MONEY MARKET INVESTMENTS

12 Months Ended

Dec. 31, 2022

MONEY MARKET INVESTMENTS [Abstract]

Money Market Investments [Text Block]

NOTE 2 – 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, 2022 and 2021 were as follows:

2022

2021

(Dollars in thousands)

Time deposits with other financial institutions

(1) (2)

$

300

$

300

Overnight deposits with other financial institutions

(3)

541

1,200

Other short-term investments

(4)

1,184

1,182

$

2,025

$

2,682

(1)

Consists of time deposits segregated for compliance with the Puerto Rico International Banking Law.

(2)

Interest rate of

0.40

% and

0.05

% as of December 31, 2022 and 2021, respectively.

(3)

Weighted-average interest rate of

4.33

% and

0.07

% as of December 31, 2022 and 2021, respectively.

(4)

Weighted-average interest rate of

0.14

% and

0.15

% as of December 31, 2022 and 2021, respectively.

As of December 31, 2022, the Corporation had $

0.5

 million (2021 - $

1.2

 million) in money market investments pledged as

collateral as part of margin calls associated to derivative contracts.