Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 March 31, 2020 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
March 31, 2020
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	682	$	—	$	682
Commodity swaps and options	63,934		—		63,934
Foreign currency forward contracts	—		—		—
Total derivatives	64,616		—		64,616
Resell agreements	20,000		—		20,000
Total	$	84,616	$	—	$	84,616
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	37,622	$	—	$	37,622
Commodity swaps and options	980		—		980
Foreign currency forward contracts	16		—		16
Total derivatives	38,618		—		38,618
Repurchase agreements	1,146,478		—		1,146,478
Total	$	1,185,096	$	—	$	1,185,096



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
March 31, 2020
Financial assets:
Derivatives:
Counterparty A	$	10	$	(10	)	$	—		$	—
Counterparty B	10,483		(10,483		)	—			—
Other counterparties	54,123		(8,728		)	(45,090		)	305
Total derivatives	64,616		(19,221		)	(45,090		)	305
Resell agreements	20,000		—			(20,000		)	—
Total	$	84,616	$	(19,221	)	$	(65,090	)	$	305
Financial liabilities:
Derivatives:
Counterparty A	$	7,606	$	(10	)	$	(7,580	)	$	16
Counterparty B	11,111		(10,483		)	(580		)	48
Counterparty C	146		—			(146		)	—
Other counterparties	19,755		(8,728		)	(11,027		)	—
Total derivatives	38,618		(19,221		)	(19,333		)	64
Repurchase agreements	1,146,478		—			(1,146,478		)	—
Total	$	1,185,096	$	(19,221	)	$	(1,165,811	)	$	64

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2019 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2019
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	339	$	—	$	339
Commodity swaps and options	4,927		—		4,927
Total derivatives	5,266		—		5,266
Resell agreements	31,299		—		31,299
Total	$	36,565	$	—	$	36,565
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	19,621	$	—	$	19,621
Commodity swaps and options	6,986		—		6,986
Foreign currency forward contracts	33		—		33
Total derivatives	26,640		—		26,640
Repurchase agreements	1,668,142		—		1,668,142
Total	$	1,694,782	$	—	$	1,694,782



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
December 31, 2019
Financial assets:
Derivatives:
Counterparty A	$	39	$	(39	)	$	—		$	—
Counterparty B	1,650		(1,650		)	—			—
Counterparty C	1		(1		)	—			—
Other counterparties	3,576		(3,546		)	—			30
Total derivatives	5,266		(5,236		)	—			30
Resell agreements	31,299		—			(31,299		)	—
Total	$	36,565	$	(5,236	)	$	(31,299	)	$	30
Financial liabilities:
Derivatives:
Counterparty A	$	5,192	$	(39	)	$	(5,153	)	$	—
Counterparty B	7,424		(1,650		)	(5,774		)	—
Counterparty C	135		(1		)	(134		)	—
Other counterparties	13,889		(3,546		)	(10,343		)	—
Total derivatives	26,640		(5,236		)	(21,404		)	—
Repurchase agreements	1,668,142		—			(1,668,142		)	—
Total	$	1,694,782	$	(5,236	)	$	(1,689,546	)	$	—

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 March 31, 2020 and December 31, 2019 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
March 31, 2020
Repurchase agreements:
Residential mortgage-backed securities	$	1,146,478	$	—	$	—	$	—	$	1,146,478
Total borrowings	$	1,146,478	$	—	$	—	$	—	$	1,146,478
Gross amount of recognized liabilities for repurchase agreements									$	1,146,478
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2019
Repurchase agreements:
U.S. Treasury	$	435,904	$	—	$	—	$	—	$	435,904
Residential mortgage-backed securities	1,232,238		—		—		—		1,232,238
Total borrowings	$	1,668,142	$	—	$	—	$	—	$	1,668,142
Gross amount of recognized liabilities for repurchase agreements									$	1,668,142
Amounts related to agreements not included in offsetting disclosures above									$	—