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Balance Sheet Offsetting
 9 Months Ended
Sep. 30, 2019
Text Block [Abstract]  
Balance Sheet Offsetting
11.
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 t
o
 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 
Company’s condensed consolidated balances.
 
                                                 
 
Gross Amounts
Recognized in
the Condensed
Consolidated
Balance Sheets
 
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheets
 
Net Amounts
Presented
in the
 
Condensed
Consolidated
Balance Sheets
 
Gross Amounts Not Offset in the
Condensed Consolidated Balance Sheets
 
Net Amount
 
Financial
 
 
Instruments
 
 
 
Collateral
Pledged
 
 
(Dollars in thousands)
September 30,
 
2019
   
     
     
     
     
     
 
Financial assets:
   
     
     
     
     
     
 
Derivatives not designated as
hedging instruments
    $
16,180
      $
-
      $
-
      $
 
 
 
 
 
 
 
 
16,180
     $
-
      $
16,180
 
                                                 
Total
    $
16,180
      $
-
      $
-
      $
16,180
     $
-
      $
16,180
 
                                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
   
     
     
     
     
     
 
Derivatives not designated as
hedging instruments
    $
16,182
      $
(2
)     $
16,180
      $
2
     $
(22,335
)     $
(6,153
)
Repurchase agreements
   
407,850
     
-
     
407,850
     
-
     
(419,465
)    
(11,615
)
                                                 
Total
    $
424,032
      $
(2
)     $
424,030
      $
2
     $
(441,800
)     $
 
 
 
 
 
 
 
(17,768
)
                                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 )