SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)

12 Months Ended

Dec. 31, 2022

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]

Schedule Of Repurchase Agreements [Table Text Block]

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.

December 31, 2022

(In thousands)

Within one month

$

25,133

Over one month to three months

50,000

 Total

$

75,133

Weighted-Average

Counterparty

Amount

Maturity (In Months)

(Dollars in thousands)

JP Morgan Chase

$

75,133

1

Schedule of Securities Sold Under Repurchase Agreements [Table Text Block]

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