ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)

3 Months Ended

Mar. 31, 2020

Advances from Federal Home Loan Banks [Abstract]

ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) [Text Block]

NOTE 19 – ADVANCES FROM THE FEDERAL HOME LOAN BANK

The following is a summary of the advances from the FHLB as of the indicated dates:
			March 31,		December 31,
			2020		2019
	(In thousands)
	Short-term Fixed -rate advances from FHLB	(1)	$	30,000	$	35,000
	Long-term Fixed-rate advances from FHLB	(2)		535,000		535,000
			$	565,000	$	570,000

Interest rate of 0.59% and 1.83% as of March 31, 2020 and December 31, 2019, respectively.Weighted-average interest rate of 2.21% as of each March 31, 2020 and December 31, 2019.

Advances from FHLB mature as follows as of the indicated date:
		March 31,
		2020
	(In thousands)
	Within one month	$	55,000
	Over one to three months		20,000
	Over six months to one year		50,000
	Over one year to three years		440,000
	Total	$	565,000

As of March 31, 2020, the Corporation used $212.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands and had additional capacity of approximately $529.4 million on this credit facility based on collateral pledged at the FHLB, considering a margin haircut reflecting the perceived risk associated with the collateral.