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Offset of Assets/Liabilities

9 Months Ended

Sep. 30, 2015

Offsetting [Abstract]

Balance sheet Offsetting [Text Block]

NOTE 12 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

The Company’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, the Company’s securities purchased under agreements to resell and securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to a an account control agreement.

The following table presents the potential effect of rights of set-off associated with the Company’s recognized financial assets and liabilities at September 30, 2015 and December 31, 2014:

September 30, 2015

Gross Amounts Not Offset in the Statement of Financial Condition

Gross Amounts

Net Amount of

Offset in the

Assets Presented

Gross Amount

Statement of

in Statement

Cash

of Recognized

Financial

of Financial

Financial

Collateral

Net

Assets

Condition

Condition

Instruments

Received

Amount

(In thousands)

Derivatives

$

3,290

$

-

$

3,290

$

2,016

$

-

$

1,274

December 31, 2014

Gross Amounts Not Offset in the Statement of Financial Condition

Gross Amounts

Net amount of

Offset in the

Assets Presented

Gross Amount

Statement of

in Statement

Cash

of Recognized

Financial

of Financial

Financial

Collateral

Net

Assets

Condition

Condition

Instruments

Received

Amount

(In thousands)

Derivatives

$

8,107

$

-

$

8,107

$

2,006

$

-

$

6,101

September 30, 2015
											Gross Amounts Not Offset in the Statement of Financial Condition
								Net Amount of
					Gross Amounts			Liabilities
					Offset in the			Presented
		Gross Amount			Statement of			in Statement						Cash
		of Recognized			Financial			of Financial			Financial			Collateral			Net
		Liabilities			Condition			Condition			Instruments			Provided			Amount
								(In thousands)
Derivatives		$	9,663		$	-		$	9,663		$	-		$	2,980		$	6,683
Securities sold under agreements to repurchase			998,532			-			998,532			1,099,378			-			(100,846)
Total		$	1,008,195		$	-		$	1,008,195		$	1,099,378		$	2,980		$	(94,163)
December 31, 2014
											Gross Amounts Not Offset in the Statement of Financial Condition
								Net Amount of
					Gross Amounts			Liabilities
					Offset in the			Presented
		Gross Amount			Statement of			in Statement						Cash
		of Recognized			Financial			of Financial			Financial			Collateral			Net
		Liabilities			Condition			Condition			Instruments			Provided			Amount
		(In thousands)
Derivatives		$	16,698		$	-		$	16,698		$	-		$	2,980		$	13,718
Securities sold under agreements to repurchase			977,816			-			977,816			1,088,525			-			(110,709)
Total		$	994,514		$	-		$	994,514		$	1,088,525		$	2,980		$	(96,991)

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- Definition

Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements.

+ References

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- References

No definition available.

+ Details

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