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Available-for-Sale Investments (Table Text Block)
 3 Months Ended
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Investments
 
Available-for-sale investments at June 30, 2013 were as follows:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses More than 12 Months
 
Gross
Unrealized
Losses Less than 12 Months
 
Estimated
Market
Value
 
 
(Unaudited)
 
 
(In thousands)
U.S. treasury securities and government obligations
$
28,083
$
2,568
$
(3
 )$
(3
 )$
30,645
U.S. government agency mortgage-backed securities
 
42,332
 
3,627
 
(5
 ) 
(34
 ) 
45,920
Obligations of states and political subdivisions
 
154,644
 
16,482
 
-
 
(382
 ) 
170,744
Corporate securities
 
754,664
 
49,736
 
(195
 ) 
(4,276
 ) 
799,929
Mortgage-backed securities
 
6,117
 
251
 
(28
 ) 
-
 
6,340
Redeemable preferred stocks
 
21,163
 
871
 
(28
 ) 
(6
 ) 
22,000
Common stocks
 
43,219
 
1,660
 
(3,405
 ) 
(44
 ) 
41,430
 
$
1,050,222
$
75,195
$
(3,664
 )$
(4,745
 )$
1,117,008
 
 
 
 
 
 
 
 
 
 
 
The table above includes gross unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
We sold available-for-sale securities with a fair value of $44.2 million during the first quarter of fiscal 2014. The gross realized gains on these sales totaled $1.2 million. There were no gross realized losses on these sales.
The unrealized losses of more than twelve months in the available-for-sale table are considered temporary declines. The majority of this unrealized loss is related to our long term investments in 1.8 million shares of Bank of America common stock. We track each investment with an unrealized loss and evaluate them on an individual basis for other-than-temporary impairments including obtaining corroborating opinions from third party sources, performing trend analysis and reviewing management's future plans. Certain of these investments may have declines determined by management to be other-than-temporary and we recognized these write-downs through earnings. There were no write downs in the first quarter of fiscal 2014 and 2013.