Balance Sheet Offsetting |
16. Balance Sheet Offsetting
Certain financial instruments, including resale and repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the consolidated balance sheets and/or subject to master netting arrangements or similar agreements. The following tables present the assets and liabilities subject to enforceable master netting arrangements, repurchase agreements, or similar agreements with offsetting rights (in thousands).
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Gross Amounts Not Offset in |
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Net Amounts |
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the Balance Sheet |
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Gross Amounts |
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Gross Amounts |
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of Assets |
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Cash |
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of Recognized |
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Offset in the |
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Presented in the |
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Financial |
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Collateral |
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Net |
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Assets |
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Balance Sheet |
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Balance Sheet |
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Instruments |
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Pledged |
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Amount |
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September 30, 2014 |
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Securities borrowed: |
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Institutional counterparties |
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$ |
210,590 |
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$ |
— |
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$ |
210,590 |
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$ |
(210,590 |
) |
$ |
— |
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$ |
— |
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Interest rate swaps and swaptions: |
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Institutional counterparties |
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409 |
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— |
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409 |
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— |
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— |
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409 |
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Forward MBS derivatives: |
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Institutional counterparties |
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9 |
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— |
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9 |
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— |
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— |
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9 |
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$ |
211,008 |
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$ |
— |
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$ |
211,008 |
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$ |
(210,590 |
) |
$ |
— |
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$ |
418 |
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December 31, 2013 |
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Securities borrowed: |
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Institutional counterparties |
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$ |
107,365 |
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$ |
— |
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$ |
107,365 |
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$ |
(107,365 |
) |
$ |
— |
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$ |
— |
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Forward MBS derivatives: |
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Institutional counterparties |
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11,489 |
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(76 |
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11,413 |
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— |
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(286 |
) |
11,127 |
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$ |
118,854 |
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$ |
(76 |
) |
$ |
118,778 |
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$ |
(107,365 |
) |
$ |
(286 |
) |
$ |
11,127 |
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Gross Amounts Not Offset in |
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Net Amounts |
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the Balance Sheet |
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Gross Amounts |
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Gross Amounts |
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of Liabilities |
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Cash |
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of Recognized |
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Offset in the |
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Presented in the |
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Financial |
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Collateral |
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Net |
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Liabities |
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Balance Sheet |
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Balance Sheet |
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Instruments |
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Pledged |
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Amount |
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September 30, 2014 |
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Securities loaned: |
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Institutional counterparties |
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$ |
157,212 |
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$ |
— |
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$ |
157,212 |
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$ |
(157,212 |
) |
$ |
— |
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$ |
— |
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Repurchase agreements: |
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Customer counterparties |
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134,134 |
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— |
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134,134 |
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(134,134 |
) |
— |
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— |
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Forward MBS derivatives: |
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Institutional counterparties |
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4,163 |
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(446 |
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3,717 |
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— |
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(1,749 |
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1,968 |
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$ |
295,509 |
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$ |
(446 |
) |
$ |
295,063 |
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$ |
(291,346 |
) |
$ |
(1,749 |
) |
$ |
1,968 |
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December 31, 2013 |
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Securities loaned: |
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Institutional counterparties |
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$ |
74,913 |
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$ |
— |
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$ |
74,913 |
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$ |
(74,913 |
) |
$ |
— |
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$ |
— |
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Repurchase agreements: |
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Customer counterparties |
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107,462 |
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— |
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107,462 |
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(107,462 |
) |
— |
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— |
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Forward MBS derivatives: |
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Institutional counterparties |
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30 |
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— |
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30 |
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— |
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(17 |
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13 |
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$ |
182,405 |
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$ |
— |
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$ |
182,405 |
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$ |
(182,375 |
) |
$ |
(17 |
) |
$ |
13 |
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