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, 2017 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
September 30, 2017
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	1,590	$	—	$	1,590
Commodity swaps and options	1,849		—		1,849
Foreign currency forward contracts	18		—		18
Total derivatives	3,457		—		3,457
Resell agreements	17,642		—		17,642
Total	$	21,099	$	—	$	21,099
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	15,387	$	—	$	15,387
Commodity swaps and options	1,392		—		1,392
Foreign currency forward contracts	104		—		104
Total derivatives	16,883		—		16,883
Repurchase agreements	987,869		—		987,869
Total	$	1,004,752	$	—	$	1,004,752



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
September 30, 2017
Financial assets:
Derivatives:
Counterparty A	$	397	$	(397	)	$	—		$	—
Counterparty B	866		(866		)	—			—
Counterparty C	204		(204		)	—			—
Counterparty D	—		—			—			—
Other counterparties	1,990		(1,631		)	(130		)	229
Total derivatives	3,457		(3,098		)	(130		)	229
Resell agreements	17,642		—			(17,642		)	—
Total	$	21,099	$	(3,098	)	$	(17,772	)	$	229
Financial liabilities:
Derivatives:
Counterparty A	$	8,984	$	(397	)	$	(8,587	)	$	—
Counterparty B	3,535		(866		)	(2,669		)	—
Counterparty C	1,128		(204		)	(830		)	94
Counterparty D	—		—			—			—
Other counterparties	3,236		(1,631		)	(1,605		)	—
Total derivatives	16,883		(3,098		)	(13,691		)	94
Repurchase agreements	987,869		—			(987,869		)	—
Total	$	1,004,752	$	(3,098	)	$	(1,001,560	)	$	94

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2016 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2016
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	3,592	$	—	$	3,592
Commodity swaps and options	206		—		206
Foreign currency forward contracts	—		—		—
Total derivatives	3,798		—		3,798
Resell agreements	9,642		—		9,642
Total	$	13,440	$	—	$	13,440
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	26,744	$	—	$	26,744
Commodity swaps and options	5,757		—		5,757
Foreign currency forward contracts	33		—		33
Total derivatives	32,534		—		32,534
Repurchase agreements	963,317		—		963,317
Total	$	995,851	$	—	$	995,851



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
December 31, 2016
Financial assets:
Derivatives:
Counterparty A	$	687	$	(687	)	$	—		$	—
Counterparty B	223		(223		)	—			—
Counterparty C	158		(158		)	—			—
Counterparty D	1,820		(1,820		)	—			—
Other counterparties	910		(677		)	(64		)	169
Total derivatives	3,798		(3,565		)	(64		)	169
Resell agreements	9,642		—			(9,642		)	—
Total	$	13,440	$	(3,565	)	$	(9,706	)	$	169
Financial liabilities:
Derivatives:
Counterparty A	$	11,233	$	(687	)	$	(10,026	)	$	520
Counterparty B	6,867		(223		)	(6,344		)	300
Counterparty C	4,578		(158		)	(4,415		)	5
Counterparty D	7,706		(1,820		)	(5,886		)	—
Other counterparties	2,150		(677		)	(676		)	797
Total derivatives	32,534		(3,565		)	(27,347		)	1,622
Repurchase agreements	963,317		—			(963,317		)	—
Total	$	995,851	$	(3,565	)	$	(990,664	)	$	1,622

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, 2017 and December 31, 2016 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, 2017
Repurchase agreements:
U.S. Treasury	$	907,509	$	—	$	—	$	—	$	907,509
Residential mortgage-backed securities	80,360		—		—		—		80,360
Total borrowings	$	987,869	$	—	$	—	$	—	$	987,869
Gross amount of recognized liabilities for repurchase agreements									$	987,869
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2016
Repurchase agreements:
U.S. Treasury	$	841,475	$	—	$	—	$	—	$	841,475
Residential mortgage-backed securities	121,842		—		—		—		121,842
Total borrowings	$	963,317	$	—	$	—	$	—	$	963,317
Gross amount of recognized liabilities for repurchase agreements									$	963,317
Amounts related to agreements not included in offsetting disclosures above									$	—