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INVESTMENT SECURITIES
 12 Months Ended
Dec. 31, 2021
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 CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2021
Securities available-for-sale:
SBA loan pool securities$14,679 $— $(88)$14,591 
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities190,382 2,898 (1,311)191,969 
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations242,458 1,171 (2,088)241,541 
Municipal securities117,913 2,641 (1,539)119,015 
Non-agency residential mortgage-backed securities56,014 11 — 56,025 
Collateralized loan obligations521,275 — (2,311)518,964 
Corporate debt securities162,002 11,603 (7)173,598 
Total securities available-for-sale$1,304,723 $18,324 $(7,344)$1,315,703 
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 securities99,591 6,793 $— 106,384 
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations209,426 2,571 (166)211,831 
Municipal securities64,355 4,272 (4)68,623 
Non-agency residential mortgage-backed securities156 4 — 160 
Collateralized loan obligations687,505 — (9,720)677,785 
Corporate debt securities141,975 7,319 — 149,294 
Total securities available-for-sale$1,220,444 $20,959 $(9,972)$1,231,431 
At December 31, 2021, 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, 2021. Accrued interest receivable on debt securities available-for-sale totaled $4.7 million and $4.5 million at December 31, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition.
At December 31, 2021 and December 31, 2020, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of our stockholders’ equity.
The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
Year Ended December 31,
($ in thousands)202120202019
Gross realized gains on sales and calls of securities available-for-sale
$— $2,011 $556 
Gross realized losses on sales and calls of securities available-for-sale
— — (5,408)
Net realized gains (losses) on sales and calls of securities available-for-sale$— $2,011 $(4,852)
Proceeds from sales and calls of securities available-for-sale$191,230 $68,829 $1,249,588 

Investment securities with carrying values of $28.9 million and $43.7 million as of December 31, 2021 and 2020 were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law.
The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated:
Less Than 12 Months12 Months or LongerTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2021
Securities available-for-sale:
SBA loan pool securities
$— $— $14,591 $(88)$14,591 $(88)
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
67,588 (1,311)— — 67,588 (1,311)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
85,290 (1,184)17,754 (904)103,044 (2,088)
Municipal securities
44,748 (919)10,762 (620)55,510 (1,539)
Collateralized loan obligations
81,962 (38)253,002 (2,273)334,964 (2,311)
Corporate debt securities
4,993 (7)— — 4,993 (7)
Total securities available-for-sale
$284,581 $(3,459)$296,109 $(3,885)$580,690 $(7,344)
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 securities11,401 (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)

At December 31, 2021, our securities available-for-sale portfolio consisted of 119 securities, 46 of which were in an unrealized loss position. At December 31, 2020, our securities available-for-sale portfolio consisted of 103 securities, 50 of which were in an unrealized loss position.
We monitor our securities portfolio to ensure it has adequate credit support. We consider the lowest credit rating for identification of credit impairment for collateralized loan obligations and other securities. The decline in fair value of our securities since acquisition 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. As of December 31, 2021, all of our collateralized loan obligation investment securities in an unrealized loss position received an investment grade credit rating.
During the years ended December 31, 2021 and 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 $731 thousand. This OTTI was recognized as a result of our strategic decision to liquidate this longer duration portfolio.
The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of December 31, 2021:
One year or lessMore than One Year through Five YearsMore than Five Years through Ten YearsMore than Ten YearsTotal
($ in thousands)Fair
Value		Weighted-Average YieldFair
Value		Weighted-Average YieldFair
Value		Weighted-Average YieldFair
Value		Weighted-Average YieldFair
Value		Weighted-Average Yield
Securities available-for-sale:
SBA loan pool securities
$14,591 0.91 %$— — %$— — %$— — %$14,591 0.91 %
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
— — %— — %28,920 2.20 %163,049 2.15 %191,969 2.16 %
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
97,750 0.64 %10,692 1.95 %41,073 1.33 %92,026 1.84 %241,541 1.27 %
Municipal securities
— — %— — %15,172 2.62 %103,843 2.37 %119,015 2.40 %
Non-agency residential mortgage-backed securities
— — %— — %— — %56,025 2.51 %56,025 2.51 %
Collateralized loan obligations
518,964 1.76 %— — %— — %— — %518,964 1.76 %
Corporate debt securities
— — %155,640 4.76 %17,958 5.73 %— — %173,598 4.85 %
Total securities available-for-sale
$631,305 1.57 %$166,332 4.57 %$103,123 2.42 %$414,943 2.19 %$1,315,703 2.19 %