Balance Sheet Offsetting

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Balance Sheet Offsetting

24. BALANCE SHEET OFFSETTING

Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the consolidated balance sheets as permitted under accounting guidance. Our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s consolidated balance sheets unless the Company defaults. In November 2006, we began a repurchase agreement product with our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells the Bank’s securities overnight to its customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the consolidated balances.

	Gross Amounts Recognized in the Condensed Consolidated Balance Sheets		Gross Amounts offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets		Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets					Net Amount
								Financial Instruments		Collateral Pledged
	(Dollars in thousands)
December 31, 2014
Financial assets:
Derivatives not designated as hedging instruments	$	10,080	$	—		$	—	$	10,080	$	—		$	10,080
Total	$	10,080	$	—		$	—	$	10,080	$	—		$	10,080
Financial liabilities:
Derivatives not designated as hedging instruments	$	10,200	$	(120	)	$	10,080	$	120	$	(16,734	)	$	(6,534	)
Repurchase agreements		563,627		—			563,627		—		(624,578	)		(60,951	)
Total	$	573,827	$	(120	)	$	573,707	$	120	$	(641,312	)	$	(67,485	)
December 31, 2013
Financial assets:
Derivatives not designated as hedging instruments	$	10,846	$	—		$	—	$	10,846	$	—		$	10,846
Total	$	10,846	$	—		$	—	$	10,846	$	—		$	10,846
Financial liabilities:
Derivatives not designated as hedging instruments	$	12,908	$	(2,062	)	$	10,846	$	2,062	$	(16,179	)	$	(3,271	)
Repurchase agreements		643,251		—			643,251		—		(649,385	)		(6,134	)
Total	$	656,159	$	(2,062)		$	654,097	$	2,062	$	(665,564)		$	(9,405)