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Investment Securities
12 Months Ended
Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
    INVESTMENT SECURITIES
 
September 30,
2013
 
Amortized
Cost
 
Gross Unrealized    
 
Fair
Value
 
Yield
Gains
 
Losses
 
 
(In thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
 
U.S. government and agency securities due
 
 
 
 
 
 
 
 
 
1 to 5 years
61,002

 
3,393

 
(252
)
 
64,143

 
1.98
%
5 to 10 years
129,219

 

 
(1,547
)
 
127,672

 
0.86
%
Over 10 years
344,571

 

 
(2,411
)
 
342,160

 
0.93
%
Equity Securities
 
 
 
 
 
 
 
 
 
1 to 5 years
500

 
11

 

 
511

 
2.17
%
5 to 10 years
100,000

 
726

 

 
100,726

 
1.80
%
Corporate bonds due

 

 

 

 

Within 1 year
19,500

 
3

 

 
19,503

 
0.49
%
1 to 5 years
317,190

 
1,980

 
(130
)
 
319,040

 
0.75
%
5 to 10 years
113,060

 
1,180

 
(768
)
 
113,472

 
1.53
%
Municipal bonds due

 

 

 

 

  Over 10 years
20,422

 
2,123

 

 
22,545

 
6.45
%
Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
1,245,400

 
10,270

 
(4,494
)
 
1,251,176

 
2.18
%
 
2,350,864

 
19,686

 
(9,602
)
 
2,360,948

 
1.70
%
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
1,654,666

 
3,387

 
(75,204
)
 
1,582,849

 
3.14
%
 
1,654,666

 
3,387

 
(75,204
)
 
1,582,849

 
3.14
%
 
$
4,005,530

 
$
23,073

 
$
(84,806
)
 
$
3,943,797

 
2.30
%
 
 
 
 
 
 
 
 
 
 
September 30,
2012
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Yield
 
Gains
 
Losses
 
 
(In thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
 
U.S. government and agency securities due
 
 
 
 
 
 
 
 
 
Within 1 year
$
19,999

 
$
42

 
$
(6
)
 
$
20,035

 
0.57
%
1 to 5 years

 

 

 

 
%
5 to 10 years
59,300

 
4,225

 

 
63,525

 
2.21
%
Over 10 years
100,000

 

 

 
100,000

 
1.05
%
Corporate bonds due

 

 

 

 

1 to 5 years
336,340

 
2,810

 
(61
)
 
339,089

 
0.91
%
5 to 10 years
62,919

 
1,324

 
(7
)
 
64,236

 
2.73
%
Municipal bonds due

 

 

 

 

  Over 10 years
20,442

 
4,402

 

 
24,844

 
6.45
%
Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
1,161,668

 
9,358

 
(1,050
)
 
1,169,976

 
2.28
%
 
1,760,668

 
22,161

 
(1,124
)
 
1,781,705

 
1.99
%
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Tax-exempt municipal bonds due
 
 
 
 
 
 
 
 
 
Within 1 year
795

 
7

 


 
802

 
5.80
%
Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
1,190,692

 
25,729

 

 
1,216,421

 
3.10
%
 
1,191,487

 
25,736

 

 
1,217,223

 
3.10
%
 
$
2,952,155

 
$
47,897

 
$
(1,124
)
 
$
2,998,928

 
2.44
%


 
There were $43,198,000 of available-for-sale securities that were sold in 2013, resulting in a gain of $0. These securities were acquired from South Valley and sold on the same day. There were $2,257,913,000 of available-for-sale securities that were sold in 2012, resulting in a net gain of $95,234,000. There were $131,361,000 of available-for-sale securities that were sold in 2011, resulting in a net gain of $8,147,000.

Substantially all mortgage-backed securities have contractual due dates that exceed twenty-five years.

The following table shows the unrealized gross losses and fair value of securities at September 30, 2013, by length of time that individual securities in each category have been in a continuous loss position. The Company had $190 million securities in a continuous loss position for 12 or more months at September 30, 2013, which consisted of corporate bonds, U.S. government and agency securities, and mortgage-backed securities. Management believes that the declines in fair value of these investments are not an other than temporary impairment.
 
As of September 30,
2013
  
Less than 12 months
12 months or more
Total
  
Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
 
(In thousands)
Corporate Bonds
$
(660
)
$
52,434

$
(238
)
$
9,763

$
(898
)
$
62,197

U.S. agency securities
(4,144
)
309,109

(66
)
14,091

(4,210
)
323,200

Agency pass-through certificates
(78,291
)
1,703,948

(1,407
)
166,503

(79,698
)
1,870,451

 
$
(83,095
)
$
2,065,491

$
(1,711
)
$
190,357

$
(84,806
)
$
2,255,848