Offsetting Assets Liabilities [Text Block] |
Note 17 – Offsetting of financial assets and liabilities The following tables present the potential effect of rights of setoff associated with the Corporation's recognized financial assets and liabilities at March 31, 2014 and December 31, 2013. As of March 31, 2014 | | Gross Amounts Not Offset in the Statement of Financial Position | | (In thousands) | Gross Amount 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 | Securities Collateral Received | | Cash Collateral Received | Net Amount | Derivatives | $ | 28,998 | $ | - | $ | 28,998 | $ | 815 | $ | - | $ | - | $ | 28,183 | Reverse repurchase agreements | | 178,142 | | - | | 178,142 | | - | | 178,142 | | - | | - | Total | $ | 207,140 | $ | - | $ | 207,140 | $ | 815 | $ | 178,142 | $ | - | $ | 28,183 |
As of March 31, 2014 | | Gross Amounts Not Offset in the Statement of Financial Position | | (In thousands) | Gross Amount 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 | Securities Collateral Pledged | | Cash Collateral Pledged | Net Amount | Derivatives | $ | 25,714 | $ | - | $ | 25,714 | $ | 815 | $ | 12,453 | $ | - | $ | 12,446 | Repurchase agreements | | 2,108,213 | | - | | 2,108,213 | | - | | 2,108,213 | | - | | - | Total | $ | 2,133,927 | $ | - | $ | 2,133,927 | $ | 815 | $ | 2,120,666 | $ | - | $ | 12,446 |
As of December 31, 2013 | | Gross Amounts Not Offset in the Statement of Financial Position | | (In thousands) | Gross Amount 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 | Securities Collateral Received | | Cash Collateral Received | Net Amount | Derivatives | $ | 34,793 | $ | - | $ | 34,793 | $ | 1,220 | $ | - | $ | - | $ | 33,573 | Reverse repurchase agreements | | 175,965 | | - | | 175,965 | | - | | 175,965 | | - | | - | Total | $ | 210,758 | $ | - | $ | 210,758 | $ | 1,220 | $ | 175,965 | $ | - | $ | 33,573 |
As of December 31, 2013 | | Gross Amounts Not Offset in the Statement of Financial Position | | (In thousands) | Gross Amount 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 | Securities Collateral Pledged | | Cash Collateral Received | Net Amount | Derivatives | $ | 32,378 | $ | - | $ | 32,378 | $ | 1,220 | $ | 14,003 | $ | - | $ | 17,155 | Repurchase agreements | | 1,659,292 | | - | | 1,659,292 | | - | | 1,659,292 | | - | | - | Total | $ | 1,691,670 | $ | - | $ | 1,691,670 | $ | 1,220 | $ | 1,673,295 | $ | - | $ | 17,155 |
The Corporation's derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, the Corporation's Repurchase Agreements and Reverse Repurchase Agreements have a right of set-off with the respective counterparty under the supplemental terms of the Master Repurchase Agreements. In an event of default each party has a right of set-off against the other party for amounts owed in the related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. |