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Assets Purchased under Resale Agreements and Sold under Repurchase Agreements
 12 Months Ended
Dec. 31, 2022
RESALE AND REPURCHASE AGREEMENTS  
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements Assets Purchased under Resale Agreements and Sold under Repurchase Agreements
Assets Purchased under Resale Agreements

With resale agreements, the Company is exposed to credit risk for both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for the efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is also the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of both December 31, 2022 and 2021.

Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $760.0 million and $1.33 billion as of December 31, 2022 and 2021, respectively. The weighted-average yields were 2.12%, 1.53% and 1.94% for the years ended December 31, 2022, 2021 and 2020, respectively.

Loans Purchased under Resale Agreements — Total loans purchased under resale agreements were $32.2 million and $1.02 billion as of December 31, 2022 and 2021, respectively. The weighted-average yields were 2.16%, 1.53% and 2.27% for the years ended December 31, 2022, 2021 and 2020, respectively.

Assets Sold under Repurchase Agreements — As of December 31, 2022, securities sold under the repurchase agreements consisted of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and U.S. Treasury securities. Gross repurchase agreements were $300.0 million as of both December 31, 2022 and 2021. The weighted-average interest rates were 3.07%, 2.61% and 3.25% for the years ended December 31, 2022, 2021 and 2020, respectively. There were no extinguishment charges recorded in both 2022 and 2021. In comparison, for the year ended December 31, 2020, the Company recorded $8.7 million of charges related to the extinguishment of $150.0 million of repurchase agreements. As of December 31, 2022, all repurchase agreements will mature in 2023.

Balance Sheet Offsetting

The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by the third-party trustees.

The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
AssetsGross Amounts
of Recognized
Assets		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral Received
Resale agreements$792,192 $— $792,192 $(701,790)
(1)
$90,402 
LiabilitiesGross Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented on the Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Collateral Pledged
Repurchase agreements$300,000 $— $300,000 $(300,000)
(2)
$— 
($ in thousands)December 31, 2021
AssetsGross Amounts
of Recognized
Assets		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral Received
Resale agreements$2,353,503 $— $2,353,503 $(2,327,687)
(1)
$25,816 
LiabilitiesGross Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral  Pledged
Repurchase agreements$300,000 $— $300,000 $(300,000)
(2)
$— 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.

In addition to the amounts included in the tables above, the Company also has balance sheet netting related to derivatives. Refer to Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information.