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SECURITIES
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities SECURITIES
Amortized cost and fair values of investment securities at September 30, 2021 and December 31, 2020 are as follows:
September 30, 2021
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-Sale ("AFS") Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage-Backed Securities ("MBS")$103,173 $1,302 $1,791 $102,684 
Residential Collateralized Mortgage Obligations ("CMOs")205,234 1,122 1,468 204,888 
U.S. Agency11,773 35 8 11,800 
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs241 7 5 243 
Student Loan Trust ABSs57,244 623 155 57,712 
Municipal bonds62,571 1,020 718 62,873 
U.S. government obligations16,440 29 5 16,464 
Total AFS Securities
$456,676 $4,138 $4,150 $456,664 
Equity securities carried at fair value through income
CRA investment fund$4,805 $— $— $4,805 
Non-marketable equity securities
Other equity securities$207 $— $— $207 
Total Investment Securities
$461,688 $4,138 $4,150 $461,676 

December 31, 2020
(dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Available-for-Sale ("AFS") Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential MBS$33,248 $1,735 $30 $34,953 
Residential CMOs125,564 2,180 297 127,447 
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 September 30, 2021 and December 31, 2020 securities with an amortized cost of $49.5 million and $48.2 million were pledged to secure certain customer deposits.
The Company recognized net gains of $0.6 million on the sale of AFS securities with aggregate carrying values of $11.9 million for the nine months ended September 30, 2021. During the year ended December 31, 2020, the Company recognized net gains of $1.4 million on the sale of AFS securities with carrying values of $62.5 million.
The Company’s investment portfolio includes securities that are in an unrealized loss position as of September 30, 2021. The Company has no intent to sell these securities, and maintains the ability to hold them until all principal of the securities has been recovered. Declines in the fair values of these securities are due to interest rate movements. As of September 30, 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 and nine months ended September 30, 2021, and the year ended December 31, 2020. Management believes that the securities will either recover in market value or be paid off as agreed.
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 September 30, 2021, and December 31, 2020 were as follows:
September 30, 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$188,243 $2,803 $12,640 $464 $200,883 $3,267 
Residential CMOs
— — 68 5 68 5 
Student Loan Trust ABSs13,339 86 7,109 69 20,448 155 
Municipal bonds28,783 707 1,011 11 29,794 718 
U.S. government obligations3,997 5 1,500 — 5,497 5 
$234,362 $3,601 $22,328 $549 $256,690 $4,150 

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 
Residential CMOs— — 87 9 87 9 
Student Loan Trust ABSs12,511 88 — — 12,511 88 
$44,792 $408 $757 $16 $45,549 $424 
Maturities
The amortized cost and estimated fair value of debt securities at September 30, 2021, and December 31, 2020 by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call premiums or prepayment penalties.
September 30, 2021December 31, 2020
(dollars in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Within one year$32,679 $32,678 $36,165 $37,084 
Over one year through five years109,422 109,419 60,669 62,209 
Over five years through ten years167,788 167,784 67,158 68,862 
After ten years146,787 146,783 76,021 77,950 
Total AFS securities$456,676 $456,664 $240,013 $246,105