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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 30, 2015

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, 2015 and 2014.  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 September 30, 2015
		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		$	13,944			$	-			$	13,944			$	-			$	-			$	-			$	-			$	-
Small business administration securities			56,056				-				56,056				-				-				-				-				-
Obligations of states and political subdivisions			-				-				-				-				19,413				-				19,413				-
Non-bank qualified obligations of states and political subdivisions			608,590				-				608,590				-				261,330				-				261,330				-
Mortgage-backed securities			576,583				-				576,583				-				66,104				-				66,104				-
Total debt securities			1,255,173				-				1,255,173				-				346,847				-				346,847				-
Common equities and mutual funds			914				914				-				-				-				-				-				-
Total securities		$	1,256,087			$	914			$	1,255,173			$	-			$	346,847			$	-			$	346,847			$	-

		Fair Value At September 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			$	-

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, 2015 and 2014.

		Fair Value at September 30, 2015
(Dollars in Thousands)		Total				Level 1				Level 2				Level 3
Impaired Loans, net
Commercial and multi-family real estate loans		$	663			$	-			$	-			$	663
Agricultural operating loans			1,880				-				-				1,880
Total		$	2,543			$	-			$	-			$	2,543

		Fair Value at September 30, 2014
(Dollars in Thousands)		Total				Level 1				Level 2				Level 3
Impaired Loans, net
One to four family residential mortgage loans		$	222			$	-			$	-			$	222
Commercial and multi-family real estate loans			930				-				-				930
Total Impaired Loans			1,152				-				-				1,152
Foreclosed Assets, net			15				-				-				15
Total		$	1,167			$	-			$	-			$	1,167

Quantitative Information about Level 3 Fair Value Measurements

		Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)		Fair Value at September 30, 2015				Fair Value at September 30, 2014			Valuation Technique	Unobservable Input
Impaired Loans, net		$	2,543			$	1,152		Market approach	Appraised values (1)
Foreclosed Assets, net			-				15		Market approach	Appraised values (1)

(1) The Company generally relies on external appraisers to develop 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, 2015 and 2014.

		September 30, 2015
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Financial assets
Cash and cash equivalents		$	27,658			$	27,658			$	27,658			$	-			$	-
Securities available for sale			1,256,087				1,256,087				914				1,255,173				-
Securities held to maturity			345,743				346,847				-				346,847				-
Total securities			1,601,830				1,602,934				914				1,602,020				-
Loans receivable:
One to four family residential mortgage loans			125,021				121,385				-				-				121,385
Commercial and multi-family real estate loans			310,199				314,372				-				-				314,372
Agricultural real estate loans			64,316				66,682				-				-				66,682
Consumer loans			33,527				33,504				-				-				33,504
Commercial operating loans			29,893				23,245				-				-				23,245
Agricultural operating loans			43,626				40,003				-				-				40,003
Premium finance loans			106,505				108,583				-				-				108,583
Total loans receivable			713,087				707,774				-				-				707,774
Federal Home Loan Bank stock			24,410				24,410				-				24,410				-
Accrued interest receivable			13,352				13,352				13,352				-				-
Financial liabilities
Noninterest bearing demand deposits			1,449,101				1,369,672				1,369,672				-				-
Interest bearing demand deposits, savings, and money markets			117,262				115,204				115,204				-				-
Certificates of deposit			91,171				91,304				-				91,304				-
Total deposits			1,657,534				1,576,180				1,484,876				91,304				-
Advances from Federal Home Loan Bank			7,000				8,630				-				8,630				-
Federal funds purchased			540,000				540,000				-				540,000				-
Securities sold under agreements to repurchase			4,007				4,007				-				4,007				-
Subordinated debentures			10,310				10,416				-				10,416				-
Accrued interest payable			272				272				272				-				-

		September 30, 2014
		Carrying Amount				Estimated 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				-
Total securities			1,423,149				1,419,528				825				1,418,703				-
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
Federal Home Loan Bank 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 Federal Home Loan Bank			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				-				-

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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).

+ References

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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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