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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Value of Available-for-Sale 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
March 31, 2021
Securities available-for-sale:
SBA loan pool securities						$	16,812					$	—					$	(79)											$	16,733
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						122,300						1,419						(419)												123,300
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						210,343						2,079						(1,466)												210,956
Municipal securities						84,385						2,242						(1,089)												85,538
Non-agency residential mortgage-backed securities						154						4						—												158
Collateralized loan obligations						687,505						—						(3,632)												683,873
Corporate debt securities						141,982						8,302						(12)												150,272
Total securities available-for-sale						$	1,263,481					$	14,046					$	(6,697)											$	1,270,830
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

Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses

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:

						Three Months Ended March 31,
($ in thousands)						2021						2020
Gross realized gains on sales and calls of securities available-for-sale						$	—					$	—
Gross realized losses on sales and calls of securities available-for-sale						—						—
Net realized (losses) gains on sales and calls of securities available-for-sale						$	—					$	—
Proceeds from sales and calls of securities available-for-sale						$	—					$	30,000

Summary of Investment Securities with Unrealized Losses

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
March 31, 2021
Securities available-for-sale:
SBA loan pool securities						$	16,733					$	(79)					$	—					$	—					$	16,733					$	(79)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage-backed securities						47,975						(419)						—						—						47,975						(419)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						42,339						(1,466)						—						—						42,339						(1,466)
Municipal securities						30,357						(1,089)						—						—						30,357						(1,089)
Collateralized loan obligations						37,446						(54)						427,177						(3,578)						464,623						(3,632)
Corporate debt securities						4,988						(12)						—						—						4,988						(12)
Total securities available-for-sale						$	179,838					$	(3,119)					$	427,177					$	(3,578)					$	607,015					$	(6,697)
December 31, 2020
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)
Total securities available-for-sale						$	112,563					$	(477)					$	613,010					$	(9,495)					$	725,573					$	(9,972)

Composition, Repricing and Yield Information of Investment Securities 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 March 31, 2021:

						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						$	16,733					1.34		%				$	—					—		%				$	—					—		%				$	—					—		%				$	16,733					1.34		%
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						—						—		%				—						—		%				29,238						2.20		%				94,062						2.35		%				123,300						2.31		%
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						110,147						0.67		%				11,193						1.99		%				42,747						1.35		%				46,869						1.76		%				210,956						1.12		%
Municipal securities						—						—		%				—						—		%				9,193						2.60		%				76,345						2.49		%				85,538						2.51		%
Non-agency residential mortgage-backed securities						—						—		%				—						—		%				—						—		%				158						6.36		%				158						6.36		%
Collateralized loan obligations						683,873						1.86		%				—						—		%				—						—		%				—						—		%				683,873						1.86		%
Corporate debt securities						—						—		%				132,244						5.01		%				18,028						5.73		%				—						—		%				150,272						5.08		%
Total securities available-for-sale						$	810,753					1.69		%				$	143,437					4.77		%				$	99,206					2.40		%				$	217,434					2.28		%				$	1,270,830					2.18		%

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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