Offsetting of financial assets and liabilities

3 Months Ended

Mar. 31, 2017

Disclosure Text Block

Offsetting Of Financial Assets And Liabilities

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 31,2017 and December 31,2016.

As of March 31, 2017
							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	$	13,097	$	-	$	13,097	$	85	$	-	$	-	$	13,012
Total	$	13,097	$	-	$	13,097	$	85	$	-	$	-	$	13,012

As of March 31, 2017
							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	$	11,196	$	-	$	11,196	$	85	$	156	$	-	$	10,955
Repurchase agreements		434,714		-		434,714		-		434,714		-		-
Total	$	445,910	$	-	$	445,910	$	85	$	434,870	$	-	$	10,955

As of December 31, 2016
							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	$	14,094	$	-	$	14,094	$	551	$	-	$	-	$	13,543
Reverse repurchase agreements		23,637		-		23,637		-		23,637		-		-
Total	$	37,731	$	-	$	37,731	$	551	$	23,637	$	-	$	13,543

As of December 31, 2016
							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	$	12,842	$	-	$	12,842	$	551	$	747	$	-	$	11,544
Repurchase agreements		479,425		-		479,425		-		479,425		-		-
Total	$	492,267	$	-	$	492,267	$	551	$	480,172	$	-	$	11,544

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 RepurchaseAgreements. 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.