Offsetting Assets and Liabilties

6 Months Ended

Jun. 30, 2014

Offsetting Assets And Liabilities [Abstract]

Offsetting Assets and Liabilities [Text Block]

NOTE 5. OFFSETTING ASSETS AND LIABILITIES

The Company’s derivatives and repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of offset in the event of default or in the event of bankruptcy of either party to the transactions. The Company reports its assets and liabilities subject to these arrangements on a gross basis.

The following table presents information regarding those assets and liabilities subject to such arrangements as if the Company had presented them on a net basis as of June 30, 2014 and December 31, 2013.

(in thousands)
Offsetting of Assets
							Gross Amount Not Offset
							in the Balance Sheet
					Net Amount		Financial
	Gross Amount		Gross Amount		of Assets		Instruments		Cash
	of Recognized		Offset in the		Presented in the		Received as		Received as		Net
	Assets		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
June 30, 2014
Derivative asset - Payer swaption	$	1,200	$	-	$	1,200	$	-	$	(1,200)	$	-
December 31, 2013
Derivative asset	$	-	$	-	$	-	$	-	$	-	$	-

(in thousands)
Offsetting of Liabilities
							Gross Amount Not Offset
							in the Balance Sheet
					Net Amount		Financial
	Gross Amount		Gross Amount		of Liabilities		Instruments
	of Recognized		Offset in the		Presented in the		Posted as		Cash Posted		Net
	Liabilities		Balance Sheet		Balance Sheet		Collateral		Collateral		Amount
June 30, 2014
Repurchase Agreements	$	783,701	$	-	$	783,701	$	(783,701)	$	-	$	-
December 31, 2013
Repurchase Agreements	$	318,557	$	-	$	318,557	$	(318,557)	$	-	$	-

The amounts disclosed for collateral received by or posted to the same counterparty up to and not exceeding the net amount of the asset or liability presented in the balance sheet. The fair value of the actual collateral received by or posted to the same counterparty typically exceeds the amounts presented. See Notes 3 and 4 for a discussion of collateral posted or received against or for repurchase obligations and derivative instruments.