MORTGAGE-BACKED SECURITIES

12 Months Ended

Sep. 30, 2011

MORTGAGE-BACKED SECURITIES

MORTGAGE-BACKED SECURITIES

4. MORTGAGE-BACKED SECURITIES

Mortgage-backed securities held to maturity and available for sale at September 30, 2011 and 2010 are summarized as follows:

	September 30, 2011
				Gross		Gross
	Amortized			Unrealized		Unrealized			Fair
	Cost			Gains		Losses			Value
HELD TO MATURITY:
Mortgage-backed securities:
Freddie Mac	$	12		$	—	$	(1	)	$	11
Ginnie Mae	122,417			18,738		—			141,155
Fannie Mae	7,104,972			474,378		—			7,579,350
Total	7,227,401			493,116		(1		)	7,720,516
Collateralized mortgage obligations:
Freddie Mac	6,738			60		—			6,798
Total	6,738			60		—			6,798
Total held to maturity	$	7,234,139		$	493,176	$	(1	)	$	7,727,314
Weighted average yield at end of year	3.84		%
AVAILABLE FOR SALE:
Mortgage-backed securities:
Ginnie Mae	$	339,350		$	38,820	$	—		$	378,170
Total	339,350			38,820		—			378,170
Collateralized mortgage obligations:
Freddie Mac	21,396			—		(38		)	21,358
Ginnie Mae	764,669			—		(11,515		)	753,154
Fannie Mae	1,626,250			—		(27,061		)	1,599,189
Total	2,412,315			—		(38,614		)	2,373,701
Total available for sale	$	2,751,665		$	38,820	$	(38,614	)	$	2,751,871
Weighted average yield at end of year	4.23		%

	September 30, 2010
				Gross		Gross
	Amortized			Unrealized		Unrealized			Fair
	Cost			Gains		Losses			Value
HELD TO MATURITY:
Mortgage-backed securities:
Freddie Mac	$	24		$	—	$	—		$	24
Ginnie Mae	160,044			13,944		—			173,988
Fannie Mae	10,128,927			477,620		—			10,606,547
Total	10,288,995			491,564		—			10,780,559
Collateralized mortgage obligations:
Freddie Mac	7,896			4		—			7,900
Total	7,896			4		—			7,900
Total held to maturity	$	10,296,891		$	491,568	$	—		$	10,788,459
Weighted average yield at end of year	4.02		%
AVAILABLE FOR SALE:
Mortgage-backed securities:
Ginnie Mae	$	433,843		$	37,163	$	—		$	471,006
Fannie Mae	27,433			40		—			27,473
Total	461,276			37,203		—			498,479
Collateralized mortgage obligations:
Freddie Mac	794,329			13,610		—			807,939
Ginnie Mae	3,479,613			—		(2,353		)	3,477,260
Fannie Mae	4,049,540			12,308		—			4,061,848
Total	8,323,482			25,918		(2,353		)	8,347,047
Total available for sale	$	8,784,758		$	63,121	$	(2,353	)	$	8,845,526
Weighted average yield at end of year	4.16		%

There were no proceeds from sales of available-for-sale mortgage-backed securities during the years ended September 30, 2011, 2010 or 2009.

As of September 30, 2011 and 2010, the Company did not have any mortgage-backed securities held to maturity or available for sale that were in a continuous loss position for more than 12 months.

The amortized cost and estimated fair values of held-to-maturity and available-for-sale mortgage-backed securities at September 30, 2011, by contractual maturity, are shown below.

	Held to Maturity				Available for Sale
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Term to Maturity:
One year or less	$	12	$	11	$	—	$	—
Over one through five years	14,203		16,410		21,396		21,358
Over five through ten years	710,131		760,441		1,796,777		1,779,756
Over ten years	6,509,793		6,950,452		933,492		950,757
Tota1	$	7,234,139	$	7,727,314	$	2,751,665	$	2,751,871

Actual maturities of mortgage-backed securities may differ from scheduled maturities depending on the repayment characteristics and experience of the underlying financial instruments.

Mortgage-backed securities with carrying values totaling approximately $10.0 million at September 30, 2011 were pledged to secure deposits of public entities, trust funds, and for other purposes as required by law.