Offsetting Assets and Liabilities

6 Months Ended

Jun. 30, 2013

Offsetting [Abstract]

Offsetting Assets and Liabilities

Note 3 – Offsetting Assets and Liabilities

United enters into reverse repurchase agreements in order to invest short-term funds.  In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting.

United also enters into derivative transactions that are subject to master netting arrangements; however there were no offsetting positions at June 30, 2013, December 31, 2012 or June 30, 2012.

The following table presents a summary of amounts outstanding under master netting agreements as of June 30, 2013 and December 31, 2012, and June 30, 2012 (in thousands).

	Gross Amounts of Recognized Assets			Gross Amounts Offset on the Balance Sheet					Gross Amounts not Offset in the Balance Sheet
June 30, 2013							Net Asset Balance		Financial Instruments		Collateral Received		Net Amount
Repurchase agreements / reverse repurchase agreements	$	400,000		$	(350,000	)	$	50,000	$	-	$	-	$	50,000
Derivatives		9,017			-			9,017		-		-		9,017
Total	$	409,017		$	(350,000	)	$	59,017	$	-	$	-	$	59,017
Weighted average interest rate of reverse repurchase agreements		1.09	%
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset on the Balance Sheet			Net Liability Balance		Gross Amounts not Offset in the Balance Sheet
									Financial Instruments		Collateral Pledged		Net Amount
Repurchase agreements / reverse repurchase agreements	$	350,000		$	(350,000	)	$	-	$	-	$	-	$	-
Derivatives		29,330			-			29,330		-		18,198		11,132
Total	$	379,330		$	(350,000	)	$	29,330	$	-	$	18,198	$	11,132
Weighted average interest rate of repurchase agreements		.25	%
	Gross Amounts of Recognized Assets			Gross Amounts Offset on the Balance Sheet			Net Asset Balance		Gross Amounts not Offset in the Balance Sheet
December 31, 2012									Financial Instruments		Collateral Received		Net Amount
Repurchase agreements / reverse repurchase agreements	$	325,000		$	(265,000	)	$	60,000	$	-	$	-	$	60,000
Securities lending transactions		50,000			(50,000	)		-		-		-		-
Derivatives		658			-			658		-		-		658
Total	$	375,658		$	(315,000	)	$	60,658	$	-	$	-	$	60,658
Weighted average interest rate of reverse repurchase agreements		1.18	%
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset on the Balance Sheet			Net Liability Balance		Gross Amounts not Offset in the Balance Sheet
									Financial Instruments		Collateral Pledged		Net Amount
Repurchase agreements / reverse repurchase agreements	$	265,000		$	(265,000	)	$	-	$	-	$	-	$	-
Securities lending transactions		50,000			(50,000	)		-		-		-		-
Derivatives		12,543			-			12,543		-		11,493		1,050
Total	$	327,543		$	(315,000	)	$	12,543	$	-	$	11,493	$	1,050
Weighted average interest rate of repurchase agreements		.43	%
	Gross Amounts of Recognized Assets			Gross Amounts Offset on the Balance Sheet			Net Asset Balance		Gross Amounts not Offset in the Balance Sheet
June 30, 2012									Financial Instruments		Collateral Received		Net Amount
Repurchase agreements / reverse repurchase agreements	$	320,000		$	(200,000	)	$	120,000	$	-	$	-	$	120,000
Derivatives		223			-			223		-		-		223
Total	$	320,223		$	(200,000	)	$	120,223	$	-	$	-	$	120,223
Weighted average interest rate of reverse repurchase agreements		1.27	%
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset on the Balance Sheet			Net Liability Balance		Gross Amounts not Offset in the Balance Sheet
									Financial Instruments		Collateral Pledged		Net Amount
Repurchase agreements / reverse repurchase agreements	$	200,000		$	(200,000	)	$	-	$	-	$	-	$	-
Derivatives		6,142			-			6,142		-		5,405		737
Total	$	206,142		$	(200,000	)	$	6,142	$	-	$	5,405	$	737
Weighted average interest rate of repurchase agreements		.41	%