SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

Amortized cost and fair values of investment securities at March 31, 2021 are summarized as follows:


	March 31, 2021
(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")	$	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 CMOs	271		10		6		275
Student Loan Trust ABSs	39,925		625		70		40,480

Municipal bonds	36,914		521		314		37,121

U.S. government obligations	4,463		—		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 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 ABSs	37,141		386		88		37,439

Municipal bonds	42,268		2,210		—		44,478

U.S. government obligations	1,500		—		—		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

Debt Securities, Available-for-sale

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, 2021				December 31, 2020
(dollars in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	24,334	$	24,554	$	36,165	$	37,084
Over one year through five years	59,975		60,519		60,669		62,209
Over five years through ten years	94,889		95,750		67,158		68,862
After ten years	71,873		72,525		76,021		77,950
Total AFS securities	$	251,071	$	253,348	$	240,013	$	246,105

Available-For-Sale Securities

Marketable Securities [Line Items]

Schedule of Unrealized Loss and Estimated Fair Value on Investments

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, 2021	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	$	42,247	$	1,406	$	1,202	$	6	$	43,449	$	1,412


Asset-backed securities issued by Others	—		—		78		6		78		6
Student Loan Trust ABSs	2,852		24		5,055		46		7,907		70
Municipal bonds	9,511		199		8,391		115		17,902		314
U.S. government obligations	2,945		19		—		—		2,945		19
	$	57,555	$	1,648	$	14,726	$	173	$	72,281	$	1,821


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 ABSs	12,511		88		—		—		12,511		88


	$	44,792	$	408	$	757	$	16	$	45,549	$	424