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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Values of AFS Securities | At March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2021 |  |  |  |  |  |  |
States and political subdivisions | $ | 128,214 |  |  | $ | 6,834 |  |  | $ | 1,375 |  |  | $ | 133,673 |
GSE residential MBSs | 7,811 |  |  | 57 |  |  | 7 |  |  | 7,861 |
GSE residential CMOs | 41,374 |  |  | 681 |  |  | 1,893 |  |  | 40,162 |
Non-agency CMOs | 16,030 |  |  | 472 |  |  | — |  |  | 16,502 |
Asset-backed | 209,273 |  |  | 883 |  |  | 1,052 |  |  | 209,104 |
Other | 388 |  |  | — |  |  | — |  |  | 388 |
Totals | $ | 403,090 |  |  | $ | 8,927 |  |  | $ | 4,327 |  |  | $ | 407,690 |
December 31, 2020 |  |  |  |  |  |  |
States and political subdivisions | $ | 104,704 |  |  | $ | 9,091 |  |  | $ | 1,125 |  |  | $ | 112,670 |
GSE residential MBSs | 4,197 |  |  | 96 |  |  | — |  |  | 4,293 |
GSE residential CMOs | 56,856 |  |  | 2,226 |  |  | 1,071 |  |  | 58,011 |
Non-agency CMOs | 16,505 |  |  | 413 |  |  | — |  |  | 16,918 |
Private label commercial CMOs | 63,941 |  |  | 57 |  |  | 1,762 |  |  | 62,236 |
Asset-backed | 214,425 |  |  | 171 |  |  | 2,630 |  |  | 211,966 |
Other | 371 |  |  | — |  |  | — |  |  | 371 |
Totals | $ | 460,999 |  |  | $ | 12,054 |  |  | $ | 6,588 |  |  | $ | 466,465 |
Summary of AFS Securities with Unrealized Losses | The following table summarizes investment securities with unrealized losses at March 31, 2021 and December 31, 2020, 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
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | 4 |  |  | $ | 23,403 |  |  | $ | 238 |  |  | 1 |  |  | $ | 9,062 |  |  | $ | 1,137 |  |  | 5 |  |  | $ | 32,465 |  |  | $ | 1,375 |
GSE residential MBSs | 1 |  |  | 686 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 686 |  |  | 7 |
GSE residential CMOs | — |  |  | — |  |  | — |  |  | 3 |  |  | 21,976 |  |  | 1,893 |  |  | 3 |  |  | 21,976 |  |  | 1,893 |
Asset-backed | 1 |  |  | 13,736 |  |  | 25 |  |  | 6 |  |  | 78,781 |  |  | 1,027 |  |  | 7 |  |  | 92,517 |  |  | 1,052 |
Totals | 6 |  |  | $ | 37,825 |  |  | $ | 270 |  |  | 10 |  |  | $ | 109,819 |  |  | $ | 4,057 |  |  | 16 |  |  | $ | 147,644 |  |  | $ | 4,327 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions | 1 |  |  | $ | 9,079 |  |  | $ | 1,125 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 1 |  |  | $ | 9,079 |  |  | $ | 1,125 |
GSE residential CMOs | 3 |  |  | 23,954 |  |  | 1,071 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 23,954 |  |  | 1,071 |
Private label commercial CMOs | 1 |  |  | 4,314 |  |  | 685 |  |  | 10 |  |  | 42,403 |  |  | 1,077 |  |  | 11 |  |  | 46,717 |  |  | 1,762 |
Asset-backed | 2 |  |  | 16,921 |  |  | 12 |  |  | 15 |  |  | 183,161 |  |  | 2,618 |  |  | 17 |  |  | 200,082 |  |  | 2,630 |
Totals | 7 |  |  | $ | 54,268 |  |  | $ | 2,893 |  |  | 25 |  |  | $ | 225,564 |  |  | $ | 3,695 |  |  | 32 |  |  | $ | 279,832 |  |  | $ | 6,588 |
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 March 31, 2021:
Sector | Portfolio Mix | Amortized Book | Fair Value | Credit Enhancement | AAA | AA | A | BBB | NR | Collateral Type
Unsecured ABS | 1 | % | $ | 5,313 |  | $ | 5,382 |  | 50 | % | — | % | — | % | — | % | — | % | 100 | % | Unsecured Consumer Debt
Student Loan ABS | 3 | % | $ | 10,610 |  | $ | 10,516 |  | 26 | % | — | % | — | % | — | % | — | % | 100 | % | Seasoned Student Loans
Federal Family Education Loan ABS | 44 | % | $ | 178,213 |  | $ | 178,012 |  | 6 | % | 4 | % | 73 | % | 23 | % | — | % | — | % | Federal Family Education Loan (1)
PACE Loan ABS | 1 | % | $ | 4,839 |  | $ | 4,917 |  | 5 | % | 100 | % | — | % | — | % | — | % | — | % | PACE Loans
Non-Agency RMBS | 4 | % | $ | 16,030 |  | $ | 16,502 |  | 37 | % | 100 | % | — | % | — | % | — | % | — | % | Reverse Mortgages (2)
Municipal - General Obligation | 19 | % | $ | 77,342 |  | $ | 81,116 |  |  | 2 | % | 89 | % | 8 | % | — | % | — | % |
Municipal - Revenue | 13 | % | $ | 50,872 |  | $ | 52,557 |  |  | — | % | 61 | % | 19 | % | — | % | 20 | % |
SBA ReRemic | 3 | % | $ | 10,298 |  | $ | 10,277 |  |  | — | % | 100 | % | — | % | — | % | — | % | SBA Guarantee (3)
Agency MBS | 12 | % | $ | 49,185 |  | $ | 48,023 |  |  | — | % | 100 | % | — | % | — | % | — | % | Residential Mortgages (3)
Bank CDs | — | % | $ | 249 |  | $ | 249 |  |  | — | % | — | % | — | % | — | % | 100 | % | FDIC Insured CD
| 100 | % | $ | 402,951 |  | $ | 407,551 |  |  | 7 | % | 72 | % | 14 | % | — | % | 7 | % |
(1) Minimum of 97% guaranteed by U.S. government
(2) Reverse mortgages fund over time, credit enhancement is estimated based on prior experience
(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 March 31, 2021. 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 | 32,144 |  |  | 34,469 |
Due after ten years | 96,209 |  |  | 99,343 |
CMOs and MBSs | 65,215 |  |  | 64,525 |
Asset-backed | 209,273 |  |  | 209,104 |
| $ | 403,090 |  |  | $ | 407,690 |
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 months ended March 31, 2021 and 2020:
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
Proceeds from sale of investment securities |  |  |  |  | $ | 75,736 |  |  | $ | — |
Gross gains |  |  |  |  | 1,351 |  |  | — |
Gross losses |  |  |  |  | 1,206 |  |  | 40 |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
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