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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Values of AFS Securities | At September 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 September 30, 2020 and December 31, 2019:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2020 |  |  |  |  |  |  |
States and political subdivisions | $ | 104,900 |  |  | $ | 8,042 |  |  | $ | 235 |  |  | $ | 112,707 |
GSE residential MBSs | 4,488 |  |  | 90 |  |  | — |  |  | 4,578 |
GSE residential CMOs | 60,254 |  |  | 2,682 |  |  | 797 |  |  | 62,139 |
Non-agency CMOs | 17,071 |  |  | 91 |  |  | — |  |  | 17,162 |
Private label commercial CMOs | 72,372 |  |  | 23 |  |  | 3,186 |  |  | 69,209 |
Asset-backed | 219,048 |  |  | 148 |  |  | 7,046 |  |  | 212,150 |
Other | 343 |  |  | — |  |  | — |  |  | 343 |
Totals | $ | 478,476 |  |  | $ | 11,076 |  |  | $ | 11,264 |  |  | $ | 478,288 |
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 September 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
September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | 1 |  |  | $ | 9,975 |  |  | $ | 235 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 9,975 |  |  | $ | 235 |
GSE residential CMOs | 3 |  |  | 25,296 |  |  | 797 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 25,296 |  |  | 797 |
Private label commercial CMOs | 4 |  |  | 24,768 |  |  | 1,285 |  |  | 9 |  |  | 38,469 |  |  | 1,901 |  |  | 13 |  |  | 63,237 |  |  | 3,186 |
Asset-backed | 6 |  |  | 45,289 |  |  | 419 |  |  | 13 |  |  | 158,129 |  |  | 6,627 |  |  | 19 |  |  | 203,418 |  |  | 7,046 |
Totals | 14 |  |  | $ | 105,328 |  |  | $ | 2,736 |  |  | 22 |  |  | $ | 196,598 |  |  | $ | 8,528 |  |  | 36 |  |  | $ | 301,926 |  |  | $ | 11,264 |
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 September 30, 2020:
Sector | Portfolio Mix | Amortized Book | Fair Value | Credit Enhancement | AAA | AA | A | BBB | NR | Collateral Type
Unsecured ABS | 2 | % | $ | 8,239 |  | $ | 8,291 |  | 43 | % | 5 | % | — | % | — | % | — | % | 95 | % | Unsecured Consumer Debt
Student Loan ABS | 2 | % | $ | 11,868 |  | $ | 11,636 |  | 26 | % | — | % | — | % | — | % | — | % | 100 | % | Seasoned Student Loans
Federal Family Education Loan ABS | 38 | % | $ | 181,639 |  | $ | 174,916 |  | 6 | % | 4 | % | 73 | % | 23 | % | — | % | — | % | Federal Family Education Loan (1)
PACE Loan ABS | 1 | % | $ | 5,472 |  | $ | 5,551 |  | 6 | % | 100 | % | — | % | — | % | — | % | — | % | PACE Loans
Non-Agency CMBS | 15 | % | $ | 72,372 |  | $ | 69,209 |  | 55 | % | 87 | % | — | % | 3 | % | 10 | % | — | % | Commercial Real Estate
Non-Agency RMBS | 4 | % | $ | 17,071 |  | $ | 17,162 |  | 33 | % | 100 | % | — | % | — | % | — | % | — | % | Reverse Mortgages (2)
Municipal - General Obligation | 11 | % | $ | 53,886 |  | $ | 58,640 |  |  | 3 | % | 85 | % | 12 | % | — | % | — | % |
Municipal - Revenue | 11 | % | $ | 51,014 |  | $ | 54,067 |  |  | — | % | 61 | % | 19 | % | — | % | 20 | % |
SBA ReRemic | 2 | % | $ | 11,830 |  | $ | 11,756 |  |  | — | % | 100 | % | — | % | — | % | — | % | SBA Guarantee (3)
Agency MBS | 14 | % | $ | 64,743 |  | $ | 66,717 |  |  | — | % | 100 | % | — | % | — | % | — | % | Residential Mortgages (3)
Bank CDs | — | % | $ | 249 |  | $ | 249 |  |  | — | % | — | % | — | % | — | % | 100 | % | FDIC Insured CD
| 100 | % | $ | 478,383 |  | $ | 478,194 |  |  | 20 | % | 60 | % | 13 | % | 1 | % | 6 | % |
(1) Minimum of 97% guaranteed by U.S. government
(2) Reverse mortgages, 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 September 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 | 27,068 |  |  | 29,078 |
Due after ten years | 77,926 |  |  | 83,723 |
CMOs and MBSs | 154,185 |  |  | 153,088 |
Asset-backed | 219,048 |  |  | 212,150 |
| $ | 478,476 |  |  | $ | 478,288 |
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 nine months ended September 30, 2020 and 2019:
| Three months ended September 30, |  | Nine months ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Proceeds from sale of investment securities | $ | — |  |  | $ | 25,575 |  |  | $ | — |  |  | $ | 199,411 |
Gross gains | — |  |  | 2,328 |  |  | — |  |  | 4,956 |
Gross losses | 13 |  |  | — |  |  | 44 |  |  | 225 |

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