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Balance Sheet Offsetting
 3 Months Ended
Mar. 31, 2015
Text Block [Abstract]  
Balance Sheet Offsetting

12. BALANCE SHEET OFFSETTING

Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. In November 2006, we began offering a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the condensed consolidated balances.

 

     Gross Amounts
Recognized in
the Condensed
Consolidated
Balance Sheets		      Gross Amounts
offset in the
Condensed
Consolidated
Balance Sheets		     Net Amounts of
Assets Presented
in the Condensed
Consolidated
Balance Sheets		      Gross Amounts Not Offset in
the Condensed Consolidated
Balance Sheets		     Net Amount  
             Financial
Instruments		      Collateral
Pledged		    
     (Dollars in thousands)  

March 31, 2015

                

Financial assets:

                

Derivatives not designated as hedging instruments

    $ 11,624       $ —        $ —         $ 11,624       $ —        $ 11,624   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total

 $ 11,624    $ —      $ —      $ 11,624    $ —      $ 11,624   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Financial liabilities:

Derivatives not designated as hedging instruments

 $ 11,624    $ —      $ 11,624    $ —      $ (16,761 )  $ (5,137 ) 

Repurchase agreements

   560,352      —        560,352      —        (687,017 )    (126,665 ) 
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total

 $ 571,976    $ —      $ 571,976    $ —      $ (703,778 )  $ (131,802 ) 
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

December 31, 2014

Financial assets:

Derivatives not designated as hedging instruments

 $ 10,080    $ —      $ —      $ 10,080    $ —      $ 10,080   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total

 $ 10,080    $ —      $ —      $ 10,080    $ —      $ 10,080   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Financial liabilities:

Derivatives not designated as hedging instruments

 $ 10,200    $ (120 )  $ 10,080    $ 120    $ (16,734 )  $ (6,534 ) 

Repurchase agreements

   563,627      —        563,627      —        (624,578 )    (60,951 ) 
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total

 $ 573,827    $ (120 )  $ 573,707    $ 120    $ (641,312 )  $ (67,485 )