XML 32 R22.htm IDEA: XBRL DOCUMENT v3.26.1
Resale and Repurchase Agreements
 3 Months Ended
Mar. 31, 2026
Resale and Repurchase Agreements [Abstract]  
Resale and Repurchase Agreements [Text Block] Resale and Repurchase Agreements
The Company regularly enters into resale and repurchase agreement transactions with other financial institutions and with its own customers. 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 secured lending and collateralized borrowing (e.g. financing transactions), not as true sales and purchases of the underlying collateral securities. Some of the resale and repurchase agreements were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default. The security collateral accepted or pledged in resale and repurchase agreements with other financial institutions 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 its customers.
The following table shows the extent to which resale agreement assets and repurchase agreement liabilities with the same counterparty have been offset on 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 offsetting is applied); thus amounts of excess collateral are not shown.

Gross Amounts Not Offset in the Balance Sheet
(In thousands)Gross Amount RecognizedGross Amounts Offset in the Balance SheetNet Amounts Presented in the Balance SheetFinancial Instruments Available for OffsetSecurities Collateral Received/PledgedUnsecured Amount
March 31, 2026
Total resale agreements, subject to master netting arrangements
$850,000 $— $850,000 $— $(850,000)$— 
Total repurchase agreements, subject to master netting arrangements
2,446,993 — 2,446,993 — (2,446,993)— 
December 31, 2025
Total resale agreements, subject to master netting arrangements
$850,000 $— $850,000 $— $(850,000)$— 
Total repurchase agreements, subject to master netting arrangements
2,861,016 — 2,861,016 — (2,861,016)— 
The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2026 and December 31, 2025, in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings.

Remaining Contractual Maturity of the Agreements
(In thousands)Overnight and continuousUp to 90 daysGreater than 90 daysTotal
March 31, 2026
Repurchase agreements, secured by:
  U.S. government and federal agency obligations$646,958 $— $— $646,958 
  Government-sponsored enterprise obligations10,523 — — 10,523 
  Agency mortgage-backed securities1,262,248 5,350 26,000 1,293,598 
  Non-agency mortgage-backed securities21,179 — — 21,179 
  Asset-backed securities336,321 21,226 29,996 387,543 
  Other debt securities87,192 — — 87,192 
   Total repurchase agreements, gross amount recognized$2,364,421 $26,576 $55,996 $2,446,993 
December 31, 2025
Repurchase agreements, secured by:
  U.S. government and federal agency obligations$503,061 $— $— $503,061 
  Government-sponsored enterprise obligations10,539 — — 10,539 
  Agency mortgage-backed securities1,647,928 4,600 26,750 1,679,278 
  Non-agency mortgage-backed securities21,970 — — 21,970 
  Asset-backed securities453,827 29,656 21,226 504,709 
  Other debt securities141,459 — — 141,459 
   Total repurchase agreements, gross amount recognized$2,778,784 $34,256 $47,976 $2,861,016