Assets And Liabilities Subject To Offsetting

9 Months Ended

Sep. 30, 2018

Assets And Liabilities Subject To Offsetting [Abstract]

Assets And Liabilities Subject To Offsetting

Note 13—Assets and Liabilities Subject to Offsetting

Securities Sold Under Agreements to Repurchase

PeoplesBank enters into agreements with clients in which it sells securities subject to an obligation to repurchase the same securities (“repurchase agreements”).  The contractual maturity of the repurchase agreement is overnight and continues until either party terminates the agreement.  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 are appropriately segregated for safekeeping purposes and remain in the respective securities asset accounts.  Thus, there is no offsetting or netting of the securities with the repurchase agreement liabilities.

								Gross amounts Not Offset in
			Gross		Net Amounts			the Statements of Condition
	Gross		Amounts		of Liabilities			Financial Instruments
	Amounts of		Offset in the		Presented in			U.S. agency			Cash
	Recognized		Statements		the Statements			mortgage-backed,			Collateral			Net
(dollars in thousands)	Liabilities		of Condition		of Condition			residential		U.S. agency	Pledged			Amount
September 30, 2018
Repurchase Agreements	$	8,624	$	0	$	8,624	$	(8,624)	$	0	$	0	$	0
December 31, 2017
Repurchase Agreements	$	10,295	$	0	$	10,295	$	(10,295)	$	0	$	0	$	0

As of September 30, 2018 and December 31, 2017, the carrying value of securities pledged in connection with repurchase agreements was $9,406,000 and $15,545,000, respectively.