
	September 30, 2021								December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in thousands)
SBA Backed Securities	$	38,663	$	623	$	1	$	39,285	$	44,328	$	—	$	289	$	44,039
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		143,949		807		148		144,608		177,239		819		317		177,741
Privately Issued Residential Mortgage-Backed Securities		239		5		—		244		330		2		4		328
Obligations Issued by States and Political Subdivisions		11,769		—		—		11,769		52,276		—		—		52,276
Other Debt Securities		8,100		191		15		8,276		8,100		24		60		8,064

Total	$	202,720	$	1,626	$	164	$	204,182	$	282,273	$	845	$	670	$	282,448

Included in SBA Backed Securities, and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $150,214,000 and $183,269,000 at September 30, 2021 and December 31, 2020, respectively. Also included in securities

available-for-sale

are securities at fair value pledged for borrowing at the Federal Home Loan Bank of Boston (“FHLBB”) amounting to $26,059,000 and $29,885,000 at September 30, 2021 and December 31, 2020, respectively. There were no sales of

available-for-sale

securities for the nine months ended September 30, 2021 and September 30, 2020, respectively.

Debt securities of U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities primarily refer to debt securities of Fannie Mae and Freddie Mac.

The following table shows the maturity distribution of the Company’s securities

available-for-sale

at September 30, 2021.


	Amortized Cost		Fair Value
	(in thousands)
Within one year	$	13,046	$	13,068
After one but within five years		89,147		89,838
After five but within ten years		91,211		91,849
More than 10 years		9,316		9,427

Total	$	202,720	$	204,182

The weighted average remaining life of investment securities

available-for-sale

at September 30, 2021 was 5.4 years. The contractual maturities, which were used in the table above, of mortgage-backed securities, will differ from the actual maturities, due to the ability of the issuers to prepay underlying obligations. Also $182,362,000 of the securities are floating rate or adjustable rate and reprice prior to maturity.

As of September 30, 2021 and December 31, 2020, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of its remaining amortized cost. In making its other-than- temporary impairment evaluation, the Company considered that the principal and interest on these securities are from issuers that are investment grade.

The unrealized loss on SBA Backed Securities, U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2021 or December 31, 2020.

In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans.

The following table shows the temporarily impaired securities of the Company’s

available-for-sale

portfolio at September 30, 2021. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for less than 12 months and a continuous loss position for 12 months or longer. There are 3 and 8 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 118 holdings at September 30, 2021.


	September 30, 2021
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
SBA Backed Securities	$	—	$	—	$	95	$	1	$	95	$	1
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		9,228		14		14,285		134		23,513		148
Privately Issued Residential Mortgage-Backed Securities		—		—		—		—		—		—
Obligations Issued by States and Political Subdivisions		—		—		—		—		—		—
Other Debt Securities		1,585		15		—		—		1,585		15

Total temporarily impaired securities	$	10,813	$	29	$	14,380	$	135	$	25,193	$	164

The following table shows the temporarily impaired securities of the Company’s

available-for-sale

portfolio at December 31, 2020. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for less than 12 months and a continuous loss position for 12 months or longer. There are 13 and 21 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 153 holdings at December 31, 2020


	December 31, 2020
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

	(in thousands)
SBA Backed Securities	$	13,839	$	42	$	30,200	$	247	$	44,039	$	289
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		18,188		50		33,617		267		51,805		317
Privately Issued Residential Mortgage-Backed Securities		—		—		210		4		210		4
Obligations Issued by States and Political Subdivisions		—		—		—		—		—		—
Other Debt Securities		3,942		58		1,298		2		5,240		60

Total temporarily impaired securities	$	35,969	$	150	$	65,325	$	520	$	101,294	$	670