Balance Sheet Offsetting and Repurchase Agreements

Balance Sheet Offsetting. Certain financial instruments, including resell and repurchase agreements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Our derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, we do not generally offset such financial instruments for financial reporting purposes.

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of September 30, 2016 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
September 30, 2016
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	242	$	—	$	242
Commodity swaps and options	1,734		—		1,734
Foreign currency forward contracts	5		—		5
Total derivatives	1,981		—		1,981
Resell agreements	9,642		—		9,642
Total	$	11,623	$	—	$	11,623
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	56,219	$	—	$	56,219
Commodity swaps and options	3,506		—		3,506
Foreign currency forward contracts	3		—		3
Total derivatives	59,728		—		59,728
Repurchase agreements	793,702		—		793,702
Total	$	853,430	$	—	$	853,430



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
September 30, 2016
Financial assets:
Derivatives:
Counterparty A	$	169	$	(169	)	$	—		$	—
Counterparty B	496		(496		)	—			—
Counterparty C	1,242		(1,242		)	—			—
Other counterparties	74		(74		)	—			—
Total derivatives	1,981		(1,981		)	—			—
Resell agreements	9,642		—			(9,642		)	—
Total	$	11,623	$	(1,981	)	$	(9,642	)	$	—
Financial liabilities:
Derivatives:
Counterparty A	$	18,517	$	(169	)	$	(18,348	)	$	—
Counterparty B	8,810		(496		)	(7,331		)	983
Counterparty C	3,571		(1,242		)	(1,746		)	583
Counterparty D	24,038		—			(24,038		)	—
Other counterparties	4,792		(74		)	(4,043		)	675
Total derivatives	59,728		(1,981		)	(55,506		)	2,241
Repurchase agreements	793,702		—			(793,702		)	—
Total	$	853,430	$	(1,981	)	$	(849,208	)	$	2,241

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2015 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2015
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	1,318	$	—	$	1,318
Commodity swaps and options	13,210		—		13,210
Foreign currency forward contracts	15		—		15
Total derivatives	14,543		—		14,543
Resell agreements	13,442		—		13,442
Total	$	27,985	$	—	$	27,985
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	39,823	$	—	$	39,823
Commodity swaps and options	352		—		352
Foreign currency forward contracts	23		—		23
Total derivatives	40,198		—		40,198
Repurchase agreements	883,947		—		883,947
Total	$	924,145	$	—	$	924,145



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
December 31, 2015
Financial assets:
Derivatives:
Counterparty A	$	743	$	(743	)	$	—		$	—
Counterparty B	6,901		(5,795		)	(413		)	693
Counterparty C	6,059		(3,447		)	(2,312		)	300
Other counterparties	840		(840		)	—			—
Total derivatives	14,543		(10,825		)	(2,725		)	993
Resell agreements	13,442		—			(13,442		)	—
Total	$	27,985	$	(10,825	)	$	(16,167	)	$	993
Financial liabilities:
Derivatives:
Counterparty A	$	16,092	$	(743	)	$	(15,347	)	$	2
Counterparty B	5,795		(5,795		)	—			—
Counterparty C	3,447		(3,447		)	—			—
Counterparty D	11,505		(20		)	(11,485		)	—
Other counterparties	3,359		(820		)	(1,971		)	568
Total derivatives	40,198		(10,825		)	(28,803		)	570
Repurchase agreements	883,947		—			(883,947		)	—
Total	$	924,145	$	(10,825	)	$	(912,750	)	$	570

Repurchase Agreements. We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of September 30, 2016 and December 31, 2015 is presented in the following tables.



	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
September 30, 2016
Repurchase agreements:
U.S. Treasury	$	668,320	$	—	$	—	$	—	$	668,320
Residential mortgage-backed securities	125,382		—		—		—		125,382
Total borrowings	$	793,702	$	—	$	—	$	—	$	793,702
Gross amount of recognized liabilities for repurchase agreements									$	793,702
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2015
Repurchase agreements:
U.S. Treasury	$	664,419	$	—	$	—	$	—	$	664,419
Residential mortgage-backed securities	211,501		—		8,027		—		219,528
Total borrowings	$	875,920	$	—	$	8,027	$	—	$	883,947
Gross amount of recognized liabilities for repurchase agreements									$	883,947
Amounts related to agreements not included in offsetting disclosures above									$	—