OFFSETTING ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2013

Offsetting Assets and Liabilities [Abstract]

OFFSETTING ASSETS AND LIABILITIES

NOTE 10. OFFSETTING ASSETS AND LIABILITIES

On January 1, 2013, the Company adopted changes issued by the FASB to the disclosure of offsetting assets and liabilities. These changes require an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The enhanced disclosures will enable users of an entity’s financial statements to understand and evaluate the effect or potential effect of master netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. Other than the additional disclosure requirements, the adoption of these changes had no impact on the Consolidated Financial Statements.

Offsetting of Financial Assets and Derivative Assets

	September 30, 2013
								Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
Description
Interest Rate Swap Derivatives	$	297	$	0	$	297	$	0	$	(270)	$	27
Total	$	297	$	0	$	297	$	0	$	(270)	$	27

Offsetting of Financial Liabilities and Derivative Liabilities

	September 30, 2013
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Pledged		Net Amount
Description
Interest Rate Swap Derivatives	$	267	$	0	$	267	$	0	$	0	$	267
Repurchase Agreements		103,959		0		103,959		(103,959)		0		0
Total	$	104,226	$	0	$	104,226	$	(103,959)	$	0	$	267

Offsetting of Financial Liabilities and Derivative Liabilities

	December 31, 2012
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Pledged		Net Amount
Description
Repurchase Agreements	$	121,883	$	0	$	121,883	$	(121,883)	$	0	$	0
Total	$	121,883	$	0	$	121,883	$	(121,883)	$	0	$	0

There were no interest rate swap derivatives as of December 31, 2012.

If an event of default occurs causing an early termination of an interest rate swap derivative, any early termination amount payable to one party by the other party may be reduced by set-off against any other amount payable by the one party to the other party. If a default in performance of any obligation of a repurchase agreement occurs, each party will set-off property held in respect of transactions against obligations owing in respect of any other transactions.