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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Fair Value of 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, 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 securities						190,382						2,898						(1,311)						191,969
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						242,458						1,171						(2,088)						241,541
Municipal securities						117,913						2,641						(1,539)						119,015
Non-agency residential mortgage-backed securities						56,014						11						—						56,025
Collateralized loan obligations						521,275						—						(2,311)						518,964
Corporate debt securities						162,002						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 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:

						Year Ended December 31,
($ in thousands)						2021						2020						2019
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

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
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 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)

Summary of Composition and Repricing and Yield Information

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 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						$	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		%

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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).

+ References

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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-Section 50
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