Assets And Liabilities Subject To Offsetting

9 Months Ended

Sep. 30, 2013

Assets And Liabilities Subject To Offsetting [Abstract]

Assets And Liabilities Subject To Offsetting

Note 14—Assets and Liabilities Subject to Offsetting

Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”)

PeoplesBank enters into agreements under which it sells securities subject to an obligation to repurchase the same securities the next business day.  These repurchase agreements are accounted for as a collateralized financing arrangement (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 (short-term borrowings) in the Corporation’s consolidated financial statements of condition, while the securities underlying the repurchase agreements remain in the respective securities asset accounts.  In other words, there is no offsetting or netting of the securities with the repurchase agreement liabilities. 

				Gross		Net Amounts
		Gross		Amounts		of Liabilities		Gross amounts Not Offset in
		Amounts of		Offset in the		Presented in		the Statements of Condition
		Recognized		Statements of		the Statements		Financial		Cash Collateral			Net
(dollars in thousands)		Liabilities		Condition		of Condition		Instruments		Pledged			Amount
September 30, 2013
Repurchase Agreements	(1)	$	25,702	$	0	$	25,702	$	(25,702)	$	0	$	0
December 31, 2012
Repurchase Agreements	(1)	$	19,356	$	0	$	19,356	$	(19,356)	$	0	$	0

(1) As of September 30, 2013 and December 31, 2012, the fair value of securities pledged in connection with repurchase agreements was $27,708,000 and $25,876,000, respectively.