OFFSETTING OF ASSETS AND LIABILITIES

3 Months Ended

Sep. 30, 2015

Text Block [Abstract]

OFFSETTING OF ASSETS AND LIABILITIES

NOTE 12–OFFSETTING OF ASSETS AND LIABILITIES

The Corporation enters into master agreements with counterparties, primarily related to derivatives and repurchase agreements, that may allow for netting of exposures in the event of default. In an event of default, each party has a right of set-off against the other party for the amounts owed in the related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. The following table presents information about the offsetting of financial assets and liabilities as well as derivative assets and liabilities:

Offsetting of Financial Assets and Derivative Assets
(In thousands)
As of September 30, 2015
							Gross Amounts Not Offset in the Statement of Financial Position
					Net Amounts of Assets Presented in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position
									Financial Instruments		Cash Collateral
													Net Amount
Description
Derivatives	$	806	$	-	$	806	$	(806)	$	-	$	-
Securities purchased under agreements to resell		200,000		(200,000)		-		-		-		-
Total		200,806		(200,000)		806		(806)		-		-
As of December 31, 2014
							Gross Amounts Not Offset in the Statement of Financial Position
					Net Amounts of Assets Presented in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position
									Financial Instruments		Cash Collateral
													Net Amount
Description
Derivatives	$	6	$	-	$	6	$	(6)	$	-	$	-

Offsetting of Financial Liabilities and Derivative Liabilities
(In thousands)
As of September 30, 2015
										Gross Amounts Not Offset in the Statement of Financial Position
							Net Amounts of Liabilities Presented in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Position
													Financial Instruments			Cash Collateral
																			Net Amount
Description
Securities sold under agreements to repurchase		$	600,000		$	(200,000)		$	400,000		$	(400,000)		$	-		$	-
As of December 31, 2014
										Gross Amounts Not Offset in the Statement of Financial Position
							Net Amounts of Liabilities Presented in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Position
													Financial Instruments			Cash Collateral
																			Net Amount
Description
Derivatives		$	33		$	-		$	33		$	(33)		$	-		$	-
Securities sold under agreements to repurchase			600,000			-			600,000			(600,000)			-			-
Total		$	600,033		$	-		$	600,033		$	(600,033)		$	-		$	-