Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

Summary of available-for-sale securities

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

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
At June 30, 2021
Available-for-Sale Securities:
Obligations of U.S. government corporations and agencies	$	175,135	$	2,851	$	(343	)	$	177,643
Mortgage-backed securities		197,517		1,551		(1,274	)		197,794
Collateralized mortgage obligations		293,852		1,604		(1,037	)		294,419
Asset-backed securities		228,942		969		(208	)		229,703
Corporate bonds		68,943		1,049		(57	)		69,935
Obligations of state and political subdivisions		304,760		7,847		(2,973	)		309,634
Total Available-for-Sale	$	1,269,149	$	15,871	$	(5,892	)	$	1,279,128

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In Thousands)
At December 31, 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 June 30, 2021, 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	$	3,760	$	3,789
Due after one year through five years		34,048		34,708
Due after five years through ten years		202,616		206,616
Due after ten years		308,414		312,099
MBS/CMO/ABS		720,311		721,916
	$	1,269,149	$	1,279,128

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, 2021, and December 31, 2020:

	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 Losses
	(In Thousands)
At June 30, 2021
Available-for-sale securities:
Obligations of U.S. government corporations and agencies	$	9,997	$	(343	)	$	-	$	-		$	9,997	$	(343	)
Mortgage-backed securities		125,714		(1,274	)		—		—			125,714		(1,274	)
Collateralized mortgage obligations		147,592		(1,037	)		—		—			147,592		(1,037	)
Asset-backed securities		36,749		(208	)		—		—			36,749		(208	)
Corporate bonds		18,006		(53	)		506		(4	)		18,512		(57	)
Obligations of state and political subdivisions		119,870		(2,973	)		—		—			119,870		(2,973	)
Total available-for-sale	$	457,928	$	(5,888	)	$	506	$	(4	)	$	458,434	$	(5,892	)

	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 Losses
	(In Thousands)
At December 31, 2020
Available-for-sale securities:
Mortgage-backed securities-residential	$	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 available-for-sale	$	103,226	$	(847	)	$	—	$	—	$	103,226	$	(847	)