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SECURITIES
 3 Months Ended
Mar. 31, 2021
SECURITIES [Abstract]  
SECURITIES
NOTE 2 - SECURITIES

Amortized cost and fair value of investment securities, by category, at March 31, 2021 are summarized as follows:

2021
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Fair Value
  
Available for sale
                        
Mortgage-backed securities
                        
U. S. sponsored agency MBS - residential
  
$
259,484
    
$
7,414
    
$
(560
)
  
$
266,338
  
U. S. sponsored agency CMO’s - residential
    
22,869
      
696
      
-
      
23,565
  
Total mortgage-backed securities of government sponsored agencies
    
282,353
      
8,110
      
(560
)
    
289,903
  
U. S. government sponsored
agency securities
    
140,342
      
121
      
(1,553
)
    
138,910
  
Obligations of states and political subdivisions
    
57,692
      
945
      
(400
)
    
58,237
  
Other securities
    
5,317
      
97
      
-
      
5,414
  
Total available for sale
  
$
485,704
    
$
9,273
    
$
(2,513
)
  
$
492,464
  

Amortized cost and fair value of investment securities, by category, at December 31, 2020 are summarized as follows:

2020
  
Amortized
Cost
    
Unrealized
Gains
    
Unrealized
Losses
    
Fair Value
  
Available for sale
                        
Mortgage-backed securities
                        
U. S. sponsored agency MBS - residential
  
$
318,315
    
$
9,777
    
$
(292
)
  
$
327,800
  
U. S. sponsored agency CMO’s - residential
    
29,264
      
812
      
-
      
30,076
  
Total mortgage-backed securities of government sponsored agencies
    
347,579
      
10,589
      
(292
)
    
357,876
  
U. S. government sponsored agency securities
    
2,490
      
136
      
-
      
2,626
  
Obligations of states and political subdivisions
    
53,639
      
1,361
      
-
      
55,000
  
Other securities
    
5,559
      
129
      
-
      
5,688
  
Total available for sale
  
$
409,267
    
$
12,215
    
$
(292
)
  
$
421,190
  

The amortized cost and fair value of securities at March 31, 2021 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

  
Amortized
Cost
    
Fair
Value
  
Available for sale
            
Due in one year or less
  
$
18,208
    
$
18,340
  
Due after one year through five years
    
24,682
      
25,086
  
Due after five years through ten years
    
146,043
      
144,781
  
Due after ten years
    
14,418
      
14,354
  
Mortgage-backed securities of government sponsored agencies
    
282,353
      
289,903
  
Total available for sale
  
$
485,704
    
$
492,464
  

During the first three months of 2021 Premier sold $25.5 million of mortgage-backed securities and realized gains upon the sales totaling $1,096,000.  There were no sales of securities during the first three months of  2020.

Securities with unrealized losses at March 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

  
Less than 12 Months
    
12 Months or More
    
Total
  
Description of Securities
  
Fair Value
    
Unrealized
Loss
    
Fair Value
    
Unrealized
Loss
    
Fair Value
    
Unrealized
Loss
  
                                     
U.S government sponsored agency securities
  
$
66,447
    
$
(1,553
)
  
$
-
    
$
-
    
$
66,447
    
$
(1,553
)
U.S government sponsored agency MBS – residential
    
66,994
      
(560
)
    
-
      
-
      
66,994
      
(560
)
Obligations of states and political subdivisions
    
15,333
      
(400
)
    
-
      
-
      
15,333
      
(400
)
Total temporarily impaired
  
$
148,774
    
$
(2,513
)
  
$
-
    
$
-
    
$
148,774
    
$
(2,513
)

Securities with unrealized losses at December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:

  
Less than 12 Months
    
12 Months or More
    
Total
  
Description of Securities
  
Fair Value
    
Unrealized
Loss
    
Fair Value
    
Unrealized
Loss
    
Fair Value
    
Unrealized
Loss
  
                                     
U.S government sponsored agency MBS – residential
  
$
58,207
    
$
(292
)
  
$
-
    
$
-
    
$
58,207
    
$
(292
)
Total temporarily impaired
  
$
58,207
    
$
(292
)
  
$
-
    
$
-
    
$
58,207
    
$
(292
)

The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities.  The unrealized losses at March 31, 2021 and December 31, 2020 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities.  Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery.  Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve.