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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2022
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Text Block] | NOTE 12 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase (repurchase agreements) as of the indicated dates consisted of the following: December 31, 2022 2021 (In thousands) Short-term Fixed-rate repurchase agreements (1) $ 75,133 $ - Long-term Fixed-rate repurchase agreements (2) - 300,000 $ 75,133 $ 300,000 (1) Weighted-average interest rate of 4.55 % as of December 31, 2022. (2) Weighted-average interest rate of 3.35 % as of December 31, 2021. During the first quarter of 2021, the interest rate related to securities sold under agreement 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 pre-specified lockout period. Of the $ 300.0 million in long-term repurchase agreements outstanding as of December 31, 2021, $ 100.0 million matured and were repaid in the first quarter of 2022 and the remaining $ 200.0 million were repaid prior to maturity upon the exercise of the counterparty’s call option in the fourth quarter of 2022. In addition, the Corporation added $ 75.1 million in short-term repurchase agreements reflecting actions taken as part of management’s liquidity and funding needs. Repurchase agreements mature as follows as of the indicated date: December 31, 2022 (In thousands) Within one month $ 25,133 Over one month to three months 50,000 Total $ 75,133 The following securities were sold under agreements to repurchase: 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 As of December 31, 2021 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 $ - $ - $ - - % MBS 319,225 300,000 321,180 1.33 % Total $ 319,225 $ 300,000 $ 321,180 Accrued interest receivable $ 599 As of December 31, 2022 and 2021, 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 and 2021, 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 maximum aggregate balance of repurchase agreements outstanding at any month-end during each of the year ended December 31, 2022 and 2021 was $ 300.0 million. The average balance during 2022 was $ 194.9 million (2021 - $ 300.5 million). Repurchase agreements as of December 31, 2022, grouped by counterparty, were as follows: Weighted-Average Counterparty Amount Maturity (In Months) (Dollars in thousands) JP Morgan Chase $ 75,133 1

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI https://asc.fasb.org/topic&trid=2197590 + Details
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