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