SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)

9 Months Ended

Sep. 30, 2023

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)[Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)

NOTE 9 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)

Repurchase agreements as of the indicated dates consisted of the following:

September 30, 2023

December 31, 2022

(In thousands)

Short-term Fixed-rate repurchase agreements

(1) (2)

$

-

$

75,133

(1)

Weighted-average interest rate of

4.55

% as of December 31, 2022. As of September 30, 2023, the Corporation repaid and did not renew its short-term repurchase agreements.

(2)

As of December 31, 2022, 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, repurchase agreements were fully collateralized and not offset in the consolidated

statements of financial condition.