ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)

9 Months Ended

Sep. 30, 2023

ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) [Abstract]

ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)

NOTE 10 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB

The following is a summary of the advances from the FHLB as of the indicated dates:

September 30, 2023

December 31, 2022

(In thousands)

Short-term

Fixed

-rate advances from the FHLB

(1)

$

-

$

475,000

Long-term

Fixed

-rate advances from the FHLB

(2)

500,000

200,000

$

500,000

$

675,000

(1)

Weighted-average interest rate of

4.56

% as of December 31, 2022.

(2)

Weighted-average interest rate of

4.45

% and

4.25

% as of September 30, 2023 and December 31, 2022, respectively.

Advances from the FHLB mature as follows as of the indicated date:

September 30, 2023

(In thousands)

Over one to five years

(1)

$

500,000

'(1) Average remaining term to maturity of

2.74

 years.

During the nine-month period ended September 30, 2023, the Corporation added $

300.0

 million of long-term FHLB advances at an

average cost of

4.59

%, and repaid its short-term FHLB advances.