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SECURITIES
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities SECURITIES
Amortized cost and fair values of investment securities at March 31, 2021 are summarized as follows:
March 31, 2021
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
AFS Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage Backed Securities ("MBS")$37,204 $1,367 $191 $38,380 
Residential Collateralized Mortgage Obligations ("CMOs")132,294 1,575 1,221 132,648 
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs271 10 6 275 
Student Loan Trust ABSs39,925 625 70 40,480 
Municipal bonds36,914 521 314 37,121 
U.S. government obligations4,463 — 19 4,444 
Total AFS Securities
$251,071 $4,098 $1,821 $253,348 
Equity securities carried at fair value through income
CRA investment fund$4,787 $— $— $4,787 
Non-marketable equity securities
Other equity securities$207 $— $— $207 
Total Investment Securities
$256,065 $4,098 $1,821 $258,342 
Amortized cost and fair values of investment securities at December 31, 2020 are summarized as follows:
December 31, 2020
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated 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 CMOs292 5 9 288 
Student Loan Trust ABSs37,141 386 88 37,439 
Municipal bonds42,268 2,210 — 44,478 
U.S. government obligations1,500 — — 1,500 
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 
At March 31, 2021 and December 31, 2020 securities with an amortized cost of $46.7 million and $48.2 million were pledged to secure certain customer deposits. At March 31, 2021, and December 31, 2020, no securities were pledged as collateral for advances from the FHLB of Atlanta.
During the quarter ended March 31, 2021, the Company recognized net gains of $0.6 million on the sale of 10 AFS securities with aggregate carrying values of $11.9 million. During the year ended December 31, 2020, the Company recognized net gains of $1.4 million on the sale of 42 AFS securities with aggregate carrying values of $62.5 million.
The Company’s investment portfolio includes securities that are in an unrealized loss position as of March 31, 2021, the details of which are included in the following table. Although these securities, if sold at March 31, 2021 would result in a pretax loss of $1.8 million, the Company has no intent to sell the applicable securities at such fair values, and maintains the ability to hold these securities until all principal has been recovered. It is more likely than not that the Company will not sell any securities at a loss for liquidity purposes. Declines in the fair values of these securities are due to general market conditions which reflect prospects for the economy as a whole. When determining OTTI, the Company considers such factors as adverse conditions specifically related to a certain security or to specific conditions in an industry or geographic area, the time frame securities have been in an unrealized loss position, the Company’s ability to hold the security for a period of time sufficient to allow for anticipated recovery in value, whether or not the security has been downgraded by a rating agency, and whether or not the financial condition of the security issuer has severely deteriorated. As of March 31, 2021, the Company considers all securities with unrealized loss positions to be temporarily impaired, and consequently, does not believe it will sustain any material realized losses as a result of the current temporary decline in fair value. No charges related to OTTI were made during the three months ended March 31, 2021 and the year ended December 31, 2020.
AFS Securities
Gross unrealized losses and estimated fair value by length of time that individual AFS securities have been in a continuous unrealized loss position at March 31, 2021, and December 31, 2020 were as follows:
March 31, 2021Less Than 12 MonthsMore Than 12 MonthsTotal
(dollars in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies$42,247 $1,406 $1,202 $6 $43,449 $1,412 
Asset-backed securities issued by Others— — 78 6 78 6 
Student Loan Trust ABSs2,852 24 5,055 46 7,907 70 
Municipal bonds9,511 199 8,391 115 17,902 314 
U.S. government obligations2,945 19 — — 2,945 19 
$57,555 $1,648 $14,726 $173 $72,281 $1,821 

December 31, 2020Less Than 12 MonthsMore Than 12 MonthsTotal
(dollars in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized 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 
AFS asset-backed securities issued by GSEs are guaranteed by the issuer and U.S. government agency securities and bonds are guaranteed by the full faith and credit of the U.S. government. At March 31, 2021 and December 31, 2020, total unrealized losses were $1.8 million and $0.4 million of the portfolio amortized cost of $251.1 million and $240.0 million, respectively.
At March 31, 2021 and December 31, 2020, AFS asset-backed securities issued by GSEs and U.S. Agencies with unrealized losses had amortized cost of $44.9 million and $33.3 million, respectively, with the unrealized losses of $1.4 million and $0.3 million, respectively. At March 31, 2021 and December 31, 2020, AFS asset-backed securities issued by student loan trust and others with unrealized losses had amortized cost of $8.0 million and $12.6 million, respectively, with unrealized losses of $70,000 and $88,000, respectively. The Company's amortized cost investment of $39.9 million in student loan trusts are 97% U.S. government guaranteed. At March 31, 2021, AFS municipal bonds issued by states, political subdivisions, or agencies with unrealized losses had amortized cost of $18.2 million, with unrealized losses of $0.3 million. At December 31, 2020, AFS municipal bonds issued by states, political subdivisions, or agencies had no unrealized losses. Management believes that the securities will either recover in market value or be paid off as agreed.
Maturities
The amortized cost and estimated fair value of debt securities at March 31, 2021, and 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.
March 31, 2021December 31, 2020
(dollars in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Within one year$24,334 $24,554 $36,165 $37,084 
Over one year through five years59,975 60,519 60,669 62,209 
Over five years through ten years94,889 95,750 67,158 68,862 
After ten years71,873 72,525 76,021 77,950 
Total AFS securities$251,071 $253,348 $240,013 $246,105