OFFSETTING OF ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2015

Text Block [Abstract]

OFFSETTING OF ASSETS AND LIABILITIES

NOTE 12–OFFSETTING OF ASSETS AND LIABILITIES

The Corporation enters into master agreements with counterparties that may allow for netting of exposures in the event of default, primarily related to derivatives and 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 agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. The following table presents information about the offsetting of financial assets and liabilities as well as derivative assets and liabilities:

Offsetting of Financial Assets and Derivative Assets
In thousands
As of March 31, 2015
							Gross Amounts Not Offset in the Statement of Financial Position
					Net Amounts of Assets Presented in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position
									Financial Instruments		Cash Collateral Received
													Net Amount
Description
Derivatives	$	1	$	-	$	1	$	(1)	$	-	$	-
As of December 31, 2014
							Gross Amounts Not Offset in the Statement of Financial Position
					Net Amounts of Assets Presented in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position
									Financial Instruments		Cash Collateral
													Net Amount
Description
Derivatives	$	6	$	-	$	6	$	(6)	$	-	$	-

Offsetting of Financial Liabilities and Derivative Liabilities
In thousands
As of March 31, 2015
							Gross Amounts Not Offset in the Statement of Financial Position
					Net Amounts of Liabilities Presented in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position
									Financial Instruments		Cash Collateral Received
													Net Amount
Description
Repurchase agreements		600,000		-		600,000		(600,000)		-		-
Total	$	600,000	$	-	$	600,000	$	(600,000)	$	-	$	-
As of December 31, 2014
							Gross Amounts Not Offset in the Statement of Financial Position
					Net Amounts of Liabilities Presented in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position
									Financial Instruments		Cash Collateral
													Net Amount
Description
Derivatives	$	33	$	-	$	33	$	(33)	$	-	$	-
Repurchase agreements		600,000		-		600,000		(600,000)		-		-
Total	$	600,033	$	-	$	600,033	$	(600,033)	$	-	$	-