SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of Repurchase Agreements [Abstract]

Schedule Of Repurchase Agreements [Table Text Block]

Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following:

December 31,

2021

2020

(In thousands)

Long-term repurchase agreement

(1)

$

300,000

$

300,000

(1)

Weighted-average interest rate of

3.35

% and

1.77

% as of December 31, 2021 and 2020, respectively. During the first quarter of 2021, the interest rate related to securities

sold under agreement 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 December 31, 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:

December 31, 2021

(In thousands)

One month to three months

$

100,000

Three to five years

200,000

 Total

$

300,000

Weighted-Average

Counterparty

Amount

Maturity (In Months)

(Dollars in thousands)

JP Morgan Chase

$

100,000

1

Credit Suisse First Boston

200,000

37

Total

$

300,000

Schedule of Securities Sold Under Repurchase Agreements [Table Text Block]

The following securities were sold under agreements to repurchase:

As of December 31, 2021

Amortized

Approximate

Weighted 

Cost of 

Fair Value

Average

Underlying

Balance of 

of Underlying

Interest Rate 

Underlying Securities

 Securities

Borrowing

 Securities

of Security

(Dollars in thousands)

U.S. government-sponsored agencies

$

-

$

-

$

-

-

%

MBS

319,225

300,000

321,180

1.33

%

 Total 

$

319,225

$

300,000

$

321,180

Accrued interest receivable

$

599

As of December 31, 2020

Amortized

Approximate

Weighted 

Cost of 

Fair Value

Average

Underlying

Balance of 

of Underlying

Interest Rate 

Underlying Securities

 Securities

Borrowing

 Securities

of Security

(Dollars in thousands)

U.S. government-sponsored agencies

$

12,219

$

11,013

$

12,351

1.94

%

MBS

320,640

288,987

329,438

1.65

%

 Total 

$

332,859

$

300,000

$

341,789

Accrued interest receivable

$

753