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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Sep. 30, 2014
FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract] |
Summary of Fair Values of Securities Available for Sale and Held to Maturity | The following table summarizes the fair values of securities available for sale and held to maturity at September 30, 2014 and 2013. Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition.
|  | Fair Value at Sepember 30, 2014 |
|  | Available For Sale |  |  | Held to Maturity |
(Dollars in Thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 46,929 |  |  | $ | - |  |  | $ | 46,929 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Small business administration securities |  |  | 67,012 |  |  |  | - |  |  |  | 67,012 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Obligations of states and political subdivisions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,980 |  |  |  | - |  |  |  | 18,980 |  |  |  | - |
Non-bank qualified obligations of states and political subdivisions |  |  | 367,580 |  |  |  | - |  |  |  | 367,580 |  |  |  | - |  |  |  | 192,160 |  |  |  | - |  |  |  | 192,160 |  |  |  | - |
Mortgage-backed securities |  |  | 657,870 |  |  |  | - |  |  |  | 657,870 |  |  |  | - |  |  |  | 68,172 |  |  |  | - |  |  |  | 68,172 |  |  |  | - |
Total debt securities |  |  | 1,139,391 |  |  |  | - |  |  |  | 1,139,391 |  |  |  | - |  |  |  | 279,312 |  |  |  | - |  |  |  | 279,312 |  |  |  | - |
Common equities and mutual funds |  |  | 825 |  |  |  | 825 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total securities |  | $ | 1,140,216 |  |  | $ | 825 |  |  | $ | 1,139,391 |  |  | $ | - |  |  | $ | 279,312 |  |  | $ | - |  |  | $ | 279,312 |  |  | $ | - |
|  | Fair Value at September 30, 2013 |
|  | Available For Sale |  |  | Held to Maturity |
(Dollars in Thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred and corporate securities |  | $ | 48,784 |  |  | $ | - |  |  | $ | 48,784 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Agency and instrumentality securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,613 |  |  |  | - |  |  |  | 9,613 |  |  |  | - |
Small business administration securities |  |  | 10,581 |  |  |  | - |  |  |  | 10,581 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Obligations of states and political subdivisions |  |  | 1,727 |  |  |  | - |  |  |  | 1,727 |  |  |  | - |  |  |  | 18,342 |  |  |  | - |  |  |  | 18,342 |  |  |  | - |
Non-bank qualified obligations of states and political subdivisions |  |  | 238,729 |  |  |  | - |  |  |  | 238,729 |  |  |  | - |  |  |  | 169,462 |  |  |  | - |  |  |  | 169,462 |  |  |  | - |
Mortgage-backed securities |  |  | 581,372 |  |  |  | - |  |  |  | 581,372 |  |  |  | - |  |  |  | 73,101 |  |  |  | - |  |  |  | 73,101 |  |  |  | - |
Total securities |  | $ | 881,193 |  |  | $ | - |  |  | $ | 881,193 |  |  | $ | - |  |  | $ | 270,518 |  |  | $ | - |  |  | $ | 270,518 |  |  | $ | - |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the assets of the Company that are measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of September 30, 2014 and 2013.
|  | Fair Value at September 30, 2014 |
(Dollars in Thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Impaired Loans, net |  |  |  |  |  |  |  |  |  |  |  |
1-4 Family Real Estate |  | $ | 222 |  |  | $ | - |  |  | $ | - |  |  | $ | 222 |
Commercial and Multi-Family Real Estate |  |  | 930 |  |  |  | - |  |  |  | - |  |  |  | 930 |
Total Impaired Loans |  |  | 1,152 |  |  |  | - |  |  |  | - |  |  |  | 1,152 |
Foreclosed Assets, net |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 15 |
Total |  | $ | 1,167 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,167 |
|  | Fair Value at September 30, 2013 |
(Dollars in Thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Impaired Loans, net |  |  |  |  |  |  |  |  |  |  |  |
1-4 Family Real Estate |  | $ | 257 |  |  | $ | - |  |  | $ | - |  |  | $ | 257 |
Commercial and Multi-Family Real Estate |  |  | 1,810 |  |  |  | - |  |  |  | - |  |  |  | 1,810 |
Total Impaired Loans |  |  | 2,067 |  |  |  | - |  |  |  | - |  |  |  | 2,067 |
Foreclosed Assets, net |  |  | 116 |  |  |  | - |  |  |  | - |  |  |  | 116 |
Total |  | $ | 2,183 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,183 |
Quantitative Information about Level 3 Fair Value Measurements |
|  | Quantitative Information About Level 3 Fair Value Measurements |
|  | Fair Value at |  |  | Fair Value at |  |  | Valuation |  |  |  |
(Dollars in Thousands) | September 30, 2014 |  | September 30, 2013 |  |  | Technique |  |  | Unobservable Input |
Impaired Loans, net |  | $ | 1,152 |  |  | $ | 2,067 |  |  | Market approach |  |  | Appraised values (1) |
Foreclosed Assets, net |  |  | 15 |  |  |  | 116 |  |  | Market approach |  |  | Appraised values (1) |
(1) | The Company generally relies on external appraisers to develoop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%.
Carrying Amount and Estimated Fair Value of Financial Instruments | The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at September 30, 2014 and 2013.
|  | September 30, 2014 |
|  | Carrying |  |  | Estimated |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in Thousands) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 29,832 |  |  | $ | 29,832 |  |  | $ | 29,832 |  |  | $ | - |  |  | $ | - |
Securities available for sale |  |  | 1,140,216 |  |  |  | 1,140,216 |  |  |  | 825 |  |  |  | 1,139,391 |  |  |  | - |
Securities held to maturity |  |  | 282,933 |  |  |  | 279,312 |  |  |  | - |  |  |  | 279,312 |  |  |  | - |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family residential mortgage loans |  |  | 116,395 |  |  |  | 111,254 |  |  |  | - |  |  |  | - |  |  |  | 111,254 |
Commercial and multi-family real estate loans |  |  | 224,302 |  |  |  | 234,845 |  |  |  | - |  |  |  | - |  |  |  | 234,845 |
Agricultural real estate loans |  |  | 56,071 |  |  |  | 58,651 |  |  |  | - |  |  |  | - |  |  |  | 58,651 |
Consumer loans |  |  | 29,329 |  |  |  | 29,580 |  |  |  | - |  |  |  | - |  |  |  | 29,580 |
Commercial operating loans |  |  | 30,846 |  |  |  | 25,660 |  |  |  | - |  |  |  | - |  |  |  | 25,660 |
Agricultural operating loans |  |  | 42,258 |  |  |  | 44,398 |  |  |  | - |  |  |  | - |  |  |  | 44,398 |
Total loans receivable |  |  | 499,201 |  |  |  | 504,388 |  |  |  | - |  |  |  | - |  |  |  | 504,388 |
FHLB stock |  |  | 21,245 |  |  |  | 21,245 |  |  |  | - |  |  |  | 21,245 |  |  |  | - |
Accrued interest receivable |  |  | 11,222 |  |  |  | 11,222 |  |  |  | 11,222 |  |  |  | - |  |  |  | - |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing demand deposits |  |  | 1,126,715 |  |  |  | 1,126,715 |  |  |  | 1,126,715 |  |  |  | - |  |  |  | - |
Interest bearing demand deposits, savings, and money markets |  |  | 105,273 |  |  |  | 105,273 |  |  |  | 105,273 |  |  |  | - |  |  |  | - |
Certificates of deposit |  |  | 134,553 |  |  |  | 134,746 |  |  |  | - |  |  |  | 134,746 |  |  |  | - |
Total deposits |  |  | 1,366,541 |  |  |  | 1,366,734 |  |  |  | 1,231,988 |  |  |  | 134,746 |  |  |  | - |
Advances from FHLB |  |  | 7,000 |  |  |  | 8,789 |  |  |  | - |  |  |  | 8,789 |  |  |  | - |
Federal funds purchased |  |  | 470,000 |  |  |  | 470,000 |  |  |  | - |  |  |  | 470,000 |  |  |  | - |
Securities sold under agreements to repurchase |  |  | 10,411 |  |  |  | 10,414 |  |  |  | - |  |  |  | 10,414 |  |  |  | - |
Subordinated debentures |  |  | 10,310 |  |  |  | 10,415 |  |  |  | - |  |  |  | 10,415 |  |  |  | - |
Accrued interest payable |  |  | 318 |  |  |  | 318 |  |  |  | 318 |  |  |  | - |  |  |  | - |
|  | September 30, 2013 |
|  | Carrying |  |  | Estimated |  |  |  |  |  |  |  |  |  |
|  | Amount |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (Dollars in Thousands) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 40,063 |  |  | $ | 40,063 |  |  | $ | 40,063 |  |  | $ | - |  |  | $ | - |
Securities available for sale |  |  | 881,193 |  |  |  | 881,193 |  |  |  | - |  |  |  | 881,193 |  |  |  | - |
Securities held to maturity |  |  | 288,026 |  |  |  | 270,518 |  |  |  | - |  |  |  | 270,518 |  |  |  | - |
Loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family residential mortgage loans |  |  | 82,287 |  |  |  | 72,628 |  |  |  | - |  |  |  | - |  |  |  | 72,628 |
Commercial and multi-family real estate loans |  |  | 192,786 |  |  |  | 200,778 |  |  |  | - |  |  |  | - |  |  |  | 200,778 |
Agricultural real estate loans |  |  | 29,552 |  |  |  | 30,920 |  |  |  | - |  |  |  | - |  |  |  | 30,920 |
Consumer loans |  |  | 30,314 |  |  |  | 30,588 |  |  |  | - |  |  |  | - |  |  |  | 30,588 |
Commercial operating loans |  |  | 16,264 |  |  |  | 15,718 |  |  |  | - |  |  |  | - |  |  |  | 15,718 |
Agricultural operating loans |  |  | 33,750 |  |  |  | 35,175 |  |  |  | - |  |  |  | - |  |  |  | 35,175 |
Total loans receivable |  |  | 384,953 |  |  |  | 385,807 |  |  |  | - |  |  |  | - |  |  |  | 385,807 |
FHLB stock |  |  | 9,994 |  |  |  | 9,994 |  |  |  | - |  |  |  | 9,994 |  |  |  | - |
Accrued interest receivable |  |  | 8,582 |  |  |  | 8,582 |  |  |  | 8,582 |  |  |  | - |  |  |  | - |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing demand deposits |  |  | 1,086,258 |  |  |  | 1,086,258 |  |  |  | 1,086,258 |  |  |  | - |  |  |  | - |
Interest bearing demand deposits, savings, and money markets |  |  | 97,426 |  |  |  | 97,426 |  |  |  | 97,426 |  |  |  | - |  |  |  | - |
Certificates of deposit |  |  | 131,599 |  |  |  | 132,187 |  |  |  | - |  |  |  | 132,187 |  |  |  | - |
Total deposits |  |  | 1,315,283 |  |  |  | 1,315,871 |  |  |  | 1,183,684 |  |  |  | 132,187 |  |  |  | - |
Advances from FHLB |  |  | 7,000 |  |  |  | 9,089 |  |  |  | - |  |  |  | 9,089 |  |  |  | - |
Federal funds purchased |  |  | 190,000 |  |  |  | 190,000 |  |  |  | - |  |  |  | 190,001 |  |  |  | - |
Securities sold under agreements to repurchase |  |  | 9,146 |  |  |  | 9,146 |  |  |  | - |  |  |  | 9,148 |  |  |  | - |
Subordinated debentures |  |  | 10,310 |  |  |  | 10,312 |  |  |  | - |  |  |  | 10,312 |  |  |  | - |
Accrued interest payable |  |  | 291 |  |  |  | 291 |  |  |  | 291 |  |  |  | - |  |  |  | - |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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