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Balance Sheet Offsetting
 3 Months Ended
Mar. 31, 2020
Text Block [Abstract]  
Balance Sheet Offsetting
10.
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 Company’s conden
se
d consolidated balances.
                                                 
 
Gross Amounts
Recognized in
the Condensed
 
Gross Amounts
Offset in the
Con
densed
 
Net Amounts
Presented
 in the
Condensed
 
Gross Amounts Not Offset in the
Condensed Consolidated
Balance Sheets
 
 
 
Consolidated
Balance Sheets
 
Consolidated
Balance Sheets
 
Consolidated
Balance Sheets
 
Financial
Instruments
 
Collateral
Pledged
 
Net Amount
 
 
(Dollars in thousands)
March 31, 2020
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Financial assets:
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Derivatives not designated as hedging instruments
    $
33,255
      $
-
      $
-
      $
33,255
      $
-
      $
33,255
 
                                                 
Total
    $
33,255
      $
-
      $
-
      $
33,255
      $
-
      $
33,255
 
                                                 
                                                 
Financial liabilities:
   
     
     
     
     
     
 
Derivatives not designated as hedging instruments
    $
33,255
      $
-
      $
33,255
      $
-
      $
(52,171
 )     $
(18,916
 )
Repurchase agreements
   
368,915
     
-
     
368,915
     
-
     
(417,665
 )    
(48,750
 )
                                                 
Total
    $
402,170
      $
-
      $
402,170
      $
-
      $
(469,836
 )     $
(67,666
 )
                                                 
                                                 
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
 )