Certain financial instrument related assets and liabilities may be eligible for offset on the consolidated balance sheet because they are subject to master netting agreements or similar agreements. However, the Company does not elect to offset such arrangements on the consolidated financial statements.

The Company enters into interest rate swap agreements with customers and financial institution counterparties. For additional detail regarding interest rate swap agreements refer to Footnote 9 within this section. In the event of default on, or termination of, any one contract, both parties have the right to net settle multiple contracts. Also, certain interest rate swap agreements may require the Company to receive or pledge cash collateral based on the contract provisions.

The Company also enters into agreements to sell securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements on the consolidated balance sheet. Under these agreements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated balance sheet, while the securities underlying the repurchase agreements remain in the respective investment securities account, therefore there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities.

The following table presents information about financial instruments that are eligible for offset:



March 31, 2014
(dollars in thousands)
Assets	Gross Amount		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet
Derivatives - Interest Rate Swaps	$	3,781	$	—	$	3,781

Liabilities
Derivatives - Interest Rate Swaps	16,338		—		16,338
Repurchase Agreements	50,000		—		50,000
Total Liabilities	$	66,338	$	—	$	66,338

December 31, 2013
(dollars in thousands)
Assets	Gross Amount		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet
Derivatives - Interest Rate Swaps	$	5,718	$	—	$	5,718

Liabilities
Derivatives - Interest Rate Swaps	15,906		—		15,906
Repurchase Agreements	50,000		—		50,000
Total Liabilities	$	65,906	$	—	$	65,906

The following table represents a reconciliation of the net amounts of interest rate swap derivative assets and liabilities presented in the balance sheet to the net amounts that would result in the event of offset, by counterparty:



March 31, 2014
(dollars in thousands)			Gross Amounts Not Offset in the Balance Sheet
Assets	Net Amounts Presented in the Balance Sheet		Financial Instruments^(j)			Cash Collateral ^(k)			Net Amount
Counterparty A	$	3,367	$	(3,367	)	$	—		$	—
All Other Counterparties	414		(179		)	(260		)	(25		)
Total Assets	$	3,781	$	(3,546	)	$	(260	)	$	(25	)

Liabilities
Counterparty A	$	12,402	$	(3,367	)	$	(9,085	)	$	(50	)
All Other Counterparties	3,936		(179		)	(3,620		)	137
Total Liabilities	$	16,338	$	(3,546	)	$	(12,705	)	$	87

December 31, 2013
(dollars in thousands)			Gross Amounts Not Offset in the Balance Sheet
Assets	Net Amounts Presented in the Balance Sheet		Financial Instruments^(j)			Cash Collateral ^(k)			Net Amount
Counterparty A	$	4,996	$	(4,996	)	$	—		$	—
All Other Counterparties	722		(328		)	(300		)	94
Total Assets	$	5,718	$	(5,324	)	$	(300	)	$	94

Liabilities
Counterparty A	$	13,111	$	(4,996	)	$	(8,545	)	$	(430	)
All Other Counterparties	2,795		(328		)	(1,960		)	507
Total Liabilities	$	15,906	$	(5,324	)	$	(10,505	)	$	77

(j) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of default.
(k) Amounts represent cash collateral received or posted on interest rate swap transactions with financial institution counterparties.