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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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).

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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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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.

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