FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jun. 30, 2017

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 June 30, 2017 and September 30, 2016. 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 June 30, 2017
	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
Small business administration securities	102,060		—		102,060		—		—		—		—		—
Obligations of states and political subdivisions	—		—		—		—		19,638		—		19,638		—
Non-bank qualified obligations of states and political subdivisions	917,875		—		917,875		—		446,475		—		446,475		—
Asset-backed securities	120,304		—		120,304		—		—		—		—		—
Mortgage-backed securities	666,424		—		666,424		—		115,808		—		115,808		—
Total debt securities	1,806,663		—		1,806,663		—		581,921		—		581,921		—
Common equities and mutual funds	1,445		1,445		—		—		—		—		—		—
Total securities	$	1,808,108	$	1,445	$	1,806,663	$	—	$	581,921	$	—	$	581,921	$	—



	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 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	$	—

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes the assets of the Company that were measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of June 30, 2017 and September 30, 2016.



	Fair Value At June 30, 2017
(Dollars in Thousands)	Total		Level 1		Level 2		Level 3
Impaired Loans, net
Total Impaired Loans	$	—	$	—	$	—	$	—
Foreclosed Assets, net	$	364	$	—	$	—	$	364
Total	$	364	$	—	$	—	$	364



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

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in Thousands)

Fair Value at
June 30, 2017

Fair Value at
September 30, 2016

Valuation
Technique

Unobservable Input

Range of Inputs

Impaired Loans, net

—

Market approach

Appraised values ⁽¹⁾

4.00 - 10.00%

Foreclosed Assets, net

364

Market approach

Appraised values ⁽¹⁾

4.00 - 10.00%


⁽¹⁾	The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating 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 June 30, 2017 and September 30, 2016.



	June 30, 2017
	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
	(Dollars in Thousands)
Financial assets
Cash and cash equivalents	$	65,630	$	65,630	$	65,630	$	—	$	—

Securities available for sale	1,808,108		1,808,108		1,445		1,806,663		—
Securities held to maturity	582,128		581,921		—		581,921		—
Total securities	2,390,236		2,390,029		1,445		2,388,584		—

Loans receivable:
One to four family residential mortgage loans	190,731		188,813		—		—		188,813
Commercial and multi-family real estate loans	493,859		484,155		—		—		484,155
Agricultural real estate loans	62,521		62,275		—		—		62,275
Consumer loans	172,151		173,416		—		—		173,416
Commercial operating loans	39,076		38,965		—		—		38,965
Agricultural operating loans	35,471		35,395		—		—		35,395
Premium finance loans	231,587		231,573		—		—		231,573
Total loans receivable	1,225,396		1,214,592		—		—		1,214,592

Federal Home Loan Bank stock	16,323		16,323		—		16,323		—
Accrued interest receivable	21,831		21,831		21,831		—		—

Financial liabilities
Noninterest bearing demand deposits	2,481,673		2,481,673		2,481,673		—		—
Interest bearing demand deposits, savings, and money markets	142,929		142,929		142,929		—		—
Certificates of deposit	83,760		83,190		—		83,190		—
Wholesale non-maturing deposits	23,505		23,505		23,505		—		—
Wholesale certificates of deposit	421,352		420,680		—		420,680		—
Total deposits	3,153,219		3,151,977		2,648,107		503,870		—

Advances from Federal Home Loan Bank	7,000		7,807		—		7,807		—
Federal funds purchased	275,000		275,000		275,000		—		—
Securities sold under agreements to repurchase	2,100		2,100		—		2,100		—
Capital lease	1,958		1,958		—		1,958		—
Trust preferred securities	10,310		10,446		—		10,446		—
Subordinated debentures	73,312		75,750		—		75,750		—
Accrued interest payable	2,463		2,463		2,463		—		—



	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
Noninterest 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 lease	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		—		—