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Disclosures About Offsetting Assets and Liabilities
 12 Months Ended
Dec. 31, 2020
Offsetting [Abstract]  
Disclosures About Offsetting Assets and Liabilities

NOTE 15 – Disclosures About Offsetting Assets and Liabilities

The following table provides information about financial assets and derivative assets that are subject to offset as of December 31, 2020 and 2019 (in thousands): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross amounts not offset

in the Statement of

Financial Condition

 

 

 

 

 

 

 

Gross

Amounts of

Recognized

Assets

 

 

Gross

Amounts

Offset in

the Statement

of Financial

Condition

 

 

Net

Amounts

Presented in

the Statement

of Financial

Condition

 

 

Amounts available for offset

 

 

Available collateral

 

 

Net

Amount

 

As of December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities borrowing (1)

 

$

313,131

 

 

$

—

 

 

$

313,131

 

 

$

(46,183

)

 

$

(244,578

)

 

$

22,370

 

Reverse repurchase agreements (2)

 

 

217,930

 

 

 

—

 

 

 

217,930

 

 

 

(17,992

)

 

 

(199,110

)

 

 

828

 

 

 

$

531,061

 

 

$

—

 

 

$

531,061

 

 

$

(64,175

)

 

$

(443,688

)

 

$

23,198

 

As of December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities borrowing (1)

 

$

135,373

 

 

$

—

 

 

$

135,373

 

 

$

(52,319

)

 

$

(74,760

)

 

$

8,294

 

Reverse repurchase agreements (2)

 

 

385,008

 

 

 

—

 

 

 

385,008

 

 

 

(59,892

)

 

 

(325,096

)

 

 

20

 

Cash flow interest rate contracts

 

 

1,086

 

 

 

—

 

 

 

1,086

 

 

 

—

 

 

 

—

 

 

 

1,086

 

 

 

$

521,467

 

 

$

—

 

 

$

521,467

 

 

$

(112,211

)

 

$

(399,856

)

 

$

9,400

 

 

(1)

Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations.

(2)

Collateral received includes securities received by our company 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 pledged as collateral was $217.3 million and $385.3 million at December 31, 2020 and 2019, respectively.

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of December 31, 2020 and 2019 (in thousands): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross amounts not offset

in the Statement of

Financial Condition

 

 

 

 

 

 

 

Gross

Amounts of

Recognized

Liabilities

 

 

Gross

Amounts

Offset in

the Statement

of Financial

Condition

 

 

Net

Amounts

Presented in

the Statement

of Financial

Condition

 

 

Amounts available for offset

 

 

Collateral

Pledged

 

 

Net

Amount

 

As of December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities lending (3)

 

$

(145,124

)

 

$

—

 

 

$

(145,124

)

 

$

46,183

 

 

$

98,925

 

 

$

(16

)

Repurchase agreements (4)

 

 

(190,955

)

 

 

—

 

 

 

(190,955

)

 

 

17,992

 

 

 

172,963

 

 

 

—

 

 

 

$

(336,079

)

 

$

—

 

 

$

(336,079

)

 

$

64,175

 

 

$

271,888

 

 

$

(16

)

As of December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities lending (3)

 

$

(608,333

)

 

$

—

 

 

$

(608,333

)

 

$

52,319

 

 

$

555,782

 

 

$

(232

)

Repurchase agreements (4)

 

 

(391,634

)

 

 

—

 

 

 

(391,634

)

 

 

59,892

 

 

 

331,742

 

 

 

—

 

 

 

$

(999,967

)

 

$

—

 

 

$

(999,967

)

 

$

112,211

 

 

$

887,524

 

 

$

(232

)

 

(3)

Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations.

(4)

Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $200.2 million and $407.3 million at December 31, 2020 and 2019, respectively.