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ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 6 Months Ended
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Jun. 30, 2019
Advances from Federal Home Loan Banks [Abstract] |
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | NOTE 18 – ADVANCES FROM THE FEDERAL HOME LOAN BANK
The following is a summary of the advances from the FHLB as of the indicated dates:
|  | June 30, |  | December 31,
| (In thousands) | 2019 |  | 2018
| Long-term Fixed-rate advances from FHLB (1) | $ | 740,000 |  | $ | 740,000
Weighted-average interest rate of 2.07%
Advances from FHLB mature as follows:
|  | As of
|  | June 30, 2019
| (In thousands) |  |
| Over three to six months | $ | 205,000
| Over six months to one year |  | 45,000
| Over one to three years |  | 290,000
| Over three to four years |  | 200,000
| Total | $ | 740,000
As of June 30, 2019, the Corporation used $252.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands and had additional capacity of approximately $385.4 million on this credit facility based on collateral pledged at the FHLB, including a haircut reflecting the perceived risk associated with the collateral.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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