XML 26 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
SECURITIES (Tables)
 6 Months Ended
Mar. 31, 2015
SECURITIES [Abstract]  
Securities Available for Sale
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale and held to maturity securities at March 31, 2015 and September 30, 2014 are presented below.

Available For Sale
 
At March 31, 2015
 
AMORTIZED
COST
  
GROSS
UNREALIZED
GAINS
  
GROSS
UNREALIZED
(LOSSES)
  
FAIR
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred and corporate securities
 
$
23,685
  
$
43
  
$
(2,559
)
 
$
21,169
 
Small business administration securities
  
35,977
   
1,390
   
-
   
37,367
 
Non-bank qualified obligations of states and political subdivisions
  
462,441
   
6,058
   
(1,624
)
  
466,875
 
Mortgage-backed securities
  
674,166
   
4,403
   
(2,410
)
  
676,159
 
Total debt securities
  
1,196,269
   
11,894
   
(6,593
)
  
1,201,570
 
Common equities and mutual funds
  
639
   
331
   
(4
)
  
966
 
Total available for sale securities
 
$
1,196,908
  
$
12,225
  
$
(6,597
)
 
$
1,202,536
 

 
At September 30, 2014
 
AMORTIZED
COST
  
GROSS
UNREALIZED
GAINS
  
GROSS
UNREALIZED
(LOSSES)
  
FAIR
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 available for sale 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
 
Securities Held to Maturity
Held to Maturity
 
At March 31, 2015
 
AMORTIZED
COST
  
GROSS
UNREALIZED
GAINS
  
GROSS
UNREALIZED
(LOSSES)
  
FAIR
VALUE
 
 
 
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
19,414
  
$
45
  
$
(205
)
 
$
19,254
 
Non-bank qualified obligations of states and political subdivisions
  
222,982
   
1,995
   
(310
)
  
224,667
 
Mortgage-backed securities
  
68,666
   
5
   
(593
)
  
68,078
 
Total held to maturity securities
 
$
311,062
  
$
2,045
  
$
(1,108
)
 
$
311,999
 

At September 30, 2014
 
AMORTIZED
COST
  
GROSS
UNREALIZED
GAINS
  
GROSS
UNREALIZED
(LOSSES)
  
FAIR
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
 
Trust Preferred Securities Included in Securities Available for Sale
Included in securities available for sale are trust preferred securities as follows:

At March 31, 2015
 
Issuer(1)
 
Amortized Cost
  
Fair Value
  
Unrealized
Gain (Loss)
 
S&P
Credit Rating
 
Moody's
Credit Rating
 
 
 
(Dollars in Thousands)
    
 
 
  
  
 
 
 
 
Key Corp. Capital I
 
$
4,986
  
$
4,165
  
$
(821
)
BB+
 
Baa3
 
Huntington Capital Trust II SE
  
4,978
   
4,000
   
(978
)
BB
 
Baa3
 
PNC Capital Trust
  
4,963
   
4,320
   
(643
)
BBB-
 
Baa2
 
Wells Fargo (Corestates Capital) Trust
  
4,466
   
4,350
   
(116
)
BBB+
 A3 
Total
 
$
19,393
  
$
16,835
  
$
(2,558
)
 
    
 
            
 
    
 
            
 
    

(1)Trust preferred securities are single-issuance.  There are no known deferrals, defaults or excess subordination. 


At September 30, 2014
 
Issuer(1)
 
Amortized Cost
  
Fair Value
  
Unrealized
Gain (Loss)
 
S&P
Credit Rating
 
Moody's
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.
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 a continuous unrealized loss position at March 31, 2015 and September 30, 2014, are as follows:

Available For Sale
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At March 31, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
 
 
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
-
  
$
-
  
$
16,835
  
$
(2,559
)
 
$
16,835
  
$
(2,559
)
Non-bank qualified obligations of states and political subdivisions
  
74,300
   
(778
)
  
53,874
   
(846
)
  
128,174
   
(1,624
)
Mortgage-backed securities
  
204,364
   
(1,010
)
  
124,913
   
(1,400
)
  
329,277
   
(2,410
)
Total debt securities
  
278,664
   
(1,788
)
  
195,622
   
(4,805
)
  
474,286
   
(6,593
)
Common equities and mutual funds
  
-
   
-
   
123
   
(4
)
  
123
   
(4
)
Total available for sale securities
 
$
278,664
  
$
(1,788
)
 
$
195,745
  
$
(4,809
)
 
$
474,409
  
$
(6,597
)

 
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2014
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(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 available for sale 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
)
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
 
At March 31, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
 
 
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Obligations of states and political subdivisions
 
$
4,461
  
$
(54
)
 
$
9,938
  
$
(151
)
 
$
14,399
  
$
(205
)
Non-bank qualified obligations of states and political subdivisions
  
18,183
   
(106
)
  
40,685
   
(204
)
  
58,868
   
(310
)
Mortgage-backed securities
  
-
   
-
   
65,482
   
(593
)
  
65,482
   
(593
)
Total held to maturity securities
 
$
22,644
  
$
(160
)
 
$
116,105
  
$
(948
)
 
$
138,749
  
$
(1,108
)

 
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2014
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(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
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The expected maturities of certain Small Business Administration securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.

 
Available For Sale
 
AMORTIZED
COST
  
FAIR
VALUE
 
At March 31, 2015
 
(Dollars in Thousands)
 
 
 
  
 
Due in one year or less
 
$
3,000
  
$
3,017
 
Due after one year through five years
  
1,183
   
1,214
 
Due after five years through ten years
  
300,668
   
306,344
 
Due after ten years
  
217,252
   
214,836
 
 
  
522,103
   
525,411
 
Mortgage-backed securities
  
674,166
   
676,159
 
Common equities and mutual funds
  
639
   
966
 
Total available for sale securities
 
$
1,196,908
  
$
1,202,536
 

  
AMORTIZED
COST
  
FAIR
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
 

Held To Maturity
 
AMORTIZED
COST
  
FAIR
VALUE
 
At March 31, 2015
 
(Dollars in Thousands)
 
 
 
  
 
Due in one year or less
 
$
95
  
$
95
 
Due after one year through five years
  
5,357
   
5,341
 
Due after five years through ten years
  
111,639
   
111,880
 
Due after ten years
  
125,305
   
126,605
 
 
  
242,396
   
243,921
 
Mortgage-backed securities
  
68,666
   
68,078
 
Total held to maturity securities
 
$
311,062
  
$
311,999
 

 
  
AMORTIZED
COST
  
FAIR
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