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Investment Securities
 12 Months Ended
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