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Investment Securities (Tables)
6 Months Ended
Mar. 31, 2017
Investments Debt And Equity Securities [Abstract]  
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands):

 

 

 

March 31, 2017

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae

 

$

120,437

 

 

$

244

 

 

$

(1,591

)

 

$

119,090

 

Freddie Mac

 

 

95,669

 

 

 

73

 

 

 

(1,136

)

 

 

94,606

 

Governmental National Mortgage Association

 

 

14,610

 

 

 

34

 

 

 

(218

)

 

 

14,426

 

Total mortgage-backed securities

 

 

230,716

 

 

 

351

 

 

 

(2,945

)

 

 

228,122

 

Obligations of states and political subdivisions

 

 

68,995

 

 

 

1,314

 

 

 

(974

)

 

 

69,335

 

U.S. government agency securities

 

 

23,344

 

 

 

119

 

 

 

 

 

 

23,463

 

Corporate obligations

 

 

45,315

 

 

 

203

 

 

 

(738

)

 

 

44,780

 

Other debt securities

 

 

29,980

 

 

 

122

 

 

 

(512

)

 

 

29,590

 

Total debt securities

 

 

398,350

 

 

 

2,109

 

 

 

(5,169

)

 

 

395,290

 

Equity securities - financial services

 

 

25

 

 

 

 

 

 

 

 

 

25

 

Total

 

$

398,375

 

 

$

2,109

 

 

$

(5,169

)

 

$

395,315

 

 

 

 

September 30, 2016

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair Value

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae

 

$

115,535

 

 

$

1,891

 

 

$

(173

)

 

$

117,253

 

Freddie Mac

 

 

84,486

 

 

 

1,369

 

 

 

(85

)

 

 

85,770

 

Governmental National Mortgage Association

 

 

16,091

 

 

 

76

 

 

 

(28

)

 

 

16,139

 

Total mortgage-backed securities

 

 

216,112

 

 

 

3,336

 

 

 

(286

)

 

 

219,162

 

Obligations of states and political subdivisions

 

 

71,323

 

 

 

2,432

 

 

 

(65

)

 

 

73,690

 

U.S. government agency securities

 

 

25,669

 

 

 

272

 

 

 

 

 

 

25,941

 

Corporate obligations

 

 

38,331

 

 

 

599

 

 

 

(512

)

 

 

38,418

 

Other debt securities

 

 

32,962

 

 

 

428

 

 

 

(216

)

 

 

33,174

 

Total debt securities

 

 

384,397

 

 

 

7,067

 

 

 

(1,079

)

 

 

390,385

 

Equity securities - financial services

 

 

25

 

 

 

 

 

 

 

 

 

25

 

Total

 

$

384,422

 

 

$

7,067

 

 

$

(1,079

)

 

$

390,410

 

 

Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities at March 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands):

 

 

 

Available For Sale

 

 

 

Amortized

Cost

 

 

Fair Value

 

Due in one year or less

 

$

15,986

 

 

$

16,013

 

Due after one year through five years

 

 

35,680

 

 

 

35,666

 

Due after five years through ten years

 

 

92,538

 

 

 

92,271

 

Due after ten years

 

 

254,146

 

 

 

251,340

 

Total

 

$

398,350

 

 

$

395,290

 

 

Schedule of Gross Unrealized Losses and Fair Value

The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands):

 

 

 

March 31, 2017

 

 

 

Number of

Securities

 

 

Less than Twelve

Months

 

 

Twelve Months or

Greater

 

 

Total

 

 

 

 

 

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

Fannie Mae

 

 

61

 

 

$

76,418

 

 

$

(1,192

)

 

$

11,033

 

 

$

(399

)

 

$

87,451

 

 

$

(1,591

)

Freddie Mac

 

 

50

 

 

 

66,922

 

 

 

(909

)

 

 

6,701

 

 

 

(227

)

 

 

73,623

 

 

 

(1,136

)

Governmental National Mortgage Association

 

 

9

 

 

 

7,292

 

 

 

(181

)

 

 

2,373

 

 

 

(37

)

 

 

9,665

 

 

 

(218

)

Obligations of states and political subdivisions

 

 

29

 

 

 

34,982

 

 

 

(974

)

 

 

 

 

 

 

 

 

34,982

 

 

 

(974

)

Corporate obligations

 

 

23

 

 

 

18,850

 

 

 

(437

)

 

 

6,198

 

 

 

(301

)

 

 

25,048

 

 

 

(738

)

Other debt securities

 

 

18

 

 

 

12,303

 

 

 

(338

)

 

 

8,804

 

 

 

(174

)

 

 

21,107

 

 

 

(512

)

Total

 

 

190

 

 

$

216,767

 

 

$

(4,031

)

 

$

35,109

 

 

$

(1,138

)

 

$

251,876

 

 

$

(5,169

)

 

 

 

September 30, 2016

 

 

 

Number of

Securities

 

 

Less than Twelve

Months

 

 

Twelve Months or

Greater

 

 

Total

 

 

 

 

 

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

 

Gross

Unrealized

Losses

 

Fannie Mae

 

 

17

 

 

$

6,841

 

 

$

(21

)

 

$

12,261

 

 

$

(152

)

 

$

19,102

 

 

$

(173

)

Freddie Mac

 

 

11

 

 

 

7,457

 

 

 

(11

)

 

 

6,375

 

 

 

(74

)

 

 

13,832

 

 

 

(85

)

Governmental National Mortgage Association

 

 

5

 

 

 

4,704

 

 

 

(16

)

 

 

1,267

 

 

 

(12

)

 

 

5,971

 

 

 

(28

)

Obligations of states and political subdivisions

 

 

12

 

 

 

14,420

 

 

 

(65

)

 

 

 

 

 

 

 

 

14,420

 

 

 

(65

)

Corporate obligations

 

 

12

 

 

 

8,778

 

 

 

(172

)

 

 

5,303

 

 

 

(340

)

 

 

14,081

 

 

 

(512

)

Other debt securities

 

 

13

 

 

 

6,582

 

 

 

(126

)

 

 

6,914

 

 

 

(90

)

 

 

13,496

 

 

 

(216

)

Total

 

 

70

 

 

$

48,782

 

 

$

(411

)

 

$

32,120

 

 

$

(668

)

 

$

80,902

 

 

$

(1,079

)