Securities sold under repurchase agreements

12 Months Ended

Dec. 31, 2014

Securities Sold Under Repurchase Agreements [Abstract]

Repurchase Agreements Resale Agreements Securities Borrowed and Securities Loaned Disclosure [Text Block]

13.

Securities sold under repurchase agreements

The Bank’s financing transactions under repurchase agreements amounted to $300.5 million and $286.2 million as of December 31, 2014 and, 2013, respectively.

During 2014, 2103, 2012, interest expense related to financing transactions under repurchase agreements totaled $2.1 million and $1.3 and 1.7 millon, respectively, corresponding to interest expense generated by the financing contracts under repurchase agreements. These expenses are included in the interest expense – short-term borrowings and debt line in the consolidated statements of income.