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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPURCHASE AGREEMENTS) | 9 Months Ended
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Sep. 30, 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: September 30, 2023 December 31, 2022 (In thousands) Short-term Fixed-rate repurchase agreements (1) (2) $ - $ 75,133 (1) Weighted-average interest rate of 4.55 % as of December 31, 2022. As of September 30, 2023, the Corporation repaid and did not renew its short-term repurchase agreements. (2) As of 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 December 31, 2022, repurchase agreements were fully collateralized and not offset in the consolidated statements of financial condition.

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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 -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//860/tableOfContent + Details
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