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SECURITIES | 12 Months Ended
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Sep. 30, 2014
SECURITIES [Abstract] |
SECURITIES | NOTE 3. SECURITIES Securities available for sale were as follows:
Available For Sale |  |  |  |  | GROSS |  |  | GROSS |  |  |  |
|  | AMORTIZED |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At September 30, 2014 |  | COST |  |  | GAINS |  |  | (LOSSES) |  |  | VALUE |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 48,747 |  |  | $ | 191 |  |  | $ | (2,009 | ) |  | $ | 46,929 |
Small business administration securities |  |  | 66,541 |  |  |  | 543 |  |  |  | (72 | ) |  |  | 67,012 |
Non-bank qualified obligations of states and political subdivisions |  |  | 368,897 |  |  |  | 2,494 |  |  |  | (3,811 | ) |  |  | 367,580 |
Mortgage-backed securities |  |  | 663,690 |  |  |  | 3,519 |  |  |  | (9,339 | ) |  |  | 657,870 |
Total debt securities |  |  | 1,147,875 |  |  |  | 6,747 |  |  |  | (15,231 | ) |  |  | 1,139,391 |
Common equities and mutual funds |  |  | 539 |  |  |  | 291 |  |  |  | (5 | ) |  |  | 825 |
Total available for sale securities |  | $ | 1,148,414 |  |  | $ | 7,038 |  |  | $ | (15,236 | ) |  | $ | 1,140,216 |
|  |  |  |  |  | GROSS |  |  | GROSS |  |  |  |  |
|  | AMORTIZED |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At September 30, 2013 |  | COST |  |  | GAINS |  |  | (LOSSES) |  |  | VALUE |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 52,897 |  |  | $ | 136 |  |  | $ | (4,249 | ) |  | $ | 48,784 |
Small business administration securities |  |  | 10,099 |  |  |  | 482 |  |  |  | - |  |  |  | 10,581 |
Obligations of states and political subdivisions |  |  | 1,880 |  |  |  | - |  |  |  | (153 | ) |  |  | 1,727 |
Non-bank qualified obligations of states and political subdivisions |  |  | 255,189 |  |  |  | - |  |  |  | (16,460 | ) |  |  | 238,729 |
Mortgage-backed securities |  |  | 596,343 |  |  |  | 3,968 |  |  |  | (18,939 | ) |  |  | 581,372 |
Total available for sale securities |  | $ | 916,408 |  |  | $ | 4,586 |  |  | $ | (39,801 | ) |  | $ | 881,193 |
Securities held to maturity were as follows:
|  |  |  |  | GROSS |  |  | GROSS |  |  |  |
|  | AMORTIZED |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At September 30, 2014 |  | COST |  |  | GAINS |  |  | (LOSSES) |  |  | VALUE |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 19,304 |  |  | $ | 48 |  |  | $ | (372 | ) |  | $ | 18,980 |
Non-bank qualified obligations of states and political subdivisions |  |  | 193,595 |  |  |  | 894 |  |  |  | (2,329 | ) |  |  | 192,160 |
Mortgage-backed securities |  |  | 70,034 |  |  |  | - |  |  |  | (1,862 | ) |  |  | 68,172 |
Total held to maturity securities |  | $ | 282,933 |  |  | $ | 942 |  |  | $ | (4,563 | ) |  | $ | 279,312 |
|  |  |  |  |  | GROSS |  |  | GROSS |  |  |  |  |
|  | AMORTIZED |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At September 30, 2013 |  | COST |  |  | GAINS |  |  | (LOSSES) |  |  | VALUE |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency and instrumentality securities |  | $ | 10,003 |  |  | $ | - |  |  | $ | (390 | ) |  | $ | 9,613 |
Obligations of states and political subdivisions |  |  | 19,549 |  |  |  | 13 |  |  |  | (1,220 | ) |  |  | 18,342 |
Non-bank qualified obligations of states and political subdivisions |  |  | 181,547 |  |  |  | - |  |  |  | (12,085 | ) |  |  | 169,462 |
Mortgage-backed securities |  |  | 76,927 |  |  |  | - |  |  |  | (3,826 | ) |  |  | 73,101 |
Total held to maturity securities |  | $ | 288,026 |  |  | $ | 13 |  |  | $ | (17,521 | ) |  | $ | 270,518 |
Included in securities available for sale are trust preferred securities as follows:
At September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Unrealized |  |  | S&P |  |  | Moody's |
Issuer(1) |  | Amortized Cost |  |  | Fair Value |  |  | Gain (Loss) |  |  | Credit Rating |  |  | Credit Rating |
|  | (Dollars in Thousands) |  |  |  |  |  |  |  |
Key Corp. Capital I |  | $ | 4,985 |  |  | $ | 4,400 |  |  | $ | (585 | ) |  | BB+ |  |  | Baa3 |
Huntington Capital Trust II SE |  |  | 4,977 |  |  |  | 4,300 |  |  |  | (677 | ) |  | BB |  |  | Baa3 |
PNC Capital Trust |  |  | 4,962 |  |  |  | 4,400 |  |  |  | (562 | ) |  | BBB- |  |  | Baa2 |
Wells Fargo (Corestates Capital) Trust |  |  | 4,444 |  |  |  | 4,400 |  |  |  | (44 | ) |  | BBB+ |  |  | A3 |
Total |  | $ | 19,368 |  |  | $ | 17,500 |  |  | $ | (1,868 | ) |  |  |  |  |  |  |  |
(1) Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination.
At September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Unrealized |  |  | S&P |  |  | Moody's |
Issuer(1) |  | Amortized Cost |  |  | Fair Value |  |  | Gain (Loss) |  |  | Credit Rating |  |  | Credit Rating |
|  | (Dollars in Thousands) |  |  |  |  |  |  |  |
Key Corp. Capital I |  | $ | 4,984 |  |  | $ | 4,100 |  |  | $ | (884 | ) |  | BBB- |  |  | Baa3 |
Huntington Capital Trust II SE |  |  | 4,976 |  |  |  | 4,075 |  |  |  | (901 | ) |  | BB+ |  |  | Baa3 |
PNC Capital Trust |  |  | 4,959 |  |  |  | 4,175 |  |  |  | (784 | ) |  | BBB |  |  | Baa2 |
Wells Fargo (Corestates Capital) Trust |  |  | 4,399 |  |  |  | 4,050 |  |  |  | (349 | ) |  |  | A- |  |  |  | A3 |
Total |  | $ | 19,318 |  |  | $ | 16,400 |  |  | $ | (2,918 | ) |  |  |  |  |  |  |  |
(1) Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination. Management has a process to identify securities that could potentially have a credit impairment that is other-than-temporary. This process involves evaluating the length of time and extent to which the fair value has been less than the amortized cost basis, reviewing available information regarding the financial position of the issuer, monitoring the rating of the security, monitoring changes in value, and projecting cash flows. Other factors, but not necessarily all, considered are: that the risk of loss is minimized and easier to determine due to the single-issuer, rather than pooled, nature of the securities, the financial condition of the issuers listed, and whether there have been any payment deferrals or defaults to-date. Such factors are subject to change over time. Management also determines if it is more likely than not we will be required to sell the security before the recovery of its amortized cost basis which, in some cases, may extend to maturity. To the extent we determine that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. For all securities that are considered temporarily impaired, the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity. The Company believes that it will collect all principal and interest due on all investments that have amortized cost in excess of fair value that are considered only temporarily impaired. Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at September 30, 2014 and 2013 are as follows:
Available For Sale |  | LESS THAN 12 MONTHS |  |  | OVER 12 MONTHS |  |  | TOTAL |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
At September 30, 2014 |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 6,073 |  |  | $ | (47 | ) |  | $ | 25,359 |  |  | $ | (1,962 | ) |  | $ | 31,432 |  |  | $ | (2,009 | )
Small Business Administration securities |  |  | 8,454 |  |  |  | (72 | ) |  |  | - |  |  |  | - |  |  |  | 8,454 |  |  |  | (72 | )
Non-bank qualified obligations of states and political subdivisions |  |  | 27,062 |  |  |  | (70 | ) |  |  | 191,146 |  |  |  | (3,741 | ) |  |  | 218,208 |  |  |  | (3,811 | )
Mortgage-backed securities |  |  | 238,980 |  |  |  | (1,248 | ) |  |  | 234,347 |  |  |  | (8,091 | ) |  |  | 473,327 |  |  |  | (9,339 | )
Total debt securities |  |  | 280,569 |  |  |  | (1,437 | ) |  |  | 450,852 |  |  |  | (13,794 | ) |  |  | 731,421 |  |  |  | (15,231 | )
Common equities and mutual funds |  |  | 123 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | 123 |  |  |  | (5 | )
Total available for sale securities |  | $ | 280,692 |  |  | $ | (1,442 | ) |  | $ | 450,852 |  |  | $ | (13,794 | ) |  | $ | 731,544 |  |  | $ | (15,236 | )
|  | LESS THAN 12 MONTHS |  |  | OVER 12 MONTHS |  |  | TOTAL |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
At September 30, 2013 |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 29,312 |  |  | $ | (1,433 | ) |  | $ | 13,477 |  |  | $ | (2,816 | ) |  | $ | 42,789 |  |  | $ | (4,249 | )
Obligations of states and political subdivisions |  |  | 1,727 |  |  |  | (153 | ) |  |  | - |  |  |  | - |  |  |  | 1,727 |  |  |  | (153 | )
Non-bank qualified obligations of states and political subdivisions |  |  | 238,729 |  |  |  | (16,460 | ) |  |  | - |  |  |  | - |  |  |  | 238,729 |  |  |  | (16,460 | )
Mortgage-backed securities |  |  | 357,850 |  |  |  | (18,939 | ) |  |  | - |  |  |  | - |  |  |  | 357,850 |  |  |  | (18,939 | )
Total available for sale securities |  | $ | 627,618 |  |  | $ | (36,985 | ) |  | $ | 13,477 |  |  | $ | (2,816 | ) |  | $ | 641,095 |  |  | $ | (39,801 | )
Held To Maturity |  | LESS THAN 12 MONTHS |  |  | OVER 12 MONTHS |  |  | TOTAL |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
At September 30, 2014 |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 1,056 |  |  | $ | (2 | ) |  | $ | 14,079 |  |  | $ | (370 | ) |  | $ | 15,135 |  |  | $ | (372 | )
Non-bank qualified obligations of states and political subdivisions |  |  | - |  |  |  | - |  |  |  | 147,949 |  |  |  | (2,329 | ) |  |  | 147,949 |  |  |  | (2,329 | )
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 68,172 |  |  |  | (1,862 | ) |  |  | 68,172 |  |  |  | (1,862 | )
Total held to maturity securities |  | $ | 1,056 |  |  | $ | (2 | ) |  | $ | 230,200 |  |  | $ | (4,561 | ) |  | $ | 231,256 |  |  | $ | (4,563 | )
|  | LESS THAN 12 MONTHS |  |  | OVER 12 MONTHS |  |  | TOTAL |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
At September 30, 2013 |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |  |  | Value |  |  | (Losses) |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency and instrumentality securities |  | $ | 9,613 |  |  | $ | (390 | ) |  |  | - |  |  |  | - |  |  |  | 9,613 |  |  |  | (390 | )
Obligations of states and political subdivisions |  |  | 17,253 |  |  |  | (1,220 | ) |  |  | - |  |  |  | - |  |  |  | 17,253 |  |  |  | (1,220 | )
Non-bank qualified obligations of states and political subdivisions |  |  | 169,462 |  |  |  | (12,085 | ) |  |  | - |  |  |  | - |  |  |  | 169,462 |  |  |  | (12,085 | )
Mortgage-backed securities |  |  | 73,101 |  |  |  | (3,826 | ) |  |  | - |  |  |  | - |  |  |  | 73,101 |  |  |  | (3,826 | )
Total held to maturity securities |  | $ | 269,429 |  |  | $ | (17,521 | ) |  | $ | - |  |  | $ | - |  |  | $ | 269,429 |  |  | $ | (17,521 | )
As of September 30, 2014, the investment portfolio included securities with current unrealized losses which have existed for longer than one year. All of these securities are considered to be acceptable credit risks. Because the declines in fair value were due to changes in market interest rates, not in estimated cash flows, no other-than-temporary impairment was recorded at September 30, 2014 and 2013. The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features which allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.
Available For Sale |  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
September 30, 2014 |  | (Dollars in Thousands) |
Due in one year or less |  | $ | 2,999 |  |  | $ | 3,048 |
Due after one year through five years |  |  | 9,922 |  |  |  | 10,079 |
Due after five years through ten years |  |  | 285,413 |  |  |  | 285,698 |
Due after ten years |  |  | 185,851 |  |  |  | 182,696 |
|  |  | 484,185 |  |  |  | 481,521 |
Mortgage-backed securities |  |  | 663,690 |  |  |  | 657,870 |
Common equities and mutual funds |  |  | 539 |  |  |  | 825 |
Total available for sale securities |  | $ | 1,148,414 |  |  | $ | 1,140,216 |
|  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
September 30, 2013 |  | (Dollars in Thousands) |
Due in one year or less |  | $ | - |  |  | $ | - |
Due after one year through five years |  |  | 9,929 |  |  |  | 10,061 |
Due after five years through ten years |  |  | 162,203 |  |  |  | 155,014 |
Due after ten years |  |  | 147,933 |  |  |  | 134,746 |
|  |  | 320,065 |  |  |  | 299,821 |
Mortgage-backed securities |  |  | 596,343 |  |  |  | 581,372 |
Total available for sale securities |  | $ | 916,408 |  |  | $ | 881,193 |
Held To Maturity |  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
September 30, 2014 |  | (Dollars in Thousands) |
Due in one year or less |  | $ | 347 |  |  | $ | 348 |
Due after one year through five years |  |  | 4,726 |  |  |  | 4,718 |
Due after five years through ten years |  |  | 91,532 |  |  |  | 89,984 |
Due after ten years |  |  | 116,294 |  |  |  | 116,090 |
|  |  | 212,899 |  |  |  | 211,140 |
Mortgage-backed securities |  |  | 70,034 |  |  |  | 68,172 |
Total held to maturity securities |  | $ | 282,933 |  |  | $ | 279,312 |
|  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
September 30, 2013 |  | (Dollars in Thousands) |
Due in one year or less |  | $ | 649 |  |  | $ | 649 |
Due after one year through five years |  |  | 2,234 |  |  |  | 2,203 |
Due after five years through ten years |  |  | 50,547 |  |  |  | 47,519 |
Due after ten years |  |  | 157,669 |  |  |  | 147,046 |
|  |  | 211,099 |  |  |  | 197,417 |
Mortgage-backed securities |  |  | 76,927 |  |  |  | 73,101 |
Total held to maturity securities |  | $ | 288,026 |  |  | $ | 270,518 |
Activities related to the sale of securities available for sale are summarized below.
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (Dollars in Thousands) |
Proceeds from sales |  | $ | 166,804 |  |  | $ | 209,172 |  |  | $ | 678,833 |
Gross gains on sales |  |  | 2,292 |  |  |  | 2,947 |  |  |  | 15,426 |
Gross losses on sales |  |  | 2,185 |  |  |  | 401 |  |  |  | 1,671 |

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