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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2018 |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | 911 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 910 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 461,987 |  |  | — |  |  | (24,545 | ) |  | 437,442 |
Non-agency residential mortgage-backed securities |  | 418 |  |  | 9 |  |  | — |  |  | 427 |
Non-agency commercial mortgage-backed securities |  | 132,199 |  |  | — |  |  | — |  |  | 132,199 |
Collateralized loan obligations |  | 1,431,171 |  |  | 141 |  |  | (9,790 | ) |  | 1,421,522 |
Total securities available-for-sale |  | $ | 2,026,686 |  |  | $ | 150 |  |  | $ | (34,336 | ) |  | $ | 1,992,500 |
December 31, 2017 |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | 1,056 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1,058 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 492,255 |  |  | 10 |  |  | (15,336 | ) |  | 476,929 |
Non-agency residential mortgage-backed securities |  | 741 |  |  | 16 |  |  | (1 | ) |  | 756 |
Non-agency commercial mortgage-backed securities |  | 305,172 |  |  | 5,339 |  |  | — |  |  | 310,511 |
Collateralized loan obligations |  | 1,691,455 |  |  | 11,129 |  |  | (266 | ) |  | 1,702,318 |
Corporate debt securities |  | 76,714 |  |  | 7,183 |  |  | — |  |  | 83,897 |
Total securities available-for-sale |  | $ | 2,567,393 |  |  | $ | 23,679 |  |  | $ | (15,603 | ) |  | $ | 2,575,469 |
During the three months ended June 30, 2017, the Company evaluated its securities held-to-maturity and determined that certain securities no longer adhered to the Company’s strategic focus and could be sold or reinvested to potentially improve the Company’s liquidity position or duration profile. Accordingly, the Company was no longer able to assert that it had the intent to hold these securities until maturity. As a result, the Company transferred all $740.9 million of its held-to-maturity securities to available-for-sale, which resulted in a pre-tax increase to accumulated other comprehensive income of $22.0 million at the time of the transfer, June 30, 2017. Due to the transfer, the Company’s ability to assert that it has both the intent and ability to hold debt securities to maturity will be limited for the foreseeable future. During the three months ended March 31, 2018, the Company completed the sale of all remaining corporate debt securities, totaling $76.8 million, to reposition its securities available-for-sale portfolio. At December 31, 2018, the Company's investment securities portfolio consisted of SBA loan pool securities, mortgage-backed securities, and collateralized loan obligations. The expected maturities of these types of securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. As of December 31, 2018, the Company changed its intent to sell its non-agency commercial mortgage-backed securities in an unrealized loss position due to its strategy to remix its securities profile and recognized $3.3 million of OTTI loss for the year ended December 31, 2018. The Company did not record OTTI losses for investment securities for the years ended December 31, 2017 or 2016. At December 31, 2018 and 2017, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 percent of stockholders’ equity. The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2018 |  | 2017 |  | 2016
Gross realized gains on sales and calls of securities available-for-sale |  | $ | 5,532 |  |  | $ | 14,768 |  |  | $ | 30,919 |
Gross realized losses on sales and calls of securities available-for-sale |  | — |  |  | — |  |  | (1,514 | )
Net realized gains on sales and calls of securities available-for-sale |  | $ | 5,532 |  |  | $ | 14,768 |  |  | $ | 29,405 |
Proceeds from sales and calls of securities available-for-sale |  | $ | 1,025,471 |  |  | $ | 1,500,459 |  |  | $ | 4,148,003 |
Investment securities with carrying values of $163.0 million and $564.4 million as of December 31, 2018 and 2017, respectively, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law. The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | — |  |  | $ | — |  |  | $ | 910 |  |  | $ | (1 | ) |  | $ | 910 |  |  | $ | (1 | )
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 13,494 |  |  | $ | (133 | ) |  | $ | 423,916 |  |  | $ | (24,412 | ) |  | $ | 437,410 |  |  | $ | (24,545 | )
Non-agency residential mortgage-backed securities |  | 90 |  |  | — |  |  | 16 |  |  | — |  |  | 106 |  |  | — |
Collateralized loan obligations |  | 1,364,317 |  |  | (9,480 | ) |  | 32,790 |  |  | (310 | ) |  | 1,397,107 |  |  | (9,790 | )
Total securities available-for-sale |  | $ | 1,377,901 |  |  | $ | (9,613 | ) |  | $ | 457,632 |  |  | $ | (24,723 | ) |  | $ | 1,835,533 |  |  | $ | (34,336 | )
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 4,880 |  |  | (35 | ) |  | 470,092 |  |  | (15,301 | ) |  | 474,972 |  |  | (15,336 | )
Non-agency residential mortgage-backed securities |  | — |  |  | — |  |  | 148 |  |  | (1 | ) |  | 148 |  |  | (1 | )
Collateralized loan obligations |  | 104,334 |  |  | (266 | ) |  | — |  |  | — |  |  | 104,334 |  |  | (266 | )
Total securities available-for-sale |  | $ | 109,214 |  |  | $ | (301 | ) |  | $ | 470,240 |  |  | $ | (15,302 | ) |  | $ | 579,454 |  |  | $ | (15,603 | )
At December 31, 2018, the Company’s securities available-for-sale portfolio consisted of 145 securities, 118 of which were in an unrealized loss position. At December 31, 2017, the Company’s securities available-for-sale portfolio consisted of 191 securities, 33 of which were in an unrealized loss position. The Company monitors its securities portfolio to ensure it has adequate credit support. The majority of unrealized losses are related to the Company's mortgage-backed securities issued by U.S government sponsored entities and agencies. The Company also considers the lowest credit rating for identification of potential OTTI for other securities. As of December 31, 2018, nearly all of the Company's non-agency mortgage-backed securities or collateralized loan obligations investment securities in an unrealized loss position received an investment grade credit rating. The decline in fair value is attributable to changes in interest rates and not credit quality. Other than the OTTI recognized related to the non-agency commercial mortgage-backed securities, as of December 31, 2018, the Company did not have the intent to sell its securities in an unrealized loss position and further believes it is not likely that it will be required to sell these securities before their anticipated recovery. The following table presents the composition and the repricing and yield information of the investment securities portfolio as of December 31, 2018:
|  | One year or less |  | More than One Year through Five Years |  | More than Five Years through Ten Years |  | More than Ten Years |  | Total
($ in thousands) |  | Fair Value |  | Weighted-Average Yield |  | Fair Value |  | Weighted-Average Yield |  | Fair Value |  | Weighted-Average Yield |  | Fair Value |  | Weighted-Average Yield |  | Fair Value |  | Weighted-Average Yield
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 910 |  |  | 2.84 | % |  | $ | 910 |  |  | 2.84 | %
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 279 |  |  | 2.95 | % |  | 3,460 |  |  | 3.32 | % |  | — |  |  | — | % |  | 433,703 |  |  | 3.23 | % |  | 437,442 |  |  | 3.23 | %
Non-agency residential mortgage-backed securities |  | 83 |  |  | 3.96 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 344 |  |  | 5.47 | % |  | 427 |  |  | 5.18 | %
Non-agency commercial mortgage-backed securities |  | — |  |  | — | % |  | — |  |  | — | % |  | 132,199 |  |  | 3.75 | % |  | — |  |  | — | % |  | 132,199 |  |  | 3.75 | %
Collateralized loan obligations |  | 1,421,522 |  |  | 4.44 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 1,421,522 |  |  | 4.44 | %
Total securities available-for-sale |  | $ | 1,421,884 |  |  | 4.44 | % |  | $ | 3,460 |  |  | 3.32 | % |  | $ | 132,199 |  |  | 3.75 | % |  | $ | 434,957 |  |  | 3.23 | % |  | $ | 1,992,500 |  |  | 4.13 | %

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