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INVESTMENT SECURITIES (Tables)

9 Months Ended

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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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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