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Resticted Cash | 9 Months Ended
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Sep. 30, 2014
Restricted Cash And Investments Abstract |
Resticted Cash Disclosure | NOTE 2 – RESTRICTED CASH The following table includes the composition of the Company's restricted cash:
| September 30, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Cash pledged as collateral to other financial institutions to secure: |  |  |  |  |
Securities sold under agreements to repurchase | $ | 24,500 |  | $ | 67,029
Derivatives |  | 2,980 |  |  | 2,980
Obligations under agreement of loans sold with recourse |  | 5,427 |  |  | 12,190
| $ | 32,907 |  | $ | 82,199
The Company delivers cash as collateral to meet margin calls f or some long term securities sold under agreements to repurchase. At September 30, 2014 and December 31, 2013, t he Company had cash pledged as collateral for securities sold under agreements to repurchase amounting to $24.5 million and $67.0 million, respectively. As part of its derivative activities, the Company has entered into collateral agreements with certain fin ancial counterparties. At both September 30, 2014 and December 31, 2013, the Company had delivered $3.0 million of cash as collateral for such derivatives activities. As part of the BBVAPR Acquisition, the Company assumed various contract s with the Federal National Mortgage Association (“FNMA”) which required collateral to guarantee the repurchase, if necessary, of certain mortgage loan s s old with recourse. At September 30, 2014 and December 31, 2013, the Company had $5.4 million and $12.2 million, respectively, of cash pledged as collateral for such recourse obligations.

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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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