XML 38 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
SECURITIES (Tables)
 3 Months Ended
Dec. 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 December 31, 2015 and September 30, 2015 are presented below.

Available For Sale
 
At December 31, 2015
   
AMORTIZED
COST
      
GROSS
UNREALIZED
GAINS
      
GROSS
UNREALIZED
(LOSSES)
      
FAIR
VALUE
 
 
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred securities
 
$
14,932
  
$
-
  
$
(2,547
)
 
$
12,385
 
Small business administration securities
  
83,704
   
1,202
   
(235
)
  
84,671
 
Obligations of states and political subdivisions
  
-
   
-
   
-
   
-
 
Non-bank qualified obligations of states and political subdivisions
  
650,267
   
13,922
   
(689
)
  
663,500
 
Mortgage-backed securities
  
586,217
   
712
   
(8,572
)
  
578,357
 
Total debt securities
  
1,335,120
   
15,836
   
(12,043
)
  
1,338,913
 
Common equities and mutual funds
  
730
   
308
   
(10
)
  
1,028
 
Total available for sale securities
 
$
1,335,850
  
$
16,144
  
$
(12,053
)
 
$
1,339,941
 

  
At September 30, 2015
   
AMORTIZED
COST
      
GROSS
UNREALIZED
GAINS
      
GROSS
UNREALIZED
(LOSSES)
      
FAIR
VALUE
 
 
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred and corporate securities
 
$
16,199
  
$
8
  
$
(2,263
)
 
$
13,944
 
Small business administration securities
  
54,493
   
1,563
   
-
   
56,056
 
Non-bank qualified obligations of states and political subdivisions
  
603,165
   
7,240
   
(1,815
)
  
608,590
 
Mortgage-backed securities
  
580,165
   
1,283
   
(4,865
)
  
576,583
 
Total debt securities
  
1,254,022
   
10,094
   
(8,943
)
  
1,255,173
 
Common equities and mutual funds
  
639
   
283
   
(8
)
  
914
 
Total available for sale securities
 
$
1,254,661
  
$
10,377
  
$
(8,951
)
 
$
1,256,087
 
Securities Held to Maturity
Held to Maturity
 
At December 31, 2015
   
AMORTIZED
COST
      
GROSS
UNREALIZED
GAINS
      
GROSS
UNREALIZED
(LOSSES)
      
FAIR
VALUE
 
 
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
20,699
  
$
102
  
$
(102
)
 
$
20,699
 
Non-bank qualified obligations of states and political subdivisions
  
320,260
   
3,789
   
(890
)
  
323,159
 
Mortgage-backed securities
  
70,376
   
-
   
(1,152
)
  
69,224
 
Total held to maturity securities
 
$
411,335
  
$
3,891
  
$
(2,144
)
 
$
413,082
 
 
  
At September 30, 2015
   
AMORTIZED
COST
      
GROSS
UNREALIZED
GAINS
      
GROSS
UNREALIZED
(LOSSES)
      
FAIR
VALUE
 
 
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
19,540
  
$
60
  
$
(187
)
 
$
19,413
 
Non-bank qualified obligations of states and political subdivisions
  
259,627
   
2,122
   
(419
)
  
261,330
 
Mortgage-backed securities
  
66,577
   
-
   
(473
)
  
66,104
 
Total held to maturity securities
 
$
345,744
  
$
2,182
  
$
(1,079
)
 
$
346,847
 
Trust Preferred Securities Included in Securities Available for Sale
Included in securities available for sale are trust preferred securities as follows:
 
At December 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
 
$
4,987
  
$
4,069
  
$
(918
)
 
BB+
 
Baa2
Huntington Capital Trust II SE
  
4,979
   
3,925
   
(1,054
)
 
BB
 
Baa2
PNC Capital Trust
  
4,966
   
4,391
   
(575
)
 
BBB-
 
Baa1
Total
 
$
14,932
  
$
12,385
  
$
(2,547
)
   
  
                

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

At September 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
  
$
4,189
  
$
(797
)
 
BB+
 
Baa2
Huntington Capital Trust II SE
  
4,979
   
4,076
   
(903
)
 
BB
 
Baa2
PNC Capital Trust
  
4,965
   
4,402
   
(563
)
 
BBB-
 
Baa1
Total
 
$
14,930
  
$
12,667
  
$
(2,263
)
   
  
                

(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 December 31, 2015 and September 30, 2015, are as follows:

Available For Sale
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At December 31, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
            
Trust preferred securities
 
$
-
  
$
-
  
$
12,385
  
$
(2,547
)
 
$
12,385
  
$
(2,547
)
Small Business Administration securities
  
28,992
   
(235
)
  
-
   
-
   
28,992
   
(235
)
Non-bank qualified obligations of states and political subdivisions
  
20,924
   
(203
)
  
34,033
   
(486
)
  
54,957
   
(689
)
Mortgage-backed securities
  
498,285
   
(7,635
)
  
45,754
   
(937
)
  
544,039
   
(8,572
)
Total debt securities
  
548,201
   
(8,073
)
  
92,172
   
(3,970
)
  
640,373
   
(12,043
)
Common equities and mutual funds
  
-
   
-
   
119
   
(10
)
  
119
   
(10
)
Total available for sale securities
 
$
548,201
  
$
(8,073
)
 
$
92,291
  
$
(3,980
)
 
$
640,492
  
$
(12,053
)

  
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
            
Trust preferred and corporate securities
 
$
-
  
$
-
  
$
12,667
  
$
(2,263
)
 
$
12,667
  
$
(2,263
)
Non-bank qualified obligations of states and political subdivisions
  
97,006
   
(860
)
  
42,583
   
(955
)
  
139,589
   
(1,815
)
Mortgage-backed securities
  
448,988
   
(4,301
)
  
48,079
   
(564
)
  
497,067
   
(4,865
)
Total debt securities
  
545,994
   
(5,161
)
  
103,329
   
(3,782
)
  
649,323
   
(8,943
)
Common equities and mutual funds
  
-
   
-
   
121
   
(8
)
  
121
   
(8
)
Total available for sale securities
 
$
545,994
  
$
(5,161
)
 
$
103,450
  
$
(3,790
)
 
$
649,444
  
$
(8,951
)
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 December 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
 
$
3,763
  
$
(8
)
 
$
8,560
  
$
(94
)
 
$
12,323
  
$
(102
)
Non-bank qualified obligations of states and political subdivisions
  
114,703
   
(811
)
  
9,679
   
(79
)
  
124,382
   
(890
)
Mortgage-backed securities
  
11,362
   
(140
)
  
57,863
   
(1,012
)
  
69,225
   
(1,152
)
Total held to maturity securities
 
$
129,828
  
$
(959
)
 
$
76,102
  
$
(1,185
)
 
$
205,930
  
$
(2,144
)

  
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
 
At September 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
 
$
5,528
  
$
(34
)
 
$
7,964
  
$
(153
)
 
$
13,492
  
$
(187
)
Non-bank qualified obligations of states and political subdivisions
  
78,663
   
(365
)
  
4,136
   
(54
)
  
82,799
   
(419
)
Mortgage-backed securities
  
5,509
   
(43
)
  
60,595
   
(430
)
  
66,104
   
(473
)
Total held to maturity securities
 
$
89,700
  
$
(442
)
 
$
72,695
  
$
(637
)
 
$
162,395
  
$
(1,079
)
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.  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 December 31, 2015
 
(Dollars in Thousands)
 
     
Due in one year or less
 
$
-
  
$
-
 
Due after one year through five years
  
3,202
   
3,269
 
Due after five years through ten years
  
416,377
   
425,445
 
Due after ten years
  
329,324
   
331,842
 
   
748,903
   
760,556
 
Mortgage-backed securities
  
586,217
   
578,357
 
Common equities and mutual funds
  
730
   
1,028
 
Total available for sale securities
 
$
1,335,850
  
$
1,339,941
 
 
  
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2015
 
(Dollars in Thousands)
 
     
Due in one year or less
 
$
-
  
$
-
 
Due after one year through five years
  
1,174
   
1,207
 
Due after five years through ten years
  
370,087
   
376,394
 
Due after ten years
  
302,596
   
300,989
 
   
673,857
   
678,590
 
Mortgage-backed securities
  
580,165
   
576,583
 
Common equities and mutual funds
  
639
   
914
 
Total available for sale securities
 
$
1,254,661
  
$
1,256,087
 
                              
Held To Maturity
 
 
AMORTIZED
COST
  
FAIR
VALUE
 
At December 31, 2015
 
(Dollars in Thousands)
 
     
Due in one year or less
 
$
225
  
$
226
 
Due after one year through five years
  
9,488
   
9,475
 
Due after five years through ten years
  
143,173
   
145,014
 
Due after ten years
  
188,073
   
189,143
 
   
340,959
   
343,858
 
Mortgage-backed securities
  
70,376
   
69,224
 
Total held to maturity securities
 
$
411,335
  
$
413,082
 

  
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2015
 
(Dollars in Thousands)
 
     
Due in one year or less
 
$
95
  
$
96
 
Due after one year through five years
  
8,411
   
8,430
 
Due after five years through ten years
  
140,145
   
140,505
 
Due after ten years
  
130,516
   
131,712
 
   
279,167
   
280,743
 
Mortgage-backed securities
  
66,577
   
66,104
 
Total held to maturity securities
 
$
345,744
  
$
346,847