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ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 6 Months Ended
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Jun. 30, 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: June 30, 2023 December 31, 2022 (In thousands) Short-term Fixed -rate advances from the FHLB (1) $ - $ 475,000 Long-term Fixed -rate advances from the FHLB (2) 500,000 200,000 $ 500,000 $ 675,000 (1) Weighted-average interest rate of 4.56 % as of December 31, 2022. (2) Weighted-average interest rate of 4.45 % and 4.25 % as of June 30, 2023 and December 31, 2022, respectively. Advances from the FHLB mature as follows as of the indicated date: June 30, 2023 (In thousands) Over one to five years $ 500,000 During the six-month period ended June 30, 2023, the Corporation added $ 300.0 million of long-term FHLB advances at an average cost of 4.59 %, and repaid its short-term FHLB advances.

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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 -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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