-to-date average	103,201		1.85		121,970		1.78		110,420		1.75
Maximum outstanding	283,000				238,000				260,000
Repurchase agreements:
At December 31,	$	—	—	%	$	—	—	%	$	15,000	3.67	%
Year-to-date average	—		—		2,384		3.67		15,000		3.67
Maximum outstanding	—				15,000				15,000
Subordinated debentures:
At December 31,	$	10,310	3.33	%	$	10,310	2.40	%	$	10,310	2.40	%
Year-to-date average	10,310		3.50		10,310		2.40		10,310		2.40
Maximum outstanding	10,310				10,310				10,310

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)	2020		2021		2022		2023		2024		Thereafter		Total
FHLB borrowings	$	243,000	$	—	$	—	$	—	$	40,000	$	—	$	283,000
Subordinated debentures	—		—		—		—		—		10,310		10,310
Total borrowings	$	283,000	$	—	$	—	$	—	$	40,000	$	10,310	$	293,310

Summary of Interest Rate Swaps

The following table presents the net (losses) gains recorded in other comprehensive income and the consolidated financial statements relating to the cash flow derivative instruments at December 31, 2019 and 2018, respectively:



	For the years ended December 31,
(In thousands)	2019			2018
(Decrease) increase in the fair value of interest rate swaps	$	(1,195	)	$	25

A summary of the Company's outstanding interest rate swap agreements used to hedge variable rate debt at December 31, 2019 and 2018, respectively is as follows:



(In thousands, except percentages, years and contracts)	2019			2018
Notional amount	$	60,000		$	60,000
Fair value	238			1,433
Weighted average pay rate	1.42		%	1.26		%
Weighted average receive rate	2.19		%	1.88		%
Weighted average maturity in years	1.25			2.36
Number of contracts	4			4