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OFFSETTING ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2013
Offsetting Assets And Liabilities [Abstract]  
OFFSETTING ASSETS AND LIABILITIES
NOTE 17 - OFFSETTING ASSETS AND LIABILITIES
 
The following tables summarize gross and net information about financial instruments and derivative instruments that are offset in the statement of financial position or that are subject to an enforceable master netting arrangement at December 31, 2013 and 2012.
 
 
 
December 31, 2013
 
 
 
 
 
 
Gross
 
 
Net Amounts
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
 
Amounts
 
 
of Assets
 
 
Gross Amounts Not
 
 
 
 
 
 
Amounts of
 
 
Offset in the
 
 
presented in
 
 
Offset in the Statement
 
 
 
 
 
 
Recognized
 
 
Statement of
 
 
the Statement
 
 
of Financial Position
 
 
 
 
 
 
Assets/
 
 
Financial
 
 
of Financial
 
 
Financial
 
 
Cash
Collateral
 
 
 
 
(dollars in thousands)
 
Liabilities
 
 
Position
 
 
Position
 
 
Instruments
 
 
Received
 
 
Net Amount
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swap Derivatives
 
$
627
 
 
$
0
 
 
$
627
 
 
$
0
 
 
$
(260
)
 
$
367
 
Total Assets
 
$
627
 
 
$
0
 
 
$
627
 
 
$
0
 
 
$
(260
)
 
$
367
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swap Derivatives
 
$
592
 
 
$
0
 
 
$
592
 
 
$
0
 
 
$
0
 
 
$
592
 
Repurchase Agreements
 
 
104,876
 
 
 
0
 
 
 
104,876
 
 
 
(104,876
)
 
 
0
 
 
 
0
 
Total Liabilities
 
$
105,468
 
 
$
0
 
 
$
105,468
 
 
$
(104,876
)
 
$
0
 
 
$
592
 
 
 
 
December 31, 2012
 
 
 
 
 
 
Gross
 
 
Net Amounts
 
 
 
 
 
 
 
 
 
 
 
 
Gross
 
 
Amounts
 
 
of Assets
 
 
Gross Amounts Not
 
 
 
 
 
 
Amounts of
 
 
Offset in the
 
 
presented in
 
 
Offset in the Statement
 
 
 
 
 
 
Recognized
 
 
Statement of
 
 
the Statement
 
 
of Financial Position
 
 
 
 
 
 
Assets/
 
 
Financial
 
 
of Financial
 
 
Financial
 
 
Cash
Collateral
 
 
 
 
(dollars in thousands)
 
Liabilities
 
 
Position
 
 
Position
 
 
Instruments
 
 
Received
 
 
Net Amount
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase Agreements
 
$
121,883
 
 
$
0
 
 
$
121,883
 
 
$
(121,883
)
 
$
0
 
 
$
0
 
Total Liabilities
 
$
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.