Balance Sheet Offsetting

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 is presented in the following tables.


	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2021
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	4,446	$	—	$	4,446
Commodity swaps and options	18,864		—		18,864
Foreign currency forward contracts	29		—		29
Total derivatives	23,339		—		23,339
Resell agreements	7,903		—		7,903
Total	$	31,242	$	—	$	31,242
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	19,176	$	—	$	19,176
Commodity swaps and options	94,843		—		94,843

Total derivatives	114,019		—		114,019
Repurchase agreements	2,740,799		—		2,740,799
Total	$	2,854,818	$	—	$	2,854,818


			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments		Collateral		Net Amount
December 31, 2021
Financial assets:
Derivatives:
Counterparty A	$	6	$	(6)	$	—	$	—
Counterparty B	7,655		(7,655)		—		—


Other counterparties	15,678		(15,678)		—		—
Total derivatives	23,339		(23,339)		—		—
Resell agreements	7,903		—		(7,903)		—
Total	$	31,242	$	(23,339)	$	(7,903)	$	—
Financial liabilities:
Derivatives:
Counterparty A	$	3,870	$	(6)	$	(3,864)	$	—
Counterparty B	28,130		(7,655)		(20,475)		—
Counterparty C	9		—		(9)		—

Other counterparties	82,010		(15,678)		(66,225)		107
Total derivatives	114,019		(23,339)		(90,573)		107
Repurchase agreements	2,740,799		—		(2,740,799)		—
Total	$	2,854,818	$	(23,339)	$	(2,831,372)	$	107

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2020 is presented in the following tables.


	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2020
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	1,241	$	—	$	1,241
Commodity swaps and options	9,870		—		9,870

Total derivatives	11,111		—		11,111
Resell agreements	—		—		—
Total	$	11,111	$	—	$	11,111
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	33,946	$	—	$	33,946
Commodity swaps and options	35,377		—		35,377
Foreign currency forward contracts	—		—		—
Total derivatives	69,323		—		69,323
Repurchase agreements	2,068,147		—		2,068,147
Total	$	2,137,470	$	—	$	2,137,470


			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments		Collateral		Net Amount
December 31, 2020
Financial assets:
Derivatives:
Counterparty A	$	2	$	(2)	$	—	$	—
Counterparty B	5,838		(5,838)		—		—


Other counterparties	5,271		(5,271)		—		—
Total derivatives	11,111		(11,111)		—		—
Resell agreements	—		—		—		—
Total	$	11,111	$	(11,111)	$	—	$	—
Financial liabilities:
Derivatives:
Counterparty A	$	6,430	$	(2)	$	(6,428)	$	—
Counterparty B	20,722		(5,838)		(14,700)		184
Counterparty C	71		—		(71)		—

Other counterparties	42,100		(5,271)		(35,832)		997
Total derivatives	69,323		(11,111)		(57,031)		1,181
Repurchase agreements	2,068,147		—		(2,068,147)		—
Total	$	2,137,470	$	(11,111)	$	(2,125,178)	$	1,181

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 December 31, 2021 and December 31, 2020 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
December 31, 2021
Repurchase agreements:
U.S. Treasury	$	1,342,591	$	—	$	—	$	—	$	1,342,591

Residential mortgage-backed securities	1,398,208		—		—		—		1,398,208
Total borrowings	$	2,740,799	$	—	$	—	$	—	$	2,740,799
Gross amount of recognized liabilities for repurchase agreements									$	2,740,799
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2020
Repurchase agreements:
U.S. Treasury	$	692,860	$	—	$	—	$	—	$	692,860

Residential mortgage-backed securities	1,375,287		—		—		—		1,375,287
Total borrowings	$	2,068,147	$	—	$	—	$	—	$	2,068,147
Gross amount of recognized liabilities for repurchase agreements									$	2,068,147
Amounts related to agreements not included in offsetting disclosures above									$	—