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Offsetting of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Offsetting of Financial Assets and Liabilities [Abstract]

Offsetting of Financial Assets and Liabilities

NOTE 17 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

Oriental’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, Oriental’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 an account control agreement.

The following table presents the potential effect of rights of set-off associated with Oriental’s recognized financial assets and liabilities at December 31, 2019 and 2018:

December 31, 2019

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

$

6

$

-

$

6

$

-

$

-

$

6

December 31, 2018

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

$

347

$

-

$

347

$

2,037

$

-

$

(1,690)

December 31, 2019
											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		$	913		$	-		$	913		$	-		$	-		$	913
Securities sold under agreements to repurchase			190,000			-			190,000			204,068			-			(14,068)
Total		$	190,913		$	-		$	190,913		$	204,068		$	-		$	(13,155)
December 31, 2018
											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		$	333		$	-		$	333		$	-			1,980		$	(1,647)
Securities sold under agreements to repurchase			454,723			-			454,723			487,181			-			(32,458)
Total		$	455,056		$	-		$	455,056		$	487,181		$	1,980		$	(34,105)

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- Definition

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- References

No definition available.

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