SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

Sep. 30, 2021

Disclosure of Repurchase Agreements [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Text Block]

NOTE 18 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following:
		September 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 September 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 September 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:
			September 30, 2021
	(In thousands)
	Three months to six months		$	100,000
	Over three years to five years			200,000
		Total	$	300,000

As of September 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 September 30, 2021 grouped by counterparty, were as follows:

			Weighted-Average
Counterparty	Amount		Maturity (In months)
(Dollars in thousands)
JP Morgan Chase	$	100,000	4
Credit Suisse First Boston		200,000	40
Total	$	300,000