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ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 3 Months Ended
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Mar. 31, 2023
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) [Abstract] |
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | NOTE 10 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB The following is a summary of the advances from the FHLB as of the indicated dates: March 31, December 31, 2023 2022 (In thousands) Short-term Fixed -rate advances from the FHLB (1) $ 425,000 $ 475,000 Long-term Fixed -rate advances from the FHLB (2) 500,000 200,000 $ 925,000 $ 675,000 (1) Weighted-average interest rate of 5.04 % and 4.56 % as of March 31, 2023 and December 31, 2022, respectively. (2) Weighted-average interest rate of 4.45 % and 4.25 % as of March 31, 2023 and December 31, 2022, respectively. Advances from the FHLB mature as follows as of the indicated date: March 31, 2023 (In thousands) Within one month $ 425,000 Over one to five years 500,000 Total $ 925,000 During the first quarter of 2023, the Corporation added $ 425.0 million of short-term FHLB advances at an average cost of 5.04 % and $ 300.0 million of long-term FHLB advances at an average cost of 4.59 %, and repaid upon maturity $ 475.0 million of short-term FHLB advances at an average cost of 4.56 %.

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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 https://asc.fasb.org/extlink&oid=126897435&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 https://asc.fasb.org/extlink&oid=123599511&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 https://asc.fasb.org/extlink&oid=123465755&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 https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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