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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 12 Months Ended
Dec. 31, 2022
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Text Block]
NOTE 12 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
Securities sold under agreements to repurchase (repurchase agreements)
 
as of the indicated dates consisted of the following:
December 31,
2022
2021
(In thousands)
Short-term Fixed-rate repurchase agreements
(1)
$
75,133
$
-
Long-term Fixed-rate repurchase agreements
(2)
-
300,000
$
75,133
$
300,000
(1)
Weighted-average interest rate
 
of
4.55
% as of December 31, 2022.
(2)
Weighted-average interest rate
 
of
3.35
% as of December 31, 2021. During the first quarter of 2021, the
 
interest rate related to securities sold under agreement to repurchase
 
totaling $
200
million changed from a variable rate (3-month LIBOR plus
130
 
to
132
 
basis points) to a fixed rate of
3.90
% after the end of a pre-specified lockout period.
Of the $
300.0
 
million in long-term
 
repurchase agreements
 
outstanding as of
 
December 31, 2021,
 
$
100.0
 
million matured and
 
were
repaid
 
in
 
the
 
first
 
quarter
 
of
 
2022
 
and
 
the
 
remaining
 
$
200.0
 
million
 
were
 
repaid
 
prior
 
to
 
maturity
 
upon
 
the
 
exercise
 
of
 
the
counterparty’s
 
call
 
option
 
in
 
the
 
fourth
 
quarter
 
of
 
2022.
 
In
 
addition,
 
the
 
Corporation
 
added
 
$
75.1
 
million
 
in
 
short-term
 
repurchase
agreements reflecting actions taken as part of management’s
 
liquidity and funding needs.
Repurchase agreements mature as follows as of the indicated date:
December 31,
 
2022
(In thousands)
Within one month
$
25,133
Over one month to three months
50,000
 
Total
$
75,133
The following securities were sold under agreements to repurchase:
As of December 31,
 
2022
Underlying Securities
Amortized Cost
of Underlying
Securities
Balance of
Borrowing
Approximate
Fair Value of
Underlying
Securities
Weighted Average
Interest Rate of
Security
(Dollars in thousands)
U.S. government-sponsored agencies
$
60,081
$
50,134
$
54,093
0.62
%
MBS
29,959
24,999
27,010
2.08
%
 
Total
 
$
90,040
$
75,133
$
81,103
Accrued interest receivable
$
137
As of December 31,
 
2021
Underlying Securities
Amortized Cost
of Underlying
Securities
Balance of
Borrowing
Approximate
Fair Value of
Underlying
Securities
Weighted Average
Interest Rate of
Security
(Dollars in thousands)
U.S. government-sponsored agencies
$
-
$
-
$
-
-
%
MBS
319,225
300,000
321,180
1.33
%
 
Total
 
$
319,225
$
300,000
$
321,180
Accrued interest receivable
$
599
As
 
of
 
December
 
31,
 
2022
 
and
 
2021,
 
the
 
securities
 
underlying
 
such
 
agreements
 
were
 
delivered
 
to
 
the
 
dealers
 
with
 
which
 
the
repurchase agreements were transacted. In accordance with
 
the master agreements, in the event of default, repurchase agreements have
a right of
 
set-off against
 
the other party
 
for amounts owed
 
under the related
 
agreement and any
 
other amount or
 
obligation owed with
respect to
 
any other
 
agreement or
 
transaction between
 
them. As
 
of December
 
31, 2022
 
and 2021,
 
repurchase agreements
 
were fully
collateralized and
 
not offset
 
in the consolidated
 
statements of financial
 
condition. See Note
 
24
–
 
Derivative Instruments and
 
Hedging
Activities for information on rights of set-off associated
 
to economic undesignated hedges.
The maximum aggregate
 
balance of repurchase
 
agreements outstanding
 
at any month-end
 
during each of
 
the year ended
 
December
31, 2022 and 2021 was $
300.0
 
million. The average balance during 2022 was $
194.9
 
million (2021 - $
300.5
 
million).
Repurchase agreements as of December 31, 2022, grouped by
 
counterparty, were as follows:
Weighted-Average
Counterparty
Amount
Maturity (In Months)
(Dollars in thousands)
JP Morgan Chase
$
75,133
1