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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
Securities held-to-maturity:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						$	153,713					$	—					$	(7,832)											$	145,881
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						61,464						—						(3,646)												57,818
Municipal securities						114,204						—						(6,951)												107,253
Total securities held-to-maturity						$	329,381					$	—					$	(18,429)											$	310,952
Securities available-for-sale:
SBA loan pool securities						$	13,918					$	—					$	(108)											$	13,810
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						12,084						—						(351)												11,733
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						170,827						438						(5,050)												166,215
Non-agency residential mortgage-backed securities						54,417						—						(3,955)												50,462
Collateralized loan obligations						492,775						—						(4,802)												487,973
Corporate debt securities						165,259						4,700						(1,377)												168,582
Total securities available-for-sale						$	909,280					$	5,138					$	(15,643)											$	898,775
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

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)						2022						2021
Gross realized gains						$	209					$	—
Gross realized losses						(193)						—
Net realized gains on sales and calls						$	16					$	—
Proceeds from sales and calls						$	17,646					$	—

Summary of Investment Securities With Unrealized Losses

The following table summarizes the investment securities available-for-sale 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, 2022
Securities available-for-sale:
SBA loan pool securities						$	—					$	—					$	13,810					$	(108)					$	13,810					$	(108)
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						11,733						(351)						—						—						11,733						(351)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						84,047						(2,866)						15,723						(2,184)						99,770						(5,050)
Non-agency residential mortgage-backed securities						50,462						(3,955)						—						—						50,462						(3,955)
Collateralized loan obligations						226,353						(1,147)						251,620						(3,655)						477,973						(4,802)
Corporate debt securities						46,123						(1,377)						—						—						46,123						(1,377)
Total securities available-for-sale						$	418,718					$	(9,696)					$	281,153					$	(5,947)					$	699,871					$	(15,643)
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)

Schedule of Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of March 31, 2022:

						Held-to-Maturity												Available-for-Sale
($ in thousands)						Amortized Cost						Fair Value						Amortized Cost						Fair Value
Maturity:
Within one year						$	—					$	—					$	600,944					$	596,427
One to five years						—						—						162,258						163,524
Five to ten years						14,825						14,143						66,735						64,402
Greater than ten years						314,556						296,809						79,343						74,422
Total						$	329,381					$	310,952					$	909,280					$	898,775

Schedule of Fair Value and Weighted Average Yields of Securities Held-to-Maturity

The following table presents the fair value and weighted average yields using amortized cost, of the securities held-to-maturity portfolio as of March 31, 2022, based on the earlier of maturity dates or next repricing dates:

						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 held-to-maturity:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						$	—					—		%				$	—					—		%				$	—					—		%				$	145,881					2.69		%				$	145,881					2.69		%
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						—						—		%				—						—		%				—						—		%				57,818						2.64		%				57,818						2.64		%
Municipal securities						—						—		%				—						—		%				14,143						2.20		%				93,110						2.68		%				107,253						2.62		%
Total securities held-to-maturity						$	—					—		%				$	—					—		%				$	14,143					2.20		%				$	296,809					2.68		%				$	310,952					2.66		%

Schedule of Fair Value and Weighted Average Yields of Securities Available-for-Sale

The following table presents the fair value and weighted average yields using amortized cost, of the securities available-for-sale portfolio as of March 31, 2022, based on the earlier of maturity dates or next repricing dates:

						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						$	13,810					0.98		%				$	—					—		%				$	—					—		%				$	—					—		%				$	13,810					0.98		%
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						—						—		%				—						—		%				11,733						2.23		%				—						—		%				11,733						2.23		%
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						94,644						0.80		%				9,923						1.98		%				37,688						1.36		%				23,960						1.74		%				166,215						1.14		%
Non-agency residential mortgage-backed securities						—						—		%				—						—		%				—						—		%				50,462						2.51		%				50,462						2.51		%
Collateralized loan obligations						487,973						1.87		%				—						—		%				—						—		%				—						—		%				487,973						1.87		%
Corporate debt securities						—						—		%				153,601						4.71		%				14,981						5.73		%				—						—		%				168,582						4.80		%
Total securities available-for-sale						$	596,427					1.68		%				$	163,524					4.54		%				$	64,402					2.39		%				$	74,422					2.27		%				$	898,775					2.29		%

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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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-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
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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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