Investment Securities (Tables)

12 Months Ended

Dec. 31, 2021

Marketable Securities [Abstract]

Summary of available-for-sale securities

The following tables summarize the amortized cost and fair value of available-for-sale securities at December 31, 2021 and 2020, and the corresponding amounts of gross unrealized and unrecognized gains and losses:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In Thousands)
2021
Available-for-sale
Obligations of U.S. government corporations and agencies	$	174,644	$	984	$	(918	)	$	174,710
Mortgage-backed securities		208,281		851		(2,381	)		206,751
Collateralized mortgage obligations		264,541		363		(4,736	)		260,168
Asset-backed securities		221,545		610		(1,619	)		220,536
Corporate bonds		70,008		1,160		(275	)		70,893
Obligations of state and political subdivisions		272,334		5,898		(5,030	)		273,202
Total Available-for-Sale	$	1,211,353	$	9,866	$	(14,959	)	$	1,206,260

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In Thousands)
2020
Available-for-sale
Obligations of U.S. government corporations and agencies	$	39,233	$	1,707	$	—		$	40,940
Mortgage-backed securities		270,683		6,746		(247	)		277,182
Collateralized mortgage obligations		103,532		2,927		(160	)		106,299
Asset-backed securities		30,643		1		(98	)		30,546
Corporate bonds		43,826		489		(146	)		44,169
Obligations of state and political subdivisions		229,645		8,069		(196	)		237,518
Total Available-for-Sale	$	717,562	$	19,939	$	(847	)	$	736,654

Schedule of investments classified by contractual maturity date

The amortized cost and fair value of the investment securities portfolio at December 31, 2021, is shown below by contractual maturity. Expected maturities will differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity tables below, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities which are not due at a single maturity date, have not been allocated over maturity groupings.

	Available-for-Sale
	Amortized		Fair
	Cost		Value
	(In Thousands)
Available-for-sale
Due in one year or less	$	3,290	$	3,315
Due after one year through five years		44,555		45,014
Due after five years through ten years		194,662		196,386
Due after ten years		274,479		274,090
MBS/CMO/ABS		694,367		687,455
Total	$	1,211,353	$	1,206,260

Schedule of securities that were in an unrealized loss position

The following table summarizes Premier’s securities that were in an unrealized loss position at December 31, 2021, and December 31, 2020:

	Duration of Unrealized Loss Position
	Less than 12 Months					12 Months or Longer					Total
			Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loses
	(In Thousands)
At December 31, 2021
Available-for-sale securities:
Obligations of U.S. government corporations and agencies	$	73,810	$	(918	)	$	-	$	-		$	73,810	$	(918	)
Mortgage-backed securities		167,379		(2,048	)		13,689		(333	)		181,068		(2,381	)
Collateralized mortgage obligations		222,134		(4,736	)		—		—			222,134		(4,736	)
Asset-backed securities		140,226		(1,589	)		2,705		(30	)		142,931		(1,619	)
Corporate Bonds		24,173		(270	)		504		(5	)		24,677		(275	)
Obligations of state and political subdivisions		99,199		(3,355	)		34,548		(1,675	)		133,747		(5,030	)
Total temporarily impaired securities	$	726,921	$	(12,916	)	$	51,446	$	(2,043	)	$	778,367	$	(14,959	)
At December 31, 2020
Available-for-sale securities:
Mortgage-backed securities	$	26,361	$	(247	)	$	-	$	-		$	26,361	$	(247	)
Collateralized mortgage obligations		5,161		(160	)		—		—			5,161		(160	)
Asset-backed securities		18,439		(98	)		—		—			18,439		(98	)
Corporate Bonds		12,177		(146	)		—		—			12,177		(146	)
Obligations of state and political subdivisions		41,088		(196	)		—		—			41,088		(196	)
Total temporarily impaired securities	$	103,226	$	(847	)	$	—	$	—		$	103,226	$	(847	)

Schedule of marketable securities

The proceeds from sales of securities and the associated gains and losses for the years ended December 31 are listed below:

	2021			2020			2019
	(In Thousands)
Proceeds	$	158,012		$	52,420		$	2,667
Gross realized gains		2,987			1,471			35
Gross realized losses		(769	)		(7	)		(11	)