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INVESTMENT SECURITIES
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES INVESTMENT SECURITIES
The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
September 30, 2020
Securities available-for-sale:
SBA loan pool securities$17,853 $3 $(49)$17,807 
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
99,862 7,569 — 107,431 
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
216,250 2,182 (36)218,396 
Municipal securities
64,373 4,890 (30)69,233 
Non-agency residential mortgage-backed securities159 4 — 163 
Collateralized loan obligations703,605 — (17,674)685,931 
Corporate debt securities141,968 5,220 (282)146,906 
Total securities available-for-sale$1,244,070 $19,868 $(18,071)$1,245,867 
December 31, 2019
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
$37,613 $— $(1,157)$36,456 
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
91,543 16 (260)91,299 
Municipal securities52,997 51 (359)52,689 
Non-agency residential mortgage-backed securities191 5 — 196 
Collateralized loan obligations733,605 — (15,244)718,361 
Corporate debt securities13,500 79 — 13,579 
Total securities available-for-sale$929,449 $151 $(17,020)$912,580 

At September 30, 2020, our investment securities portfolio consisted of agency securities, municipal securities, mortgage-backed securities, collateralized loan obligations, and corporate debt securities. The expected maturities of these types of securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
There was no allowance for credit losses for debt securities as of September 30, 2020. Accrued interest receivable on debt securities available-for-sale totaled $6.0 million and $5.6 million at September 30, 2020 and December 31, 2019, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses.
At September 30, 2020 and December 31, 2019, there were no holdings of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 percent of our stockholders’ equity.
The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
($ in thousands)2020201920202019
Gross realized gains on sales and calls of securities available-for-sale
$— $71 $2,011 $279 
Gross realized losses on sales and calls of securities available-for-sale
— (5,134)— (5,134)
Net realized (losses) gains on sales and calls of securities available-for-sale
$— $(5,063)$2,011 $(4,855)
Proceeds from sales and calls of securities available-for-sale
$— $43,252 $52,727 $861,008 

Investment securities with carrying values of $43.1 million and $44.0 million as of September 30, 2020 and December 31, 2019, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law.
The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated:
Less Than 12 Months12 Months or LongerTotal
($ in thousands)Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
September 30, 2020
Securities available-for-sale:
SBA loan pool securities
$13,351 $(49)$— $— $13,351 $(49)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
10,153 (36)— — 10,153 (36)
Municipal securities
11,381 (30)— — 11,381 (30)
Collateralized loan obligations
64,372 (628)621,559 (17,046)685,931 (17,674)
Corporate debt securities
17,218 (282)— — 17,218 (282)
Total securities available-for-sale
$116,475 $(1,025)$621,559 $(17,046)$738,034 $(18,071)
December 31, 2019
Securities available-for-sale:
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
$35,872 $(1,157)$— $— $35,872 $(1,157)
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
73,379 (260)— — 73,379 (260)
Municipal securities
31,723 (359)— — 31,723 (359)
Collateralized loan obligations
49,553 (447)668,808 (14,797)718,361 (15,244)
Total securities available-for-sale
$190,527 $(2,223)$668,808 $(14,797)$859,335 $(17,020)

At September 30, 2020, our securities available-for-sale portfolio consisted of 104 securities, of which 51 securities were in an unrealized loss position. At December 31, 2019, our securities available-for-sale portfolio consisted of 70 securities, of which 60 securities were in an unrealized loss position.
We monitor our securities portfolio to ensure it has adequate credit support. The majority of unrealized losses are related to our collateralized loan obligations. We also consider the lowest credit rating for identification of credit impairment for other securities. As of September 30, 2020, all of our collateralized loan obligations investment securities in an unrealized loss position received an investment grade credit rating. The decline in fair value was attributable to a combination of changes in interest rates and general volatility in the credit market conditions in response to the economic uncertainty caused by the global pandemic. We do not currently intend to sell these 51 securities in an unrealized loss position and further believe, it is more likely than not, that we will not be required to sell these securities before their anticipated recovery.
During the three and nine months ended September 30, 2020, no allowance for credit losses related to securities available-for-sale was recorded. During the three and nine months ended September 30, 2019, we recorded OTTI for our remaining portfolio of mortgage-backed securities of $731 thousand. This OTTI was recognized as a result of our strategic decision to liquidate this longer duration portfolio.
The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of September 30, 2020:
One year or lessMore than One Year through Five YearsMore than Five Years through Ten YearsMore than Ten YearsTotal
($ in thousands)Fair
Value		Weighted-Average YieldFair
Value		Weighted-Average YieldFair
Value		Weighted-Average YieldFair
Value		Weighted-Average YieldFair
Value		Weighted-Average Yield
Securities available-for-sale:
SBA loan pool securities
$17,807 1.79 %$— — %$— — %$— — %$17,807 1.79 %
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities
— — %— — %30,575 2.20 %76,856 2.35 %107,431 2.31 %
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations
117,175 0.71 %11,499 2.01 %44,743 1.38 %44,979 0.39 %218,396 0.85 %
Municipal securities
— — %— — %9,526 2.60 %59,707 2.62 %69,233 2.62 %
Non-agency residential mortgage-backed securities
— — %— — %— — %163 6.35 %163 6.35 %
Collateralized loan obligations
685,931 1.91 %— — %— — %— — %685,931 1.91 %
Corporate debt securities
— — %129,960 5.01 %16,946 5.73 %— — %146,906 5.08 %
Total securities available-for-sale
$820,913 1.74 %$141,459 4.77 %$101,790 2.41 %$181,705 1.93 %$1,245,867 2.16 %