Assets And Liabilities Subject To Offsetting
 12 Months Ended
Dec. 31, 2014
Assets And Liabilities Subject To Offsetting [Abstract]  
Assets and Liabilities Subject to Offsetting

 

Note 17—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

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements

(1)

 

$
42,184 

 

$
0 

 

$
42,184 

 

$
(42,184)

 

$
0 

 

$
0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements

(1)

 

$
24,597 

 

$
0 

 

$
24,597 

 

$
(24,597)

 

$
0 

 

$
0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

As of December 31, 2014 and 2013, the fair value of securities pledged in connection with repurchase agreements was $60,872,000 and $29,299,000, respectively.