Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Marketable Securities [Abstract]

Summary of available-for-sale securities

The following is a summary of available-for-sale securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(In Thousands)
At June 30, 2022
Available-for-Sale Securities:
Obligations of U.S. government corporations and agencies	$	174,154	$	—	$	(21,132	)	$	153,022
Mortgage-backed securities		209,527		14		(24,145	)		185,396
Collateralized mortgage obligations		315,850		—		(33,862	)		281,988
Asset-backed securities		212,019		620		(7,657	)		204,982
Corporate bonds		74,283		21		(3,392	)		70,912
Obligations of state and political subdivisions		287,132		360		(43,326	)		244,166
Total Available-for-Sale	$	1,272,965	$	1,015	$	(133,514	)	$	1,140,466

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(In Thousands)
At December 31, 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

Schedule of investments classified by contractual maturity date

The amortized cost and fair value of the investment securities portfolio at June 30, 2022, are shown below by contractual maturity. 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. For purposes of the maturity table, mortgage-backed securities (“MBS”), CMOs and asset-backed securities (“ABS”), which are not due at a single maturity date, have not been allocated over the maturity groupings. These securities may mature earlier than their weighted-average contractual maturities because of principal prepayments.

	Available-for-Sale
	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	3,100	$	3,117
Due after one year through five years		49,941		47,457
Due after five years through ten years		210,001		192,538
Due after ten years		272,527		224,988
MBS/CMO/ABS		737,396		672,366
	$	1,272,965	$	1,140,466

Schedule of securities that were in an unrealized loss position

The following tables summarize Premier’s securities that were in an unrealized loss position at June 30, 2022, and December 31, 2021:

	Duration of Unrealized Loss Position
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Unrealized Loss
	(In Thousands)
At June 30, 2022
Available-for-sale securities:
Obligations of U.S. government corporations and agencies	$	145,333	$	(18,573	)	$	7,689	$	(2,559	)	$	153,022	$	(21,132	)
Mortgage-backed securities		125,194		(15,695	)		56,238		(8,450	)		181,432		(24,145	)
Collateralized mortgage obligations		245,728		(28,311	)		36,260		(5,551	)		281,988		(33,862	)
Asset-backed securities		160,734		(7,435	)		6,765		(222	)		167,499		(7,657	)
Corporate bonds		65,177		(3,346	)		1,213		(46	)		66,390		(3,392	)
Obligations of state and political subdivisions		137,603		(21,179	)		69,408		(22,147	)		207,011		(43,326	)
Total available-for-sale	$	879,769	$	(94,539	)	$	177,573	$	(38,975	)	$	1,057,342	$	(133,514	)

	Duration of Unrealized Loss Position
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Loss			Fair Value		Gross Unrealized Loss			Fair Value		Unrealized Loss
	(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-residential		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 available-for-sale	$	726,921	$	(12,916	)	$	51,446	$	(2,043	)	$	778,367	$	(14,959	)