Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Values of Investment Securities

Amortized cost and fair values of investment securities at March 31, 2023 and December 31, 2022 are summarized as follows:

	March 31, 2023
(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")	$	125,680	$	11	$	11,660	$	114,031
Residential Collateralized Mortgage Obligations ("CMOs")	173,344		7		14,623		158,728
U.S. Agency	14,714		—		2,029		12,685
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs	12,369		3		373		11,999
Student Loan Trust ABSs	46,771		29		1,866		44,934
Municipal bonds	99,686		—		16,794		82,892
Corporate bonds	4,867		—		504		4,363
U.S. government obligations	36,851		1		2,535		34,317
Total AFS Securities	$	514,282	$	51	$	50,384	$	463,949
Equity securities carried at fair value through income
CRA investment fund	$	4,380	$	—	$	—	$	4,380
Non-marketable equity securities
Other equity securities	$	207	$	—	$	—	$	207
Total Investment Securities	$	518,869	$	51	$	50,384	$	468,536

	December 31, 2022
(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	$	126,861	$	12	$	13,203	$	113,670
Residential CMOs	175,905		8		16,500		159,413
U.S. Agency	14,658		—		2,302		12,356
Asset-backed securities issued by Others:
Residential CMOs	12,593		13		400		12,206
Student Loan Trust ABSs	49,566		39		2,293		47,312
Municipal bonds	99,766		—		20,148		79,618
Corporate bonds	4,863		—		459		4,404
U.S. government obligations	36,813		1		3,047		33,767
Total AFS Securities	$	521,025	$	73	$	58,352	$	462,746
Equity securities carried at fair value through income
CRA investment fund	$	4,286	$	—	$	—	$	4,286
Non-marketable equity securities
Other equity securities	$	207	$	—	$	—	$	207
Total Investment Securities	$	525,518	$	73	$	58,352	$	467,239

Schedule of Unrealized Losses and Estimated Fair Value

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, 2023 and December 31, 2022 were as follows:

March 31, 2023	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	$	9,383	$	543	$	273,811	$	27,769	$	283,194	$	28,312
Asset-backed securities issued by Others	10,266		353		129		20		10,395		373
Student Loan Trust ABSs	—		—		40,076		1,866		40,076		1,866
Municipal bonds	1,107		10		81,785		16,784		82,892		16,794
Corporate bonds	1,861		6		2,502		498		4,363		504
U.S. government obligations	—		—		32,333		2,535		32,333		2,535
	$	22,617	$	912	$	430,636	$	49,472	$	453,253	$	50,384

December 31, 2022	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	$	24,688	$	1,493	$	259,127	$	30,512	$	283,815	$	32,005
Asset-backed securities issued by Others	7,469		381		138		19		7,607		400
Student Loan Trust ABSs	1,950		1		42,170		2,292		44,120		2,293
Municipal bonds	6,695		796		72,923		19,352		79,618		20,148
Corporate bonds	4,404		459		—		—		4,404		459
U.S. government obligations	18,764		1,137		13,041		1,910		31,805		3,047
	$	63,970	$	4,267	$	387,399	$	54,085	$	451,369	$	58,352

Schedule of Amortized Cost and Fair Values of Debt Securities

The amortized cost and estimated fair value of debt securities at March 31, 2023 and December 31, 2022 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, 2023				December 31, 2022
(dollars in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	37,444	$	33,780	$	35,441	$	31,477
Over one year through five years	132,267		119,322		136,449		121,186
Over five years through ten years	224,597		202,615		228,997		203,383
After ten years	119,974		108,232		120,138		106,700
Total AFS securities	$	514,282	$	463,949	$	521,025	$	462,746