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Investment Securities
12 Months Ended
Sep. 30, 2011
Investment Securities [Abstract] 
Investment Securities
INVESTMENT SECURITIES
 
September 30,
2011
 
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
$
500

 
$
34

 
$

 
$
534

 
4.00
%
1 to 5 years

 

 

 

 

5 to 10 years
9,300

 
4,547

 

 
13,847

 
10.38
%
Over 10 years
175,515

 
631

 

 
176,146

 
2.57
%
Corporate bonds due

 

 

 

 

5 to 10 years
30,000

 
284

 
(325
)
 
29,959

 
4.00
%
Municipal bonds due

 

 

 

 

  Over 10 years
20,461

 
3,107

 

 
23,568

 
6.45
%
Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
2,883,734

 
127,356

 

 
3,011,090

 
4.72
%
 
3,119,510

 
135,959

 
(325
)
 
3,255,144

 
4.62
%
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Tax-exempt municipal bonds due
 
 
 
 
 
 
 
 
 
1 to 5 years
405

 
5

 

 
410

 
6.52
%
5 to 10 years
1,545

 
68

 

 
1,613

 
5.60
%
Over 10 years

 

 

 

 
%
U.S. government and agency securities due

 

 

 

 

1 to 5 years

 

 

 

 
%
Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
45,086

 
3,507

 

 
48,593

 
5.31
%
 
47,036

 
3,580

 

 
50,616

 
5.33
%
 
$
3,166,546

 
$
139,539

 
$
(325
)
 
$
3,305,760

 
4.63
%
 
 
 
 
 
 
 
 
 
 
September 30,
2010
 
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
$
500

 
$
26

 
$

 
$
526

 
4.00
%
1 to 5 years
25,000

 
180

 

 
25,180

 
3.25
%
5 to 10 years
158,915

 
5,344

 
(105
)
 
164,154

 
3.59
%
Over 10 years
150,000

 
1,161

 
(15
)
 
151,146

 
3.50
%
Corporate bonds due
 
 
 
 
 
 
 
 
 
5 to 10 years
10,000

 

 

 
10,000

 
6.00
%
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
2,058,130

 
72,853

 
(896
)
 
2,130,087

 
5.26
%
 
2,402,545

 
79,564

 
(1,016
)
 
2,481,093

 
5.02
%
Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Tax-exempt municipal bonds due
 
 
 
 
 
 
 
 
 
1 to 5 years
1,105

 
65

 

 
1,170

 
6.11
%
5 to 10 years
1,940

 
115

 

 
2,055

 
5.67
%
Over 10 years
4,010

 
34

 

 
4,044

 
5.60
%
U.S. government and agency securities due
 
 
 
 
 
 
 
 
 
1 to 5 years

 

 

 

 
%
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
73,052

 
4,579

 

 
77,631

 
5.59
%
 
80,107

 
4,793

 

 
84,900

 
5.60
%
 
$
2,482,652

 
$
84,357

 
$
(1,016
)
 
$
2,565,993

 
5.04
%

 
$131,361,000 of available-for-sale securities were sold in 2011, resulting in a gain of $8,147,000. $496,024,000 of available-for-sale securities were sold in 2010, resulting in a net gain of $22,409,000. $18,453,000 of available-for-sale securities were sold in 2009, resulting in a net gain of $1,063,000.

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

The following table shows the unrealized gross losses and fair value of securities at September 30, 2011, by length of time that individual securities in each category have been in a continuous loss position. The Company had no securities in a continuous loss position for 12 or more months at September 30, 2011, which consisted of 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,
2011
  
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)
U.S. agency securities
$
(325
)
$
9,675

$

$

$
(325
)
$
9,675

Agency pass-through certificates






 
$
(325
)
$
9,675

$

$

$
(325
)
$
9,675