SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

Sep. 30, 2020

Disclosure of Repurchase Agreements [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 18 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following:
	September 30, 2020		December 31, 2019
(In thousands)
Long-term repurchase agreements (1)(2)	$	300,000	$	100,000

Weighted-average interest rate of 1.81% and 2.26% as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, includes repurchase agreements of $200 million tied to variable rates.During the first quarter of 2020, the Corporation exercised its call option on $200 million of reverse repurchase agreements that were previously offset in the statement of financial condition against variable-rate repurchase agreements, pursuant to ASC Subtopic 210-20-45-11, “Balance Sheet – Offsetting – Repurchase and Reverse Repurchase Agreements.”

Repurchase agreements mature as follows as of the indicated date:
		September 30, 2020
	(In thousands)
	One year to three years	$	100,000
	Three years to five years		200,000
	Total	$	300,000

As of September 30, 2020 and December 31, 2019, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted.

Repurchase agreements as of September 30, 2020 grouped by counterparty, were as follows:

(Dollars in thousands)			Weighted-Average
Counterparty	Amount		Maturity (In months)
JP Morgan Chase	$	100,000	16
Credit Suisse First Boston		200,000	52
	$	300,000