FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 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 September 30, 2017 and 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 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	$	—



	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	$	—

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, 2017 and 2016.



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



	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	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 September 30, 2017		Fair Value at September 30, 2016		Valuation Technique	Unobservable Input
Impaired Loans, net	$	—	$	68	Market approach	Appraised values ⁽¹⁾
Foreclosed Assets, net	292		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, 2017 and 2016.



	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
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 leases	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		—		—



	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	10,310		10,437		—		10,437		—
Subordinated debentures	73,211		77,250		—		77,250		—
Accrued interest payable	875		875		875		—		—