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Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities
Amortized cost and fair values of investment securities at December 31, 2021 and December 31, 2020 are as follows:
December 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")$121,125 $1,057 $2,266 $119,916 
Residential collateralized mortgage obligations ("CMOs")198,780 710 2,367 197,123 
U.S. Agency14,433 11 140 14,304 
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs220 5 4 221 
Student loan trust ABSs56,422 438 286 56,574 
Municipal bonds92,556 1,169 884 92,841 
U.S. government obligations16,942 — 82 16,860 
Total AFS Securities$500,478 $3,390 $6,029 $497,839 
Equity securities carried at fair value through income
CRA investment fund$4,772 $— $— $4,772 
Non-marketable equity securities
Other equity securities$207 $— $— $207 
Total Investment Securities$505,457 $3,390 $6,029 $502,818 
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 MBS$33,248 $1,735 $30 $34,953 
Residential CMOs125,564 2,180 297 127,447 
Asset-backed securities 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 
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, 2021 and 2020 were as follows:
December 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
$205,891 $3,997 $41,327 $776 $247,218 $4,773 
Residential CMOs— — 57 4 57 4 
Student Loan Trust ABSs21,640 281 2,226 5 23,866 286 
Municipal bonds
47,314 776 6,696 108 54,010 884 
U.S. government obligations
14,860 82 1,999 — 16,859 82 
$289,705 $5,136 $52,305 $893 $342,010 $6,029 
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 
Residential CMOs— — 87 9 87 9 
Student Loan Trust ABSs12,511 88 — — 12,511 88 
$44,792 $408 $757 $16 $45,549 $424 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of debt securities at December 31, 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.
December 31, 2021December 31, 2020
(dollars in thousands)
Amortized Cost
Estimated Fair Value
Amortized CostEstimated Fair Value
Within one year
$36,859 $36,665 $36,165 $37,084 
Over one year through five years
121,308 120,668 60,669 62,209 
Over five years through ten years
191,166 190,158 67,158 68,862 
After ten years
151,145 150,348 76,021 77,950 
Total AFS securities$500,478 $497,839 $240,013 $246,105