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v3.22.2.2

INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule 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, 2022 |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | $ | 153,127 |  |  | $ | — |  |  | $ | (29,178) |  |  |  |  | $ | 123,949 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 61,426 |  |  | — |  |  | (11,950) |  |  |  |  | 49,476 |
Municipal securities |  | 114,204 |  |  | — |  |  | (24,277) |  |  |  |  | 89,927 |
Total securities held-to-maturity |  | $ | 328,757 |  |  | $ | — |  |  | $ | (65,405) |  |  |  |  | $ | 263,352 |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | 12,156 |  |  | $ | 4 |  |  | $ | (54) |  |  |  |  | $ | 12,106 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 12,012 |  |  | — |  |  | (1,316) |  |  |  |  | 10,696 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 151,582 |  |  | — |  |  | (10,425) |  |  |  |  | 141,157 |
Non-agency residential mortgage-backed securities |  | 52,076 |  |  | — |  |  | (10,562) |  |  |  |  | 41,514 |
Collateralized loan obligations |  | 492,775 |  |  | — |  |  | (20,099) |  |  |  |  | 472,676 |
Corporate debt securities |  | 177,774 |  |  | 12 |  |  | (8,370) |  |  |  |  | 169,416 |
Total securities available-for-sale |  | $ | 898,375 |  |  | $ | 16 |  |  | $ | (50,826) |  |  |  |  | $ | 847,565 |
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 |
Schedule of 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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Gross realized gains |  | $ | — |  |  | $ | — |  |  | $ | 209 |  |  | $ | — |
Gross realized losses |  | — |  |  | — |  |  | (193) |  |  | — |
Net realized gains on sales and calls |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |
Proceeds from sales and calls |  | $ | — |  |  | $ | 20,000 |  |  | $ | 56,145 |  |  | $ | 120,230 |
Schedule of Securities Available-for-Sale | 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
SBA loan pool securities |  | $ | — |  |  | $ | — |  |  | $ | 9,474 |  |  | $ | (54) |  |  | $ | 9,474 |  |  | $ | (54) |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | 10,696 |  |  | (1,316) |  |  | — |  |  | — |  |  | 10,696 |  |  | (1,316) |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 110,864 |  |  | (4,705) |  |  | 30,293 |  |  | (5,720) |  |  | 141,157 |  |  | (10,425) |
Non-agency residential mortgage-backed securities |  | 41,514 |  |  | (10,562) |  |  | — |  |  | — |  |  | 41,514 |  |  | (10,562) |
Collateralized loan obligations |  | 233,975 |  |  | (10,025) |  |  | 238,702 |  |  | (10,074) |  |  | 472,677 |  |  | (20,099) |
Corporate debt securities |  | 166,497 |  |  | (8,370) |  |  | — |  |  | — |  |  | 166,497 |  |  | (8,370) |
Total securities available-for-sale |  | $ | 563,546 |  |  | $ | (34,978) |  |  | $ | 278,469 |  |  | $ | (15,848) |  |  | $ | 842,015 |  |  | $ | (50,826) |
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) |
The following table presents the fair value and weighted average yields using amortized cost of the securities available-for-sale portfolio as of September 30, 2022, based on the earlier of contractual 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 |  | $ | 12,106 |  |  | 1.82 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 12,106 |  |  | 1.82 | %
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities |  | — |  |  | — | % |  | — |  |  | — | % |  | 10,696 |  |  | 2.23 | % |  | — |  |  | — | % |  | 10,696 |  |  | 2.23 | %
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | 79,654 |  |  | 3.16 | % |  | 8,138 |  |  | 2.72 | % |  | 33,003 |  |  | 1.92 | % |  | 20,362 |  |  | 1.83 | % |  | 141,157 |  |  | 2.61 | %
Non-agency residential mortgage-backed securities |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 41,514 |  |  | 2.50 | % |  | 41,514 |  |  | 2.50 | %
Collateralized loan obligations |  | 472,676 |  |  | 4.23 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 472,676 |  |  | 4.23 | %
Corporate debt securities |  | — |  |  | — | % |  | 156,566 |  |  | 4.82 | % |  | 12,850 |  |  | 5.73 | % |  | — |  |  | — | % |  | 169,416 |  |  | 4.89 | %
Total securities available-for-sale |  | $ | 564,436 |  |  | 4.03 | % |  | $ | 164,704 |  |  | 4.71 | % |  | $ | 56,549 |  |  | 2.76 | % |  | $ | 61,876 |  |  | 2.30 | % |  | $ | 847,565 |  |  | 3.93 | %
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 contractual maturity dates or next repricing date, as of September 30, 2022:
|  | Held-to-Maturity |  | Available-for-Sale
($ in thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Earlier of maturity or next repricing date: |  |  |  |  |  |  |  |
Within one year |  | $ | — |  |  | $ | — |  |  | $ | 585,237 |  |  | $ | 564,436 |
One to five years |  | — |  |  | — |  |  | 173,721 |  |  | 164,704 |
Five to ten years |  | 28,705 |  |  | 24,157 |  |  | 64,851 |  |  | 56,549 |
Greater than ten years |  | 300,052 |  |  | 239,195 |  |  | 74,566 |  |  | 61,876 |
Total |  | $ | 328,757 |  |  | $ | 263,352 |  |  | $ | 898,375 |  |  | $ | 847,565 |
Schedule of Fair Value and Weighted Average Yields of Securities Held-to-Maturity | The following table presents the fair value and weighted average yields or tax-equivalent yields using amortized cost of the securities held-to-maturity portfolio as of September 30, 2022, based on the earlier of contractual 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 |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 7,960 |  |  | 2.52 | % |  | $ | 115,989 |  |  | 2.70 | % |  | $ | 123,949 |  |  | 2.69 | %
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 49,476 |  |  | 2.64 | % |  | 49,476 |  |  | 2.64 | %
Municipal securities (1) |  | — |  |  | — | % |  | — |  |  | — | % |  | 16,197 |  |  | 2.19 | % |  | 73,730 |  |  | 2.71 | % |  | 89,927 |  |  | 2.62 | %
Total securities held-to-maturity |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 24,157 |  |  | 2.29 | % |  | $ | 239,195 |  |  | 2.69 | % |  | $ | 263,352 |  |  | 2.65 | %
(1) Computed on a tax-equivalent basis.

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