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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS) | 3 Months Ended
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Mar. 31, 2023
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)[Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS) | NOTE 9 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS) Repurchase agreements as of the indicated dates consisted of the following: March 31, 2023 December 31, 2022 (In thousands) Short-term Fixed-rate repurchase agreements (1) $ 172,982 $ 75,133 (1) Weighted-average interest rate of 5.08 % and 4.55 % as of March 31, 2023 and December 31, 2022. The $ 75.1 million in repurchase agreements outstanding as of December 31, 2022 matured and were repaid during the first quarter of 2023. In addition, the Corporation added $ 173.0 million in short-term repurchase agreements reflecting precautionary measures taken by management in light of recent instability in the banking sector. Repurchase agreements mature as follows as of the indicated date: March 31, 2023 (In thousands) Within one month $ 172,982 As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, repurchase agreements were fully collateralized and not offset in the consolidated statements of financial condition. Repurchase agreements as of March 31, 2023, grouped by counterparty, were as follows: Weighted-Average Counterparty Amount Maturity (In Months) (Dollars in thousands) JP Morgan Chase $ 172,982 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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