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Resticted Cash | 3 Months Ended
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Mar. 31, 2014
Restricted Cash And Investments Abstract |
Resticted Cash Disclosure | NOTE 2 – RESTRICTED CASH The following table includes the composition of the restricted cash:
| March 31, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Deposits pledged as collateral to other financial institutions to secure: |  |  |  |  |
Securities sold under agreements to repurchase | $ | - |  | $ | 67,029
Derivatives |  | 2,980 |  |  | 2,980
Obligations under agreement of loans sold with recourse |  | 12,190 |  |  | 12,190
| $ | 15,170 |  | $ | 82,199
The Company delivers cash as collateral to meet margin calls f or some long term securities sold under agreements to repurchase. An alternative to cash delivery is entering into securities purchased under agreements to resell and use the securities collateral received as collateral to be delivered. At December 31, 201 3, the possibility of entering in to securities purchased under agreements to resell to receive securities collateral and then deliver it to counterparties securities sold under agreements to repurchase was v ery limited for market reasons. Therefore, at December 31, 2013, the Company had $67.0 million in cash collateral delivered. At March 31, 2014, the Company did not have cash collateral delivered. As part of the BBVAPR Acquisition, the Company assumed a contract with FNMA which required collateral to guarantee the repurchase, if necessary, of loan s s old with recourse. At March 31, 2014 and December 31, 2013, the Company delivered cash amounting to $12.2 million.

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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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