Offsetting of financial assets and liabilities

6 Months Ended

Jun. 30, 2018

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 June 30,2018 and December 31,2017.

As of June 30, 2018
							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	$	15,763	$	-	$	15,763	$	41	$	-	$	-	$	15,722
Total	$	15,763	$	-	$	15,763	$	41	$	-	$	-	$	15,722

As of June 30, 2018
							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	$	14,223	$	-	$	14,223	$	41	$	-	$	-	$	14,182
Repurchase agreements		306,911		-		306,911		-		306,911		-		-
Total	$	321,134	$	-	$	321,134	$	41	$	306,911	$	-	$	14,182

As of December 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	$	16,719	$	-	$	16,719	$	121	$	-	$	-	$	16,598
Total	$	16,719	$	-	$	16,719	$	121	$	-	$	-	$	16,598

As of December 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	$	14,431	$	-	$	14,431	$	121	$	8	$	-	$	14,302
Repurchase agreements		390,921		-		390,921		-		390,921		-		-
Total	$	405,352	$	-	$	405,352	$	121	$	390,929	$	-	$	14,302

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.