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, 2018 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
September 30, 2018
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	7,413	$	—	$	7,413
Commodity swaps and options	1,344		—		1,344
Foreign currency forward contracts	18		—		18
Total derivatives	8,775		—		8,775
Resell agreements	12,142		—		12,142
Total	$	20,917	$	—	$	20,917
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	5,334	$	—	$	5,334
Commodity swaps and options	35,539		—		35,539
Foreign currency forward contracts	189		—		189
Total derivatives	41,062		—		41,062
Repurchase agreements	1,074,576		—		1,074,576
Total	$	1,115,638	$	—	$	1,115,638



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
September 30, 2018
Financial assets:
Derivatives:
Counterparty A	$	1,477	$	(1,477	)	$	—		$	—
Counterparty B	1,963		(1,963		)	—			—
Counterparty C	75		(75		)	—			—
Other counterparties	5,260		(1,825		)	(3,223		)	212
Total derivatives	8,775		(5,340		)	(3,223		)	212
Resell agreements	12,142		—			(12,142		)	—
Total	$	20,917	$	(5,340	)	$	(15,365	)	$	212
Financial liabilities:
Derivatives:
Counterparty A	$	3,840	$	(1,477	)	$	(2,363	)	$	—
Counterparty B	6,627		(1,963		)	(4,453		)	211
Counterparty C	806		(75		)	(731		)	—
Other counterparties	29,789		(1,825		)	(25,908		)	2,056
Total derivatives	41,062		(5,340		)	(33,455		)	2,267
Repurchase agreements	1,074,576		—			(1,074,576		)	—
Total	$	1,115,638	$	(5,340	)	$	(1,108,031	)	$	2,267

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 September 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
September 30, 2018
Repurchase agreements:
U.S. Treasury	$	1,067,059	$	—	$	—	$	—	$	1,067,059
Residential mortgage-backed securities	7,517		—		—		—		7,517
Total borrowings	$	1,074,576	$	—	$	—	$	—	$	1,074,576
Gross amount of recognized liabilities for repurchase agreements									$	1,074,576
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									$	—