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Balance Sheet Offsetting | 9 Months Ended
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Sep. 30, 2022
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 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 condensed consolidated balances.
| Gross Amounts Recognized in the Condensed |  |  | Gross Amounts Offset in the Condensed |  |  | 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) |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments | $ | 83 |  |  | $ | - |  |  | $ | - |  |  | $ | 83 |  |  | $ | - |  |  | $ | 83 |
Total | $ | 83 |  |  | $ | - |  |  | $ | - |  |  | $ | 83 |  |  | $ | - |  |  | $ | 83 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments | $ | 57,776 |  |  | $ | (57,693 | ) |  | $ | 83 |  |  | $ | 57,693 |  |  | $ | (16,346 | ) |  | $ | 41,430 |
Repurchase agreements |  | 467,844 |  |  |  | - |  |  |  | 467,844 |  |  |  | - |  |  |  | (603,609 | ) |  |  | (135,765 | )
Total | $ | 525,620 |  |  | $ | (57,693 | ) |  | $ | 467,927 |  |  | $ | 57,693 |  |  | $ | (619,955 | ) |  | $ | (94,335 | )
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments | $ | 14,163 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,163 |  |  | $ | - |  |  | $ | 14,163 |
Total | $ | 14,163 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,163 |  |  | $ | - |  |  | $ | 14,163 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments | $ | 23,502 |  |  | $ | (9,339 | ) |  | $ | 14,163 |  |  | $ | 9,339 |  |  | $ | (37,285 | ) |  | $ | (13,783 | )
Repurchase agreements |  | 642,388 |  |  |  | - |  |  |  | 642,388 |  |  |  | - |  |  |  | (683,923 | ) |  |  | (41,535 | )
Total | $ | 665,890 |  |  | $ | (9,339 | ) |  | $ | 656,551 |  |  | $ | 9,339 |  |  | $ | (721,208 | ) |  | $ | (55,318 | )

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- Definition The entire disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. + References No definition available. + Details
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