XML 83 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
SECURITIES (Tables)
 12 Months Ended
Sep. 30, 2014
SECURITIES [Abstract]  
Securities Available for Sale
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
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
 
Trust Preferred Securities Included in Securities Available for Sale
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.
Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position
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
)
Gross Unrealized Losses and Fair Value of Securities Held to Maturity in Continuous Unrealized Loss Position
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
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
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
 
Summary of Activities Related to Sale of Securities Available for Sale
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