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Balance Sheet Offsetting
 3 Months Ended
Mar. 31, 2019
Text Block [Abstract]  
Balance Sheet Offsetting
12.
BALANCE SHEET OFFSETTING
Assets
and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to master netting arrangements. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to counterparties continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions
.
This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day
.
The repurchase agreements are not offset in the condensed consolidated balances
.
 
 
 
Gross Amounts
Recognized in
 
 
Gross Amounts
Offset in the
 
 
Net Amounts of
Assets Presented
 
 
Gross Amounts Not Offset in the
Condensed Consolidated Balance Sheets
 
 
 
 
 
 
the Condensed
Consolidated
Balance Sheets
 
 
Condensed
Consolidated
Balance Sheets
 
 
in the Condensed
Consolidated
Balance Sheets
 
 
Financial
Instruments
 
 
Collateral
Pledged
 
 
Net Amount
 
 
 
(Dollars in thousands)
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging 
instruments
 
$
4,418
 
 
$
-
 
 
$
-
 
 
$
4,418
 
 
$
-
 
 
$
4,418
 
Total
 
$
4,418
 
 
$
-
 
 
$
-
 
 
$
4,418
 
 
$
-
 
 
$
4,418
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging
instruments
 
$
5,221
 
 
$
(803
)
 
$
4,418
 
 
$
803
 
 
$
(7,520
)
 
$
(2,299
)
Repurchase agreements
 
 
462,774
 
 
 
-
 
 
 
462,774
 
 
 
-
 
 
 
(489,984
)
 
 
(27,210
)
Total
 
$
467,995
 
 
$
(803
)
 
$
467,192
 
 
$
803
 
 
$
(497,504
)
 
$
(29,509
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
$
1,938
 
 
$
-
 
 
$
-
 
 
$
1,938
 
 
$
-
 
 
$
1,938
 
Total
 
$
1,938
 
 
$
-
 
 
$
-
 
 
$
1,938
 
 
$
-
 
 
$
1,938
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 
$
4,203
 
 
$
(2,265
)
 
$
1,938
 
 
$
2,265
 
 
$
-
 
 
$
4,203
 
Repurchase agreements
 
 
442,255
 
 
 
-
 
 
 
442,255
 
 
 
-
 
 
 
(487,607
)
 
 
(45,352
)
Total
 
$
446,458
 
 
$
(2,265
)
 
$
444,193
 
 
$
2,265
 
 
$
(487,607
)
 
$
(41,149
)