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Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities
Amortized cost and fair values of investment securities at December 31, 2020 are summarized as follows:
December 31, 2020
(dollars in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
AFS Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage Backed Securities ("MBS")
$33,248 $1,735 $30 $34,953 
Residential Collateralized Mortgage Obligations ("CMOs")
125,564 2,180 297 127,447 
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs
292 5 9 288 
Student Loan Trust ABSs37,141 386 88 37,439 
U.S. government obligations
1,500 — — 1,500 
Municipal bonds
42,268 2,210 — 44,478 
Total AFS Securities$240,013 $6,516 $424 $246,105 
Equity securities carried at fair value through income
CRA investment fund$4,855 $— $— $4,855 
Non-marketable equity securities
Other equity securities$207 $— $— $207 
Total Investment Securities$245,075 $6,516 $424 $251,167 
Amortized cost and fair values of investment securities at December 31, 2019 are summarized as follows:
December 31, 2019
(dollars in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
AFS Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage Backed Securities ("MBS")
$35,351 $754 $13 $36,092 
Residential Collateralized Mortgage Obligations ("CMOs")
145,479 1,839 386 146,932 
U.S. Agency
9,671 122 60 9,733 
Asset-backed securities issued by Others:
Residential CMOs380 3 12 371 
Callable GSE Agency Bonds2,001 1 — 2,002 
Certificates of Deposit Fixed250 — — 250 
U.S. government obligations1,490 — 1 1,489 
Municipal bonds11,491 — 173 11,318 
Total AFS Securities$206,113 $2,719 $645 $208,187 
Equity securities carried at fair value through income
CRA investment fund
$4,669 $— $— $4,669 
Non-marketable equity securities
Other equity securities
$209 $— $— $209 
Total Investment Securities$210,991 $2,719 $645 $213,065 
Schedule of Unrealized Loss on Investments
Gross unrealized losses and estimated fair value by length of time that the individual AFS securities have been in a continuous unrealized loss position at December 31, 2020 and 2019 were as follows:
December 31, 2020
Less Than 12 Months
More Than 12 Months
Total
(dollars in thousands)
Fair Value
Unrealized Loss
Fair Value
Unrealized Loss
Fair Value
Unrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies
$32,281 $320 $670 $7 $32,951 $327 
Asset-backed securities issued by Others
— — 87 9 87 9 
Student Loan Trust ABSs12,511 88 — — 12,511 88 
$44,792 $408 $757 $16 $45,549 $424 

December 31, 2019
Less Than 12 Months
More Than 12 Months
Total
(dollars in thousands)
Fair Value
Unrealized Loss
Fair Value
Unrealized Loss
Fair Value
Unrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies
$15,215 $63 $39,689 $336 $54,904 $399 
U.S. SBA Debentures— — 4,744 60 4,744 60 
Asset-backed securities issued by Others— — 136 12 136 12 
Municipal bonds11,318 173 — — 11,318 173 
U.S. government obligations1,489 1 — — 1,489 1 
$28,022 $237 $44,569 $408 $72,591 $645 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 2020 by contractual maturity, are shown below. The Company has allocated the AFS securities into the four maturity groups listed below using the expected average life of the individual securities based on statistics provided by industry sources. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
December 31, 2020Available for Sale
(dollars in thousands)
Amortized Cost
Estimated Fair Value
Within one year
$36,165 $37,084 
Over one year through five years
60,669 62,209 
Over five years through ten years
67,158 68,862 
After ten years
76,021 77,950 
Total AFS securities$240,013 $246,105