MONEY MARKET INVESTMENTS

12 Months Ended

Dec. 31, 2023

MONEY MARKET INVESTMENTS [Abstract]

MONEY MARKET INVESTMENTS

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 were as follows as of the indicated dates:

As of December 31,

2023

2022

(Dollars in thousands)

Time deposits with other financial institutions

(1)

$

300

$

300

Overnight deposits with other financial institutions

(2)

439

541

Other short-term investments

(3)

500

1,184

$

1,239

$

2,025

(1)

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

1.05

% and

0.40

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

(2)

Weighted-average interest rate of

5.33

% and

4.33

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

(3)

Weighted-average interest rate of

2.47

% and

0.14

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

As of December 31, 2023, the Corporation had $

0.4

 million (2022 - $

0.5

 million) in money market investments pledged as

collateral as part of margin calls associated to derivative contracts.