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Balance Sheet Offsetting
 12 Months Ended
Dec. 31, 2019
Text Block [Abstract]  
Balance Sheet Offsetting
22.
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 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 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 consolidated balances.
                                                 
 
Gross Amounts
Recognized in
the Consolidated
Balance Sheets
 
  
Gross Amounts
Offset in the
Consolidated
Balance Sheets
 
  
Net Amounts
Presented in the
Consolidated
Balance Sheets
 
  
 Gross Amounts Not Offset in the 
Consolidated Balance Sheets
   
Net Amount
 
Financial
    Instruments    
 
  
Collateral
Pledged
 
 
(Dollars in thousands)
  
December 31, 2019
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
                                                 
Financial assets:
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Derivatives not designated as hedging instruments
  $
11,502
    $
-
    $
-
    $
11,502
    $
-
    $
11,502
 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
  $
11,502
    $
-
    $
-
    $
11,502
    $
-
    $
11,502
 
                                                 
                                                 
Financial liabilities:
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Derivatives not designated as hedging instruments
  $
11,619
    $
(117
)    $
11,502
    $
117
    $
(23,312
)    $
(11,693
)
Repurchase agreements
   
428,659
     
-
     
428,659
     
-
     
(510,138
)     
(81,479
)
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
  $
440,278
    $
(117
)    $
440,161
    $
117
    $
(533,450
)    $
(93,172
)
                                                 
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
 )