Disclosures About Offsetting Assets and Liabilities

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 (in thousands):

	As of September 30, 2023
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	180,156		$	412,367		$	166,038		$	758,561
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		180,156			412,367			166,038			758,561
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(23,613	)		(19,706	)		(1,486	)		(44,805	)
Available collateral		(147,773	)		(390,288	)		(98,514	)		(636,575	)
Net amount	$	8,770		$	2,373		$	66,038		$	77,181
	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 $410.1 million and $346.5 million at September 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 $74.4 million and $50.0 million at September 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 September 30, 2023 and December 31, 2022 (in thousands):

	As of September 30, 2023
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(104,570	)	$	(408,950	)	$	(166,015	)	$	(679,535	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(104,570	)		(408,950	)		(166,015	)		(679,535	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		23,613			19,706			1,486			44,805
Collateral pledged		80,956			389,244			52,653			522,853
Net amount	$	(1	)	$	—		$	(111,876	)	$	(111,877	)
	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 $418.7 million and $218.3 million at September 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 $25.2 million and $24.1 million at September 30, 2023 and December 31, 2022, respectively.