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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)
 12 Months Ended
Dec. 31, 2023
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS) [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)
NOTE 12 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
(“REPURCHASE AGREEMENTS”)
 
Repurchase agreements consisted of the following as of the indicated
 
dates:
 
 
 
 
 
 
 
 
 
December 31, 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.
(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. See Note 24 - "Derivative Instruments
 
and Hedging Activities" for information on rights of set-off
 
associated to economic undesignated hedges.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following securities were sold under agreements to repurchase as of the indicated date:
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
The
 
maximum
 
aggregate
 
balance
 
of repurchase
 
agreements outstanding
 
at
 
any
 
month-end
 
for
 
the years
 
ended
 
December 31,
 
2023
and
 
2022
 
was
 
$
173.0
 
million
 
and
 
$
300.0
 
million,
 
respectively.
 
The
 
average
 
balance
 
during
 
2023
 
was
 
$
54.6
 
million
 
(2022-
 
$
194.9
million).