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Offsetting of Financial Assets and Liabilities
 3 Months Ended
Mar. 31, 2020
Offsetting of Financial Assets and Liabilities [Abstract]  
Offsetting of Financial Assets and Liabilities

NOTE 14 – 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 March 31, 2020 and December 31, 2019:

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2

 

$

-

 

$

2

 

$

-

 

$

-

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,059

 

$

-

 

$

2,059

 

$

-

 

$

-

 

$

2,059

Securities sold under agreements to repurchase

 

 

50,000

 

 

-

 

 

50,000

 

 

54,756

 

 

-

 

 

(4,756)

Total

 

$

52,059

 

$

-

 

$

52,059

 

$

54,756

 

$

-

 

$

(2,697)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)