XML 123 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
MBS And Other Investments (Tables)
 12 Months Ended
Sep. 30, 2013
Investments [Abstract]  
Marketable Securities
Mortgage-backed securities and other investments were as follows as of September 30, 2013 and 2012 (dollars in thousands):

 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
September 30, 2013
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
MBS:
 
 
 
 
 
 
 
U.S. government agencies
$
1,202

 
$
31

 
$
(2
)
 
$
1,231

Private label residential
1,521

 
781

 
(15
)
 
2,287

U.S. agency securities
14

 
1

 
—

 
15

Total
$
2,737

 
$
813

 
$
(17
)
 
$
3,533

 
 
 
 
 
 
 
 
Available for Sale
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

U.S. government agencies
$
2,144

 
$
87

 
$
(2
)
 
$
2,229

Private label residential
804

 
120

 
(10
)
 
914

Mutual funds
1,000

 
—

 
(42
)
 
958

Total
$
3,948

 
$
207

 
$
(54
)
 
$
4,101

 
 
 
 
 
 
 
 
September 30, 2012
 
 
 
 
 
 
 
Held to Maturity
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

U.S. government agencies
$
1,493

 
$
44

 
$
(3
)
 
$
1,534

Private label residential
1,819

 
309

 
(60
)
 
2,068

U.S. agency securities
27

 
3

 
—

 
30

Total
$
3,339

 
$
356

 
$
(63
)
 
$
3,632

 
 
 
 
 
 
 
 
Available for Sale
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

U.S. government agencies
$
2,828

 
$
147

 
$
—

 
$
2,975

Private label residential
1,001

 
65

 
(109
)
 
957

Mutual funds
1,000

 
13

 
—

 
1,013

Total
$
4,829

 
$
225

 
$
(109
)
 
$
4,945
Unrealized Gain (Loss) on Investments
The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time these unrealized losses existed as of September 30, 2013 (dollars in thousands):

 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
Estimated
 Fair
 Value
 
Gross
Unrealized
Losses
 
Qty
 
Estimated
 Fair
 Value
 
Gross
Unrealized
Losses
 
Qty
 
Estimated
 Fair
 Value
 
Gross
Unrealized
Losses
Held to Maturity
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. government agencies
$
3

 
$
—

 
6

 
$
88

 
$
(2
)
 
4

 
$
91

 
$
(2
)
Private label residential
80

 
(4
)
 
4

 
239

 
(11
)
 
14

 
319

 
(15
)
     Total
$
83

 
$
(4
)
 
10

 
$
327

 
$
(13
)
 
18

 
$
410

 
$
(17
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for Sale
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. government agencies
$
96

 
$
(2
)
 
3

 
$
—

 
$
—

 
1

 
$
96

 
$
(2
)
Private label residential
—

 
—

 
—

 
108

 
(10
)
 
2

 
108

 
(10
)
Mutual Funds
958

 
(42
)
 
1

 
—

 
—

 
—

 
958

 
(42
)
     Total
$
1,054

 
$
(44
)
 
4

 
$
108

 
$
(10
)
 
3

 
$
1,162

 
$
(54
)

The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time the unrealized losses existed as of September 30, 2012 (dollars in thousands):
 
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
Estimated
 Fair
 Value
 
Gross
Unrealized
Losses
 
Qty
 
Estimated
 Fair
 Value
 
Gross
Unrealized
Losses
 
Qty
 
Estimated
 Fair
 Value
 
Gross
Unrealized
Losses
Held to Maturity
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. government agencies
$
7

 
$
—

 
1

 
$
100

 
$
(3
)
 
4

 
$
107

 
$
(3
)
Private label residential
17

 
(1
)
 
1

 
423

 
(59
)
 
28

 
440

 
(60
)
     Total
$
24

 
$
(1
)
 
2

 
$
523

 
$
(62
)
 
32

 
$
547

 
$
(63
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for Sale
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

MBS:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Private label residential
—

 
—

 
—

 
651

 
(109
)
 
4

 
651

 
(109
)
     Total
$
—

 
$
—

 
—

 
$
651

 
$
(109
)
 
4

 
$
651

 
$
(109
)
Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities
The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of September 30, 2013, 2012 and 2011:

 
Range
 
Weighted
 
Minimum 
 
Maximum 
 
Average 
September 30, 2013
 
 
 
 
 
Constant prepayment rate
6.00
%
 
15.00
%
 
12.33
%
Collateral default rate
0.73
%
 
22.53
%
 
7.84
%
Loss severity rate
20.48
%
 
75.02
%
 
52.69
%
 
 
 
 
 
 
September 30, 2012
 
 
 
 
 
Constant prepayment rate
6.00
%
 
15.00
%
 
8.77
%
Collateral default rate
0.06
%
 
28.40
%
 
8.74
%
Loss severity rate
0.52
%
 
76.03
%
 
48.28
%
 
 
 
 
 
 
September 30, 2011
 
 
 
 
 
Constant prepayment rate
6.00
%
 
15.00
%
 
10.71
%
Collateral default rate
0.43
%
 
24.23
%
 
8.03
%
Loss severity rate
11.93
%
 
64.54
%
 
39.22
%
Schedule of Other than Temporary Impairments
The following table presents the OTTI losses for the years ended September 30, 2013, 2012 and 2011 (dollars in thousands):
 
2013
 
2012
 
2011
 
Held To
Maturity
 
Available
For Sale
 
Held To
Maturity
 
Available
For Sale
 
Held To Maturity
 
Available For Sale
Total OTTI losses
$
(13
)
 
$
(2
)
 
$
(156
)
 
$
(50
)
 
$
(210
)
 
$
(26
)
Portion of OTTI losses recognized in other comprehensive loss (before taxes) (1)
(32
)
 
—

 
(8
)
 
—

 
(211
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net OTTI recognized in earnings (2)
$
(45
)
 
$
(2
)
 
$
(164
)
 
$
(50
)
 
$
(421
)
 
$
(26
)
    
________________________
(1)
Represents OTTI related to all other factors.
(2)
Represents OTTI related to credit losses.
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the years ended September 30, 2013, 2012 and 2011 (dollars in thousands):

 
2013

 
2012

 
2011

Balance, beginning of year
$
2,703

 
$
3,361

 
$
4,725

 
 
 
 
 
 
Additions:
 

 
 

 
 

       Credit losses for which OTTI was
          not previously recognized
7

 
81

 
53

       Additional increases to the amount
          related to credit loss for which OTTI
          was previously recognized
45

 
133

 
398

Subtractions:
 
 
 

 
 

       Realized losses previously recorded
          as credit losses
(671
)
 
(872
)
 
(1,811
)
Recovery of prior credit loss
—

 
—

 
(4
)
 
 
 
 
 
 
Balance, end of year
$
2,084

 
$
2,703

 
$
3,361
Schedule of Contractual Maturities of Debt Securities
The contractual maturities of debt securities at September 30, 2013, are as follows (dollars in thousands).  Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions.

 
Held to Maturity
 
Available for Sale
 
Amortized
Cost
 
Estimated
Fair
Value
 
Amortized
Cost
 
Estimated
Fair
Value
Due after one year to five years
$
22

 
$
23

 
$
28

 
$
28

Due after five to ten years
22

 
22

 
28

 
29

Due after ten years
2,693

 
3,488

 
2,892

 
3,086

Total
$
2,737

 
$
3,533

 
$
2,948

 
$
3,143