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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 9 Months Ended
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Sep. 30, 2021
Disclosure of Repurchase Agreements [Abstract] |
Securities Sold Under Agreements to Repurchase [Table text Block] |
Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following:
| September 30, 2021 |  | December 31, 2020
(In thousands) |  |  |  |  |
Long-term repurchase agreements (1) | $ | 300,000 |  | $ | 300,000
(1) | Weighted-average interest rate of 3.35% and 1.77% as of September 30, 2021 and December 31, 2020, respectively. During the first quarter of 2021, the interest rate related to securities sold under agreements to repurchase totaling $200 million changed from a variable rate (3-month LIBOR plus 130 to 132 basis points) to a fixed rate of 3.90% after the end of a prespecified lockout period. As of September 30, 2021, all of the outstanding securities sold under agreements to repurchase are tied to fixed interest rates.
Repurchase agreements mature as follows as of the indicated date:
|  |  |  | September 30, 2021
| (In thousands) |
| Three months to six months | $ | 100,000
| Over three years to five years |  | 200,000
|  | Total | $ | 300,000
|  |  |  |  |  |  | Weighted-Average |
|  | Counterparty |  | Amount |  | Maturity (In months) |
|  | (Dollars in thousands) |  |  |  |  |  |
|  | JP Morgan Chase |  | $ | 100,000 |  | 4 |
|  | Credit Suisse First Boston |  |  | 200,000 |  | 40 |
|  | Total |  | $ | 300,000 |  |  |

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- Definition The entire disclosure for repurchase agreements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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