Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings

12 Months Ended

Dec. 31, 2019

Offsetting [Abstract]

Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings

Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings

From time to time, United enters into repurchase agreements and reverse repurchase agreements and offsetting securities lending transactions with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet.

The following table presents a summary of amounts outstanding under reverse repurchase agreements, of which there were none as of December 31, 2019, and derivative financial instruments, including those entered into in connection with the same counterparty under master netting agreements, as of the dates indicated (in thousands).

	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Balance Sheet				Gross Amounts not Offset in the Balance Sheet
December 31, 2019					Net Asset Balance		Financial Instruments			Collateral Received			Net Amount
Derivatives	$	35,007	$	—	$	35,007	$	(401	)	$	—		$	34,606
Total	$	35,007	$	—	$	35,007	$	(401	)	$	—		$	34,606
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Balance Sheet				Gross Amounts not Offset in the Balance Sheet
					Net Liability Balance		Financial Instruments			Collateral Pledged			Net Amount
Derivatives	$	15,516	$	—	$	15,516	$	(401	)	$	(14,933	)	$	182
Total	$	15,516	$	—	$	15,516	$	(401	)	$	(14,933	)	$	182

	Gross Amounts of Recognized Assets			Gross Amounts Offset on the Balance Sheet					Gross Amounts not Offset in the Balance Sheet
December 31, 2018							Net Asset Balance		Financial Instruments			Collateral Received			Net Amount
Repurchase agreements / reverse repurchase agreements	$	50,000		$	(50,000	)	$	—	$	—		$	—		$	—
Derivatives	24,705			—			24,705		(973		)	(8,029		)	15,703
Total	$	74,705		$	(50,000	)	$	24,705	$	(973	)	$	(8,029	)	$	15,703
Weighted average interest rate of reverse repurchase agreements	3.20		%
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset on the Balance Sheet					Gross Amounts not Offset in the Balance Sheet
							Net Liability Balance		Financial Instruments			Collateral Pledged			Net Amount
Repurchase agreements / reverse repurchase agreements	$	50,000		$	(50,000	)	$	—	$	—		$	—		$	—
Derivatives	26,433			—			26,433		(973		)	(16,126		)	9,334
Total	$	76,433		$	(50,000	)	$	26,433	$	(973	)	$	(16,126	)	$	9,334
Weighted average interest rate of repurchase agreements	2.45		%

 At December 31, 2019, United recognized the right to reclaim cash collateral of $14.9 million. At December 31, 2019, there was no cash collateral held for derivatives. At December 31, 2018, United recognized the right to reclaim cash collateral of $16.1 million and the obligation to return cash collateral of $8.03 million. The right to reclaim cash collateral and the obligation to return cash collateral were included in the consolidated balance sheets in other assets and other liabilities, respectively.

The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of December 31, 2018 (in thousands).

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 to 90 Days		91 to 110 Days		Total
As of December 31, 2018
Mortgage-backed securities	$	—	$	—	$	50,000	$	—	$	50,000
Total	$	—	$	—	$	50,000	$	—	$	50,000
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure									$	50,000
Amounts related to agreements not included in offsetting disclosure									$	—

United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.