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SECURITIES PURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS | 3 Months Ended
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Mar. 31, 2015
SECURITIES PURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS |
SECURITIES PURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS | NOTE 6 — SECURITIES PURCHASED UNDER RESALE AGREEMENTS AND SOLD UNDER REPURCHASE AGREEMENTS Resale agreements Resale agreements are recorded at the amounts at which the securities were acquired. The market values of the underlying securities collateralizing the related receivable of the resale agreements, including accrued interest, are monitored. Additional collateral may be requested by the Company from the counterparty when deemed appropriate. Gross resale agreements were $1.85 billion and $1.43 billion as of March 31, 2015 and December 31, 2014, respectively. The weighted average interest rates were 1.42% and 1.55% as of March 31, 2015 and December 31, 2014, respectively. Repurchase agreements Long-term repurchase agreements are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The collaterals for these agreements are mainly comprised of U.S. government agency and U.S. government sponsored enterprise debt and mortgage-backed securities. The Company may have to provide additional collateral for the repurchase agreements, as necessary. Gross repurchase agreements were $995.0 million as of March 31, 2015 and December 31, 2014. The weighted average interest rate was 3.70% as of March 31, 2015 and December 31, 2014. Balance Sheet Offsetting The Company’s resale agreements and repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Company, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets repurchase and resale transactions with the same counterparty on the consolidated balance sheet s where it has a legally enforceable master netting agreement and when the transactions are eligible for netting under ASC 210-20-45. Collateral pledged consists of securities which are not netted on the consolidated balance sheet s against the related collateralized liability. Collateral accepted includes securities that are not recognized on the consolidated balance sheets. Collateral accepted or pledged in resale and repurchase agreements with other financial institutions also may be sold or re-pledged by the secured party, but is usually delivered to and held by the third party trustees. The following tables present resale and repurchase agreements included on the consolidated balance sheets as of March 31, 2015 and December 31, 2014:
($ in thousands) |  | As of March 31, 2015 |
|  |  |  |  |  | Net Amounts of |  | Gross Amounts Not Offset on the |  |  |
|  |  |  | Gross Amounts |  | Assets Presented |  | Consolidated Balance Sheet |  |  |
|  | Gross Amounts |  | Offset on the |  | on the |  |  |  |  |
|  | of Recognized |  | Consolidated |  | Consolidated |  | Financial |  | Collateral |  |  |
Assets |  | Assets |  | Balance Sheet |  | Balance Sheet |  | Instruments |  | Received |  | Net Amount |
Resale agreements |  | $ | 1,850,000 |  | $ | (300,000) |  | $ | 1,550,000 |  | $ | (350,000) | (1) | $ | (1,195,203) | (2) | $ | 4,797 |
|  |  |  |  |  | Net Amounts of |  | Gross Amounts Not Offset on the |  |  |
|  |  |  |  |  | Liabilities |  | Consolidated Balance Sheet |  |  |
|  |  |  | Gross Amounts |  | Presented |  |  |  |  |
|  | Gross Amounts |  | Offset on the |  | on the |  |  |  |  |
|  | of Recognized |  | Consolidated |  | Consolidated |  | Financial |  | Collateral |  |  |
Liabilities |  | Liabilities |  | Balance Sheet |  | Balance Sheet |  | Instruments |  | Posted |  | Net Amount |
Repurchase agreements |  | $ | 995,000 |  | $ | (300,000) |  | $ | 695,000 |  | $ | (350,000) | (1) | $ | (345,000) | (3) | $ | — |
($ in thousands) |  | As of December 31, 2014 |
|  |  |  |  |  | Net Amounts of |  | Gross Amounts Not Offset on the |  |  |
|  |  |  | Gross Amounts |  | Assets Presented |  | Consolidated Balance Sheet |  |  |
|  | Gross Amounts |  | Offset on the |  | on the |  |  |  |  |
|  | of Recognized |  | Consolidated |  | Consolidated |  | Financial |  | Collateral |  |  |
Assets |  | Assets |  | Balance Sheet |  | Balance Sheet |  | Instruments |  | Received |  | Net Amount |
Resale agreements |  | $ | 1,425,000 |  | $ | (200,000) |  | $ | 1,225,000 |  | $ | (425,000) | (1) | $ | (797,172) | (2) | $ | 2,828 |
|  |  |  |  |  | Net Amounts of |  | Gross Amounts Not Offset on the |  |  |
|  |  |  |  |  | Liabilities |  | Consolidated Balance Sheet |  |  |
|  |  |  | Gross Amounts |  | Presented |  |  |  |  |
|  | Gross Amounts |  | Offset on the |  | on the |  |  |  |  |
|  | of Recognized |  | Consolidated |  | Consolidated |  | Financial |  | Collateral |  |  |
Liabilities |  | Liabilities |  | Balance Sheet |  | Balance Sheet |  | Instruments |  | Posted |  | Net Amount |
Repurchase agreements |  | $ | 995,000 |  | $ | (200,000) |  | $ | 795,000 |  | $ | (425,000) | (1) | $ | (370,000) | (3) | $ | — |
| (1) |  | Includes financial instruments subject to enforceable master netting arrangements that are not permitted to be offset under ASC 210-20-45 but would be eligible for offsetting to the extent an event of default has occurred.
| (2) |  | Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty.
| (3) |  | Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability owed to each counterparty.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph m -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=34720971&loc=SL6224234-111729 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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