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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jun. 30, 2018

Fair Value Disclosures [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 June 30, 2018 and September 30, 2017.  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, 2018
	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	50,959				—				50,959				—				—				—				—				—
Obligations of states and political subdivisions	14,370				—				14,370				—				3,826				—				3,826				—
Non-bank qualified obligations of states and political subdivisions	1,083,474				—				1,083,474				—				202,486				—				202,486				—
Asset-backed securities	200,839				—				200,839				—				—				—				—				—
Mortgage-backed securities	575,999				—				575,999				—				7,846				—				7,846				—
Total debt securities	1,925,641				—				1,925,641				—				214,158				—				214,158				—
Common equities and mutual funds	1,896				1,896				—				—				—				—				—				—
Total securities	$	1,927,537			$	1,896			$	1,925,641			$	—			$	214,158			$	—			$	214,158			$	—

	Fair Value At September 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	57,871				—				57,871				—				—				—				—				—
Obligations of states and political subdivisions	—				—				—				—				19,368				—				19,368				—
Non-bank qualified obligations of states and political subdivisions	950,829				—				950,829				—				432,361				—				432,361				—
Asset-backed securities	96,832				—				96,832				—				—				—				—				—
Mortgage-backed securities	586,454				—				586,454				—				112,456				—				112,456				—
Total debt securities	1,691,986				—				1,691,986				—				564,185				—				564,185				—
Common equities and mutual funds	1,445				1,445				—				—				—				—				—				—
Total securities	$	1,693,431			$	1,445			$	1,691,986			$	—			$	564,185			$	—			$	564,185			$	—

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, 2018 and September 30, 2017.

	Fair Value At June 30, 2018
(Dollars in Thousands)	Total				Level 1				Level 2				Level 3
Impaired Loans, net
1-4 family residential mortgage loans	$	110			$	—			$	—			$	110
Total Impaired Loans	110				—				—				110
Foreclosed Assets, net	$	29,922			$	—			$	—			$	29,922
Total	$	30,032			$	—			$	—			$	30,032

	Fair Value At September 30, 2017
(Dollars in Thousands)	Total				Level 1				Level 2				Level 3
Foreclosed Assets, net	292				—				—				292
Total	$	292			$	—			$	—			$	292

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in Thousands)

Fair Value at June 30, 2018

Fair Value at September 30, 2017

Valuation Technique

Unobservable Input

Range of Inputs

Impaired Loans, net

$

110

—

Market approach

Appraised values (1)

4.00 - 10.00%

Foreclosed Assets, net

$

29,922

292

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, 2018 and September 30, 2017.

	June 30, 2018
	Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
	(Dollars in Thousands)
Financial assets
Cash and cash equivalents	$	71,276			$	71,276			$	71,276			$	—			$	—
Securities available for sale	1,927,537				1,927,537				1,896				1,925,641				—
Securities held to maturity	224,378				214,158				—				214,158				—
Total securities	2,151,915				2,141,695				1,896				2,139,799				—
Loans receivable:
One to four family residential mortgage loans	214,754				213,285				—				—				213,285
Commercial and multi-family real estate loans	716,495				706,662				—				—				706,662
Agricultural real estate loans	35,475				34,821				—				—				34,821
Consumer loans	258,158				274,871				—				—				274,871
Commercial operating loans	46,069				45,505				—				—				45,505
Agricultural operating loans	24,621				24,423				—				—				24,423
CML insurance premium finance loans	303,603				302,898				—				—				302,898
Total loans receivable	1,599,175				1,602,465				—				—				1,602,465
Federal Home Loan Bank stock	7,446				7,446				—				7,446				—
Accrued interest receivable	17,825				17,825				17,825				—				—
Financial liabilities
Non-interest bearing demand deposits	2,637,987				2,637,987				2,637,987				—				—
Interest bearing demand deposits, savings, and money markets	205,536				205,536				205,536				—				—
Certificates of deposit	57,151				56,381				—				56,381				—
Wholesale non-maturing deposits	74,061				74,061				74,061				—				—
Wholesale certificates of deposit	546,898				546,155				—				546,155				—
Total deposits	3,521,633				3,520,120				2,917,584				602,536				—
Federal funds purchased	24,000				24,000				24,000				—				—
Securities sold under agreements to repurchase	3,226				3,226				—				3,226				—
Capital lease	1,892				1,892				—				1,892				—
Trust preferred securities	10,310				10,464				—				10,464				—
Subordinated debentures	73,442				75,188				—				75,188				—
Accrued interest payable	3,705				3,705				3,705				—				—

	September 30, 2017
	Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
	(Dollars in Thousands)
Financial assets
Cash and cash equivalents	$	1,267,586			$	1,267,586			$	1,267,586			$	—			$	—
Securities available for sale	1,693,431				1,693,431				1,445				1,691,986				—
Securities held to maturity	563,529				564,185				—				564,185				—
Total securities	2,256,960				2,257,616				1,445				2,256,171				—
Loans receivable:
One to four family residential mortgage loans	196,706				196,970				—				—				196,970
Commercial and multi-family real estate loans	585,510				576,330				—				—				576,330
Agricultural real estate loans	61,800				61,584				—				—				61,584
Consumer loans	163,004				163,961				—				—				163,961
Commercial operating loans	35,759				35,723				—				—				35,723
Agricultural operating loans	33,594				32,870				—				—				32,870
CML insurance premium finance loans	250,459				250,964				—				—				250,964
Total loans receivable	1,326,832				1,318,402				—				—				1,318,402
Federal Home Loan Bank stock	61,123				61,123				—				61,123				—
Accrued interest receivable	19,380				19,380				19,380				—				—
Financial liabilities
Non-interest bearing demand deposits	2,454,057				2,454,057				2,454,057				—				—
Interest bearing demand deposits, savings, and money markets	169,557				169,557				169,557				—				—
Certificates of deposit	123,637				123,094				—				123,094				—
Wholesale non-maturing deposits	18,245				18,245				18,245				—				—
Wholesale certificates of deposits	457,928				457,509				—				457,509				—
Total deposits	3,223,424				3,222,462				2,641,859				580,603				—
Advances from Federal Home Loan Bank	415,000				415,003				—				415,003				—
Federal funds purchased	987,000				987,000				987,000				—				—
Securities sold under agreements to repurchase	2,472				2,472				—				2,472				—
Capital lease	1,938				1,938				—				1,938				—
Trust preferred securities	10,310				10,447				—				10,447				—
Subordinated debentures	73,347				76,500				—				76,500				—
Accrued interest payable	2,280				2,280				2,280				—				—

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- Definition

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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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