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INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2021
Securities available-for-sale:
SBA loan pool securities						$	15,489					$	—					$	(68)											$	15,421
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						190,708						3,556						(978)												193,286
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						254,775						2,062						(1,532)												255,305
Municipal securities						117,955						3,167						(705)												120,417
Non-agency residential mortgage-backed securities						149						5						—												154
Collateralized loan obligations						551,775						—						(2,498)												549,277
Corporate debt securities						156,995						12,513						—												169,508
Total securities available-for-sale						$	1,287,846					$	21,303					$	(5,781)											$	1,303,368
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 September 30,												Nine Months Ended September 30,
($ in thousands)						2021						2020						2021						2020
Gross realized gains						$	—					$	—					$	—					$	2,011
Gross realized losses						—						—						—						—
Net realized gains on sales and calls						$	—					$	—					$	—					$	2,011
Proceeds from sales and calls(1)						$	20,000					$	—					$	120,230					$	52,727

(1) Includes proceeds from CLO resets

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
September 30, 2021
Securities available-for-sale:
SBA loan pool securities						$	3,476					$	(6)					$	11,945					$	(62)					$	15,421					$	(68)
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						54,501						(978)						—						—						54,501						(978)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						77,262						(1,048)						9,686						(484)						86,948						(1,532)
Municipal securities						43,346						(261)						10,945						(444)						54,291						(705)
Collateralized loan obligations						66,956						(44)						258,320						(2,454)						325,276						(2,498)
Total securities available-for-sale						$	245,541					$	(2,337)					$	290,896					$	(3,444)					$	536,437					$	(5,781)
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 September 30, 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						$	15,421					0.93		%				$	—					—		%				$	—					—		%				$	—					—		%				$	15,421					0.93		%
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						—						—		%				—						—		%				29,294						2.20		%				163,992						2.16		%				193,286						2.17		%
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						105,662						0.63		%				10,978						1.97		%				42,423						1.34		%				96,242						1.75		%				255,305						1.23		%
Municipal securities						—						—		%				—						—		%				15,425						2.62		%				104,992						2.37		%				120,417						2.40		%
Non-agency residential mortgage-backed securities						—						—		%				—						—		%				—						—		%				154						6.36		%				154						6.36		%
Collateralized loan obligations						549,277						1.76		%				—						—		%				—						—		%				—						—		%				549,277						1.76		%
Corporate debt securities						—						—		%				151,201						4.82		%				18,307						5.73		%				—						—		%				169,508						4.91		%
Total securities available-for-sale						$	670,360					1.56		%				$	162,179					4.62		%				$	105,449					2.42		%				$	365,380					2.11		%				$	1,303,368					2.15		%

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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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-Publisher FASB
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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.

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-Topic 320
-SubTopic 10
-Section 50
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