5. Investments

Investments consist principally of U.S. government and government agency obligations, mortgage-backed securities and corporate and municipal debt securities and are classified as available-for-sale at March 31, 2014 and September 30, 2013. Available-for-sale securities are reported at fair value with unrealized gains and losses, net of tax, excluded from the condensed consolidated statements of income and reported in the condensed consolidated statements of comprehensive income as well as a separate component of stockholders’ equity in the condensed consolidated balance sheets, except for other-than-temporary impairments, which are reported as a charge to current earnings. A loss would be recognized when there is an other-than-temporary impairment in the fair value of any individual security classified as available-for-sale, with the associated net unrealized loss reclassified out of accumulated other comprehensive income with a corresponding adjustment to other income (loss). This adjustment results in a new cost basis for the investment. Interest earned on debt securities, including amortization of premiums and accretion of discounts, is included in other income (loss). Realized gains and losses from the sales of debt securities, which are included in other income (loss), are determined using the specific identification method.

The amortized cost, unrealized holding gains and losses, and fair value of available-for-sale securities as of March 31, 2014 and September 30, 2013 were as follows:


	March 31, 2014
*(Dollars in thousands)*	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government and government agency obligations	$	25,084	$	10	$	(28	)	$	25,066
Mortgage-backed securities		5,226		43		(46	)		5,223
Municipal bonds		1,827		10		(3	)		1,834
Asset-backed securities		6,375		13		(8	)		6,380
Corporate bonds		4,321		6		(11	)		4,316

Total	$	42,833	$	82	$	(96	)	$	42,819


	September 30, 2013
*(Dollars in thousands)*	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government and government agency obligations	$	22,889	$	28	$	(27	)	$	22,890
Mortgage-backed securities		8,149		118		(51	)		8,216
Municipal bonds		3,049		15		(5	)		3,059
Asset-backed securities		3,539		6		(8	)		3,537
Corporate bonds		4,896		17		(6	)		4,907

Total	$	42,522	$	184	$	(97	)	$	42,609

As of March 31, 2014 and September 30, 2013, the Company concluded that the unrealized losses related to the available-for-sale securities shown above were not other-than-temporary as the Company does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, before recovery of their amortized cost.

The amortized cost and fair value of investments by contractual maturity at March 31, 2014 were as follows:


*(Dollars in thousands)*	Amortized Cost		Fair Value
Debt securities due within:
One year	$	25,394	$	25,399
One to five years		11,207		11,194
Five years or more		6,232		6,226

Total	$	42,833	$	42,819

The following table summarizes sales of available-for-sale securities:


	Three months ended March 31,				Six months ended March 31,
*(Dollars in thousands)*	2014		2013		2014			2013
Proceeds from sales	$	89,647	$	25,175	$	92,514		$	25,980
Gross realized gains	$	125	$	161	$	126		$	165
Gross realized losses	$	—	$	—	$	(1	)	$	—