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ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)

6 Months Ended

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.

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