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Balance Sheet Offsetting | 3 Months Ended
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Mar. 31, 2025
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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. In June 2023, fair value hedging transactions were executed in which $1 billion notional pay-fixed interest rate swaps were consummated with original maturities ranging from four to five years, wherein the Company pays a weighted average fixed rate of approximately 3.8% and receives daily SOFR. In December 2024, we terminated one of these swaps which had a notional value of $300 million, a maturity date of June 2027, and paid a fixed rate of 3.95%. The remaining $700 million notional pay-fixed interest rate swaps had a fair value which totaled $1.1 million and were reflected as a liability on March 31, 2025. During the first quarter of 2024, cash flow hedging transactions were executed in which $300 million notional pay-fixed interest rate swaps were consummated with maturities of three years, wherein the Company pays a weighted average fixed rate of approximately 4.2% and receives daily SOFR. The fair value of these instruments totaled $2.3 million and were reflected as a liability on March 31, 2025. Refer to Note 9 – Derivative Financial Instruments of the notes to the unaudited condensed consolidated financial statements of this report for additional information.
| 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) |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 35,382 |  |  | $ | (35,304 | ) |  | $ | 78 |  |  | $ | 35,843 |  |  | $ | (35,850 | ) |  | $ | 71 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,318 |  |  |  | 3,318 |
Cash flow hedges: interest rate swaps |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total | $ | 35,382 |  |  | $ | (35,304 | ) |  | $ | 78 |  |  | $ | 35,843 |  |  | $ | (32,532 | ) |  | $ | 3,389 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 78 |  |  | $ | — |  |  | $ | 78 |  |  | $ | — |  |  | $ | 110 |  |  | $ | 188 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | 1,095 |  |  |  | — |  |  |  | 1,095 |  |  |  | — |  |  |  | — |  |  |  | 1,095 |
Cash flow hedges: interest rate swaps |  | 2,257 |  |  |  | — |  |  |  | 2,257 |  |  |  | — |  |  |  | — |  |  |  | 2,257 |
Repurchase agreements |  | 276,164 |  |  |  | — |  |  |  | 276,164 |  |  |  | — |  |  |  | (310,246 | ) |  |  | (34,082 | )
Total | $ | 279,594 |  |  | $ | — |  |  | $ | 279,594 |  |  | $ | — |  |  | $ | (310,136 | ) |  | $ | (30,542 | )
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 41,933 |  |  | $ | (41,903 | ) |  | $ | 30 |  |  | $ | 42,538 |  |  | $ | (42,390 | ) |  | $ | 178 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | 7,222 |  |  |  | — |  |  |  | 7,222 |  |  |  | — |  |  |  | (6,899 | ) |  |  | 323 |
Cash flow hedges: interest rate swaps |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total | $ | 49,155 |  |  | $ | (41,903 | ) |  | $ | 7,252 |  |  | $ | 42,538 |  |  | $ | (49,289 | ) |  | $ | 501 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 30 |  |  | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 30 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: interest rate swaps |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash flow hedges: interest rate swaps |  | 517 |  |  |  | — |  |  |  | 517 |  |  |  | — |  |  |  | — |  |  |  | 517 |
Repurchase agreements |  | 261,887 |  |  |  | — |  |  |  | 261,887 |  |  |  | — |  |  |  | (306,401 | ) |  |  | (44,514 | )
Total | $ | 262,434 |  |  | $ | — |  |  | $ | 262,434 |  |  | $ | — |  |  | $ | (306,401 | ) |  | $ | (43,967 | )

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