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SECURITIES | 9 Months Ended
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Jun. 30, 2015
SECURITIES [Abstract] |
SECURITIES |
NOTE 6. | SECURITIES
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale and held to maturity securities at June 30, 2015 and September 30, 2014 are presented below.
Available For Sale At June 30, 2015 |  | AMORTIZED COST |  |  | GROSS UNREALIZED GAINS |  |  | GROSS UNREALIZED (LOSSES) |  |  | FAIR VALUE |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 19,209 |  |  | $ | 18 |  |  | $ | (2,235 | ) |  | $ | 16,992 |
Small business administration securities |  |  | 35,967 |  |  |  | 1,183 |  |  |  | - |  |  |  | 37,150 |
Non-bank qualified obligations of states and political subdivisions |  |  | 512,311 |  |  |  | 1,918 |  |  |  | (6,527 | ) |  |  | 507,702 |
Mortgage-backed securities |  |  | 602,672 |  |  |  | 1,512 |  |  |  | (7,208 | ) |  |  | 596,976 |
Total debt securities |  |  | 1,170,159 |  |  |  | 4,631 |  |  |  | (15,970 | ) |  |  | 1,158,820 |
Common equities and mutual funds |  |  | 640 |  |  |  | 333 |  |  |  | (7 | ) |  |  | 966 |
Total available for sale securities |  | $ | 1,170,799 |  |  | $ | 4,964 |  |  | $ | (15,977 | ) |  | $ | 1,159,786 |
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 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 |
Held to Maturity At June 30, 2015 |  | AMORTIZED COST |  |  | GROSS UNREALIZED GAINS |  |  | GROSS UNREALIZED (LOSSES) |  |  | FAIR VALUE |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 19,303 |  |  | $ | 26 |  |  | $ | (453 | ) |  | $ | 18,876 |
Non-bank qualified obligations of states and political subdivisions |  |  | 243,275 |  |  |  | 668 |  |  |  | (3,250 | ) |  |  | 240,693 |
Mortgage-backed securities |  |  | 69,057 |  |  |  | - |  |  |  | (1,637 | ) |  |  | 67,420 |
Total held to maturity securities |  | $ | 331,635 |  |  | $ | 694 |  |  | $ | (5,340 | ) |  | $ | 326,989 |
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 |
Included in securities available for sale are trust preferred securities as follows:
At June 30, 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 |  |  | $ | 4,220 |  |  | $ | (766 | ) | BB+ |  |  | Baa2 |
Huntington Capital Trust II SE |  |  | 4,979 |  |  |  | 4,025 |  |  |  | (954 | ) | BB |  |  | Baa2 |
PNC Capital Trust |  |  | 4,964 |  |  |  | 4,449 |  |  |  | (515 | ) | BBB- |  |  | Baa1 |
Total |  | $ | 14,929 |  |  | $ | 12,694 |  |  | $ | (2,235 | ) |  |  |  |  |
(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.
Management has implemented processes to identify securities that could potentially have a credit impairment that is other-than-temporary. This process can include, but is not limited to, 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, interest or dividend payment status, monitoring the rating of the security, monitoring changes in value, and projecting cash flows. Management also determines whether the Company intends to sell a security or whether 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 considered temporarily impaired, the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, which may occur at maturity. The Company believes collection will occur for all principal and interest due on all investments with amortized cost in excess of fair value and considered only temporarily impaired. Generally accepted accounting principles require that, at acquisition, an enterprise classify debt securities into one of three categories: Available for sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (“AOCI”). HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. Meta Financial has no trading securities. 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 June 30, 2015 and September 30, 2014, are as follows:
Available For Sale |  | LESS THAN 12 MONTHS |  |  | OVER 12 MONTHS |  |  | TOTAL |
At June 30, 2015 |  | Fair Value |  |  | Unrealized (Losses) |  |  | Fair Value |  |  | Unrealized (Losses) |  |  | Fair Value |  |  | Unrealized (Losses) |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | - |  |  | $ | - |  |  | $ | 12,694 |  |  | $ | (2,235 | ) |  | $ | 12,694 |  |  | $ | (2,235 | )
Non-bank qualified obligations of states and political subdivisions |  |  | 326,156 |  |  |  | (4,846 | ) |  |  | 39,677 |  |  |  | (1,681 | ) |  |  | 365,833 |  |  |  | (6,527 | )
Mortgage-backed securities |  |  | 457,327 |  |  |  | (5,548 | ) |  |  | 66,286 |  |  |  | (1,660 | ) |  |  | 523,613 |  |  |  | (7,208 | )
Total debt securities |  |  | 783,483 |  |  |  | (10,394 | ) |  |  | 118,657 |  |  |  | (5,576 | ) |  |  | 902,140 |  |  |  | (15,970 | )
Common equities and mutual funds |  |  | - |  |  |  | - |  |  |  | 122 |  |  |  | (7 | ) |  |  | 122 |  |  |  | (7 | )
Total available for sale securities |  | $ | 783,483 |  |  | $ | (10,394 | ) |  | $ | 118,779 |  |  | $ | (5,583 | ) |  | $ | 902,262 |  |  | $ | (15,977 | )
|  | 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 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 | )
Held To Maturity |  | LESS THAN 12 MONTHS |  |  | OVER 12 MONTHS |  |  | TOTAL |
At June 30, 2015 |  | Fair Value |  |  | Unrealized (Losses) |  |  | Fair Value |  |  | Unrealized (Losses) |  |  | Fair Value |  |  | Unrealized (Losses) |
|  | (Dollars in Thousands) |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 8,237 |  |  | $ | (149 | ) |  | $ | 8,817 |  |  | $ | (304 | ) |  | $ | 17,054 |  |  | $ | (453 | )
Non-bank qualified obligations of states and political subdivisions |  |  | 208,411 |  |  |  | (3,145 | ) |  |  | 3,412 |  |  |  | (105 | ) |  |  | 211,823 |  |  |  | (3,250 | )
Mortgage-backed securities |  |  | 5,486 |  |  |  | (95 | ) |  |  | 61,934 |  |  |  | (1,542 | ) |  |  | 67,420 |  |  |  | (1,637 | )
Total held to maturity securities |  | $ | 222,134 |  |  | $ | (3,389 | ) |  | $ | 74,163 |  |  | $ | (1,951 | ) |  | $ | 296,297 |  |  | $ | (5,340 | )
|  | 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 | )
At June 30, 2015, 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, and 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, no other-than-temporary impairment was recorded at June 30, 2015. 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. 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 June 30, 2015 |  | (Dollars in Thousands) |
Due in one year or less |  | $ | 3,000 |  |  | $ | 3,008 |
Due after one year through five years |  |  | 1,179 |  |  |  | 1,205 |
Due after five years through ten years |  |  | 330,864 |  |  |  | 331,747 |
Due after ten years |  |  | 232,444 |  |  |  | 225,884 |
|  |  | 567,487 |  |  |  | 561,844 |
Mortgage-backed securities |  |  | 602,672 |  |  |  | 596,976 |
Common equities and mutual funds |  |  | 640 |  |  |  | 966 |
Total available for sale securities |  | $ | 1,170,799 |  |  | $ | 1,159,786 |
|  | 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 June 30, 2015 |  | (Dollars in Thousands) |
Due in one year or less |  | $ | 95 |  |  | $ | 95 |
Due after one year through five years |  |  | 6,028 |  |  |  | 5,986 |
Due after five years through ten years |  |  | 126,463 |  |  |  | 124,618 |
Due after ten years |  |  | 129,992 |  |  |  | 128,870 |
|  |  | 262,578 |  |  |  | 259,569 |
Mortgage-backed securities |  |  | 69,057 |  |  |  | 67,420 |
Total held to maturity securities |  | $ | 331,635 |  |  | $ | 326,989 |
|  | 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 |

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