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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS)
3 Months Ended
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