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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2020
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, 2020 |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | 17,436 |  |  | $ | — |  |  | $ | (82) |  |  | $ | 17,354 |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 99,591 |  |  | 6,793 |  |  | — |  |  | 106,384 |  |  |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 209,426 |  |  | 2,571 |  |  | (166) |  |  | 211,831 |  |  |
Municipal securities |  | 64,355 |  |  | 4,272 |  |  | (4) |  |  | 68,623 |  |  |
Non-agency residential mortgage-backed securities |  | 156 |  |  | 4 |  |  | — |  |  | 160 |  |  |
Collateralized loan obligations |  | 687,505 |  |  | — |  |  | (9,720) |  |  | 677,785 |  |  |
Corporate debt securities |  | 141,975 |  |  | 7,319 |  |  | — |  |  | 149,294 |  |  |
Total securities available-for-sale |  | $ | 1,220,444 |  |  | $ | 20,959 |  |  | $ | (9,972) |  |  | $ | 1,231,431 |  |  |
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 37,613 |  |  | $ | — |  |  | $ | (1,157) |  |  | $ | 36,456 |  |  |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 91,543 |  |  | 16 |  |  | (260) |  |  | 91,299 |  |  |
Municipal securities |  | 52,997 |  |  | 51 |  |  | (359) |  |  | 52,689 |  |  |
Non-agency residential mortgage-backed securities |  | 191 |  |  | 5 |  |  | — |  |  | 196 |  |  |
Collateralized loan obligations |  | 733,605 |  |  | — |  |  | (15,244) |  |  | 718,361 |  |  |
Corporate debt securities |  | 13,500 |  |  | 79 |  |  | — |  |  | 13,579 |  |  |
Total securities available-for-sale |  | $ | 929,449 |  |  | $ | 151 |  |  | $ | (17,020) |  |  | $ | 912,580 |  |  |
At December 31, 2020, our investment securities portfolio consisted of agency securities, municipal securities, mortgage-backed securities, collateralized loan obligations, and corporate debt securities. 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. There was no allowance for credit losses for debt securities as of December 31, 2020. Accrued interest receivable on debt securities available-for-sale totaled $4.5 million and $5.6 million at December 31, 2020 and December 31, 2019, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses. At December 31, 2020 and December 31, 2019, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of our stockholders’ equity. The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2020 |  | 2019 |  | 2018
Gross realized gains on sales and calls of securities available-for-sale |  | $ | 2,011 |  |  | $ | 556 |  |  | $ | 5,532 |
Gross realized losses on sales and calls of securities available-for-sale |  | — |  |  | (5,408) |  |  | — |
Net realized gains (losses) on sales and calls of securities available-for-sale |  | $ | 2,011 |  |  | $ | (4,852) |  |  | $ | 5,532 |
Proceeds from sales and calls of securities available-for-sale |  | $ | 68,829 |  |  | $ | 1,249,588 |  |  | $ | 1,025,471 |
Investment securities with carrying values of $43.7 million and $44.0 million as of December 31, 2020 and December 31, 2019 were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law. The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated:
|  | Less Than 12 Months |  | 12 Months or Longer |  | Total
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | 17,354 |  |  | $ | (82) |  |  | $ | — |  |  | $ | — |  |  | $ | 17,354 |  |  | $ | (82) |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 19,033 |  |  | (166) |  |  | — |  |  | — |  |  | 19,033 |  |  | (166) |
Municipal securities |  | 11,401 |  |  | (4) |  |  | — |  |  | — |  |  | 11,401 |  |  | (4) |
Collateralized loan obligations |  | 64,775 |  |  | (225) |  |  | 613,010 |  |  | (9,495) |  |  | 677,785 |  |  | (9,720) |
Corporate debt securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total securities available-for-sale |  | $ | 112,563 |  |  | $ | (477) |  |  | $ | 613,010 |  |  | $ | (9,495) |  |  | $ | 725,573 |  |  | $ | (9,972) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 35,872 |  |  | $ | (1,157) |  |  | $ | — |  |  | $ | — |  |  | $ | 35,872 |  |  | $ | (1,157) |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 73,379 |  |  | (260) |  |  | — |  |  | — |  |  | 73,379 |  |  | (260) |
Municipal securities |  | 31,723 |  |  | (359) |  |  | — |  |  | — |  |  | 31,723 |  |  | (359) |
Collateralized loan obligations |  | 49,553 |  |  | (447) |  |  | 668,808 |  |  | (14,797) |  |  | 718,361 |  |  | (15,244) |
Total securities available-for-sale |  | $ | 190,527 |  |  | $ | (2,223) |  |  | $ | 668,808 |  |  | $ | (14,797) |  |  | $ | 859,335 |  |  | $ | (17,020) |
At December 31, 2020, our securities available-for-sale portfolio consisted of 103 securities, 50 of which were in an unrealized loss position. At December 31, 2019, our securities available-for-sale portfolio consisted of 70 securities, 60 of which were in an unrealized loss position. We monitor our securities portfolio to ensure it has adequate credit support. The majority of unrealized losses are related to our collateralized loan obligations. We consider the lowest credit rating for identification of credit impairment for collateralized loan obligations and other securities. As of December 31, 2020, all of our collateralized loan obligations investment securities in an unrealized loss position received an investment grade credit rating. The decline in fair value was attributable to a combination of changes in interest rates and general volatility in the credit market conditions in response to the economic uncertainty caused by the global pandemic. We do not currently intend to sell any of the securities in an unrealized loss position and further believe, it is more likely than not, that we will not be required to sell these securities before their anticipated recovery. During the year ended December 31, 2020, no allowance for credit losses related to securities available-for-sale was recorded. Prior to the adoption of CECL on January 1, 2020, losses related to securities available-for-sale were evaluated for OTTI. During the year ended December 31, 2019, we recorded OTTI for our remaining portfolio of mortgage-backed securities of $731 thousand. This OTTI was recognized as a result of our strategic decision to liquidate this longer duration portfolio. During the year ended December 31, 2018, we recorded OTTI for our remaining portfolio of non-agency commercial mortgage-backed securities of $3.3 million. This OTTI was recognized as a result of decision to liquidate this portfolio. The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of December 31, 2020:
|  | One year or less |  | More than One Year through Five Years |  | More than Five Years through Ten Years |  | More than Ten Years |  | Total
($ 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 |  | $ | 17,354 |  |  | 1.71 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 17,354 |  |  | 1.71 | %
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | — |  |  | — | % |  | — |  |  | — | % |  | 30,243 |  |  | 2.20 | % |  | 76,141 |  |  | 2.35 | % |  | 106,384 |  |  | 2.31 | %
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 113,227 |  |  | 0.71 | % |  | 11,438 |  |  | 2.01 | % |  | 44,451 |  |  | 1.36 | % |  | 42,715 |  |  | 0.31 | % |  | 211,831 |  |  | 0.83 | %
Municipal securities |  | — |  |  | — | % |  | — |  |  | — | % |  | 9,456 |  |  | 2.60 | % |  | 59,167 |  |  | 2.62 | % |  | 68,623 |  |  | 2.62 | %
Non-agency residential mortgage-backed securities |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 160 |  |  | 6.35 | % |  | 160 |  |  | 6.35 | %
Collateralized loan obligations |  | 677,785 |  |  | 1.86 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 677,785 |  |  | 1.86 | %
Corporate debt securities |  | — |  |  | — | % |  | 131,829 |  |  | 5.01 | % |  | 17,465 |  |  | 5.73 | % |  | — |  |  | — | % |  | 149,294 |  |  | 5.08 | %
Total securities available-for-sale |  | $ | 808,366 |  |  | 1.70 | % |  | $ | 143,267 |  |  | 4.77 | % |  | $ | 101,615 |  |  | 2.40 | % |  | $ | 178,183 |  |  | 1.93 | % |  | $ | 1,231,431 |  |  | 2.14 | %

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