Balance Sheet Offsetting and Repurchase Agreements

Balance Sheet Offsetting. Certain financial instruments, including resell and repurchase agreements, securities lending arrangements 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, 2015 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
March 31, 2015
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	1,193	$	—	$	1,193
Commodity swaps and options	26,626		—		26,626
Foreign currency forward contracts	342		—		342
Total derivatives	28,161		—		28,161
Resell agreements	9,642		—		9,642
Total	$	37,803	$	—	$	37,803
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	50,182	$	—	$	50,182
Commodity swaps and options	5,712		—		5,712
Total derivatives	55,894		—		55,894
Repurchase agreements	593,107		—		593,107
Total	$	649,001	$	—	$	649,001



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
March 31, 2015
Financial assets:
Derivatives:
Counterparty A	$	695	$	(695	)	$	—		$	—
Counterparty B	18,651		(10,671		)	(6,496		)	1,484
Counterparty C	5,903		(5,903		)	—			—
Other counterparties	2,912		(1,954		)	(947		)	11
Total derivatives	28,161		(19,223		)	(7,443		)	1,495
Resell agreements	9,642		—			(9,642		)	—
Total	$	37,803	$	(19,223	)	$	(17,085	)	$	1,495
Financial liabilities:
Derivatives:
Counterparty A	$	20,440	$	(695	)	$	(19,121	)	$	624
Counterparty B	10,671		(10,671		)	—			—
Counterparty C	6,998		(5,903		)	(1,095		)	—
Other counterparties	17,785		(1,954		)	(15,092		)	739
Total derivatives	55,894		(19,223		)	(35,308		)	1,363
Repurchase agreements	593,107		—			(593,107		)	—
Total	$	649,001	$	(19,223	)	$	(628,415	)	$	1,363

Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2014 is presented in the following tables.



	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
December 31, 2014
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	2,191	$	—	$	2,191
Commodity swaps and options	27,064		—		27,064
Foreign currency forward contracts	666		—		666
Total derivatives	29,921		—		29,921
Resell agreements	9,642		—		9,642
Total	$	39,563	$	—	$	39,563
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps	$	42,131	$	—	$	42,131
Commodity swaps and options	5,765		—		5,765
Foreign currency forward contracts	2		—		2
Total derivatives	47,898		—		47,898
Repurchase agreements	791,119		—		791,119
Total	$	839,017	$	—	$	839,017



			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments			Collateral			Net Amount
December 31, 2014
Financial assets:
Derivatives:
Counterparty A	$	627	$	(627	)	$	—		$	—
Counterparty B	17,308		(9,506		)	(4,925		)	2,877
Counterparty C	7,991		(7,539		)	—			452
Other counterparties	3,995		(2,764		)	(1,110		)	121
Total derivatives	29,921		(20,436		)	(6,035		)	3,450
Resell agreements	9,642		—			(9,642		)	—
Total	$	39,563	$	(20,436	)	$	(15,677	)	$	3,450
Financial liabilities:
Derivatives:
Counterparty A	$	18,653	$	(627	)	$	(17,626	)	$	400
Counterparty B	9,506		(9,506		)	—			—
Counterparty C	7,539		(7,539		)	—			—
Other counterparties	12,200		(2,764		)	(8,681		)	755
Total derivatives	47,898		(20,436		)	(26,307		)	1,155
Repurchase agreements	791,119		—			(791,119		)	—
Total	$	839,017	$	(20,436	)	$	(817,426	)	$	1,155

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 the securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2015 and December 31, 2014 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, 2015
Repurchase agreements:
U.S. Treasury	$	363,374	$	—	$	—	$	—	$	363,374
Residential mortgage-backed securities	217,855		—		11,878		—		229,733
Total borrowings	$	581,229	$	—	$	11,878	$	—	$	593,107
Gross amount of recognized liabilities for repurchase agreements									$	593,107
Amounts related to agreements not included in offsetting disclosures above									$	—

December 31, 2014
Repurchase agreements:
U.S. Treasury	$	427,402	$	—	$	—	$	—	$	427,402
Residential mortgage-backed securities	355,187		—		8,530		—		363,717
Total borrowings	$	782,589	$	—	$	8,530	$	—	$	791,119
Gross amount of recognized liabilities for repurchase agreements									$	791,119
Amounts related to agreements not included in offsetting disclosures above									$	—