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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities
Amortized cost and fair values of investment securities at March 31, 2022 and December 31, 2021 are summarized as follows:
March 31, 2022
(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")$127,828 $172 $6,480 $121,520 
Residential Collateralized Mortgage Obligations ("CMOs")197,548 85 7,834 189,799 
U.S. Agency14,488 — 1,078 13,410 
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs199 3 3 199 
Student Loan Trust ABSs54,425 147 1,103 53,469 
Municipal bonds98,889 16 8,078 90,827 
Corporate bonds
3,000 — 40 2,960 
U.S. government obligations36,805 — 1,462 35,343 
Total AFS Securities
$533,182 $423 $26,078 $507,527 
Equity securities carried at fair value through income
CRA investment fund$4,562 $— $— $4,562 
Non-marketable equity securities
Other equity securities$207 $— $— $207 
Total Investment Securities
$537,951 $423 $26,078 $512,296 
December 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 MBS
$121,125 $1,057 $2,266 $119,916 
Residential CMOs
198,780 710 2,367 197,123 
U.S. Agency14,433 11 140 14,304 
Asset-backed securities 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 
The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities disclosed throughout this footnote. AFS debt securities, AIR totaled $1.2 million and $1.1 million as of March 31, 2022, and December 31, 2021, respectively. AIR is included in the “accrued interest receivable” line item on the Company’s consolidated statements of condition.
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, 2022, and December 31, 2021 were as follows:
March 31, 2022Less 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$190,094 $10,820 $106,161 $4,572 $296,255 $15,392 
Asset-backed securities issued by Others— — 44 3 44 3 
Student Loan Trust ABSs17,882 716 24,890 387 42,772 1,103 
Municipal bonds56,379 5,774 33,041 2,304 89,420 8,078 
Corporate bonds2,960 40 — — 2,960 40 
U.S. government obligations25,896 959 9,447 503 35,343 1,462 
$293,211 $18,309 $173,583 $7,769 $466,794 $26,078 
December 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$205,891 $3,997 $41,327 $776 $247,218 $4,773 
Asset-backed securities issued by Others— — 57 4 57 4 
Student Loan Trust ABSs21,640 281 2,226 5 23,866 286 
Municipal bonds47,314 776 6,696 108 54,010 884 
U.S. government obligations14,860 82 1,999 — 16,859 82 
$289,705 $5,136 $52,305 $893 $342,010 $6,029 
Debt Securities, Available-for-sale
The amortized cost and estimated fair value of debt securities at March 31, 2022, and December 31, 2021 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.
March 31, 2022December 31, 2021
(dollars in thousands)Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Within one year$36,359 $34,610 $36,859 $36,665 
Over one year through five years146,286 139,247 121,308 120,668 
Over five years through ten years196,631 187,170 191,166 190,158 
After ten years153,906 146,500 151,145 150,348 
Total AFS securities$533,182 $507,527 $500,478 $497,839