Resale and Repurchase Agreements

The following table shows the extent to which assets and liabilities relating to securities purchased under agreements to resell (resale agreements), and securities sold under agreements to repurchase (repurchase agreements) have been offset in the consolidated balance sheets, in addition to the extent to which they could potentially be offset. Also shown is collateral received or pledged, which consists of marketable securities. The collateral amounts in the table are limited to the outstanding balances of the related asset or liability (after netting is applied); thus amounts of excess collateral are not shown. The agreements in the following table were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default.

Resale and repurchase agreements are agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral accepted or pledged in resale and repurchase agreements with other financial institutions also may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees. The Company generally retains custody of securities pledged for repurchase agreements with customers.

The Company is party to several agreements commonly known as collateral swaps. These agreements involve the exchange of collateral under simultaneous repurchase and resale agreements with the same financial institution counterparty. These repurchase and resale agreements have the same principal amounts, inception dates, and maturity dates and have been offset against each other in the balance sheet, as permitted under the netting provisions of ASC 210-20-45. The collateral swaps totaled $450.0 million at both June 30, 2015 and December 31, 2014. At June 30, 2015, the Company had posted collateral of $462.0 million in marketable securities, consisting mainly of agency mortgage-backed bonds, and had accepted $490.7 million in investment grade asset-backed, commercial mortgage-backed, and corporate bonds.



								Gross Amounts Not Offset in the Balance Sheet
(In thousands)	Gross Amount Recognized		Gross Amounts Offset in the Balance Sheet			Net Amounts Presented in the Balance Sheet		Financial Instruments		Securities Collateral Received/Pledged			Net Amount
June 30, 2015
Total resale agreements, subject to master netting arrangements	$	1,500,000	$	(450,000	)	$	1,050,000	$	—	$	(1,050,000	)	$	—
Total repurchase agreements, subject to master netting arrangements	2,115,693		(450,000		)	1,665,693		—		(1,665,693		)	—
December 31, 2014
Total resale agreements, subject to master netting arrangements	$	1,500,000	$	(450,000	)	$	1,050,000	$	—	$	(1,049,370	)	$	630
Total repurchase agreements, subject to master netting arrangements	2,308,678		(450,000		)	1,858,678		—		(1,858,678		)	—

The table below shows the remaining contractual maturities of repurchase agreements outstanding at June 30 2015, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings.



	Remaining Contractual Maturity of the Agreements
(In thousands)	Overnight and continuous		Up to 90 days		Greater than 90 days		Total
June 30, 2015
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	124,241	$	24,799	$	10,219	$	159,259
Government-sponsored enterprise obligations	349,799		41,830		22,122		413,751
Agency mortgage-backed securities	340,790		103,537		324,659		768,986
Asset-backed securities	653,697		120,000		—		773,697
Total repurchase agreements, gross amount recognized	$	1,468,527	$	290,166	$	357,000	$	2,115,693