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Disclosures About Offsetting Assets and Liabilities
 6 Months Ended
Jun. 30, 2023
Offsetting [Abstract]  
Disclosures About Offsetting Assets and Liabilities

NOTE 13 – Disclosures About Offsetting Assets and Liabilities

The following table provides information about financial assets and derivative assets that are subject to offset as of June 30, 2023 and December 31, 2022 (in thousands):

 

 

As of June 30, 2023

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

191,413

 

 

$

542,582

 

 

$

136,112

 

 

$

870,107

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

191,413

 

 

 

542,582

 

 

 

136,112

 

 

 

870,107

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(15,723

)

 

 

(9,243

)

 

 

(3,089

)

 

 

(28,055

)

Available collateral

 

 

(161,706

)

 

 

(532,701

)

 

 

(64,266

)

 

 

(758,673

)

Net amount

 

$

13,984

 

 

$

638

 

 

$

68,757

 

 

$

83,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

219,052

 

 

$

348,162

 

 

$

142,042

 

 

$

709,256

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

219,052

 

 

 

348,162

 

 

 

142,042

 

 

 

709,256

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(46,647

)

 

 

(12,028

)

 

 

(1,959

)

 

 

(60,634

)

Available collateral

 

 

(160,139

)

 

 

(334,537

)

 

 

(55,568

)

 

 

(550,244

)

Net amount

 

$

12,266

 

 

$

1,597

 

 

$

84,515

 

 

$

98,378

 
(1)
Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations.
(2)
Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $542.0 million and $346.5 million at June 30, 2023 and December 31, 2022, respectively.
(3)
Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $78.0 million and $50.0 million at June 30, 2023 and December 31, 2022, respectively.

 

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of June 30, 2023 and December 31, 2022 (in thousands):

 

 

 

As of June 30, 2023

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(110,175

)

 

$

(318,321

)

 

$

(136,099

)

 

$

(564,595

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(110,175

)

 

 

(318,321

)

 

 

(136,099

)

 

 

(564,595

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

15,723

 

 

 

9,243

 

 

 

3,089

 

 

 

28,055

 

Collateral pledged

 

 

94,452

 

 

 

309,078

 

 

 

7,320

 

 

 

410,850

 

Net amount

 

$

—

 

 

$

—

 

 

$

(125,690

)

 

$

(125,690

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(68,105

)

 

$

(212,011

)

 

$

(142,028

)

 

$

(422,144

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(68,105

)

 

 

(212,011

)

 

 

(142,028

)

 

 

(422,144

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

46,647

 

 

 

12,028

 

 

 

1,959

 

 

 

60,634

 

Collateral pledged

 

 

21,448

 

 

 

199,983

 

 

 

25,850

 

 

 

247,281

 

Net amount

 

$

(10

)

 

$

—

 

 

$

(114,219

)

 

$

(114,229

)

 

(4)
Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations.
(5)
Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $325.5 million and $218.3 million at June 30, 2023 and December 31, 2022, respectively.
(6)
Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $25.5 million and $24.1 million at June 30, 2023 and December 31, 2022, respectively.