Balance Sheet Offsetting

6 Months Ended

Jun. 30, 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 June 30, 2021 is presented in the following tables.


	Gross Amount Recognized		Gross Amount Offset		Net Amount Recognized
June 30, 2021
Financial assets:
Derivatives:
Loan/lease interest rate swaps and caps	$	3,394	$	—	$	3,394
Commodity swaps and options	10,817		—		10,817

Total derivatives	14,211		—		14,211
Resell agreements	7,903		—		7,903
Total	$	22,114	$	—	$	22,114
Financial liabilities:
Derivatives:
Loan/lease interest rate swaps and caps	$	24,657	$	—	$	24,657
Commodity swaps and options	152,582		—		152,582

Total derivatives	177,239		—		177,239
Repurchase agreements	2,216,889		—		2,216,889
Total	$	2,394,128	$	—	$	2,394,128


			Gross Amounts Not Offset
	Net Amount Recognized		Financial Instruments		Collateral		Net Amount
June 30, 2021
Financial assets:
Derivatives:
Counterparty A	$	4	$	(4)	$	—	$	—
Counterparty B	7,130		(7,130)		—		—


Other counterparties	7,077		(7,077)		—		—
Total derivatives	14,211		(14,211)		—		—
Resell agreements	7,903		—		(7,903)		—
Total	$	22,114	$	(14,211)	$	(7,903)	$	—
Financial liabilities:
Derivatives:
Counterparty A	$	5,129	$	(4)	$	(5,125)	$	—
Counterparty B	59,700		(7,130)		(51,940)		630
Counterparty C	33		—		(33)		—

Other counterparties	112,377		(7,077)		(104,179)		1,121
Total derivatives	177,239		(14,211)		(161,277)		1,751
Repurchase agreements	2,216,889		—		(2,216,889)		—
Total	$	2,394,128	$	(14,211)	$	(2,378,166)	$	1,751

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 and caps	$	33,946	$	—	$	33,946
Commodity swaps and options	35,377		—		35,377

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 June 30, 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
June 30, 2021
Repurchase agreements:
U.S. Treasury	$	1,197,365	$	—	$	—	$	—	$	1,197,365

Residential mortgage-backed securities	1,019,524		—		—		—		1,019,524
Total borrowings	$	2,216,889	$	—	$	—	$	—	$	2,216,889
Gross amount of recognized liabilities for repurchase agreements									$	2,216,889
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									$	—