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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2017
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Text Block] | NOTE 18 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase (repurchase agreements) consist of the following:
|  | December, 31
|  | 2017 |  | 2016
| (Dollars in thousands) |  |  |  |  |
| Shot-term fixed-rate repurchase agreement with a rate of 1.53% | $ | 100,000 |  | $ | -
| Long -term fixed-rate repurchase agreements, interest ranging from 1.96% to 2.26% |  |  |  |  |
| (December 31, 2016: 1.96% to 2.83%) (1)(2) |  | 200,000 |  |  | 300,000
|  | $ | 300,000 |  | $ | 300,000
(1) | Reported net of securities purchased under agreements to repurchase (reverse repurchase agreements) by counterparty, when applicable, pursuant to ASC 210-20-45-11.
(2) | As of December 31, 2017, includes $200 million with an average rate of 2.11% that lenders have the right to call before their contractual maturities at various dates beginning on February 6, 2018. Subsequent to December 31, 2017, no lender has exercised its call option on repurchase agreements.
The weighted-average interest rates on repurchase agreements as of December 31, 201 7 and 201 6 were 1.92% and 2.35%, respectively. Accrued interest payable on repurchase agreements amounted to $1.8 million and $1.9 million as of December 31, 201 7 and 201 6, respectively.
Repurchase agreements mature as follows:
|  | December 31, 2017
| (In thousands) |
| Less than one month | $ | 100,000
| Over four to five years |  | 200,000
| Total | $ | 300,000
The following securities were sold under agreements to repurchase: |
|  | December 31, 2017 |
|  | Amortized |  |  |  |  |  | Approximate |  | Weighted
|  | Cost of |  |  |  |  |  | Fair Value |  | Average
|  | Underlying |  |  | Balance of |  |  | of Underlying |  | Interest Rate
Underlying Securities |  | Securities |  |  | Borrowing |  |  | Securities |  | of Security
(In thousands) |  |  |
U.S. government-sponsored agencies | $ | 132,637 |  | $ | 127,801 |  | $ | 131,271 |  |  | 1.39 | %
Mortgage-backed securities |  | 222,325 |  |  | 172,199 |  |  | 218,852 |  |  | 2.29 | %
Total | $ | 354,962 |  | $ | 300,000 |  | $ | 350,123 |  |  |  |
Accrued interest receivable | $ | 1,060 |  |  |  |  |  |  |  |  |  |
|  | December 31, 2016 |
|  | Amortized |  |  |  |  |  | Approximate |  |  | Weighted |
|  | Cost of |  |  |  |  |  | Fair Value |  |  | Average |
|  | Underlying |  |  | Balance of |  |  | of Underlying |  |  | Interest Rate |
Underlying Securities |  | Securities |  |  | Borrowing |  |  | Securities |  |  | of Security |
(In thousands) |  |  |
U.S. government-sponsored agencies | $ | 126,205 |  | $ | 123,175 |  | $ | 125,417 |  |  | 1.30 | %
Mortgage-backed securities |  | 215,352 |  |  | 176,825 |  |  | 213,973 |  |  | 2.20 | %
Total | $ | 341,557 |  | $ | 300,000 |  | $ | 339,390 |  |  |  |
Accrued interest receivable | $ | 1,400 |  |  |  |  |  |  |  |  |  |
The maximum aggregate balance outstanding at any month-end during 201 7 was $300 million (201 6 — $7 00 million). The average balance during 201 7 was $300 million (201 6 — $616.4 million). The weighted-average interest rate during 201 7 and 201 6 was 3.64% and 3.28%, respectively. As of December 31, 201 7 and 201 6, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted.
Repurchase agreements as of December 31, 2017, grouped by counterparty, were as follows:
| (Dollars in thousands) |  |  |  |  | Weighted-Average
| Counterparty |  | Amount |  | Maturity (In Months)
| Citigroup Global Markets |  | $ | 100,000 |  | 1
| JP Morgan Chase |  |  | 200,000 |  | 49
|  |  | $ | 300,000 |  |

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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