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Investment Securities | 12 Months Ended
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Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT SECURITIES
September 30, | 2014
| 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 | $ | 171,154 |  |  | $ | 2,585 |  |  | $ | (748 | ) |  | $ | 172,991 |  |  | 1.26 | %
5 to 10 years | 203,317 |  |  | 300 |  |  | (102 | ) |  | 203,515 |  |  | 1.45 | %
Over 10 years | 354,828 |  |  | 1,028 |  |  | (419 | ) |  | 355,437 |  |  | 1.25 | %
Equity Securities |  |  |  |  |  |  |  |  |
1 to 5 years | 100,500 |  |  | 887 |  |  | — |  |  | 101,387 |  |  | 1.90 | %
5 to 10 years | — |  |  | — |  |  | — |  |  | — |  |  | — | %
Corporate bonds due |  |  |  |  |  |  |  |  |
Within 1 year | 15,000 |  |  | 75 |  |  | — |  |  | 15,075 |  |  | 1.00 | %
1 to 5 years | 302,540 |  |  | 2,372 |  |  | — |  |  | 304,912 |  |  | 0.71 | %
5 to 10 years | 138,201 |  |  | 1,789 |  |  | (970 | ) |  | 139,020 |  |  | 1.43 | %
Over 10 years | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 3.00 | %
Municipal bonds due |  |  |  |  |  |  |  |  |
Over 10 years | 20,402 |  |  | 3,279 |  |  | — |  |  | 23,681 |  |  | 6.45 | %
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,561,639 |  |  | 24,893 |  |  | (2,024 | ) |  | 1,584,508 |  |  | 2.57 | %
Other commercial MBS | 98,851 |  |  | 65 |  |  |  |  | 98,916 |  |  | 1.49 | %
| 3,016,432 |  |  | 37,273 |  |  | (4,263 | ) |  | 3,049,442 |  |  | 1.99 | %
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,548,265 |  |  | 4,855 |  |  | (53,902 | ) |  | 1,499,218 |  |  | 3.13 | %
| 1,548,265 |  |  | 4,855 |  |  | (53,902 | ) |  | 1,499,218 |  |  | 3.13 | %
| $ | 4,564,697 |  |  | $ | 42,128 |  |  | $ | (58,165 | ) |  | $ | 4,548,660 |  |  | 2.38 | %
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 | %
There were no available-for-sale securities that were sold in 2014. There were $43,198,000 of available-for-sale securities that were sold in 2013, resulting in a net gain of $0 as these securities were acquired from SVBT 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. 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, 2014 and September 30, 2013, by length of time that individual securities in each category have been in a continuous loss position. The Bank had $1,642,718,000 securities in a continuous loss position for 12 or more months at September 30, 2014, and $190,357,000 securities in a continuous loss position for 12 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 these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) It is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security.
As of September 30, | 2014
| 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 | $ | (125 | ) | $ | 24,875 |  | $ | (845 | ) | $ | 24,155 |  | $ | (970 | ) | $ | 49,030 |
U.S. agency securities | (472 | ) | 316,578 |  | (797 | ) | 109,354 |  | (1,269 | ) | 425,932 |
Agency pass-through certificates | (215 | ) | 19,212 |  | (55,711 | ) | 1,509,209 |  | (55,926 | ) | 1,528,421 |
| $ | (812 | ) | $ | 360,665 |  | $ | (57,353 | ) | $ | 1,642,718 |  | $ | (58,165 | ) | $ | 2,003,383 |
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 |

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