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 June 30, 2018 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
June 30, 2018
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	5,993	$	—	$	5,993
Commodity swaps and options	2,068		—		2,068
Foreign currency forward contracts	7		—		7
Total derivatives	8,068		—		8,068
Resell agreements	9,642		—		9,642
Total	$	17,710	$	—	$	17,710
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	6,554	$	—	$	6,554
Commodity swaps and options	31,575		—		31,575
Foreign currency forward contracts	216		—		216
Total derivatives	38,345		—		38,345
Repurchase agreements	968,420		—		968,420
Total	$	1,006,765	$	—	$	1,006,765



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
June 30, 2018
Financial assets:
Derivatives:
Counterparty A	$	1,234	$	(1,234	)	$	—		$	—
Counterparty B	2,211		(2,211		)	—			—
Counterparty C	77		(77		)	—			—
Other counterparties	4,546		(1,448		)	(2,873		)	225
Total derivatives	8,068		(4,970		)	(2,873		)	225
Resell agreements	9,642		—			(9,642		)	—
Total	$	17,710	$	(4,970	)	$	(12,515	)	$	225
Financial liabilities:
Derivatives:
Counterparty A	$	4,660	$	(1,234	)	$	(3,426	)	$	—
Counterparty B	5,333		(2,211		)	(2,358		)	764
Counterparty C	1,195		(77		)	(1,040		)	78
Other counterparties	27,157		(1,448		)	(24,532		)	1,177
Total derivatives	38,345		(4,970		)	(31,356		)	2,019
Repurchase agreements	968,420		—			(968,420		)	—
Total	$	1,006,765	$	(4,970	)	$	(999,776	)	$	2,019

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2017 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2017
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	2,140	$	—	$	2,140
Commodity swaps and options	1,592		—		1,592
Foreign currency forward contracts	78		—		78
Total derivatives	3,810		—		3,810
Resell agreements	9,642		—		9,642
Total	$	13,452	$	—	$	13,452
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	13,413	$	—	$	13,413
Commodity swaps and options	13,774		—		13,774
Foreign currency forward contracts	188		—		188
Total derivatives	27,375		—		27,375
Repurchase agreements	1,117,199		—		1,117,199
Total	$	1,144,574	$	—	$	1,144,574



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
December 31, 2017
Financial assets:
Derivatives:
Counterparty A	$	395	$	(395	)	$	—		$	—
Counterparty B	1,028		(1,028		)	—			—
Counterparty C	55		(55		)	—			—
Other counterparties	2,332		(1,830		)	(387		)	115
Total derivatives	3,810		(3,308		)	(387		)	115
Resell agreements	9,642		—			(9,642		)	—
Total	$	13,452	$	(3,308	)	$	(10,029	)	$	115
Financial liabilities:
Derivatives:
Counterparty A	$	7,397	$	(395	)	$	(7,002	)	$	—
Counterparty B	4,466		(1,028		)	(3,101		)	337
Counterparty C	1,520		(55		)	(1,450		)	15
Other counterparties	13,992		(1,830		)	(11,215		)	947
Total derivatives	27,375		(3,308		)	(22,768		)	1,299
Repurchase agreements	1,117,199		—			(1,117,199		)	—
Total	$	1,144,574	$	(3,308	)	$	(1,139,967	)	$	1,299

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 June 30, 2018 and December 31, 2017 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
June 30, 2018
Repurchase agreements:
U.S. Treasury	$	956,963	$	—	$	—	$	—	$	956,963
Residential mortgage-backed securities	11,457		—		—		—		11,457
Total borrowings	$	968,420	$	—	$	—	$	—	$	968,420
Gross amount of recognized liabilities for repurchase agreements									$	968,420
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2017
Repurchase agreements:
U.S. Treasury	$	1,036,891	$	—	$	—	$	—	$	1,036,891
Residential mortgage-backed securities	80,308		—		—		—		80,308
Total borrowings	$	1,117,199	$	—	$	—	$	—	$	1,117,199
Gross amount of recognized liabilities for repurchase agreements									$	1,117,199
Amounts related to agreements not included in offsetting disclosures above									$	—