Over the past decade, Waterdeep has transmogrified itself from a Christian folk-rock quintet into a more intimate vehicle for founding members Don and Lori Chaffer to explore issues of faith and family. This project is meant to be approached as two EPs, separating Don and Lori’s songs. But as it plays out, the Chaffers’ compositions work together as a whole, capturing moods both serious (“You’ll Be Fine,” “I Rolled into New Years Eve”) and lighthearted (“Life of the Party,” “Okay, Okay, Yeah”). Lori’s singing brings to mind the likes of Leigh Nash and the Weepies’ Deb Talan on such gently nuanced tracks as “Lying In History” and “Do the Dance.” Don projects a lovable camp counselor presence, though his vocal on “Right Before” adds shadows to his sunny side. The music is often inventive, with Waterdeep veteran Brandon Graves drumming up a storm (especially on “Oh”) and former Peter Frampton sideman Stan Shelton anchoring the tracks with his stalwart bass. By turns whimsical and yearning, Pink and Blue brings out fresh colors in this always-intriguing combo’s sound.