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INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Values of AFS Securities

At June 30, 2020 and December 31, 2019, all investment securities were classified as AFS. The following table summarizes amortized cost and fair value of investment securities, and the corresponding amounts of gross unrealized gains and losses recognized in AOCI, at June 30, 2020 and December 31, 2019:

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
June 30, 2020
States and political subdivisions			$	105,122					$	8,156					$	183					$	113,095
GSE residential MBSs			4,519						86						—						4,605
GSE residential CMOs			63,655						3,116						704						66,067
Non-agency CMOs			17,213						97						—						17,310
Private label commercial CMOs			73,388						25						3,677						69,736
Asset-backed			224,181						97						11,510						212,768
Other			355						—						—						355
Totals			$	488,433					$	11,577					$	16,074					$	483,936
December 31, 2019
States and political subdivisions			$	83,607					$	4,288					$	32					$	87,863
GSE residential CMOs			67,928						1,000						774						68,154
Non-agency CMOs			17,210						—						123						17,087
Private label commercial CMOs			86,704						156						231						86,629
Asset-backed			235,406						138						5,029						230,515
Other			637						—						—						637
Totals			$	491,492					$	5,582					$	6,189					$	490,885

Summary of AFS Securities with Unrealized Losses

The following table summarizes investment securities with unrealized losses at June 30, 2020 and December 31, 2019, aggregated by major security type and the length of time in a continuous unrealized loss position.

			Less Than 12 Months																														12 Months or More																														Total
			# of Securities						Fair Value						Unrealized Losses						# of Securities						Fair Value						Unrealized Losses						# of Securities						Fair Value						Unrealized Losses
June 30, 2020
States and political subdivisions			1						$	10,032					$	183					—						$	—					$	—					1						$	10,032					$	183
GSE residential CMOs			3						26,496						704						—						—						—						3						26,496						704
Private label commercial CMOs			5						29,410						1,618						8						33,814						2,059						13						63,224						3,677
Asset-backed			9						73,071						2,724						11						133,451						8,786						20						206,522						11,510
Totals			18						$	139,009					$	5,229					19						$	167,265					$	10,845					37						$	306,274					$	16,074
December 31, 2019
States and political subdivisions			1						$	6,173					$	32					—						$	—					$	—					1						$	6,173					$	32
GSE residential CMOs			5						37,158						309						1						11,602						465						6						48,760						774
Non-agency CMOs			1						17,087						123						—						—						—						1						17,087						123
Private label commercial CMOs			6						26,079						67						8						39,726						164						14						65,805						231
Asset-backed			9						92,189						1,145						9						121,399						3,884						18						213,588						5,029
Totals			22						$	178,686					$	1,676					18						$	172,727					$	4,513					40						$	351,413					$	6,189

Summarized Credit Ratings and Collateral Associated with the Investment Portfolio

The following table summarizes the credit ratings and collateral associated with the Company's investment portfolio, excluding equity securities, at June 30, 2020:

Sector			Portfolio Mix			Amortized Book			Fair Value			Credit Enhancement			AAA			AA			A			BBB			NR			Collateral Type
Unsecured ABS			2		%	$	10,003		$	9,694		41		%	6		%	—		%	—		%	—		%	94		%	Unsecured Consumer Debt
Student Loan ABS			3		%	12,624			11,777			26		%	—		%	—		%	—		%	—		%	100		%	Seasoned Student Loans
Federal Family Education Loan ABS			37		%	182,759			172,613			6		%	4		%	74		%	22		%	—		%	—		%	Federal Family Education Loan (1)
PACE Loan ABS			1		%	6,149			6,246			6		%	100		%	—		%	—		%	—		%	—		%	PACE Loans
Non-Agency CMBS			15		%	73,388			69,735			55		%	80		%	7		%	3		%	10		%	—		%	Commercial Real Estate
Non-Agency RMBS			4		%	17,213			17,310			33		%	100		%	—		%	—		%	—		%	—		%	Reverse Mortgages (2)
Municipal - General Obligation			11		%	53,984			58,963						3		%	84		%	12		%	—		%	—		%
Municipal - Revenue			10		%	51,138			54,132						—		%	61		%	19		%	—		%	20		%
SBA ReRemic			3		%	12,647			12,439						—		%	100		%	—		%	—		%	—		%	SBA Guarantee (3)
Agency MBS			14		%	68,174			70,673						—		%	100		%	—		%	—		%	—		%	Residential Mortgages (3)
Bank CDs			—		%	249			249						—		%	—		%	—		%	—		%	100		%	FDIC Insured CD
			100		%	$	488,328		$	483,831					19		%	61		%	12		%	1		%	7		%
(1) 97% guaranteed by U.S. government
(2) Currently 6% credit enhancement; expected credit enhancement is provided above
(3) 100% guaranteed by U.S. government agencies
Note : Ratings in table are the lowest of the six rating agencies (Standard & Poors, Moody's, Morningstar, DBRS, KBRA and Fitch). Standard & Poors rates U.S. government obligations at AA+

Schedule of Amortized Cost and Fair Values of AFS Securities by Contractual Maturity

The following table summarizes amortized cost and fair value of investment securities by contractual maturity at June 30, 2020. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

			Amortized Cost						Fair Value
Due in one year or less			$	—					$	—
Due after one year through five years			249						249
Due after five years through ten years			27,182						29,157
Due after ten years			78,046						84,044
CMOs			158,775						157,718
Asset-backed			224,181						212,768
			$	488,433					$	483,936

Proceeds From Sale of AFS Securities and Gross Gains and Gross Losses

The following table summarizes proceeds from sales of investment securities and gross gains and gross losses for the three and six months ended June 30, 2020 and 2019:

			Three months ended June 30,																		Six months ended June 30,
			2020						2019						2020						2019
Proceeds from sale of investment securities			$	—					$	114,372					$	—					$	173,836
Gross gains			9						2,109						—						2,628
Gross losses			—						45						31						225

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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).

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