Investments

12 Months Ended

Apr. 30, 2012

Investments [Abstract]

Investments

NOTE 5: INVESTMENTS

AVAILABLE-FOR-SALE—The amortized cost and fair value of securities classified as AFS held at April 30, 2012 and 2011 are summarized below:

	(in 000s)
	2012									2011
As of April 30,	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Fair Value
Short-term:
Municipal bonds	$	1,008	$	29	$	—		$	1,037	$	3,023	$	58	$	—		$	3,081
Long-term:
Mortgage-backed securities		361,184		5,620		(121	)		366,683		157,970		401		(194	)		158,177
Municipal bonds		4,236		396		—			4,632		5,312		347		—			5,659
		365,420		6,016		(121	)		371,315		163,282		748		(194	)		163,836
	$	366,428	$	6,045	$	(121	)	$	372,352	$	166,305	$	806	$	(194	)	$	166,917

⁽¹⁾  At April 30, 2012, mortgage-backed securities with a cost of $8.1 million and gross unrealized losses of $21 thousand had been in a continuous loss position for more than twelve months. At April 30, 2011, we had no investments that had been in a continuous loss position for more than twelve months.

Proceeds from the sales of AFS securities were $8.4 million and $2.1 million during fiscal years 2012 and 2010, respectively. We did not sell any AFS securities in fiscal year 2011. We recorded a gross realized gain of $14 thousand on sales of AFS securities during fiscal year 2012, but no gross realized gains or losses on sales during fiscal year 2010. We did not record any other-than-temporary impairments of AFS securities during fiscal year 2012. During fiscal years 2011 and 2010, we recorded other-than-temporary impairments of AFS securities totaling $1.9 million and $1.6 million, respectively.

Contractual maturities of AFS debt securities at April 30, 2012, occur at varying dates over the next 30 years, and are set forth in the table below.

	(in 000s)
As of April 30, 2012	Cost Basis		Fair Value
Maturing in:
Less than one year	$	1,008	$	1,037
Two to five years		4,236		4,632
Beyond		361,184		366,683
	$	366,428	$	372,352

HELD-TO-MATURITY—HRB Bank is required to maintain a restricted investment in FHLB stock for borrowing availability. The cost of this investment, $1.9 million and $3.3 million at April 30, 2012 and 2011, respectively, represents its redemption value at each balance sheet date, as these investments do not have a ready market.