FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 30, 2016

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, 2016 and 2015. 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, 2016
	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	$	12,978	$	—	$	12,978	$	—	$	—	$	—	$	—	$	—
Small business administration securities	80,719		—		80,719		—		—		—		—		—
Obligations of states and political subdivisions	—		—		—		—		20,937		—		20,937		—
Non-bank qualified obligations of states and political subdivisions	698,672		—		698,672		—		477,202		—		477,202		—
Asset-backed securities	116,815		—		116,815		—		—		—		—		—
Mortgage-backed securities	558,940		—		558,940		—		134,435		—		134,435		—
Total debt securities	1,468,124		—		1,468,124		—		632,574		—		632,574		—
Common equities and mutual funds	1,125		1,125		—		—		—		—		—		—
Total securities	$	1,469,249	$	1,125	$	1,468,124	$	—	$	632,574	$	—	$	632,574	$	—



	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	$	—

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, 2016 and 2015.



	Fair Value at September 30, 2016
(Dollars in Thousands)	Total		Level 1		Level 2		Level 3
Impaired Loans, net
1-4 family real estate	$	68	$	—	$	—	$	68
Total Impaired Loans	68		—		—		68
Foreclosed Assets, net	76		—		—		76
Total	$	144	$	—	$	—	$	144



	Fair Value At September 30, 2015
(Dollars in Thousands)	Total		Level 1		Level 2		Level 3
Impaired Loans, net
1-4 family real estate	$	—	$	—	$	—	$	—
Commercial and multi-family real estate loans	663		—		—		663
Agricultural operating loans	1,880		—		—		1,880
Total	2,543		—		—		2,543
Foreclosed Assets, net	—		—		—		—
Total	$	2,543	$	—	$	—	$	2,543

Quantitative Information about Level 3 Fair Value Measurements



	Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)	Fair Value at September 30, 2016		Fair Value at September 30, 2015		Valuation Technique	Unobservable Input
Impaired Loans, net	$	68	$	2,543	Market approach	Appraised values ⁽¹⁾
Foreclosed Assets, net	76		—		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, 2016 and 2015.



	September 30, 2016
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in Thousands)
Financial assets
Cash and cash equivalents	$	773,830	$	773,830	$	773,830	$	—	$	—

Securities available for sale	1,469,249		1,469,249		1,125		1,468,124		—
Securities held to maturity	619,853		632,574		—		632,574		—
Total securities	2,089,102		2,101,823		1,125		2,100,698		—

Loans receivable:
One to four family residential mortgage loans	162,298		163,886		—		—		163,886
Commercial and multi-family real estate loans	422,932		422,307		—		—		422,307
Agricultural real estate loans	63,612		63,868		—		—		63,868
Consumer loans	37,094		36,738		—		—		36,738
Commercial operating loans	31,271		31,108		—		—		31,108
Agricultural operating loans	37,083		36,897		—		—		36,897
Premium finance loans	171,604		172,000		—		—		172,000
Total loans receivable	925,894		926,803		—		—		926,803

Federal Home Loan Bank stock	47,512		47,512		—		47,512		—
Accrued interest receivable	17,199		17,199		17,199		—		—

Financial liabilities
Non-interest bearing demand deposits	2,167,522		2,167,522		2,167,522		—		—
Interest bearing demand deposits, savings, and money markets	136,568		136,568		136,568		—		—
Certificates of deposit	125,992		125,772		—		125,772		—
Total deposits	2,430,082		2,429,862		2,304,090		125,772		—

Advances from Federal Home Loan Bank	107,000		108,168		—		108,168		—
Federal funds purchased	992,000		992,000		992,000		—		—
Securities sold under agreements to repurchase	3,039		3,039		—		3,039		—
Capital leases	2,018		2,018		—		2,018		—
Trust preferred securities	10,310		10,437		—		10,437		—
Subordinated debentures	73,211		77,250		—		77,250		—
Accrued interest payable	875		875		875		—		—



	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
Non-interest 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		—
Trust preferred securities	10,310		10,416		—		10,416		—
Accrued interest payable	272		272		272		—		—