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Derivatives and Balance Sheet Offsetting | 12 Months Ended
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Dec. 31, 2013
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Derivatives and Balance Sheet Offsetting | Derivatives and Balance Sheet Offsetting The Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate. The Company then enters into a corresponding swap agreement with a third party in order to offset its exposure on the variable and fixed components of the customer agreement. As the interest rate swap agreements with the customers and third parties are not designated as hedges under the Derivatives and Hedging topic of the FASB ASC, the instruments are marked to market in earnings. The notional amount of open interest rate swap agreements at December 31, 2013 and 2012 was $179.5 million and $177.0 million, respectively. There was no impact to the statement of operations for the years ending December 31, 2013, 2012 and 2011. The following table presents the fair value and balance sheet classification of derivatives not designated as hedging instruments at December 31, 2013 and 2012:
| Asset Derivatives |  | Liability Derivatives
| 2013 |  | 2012 |  | 2013 |  | 2012
(in thousands) | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate contracts | Other assets |  | $ | 9,044 |  |  | Other assets |  | $ | 14,921 |  |  | Other liabilities |  | $ | 9,044 |  |  | Other liabilities |  | $ | 14,921 |
The Company is party to interest rate swap agreements and repurchase agreements that are subject to enforceable master netting arrangements or similar agreements. Under these agreements, the Company may have the right to net settle multiple contracts with the same counterparty. The following tables show the gross interest rate swap agreements and repurchase agreements in the consolidated balance sheets and the respective collateral received or pledged in the form of other financial instruments, which are generally marketable securities. The collateral amounts in these tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown.
| Gross Amounts of Recognized Assets/Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets |  | Gross Amounts Not Offset in the Consolidated Balance Sheets
|  |  |  | Collateral Posted |  | Net Amount
December 31, 2013 | (in thousands)
Assets |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 9,044 |  |  | $ | — |  |  | $ | 9,044 |  |  | $ | — |  |  | $ | 9,044 |
Liabilities |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 9,044 |  |  | $ | — |  |  | $ | 9,044 |  |  | $ | (9,044 | ) |  | $ | — |
Repurchase agreements | $ | 25,000 |  |  | $ | — |  |  | $ | 25,000 |  |  | $ | (25,000 | ) |  | $ | — |
December 31, 2012 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 14,921 |  |  | $ | — |  |  | $ | 14,921 |  |  | $ | — |  |  | $ | 14,921 |
Liabilities |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 14,921 |  |  | $ | — |  |  | $ | 14,921 |  |  | $ | (14,921 | ) |  | $ | — |
Repurchase agreements | $ | 25,000 |  |  | $ | — |  |  | $ | 25,000 |  |  | $ | (25,000 | ) |  | $ | — |

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