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INVESTMENT SECURITIES (Tables)

3 Months Ended

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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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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