XML 48 R36.htm IDEA: XBRL DOCUMENT
v3.21.1

Assets and Liabilities Subject to Enforceable Master Netting Arrangements | 12 Months Ended
--- | ---
Dec. 31, 2020
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | 28. Assets and Liabilities Subject to Enforceable Master Netting Arrangements Interest Rate Swap Agreements (“Swap Agreements”) The Corporation has entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities as a part of managing interest rate risk. The swap agreements have been designated as cash flow hedges, and accordingly, the fair value of the interest rate swap contracts is reported in Other Liabilities on the Consolidated Statement of Financial Condition. The swap agreements were entered into with a third party financial institution. The Corporation is party to master netting arrangements with its financial institution counterparty; however the Corporation does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, in the form of cash, is posted by the Corporation as the counterparty with net liability positions in accordance with contract thresholds. See Note 26 to the Consolidated Financial Statements for more information. Securities Sold Under Agreements to Repurchase The Bank enters into agreements under which it sells interests in U.S. securities to certain customers subject to an obligation to repurchase, and on the part of the customers to resell, such interests. Under these repurchase arrangements, the Bank may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Bank to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the consolidated statement of condition, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. There is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Bank does not enter into reverse repurchase agreements, there is no such offsetting to be done with the repurchase agreements. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Bank fail to repurchase the U.S. securities on the maturity date of the agreement. The investment security collateral is held by a third party financial institution in the counterparty’s custodial account. The following table presents the liabilities subject to an enforceable master netting arrangement or repurchase agreements at December 31, 2020 and December 31, 2019.
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in ‎the Statement of Condition |  |  |
(In thousands) |  | Gross Amounts ‎of Recognized ‎(Assets)/ ‎Liabilities |  | Gross Amounts ‎Offset in the ‎Statement of ‎Condition |  | Net Amounts of ‎(Assets)/Liabilities ‎Presented in the ‎Statement of ‎Condition |  | Financial ‎Instruments |  | Cash ‎Collateral ‎Pledged |  | Net ‎Amount
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements |  | $ | 1,320 |  | $ | — |  | $ | 1,320 |  | $ | (1,320) |  | $ | — |  | $ | —
Repurchase Agreements |  | $ | 49,160 |  | $ | — |  | $ | 49,160 |  | $ | (49,160) |  | $ | — |  | $ | —
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements |  | $ | 133 |  | $ | — |  | $ | 133 |  | $ | (133) |  | $ | — |  | $ | —
Repurchase Agreements |  | $ | 48,728 |  | $ | — |  | $ | 48,728 |  | $ | (48,728) |  | $ | — |  | $ | —
‎

X
- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
Name: | us-gaap_CommitmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_UnconditionalPurchaseObligationsExcludingCapitalStockRedemptionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration