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INVESTMENT SECURITIES (Tables)

9 Months Ended

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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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 https://asc.fasb.org/topic&trid=2196928

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269825-111563

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
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-Section 50
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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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