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ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB)
 3 Months Ended
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
%.