MONEY MARKET INVESTMENTS

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents, at Carrying Value [Abstract]

Money Market Investments [Text Block]

NOTE 4 – MONEY MARKET INVESTMENTS

Money market investments are composed of time deposits, overnight deposits with other financial institutions, and other short-term

investments with original maturities of three months or less.

Money market investments as of December 31, 2021 and 2020 were as follows:

2021

2020

(Dollars in thousands)

Time deposits with other financial institutions

(1) (2)

$

300

$

300

Overnight deposits with other financial institutions

(3)

1,200

59,091

Other short-term investments

(4)

1,182

1,181

$

2,682

$

60,572

(1)

Consists of restricted time deposits required by the Puerto Rico International Banking Law.

(2)

Weighted-average interest rate of

0.05

% and

0.45

% as of December 31, 2021 and 2020, respectively.

(3)

Weighted-average interest rate of

0.07

% and

0.15

% as of December 31, 2021 and 2020, respectively.

(4)

Weighted-average interest rate of

0.15

% and

0.11

% as of December 31, 2021 and 2020, respectively.

As of December 31, 2021 and 2020, the Corporation had

no

 money market investments pledged as collateral.