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Disclosures About Offsetting Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Offsetting [Abstract]  
Disclosures About Offsetting Assets and Liabilities

NOTE 16 – Disclosures About Offsetting Assets and Liabilities

The following table provides information about financial assets and derivative assets that are subject to offset as of December 31, 2024 and 2023 (in thousands):

 

 

As of December 31, 2024

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

269,831

 

 

$

528,976

 

 

$

110,814

 

 

$

909,621

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

269,831

 

 

 

528,976

 

 

 

110,814

 

 

 

909,621

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(74,488

)

 

 

(63,771

)

 

 

(5,623

)

 

 

(143,882

)

Available collateral

 

 

(182,057

)

 

 

(461,497

)

 

 

(75,285

)

 

 

(718,839

)

Net amount

 

$

13,286

 

 

$

3,708

 

 

$

29,906

 

 

$

46,900

 

 

 

 

As of December 31, 2023

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

215,368

 

 

$

349,849

 

 

$

118,668

 

 

$

683,885

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

215,368

 

 

 

349,849

 

 

 

118,668

 

 

 

683,885

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(23,691

)

 

 

(23,441

)

 

 

(14,556

)

 

 

(61,688

)

Available collateral

 

 

(184,689

)

 

 

(325,627

)

 

 

(82,607

)

 

 

(592,923

)

Net amount

 

$

6,988

 

 

$

781

 

 

$

21,505

 

 

$

29,274

 
(1)
Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations.
(2)
Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $524.7 million and $350.2 million at December 31, 2024 and 2023, respectively.
(3)
Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $70.3 million and $84.1 million at December 31, 2024 and 2023, respectively.

 

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of December 31, 2024 and 2023 (in thousands):

 

 

As of December 31, 2024

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(178,928

)

 

$

(580,170

)

 

$

(110,825

)

 

$

(869,923

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(178,928

)

 

 

(580,170

)

 

 

(110,825

)

 

 

(869,923

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

74,488

 

 

 

63,771

 

 

 

5,623

 

 

 

143,882

 

Collateral pledged

 

 

104,434

 

 

 

516,399

 

 

 

30,726

 

 

 

651,559

 

Net amount

 

$

(6

)

 

$

—

 

 

$

(74,476

)

 

$

(74,482

)

 

 

 

As of December 31, 2023

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(135,693

)

 

$

(417,644

)

 

$

(118,651

)

 

$

(671,988

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(135,693

)

 

 

(417,644

)

 

 

(118,651

)

 

 

(671,988

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

23,691

 

 

 

23,441

 

 

 

14,556

 

 

 

61,688

 

Collateral pledged

 

 

111,981

 

 

 

394,203

 

 

 

22,661

 

 

 

528,845

 

Net amount

 

$

(21

)

 

$

—

 

 

$

(81,434

)

 

$

(81,455

)

(4)
Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations.
(5)
Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $596.5 million and $425.9 million at December 31, 2024 and 2023, respectively.
(6)
Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $21.3 million and $19.1 million at December 31, 2024 and 2023, respectively.