Balance Sheet Offsetting (Tables)

9 Months Ended

Sep. 30, 2018

Balance Sheet Offsetting

Schedule of the assets subject to an enforceable master netting arrangement or repurchase agreements

The following tables present the assets and liabilities subject to enforceable master netting arrangements, repurchase agreements, or similar agreements with offsetting rights (in thousands).

							Gross Amounts Not Offset in
					Net Amounts		the Balance Sheet
	Gross Amounts		Gross Amounts		of Assets				Cash
	of Recognized		Offset in the		Presented in the		Financial		Collateral		Net
	Assets		Balance Sheet		Balance Sheet		Instruments		Pledged		Amount
September 30, 2018
Securities borrowed:
Institutional counterparties	$	1,453,985	$	—	$	1,453,985	$	(1,395,791)	$	—	$	58,194
Interest rate options:
Customer counterparties		122		—		122		—		—		122
Interest rate swaps:
Institutional counterparties		195		—		195		(223)		—		(28)
Reverse repurchase agreements:
Institutional counterparties		164,656		—		164,656		(163,869)		—		787
Forward MBS derivatives:
Institutional counterparties		13,684		(293)		13,391		(6,160)		—		7,231
	$	1,632,642	$	(293)	$	1,632,349	$	(1,566,043)	$	—	$	66,306
December 31, 2017
Securities borrowed:
Institutional counterparties	$	1,386,821	$	—	$	1,386,821	$	(1,327,536)	$	—	$	59,285
Interest rate options:
Customer counterparties		38		—		38		—		—		38
Reverse repurchase agreements:
Institutional counterparties		186,537		—		186,537		(186,026)		—		511
Forward MBS derivatives:
Institutional counterparties		3,576		—		3,576		(3,576)		—		—
	$	1,576,972	$	—	$	1,576,972	$	(1,517,138)	$	—	$	59,834

Schedule of the liabilities subject to an enforceable master netting arrangement or repurchase agreements

							Gross Amounts Not Offset in
					Net Amounts		the Balance Sheet
	Gross Amounts		Gross Amounts		of Liabilities				Cash
	of Recognized		Offset in the		Presented in the		Financial		Collateral		Net
	Liabilities		Balance Sheet		Balance Sheet		Instruments		Pledged		Amount
September 30, 2018
Securities loaned:
Institutional counterparties	$	1,340,502	$	—	$	1,340,502	$	(1,283,453)	$	—	$	57,049
Interest rate options:
Institutional counterparties		122		—		122		—		—		122
Repurchase agreements:
Institutional counterparties		409,424		—		409,424		(409,424)		—		—
Customer counterparties		50,150		—		50,150		(50,150)		—		—
Forward MBS derivatives:
Institutional counterparties		3,325		—		3,325		(3,325)		—		—
	$	1,803,523	$	—	$	1,803,523	$	(1,746,352)	$	—	$	57,171
December 31, 2017
Securities loaned:
Institutional counterparties	$	1,215,093	$	—	$	1,215,093	$	(1,157,198)	$	—	$	57,895
Interest rate options:
Institutional counterparties		38		—		38		—		—		38
Interest rate swaps:
Institutional counterparties		35		(86)		(51)		(1,059)		—		(1,110)
Repurchase agreements:
Institutional counterparties		409,058		—		409,058		(409,058)		—		—
Customer counterparties		130,091		—		130,091		(130,091)		—		—
Forward MBS derivatives:
Institutional counterparties		2,696		(1,171)		1,525		(1,295)		—		230
	$	1,757,011	$	(1,257)	$	1,755,754	$	(1,698,701)	$	—	$	57,053

Schedule of contractual maturities of repurchase agreements and secured borrowing transactions

The following tables present the remaining contractual maturities of repurchase agreement and securities lending transactions accounted for as secured borrowings (in thousands). The Company had no repurchase-to-maturity transactions outstanding at both September 30, 2018 and December 31, 2017.

	Remaining Contractual Maturities
	Overnight and						Greater Than
September 30, 2018	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase agreement transactions:
U.S. Treasury and agency securities	$	86,476	$	—	$	—	$	—	$	86,476
Asset-backed securities		373,098		—		—		—		373,098
Securities lending transactions:
Corporate securities		182		—		—		—		182
Equity securities		1,340,320		—		—		—		1,340,320
Total	$	1,800,076	$	—	$	—	$	—	$	1,800,076
Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above									$	1,800,076
Amount related to agreements not included in offsetting disclosure above									$	—
	Remaining Contractual Maturities
	Overnight and						Greater Than
December 31, 2017	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase agreement transactions:
U.S. Treasury and agency securities	$	181,915	$	—	$	—	$	—	$	181,915
Asset-backed securities		357,234		—		—		—		357,234
Securities lending transactions:
Corporate securities		11,499		—		—		—		11,499
Equity securities		1,203,594		—		—		—		1,203,594
Total	$	1,754,242	$	—	$	—	$	—	$	1,754,242
Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above									$	1,754,242
Amount related to agreements not included in offsetting disclosure above									$	—