Balance Sheet Offsetting (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Repurchase Agreements - by maturity date and collateral type

The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of September 30, 2019 and December 31, 2018, disaggregated by the class of collateral pledged.



	Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)	Up to 90 days		91-365 days		1-3 Years		After 3 Years		Total
September 30, 2019
Class of Collateral Pledged:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	—	$	—	$	198,303	$	116,587	$	314,890
Debt Securities Issued by States and Political Subdivisions	490		2,300		—		—		2,790
Mortgage-Backed Securities:
Residential - Government Agencies	1,509		—		26,697		59,524		87,730
Residential - U.S. Government-Sponsored Enterprises	—		—		—		198,889		198,889
Total	$	1,999	$	2,300	$	225,000	$	375,000	$	604,299

December 31, 2018
Class of Collateral Pledged:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	—	$	—	$	198,442	$	117,021	$	315,463
Debt Securities Issued by States and Political Subdivisions	1,906		1,590		—		—		3,496
Mortgage-Backed Securities:
Residential - Government Agencies	800		—		26,558		70,341		97,699
Residential - U.S. Government-Sponsored Enterprises	—		—		—		87,638		87,638
Total	$	2,706	$	1,590	$	225,000	$	275,000	$	504,296

Schedule of assets and liabilities subject to an enforceable master netting arrangement

The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements, as of September 30, 2019 and December 31, 2018. The swap agreements the Company has with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. As previously mentioned, centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table.



	(i)		(ii)		(iii) = (i)-(ii)		(iv)				(v) = (iii)-(iv)
	Gross Amounts Recognized in the Statements of Condition		Gross Amounts Offset in the Statements of Condition		Net Amounts Presented in the Statements of Condition		Gross Amounts Not Offset in the Statements of Condition
(dollars in thousands)							Netting Adjustments per Master Netting Arrangements		Fair Value of Collateral Pledged/Received ¹		Net Amount
September 30, 2019
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	92	$	—	$	92	$	92	$	—	$	—

Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties	8,258		—		8,258		92		6,113		2,053

Repurchase Agreements:
Private Institutions	600,000		—		600,000		—		600,000		—
Government Entities	4,299		—		4,299		—		4,299		—
	$	604,299	$	—	$	604,299	$	—	$	604,299	$	—

December 31, 2018
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	7,572	$	—	$	7,572	$	1,490	$	—	$	6,082

Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties	1,490		—		1,490		1,490		—		—

Repurchase Agreements:
Private Institutions	500,000		—		500,000		—		500,000		—
Government Entities	4,296		—		4,296		—		4,296		—
	$	504,296	$	—	$	504,296	$	—	$	504,296	$	—

1 The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $644.3 million and $526.7 million as of September 30, 2019 and December 31, 2018, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $5.8 million and $6.8 million as of September 30, 2019 and December 31, 2018, respectively.