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Disclosures About Offsetting Assets and Liabilities | 9 Months Ended
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Sep. 30, 2023
Offsetting [Abstract] |
Disclosures About Offsetting Assets and Liabilities | NOTE 13 – Disclosures About Offsetting Assets and Liabilities The following table provides information about financial assets and derivative assets that are subject to offset as of September 30, 2023 and December 31, 2022 (in thousands):
|  | As of September 30, 2023 |
|  | Securities borrowing (1) |  |  | Reverse repurchase agreements (2) |  |  | Interest rate contracts (3) |  |  | Total |
Gross amounts of recognized assets |  | $ | 180,156 |  |  | $ | 412,367 |  |  | $ | 166,038 |  |  | $ | 758,561 |
Gross amounts offset in the statement of financial condition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net amounts presented in the statement of financial condition |  |  | 180,156 |  |  |  | 412,367 |  |  |  | 166,038 |  |  |  | 758,561 |
Gross amounts not offset in the statement of financial condition: |  |  |  |  |  |  |  |  |  |  |  |
Amounts available for offset |  |  | (23,613 | ) |  |  | (19,706 | ) |  |  | (1,486 | ) |  |  | (44,805 | )
Available collateral |  |  | (147,773 | ) |  |  | (390,288 | ) |  |  | (98,514 | ) |  |  | (636,575 | )
Net amount |  | $ | 8,770 |  |  | $ | 2,373 |  |  | $ | 66,038 |  |  | $ | 77,181 |
|  | As of December 31, 2022 |
|  | Securities borrowing (1) |  |  | Reverse repurchase agreements (2) |  |  | Interest rate contracts (3) |  |  | Total |
Gross amounts of recognized assets |  | $ | 219,052 |  |  | $ | 348,162 |  |  | $ | 142,042 |  |  | $ | 709,256 |
Gross amounts offset in the statement of financial condition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net amounts presented in the statement of financial condition |  |  | 219,052 |  |  |  | 348,162 |  |  |  | 142,042 |  |  |  | 709,256 |
Gross amounts not offset in the statement of financial condition: |  |  |  |  |  |  |  |  |  |  |  |
Amounts available for offset |  |  | (46,647 | ) |  |  | (12,028 | ) |  |  | (1,959 | ) |  |  | (60,634 | )
Available collateral |  |  | (160,139 | ) |  |  | (334,537 | ) |  |  | (55,568 | ) |  |  | (550,244 | )
Net amount |  | $ | 12,266 |  |  | $ | 1,597 |  |  | $ | 84,515 |  |  | $ | 98,378 |
(1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $410.1 million and $346.5 million at September 30, 2023 and December 31, 2022, 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 $74.4 million and $50.0 million at September 30, 2023 and December 31, 2022, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of September 30, 2023 and December 31, 2022 (in thousands):
|  | As of September 30, 2023 |
|  | Securities lending (4) |  |  | Repurchase agreements (5) |  |  | Interest rate contracts (6) |  |  | Total |
Gross amounts of recognized liabilities |  | $ | (104,570 | ) |  | $ | (408,950 | ) |  | $ | (166,015 | ) |  | $ | (679,535 | )
Gross amounts offset in the statement of financial condition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net amounts presented in the statement of financial condition |  |  | (104,570 | ) |  |  | (408,950 | ) |  |  | (166,015 | ) |  |  | (679,535 | )
Gross amounts not offset in the statement of financial condition: |  |  |  |  |  |  |  |  |  |  |  |
Amounts available for offset |  |  | 23,613 |  |  |  | 19,706 |  |  |  | 1,486 |  |  |  | 44,805 |
Collateral pledged |  |  | 80,956 |  |  |  | 389,244 |  |  |  | 52,653 |  |  |  | 522,853 |
Net amount |  | $ | (1 | ) |  | $ | — |  |  | $ | (111,876 | ) |  | $ | (111,877 | )
|  | As of December 31, 2022 |
|  | Securities lending (4) |  |  | Repurchase agreements (5) |  |  | Interest rate contracts (6) |  |  | Total |
Gross amounts of recognized liabilities |  | $ | (68,105 | ) |  | $ | (212,011 | ) |  | $ | (142,028 | ) |  | $ | (422,144 | )
Gross amounts offset in the statement of financial condition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net amounts presented in the statement of financial condition |  |  | (68,105 | ) |  |  | (212,011 | ) |  |  | (142,028 | ) |  |  | (422,144 | )
Gross amounts not offset in the statement of financial condition: |  |  |  |  |  |  |  |  |  |  |  |
Amounts available for offset |  |  | 46,647 |  |  |  | 12,028 |  |  |  | 1,959 |  |  |  | 60,634 |
Collateral pledged |  |  | 21,448 |  |  |  | 199,983 |  |  |  | 25,850 |  |  |  | 247,281 |
Net amount |  | $ | (10 | ) |  | $ | — |  |  | $ | (114,219 | ) |  | $ | (114,229 | )
(4) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $418.7 million and $218.3 million at September 30, 2023 and December 31, 2022, respectively. (6) Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $25.2 million and $24.1 million at September 30, 2023 and December 31, 2022, respectively.

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