LOANS PAYABLE

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Loans Payable [Text Block]

NOTE 17 – LOANS PAYABLE

The Corporation participates in the Borrower-in-Custody Program (the “BIC Program ”) of the FED. Through the BIC Program, a

broad range of loans (including commercial, consumer, and residential mortgages) may be pledged as collateral for borrowings

through the FED Discount Window. As of December 31, 2021, pledged collateral that is related to this credit facility amounted to $

2.0

billion, mainly commercial, consumer, and residential mortgage loans, which after a margin “haircut” to discount the value of

collateral pledged, represents approximately $

1.2

 billion of credit availability under this program. With the impacts of COVID-19 on

individuals, communities, and organizations continuing to evolve, the Federal Reserve has taken several actions to support the

economy and financial stability of market participants including, among other things, lowering the target range for the federal funds

rate and relaunching large scale asset purchases. The FED Discount Window program provided the opportunity to access a low-rate

short-term source of funding in a high volatility market environment. There were

no

 outstanding borrowings under the Primary Credit

FED Discount Window Program as of December 31, 2021.