ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)

9 Months Ended

Sep. 30, 2020

Advances from Federal Home Loan Banks [Abstract]

ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)

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:
		September 30,		December 31,
	(In thousands)	2020		2019
	Short-term Fixed-rate advances from FHLB (1)	$	-	$	35,000
	Long-term Fixed-rate advances from FHLB (2)		490,000		535,000
		$	490,000	$	570,000

Interest rate of 1.83% as of December 31, 2019.Weighted-average interest rate of 2.24% and 2.21% as of September 30, 2020 and December 31, 2019, respectively.

Advances from FHLB mature as follows as of the indicated date:
		As of
		September 30, 2020
	(In thousands)
	Within one month	$	50,000
	Over six months to one year		120,000
	Over one year to three years		320,000
	Total	$	490,000

As of September 30, 2020, the Corporation used $17.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands and had additional capacity of approximately $1.4 billion on this credit facility based on collateral pledged at the FHLB, including a haircut reflecting the perceived risk associated with the collateral.