NOTE 18 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASESecurities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following: | | | | | | | June 30, 2021 | | December 31, 2020 | (In thousands) | | | | | | Long-term repurchase agreements (1) | $ | 300,000 | | $ | 300,000 | | | | | | | | (1) | Weighted-average interest rate of 3.35% and 1.77% as of June 30, 2021 and December 31, 2020, respectively. During the first quarter of 2021, the interest rate related to securities sold under agreements to repurchase totaling $200 million changed from a variable rate (3-month LIBOR plus 130 to 132 basis points) to a fixed rate of 3.90% after the end of a prespecified lockout period. As of June 30, 2021, all of the outstanding securities sold under agreements to repurchase are tied to fixed interest rates. | | | | | | | |
Repurchase agreements mature as follows as of the indicated date: | | | | | | | | | | | June 30, 2021 | | (In thousands) | | | | | | | | | Six months to one year | $ | 100,000 | | Over three years to five years | | 200,000 | | | Total | $ | 300,000 | | | | | | | | | | | | |
As of June 30, 2021 and December 31, 2020, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted. Repurchase agreements as of June 30, 2021 grouped by counterparty, were as follows: | | (Dollars in thousands) | | | | | Weighted-Average | | | | Counterparty | | Amount | | Maturity (In months) | | | | | | | | | | | | | JP Morgan Chase | | $ | 100,000 | | 7 | | | | Credit Suisse First Boston | | | 200,000 | | 43 | | | | | | $ | 300,000 | | | | | | | | | | | | |
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