Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | META FINANCIAL GROUP INC | |
Entity Central Index Key | 0000907471 | |
Current Fiscal Year End Date | --09-30 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,449,882 | |
Common Stock, Nonvoting [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 156,461 | $ 99,977 |
Investment securities available for sale, at fair value | 1,081,663 | 1,484,160 |
Mortgage-backed securities available for sale, at fair value | 413,493 | 364,065 |
Investment securities held to maturity, at cost | 146,992 | 163,893 |
Mortgage-backed securities held to maturity, at cost | 7,606 | 7,850 |
Loans held for sale | 59,745 | 15,606 |
Loans and leases | 3,437,980 | 2,944,739 |
Allowance for loan and lease losses | (48,672) | (13,040) |
Federal Home Loan Bank Stock, at cost | 7,436 | 23,400 |
Accrued interest receivable | 20,281 | 22,016 |
Premises, furniture, and equipment, net | 45,457 | 40,458 |
Rental equipment, net | 140,087 | 107,290 |
Bank-owned life insurance | 88,565 | 87,293 |
Foreclosed real estate and repossessed assets | 29,548 | 31,638 |
Goodwill | 307,464 | 303,270 |
Intangible assets | 60,506 | 70,719 |
Prepaid assets | 26,597 | 27,906 |
Deferred taxes | 19,079 | 18,737 |
Other assets | 49,754 | 35,090 |
Total assets | 6,050,042 | 5,835,067 |
LIABILITIES | ||
Noninterest-bearing checking | 3,034,428 | 2,405,274 |
Interest-bearing checking | 183,492 | 111,587 |
Savings deposits | 59,978 | 54,765 |
Money market deposits | 56,563 | 51,995 |
Time certificates of deposit | 154,401 | 276,180 |
Wholesale deposits | 1,481,445 | 1,531,186 |
Total deposits | 4,970,307 | 4,430,987 |
Short-term debt | 11,583 | 425,759 |
Long-term debt | 99,800 | 88,963 |
Accrued interest payable | 9,239 | 7,794 |
Accrued expenses and other liabilities | 135,404 | 133,838 |
Total liabilities | 5,226,333 | 5,087,341 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and September 30, 2018, respectively | 0 | 0 |
Common stock | 395 | 393 |
Additional paid-in capital | 576,406 | 565,811 |
Retained earnings | 258,600 | 213,048 |
Accumulated other comprehensive loss | (10,264) | (33,111) |
Treasury stock, at cost, 114,558 and 24,783 common shares at March 31, 2019 and September 30, 2018, respectively | (4,956) | (1,989) |
Total equity attributable to parent | 820,181 | 744,152 |
Noncontrolling interest | 3,528 | 3,574 |
Total stockholders’ equity | 823,709 | 747,726 |
Total liabilities and stockholders’ equity | 6,050,042 | 5,835,067 |
Common stock, Nonvoting, $.01 par value; 3,000,000 shares authorized, no shares issued or outstanding at June 30, 2018 and September 30, 2017, respectively [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Sep. 30, 2018 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares issued (in shares) | 39,565,496 | 39,192,063 |
Common stock, shares outstanding (in shares) | 39,450,938 | 39,167,280 |
Common Stock, Nonvoting [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 114,558 | 24,783 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Interest and dividend income: | |||||
Loans and leases, including fees | $ 73,670 | $ 17,844 | $ 134,168 | $ 34,287 | |
Mortgage-backed securities | 2,861 | 4,047 | 5,559 | 7,805 | |
Other investments | 11,763 | 11,480 | 23,543 | 22,136 | |
Total interest and dividend income | 88,294 | 33,371 | 163,270 | 64,228 | |
Interest expense: | |||||
Deposits | 14,740 | 2,957 | 25,336 | 4,842 | |
FHLB advances and other borrowings | 2,204 | 3,009 | 6,312 | 5,785 | |
Total interest expense | 16,944 | 5,966 | 31,648 | 10,627 | |
Net interest income | 71,350 | 27,405 | 131,622 | 53,601 | |
Provision for loan and lease losses | 33,318 | 18,343 | 42,417 | 19,411 | |
Net interest income after provision for loan and lease losses | 38,032 | 9,062 | 89,205 | 34,190 | |
Noninterest income: | |||||
Bank-owned life insurance | 631 | 650 | 1,273 | 1,319 | |
Gain (loss) on sale of securities available-for-sale, net (Includes $231 and ($166) reclassified from accumulated other comprehensive income (loss) for net gains (losses) on available for sale securities for the three months ended March 31, 2019 and 2018, respectively and $209 and ($1,176) for the six months ended March 31, 2019 and 2018, respectively) | 231 | (166) | 209 | (1,176) | |
Gain on sale of loans and leases | 1,085 | 0 | 1,951 | 0 | |
Loss on foreclosed real estate | (200) | 0 | (185) | (19) | |
Other income | 2,679 | 414 | 3,556 | 516 | |
Total noninterest income | 105,025 | 97,419 | 142,776 | 126,687 | |
Noninterest expense: | |||||
Compensation and benefits | 49,164 | 32,172 | 82,174 | 54,512 | |
Refund transfer product expense | 7,181 | 9,871 | 7,191 | 9,972 | |
Tax advance product expense | 2,225 | 1,474 | 2,677 | 1,754 | |
Card processing | 6,971 | 7,190 | 14,056 | 13,730 | |
Occupancy and equipment | 7,212 | 4,477 | 13,670 | 9,367 | |
Operating lease equipment depreciation | 4,485 | 0 | 12,251 | 0 | |
Legal and consulting | 4,308 | 3,239 | 8,277 | 5,655 | |
Marketing | 585 | 668 | 1,124 | 1,221 | |
Data processing | 321 | 243 | 758 | 657 | |
Intangible amortization | 5,596 | 2,731 | 9,978 | 4,412 | |
Impairment expense | 9,660 | 0 | 9,660 | 0 | |
Other expense | 12,546 | 6,432 | 22,733 | 11,259 | |
Total noninterest expense | 110,254 | 68,497 | 184,549 | 112,539 | |
Income before income tax expense | 32,803 | 37,984 | 47,432 | 48,338 | |
Income tax (benefit) expense (Includes $58 and ($46) reclassified from accumulated other comprehensive loss for the three months ended March 31, 2019 and 2018, respectively and $52 and ($329) for the six months ended March 31, 2019 and 2018, respectively) | (395) | 6,548 | (2,086) | 12,232 | |
Net income before noncontrolling interest | 33,198 | 31,436 | 49,518 | 36,106 | |
Net income attributable to noncontrolling interest | 1,078 | 0 | 2,000 | 0 | |
Net income attributable to parent | $ 32,120 | $ 31,436 | $ 47,518 | $ 36,106 | |
Earnings per common share | |||||
Basic (in dollars per share) | [1] | $ 0.81 | $ 1.08 | $ 1.21 | $ 1.24 |
Diluted (in dollars per share) | [1] | $ 0.81 | $ 1.08 | $ 1.20 | $ 1.24 |
Refund transfer product fees | |||||
Noninterest income: | |||||
Revenue from contract with customer | $ 31,601 | $ 33,803 | $ 31,862 | $ 33,995 | |
Tax advance product fees | |||||
Noninterest income: | |||||
Revenue from contract with customer | 33,038 | 33,838 | 34,723 | 35,785 | |
Card fees | |||||
Noninterest income: | |||||
Revenue from contract with customer | 23,052 | 26,856 | 42,403 | 52,103 | |
Rental income | |||||
Noninterest income: | |||||
Revenue from contract with customer | 9,890 | 0 | 20,780 | 0 | |
Total noninterest income | 9,890 | 0 | 20,780 | 0 | |
Loan and lease fees | |||||
Noninterest income: | |||||
Revenue from contract with customer | 925 | 1,042 | 2,173 | 2,334 | |
Deposit fees | |||||
Noninterest income: | |||||
Revenue from contract with customer | $ 2,093 | $ 982 | $ 4,031 | $ 1,830 | |
[1] | All share and per share data has been adjusted to reflect the 3-for-1 forward stock split effected by the Company on October 4, 2018. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noninterest income: | ||
Net gain (losses) on available for sale securities reclassified from accumulated other comprehensive income (loss) | $ 231 | $ (166) |
Income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) | $ 58 | $ (46) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interest | $ 33,198 | $ 31,436 | $ 49,518 | $ 36,106 |
Other comprehensive (loss) income: | ||||
Change in net unrealized gain (loss) on debt securities | 25,089 | (35,993) | 31,260 | (43,472) |
(Gain) loss realized in net income | (231) | 166 | (209) | 1,176 |
Total | 24,858 | (35,827) | 31,051 | (42,296) |
Unrealized gain (loss) on currency translation | 116 | 0 | (245) | 0 |
Deferred income tax effect | 6,051 | (8,879) | 7,484 | (11,964) |
Total other comprehensive (loss) income | 18,923 | (26,948) | 23,322 | (30,332) |
Total comprehensive income | 52,121 | 4,488 | 72,840 | 5,774 |
Total comprehensive income attributable to noncontrolling interest | 1,078 | 0 | 2,000 | 0 |
Comprehensive income attributable to parent | $ 51,043 | $ 4,488 | $ 70,840 | $ 5,774 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Parent [Member] | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
Beginning Balance at Sep. 30, 2017 | $ 434,496 | $ 434,496 | $ 288 | $ 258,144 | $ 167,164 | $ 9,166 | $ (266) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on common stock | (2,517) | (2,517) | (2,517) | |||||
Issuance of common shares due to exercise of stock options | 147 | 147 | 147 | |||||
Issuance of common shares due to restricted stock | 2 | 2 | 2 | |||||
Issuance of common shares due to ESOP | 1,606 | 1,606 | 1 | 1,605 | ||||
Shares repurchased for tax withholdings on stock compensation | (2,126) | (2,126) | (726) | (1,400) | ||||
Stock compensation | 6,321 | 6,321 | 6,321 | |||||
Total other comprehensive income | (30,332) | (30,332) | (30,332) | |||||
Net income | 36,106 | 36,106 | 36,106 | |||||
Ending Balance at Mar. 31, 2018 | 443,703 | 443,703 | 291 | 265,491 | 200,753 | (21,166) | (1,666) | 0 |
Beginning Balance at Dec. 31, 2017 | 437,705 | 437,705 | 290 | 262,678 | 170,578 | 5,782 | (1,623) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on common stock | (1,261) | (1,261) | (1,261) | |||||
Issuance of common shares due to exercise of stock options | 147 | 147 | 147 | |||||
Issuance of common shares due to restricted stock | 1 | 1 | 1 | |||||
Shares repurchased for tax withholdings on stock compensation | (455) | (455) | (412) | (43) | ||||
Stock compensation | 3,078 | 3,078 | 3,078 | |||||
Total other comprehensive income | (26,948) | (26,948) | (26,948) | |||||
Net income | 31,436 | 31,436 | 31,436 | |||||
Ending Balance at Mar. 31, 2018 | 443,703 | 443,703 | 291 | 265,491 | 200,753 | (21,166) | (1,666) | 0 |
Beginning Balance at Sep. 30, 2018 | 747,726 | 744,152 | 393 | 565,811 | 213,048 | (33,111) | (1,989) | 3,574 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on common stock | (3,943) | (3,943) | (3,943) | |||||
Issuance of common shares due to exercise of stock options | 54 | 54 | 54 | |||||
Issuance of common shares due to restricted stock | 3 | 3 | 3 | |||||
Issuance of common shares due to ESOP | 2,010 | 2,010 | 2,010 | |||||
Shares repurchased for tax withholdings on stock compensation | (2,967) | (2,967) | (1) | 1 | (2,967) | 0 | ||
Stock compensation | 8,530 | 8,530 | 8,530 | |||||
Total other comprehensive income | 23,322 | 23,322 | 23,322 | |||||
Net income | 49,518 | 47,518 | 47,518 | 2,000 | ||||
Net investment by (distribution to) noncontrolling interests | (2,046) | (2,046) | ||||||
Ending Balance at Mar. 31, 2019 | 823,709 | 820,181 | 395 | 576,406 | 258,600 | (10,264) | (4,956) | 3,528 |
Beginning Balance at Dec. 31, 2018 | 770,728 | 767,461 | 394 | 572,156 | 228,453 | (29,186) | (4,356) | 3,267 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on common stock | (1,973) | (1,973) | (1,973) | |||||
Issuance of common shares due to exercise of stock options | 1 | 1 | 1 | |||||
Shares repurchased for tax withholdings on stock compensation | (600) | (600) | 0 | (600) | ||||
Stock compensation | 4,250 | 4,250 | 4,250 | |||||
Total other comprehensive income | 18,922 | 18,922 | 18,922 | |||||
Net income | 33,198 | 32,120 | 32,120 | 1,078 | ||||
Net investment by (distribution to) noncontrolling interests | (817) | (817) | ||||||
Ending Balance at Mar. 31, 2019 | $ 823,709 | $ 820,181 | $ 395 | $ 576,406 | $ 258,600 | $ (10,264) | $ (4,956) | $ 3,528 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared on common stock (in dollars per share) | [1] | $ 0.05 | $ 0.04 |
[1] | See Notes to Condensed Consolidated Financial Statements.(1)All share and per share data has been adjusted to reflect the 3-for-1 forward stock split effected by the Company on October 4, 2018. |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 49,518 | $ 36,106 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion, net | 28,933 | 19,183 |
Stock compensation | 8,530 | 6,321 |
Provision (recovery): | ||
Loan and lease losses | 42,417 | 19,411 |
Deferred taxes | (7,811) | 126 |
Loans held for sale: | ||
Originations | (42,961) | 0 |
Purchases | (5,940) | 0 |
Proceeds from sales | 36,461 | 0 |
Net change | 8,760 | 0 |
Fair value adjustment of foreclosed real estate | 0 | 23 |
Net realized (gain) loss: | ||
Other assets | (46) | (15) |
Foreclosed real estate or other assets | 185 | 19 |
Available for sale securities, net | (209) | 1,176 |
Loans held for sale | (1,650) | 0 |
Leases receivable and rental equipment | (1,985) | 0 |
Net change: | ||
Other assets | (16,226) | (14,472) |
Accrued interest payable | 1,445 | (965) |
Accrued expenses and other liabilities | 21,951 | 36,779 |
Accrued interest receivable | 1,735 | 1,776 |
Change in bank-owned life insurance value | (1,272) | (1,319) |
Impairment on rental equipment | 6,194 | 0 |
Impairment of intangibles | 111 | 0 |
Net cash provided by operating activities | 128,140 | 104,149 |
Available for sale securities: | ||
Purchases | (222,436) | (323,995) |
Proceeds from sales | 534,779 | 126,373 |
Proceeds from maturities and principal repayments | 66,417 | 71,652 |
Held to maturity: | ||
Proceeds from maturities and principal repayments | 16,225 | 19,863 |
Loans and leases: | ||
Purchases | (144,104) | (88,986) |
Proceeds from sales | 10,857 | 9,582 |
Net change | (399,380) | (143,766) |
Proceeds from sales of foreclosed real estate or other assets | 1,905 | 122 |
Federal Home Loan Bank stock: | ||
Purchases | (358,516) | (477,604) |
Redemption | 374,480 | 520,880 |
Rental equipment: | ||
Purchases | (58,968) | 0 |
Proceeds from sales | 4,962 | 0 |
Net change | 674 | 0 |
Premises and equipment: | ||
Purchases | (8,815) | (3,689) |
Proceeds from sales | 101 | 0 |
Net cash (used in) investing activities | (181,819) | (289,568) |
Cash flows from financing activities: | ||
Checking, savings, and money market deposits | 712,896 | 464,084 |
Time deposits | (121,887) | (51,925) |
Wholesale deposits | (49,777) | (295,086) |
FHLB and other borrowings | 0 | (385,000) |
Federal funds | (422,000) | (703,000) |
Securities sold under agreements to repurchase | (890) | (758) |
Net investment by (distribution to) noncontrolling interests | (2,046) | 0 |
Proceeds from other liabilities | 5,027 | 0 |
Other liabilities | (6,032) | 0 |
Capital lease obligations | (40) | (31) |
Cash dividends paid | (3,943) | (2,517) |
Purchase of shares by ESOP | 2,010 | 1,606 |
Issuance of restricted stock | 3 | 2 |
Proceeds from exercise of stock options & issuance of common stock | 54 | 147 |
Shares repurchased for tax withholdings on stock compensation | (2,967) | (2,126) |
Net cash provided by (used in) financing activities | 110,408 | (974,604) |
Effect of exchange rate changes on cash | (245) | 0 |
Net change in cash and cash equivalents | 56,484 | (1,160,023) |
Cash and cash equivalents at beginning of year | 99,977 | 1,267,586 |
Cash and cash equivalents at end of year | 156,461 | 107,563 |
Supplemental disclosure of cash flow information | ||
Interest | 18,389 | 9,662 |
Income taxes | 1,218 | 3,966 |
Franchise taxes | 73 | 66 |
Other taxes | 465 | 153 |
Supplemental schedule of non-cash investing activities: | ||
Loans and leases to foreclosed real estate or other assets | 0 | (29,922) |
Loans transferred to held for sale | 39,452 | 0 |
Loans transferred to held for sale | 0 | 0 |
Securities transferred from held-to-maturity to available-for-sale | 0 | (306,000) |
Short and long term debt transferred from other liabilities | $ 20,026 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The interim unaudited Condensed Consolidated Financial Statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended September 30, 2018 included in Meta Financial Group, Inc.’s (“Meta” or the “Company”) Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on November 29, 2018. Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements have been omitted. The financial information of the Company included herein has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of the three and six month periods ended March 31, 2019 are not necessarily indicative of the results expected for the fiscal year ending September 30, 2019 . All share and per share data reported in this Form 10-Q has been adjusted to reflect the 3-for-1 forward stock split of the Company's common stock effected by the Company on October 4, 2018. Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income. Certain amounts in the Recorded Investment table presented in Note 4 to the consolidated financial statements have been restated from what was previously reported as of September 30, 2018 on Form 10-K. Loan and lease tables have been conformed to be consistent with the Company's updated presentation of its lending portfolio. The new presentation includes expanding the commercial and consumer finance portfolio to present the lending categories that are included in each, presenting the warehouse finance portfolio as its own category, and condensing the community bank loan categories. Warehouse finance loans were previously included in the consumer finance portfolio. All current and prior period numbers are reflective of this new presentation and total loan and lease balances remained unchanged. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") | 6 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES (ASU) | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") Significant accounting policies in effect and disclosed within the Company’s most recent audited consolidated financial statements as of September 30, 2018 remain substantially unchanged with the exception of the policies impacted by the adoption of noted ASUs below. Adopted ASUs Revenue Recognition - The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , subsequent related Updates (collectively, ASU 2014-09), and ASU 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage of Certain Prepaid Stored-Value Products on October 1, 2018. ASU 2014-09 modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of non-financial assets, unless those contracts are within the scope of other guidance. Upon adoption, the Company recorded a cumulative-effect adjustment of $1.5 million to retained earnings, net of tax, due to changes in timing of revenue recognition from breakage of unregistered, unused prepaid cards in the Company’s Meta Payment Systems (MPS) division. Refer to Note 12. Revenue from Contracts with Customers for additional information. Financial Instruments - The Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities and related Updates (collectively, ASU 2016-01) on October 1, 2018. ASU 2016-01 makes several revisions to Subtopic 825-10, including that ASU 2016-01: (1) requires equity investments to be measured at fair value with changes in fair value recognized in net income, (2) simplifies impairment assessment of equity investments without readily determinable fair value, (3) eliminates requirement to disclose methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost, (4) requires the use of an exit price notion when measuring fair value of financial instruments for disclosure purposes, and (5) requires separate presentation of financial assets and liabilities by measurement category and form of financial asset on the balance sheet and accompanying notes. Upon adoption, the Company recorded a cumulative-effect adjustment that reclassed $0.5 million , net of tax, from accumulated other comprehensive income to retained earnings, due to the Company’s cumulative change in fair value of equity securities with readily determinable fair value. Refer to Note 6. Securities for additional information. The Company also adopted the following ASUs on October 1, 2018, none of which had a material impact on the Company’s consolidated financial statements. – ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments – ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash – ASU 2017-01, Clarifying the Definition of a Business – ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment – ASU 2017-05, Other Income - Gains and Losses from Derecognition of Non-Financial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and accounting for Partial Sales of Non-Financial Assets – ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ASUs to be Adopted Leases - ASU 2016-02, Leases (Topic 842) , and related Updates (collectively Topic 842) will become effective for the Company on October 1, 2019. For lessees, Topic 842 establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with such classification affecting the pattern and classification of expense recognition in the income statement. For lessors, the guidance with Topic 842 is largely unchanged from current guidance. A modified retrospective transition approach is required. An entity may choose to use either (1) the standard’s effective date or (2) the beginning of the earliest comparative period presented in the financial statements, as the date of initial application. The Company expects to adopt Topic 842 using the effective date, October 1, 2019, as the date of initial application. Consequently, financial information will not be updated and disclosures required under Topic 842 will not be provided for dates and periods before October 1, 2019. FASB has released several updates to Topic 842 through subsequent ASUs, many of which allow for practical expedients in transition. The Company expects to elect the ‘package of practical expedients’, which permits the Company to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements, with the latter not being applicable to the Company. The new standard also provides practical expedients for a lessee’s and lessor’s ongoing accounting. The Company expects to elect the short-term lease recognition exemption for all leases that qualify. The Company (as a lessee and lessor) also expects to elect the practical expedient to not separate lease and non-lease components for all of its leases that qualify. As a lessee, the Company expects Topic 842 to have a material effect on its financial statements. While the Company continues to assess the effects of adoption, the Company believes the significant effects will relate to (1) recognition of ROU assets and lease liabilities on the balance sheet for the Company’s office and equipment operating leases; (2) recognition of ROU assets and lease liabilities on the balance sheet for the Company’s service contracts that meet the revised definition of a lease under Topic 842; and (3) providing significant new disclosures about the Company’s leasing activities. The Company is currently implementing a methodology and process to estimate and account for the ROU assets and lease liabilities. As a lessor, the Company continues to assess the effects of adoption, however the Company believes the significant effects will relate to (1) earlier recognition of expense due to a narrower definition of initial direct costs; (2) gross presentation of costs excluded from contract consideration that are reimbursed by the lessee as revenue and expenses on the income statement; and (3) presentation of leasing activities on the Company’s financial statements. The Company is currently in the process of implementing a new lease accounting system, processes and procedures to reflect the new standard. Other Upcoming ASUs - Refer to the Company’s most recently audited consolidated financial statements for the year ended September 30, 2018 for the latest update on ASUs relevant to the Company and not yet adopted as of March 31, 2019 . |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS The Company acquired Crestmark Bancorp, Inc. ("Crestmark") and its bank subsidiary, Crestmark Bank, on August 1, 2018 for a purchase price of $295.8 million paid by issuance of 9,919,512 shares of Meta common stock. The initial accounting for certain liabilities and goodwill were incomplete and the amounts recorded were considered provisional. The Company recognized certain measurement period adjustments as disclosed below during the three months ended March 31, 2019. The amount of goodwill recorded remains provisional, as well as the other assets and liabilities noted in the table below, as more information becomes available related to DC Solar. The measurement period remains open for the Crestmark acquisition until August 1, 2019. The following table summarizes the allocation of the purchase price to net assets of Crestmark as of the August 1, 2018 acquisition date. (Dollars in Thousands) Estimated fair value as previously reported (a) Measurement period adjustments Fair value as adjusted Rental Equipment $ 98,977 $ (3,355 ) $ 95,622 Intangible assets 28,253 (117 ) 28,136 Goodwill 204,547 4,194 208,742 Accrued expenses and other liabilities 88,301 723 89,024 Net other assets 55,464 — 55,464 Noncontrolling interest 3,167 — 3,167 Purchase price 295,773 — 295,773 (a) As previously reported in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018 Measurement Period Adjustments and Impairment - DC Solar The Company previously purchased a portfolio of mobile solar generators ("MSGs") from DC Solar Solutions, Inc. and certain of its affiliates, a relationship in the Company's solar leasing business, and, in turn, leased the MSGs to DC Solar Distribution, Inc., an affiliate of DC Solar Solutions. During the second fiscal quarter of 2019, the Company became aware that the DC Solar entities and their affiliates filed for bankruptcy and the entities, including their principals, are subjects of ongoing federal investigations involving allegations of fraudulent misconduct. The Company had three separate operating leases with DC Solar - two of the transactions were included in the acquired Crestmark balances on August 1, 2018. The third transaction was originated in August 2018 after the Crestmark acquisition date. The Company considered the bankruptcy filing and fraud allegations as new facts and circumstances and concluded the alleged fraud existed at the acquisition date for the acquired DC Solar transactions. As a result, the identified impairment for the acquired DC Solar transactions and other related adjustments were recorded as measurement period adjustments to the acquired assets and liability amounts recognized and were offset through provisional goodwill. The impairment and related adjustments for the DC Solar transaction originated post-acquisition are reflected in current earnings. The Company continues to gather information about the situation and, as of the date of this filing, has identified and located 175 of 176 of the underlying assets, however the timing and extent to which the Company will be able to recover and re-lease the underlying assets remains uncertain, due in part to claims by third parties as to their potential interests in the underlying assets. The adjustments to goodwill and impairment recognized for the DC Solar events reflect the Company's best estimate of the potential loss incurred, based on the Company's present understanding of the relevant facts. Assumptions utilized in the estimate included recoverability of the MSGs and the Company's ability to re-lease them, contractual rents, and residual values. As new facts and circumstances become available, the Company will assess any remaining exposure with respect to these DC Solar matters to determine whether additional adjustments to goodwill and/or impairment loss is necessary. As long as the required criteria under GAAP are met, the Company will continue to account for adjustments to the acquired DC Solar transactions as adjustments to goodwill until the measurement period closes, which will not extend beyond August 1, 2019. The table below reflects the net impact of the foregoing DC Solar matters, based upon the Company's present understanding of the relevant facts and circumstances, to the Company's financial statements at March 31, 2019 and for the three months ended March 31, 2019. Increase (Decrease) Balance Sheet: (Dollars in Thousands) Operating lease equipment $ (12,589 ) Goodwill 1,968 Other assets (394 ) Liabilities (4,461 ) Total balance sheet impact $ (6,554 ) Regulatory capital impact $ (8,522 ) Income (Expense) Income Statement: Rental income $ 1,633 Other income 315 Impairment (9,549 ) Income tax benefit 1,047 Impact to net income $ (6,554 ) Measurement Period Adjustments - Other The Company recorded additional measurement period adjustments in the second fiscal quarter of 2019 for provisional tax and compensation liabilities assumed through the Crestmark acquisition. The Company obtained additional information about facts and circumstances existing at the Crestmark acquisition date that resulted in an increase to liabilities and goodwill recognized of $2.2 million . |
LOANS AND LEASES, NET
LOANS AND LEASES, NET | 6 Months Ended |
Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS AND LEASES, NET | LOANS AND LEASES, NET Loan and lease tables have been conformed to be consistent with the Company's updated categorization of its lending portfolio between National Lending and Community Banking. Loans and leases at March 31, 2019 and September 30, 2018 were as follows: March 31, 2019 September 30, 2018 National Lending (Dollars in Thousands) Asset based lending $ 572,210 $ 477,917 Factoring 287,955 284,221 Lease financing 321,414 265,315 Insurance premium finance 307,875 337,877 SBA/USDA 77,481 59,374 Other commercial finance 98,956 85,145 Commercial finance 1,665,891 1,509,849 Consumer credit products 139,617 80,605 Other consumer finance 170,824 189,756 Consumer finance (1) 310,441 270,361 Tax services 84,824 1,073 Warehouse finance (1) 186,697 65,000 Total National Lending 2,247,853 1,846,283 Community Banking Commercial real estate and operating 869,917 790,890 Consumer one-to-four family real estate and other 257,079 247,318 Agricultural real estate and operating 60,167 60,498 Total Community Banking 1,187,163 1,098,706 Total gross loans and leases 3,435,016 2,944,989 Allowance for loan and lease losses (48,672 ) (13,040 ) Net deferred loan origination fees (costs) 2,964 (250 ) Total loans and leases, net (2) $ 3,389,308 $ 2,931,699 (1) Warehouse finance loans are presented in their own line. Previously these balances were included with consumer finance loans. Prior period balances have also been adjusted to reflect this change. (2) As of March 31, 2019, the remaining balance of acquired loans and leases from the Crestmark acquisition was $591.1 million and the remaining balances of the credit and interest rate mark discounts related to the acquired loans and leases held for investment were $8.7 million and $4.5 million , respectively, while the remaining balance of the interest rate mark premium related to the acquired loans held for sale was $0.8 million . On August 1, 2018, the Company acquired loans and leases from the Crestmark acquisition totaling $1.06 billion and recorded related credit and interest rate mark discounts of $12.3 million and $6.0 million , respectively. During the six months ended March 31, 2019, the Company transferred $39.5 million of consumer credit product loans to held for sale and originated $43.0 million of SBA/USDA and consumer credit product loans as held for sale. The Company sold held for sale loans resulting in proceeds of $36.5 million and gains on sale of $1.7 million during the six months ended March 31, 2019. During the six months ended March 31, 2018, the Company did not designate any loans as held for sale or sell any held for sale loans. Loans purchased and sold by portfolio segment, including participation interests, for the three and six months ended March 31, 2019 and 2018 were as follows: Three Months Ended Six Months Ended March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Loans Purchased (Dollars in Thousands) Loans held for sale $ 5,940 $ — $ 5,940 $ — Loans held for investment: Total National Lending 10,621 — 125,591 72,751 Total Community Banking 7,432 13,823 18,513 16,235 Total purchases 23,933 13,823 150,044 88,986 Loans Sold Loans held for sale 28,051 — 34,904 — Loans held for investment: Total Community Banking 10,479 3,666 10,857 9,582 Total sales $ 38,530 $ 3,666 $ 45,761 $ 9,582 The net investment in direct financing and sales-type leases is comprised of the following as of March 31, 2019 and September 30, 2018 . March 31, 2019 September 30, 2018 (Dollars in Thousands) Minimum lease payments receivable $ 366,361 $ 301,835 Estimated residual value of leased equipment 11,328 12,406 Unamortized initial direct costs 4,190 1,806 Premium on acquired leases 9 26 Unearned income (56,266 ) (48,949 ) Net investment in direct financing and sales-type leases $ 325,622 $ 267,124 Future minimum lease payments receivable on noncancelable direct financing and sales-type leases were as follows as of March 31, 2019 . As of March 31, 2019 (Dollars in thousands) Remaining in 2019 $ 69,316 2020 115,307 2021 90,333 2022 55,328 2023 29,147 2024 and thereafter 6,930 Total $ 366,361 The Company did not record any contingent rental income from sales-type and direct financing leases in the six months ended March 31, 2019 . Activity in the allowance for loan and lease losses and balances of loans and leases by portfolio segment for each of the three and six months ended March 31, 2019 and 2018 was as follows: Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 2,065 $ 1,365 $ — $ 69 $ 3,499 Factoring 1,062 1,799 (1,125 ) 25 1,761 Lease financing 1,084 1,671 (1,044 ) 254 1,965 Insurance premium finance 972 1,797 (1,877 ) 27 919 SBA/USDA 253 221 — — 474 Other commercial finance 291 234 — — 525 Commercial finance 5,727 7,087 (4,046 ) 375 9,143 Consumer credit products 1,151 163 — — 1,314 Other consumer finance 4,222 3,336 (2,456 ) 28 5,130 Consumer finance 5,373 3,499 (2,456 ) 28 6,444 Tax services 1,546 22,473 (1 ) 84 24,102 Warehouse finance 176 9 — — 185 Total National Lending 12,822 33,068 (6,503 ) 487 39,874 Community Banking Commercial real estate and operating 6,570 103 — — 6,673 Consumer one-to-four family real estate and other 719 259 (20 ) — 958 Agricultural real estate and operating 1,179 (112 ) — 100 1,167 Total Community Banking 8,468 250 (20 ) 100 8,798 Total $ 21,290 $ 33,318 $ (6,523 ) $ 587 $ 48,672 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Six Months Ended March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 107 $ 3,528 $ (262 ) $ 126 $ 3,499 Factoring 64 3,022 (1,375 ) 50 1,761 Lease financing 59 1,542 (1,462 ) 1,826 1,965 Insurance premium finance 1,031 1,890 (2,085 ) 83 919 SBA/USDA 13 461 — — 474 Other commercial finance 28 497 — — 525 Commercial finance 1,302 10,940 (5,184 ) 2,085 9,143 Consumer credit products 785 529 — — 1,314 Other consumer finance 2,820 6,359 (4,079 ) 30 5,130 Consumer finance 3,605 6,888 (4,079 ) 30 6,444 Tax services — 23,969 (43 ) 176 24,102 Warehouse finance 65 120 — — 185 Total National Lending 4,972 41,917 (9,306 ) 2,291 39,874 Community Banking Commercial real estate and operating 6,220 453 — — 6,673 Consumer one-to-four family real estate and other 632 346 (20 ) — 958 Agricultural real estate and operating 1,216 (299 ) — 250 1,167 Total Community Banking 8,068 500 (20 ) 250 8,798 Total $ 13,040 $ 42,417 $ (9,326 ) $ 2,541 $ 48,672 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2018 (Dollars in Thousands) National Lending Insurance premium finance $ 725 $ 214 $ (339 ) $ 146 $ 746 Other commercial finance 4 — — — 4 Commercial finance 729 214 (339 ) 146 750 Tax services 1,435 18,129 — 9 19,573 Total National Lending 2,164 18,343 (339 ) 155 20,323 Community Banking Commercial real estate and operating 3,149 951 — — 4,100 Consumer one-to-four family real estate and other 665 233 — 3 901 Agricultural real estate and operating 1,984 (1,273 ) — 54 765 Unallocated 900 89 — — 989 Total Community Banking 6,698 — — 57 6,755 Total $ 8,862 $ 18,343 $ (339 ) $ 212 $ 27,078 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Six Months Ended March 31, 2018 (Dollars in Thousands) National Lending Insurance premium finance $ 796 $ 265 $ (468 ) $ 153 $ 746 Other commercial finance 4 — — — 4 Commercial finance 800 265 (468 ) 153 750 Tax services 5 19,146 — 422 19,573 Total National Lending 805 19,411 (468 ) 575 20,323 Community Banking Commercial real estate and operating 2,820 1,280 — — 4,100 Consumer one-to-four family real estate and other 809 120 (31 ) 3 901 Agricultural real estate and operating 2,574 (1,863 ) — 54 765 Unallocated 526 463 — — 989 Total Community Banking 6,729 — (31 ) 57 6,755 Total $ 7,534 $ 19,411 $ (499 ) $ 632 $ 27,078 Allowance Loans and Leases Recorded Investment Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Total Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Total As of March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 62 $ 3,437 $ 3,499 $ 5,965 $ 566,245 $ 572,210 Factoring 12 1,749 1,761 6,034 281,921 287,955 Lease financing 67 1,898 1,965 2,299 319,115 321,414 Insurance premium finance — 919 919 — 307,875 307,875 SBA/USDA — 474 474 — 77,481 77,481 Other commercial finance — 525 525 — 98,956 98,956 Commercial finance 141 9,002 9,143 14,298 1,651,593 1,665,891 Consumer credit products — 1,314 1,314 — 139,617 139,617 Other consumer finance — 5,130 5,130 1,236 169,588 170,824 Consumer finance — 6,444 6,444 1,236 309,205 310,441 Tax services — 24,102 24,102 — 84,824 84,824 Warehouse finance — 185 185 — 186,697 186,697 Total National Lending 141 39,733 39,874 15,534 2,232,319 2,247,853 Community Banking Commercial real estate and operating — 6,673 6,673 — 869,917 869,917 Consumer one-to-four family real estate and other — 958 958 134 256,945 257,079 Agricultural real estate and operating — 1,167 1,167 1,220 58,947 60,167 Total Community Banking — 8,798 8,798 1,354 1,185,809 1,187,163 Total $ 141 $ 48,531 $ 48,672 $ 16,888 $ 3,418,128 $ 3,435,016 Allowance Loans and Leases Recorded Investment Ending balance: individually evaluated for impairment (1) Ending balance: collectively evaluated for impairment (1) Total Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Total As of September 30, 2018 (Dollars in Thousands) National Lending Asset based lending $ — $ 107 $ 107 $ 1,404 $ 476,513 $ 477,917 Factoring — 64 64 3,331 280,890 284,221 Lease financing — 59 59 8,877 256,438 265,315 Insurance premium finance — 1,031 1,031 — 337,877 337,877 SBA/USDA — 13 13 — 59,374 59,374 Other commercial finance — 28 28 — 85,145 85,145 Commercial finance — 1,302 1,302 13,612 1,496,237 1,509,849 Consumer credit products — 785 785 — 80,605 80,605 Other consumer finance — 2,820 2,820 — 189,756 189,756 Consumer finance — 3,605 3,605 — 270,361 270,361 Tax services — — — — 1,073 1,073 Warehouse finance — 65 65 — 65,000 65,000 Total National Lending — 4,972 4,972 13,612 1,832,671 1,846,283 Community Banking Commercial real estate and operating — 6,220 6,220 451 790,439 790,890 Consumer one-to-four family real estate and other — 632 632 94 247,224 247,318 Agricultural real estate and operating — 1,216 1,216 1,454 59,044 60,498 Total Community Banking — 8,068 8,068 1,999 1,096,707 1,098,706 Total $ — $ 13,040 $ 13,040 $ 15,611 $ 2,929,378 $ 2,944,989 (1) Balances have been restated from what was previously reported as of September 30, 2018 on the Company's Annual Report on Form 10-K for its fiscal year ended September 30, 2018. Federal regulations provide for the classification of loans and other assets such as debt and equity securities considered by the Bank's primary regulator, the Office of the Comptroller of the Currency (the “OCC”), to be of lesser quality as “substandard,” “doubtful” or “loss.” The loan and lease classification and risk rating definitions are as follows: Pass- A pass asset is of sufficient quality in terms of repayment, collateral and management to preclude a special mention or an adverse rating. Watch- A watch asset is generally a credit performing well under current terms and conditions but with identifiable weakness meriting additional scrutiny and corrective measures. Watch is not a regulatory classification but can be used to designate assets that are exhibiting one or more weaknesses that deserve management’s attention. These assets are of better quality than special mention assets. Special Mention- Special mention assets are a credit with potential weaknesses deserving management’s close attention and, if left uncorrected, may result in deterioration of the repayment prospects for the asset. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special mention is a temporary status with aggressive credit management required to garner adequate progress and move to watch or higher. The adverse classifications are as follows: Substandard- A substandard asset is inadequately protected by the net worth and/or repayment ability or by a weak collateral position. Assets so classified will have well-defined weaknesses creating a distinct possibility the Bank will sustain some loss if the weaknesses are not corrected. Loss potential does not have to exist for an asset to be classified as substandard. Doubtful- A doubtful asset has weaknesses similar to those classified substandard, with the degree of weakness causing the likely loss of some principal in any reasonable collection effort. Due to pending factors, the asset’s classification as loss is not yet appropriate. Loss- A loss asset is considered uncollectible and of such little value that the asset’s continuance on the Bank’s balance sheet is no longer warranted. This classification does not necessarily mean an asset has no recovery or salvage value leaving room for future collection efforts. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. When assets are classified as “loss,” the Company is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount. The Company's determinations as to the classification of its assets and the amount of its valuation allowances are subject to review by its regulatory authorities, which may order the establishment of additional general or specific loss allowances. The Company recognizes that concentrations of credit may naturally occur and may take the form of a large volume of related loans and leases to an individual, a specific industry, or a geographic location. Credit concentration is a direct, indirect, or contingent obligation that has a common bond where the aggregate exposure equals or exceeds a certain percentage of the Company’s Tier 1 Capital plus the Allowance for Loan and Lease Losses. The asset classification of loans and leases at March 31, 2019 and September 30, 2018 were as follows: Asset Classification Pass Watch Special Mention Substandard Total March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 493,351 $ — $ 72,894 $ 5,965 $ 572,210 Factoring 237,880 — 44,041 6,034 287,955 Lease financing 303,742 — 14,652 3,020 321,414 Insurance premium finance 307,875 — — — 307,875 SBA/USDA 63,428 — 14,053 — 77,481 Other commercial finance 98,380 — 576 — 98,956 Commercial finance 1,504,656 — 146,216 15,019 1,665,891 Consumer credit products 139,617 — — — 139,617 Other consumer finance 170,824 — — — 170,824 Consumer finance 310,441 — — — 310,441 Tax services 84,824 — — — 84,824 Warehouse finance 186,697 — — — 186,697 Total National Lending 2,086,618 — 146,216 15,019 2,247,853 Community Banking Commercial real estate and operating 857,897 6,672 5,348 — 869,917 Consumer one-to-four family real estate and other 253,698 2,999 306 76 257,079 Agricultural real estate and operating 43,260 5,331 3,038 8,538 60,167 Total Community Banking 1,154,855 15,002 8,692 8,614 1,187,163 Total loans and leases $ 3,241,473 $ 15,002 $ 154,908 $ 23,633 $ 3,435,016 Asset Classification Pass Watch Special Mention Substandard Total September 30, 2018 (Dollars in Thousands) National Lending Asset based lending $ 418,635 $ — $ 57,877 $ 1,405 $ 477,917 Factoring 248,246 — 32,644 3,331 284,221 Lease financing 252,487 — 3,951 8,877 265,315 Insurance premium finance 336,296 — 1,581 — 337,877 SBA/USDA 39,093 — 20,281 — 59,374 Other commercial finance 85,145 — — — 85,145 Commercial finance 1,379,902 — 116,334 13,613 1,509,849 Consumer credit products 80,605 — — — 80,605 Other consumer finance 189,756 — — — 189,756 Consumer finance 270,361 — — — 270,361 Tax services 1,073 — — — 1,073 Warehouse finance 65,000 — — — 65,000 Total National Lending 1,716,336 — 116,334 13,613 1,846,283 Community Banking Commercial real estate and operating 778,445 12,251 194 — 790,890 Consumer one-to-four family real estate and other 246,463 537 239 79 247,318 Agricultural real estate and operating 42,292 2,447 4,872 10,887 60,498 Total Community Banking 1,067,200 15,235 5,305 10,966 1,098,706 Total loans and leases $ 2,783,536 $ 15,235 $ 121,639 $ 24,579 $ 2,944,989 National Lending (Commercial Finance, Consumer Finance, Tax Services and Warehouse Finance) Commercial Finance The Company's commercial finance product lines include asset-based lending, factoring, leasing, commercial insurance premium finance, and other commercial finance products offered on a nationwide basis. Asset-based lending and factoring primarily service small businesses that are startups, distressed and/or generally that may not otherwise qualify for traditional bank financing. Leasing focuses on providing equipment finance solutions to mid-market companies. These product offerings supplement the asset generation capacity in our community bank and tax services divisions and enhance the overall yield of our loan and lease portfolio, enabling us to earn attractive risk-adjusted net interest margins. Asset-Based Lending . Through its Crestmark division, the Bank provides asset-based loans secured by debtors' short-term assets such as inventory, accounts receivable, and work-in-process. Asset-based loans may also be secured by real estate and equipment. The primary sources of repayment are the operating income of the borrower, the collection of the receivables securing the loan, and/or the sale of the inventory securing the loan. Loans are typically revolving lines of credit with terms of one to three years, whereby the Bank withholds a contingency reserve representing the difference between the amount advanced and the fair value of the invoice amount or other collateral value. Credit risk is managed through advance rates appropriate for the collateral, standardized loan policies, established and authorized credit limits, attentive portfolio management and the use of lock box agreements and similar arrangements that result in the Company receiving and controlling the debtors' cash receipts. The Bank also originates collateralized term loans and notes receivable, with terms ranging from three to 25 years. Factoring. Through its Crestmark division, the Bank provides factoring lending where clients provide detailed inventory, accounts receivable, and work-in-process reports for lending arrangements. The factoring clients are diversified as to industry and geography. With these loans, the Crestmark division withholds a contingency reserve, which is the difference between the fair value of the invoice amount or other collateral value and the amount advanced. This reserve is withheld for nonpayment of factored receivables, service fees and other adjustments. Credit risk is managed through standardized advance policies, established and authorized credit limits, verification of receivables, attentive portfolio management and the use of lock box agreements and similar arrangements that result in the Company receiving and controlling the client's cash receipts. In addition, clients generally guarantee the payment of purchased accounts receivable. Lease Financing. Through its Crestmark division, the Bank provides creative, flexible lease solutions for technology, capital equipment and select transportation assets like tractors and trailers. Direct financing leases and sales-type leases substantially transfer the benefits and risks of equipment ownership to the lessee. The lease may contain provisions that transfer ownership to the lessee at the end of the initial term, contain a bargain purchase option or allow for purchase of the equipment at fair market value. Residual values are estimated at the inception of the lease. Lease maturities are generally no greater than 84 months. The focus in this lease financing category is to support middle market companies by providing a variety of financing products to help them meet their business objectives. Insurance Premium Finance. Through its AFS/IBEX division the Bank provides, on a national basis, short-term, primarily collateralized financing to facilitate the commercial customers’ purchase of insurance for various forms of risk, otherwise known as insurance premium financing. This includes, but is not limited to, policies for commercial property, casualty and liability risk. Premiums are advanced either directly to the insurance carrier or through an intermediary/broker and repaid by the policyholder with interest during the policy term. The policyholder generally makes a 20% to 25% down payment to the insurance broker and finances the remainder over nine to 10 months on average. The down payment is set such that if the policy is canceled, the unearned premium is typically sufficient to cover the loan balance and accrued interest. The AFS/IBEX division markets itself to the insurance community as a competitive option based on service, reputation, competitive terms, cost and ease of operation. Small Business Administration ("SBA") and United States Department of Agriculture ("USDA"). The Bank originates loans through programs partially guaranteed by the SBA or USDA. These loans are made to small businesses and professionals with what the Bank believes are lower risk characteristics. Other Commercial Finance. Included in this category of loans are the Company's healthcare receivables loan portfolio primarily comprised of loans to individuals for medical services received. The majority of these loans are guaranteed by the hospital providing the service to the debtor and this guarantee serves to reduce credit risk as the guarantors agree to repurchase severely delinquent loans. Credit risk is minimized on these loans based on the guarantor’s repurchase agreement. This loan category also includes commercial real estate loans to customers of the Crestmark division. Consumer Finance Consumer Credit Products. Through the acquisition of Specialty Consumer Services, the Bank acquired a platform that provides a total solution for marketplace lending, including underwriting and loan management in the direct-to-consumer credit business. The acquired platform allows the Bank to provide innovative lending solutions through consumer credit products. The Company designs and structures its credit programs in an effort to insulate the Company from program losses and to potentially increase the liquidity attributes of such lending programs' marketability to potential bank or other purchasers. While each program is different, all contain one or more types of credit enhancements, loss protections, or trigger events. When determining the applicable program enhancement, generally, the Company uses proprietary data provided by the Company’s partner, with respect to such program, supplemented with public data to design and shape appropriate loss curves, as well as implement stresses significantly higher than base to provide protection in changing credit cycles. Credit enhancements are typically built through holding excess program interest and fees in a reserve account to pay program credit losses. Cash flow waterfall positioning allows for losses and Company program principal and interest to be paid, under certain circumstances, before servicing or other program expenses. Trigger events allow programs and originations to be suspended if certain vintage loss limits, during a specific period of time, are triggered or if cumulative loss percentages are triggered. These triggers are designed to allow the Company to address potential issues quickly. Other trigger events in certain programs provide for excess credit or reserve enhancements, which could be beyond excess interest amounts, if certain loss triggers are breached. The Bank applies a reserve for loan losses of approximately 1% on outstanding loan balances within each of the consumer credit product programs. Through March 31, 2019 , the Bank has launched two consumer credit programs. During the second quarter of fiscal 2018, the Bank entered into a three-year program agreement with Liberty Lending, LLC ("Liberty Lending") whereby the Bank provides personal loans to Liberty Lending customers. The Bank and Liberty Lending market the program jointly through a wide variety of marketing channels. The loan products under the agreement with Liberty Lending are closed-end installment loans ranging from $3,500 to $45,000 in initial principal amount with durations of between 13 and 60 months. The Bank entered into a three-year agreement with Health Credit Services ("HCS") during the third quarter of fiscal 2018. The Bank approves and originates loans for elective medical procedures for select HCS provider offices throughout the United States. HCS works with its provider partners to market the loans, as well as provide servicing for them. The loan products offered are unsecured, closed-end installment loans with terms between 12 and 84 months and revolving lines of credit with durations between six and 60 months. Other Consumer Finance. The Bank's purchased student loan portfolios are seasoned, floating rate, private portfolios that are serviced by a third-party servicer. The portfolio purchased during the first quarter of fiscal year 2018 is indexed to one-month LIBOR, while the portfolio purchased in the first quarter of fiscal year 2017 is indexed to three-month LIBOR plus various margins. The Company received written notification on June 18, 2018 from ReliaMax Surety Company ("ReliaMax"), the company that provided insurance coverage for the student loan portfolios, which informed policy holders that the South Dakota Division of Insurance filed a petition to have ReliaMax declared insolvent and to adopt a plan of liquidation. An Order of Liquidation was entered on June 27, 2018 by the Sixth Circuit Court in Hughes County, South Dakota, declaring ReliaMax insolvent and appointing the South Dakota Division of Insurance as liquidator to adopt a plan of liquidation. The Company expects to ultimately recover a portion of the unearned premiums, which could take a year or longer. Tax Services The Bank's tax services division provides short-term taxpayer advance loans. Taxpayers are underwritten to determine eligibility for these unsecured loans. Due to the nature of taxpayer advance loans, it typically takes no more than three e-file cycles (the period of time between scheduled IRS payments) from when the return is accepted by the IRS to collect from the borrower. In the event of default, the Bank has no recourse against the tax consumer. The Bank will charge off the balance of a taxpayer advance loan if there is a balance at the end of the calendar year, or when collection of principal becomes doubtful. Through its tax services division, the Bank provides short-term electronic return originator ("ERO") advance loans on a nationwide basis. These loans are typically utilized by tax preparers to purchase tax preparation software and to prepare tax office operations for the upcoming tax season. EROs go through an underwriting process to determine eligibility for the unsecured advances. ERO loans are not collateralized. Collection on ERO advances begins once the ERO begins to process refund transfers. Generally, the Bank will charge off the balance of an ERO advance loan if there is a balance at the end of June, or when collection of principal becomes doubtful. Warehouse Finance In fiscal 2018, the Bank entered into a first-out participation agreement in a consumer receivable asset-backed warehouse line of credit, with the Bank holding a senior collateral position enhanced by a subordinate party structure. During the first quarter of fiscal 2019, the Bank entered into two additional first-out participation agreements in asset-backed warehouse lines of credit, including consumer loan receivables and small business loan receivables. The senior collateral position of the Bank is supported by a subordinate party position. Community Banking Commercial Real Estate and Operating . The Company engages in commercial and multi-family real estate lending in the community bank's primary market areas and surrounding areas. These loans are secured primarily by apartment buildings, office buildings, and hotels. Commercial and multi-family real estate loans generally are underwritten with terms not exceeding 20 years, have loan-to-value ratios of up to 80% of the appraised value of the property securing the loan, and are typically secured by guarantees of the borrowers. The Company has a variety of rate adjustment features and other terms in its commercial and multi-family real estate loan portfolio. Commercial and multi-family real estate loans provide for a margin over a number of different indices. In underwriting these loans, the Company analyzes the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing commercial real estate loans originated by the Company are performed by independent appraisers. The repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. The Company originates its community banking commercial operating loans primarily in its market areas. Most of these commercial operating loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. Commercial loans also may involve the extension of revolving credit for a combination of equipment acquisitions and working capital in expanding companies. The maximum term for loans extended on machinery and equipment is based on the projected useful life of such machinery and equipment. Generally, the maximum term on non-mortgage lines of credit is one year . The Company’s commercial operating lending policy includes credit file documentation and analysis of the borrower’s management ability, capacity to repay the loan, the adequacy of the borrower’s capital and collateral as well as an evaluation of conditions affecting the borrower. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s current credit analysis. Commercial operating loans typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial operating loans may be substantially dependent on the success of the business itself (which, in turn, is likely to be dependent upon the general economic environment). The Company’s commercial operating loans are usually secured by business assets and personal guarantees. However, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the business. Consumer One-to-Four Family Real Estate and Other . One-to-four family real estate loan originations are typically generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. The Company offers fixed-rate loans and adjustable-rate mortgage ("ARM") loans for both permanent structures and those under construction. The Company’s one-to-four family real estate loan originations are secured primarily by properties located in the community bank's primary market areas and surrounding areas. The Company originates one-to-four family real estate loans with terms up to a maximum of 30 years and with loan-to-value ratios up to 100% of the lesser of the appraised value of the property securing the loan or the contract price. However, the vast majority of these loans are originated with loan-to-value ratios below 80% . |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Earnings per common share is computed after deducting any preferred dividends, if applicable. The Company has granted restricted share awards with dividend rights that are considered to be participating securities. Accordingly, a portion of the Company’s earnings is allocated to those participating securities in the earnings per share calculation. Basic earnings per common share is computed by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, and is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and after the allocation of earnings to the participating securities. Antidilutive options are disregarded in earnings per share calculations. The share and per share amounts for fiscal year 2018 have been restated to reflect the 3-for-1 forward stock split of the Company's common stock that was effected by the Company on October 4, 2018. A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share for the three and six months ended March 31, 2019 and 2018 is presented below. Three Months Ended March 31, 2019 2018 (Dollars in Thousands, Except Share and Per Share Data) Basic income per common share: Net income attributable to Meta Financial Group, Inc. $ 32,120 $ 31,436 Weighted average common shares outstanding 39,429,595 29,061,180 Basic income per common share 0.81 1.08 Diluted income per common share: Net income attributable to Meta Financial Group, Inc. $ 32,120 $ 31,436 Weighted average common shares outstanding 39,429,595 29,061,180 Outstanding options - based upon the two-class method 67,237 118,956 Weighted average diluted common shares outstanding 39,496,832 29,180,136 Diluted income per common share 0.81 1.08 Six Months Ended March 31, 2019 2018 (Dollars in Thousands, Except Share and Per Share Data) Basic income per common share: Net income attributable to Meta Financial Group, Inc. $ 47,518 $ 36,106 Weighted average common shares outstanding 39,381,682 29,015,376 Basic income per common share 1.21 1.24 Diluted income per common share: Net income attributable to Meta Financial Group, Inc. $ 47,518 $ 36,106 Weighted average common shares outstanding 39,381,682 29,015,376 Outstanding options - based upon the two-class method 68,581 115,038 Weighted average diluted common shares outstanding 39,450,263 29,130,414 Diluted income per common share 1.20 1.24 |
SECURITIES
SECURITIES | 6 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES On October 1, 2018, the Company adopted ASU 2016-01 on a prospective basis, which redefined the definition of equity securities and required their segregation from available for sale debt securities. While changes in the fair value of debt securities continue to be recorded in the equity category of accumulated other comprehensive income, the new guidance requires that changes in fair value of equity securities with readily determinable fair value be recorded in current earnings. As required by the new guidance, the unrealized gain in fair value on equity securities with readily determinable fair value (recorded in accumulated other comprehensive income at September 30, 2018) was reclassified to retained earnings on October 1, 2018. The amount of the reclassification was $0.5 million , net of tax. Equity securities with readily determinable fair value include mutual funds of $1.8 million at cost and $1.9 million at fair value at March 31, 2019 . The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities at March 31, 2019 and September 30, 2018 are presented below. At March 31, 2019 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities AFS SBA securities $ 163,621 $ 637 $ (155 ) $ 164,103 Obligations of states and political subdivisions 11,432 106 (9 ) 11,529 Non-bank qualified obligations of states and political subdivisions 629,732 1,357 (9,447 ) 621,642 Asset-backed securities 284,701 1,286 (1,598 ) 284,389 Mortgage-backed securities 419,024 1,064 (6,595 ) 413,493 Total debt securities AFS $ 1,508,510 $ 4,450 $ (17,804 ) $ 1,495,156 Common equities and mutual funds (1)(2) $ 3,592 $ 619 $ — $ 4,211 (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at March 31, 2019. At September 30, 2018 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities AFS SBA securities $ 45,591 $ 1 $ (1,255 ) $ 44,337 Obligations of states and political subdivisions 17,154 49 (293 ) 16,910 Non-bank qualified obligations of states and political subdivisions 1,140,884 826 (31,825 ) 1,109,885 Asset-backed securities 310,700 2,585 (257 ) 313,028 Mortgage-backed securities 378,301 — (14,236 ) 364,065 Total debt securities AFS $ 1,892,630 $ 3,461 $ (47,866 ) $ 1,848,225 Common equities and mutual funds (1) 3,172 635 (7 ) 3,800 Total AFS securities (1) $ 1,895,802 $ 4,096 $ (47,873 ) $ 1,852,025 (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. Held to Maturity At March 31, 2019 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ 146,992 $ — $ (5,224 ) $ 141,768 Mortgage-backed securities 7,606 — (210 ) 7,396 Total held to maturity securities $ 154,598 $ — $ (5,434 ) $ 149,164 At September 30, 2018 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ 163,893 $ — $ (10,758 ) $ 153,135 Mortgage-backed securities 7,850 — (422 ) 7,428 Total held to maturity securities $ 171,743 $ — $ (11,180 ) $ 160,563 Management has implemented a process to identify securities with potential credit impairment that are other-than-temporary. This process involves evaluation of the length of time and extent to which the fair value has been less than the amortized cost basis, review of available information regarding the financial position of the issuer, monitoring the rating, watch, and outlook of the security, monitoring changes in value, cash flow projections, and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized. For all securities considered temporarily impaired, the Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, which may occur at maturity. The Company believes it will collect all principal and interest due on all investments with amortized cost in excess of fair value and considered only temporarily impaired. GAAP requires that, at acquisition, an enterprise classify debt securities into one of three categories: AFS, HTM or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (“AOCI”). HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. The Company did not have any trading securities at March 31, 2019 or September 30, 2018 . Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and September 30, 2018 , were as follows: LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At March 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 41,845 $ (29 ) $ 27,214 $ (126 ) $ 69,059 $ (155 ) Obligations of states and political subdivisions — — 2,052 (9 ) 2,052 (9 ) Non-bank qualified obligations of states and political subdivisions 10,210 (2 ) 448,680 (9,445 ) 458,890 (9,447 ) Asset-backed securities 148,254 (1,539 ) 12,184 (59 ) 160,438 (1,598 ) Mortgage-backed securities 32,722 (13 ) 282,789 (6,582 ) 315,511 (6,595 ) Total debt securities AFS $ 233,031 $ (1,583 ) $ 772,919 $ (16,221 ) $ 1,005,950 $ (17,804 ) Common equities and mutual funds (1)(2) — — — — — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at March 31, 2019. LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2018 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 43,097 $ (1,255 ) $ — $ — $ 43,097 $ (1,255 ) Obligations of state and political subdivisions 11,036 (279 ) 881 (14 ) 11,917 (293 ) Non-bank qualified obligations of states and political subdivisions 626,693 (13,539 ) 358,095 (18,286 ) 984,788 (31,825 ) Asset-backed securities 146,638 (257 ) — — 146,638 (257 ) Mortgage-backed securities 121,217 (3,292 ) 242,849 (10,944 ) 364,066 (14,236 ) Total debt securities AFS $ 948,681 $ (18,622 ) $ 601,825 $ (29,244 ) $ 1,550,506 $ (47,866 ) Common equities and mutual funds (1) 1,818 (7 ) — — 1,818 (7 ) Total debt AFS securities (1) $ 950,499 $ (18,629 ) $ 601,825 $ (29,244 ) $ 1,552,324 $ (47,873 ) (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. Held To Maturity LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At March 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ — $ — $ 141,768 $ (5,225 ) $ 141,768 $ (5,225 ) Mortgage-backed securities — — 7,396 (210 ) 7,396 (210 ) Total held to maturity securities $ — $ — $ 149,164 $ (5,435 ) $ 149,164 $ (5,435 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2018 Fair Unrealized Fair Unrealized Fair Value Unrealized (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ 5,767 $ (287 ) $ 147,368 $ (10,471 ) $ 153,135 $ (10,758 ) Mortgage-backed securities — — 7,428 (422 ) 7,428 (422 ) Total held to maturity securities $ 5,767 $ (287 ) $ 154,796 $ (10,893 ) $ 160,563 $ (11,180 ) At March 31, 2019 , the investment portfolio included securities with current unrealized losses that have existed for longer than one year. All of these securities are considered to be acceptable credit risks. Because (i) the declines in fair value were due to changes in market interest rates, not in estimated cash flows, (ii) the Company does not intend or has not made a decision to sell these securities and (iii) it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis, which may occur at maturity, no other-than-temporary impairment was recorded at March 31, 2019 . The amortized cost and fair value of debt securities by contractual maturity as of the dates set forth below are shown below. Certain securities have call features which allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. The expected maturities of certain housing related municipal securities, SBA and asset-backed securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. Securities at Fair Value AMORTIZED FAIR At March 31, 2019 (Dollars in Thousands) Due in one year or less $ 1,020 $ 1,019 Due after one year through five years 15,058 15,285 Due after five years through ten years 64,894 65,335 Due after ten years 1,008,514 1,000,024 1,089,486 1,081,663 Mortgage-backed securities 419,024 413,493 Total securities at fair value $ 1,508,510 $ 1,495,156 AMORTIZED FAIR At September 30, 2018 (Dollars in Thousands) Due in one year or less $ 2,532 $ 2,529 Due after one year through five years 41,415 41,504 Due after five years through ten years 352,099 350,143 Due after ten years 1,118,283 1,089,984 1,514,329 1,484,160 Mortgage-backed securities 378,301 364,065 Common equities and mutual funds (1) 3,172 3,800 Total securities at fair value $ 1,895,802 $ 1,852,025 (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. Held To Maturity AMORTIZED FAIR At March 31, 2019 (Dollars in Thousands) Due after ten years $ 146,992 $ 141,768 146,992 141,768 Mortgage-backed securities 7,606 7,396 Total held to maturity securities at cost $ 154,598 $ 149,164 AMORTIZED FAIR At September 30, 2018 (Dollars in Thousands) Due after ten years $ 163,893 $ 153,135 163,893 153,135 Mortgage-backed securities 7,850 7,428 Total held to maturity securities at cost $ 171,743 $ 160,563 Other investments, at cost, which are included in other assets on the consolidated statement of financial condition, include equity securities without a readily determinable fair value and shares of stock in the Federal Home Loan Bank ("FHLB") of Des Moines. Equity securities without a readily determinable fair value totaled $2.4 million at March 31, 2019 and $2.0 million at September 30, 2018, respectively. FHLB of Des Moines stock at March 31, 2019 and September 30, 2018 totaled $7.4 million and $23.4 million , respectively. The decrease in FHLB stock directly correlates with lower short-term borrowings balances at March 31, 2019 compared to September 30, 2018. The Company’s wholly-owned subsidiary, MetaBank, is required by federal law to maintain FHLB stock as a member of FHLB of Des Moines. These equity securities are ‘restricted’ in that they can only be sold back to the respective institution from which they were acquired or another member institution at par. Therefore, FHLB stock is less liquid than other marketable equity securities, and the fair value approximates cost. The Company evaluates impairment for investments held at cost on at least an annual basis based on the ultimate recoverability of the par value. No impairment was recognized for such investments for the six months ended March 31, 2019 . |
RENTAL EQUIPMENT, NET
RENTAL EQUIPMENT, NET | 6 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
RENTAL EQUIPMENT, NET | RENTAL EQUIPMENT, NET Rental equipment was as follows as of March 31, 2019 and September 30, 2018 . March 31, 2019 September 30, 2018 (Dollars in thousands) Computers and IT networking equipment $ 43,896 $ 53,035 Motor vehicles and other 59,589 43,505 Office furniture and equipment 3,409 3,590 Solar panels and equipment 81,498 57,242 Total 188,392 157,372 Accumulated depreciation (48,305 ) (50,082 ) Net book value $ 140,087 $ 107,290 During the second quarter of fiscal year 2019, an impairment was recorded related to solar panels and equipment. Please refer to Note 3 for further discussion. Future minimum lease payments receivable on equipment under operating leases was as follows as of March 31, 2019 . March 31, 2019 (Dollars in thousands) 2019 $ 12,849 2020 20,737 2021 16,290 2022 10,135 2023 8,220 2024 and thereafter 10,164 Total $ 78,395 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company held a total of $ 307.5 million of goodwill as of March 31, 2019 . The recorded goodwill is a result of multiple business combinations that have occurred since fiscal year 2015, the most recent being the merger with Crestmark pursuant to the Crestmark acquisition that closed on August 1, 2018. Goodwill is assessed for impairment at a reporting unit level, which is one level below the operating segments. The changes in the carrying amount of the Company’s goodwill and intangible assets for the six months ended March 31, 2019 and 2018 were as follows: Payments Banking Corporate Services/Other Total Goodwill (Dollars in Thousands) September 30, 2018 $ 87,145 $ 216,125 $ — $ 303,270 Acquisitions — — — — Measurement Period Adjustments (1) — 4,194 — 4,194 Impairment — — — — March 31, 2019 $ 87,145 $ 220,319 $ — $ 307,464 September 30, 2017 $ 87,145 $ 11,578 $ — $ 98,723 Acquisitions — — — — Impairment — — — — March 31, 2018 $ 87,145 $ 11,578 $ — $ 98,723 (1) The Company recognized measurement period adjustments on provisional goodwill during the second fiscal quarter of 2019 related to the Crestmark acquisition. Refer to Note 3. Acquisitions. Trademark(1) Non-Compete(2) Customer Relationships(3) All Others(4) Total Intangibles (Dollars in Thousands) Balance as of September 30, 2018 $ 12,987 $ 1,297 $ 48,455 $ 7,980 $ 70,719 Acquisitions during the period — — — 78 78 Amortization during the period (514 ) (235 ) (8,742 ) (487 ) (9,978 ) Write-offs during the period — — — (313 ) (313 ) Balance as of March 31, 2019 $ 12,473 $ 1,062 $ 39,713 $ 7,258 $ 60,506 Gross carrying amount $ 14,624 $ 2,480 $ 82,088 $ 10,667 $ 109,859 Accumulated amortization (2,151 ) (1,418 ) (32,127 ) (2,750 ) (38,446 ) Accumulated impairment — — (10,248 ) (659 ) (10,907 ) Balance as of March 31, 2019 $ 12,473 $ 1,062 $ 39,713 $ 7,258 $ 60,506 (1) Book amortization period of 5-15 years. Amortized using the straight line and accelerated methods. (2) Book amortization period of 3-5 years. Amortized using the straight line method. (3) Book amortization period of 10-30 years. Amortized using the accelerated method. (4) Book amortization period of 3-20 years. Amortized using the straight line method. Trademark(1) Non-Compete(2) Customer Relationships(3) All Others(4) Total Intangibles (Dollars in Thousands) Balance as of September 30, 2017 $ 10,051 $ 1,782 $ 31,707 $ 8,638 $ 52,178 Acquisitions during the period — — — 47 47 Amortization during the period (319 ) (249 ) (3,388 ) (456 ) (4,412 ) Write-offs during the period — — — (89 ) (89 ) Balance as of March 31, 2018 $ 9,732 $ 1,533 $ 28,319 $ 8,140 $ 47,724 Gross carrying amount $ 10,990 $ 2,480 $ 57,810 $ 10,550 $ 81,830 Accumulated amortization (1,258 ) (947 ) (19,243 ) (1,792 ) (23,240 ) Accumulated impairment — — (10,248 ) (618 ) (10,866 ) Balance as of March 31, 2018 $ 9,732 $ 1,533 $ 28,319 $ 8,140 $ 47,724 (1) Book amortization period of 15 years. Amortized using the straight line and accelerated methods. (2) Book amortization period of 3 years. Amortized using the straight line method. (3) Book amortization period of 10-30 years. Amortized using the accelerated method. (4) Book amortization period of 3-20 years. Amortized using the straight line method. The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in the remaining six months of fiscal 2019 and subsequent fiscal years is as follows: (Dollars in Thousands) Remaining in 2019 $ 7,731 2020 10,984 2021 8,525 2022 6,399 2023 5,081 2024 4,363 Thereafter 17,423 Total anticipated intangible amortization $ 60,506 The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment. There was $0.1 million in impairments to intangible assets during the three and six months ended March 31, 2019 and no impairments to intangible assets during the three and six months ended March 31, 2018 . |
STOCK COMPENSATION
STOCK COMPENSATION | 6 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK COMPENSATION | STOCK COMPENSATION The Company maintains the amended and restated Meta Financial Group, Inc. 2002 Omnibus Incentive Plan, as amended (the "2002 Omnibus Incentive Plan"), which, among other things, provides for the awarding of stock options and nonvested (restricted) shares to certain officers and directors of the Company. Awards are granted by the Compensation Committee of the Board of Directors based on the performance of the award recipients or other relevant factors. Compensation expense for share-based awards is recorded over the vesting period at the fair value of the award at the time of the grant. The exercise price of options or fair value of non-vested (restricted) shares granted under the Company’s incentive plan is equal to the fair market value of the underlying stock at the grant date. The Company has elected, with the adoption of ASU 2016-09, to record forfeitures as they occur. The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under the 2002 Omnibus Incentive Plan for the six months ended March 31, 2019 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Yrs) Aggregate Intrinsic Value (Dollars in Thousands, Except Per Share Data (1) ) Options outstanding, September 30, 2018 155,961 $ 8.48 1.78 $ 2,974 Granted — — — — Exercised (45,132 ) 8.95 — 742 Forfeited or expired (3,027 ) 10.60 — 33 Options outstanding, March 31, 2019 107,802 $ 8.23 1.47 $ 1,235 Options exercisable, March 31, 2019 107,802 $ 8.23 1.47 $ 1,235 Number of Shares Weighted Average Fair Value at Grant (Dollars in Thousands, Except Per Share Data (1) ) Nonvested (restricted) shares outstanding, September 30, 2018 1,005,813 $ 29.89 Granted 296,302 24.84 Vested (347,354 ) 26.78 Forfeited or expired (1,623 ) 26.17 Nonvested (restricted) shares outstanding, March 31, 2019 953,138 $ 29.46 (1) All share and per share data has been adjusted to reflect the 3-for-1 forward stock split effected by the Company on October 4, 2018. At March 31, 2019 , stock-based compensation expense not yet recognized in income totaled $15.8 million , which is expected to be recognized over a weighted average remaining period of 3.11 years. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded an income tax benefit of $ 2.1 million for the six months ended March 31, 2019 , resulting in an effective tax rate of (4.40%) , compared to an income tax expense of $ 12.2 million, or an effective tax rate of 25.31% , for the six months ended March 31, 2018 . The Company’s effective tax rate is lower than the U.S. statutory rate of 21% primarily because of the anticipated effect of investment tax credits during fiscal year 2019. The Company’s effective tax rate in the future will depend in part on actual investment tax credits earned as part of its financing of solar energy projects. The table below compares the income tax expense components for the periods presented. Six Months Ended March 31, 2019 2018 (Dollars in Thousands) Provision at statutory rate $ 9,541 $ 11,857 Tax-exempt income (1,824 ) (3,728 ) State income taxes 2,143 2,003 Interim period effective rate adjustment (3,968 ) (1,277 ) Tax credit investments, net - federal (9,568 ) — Tax Reform rate adjustment — 3,635 IRC 162(m) nondeductible compensation 1,561 — Other, net 29 (258 ) Income tax expense $ (2,086 ) $ 12,232 Effective tax rate (4.40 %) 25.31 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the normal course of business, the Bank makes various commitments to extend credit that are not reflected in the accompanying Consolidated Financial Statements. At March 31, 2019 and September 30, 2018 , unfunded loan commitments approximated $860.4 million and $748.8 million , respectively, excluding undisbursed portions of loans in process. Commitments, which are disbursed subject to certain limitations, extend over various periods of time. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract. The Company had no commitments to purchase securities at March 31, 2019 and $1.4 million in commitments to purchase securities at September 30, 2018 . The Company had no commitments to sell securities at March 31, 2019 or September 30, 2018 . The exposure to credit loss in the event of non-performance by other parties to financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The same credit policies and collateral requirements are used in making commitments and conditional obligations as are used for on-balance-sheet instruments. At March 31, 2019 and at September 30, 2018 , the Company had an allowance for credit losses on off-balance sheet credit exposures of $0.1 million . This amount is maintained as a separate liability account within other liabilities. Since certain commitments to make loans and to fund lines of credit and loans in process expire without being used, the amount does not necessarily represent future cash commitments. In addition, commitments used to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. As disclosed in Note 3. Acquisitions, the Company continues to monitor the bankruptcy proceedings and federal investigations of DC Solar. As of the date of the filing of this quarterly report, the Company has not accrued for any additional loss contingencies related to DC Solar as of March 31, 2019. Legal Proceedings The Bank was served on April 15, 2013, with a lawsuit captioned Inter National Bank v. NetSpend Corporation, MetaBank, BDO USA, LLP d/b/a BDO Seidman, Cause No. C-2084-12-I filed in the District Court of Hidalgo County, Texas. The Plaintiff’s Second Amended Original Petition and Application for Temporary Restraining Order and Temporary Injunction adds both MetaBank and BDO Seidman to the original causes of action against NetSpend. NetSpend acts as a prepaid card program manager and processor for both Inter National Bank ("INB") and MetaBank. According to the Petition, NetSpend has informed INB that the depository accounts at INB for the NetSpend program supposedly contained $10.5 million less than they should. INB alleges that NetSpend has breached its fiduciary duty by making affirmative misrepresentations to INB about the safety and stability of the program, and by failing to timely disclose the nature and extent of any alleged shortfall in settlement of funds related to cardholder activity and the nature and extent of NetSpend’s systemic deficiencies in its accounting and settlement processing procedures. To the extent that an accounting reveals that there is an actual shortfall, INB alleges that MetaBank may be liable for portions or all of said sum due to the fact that funds have been transferred from INB to MetaBank, and thus MetaBank would have been unjustly enriched. The Bank is vigorously contesting this matter. In January 2014, NetSpend was granted summary judgment in this matter which is under appeal. Because the theory of liability against both NetSpend and the Bank is the same, the Bank views the NetSpend summary judgment as a positive in support of its position. An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted. The Bank was served, on October 14, 2016, with a lawsuit captioned Card Limited, LLC v. MetaBank dba Meta Payment Systems, Civil No. 2:16-cv-00980 in the United States District Court for the District of Utah. This action was initiated by a former prepaid program manager of the Bank, which was terminated by the Bank in fiscal year 2016. Card Limited alleges that after all of the programs were wound down, there were two accounts with a positive balance to which they are entitled. The Bank’s position is that Card Limited is not entitled to the funds contained in said accounts. The total amount to which Card Limited claims it is entitled is $4.0 million . The Bank intends to vigorously defend this claim. An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted. On February 9, 2018, the Bank’s AFS/IBEX division filed a lawsuit in the United States District Court for the Eastern District of New York captioned AFS/IBEX, a division of MetaBank v. Aegis Managing Agency Limited ("AMA"), Aegis Syndicate 1225 (together with AMA, the "Aegis defendants"), CRC Insurance Services, Inc. ("CRC"), and Transportation Underwriters, Inc. The suit was filed against commercial insurance underwriters and brokers that facilitated the issuance of commercial insurance policies to Red Hook Construction Group-II, LLC (“Red Hook”). The Bank’s position is that both CRC and Transportation Underwriters represented to the Bank that, upon cancellation of the insurance policies prior to their stated terms, any unearned premiums would be refunded. The Bank then provided insurance premium financing to Red Hook, and Red Hook executed a written premium finance agreement pursuant to which Red Hook assigned its rights to any unearned premiums to the Bank. After the policies were cancelled, the Aegis defendants failed to return the unearned insurance premiums totaling just over $1.6 million owed to the Bank under the insurance policies and the premium finance agreement. The Bank is seeking recovery of all amounts to which it is entitled at law or equity and intends to vigorously pursue its claims against the defendants. The Bank was served on December 24, 2018, with a lawsuit captioned The Ohio Valley Bank Company v. MetaBank dba Refund Advantage, Case No. 18 CV 134 in the Court of Common Pleas, Gallia County, Ohio. This action alleges that MetaBank breached a contract with The Ohio Valley Bank Company by terminating the contract before the term expired, resulting in over $3.0 million in damages. The Bank intends to vigorously defend this claim. The Company has established an accrual for this related claim. From time to time, the Company or its subsidiaries are subject to certain legal proceedings and claims in the ordinary course of business. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While management currently believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position or its results of operations, legal proceedings are inherently uncertain and unfavorable resolution of some or all of these matters could, individually or in the aggregate, have a material adverse effect on the Company’s and its subsidiaries’ respective businesses, financial condition or results of operations. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS On October 1, 2018, the Company adopted Topic 606 on a modified retrospective basis. Prior period amounts have not been adjusted to reflect the adoption of Topic 606 and continue to be reported in accordance with the Company’s historical accounting policies. The impact of the Company’s adoption of Topic 606 was limited to the MPS division within the Payments reporting segment. Upon adoption, Meta recorded a cumulative-effect adjustment that increased retained earnings by $1.5 million , net of tax. Topic 606 applies to all contracts with customers unless such revenue is specifically addressed under existing guidance. The table below presents the Company’s revenue by operating segment. For additional descriptions of the Company’s operating segments, including additional financial information and the underlying management accounting process, see Note 14. Segment Reporting to the Consolidated Financial Statements. (Dollars in thousands) Payments Banking Corporate Services/Other Consolidated Company Three Months Ended March 31, 2019 2018 2019 2018 2019 2018 2019 2018 Net interest income (1) $ 13,607 $ 4,933 $ 56,271 $ 16,120 $ 1,472 $ 6,352 $ 71,350 $ 27,405 Noninterest income: Refund transfer product fees 31,601 33,803 — — — — 31,601 33,803 Tax advance product fees (1) 33,038 33,838 — — — — 33,038 33,838 Card fees 22,960 26,771 92 85 — — 23,052 26,856 Rental income (1) — — 9,890 — — — 9,890 — Loan and lease fees (1) — — 925 1,042 — — 925 1,042 Bank-owned life insurance (1) — — — — 631 650 631 650 Deposit fees 1,711 879 382 103 — — 2,093 982 Gain (loss) on sale of securities available-for-sale, net (1) — — — — 231 (166 ) 231 (166 ) Gain on sale of loans and leases (1) — — 1,085 — — — 1,085 — Loss on foreclosed real estate (1) — — (200 ) — — — (200 ) — Other income (1) 442 382 1,774 11 463 21 2,679 414 Total noninterest income 89,752 95,673 13,948 1,241 1,325 505 105,025 97,419 Revenue $ 103,359 $ 100,606 $ 70,219 $ 17,361 $ 2,797 $ 6,857 $ 176,375 $ 124,824 (1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities. (Dollars in thousands) Payments Banking Corporate Services/Other Consolidated Company Six Months Ended March 31, 2019 2018 2019 2018 2019 2018 2019 2018 Net interest income (1) $ 23,007 $ 9,602 $ 108,063 $ 31,717 $ 552 $ 12,282 $ 131,622 $ 53,601 Noninterest income: Refund transfer product fees 31,862 33,995 — — — — 31,862 33,995 Tax advance product fees (1) 34,723 35,785 — — — — 34,723 35,785 Card fees 42,233 51,945 170 158 — — 42,403 52,103 Rental income (1) — — 20,780 — — — 20,780 — Loan and lease fees (1) — — 2,173 2,334 — — 2,173 2,334 Bank-owned life insurance (1) — — — — 1,273 1,319 1,273 1,319 Deposit fees 3,245 1,607 786 223 — — 4,031 1,830 Gain (loss) on sale of securities available-for-sale, net (1) — — — — 209 (1,176 ) 209 (1,176 ) Gain on sale of loans and leases (1) — — 1,951 — — — 1,951 — Loss on foreclosed real estate (1) — — (185 ) (19 ) — — (185 ) (19 ) Other income (1) 515 442 2,542 30 499 44 3,556 516 Total noninterest income 112,578 123,774 28,217 2,726 1,981 187 142,776 126,687 Revenue $ 135,585 $ 133,376 $ 136,280 $ 34,443 $ 2,533 $ 12,469 $ 274,398 $ 180,288 (1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities. Following is a discussion of key revenues within the scope of Topic 606. The Company provides services to customers that have related performance obligations that must be completed to recognize revenue. Revenues are generally recognized immediately upon the completion of the service or over time as services are performed. Any services performed over time generally require that the Company renders services each period, therefore the Company measures progress in completing these services based upon the passage of time. Revenue from contracts with customers did not generate significant contract assets and liabilities. Refund Transfer Product Fees Refund transfer fees are specific to the tax products offered by Refund Advantage and EPS. These fees are for products, services such as payment processing, and product referral commissions. Software partner fees paid and/or incurred are recorded on a net basis. The Company’s obligation for product fees and commissions is satisfied at the time of the product delivery and obligation for payment processing is satisfied at the time of processing. The transaction price for such activity is based upon stand-alone fees within the terms and conditions. As of March 31, 2019 , there were no receivables related to refund transfer fees, which reflect earned revenue with unconditional rights to payment for product fee income, while as of September 30, 2018 , there were $827,039 of such receivables. All refund transfer fees are recorded within the Payments reporting segment. Card Fees Card fees relate to MPS, retail bank, Refund Advantage and EPS products. These fees are for products and services such as card activation, product support, processing, and servicing. The Company earns these fees based upon the underlying terms and conditions with each cardholder over the contract term. Agreements with the Company’s cardholders are considered daily service contracts as they are not fixed in duration. The Company’s obligation for card activation and product support fees is satisfied at the time of product delivery, while the obligation for processing and servicing is satisfied over the course of each month. The transaction price for such activity is based upon the stand-alone fees within the terms and conditions of the cardholder agreements. Card fee revenue also includes income from sponsorships, associations and networks, and interchange income. Sponsorship income relates to fees charged to the Company’s ATM sponsorship partners, where the obligation is satisfied over the course of each month. Association and network income reflect incentives, performance bonuses and rebates with MasterCard and Visa. The obligation for such income is satisfied at the time when certain thresholds of transaction volume have been met. Interchange income is generated by cardholder activity, and therefore the Company’s obligations are satisfied as activity occurs. The transaction price for such activity is based on underlying rates and activity thresholds within the terms and conditions of the applicable agreements. Card fee revenue also includes breakage revenue. Breakage represents the estimated amount that will not be redeemed by the holder of unregistered, unused prepaid cards for goods or services. Breakage revenue is recognized ratably over the expected customer usage period and is an estimate based on cardholder behavior and breakage rates. Breakage is also impacted by escheatment laws. Card fees are recorded within the Payments and Banking reporting segments. Deposit Fees Fees are earned on depository accounts for commercial and consumer customers and include fees for account services, overdraft services, safety deposit box rentals, and event-driven services (i.e. returned checks, ATM surcharge, card replacement, wire transfers, and stop pays). The Company’s obligation for event-driven services is satisfied at the time of the event when the service is delivered, while its obligation for account services is satisfied over the course of each month. The Company’s obligation for overdraft services is satisfied at the time of overdraft. The transaction price for such activity is based upon stand-alone fees within the terms and conditions of the deposit agreements. Deposit fees are recorded within the Payments and Banking reporting segment. Principal vs Agent The Payments reporting segment includes principal/agent relationships. Within this segment, MPS relationships are recorded on a gross basis within the income statement, as Meta is the principal in the contract, with the exception of association/network contracts and partner/processer contracts for prepaid cards, which are recorded on a net basis within the income statement as Meta is the agent in these contracts. Also within this segment, Tax service relationships are recorded on a gross basis within the income statement, as Meta is the principal in the contract, with the exception of contracts with software providers and merchants, which are recorded on a net basis within the income statement as Meta is the agent in these contracts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Accounting Standards Codification (“ASC”) 820, Fair Value Measurements defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement. It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. The fair value hierarchy is as follows: Level 1 Inputs - Valuation is based upon quoted prices for identical instruments traded in active markets that the Company has the ability to access at measurement date. Level 2 Inputs - Valuation is based upon (1) quoted prices for similar instruments in active markets, (2) quoted prices for identical or similar instruments in markets that are not active and (3) model-based valuation techniques for which significant assumptions are observable in the market. Level 3 Inputs - Valuation is generated from model-based techniques that use significant assumptions not observable in the market and are used only to the extent that observable inputs are not available. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Debt Securities Available for Sale and Equity Securities . Debt securities available for sale and equity securities are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using an independent pricing service. For both Level 1 and Level 2 securities, management uses various methods and techniques to corroborate prices obtained from the pricing service, including but not limited to reference to dealer or other market quotes, and by reviewing valuations of comparable instruments. The Company’s Level 1 securities include equity securities and mutual funds. Level 2 securities include U.S. Government agency and instrumentality securities, U.S. Government agency and instrumentality mortgage-backed securities, municipal bonds and corporate debt securities. The Company had no Level 3 securities at March 31, 2019 or September 30, 2018 . The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or valuation based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model based valuation techniques for which significant assumptions are observable in the market (Level 2 inputs). The Company considers these valuations supplied by a third party provider which utilizes several sources for valuing fixed-income securities. These sources include Interactive Data Corporation, Reuters, Standard and Poor’s, Bloomberg Financial Markets, Street Software Technology, and the third party provider’s own matrix and desk pricing. The Company, no less than annually, reviews the third party’s methods and source’s methodology for reasonableness and to ensure an understanding of inputs utilized in determining fair value. Sources utilized by the third party provider include but are not limited to pricing models that vary based by asset class and include available trade, bid, and other market information. This methodology includes but is not limited to broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs. Monthly, the Company receives and compares prices provided by multiple securities dealers and pricing providers to validate the accuracy and reasonableness of prices received from the third party provider. On a monthly basis, the Investment Committee reviews mark-to-market changes in the securities portfolio for reasonableness. The following table summarizes the fair values of debt securities available for sale and equity securities at March 31, 2019 and September 30, 2018 , as they are measured at fair value on a recurring basis. Fair Value At March 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS Small business administration securities $ 164,103 $ — $ 164,103 $ — Obligations of states and political subdivisions 11,529 — 11,529 — Non-bank qualified obligations of states and political subdivisions 621,642 — 621,642 — Asset-backed securities 284,389 — 284,389 — Mortgage-backed securities 413,493 — 413,493 — Total debt securities AFS 1,495,156 — 1,495,156 — Common equities and mutual funds (1)(2) $ 4,211 $ 4,211 $ — $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at March 31, 2019. Fair Value At September 30, 2018 Available For Sale (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS Small business administration securities $ 44,337 $ — $ 44,337 $ — Obligations of states and political subdivisions 16,910 — 16,910 — Non-bank qualified obligations of states and political subdivisions 1,109,885 — 1,109,885 — Asset-backed securities 313,028 — 313,028 — Mortgage-backed securities 364,065 — 364,065 — Total debt securities AFS 1,848,225 — 1,848,225 — Common equities and mutual funds (1) 3,800 3,800 — — Total securities $ 1,852,025 $ 3,800 $ 1,848,225 $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. The Company did not transfer any AFS debt securities or equity securities between fair value hierarchy categories at March 31, 2019 or September 30, 2018 . Loans and Leases. The Company does not record loans and leases at fair value on a recurring basis. If a loan or lease is identified as individually impaired, management then measures impairment in accordance with ASC 310, Receivables . See Note 4 Loans and Leases, Net for further information. 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 March 31, 2019 and September 30, 2018 . Fair Value At March 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired Loans and Leases, net Asset Based Lending $ 1,218 $ — $ — $ 1,218 Factoring 13 — — 13 Lease Financing 23 — — 23 Commercial finance 1,254 — — 1,254 Total National Lending 1,254 — — 1,254 Total Impaired Loans and Leases 1,254 — — 1,254 Foreclosed Assets, net 29,548 — — 29,548 Total $ 30,802 $ — $ — $ 30,802 Fair Value At September 30, 2018 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired loans and leases, net Asset Based Lending $ 57 $ — $ — $ 57 Factoring 1,899 — — 1,899 Lease Financing 2,869 — — 2,869 Commercial finance 4,825 — — 4,825 Total National Lending 4,825 — — 4,825 Total impaired loans and leases 4,825 — — 4,825 Foreclosed assets, net 31,638 — — 31,638 Total $ 36,463 $ — $ — $ 36,463 Quantitative Information About Level 3 Fair Value Measurements (Dollars in Thousands) Fair Value at Fair Value at Valuation Unobservable Input Range of Inputs Impaired loans and leases, net $ 1,254 4,825 Market approach Appraised values (1) 4.00 - 10.00% Foreclosed Assets, net $ 29,548 31,638 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% . The following table discloses the Company’s estimated fair value amounts of its financial instruments as of the dates set forth below. It is management’s belief that the fair values presented below are reasonable based on the valuation techniques and data available to the Company as of March 31, 2019 and September 30, 2018 , as more fully described below. The operations of the Company are managed from a going concern basis and not a liquidation basis. As a result, the ultimate value realized for the financial instruments presented could be substantially different when actually recognized over time through the normal course of operations. Additionally, a substantial portion of the Company’s inherent value is the Bank’s capitalization and franchise value. Neither of these components have been given consideration in the presentation of fair values below. The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at March 31, 2019 and September 30, 2018 . March 31, 2019 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 156,461 $ 156,461 $ 156,461 $ — $ — Debt securities available for sale 1,495,156 1,495,156 — 1,495,156 — Debt securities held to maturity 154,598 149,164 — 149,164 — Equity securities (1) 4,211 4,211 4,211 — — Total securities 1,653,965 1,648,531 4,211 1,644,320 — Loans held for sale 59,745 59,745 — 59,745 — Loans and leases: Asset based lending 572,210 551,579 — — 551,579 Factoring 287,955 283,337 — — 283,337 Lease financing 321,414 320,411 — — 320,411 Insurance premium finance 307,875 307,732 — — 307,732 SBA/USDA 77,481 74,407 — — 74,407 Other commercial finance 98,956 100,038 — — 100,038 Commercial finance 1,665,891 1,637,504 — — 1,637,504 Consumer credit products 139,617 138,748 — — 138,748 Other consumer finance 170,824 166,925 — — 166,925 Consumer finance 310,441 305,673 — — 305,673 Tax services 84,824 60,722 — — 60,722 Warehouse finance 186,697 186,764 — — 186,764 Total National Lending 2,247,853 2,190,663 — — 2,190,663 Commercial real estate and operating 869,917 861,524 — — 861,524 Consumer one to four family real estate and other 257,079 254,642 — — 254,642 Agricultural real estate and operating 60,167 58,454 — — 58,454 Total Community Banking 1,187,163 1,174,620 — — 1,174,620 Total loans and leases 3,435,016 3,365,283 — — 3,365,283 Federal Home Loan Bank stock 7,436 7,436 — 7,436 — Accrued interest receivable 20,281 20,281 20,281 — — Financial liabilities Noninterest-bearing demand deposits 3,034,428 3,034,428 3,034,428 — — Interest-bearing demand deposits, savings, and money markets 300,033 300,033 300,033 — — Certificates of deposits 154,401 153,951 — 153,951 — Wholesale non-maturing deposits 207,795 207,795 207,795 — — Wholesale certificates of deposits 1,273,650 1,272,291 — 1,272,291 — Total deposits 4,970,307 4,968,498 3,542,256 1,426,242 — Securities sold under agreements to repurchase 2,804 2,804 — 2,804 — Capital leases 1,996 1,996 — 1,996 — Trust preferred securities 13,661 13,878 — 13,878 — Subordinated debentures 73,566 75,188 — 75,188 — Other borrowings 19,357 19,162 — 19,162 — Accrued interest payable 9,239 9,239 9,239 — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. September 30, 2018 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 99,977 $ 99,977 $ 99,977 $ — $ — Securities available for sale 1,852,025 1,852,025 3,800 1,848,225 — Securities held to maturity 172,154 160,974 — 160,974 — Total securities 2,024,179 2,012,999 3,800 2,009,199 — Loans held for sale 15,606 15,606 — 15,606 — Loans and leases: Asset based lending 477,917 477,471 — — 477,471 Factoring 284,221 283,424 — — 283,424 Lease financing 265,315 264,679 — — 264,679 Insurance premium finance 337,877 337,212 — — 337,212 SBA/USDA 59,374 61,072 — — 61,072 Other commercial finance 85,145 83,111 — — 83,111 Commercial finance 1,509,849 1,506,969 — — 1,506,969 Consumer credit products 80,605 80,633 — — 80,633 Other consumer finance 189,756 197,320 — — 197,320 Consumer finance 270,361 277,953 — — 277,953 Tax services 1,073 1,073 — — 1,073 Warehouse finance 65,000 64,978 — — 64,978 Total National Lending 1,846,283 1,850,973 — — 1,850,973 Commercial real estate and operating 790,890 773,203 — — 773,203 Consumer one to four family real estate and other 247,318 244,730 — — 244,730 Agricultural real estate and operating 60,498 58,849 — — 58,849 Total Community Banking 1,098,706 1,076,782 — — 1,076,782 Total loans and leases 2,944,989 2,927,755 — — 2,927,755 Federal Home Loan Bank stock 23,400 23,400 — 23,400 — Accrued interest receivable 22,016 22,016 22,016 — — Financial liabilities Noninterest-bearing demand deposits 2,405,274 2,405,274 2,405,274 — — Interest-bearing demand deposits, savings, and money markets 218,347 218,347 218,347 — — Certificates of deposits 276,180 273,800 — 273,800 — Wholesale non-maturing deposits 94,384 94,384 94,384 — — Wholesale certificates of deposits 1,436,802 1,432,146 — 1,432,146 — Total deposits 4,430,987 4,423,951 2,718,005 1,705,946 — Federal funds purchased 422,000 422,000 422,000 — — Securities sold under agreements to repurchase 3,694 3,694 — 3,694 — Capital leases 1,876 1,876 — 1,876 — Trust preferred securities 13,661 13,866 — 13,866 — Subordinated debentures 73,491 75,563 — 75,563 — Accrued interest payable 7,794 7,794 7,794 — — The following sets forth the methods and assumptions used in determining the fair value estimates for the Company’s financial instruments at March 31, 2019 and September 30, 2018 . CASH AND CASH EQUIVALENTS The carrying amount of cash and short-term investments is assumed to approximate the fair value. DEBT SECURITIES AVAILABLE FOR SALE AND EQUITY SECURITIES Debt securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair values for these investment securities are based on obtaining quoted prices on nationally recognized securities exchanges, or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. LOANS HELD FOR SALE The carrying amount of loans held for sale is assumed to approximate the fair value. LOANS AND LEASES, NET Upon adoption of ASU 2016-01, the fair value of loans and leases were estimated using an exit price methodology. The exit price estimation of fair value is based on the present value of expected cash flows, which are based on the contractual terms of the loans, adjusted for prepayments and a discount rate based on the relative risk of the cash flows. Other considerations include the loan type, remaining life of the loan and credit risk. In comparison, loan and lease fair values as of September 30, 2018 were estimated on an entrance price methodology, which discounts future cash flows using the then-current rates at which a similar loan would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of non-impaired loans and leases as of March 31, 2019 and September 30, 2018 are not comparable. FEDERAL HOME LOAN BANK (“FHLB”) STOCK The fair value of FHLB stock is assumed to approximate book value since the Company is only able to redeem this stock at par value. ACCRUED INTEREST RECEIVABLE The carrying amount of accrued interest receivable is assumed to approximate the fair value. DEPOSITS The carrying values of noninterest-bearing checking deposits, interest-bearing checking deposits, savings, money markets, and wholesale non-maturing deposits are assumed to approximate fair value since deposits are immediately withdrawable without penalty. The fair value of time certificate deposits and wholesale certificate deposits are estimated using a discounted cash flows calculation that applies the FHLB Des Moines curve to aggregated expected maturities of time deposits. In accordance with Subtopic 825-10, Financial Instruments , no value has been assigned to the Company’s long-term relationships with its deposit customers (core value of deposits intangible) since such intangible is not a financial instrument as defined under Subtopic 825-10. ADVANCES FROM FHLB The fair value of such advances was estimated by discounting the expected future cash flows using current interest rates for advances with similar terms and remaining maturities. FEDERAL FUNDS PURCHASED The carrying amount of federal funds purchased is assumed to approximate the fair value. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE, SUBORDINATED DEBENTURES AND OTHER BORROWINGS The fair value of these instruments was estimated by discounting the expected future cash flows using derived interest rates approximating market over the contractual maturity of such borrowings. ACCRUED INTEREST PAYABLE The carrying amount of accrued interest payable is assumed to approximate the fair value. LIMITATIONS Fair value estimates are made at a specific point in time and are based on relevant market information about the financial instrument. Additionally, fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, customer relationships and the value of assets and liabilities that are not considered financial instruments. These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time. Furthermore, since no market exists for certain of the Company’s financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with a high level of precision. Changes in assumptions as well as tax considerations could significantly affect the estimates. Accordingly, based on the limitations described above, the aggregate fair value estimates are not intended to represent the underlying value of the Company, on either a going concern or a liquidation basis. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SSEGMENT REPORTING | SEGMENT REPORTING An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker. Operating segments are aggregated into reportable segments if certain criteria are met. The Company reports its results of operations through the following three business segments: Payments, Banking, and Corporate Services/Other . The Meta Payment Systems and Tax Services divisions are reported in the Payments segment. The Community Banking, Commercial Finance and Consumer Finance divisions are reported in the Banking segment. Certain shared services, including the investment portfolio, wholesale deposits and borrowings, are included in the Corporate Services/Other segment. The following tables present segment data for the Company for the three and six months ended March 31, 2019 and 2018 , respectively. Payments Banking Corporate Total Three Months Ended March 31, 2019 Net interest income (expense) $ 13,607 $ 56,271 $ 1,472 $ 71,350 Provision for loan and lease losses 22,474 10,844 — 33,318 Noninterest income 89,752 13,948 1,325 105,025 Noninterest expense 32,178 42,522 35,554 110,254 Income (loss) before income tax expense (benefit) 48,707 16,853 (32,757 ) 32,803 Total assets 245,872 3,884,673 1,919,497 6,050,042 Total goodwill 87,145 220,319 — 307,464 Total deposits 3,107,264 482,033 1,381,010 4,970,307 Payments Banking Corporate Total Six Months Ended March 31, 2019 Net interest income (expense) $ 23,007 $ 108,063 $ 552 $ 131,622 Provision for loan and lease losses 23,969 18,448 — 42,417 Noninterest income 112,578 28,217 1,981 142,776 Noninterest expense 53,539 76,365 54,645 184,549 Income (loss) before income tax expense (benefit) 58,077 41,467 (52,112 ) 47,432 Total assets 245,872 3,884,673 1,919,497 6,050,042 Total goodwill 87,145 220,319 — 307,464 Total deposits 3,107,264 482,033 1,381,010 4,970,307 Payments Banking Corporate Total Three Months Ended March 31, 2018 Net interest income $ 4,933 $ 16,120 $ 6,352 $ 27,405 Provision for loan losses 18,129 214 — 18,343 Noninterest income 95,673 1,241 505 97,419 Noninterest expense 44,841 6,984 16,672 68,497 Income (loss) before income tax expense (benefit) 37,636 10,163 (9,815 ) 37,984 Total assets 243,140 1,510,939 2,547,614 4,301,693 Total goodwill 87,145 11,578 — 98,723 Total deposits 2,882,441 244,149 213,907 3,340,497 Payments Banking Corporate Total Six Months Ended March 31, 2018 Net interest income $ 9,602 $ 31,717 $ 12,282 $ 53,601 Provision for loan losses 19,146 265 — 19,411 Noninterest income 123,774 2,726 187 126,687 Noninterest expense 71,796 13,552 27,191 112,539 Income (loss) before income tax expense (benefit) 42,434 20,626 (14,722 ) 48,338 Total assets 243,140 1,510,939 2,547,614 4,301,693 Total goodwill 87,145 11,578 — 98,723 Total deposits 2,882,441 244,149 213,907 3,340,497 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management has evaluated subsequent events that occurred after March 31, 2019. During this period, up to the filing date, management did not identify any material subsequent events that would require recognition or disclosure in our consolidated financial statements as of or for the quarter ended March 31, 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") (Policies) | 6 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | Revenue Recognition - The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , subsequent related Updates (collectively, ASU 2014-09), and ASU 2016-04, Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage of Certain Prepaid Stored-Value Products on October 1, 2018. ASU 2014-09 modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of non-financial assets, unless those contracts are within the scope of other guidance. Upon adoption, the Company recorded a cumulative-effect adjustment of $1.5 million to retained earnings, net of tax, due to changes in timing of revenue recognition from breakage of unregistered, unused prepaid cards in the Company’s Meta Payment Systems (MPS) division. Refer to Note 12. Revenue from Contracts with Customers for additional information. Financial Instruments - The Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities and related Updates (collectively, ASU 2016-01) on October 1, 2018. ASU 2016-01 makes several revisions to Subtopic 825-10, including that ASU 2016-01: (1) requires equity investments to be measured at fair value with changes in fair value recognized in net income, (2) simplifies impairment assessment of equity investments without readily determinable fair value, (3) eliminates requirement to disclose methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost, (4) requires the use of an exit price notion when measuring fair value of financial instruments for disclosure purposes, and (5) requires separate presentation of financial assets and liabilities by measurement category and form of financial asset on the balance sheet and accompanying notes. Upon adoption, the Company recorded a cumulative-effect adjustment that reclassed $0.5 million , net of tax, from accumulated other comprehensive income to retained earnings, due to the Company’s cumulative change in fair value of equity securities with readily determinable fair value. Refer to Note 6. Securities for additional information. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price to Net Assets | The following table summarizes the allocation of the purchase price to net assets of Crestmark as of the August 1, 2018 acquisition date. (Dollars in Thousands) Estimated fair value as previously reported (a) Measurement period adjustments Fair value as adjusted Rental Equipment $ 98,977 $ (3,355 ) $ 95,622 Intangible assets 28,253 (117 ) 28,136 Goodwill 204,547 4,194 208,742 Accrued expenses and other liabilities 88,301 723 89,024 Net other assets 55,464 — 55,464 Noncontrolling interest 3,167 — 3,167 Purchase price 295,773 — 295,773 (a) As previously reported in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2018 |
Schedule of Business Acquisitions, by Acquisition | The table below reflects the net impact of the foregoing DC Solar matters, based upon the Company's present understanding of the relevant facts and circumstances, to the Company's financial statements at March 31, 2019 and for the three months ended March 31, 2019. Increase (Decrease) Balance Sheet: (Dollars in Thousands) Operating lease equipment $ (12,589 ) Goodwill 1,968 Other assets (394 ) Liabilities (4,461 ) Total balance sheet impact $ (6,554 ) Regulatory capital impact $ (8,522 ) Income (Expense) Income Statement: Rental income $ 1,633 Other income 315 Impairment (9,549 ) Income tax benefit 1,047 Impact to net income $ (6,554 ) |
LOANS AND LEASES, NET (Tables)
LOANS AND LEASES, NET (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans Receivable | Loans and leases at March 31, 2019 and September 30, 2018 were as follows: March 31, 2019 September 30, 2018 National Lending (Dollars in Thousands) Asset based lending $ 572,210 $ 477,917 Factoring 287,955 284,221 Lease financing 321,414 265,315 Insurance premium finance 307,875 337,877 SBA/USDA 77,481 59,374 Other commercial finance 98,956 85,145 Commercial finance 1,665,891 1,509,849 Consumer credit products 139,617 80,605 Other consumer finance 170,824 189,756 Consumer finance (1) 310,441 270,361 Tax services 84,824 1,073 Warehouse finance (1) 186,697 65,000 Total National Lending 2,247,853 1,846,283 Community Banking Commercial real estate and operating 869,917 790,890 Consumer one-to-four family real estate and other 257,079 247,318 Agricultural real estate and operating 60,167 60,498 Total Community Banking 1,187,163 1,098,706 Total gross loans and leases 3,435,016 2,944,989 Allowance for loan and lease losses (48,672 ) (13,040 ) Net deferred loan origination fees (costs) 2,964 (250 ) Total loans and leases, net (2) $ 3,389,308 $ 2,931,699 (1) Warehouse finance loans are presented in their own line. Previously these balances were included with consumer finance loans. Prior period balances have also been adjusted to reflect this change. (2) As of March 31, 2019, the remaining balance of acquired loans and leases from the Crestmark acquisition was $591.1 million and the remaining balances of the credit and interest rate mark discounts related to the acquired loans and leases held for investment were $8.7 million and $4.5 million , respectively, while the remaining balance of the interest rate mark premium related to the acquired loans held for sale was $0.8 million . On August 1, 2018, the Company acquired loans and leases from the Crestmark acquisition totaling $1.06 billion and recorded related credit and interest rate mark discounts of $12.3 million and $6.0 million , respectively. |
Schedule of Loans Purchased and Sold by Portfolio Segment | Loans purchased and sold by portfolio segment, including participation interests, for the three and six months ended March 31, 2019 and 2018 were as follows: Three Months Ended Six Months Ended March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Loans Purchased (Dollars in Thousands) Loans held for sale $ 5,940 $ — $ 5,940 $ — Loans held for investment: Total National Lending 10,621 — 125,591 72,751 Total Community Banking 7,432 13,823 18,513 16,235 Total purchases 23,933 13,823 150,044 88,986 Loans Sold Loans held for sale 28,051 — 34,904 — Loans held for investment: Total Community Banking 10,479 3,666 10,857 9,582 Total sales $ 38,530 $ 3,666 $ 45,761 $ 9,582 |
Sales-type Lease, Lease Income | The net investment in direct financing and sales-type leases is comprised of the following as of March 31, 2019 and September 30, 2018 . March 31, 2019 September 30, 2018 (Dollars in Thousands) Minimum lease payments receivable $ 366,361 $ 301,835 Estimated residual value of leased equipment 11,328 12,406 Unamortized initial direct costs 4,190 1,806 Premium on acquired leases 9 26 Unearned income (56,266 ) (48,949 ) Net investment in direct financing and sales-type leases $ 325,622 $ 267,124 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Future minimum lease payments receivable on noncancelable direct financing and sales-type leases were as follows as of March 31, 2019 . As of March 31, 2019 (Dollars in thousands) Remaining in 2019 $ 69,316 2020 115,307 2021 90,333 2022 55,328 2023 29,147 2024 and thereafter 6,930 Total $ 366,361 |
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans | Activity in the allowance for loan and lease losses and balances of loans and leases by portfolio segment for each of the three and six months ended March 31, 2019 and 2018 was as follows: Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 2,065 $ 1,365 $ — $ 69 $ 3,499 Factoring 1,062 1,799 (1,125 ) 25 1,761 Lease financing 1,084 1,671 (1,044 ) 254 1,965 Insurance premium finance 972 1,797 (1,877 ) 27 919 SBA/USDA 253 221 — — 474 Other commercial finance 291 234 — — 525 Commercial finance 5,727 7,087 (4,046 ) 375 9,143 Consumer credit products 1,151 163 — — 1,314 Other consumer finance 4,222 3,336 (2,456 ) 28 5,130 Consumer finance 5,373 3,499 (2,456 ) 28 6,444 Tax services 1,546 22,473 (1 ) 84 24,102 Warehouse finance 176 9 — — 185 Total National Lending 12,822 33,068 (6,503 ) 487 39,874 Community Banking Commercial real estate and operating 6,570 103 — — 6,673 Consumer one-to-four family real estate and other 719 259 (20 ) — 958 Agricultural real estate and operating 1,179 (112 ) — 100 1,167 Total Community Banking 8,468 250 (20 ) 100 8,798 Total $ 21,290 $ 33,318 $ (6,523 ) $ 587 $ 48,672 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Six Months Ended March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 107 $ 3,528 $ (262 ) $ 126 $ 3,499 Factoring 64 3,022 (1,375 ) 50 1,761 Lease financing 59 1,542 (1,462 ) 1,826 1,965 Insurance premium finance 1,031 1,890 (2,085 ) 83 919 SBA/USDA 13 461 — — 474 Other commercial finance 28 497 — — 525 Commercial finance 1,302 10,940 (5,184 ) 2,085 9,143 Consumer credit products 785 529 — — 1,314 Other consumer finance 2,820 6,359 (4,079 ) 30 5,130 Consumer finance 3,605 6,888 (4,079 ) 30 6,444 Tax services — 23,969 (43 ) 176 24,102 Warehouse finance 65 120 — — 185 Total National Lending 4,972 41,917 (9,306 ) 2,291 39,874 Community Banking Commercial real estate and operating 6,220 453 — — 6,673 Consumer one-to-four family real estate and other 632 346 (20 ) — 958 Agricultural real estate and operating 1,216 (299 ) — 250 1,167 Total Community Banking 8,068 500 (20 ) 250 8,798 Total $ 13,040 $ 42,417 $ (9,326 ) $ 2,541 $ 48,672 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Three Months Ended March 31, 2018 (Dollars in Thousands) National Lending Insurance premium finance $ 725 $ 214 $ (339 ) $ 146 $ 746 Other commercial finance 4 — — — 4 Commercial finance 729 214 (339 ) 146 750 Tax services 1,435 18,129 — 9 19,573 Total National Lending 2,164 18,343 (339 ) 155 20,323 Community Banking Commercial real estate and operating 3,149 951 — — 4,100 Consumer one-to-four family real estate and other 665 233 — 3 901 Agricultural real estate and operating 1,984 (1,273 ) — 54 765 Unallocated 900 89 — — 989 Total Community Banking 6,698 — — 57 6,755 Total $ 8,862 $ 18,343 $ (339 ) $ 212 $ 27,078 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Six Months Ended March 31, 2018 (Dollars in Thousands) National Lending Insurance premium finance $ 796 $ 265 $ (468 ) $ 153 $ 746 Other commercial finance 4 — — — 4 Commercial finance 800 265 (468 ) 153 750 Tax services 5 19,146 — 422 19,573 Total National Lending 805 19,411 (468 ) 575 20,323 Community Banking Commercial real estate and operating 2,820 1,280 — — 4,100 Consumer one-to-four family real estate and other 809 120 (31 ) 3 901 Agricultural real estate and operating 2,574 (1,863 ) — 54 765 Unallocated 526 463 — — 989 Total Community Banking 6,729 — (31 ) 57 6,755 Total $ 7,534 $ 19,411 $ (499 ) $ 632 $ 27,078 Allowance Loans and Leases Recorded Investment Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Total Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Total As of March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 62 $ 3,437 $ 3,499 $ 5,965 $ 566,245 $ 572,210 Factoring 12 1,749 1,761 6,034 281,921 287,955 Lease financing 67 1,898 1,965 2,299 319,115 321,414 Insurance premium finance — 919 919 — 307,875 307,875 SBA/USDA — 474 474 — 77,481 77,481 Other commercial finance — 525 525 — 98,956 98,956 Commercial finance 141 9,002 9,143 14,298 1,651,593 1,665,891 Consumer credit products — 1,314 1,314 — 139,617 139,617 Other consumer finance — 5,130 5,130 1,236 169,588 170,824 Consumer finance — 6,444 6,444 1,236 309,205 310,441 Tax services — 24,102 24,102 — 84,824 84,824 Warehouse finance — 185 185 — 186,697 186,697 Total National Lending 141 39,733 39,874 15,534 2,232,319 2,247,853 Community Banking Commercial real estate and operating — 6,673 6,673 — 869,917 869,917 Consumer one-to-four family real estate and other — 958 958 134 256,945 257,079 Agricultural real estate and operating — 1,167 1,167 1,220 58,947 60,167 Total Community Banking — 8,798 8,798 1,354 1,185,809 1,187,163 Total $ 141 $ 48,531 $ 48,672 $ 16,888 $ 3,418,128 $ 3,435,016 Allowance Loans and Leases Recorded Investment Ending balance: individually evaluated for impairment (1) Ending balance: collectively evaluated for impairment (1) Total Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Total As of September 30, 2018 (Dollars in Thousands) National Lending Asset based lending $ — $ 107 $ 107 $ 1,404 $ 476,513 $ 477,917 Factoring — 64 64 3,331 280,890 284,221 Lease financing — 59 59 8,877 256,438 265,315 Insurance premium finance — 1,031 1,031 — 337,877 337,877 SBA/USDA — 13 13 — 59,374 59,374 Other commercial finance — 28 28 — 85,145 85,145 Commercial finance — 1,302 1,302 13,612 1,496,237 1,509,849 Consumer credit products — 785 785 — 80,605 80,605 Other consumer finance — 2,820 2,820 — 189,756 189,756 Consumer finance — 3,605 3,605 — 270,361 270,361 Tax services — — — — 1,073 1,073 Warehouse finance — 65 65 — 65,000 65,000 Total National Lending — 4,972 4,972 13,612 1,832,671 1,846,283 Community Banking Commercial real estate and operating — 6,220 6,220 451 790,439 790,890 Consumer one-to-four family real estate and other — 632 632 94 247,224 247,318 Agricultural real estate and operating — 1,216 1,216 1,454 59,044 60,498 Total Community Banking — 8,068 8,068 1,999 1,096,707 1,098,706 Total $ — $ 13,040 $ 13,040 $ 15,611 $ 2,929,378 $ 2,944,989 (1) Balances have been restated from what was previously reported as of September 30, 2018 on the Company's Annual Report on Form 10-K for its fiscal year ended September 30, 2018. |
Asset Classification of Loans and Leases | The asset classification of loans and leases at March 31, 2019 and September 30, 2018 were as follows: Asset Classification Pass Watch Special Mention Substandard Total March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 493,351 $ — $ 72,894 $ 5,965 $ 572,210 Factoring 237,880 — 44,041 6,034 287,955 Lease financing 303,742 — 14,652 3,020 321,414 Insurance premium finance 307,875 — — — 307,875 SBA/USDA 63,428 — 14,053 — 77,481 Other commercial finance 98,380 — 576 — 98,956 Commercial finance 1,504,656 — 146,216 15,019 1,665,891 Consumer credit products 139,617 — — — 139,617 Other consumer finance 170,824 — — — 170,824 Consumer finance 310,441 — — — 310,441 Tax services 84,824 — — — 84,824 Warehouse finance 186,697 — — — 186,697 Total National Lending 2,086,618 — 146,216 15,019 2,247,853 Community Banking Commercial real estate and operating 857,897 6,672 5,348 — 869,917 Consumer one-to-four family real estate and other 253,698 2,999 306 76 257,079 Agricultural real estate and operating 43,260 5,331 3,038 8,538 60,167 Total Community Banking 1,154,855 15,002 8,692 8,614 1,187,163 Total loans and leases $ 3,241,473 $ 15,002 $ 154,908 $ 23,633 $ 3,435,016 Asset Classification Pass Watch Special Mention Substandard Total September 30, 2018 (Dollars in Thousands) National Lending Asset based lending $ 418,635 $ — $ 57,877 $ 1,405 $ 477,917 Factoring 248,246 — 32,644 3,331 284,221 Lease financing 252,487 — 3,951 8,877 265,315 Insurance premium finance 336,296 — 1,581 — 337,877 SBA/USDA 39,093 — 20,281 — 59,374 Other commercial finance 85,145 — — — 85,145 Commercial finance 1,379,902 — 116,334 13,613 1,509,849 Consumer credit products 80,605 — — — 80,605 Other consumer finance 189,756 — — — 189,756 Consumer finance 270,361 — — — 270,361 Tax services 1,073 — — — 1,073 Warehouse finance 65,000 — — — 65,000 Total National Lending 1,716,336 — 116,334 13,613 1,846,283 Community Banking Commercial real estate and operating 778,445 12,251 194 — 790,890 Consumer one-to-four family real estate and other 246,463 537 239 79 247,318 Agricultural real estate and operating 42,292 2,447 4,872 10,887 60,498 Total Community Banking 1,067,200 15,235 5,305 10,966 1,098,706 Total loans and leases $ 2,783,536 $ 15,235 $ 121,639 $ 24,579 $ 2,944,989 |
Past Due Loans and Leases | Past due loans and leases at March 31, 2019 and September 30, 2018 were as follows: Accruing and Non-accruing Loans and Leases Non-performing Loans and Leases Past Due Loans and Leases 30-59 Days Past Due 60-89 Days Past Due > 89 Days Past Due Total Past Due Current Total Loans and Leases Receivable > 89 Days Past Due and Accruing Non-accrual balance Total March 31, 2019 (Dollars in Thousands) National Lending Asset based lending $ 799 $ 1,712 $ 78 $ 2,589 $ 569,621 $ 572,210 $ — $ 266 $ 266 Factoring — — — — 287,955 287,955 — 716 716 Lease financing 9,291 1,227 1,761 12,279 309,135 321,414 645 1,802 2,447 Insurance premium finance 2,009 767 1,640 4,416 303,459 307,875 1,640 — 1,640 SBA/USDA 1,078 — — 1,078 76,403 77,481 — — — Other commercial finance — — — — 98,956 98,956 — — — Commercial finance 13,177 3,706 3,479 20,362 1,645,529 1,665,891 2,285 2,784 5,069 Consumer credit products 1,080 667 420 2,167 137,450 139,617 420 — 420 Other consumer finance 1,256 504 1,853 3,613 167,211 170,824 1,853 — 1,853 Consumer finance 2,336 1,171 2,273 5,780 304,661 310,441 2,273 — 2,273 Tax services 667 — — 667 84,157 84,824 — — — Warehouse finance — — — — 186,697 186,697 — — — Total National Lending 16,180 4,877 5,752 26,809 2,221,044 2,247,853 4,558 2,784 7,342 Community Banking Commercial real estate and operating 271 — — 271 869,646 869,917 — — — Consumer one-to-four family real estate and other 110 250 76 436 256,643 257,079 — 76 76 Agricultural real estate and operating — — 2,200 2,200 57,967 60,167 2,200 — 2,200 Total Community Banking 381 250 2,276 2,907 1,184,256 1,187,163 2,200 76 2,276 Total Loans and Leases $ 16,561 $ 5,127 $ 8,028 $ 29,716 $ 3,405,300 $ 3,435,016 $ 6,758 $ 2,860 $ 9,618 Accruing and Non-accruing Loans and Leases Non-performing Loans and Leases Past Due Loans and Leases 30-59 Days Past Due 60-89 Days Past Due > 89 Days Past Due Total Past Due Current Total Loans and Leases Receivable > 89 Days Past Due and Accruing Non-accrual balance Total September 30, 2018 (Dollars in Thousands) National Lending Asset based lending $ 1,235 $ 2,151 $ 94 $ 3,480 $ 474,437 $ 477,917 $ 94 $ — $ 94 Factoring — — — — 284,221 284,221 — — — Lease financing 16,542 532 2,921 19,995 245,320 265,315 726 2,864 3,590 Insurance premium finance 1,864 1,019 2,981 5,864 332,013 337,877 2,981 — 2,981 SBA/USDA 1,067 — — 1,067 58,307 59,374 — — — Other commercial finance — — — — 85,145 85,145 — — — Commercial finance 20,708 3,702 5,996 30,406 1,479,443 1,509,849 3,801 2,864 6,665 Consumer credit products 532 284 147 963 79,642 80,605 147 — 147 Other consumer finance 2,677 1,311 2,237 6,225 183,531 189,756 2,237 — 2,237 Consumer finance 3,209 1,595 2,384 7,188 263,173 270,361 2,384 — 2,384 Tax services — — 1,073 1,073 — 1,073 1,073 — 1,073 Warehouse finance — — — — 65,000 65,000 — — — Total National Lending 23,917 5,297 9,453 38,667 1,807,616 1,846,283 7,258 2,864 10,122 Community Banking Commercial real estate and operating — — — — 790,890 790,890 — — — Consumer one-to-four family real estate and other 105 — 79 184 247,134 247,318 79 — 79 Agricultural real estate and operating — — — — 60,498 60,498 — — — Total Community Banking 105 — 79 184 1,098,522 1,098,706 79 — 79 Total Loans and Leases $ 24,022 $ 5,297 $ 9,532 $ 38,851 $ 2,906,138 $ 2,944,989 $ 7,337 $ 2,864 $ 10,201 |
Impaired Loans and Leases | Impaired loans and leases at March 31, 2019 and September 30, 2018 were as follows: March 31, 2019 Recorded Balance Unpaid Principal Balance Specific Allowance Loans and leases without a specific valuation allowance (Dollars in Thousands) National Lending Asset based lending $ 4,887 $ 5,399 $ — Factoring 6,009 7,084 — Lease financing 2,209 2,209 — Commercial finance 13,105 14,692 — Other consumer finance 1,236 1,304 — Consumer finance 1,236 1,304 — Total National Lending 14,341 15,996 — Community Banking Consumer one-to-four family real estate and other 134 153 — Agricultural real estate and operating 1,220 1,220 — Total Community Banking 1,354 1,373 — Total $ 15,695 $ 17,370 $ — Loans and leases with a specific valuation allowance National Lending Asset based lending $ 1,078 $ 1,078 $ 62 Factoring 25 25 12 Lease financing 90 90 67 Commercial finance 1,193 1,193 141 Total National Lending 1,193 1,193 141 Total $ 1,193 $ 1,193 $ 141 September 30, 2018 Recorded Balance Unpaid Principal Balance Specific Allowance Loans and leases without a specific valuation allowance (Dollars in Thousands) National Lending Asset based lending $ 1,325 $ 1,325 $ — Factoring 1,383 1,713 — Lease financing 5,491 5,491 — Commercial finance 8,199 8,529 — Total National Lending 8,199 8,529 — Community Banking 405 405 — Commercial real estate and operating 140 140 — Consumer one-to-four family real estate and other 1,454 1,454 — Agricultural real estate and operating 1,999 1,999 — Total $ 10,198 $ 10,528 $ — Loans and leases with a specific valuation allowance National Lending Asset based lending $ 79 $ 79 $ 22 Factoring 1,948 2,198 49 Lease financing 3,386 3,386 517 Commercial finance 5,413 5,663 588 Total National Lending 5,413 5,663 588 Total $ 5,413 $ 5,413 $ 588 The following table provides the average recorded investment in impaired loans and leases for the three and six month periods ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income (Dollars in Thousands) National Lending Asset based lending $ 3,569 $ 95 $ — $ — Factoring 3,131 — — — Lease financing 4,100 7 — — Commercial finance 10,800 102 — — Other consumer finance 1,232 10 — — Consumer finance 1,232 10 — — Total National Lending 12,032 112 — — Community Banking Commercial real estate and operating 268 — 705 5 Consumer one-to-four family real estate and other 137 — 229 6 Agricultural real estate and operating 1,414 10 1,680 50 Total Community Banking 1,819 10 2,614 61 Total loans and leases $ 13,851 $ 122 $ 2,614 $ 61 Six Months Ended March 31, 2019 2018 Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income (Dollars in Thousands) National Lending Asset based lending $ 2,648 $ 174 $ — $ — Factoring 2,956 5 — — Lease financing 5,842 17 — — Commercial finance 11,446 196 — — Other consumer finance 1,227 10 — — Consumer finance 1,227 10 — — Total National Lending 12,673 206 — — Community Banking Commercial real estate and operating 336 4 840 10 Consumer one-to-four family real estate and other 138 2 165 9 Agricultural real estate and operating 1,443 35 1,015 64 Total Community Banking 1,917 41 2,020 83 Total loans and leases $ 14,590 $ 247 $ 2,020 $ 83 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income and Common Stock Share Amounts Used in Computation of Basic and Diluted EPS | A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share for the three and six months ended March 31, 2019 and 2018 is presented below. Three Months Ended March 31, 2019 2018 (Dollars in Thousands, Except Share and Per Share Data) Basic income per common share: Net income attributable to Meta Financial Group, Inc. $ 32,120 $ 31,436 Weighted average common shares outstanding 39,429,595 29,061,180 Basic income per common share 0.81 1.08 Diluted income per common share: Net income attributable to Meta Financial Group, Inc. $ 32,120 $ 31,436 Weighted average common shares outstanding 39,429,595 29,061,180 Outstanding options - based upon the two-class method 67,237 118,956 Weighted average diluted common shares outstanding 39,496,832 29,180,136 Diluted income per common share 0.81 1.08 Six Months Ended March 31, 2019 2018 (Dollars in Thousands, Except Share and Per Share Data) Basic income per common share: Net income attributable to Meta Financial Group, Inc. $ 47,518 $ 36,106 Weighted average common shares outstanding 39,381,682 29,015,376 Basic income per common share 1.21 1.24 Diluted income per common share: Net income attributable to Meta Financial Group, Inc. $ 47,518 $ 36,106 Weighted average common shares outstanding 39,381,682 29,015,376 Outstanding options - based upon the two-class method 68,581 115,038 Weighted average diluted common shares outstanding 39,450,263 29,130,414 Diluted income per common share 1.20 1.24 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities at March 31, 2019 and September 30, 2018 are presented below. At March 31, 2019 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities AFS SBA securities $ 163,621 $ 637 $ (155 ) $ 164,103 Obligations of states and political subdivisions 11,432 106 (9 ) 11,529 Non-bank qualified obligations of states and political subdivisions 629,732 1,357 (9,447 ) 621,642 Asset-backed securities 284,701 1,286 (1,598 ) 284,389 Mortgage-backed securities 419,024 1,064 (6,595 ) 413,493 Total debt securities AFS $ 1,508,510 $ 4,450 $ (17,804 ) $ 1,495,156 Common equities and mutual funds (1)(2) $ 3,592 $ 619 $ — $ 4,211 (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at March 31, 2019. At September 30, 2018 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities AFS SBA securities $ 45,591 $ 1 $ (1,255 ) $ 44,337 Obligations of states and political subdivisions 17,154 49 (293 ) 16,910 Non-bank qualified obligations of states and political subdivisions 1,140,884 826 (31,825 ) 1,109,885 Asset-backed securities 310,700 2,585 (257 ) 313,028 Mortgage-backed securities 378,301 — (14,236 ) 364,065 Total debt securities AFS $ 1,892,630 $ 3,461 $ (47,866 ) $ 1,848,225 Common equities and mutual funds (1) 3,172 635 (7 ) 3,800 Total AFS securities (1) $ 1,895,802 $ 4,096 $ (47,873 ) $ 1,852,025 (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. |
Securities Held to Maturity | Held to Maturity At March 31, 2019 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ 146,992 $ — $ (5,224 ) $ 141,768 Mortgage-backed securities 7,606 — (210 ) 7,396 Total held to maturity securities $ 154,598 $ — $ (5,434 ) $ 149,164 At September 30, 2018 AMORTIZED GROSS GROSS FAIR (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ 163,893 $ — $ (10,758 ) $ 153,135 Mortgage-backed securities 7,850 — (422 ) 7,428 Total held to maturity securities $ 171,743 $ — $ (11,180 ) $ 160,563 |
Debt Securities, Trading, and Equity Securities, FV-NI | Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and September 30, 2018 , were as follows: LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At March 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 41,845 $ (29 ) $ 27,214 $ (126 ) $ 69,059 $ (155 ) Obligations of states and political subdivisions — — 2,052 (9 ) 2,052 (9 ) Non-bank qualified obligations of states and political subdivisions 10,210 (2 ) 448,680 (9,445 ) 458,890 (9,447 ) Asset-backed securities 148,254 (1,539 ) 12,184 (59 ) 160,438 (1,598 ) Mortgage-backed securities 32,722 (13 ) 282,789 (6,582 ) 315,511 (6,595 ) Total debt securities AFS $ 233,031 $ (1,583 ) $ 772,919 $ (16,221 ) $ 1,005,950 $ (17,804 ) Common equities and mutual funds (1)(2) — — — — — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at March 31, 2019. LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2018 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 43,097 $ (1,255 ) $ — $ — $ 43,097 $ (1,255 ) Obligations of state and political subdivisions 11,036 (279 ) 881 (14 ) 11,917 (293 ) Non-bank qualified obligations of states and political subdivisions 626,693 (13,539 ) 358,095 (18,286 ) 984,788 (31,825 ) Asset-backed securities 146,638 (257 ) — — 146,638 (257 ) Mortgage-backed securities 121,217 (3,292 ) 242,849 (10,944 ) 364,066 (14,236 ) Total debt securities AFS $ 948,681 $ (18,622 ) $ 601,825 $ (29,244 ) $ 1,550,506 $ (47,866 ) Common equities and mutual funds (1) 1,818 (7 ) — — 1,818 (7 ) Total debt AFS securities (1) $ 950,499 $ (18,629 ) $ 601,825 $ (29,244 ) $ 1,552,324 $ (47,873 ) (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. |
Schedule of Unrealized Loss on Investments | Held To Maturity LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At March 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ — $ — $ 141,768 $ (5,225 ) $ 141,768 $ (5,225 ) Mortgage-backed securities — — 7,396 (210 ) 7,396 (210 ) Total held to maturity securities $ — $ — $ 149,164 $ (5,435 ) $ 149,164 $ (5,435 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2018 Fair Unrealized Fair Unrealized Fair Value Unrealized (Dollars in Thousands) Debt securities Non-bank qualified obligations of states and political subdivisions $ 5,767 $ (287 ) $ 147,368 $ (10,471 ) $ 153,135 $ (10,758 ) Mortgage-backed securities — — 7,428 (422 ) 7,428 (422 ) Total held to maturity securities $ 5,767 $ (287 ) $ 154,796 $ (10,893 ) $ 160,563 $ (11,180 ) |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities by contractual maturity as of the dates set forth below are shown below. Certain securities have call features which allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. The expected maturities of certain housing related municipal securities, SBA and asset-backed securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. Securities at Fair Value AMORTIZED FAIR At March 31, 2019 (Dollars in Thousands) Due in one year or less $ 1,020 $ 1,019 Due after one year through five years 15,058 15,285 Due after five years through ten years 64,894 65,335 Due after ten years 1,008,514 1,000,024 1,089,486 1,081,663 Mortgage-backed securities 419,024 413,493 Total securities at fair value $ 1,508,510 $ 1,495,156 AMORTIZED FAIR At September 30, 2018 (Dollars in Thousands) Due in one year or less $ 2,532 $ 2,529 Due after one year through five years 41,415 41,504 Due after five years through ten years 352,099 350,143 Due after ten years 1,118,283 1,089,984 1,514,329 1,484,160 Mortgage-backed securities 378,301 364,065 Common equities and mutual funds (1) 3,172 3,800 Total securities at fair value $ 1,895,802 $ 1,852,025 (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. Held To Maturity AMORTIZED FAIR At March 31, 2019 (Dollars in Thousands) Due after ten years $ 146,992 $ 141,768 146,992 141,768 Mortgage-backed securities 7,606 7,396 Total held to maturity securities at cost $ 154,598 $ 149,164 AMORTIZED FAIR At September 30, 2018 (Dollars in Thousands) Due after ten years $ 163,893 $ 153,135 163,893 153,135 Mortgage-backed securities 7,850 7,428 Total held to maturity securities at cost $ 171,743 $ 160,563 |
RENTAL EQUIPMENT, NET (Tables)
RENTAL EQUIPMENT, NET (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Rental equipment was as follows as of March 31, 2019 and September 30, 2018 . March 31, 2019 September 30, 2018 (Dollars in thousands) Computers and IT networking equipment $ 43,896 $ 53,035 Motor vehicles and other 59,589 43,505 Office furniture and equipment 3,409 3,590 Solar panels and equipment 81,498 57,242 Total 188,392 157,372 Accumulated depreciation (48,305 ) (50,082 ) Net book value $ 140,087 $ 107,290 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments receivable on equipment under operating leases was as follows as of March 31, 2019 . March 31, 2019 (Dollars in thousands) 2019 $ 12,849 2020 20,737 2021 16,290 2022 10,135 2023 8,220 2024 and thereafter 10,164 Total $ 78,395 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of the Company’s goodwill and intangible assets for the six months ended March 31, 2019 and 2018 were as follows: Payments Banking Corporate Services/Other Total Goodwill (Dollars in Thousands) September 30, 2018 $ 87,145 $ 216,125 $ — $ 303,270 Acquisitions — — — — Measurement Period Adjustments (1) — 4,194 — 4,194 Impairment — — — — March 31, 2019 $ 87,145 $ 220,319 $ — $ 307,464 September 30, 2017 $ 87,145 $ 11,578 $ — $ 98,723 Acquisitions — — — — Impairment — — — — March 31, 2018 $ 87,145 $ 11,578 $ — $ 98,723 (1) The Company recognized measurement period adjustments on provisional goodwill during the second fiscal quarter of 2019 related to the Crestmark acquisition. Refer to Note 3. Acquisitions. |
Schedule of Finite-Lived Intangible Assets | Trademark(1) Non-Compete(2) Customer Relationships(3) All Others(4) Total Intangibles (Dollars in Thousands) Balance as of September 30, 2018 $ 12,987 $ 1,297 $ 48,455 $ 7,980 $ 70,719 Acquisitions during the period — — — 78 78 Amortization during the period (514 ) (235 ) (8,742 ) (487 ) (9,978 ) Write-offs during the period — — — (313 ) (313 ) Balance as of March 31, 2019 $ 12,473 $ 1,062 $ 39,713 $ 7,258 $ 60,506 Gross carrying amount $ 14,624 $ 2,480 $ 82,088 $ 10,667 $ 109,859 Accumulated amortization (2,151 ) (1,418 ) (32,127 ) (2,750 ) (38,446 ) Accumulated impairment — — (10,248 ) (659 ) (10,907 ) Balance as of March 31, 2019 $ 12,473 $ 1,062 $ 39,713 $ 7,258 $ 60,506 (1) Book amortization period of 5-15 years. Amortized using the straight line and accelerated methods. (2) Book amortization period of 3-5 years. Amortized using the straight line method. (3) Book amortization period of 10-30 years. Amortized using the accelerated method. (4) Book amortization period of 3-20 years. Amortized using the straight line method. Trademark(1) Non-Compete(2) Customer Relationships(3) All Others(4) Total Intangibles (Dollars in Thousands) Balance as of September 30, 2017 $ 10,051 $ 1,782 $ 31,707 $ 8,638 $ 52,178 Acquisitions during the period — — — 47 47 Amortization during the period (319 ) (249 ) (3,388 ) (456 ) (4,412 ) Write-offs during the period — — — (89 ) (89 ) Balance as of March 31, 2018 $ 9,732 $ 1,533 $ 28,319 $ 8,140 $ 47,724 Gross carrying amount $ 10,990 $ 2,480 $ 57,810 $ 10,550 $ 81,830 Accumulated amortization (1,258 ) (947 ) (19,243 ) (1,792 ) (23,240 ) Accumulated impairment — — (10,248 ) (618 ) (10,866 ) Balance as of March 31, 2018 $ 9,732 $ 1,533 $ 28,319 $ 8,140 $ 47,724 (1) Book amortization period of 15 years. Amortized using the straight line and accelerated methods. (2) Book amortization period of 3 years. Amortized using the straight line method. (3) Book amortization period of 10-30 years. Amortized using the accelerated method. (4) Book amortization period of 3-20 years. Amortized using the straight line method. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense of intangible assets in the remaining six months of fiscal 2019 and subsequent fiscal years is as follows: (Dollars in Thousands) Remaining in 2019 $ 7,731 2020 10,984 2021 8,525 2022 6,399 2023 5,081 2024 4,363 Thereafter 17,423 Total anticipated intangible amortization $ 60,506 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity of Options | The following tables show the activity of options and nonvested (restricted) shares granted, exercised, or forfeited under the 2002 Omnibus Incentive Plan for the six months ended March 31, 2019 : Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Yrs) Aggregate Intrinsic Value (Dollars in Thousands, Except Per Share Data (1) ) Options outstanding, September 30, 2018 155,961 $ 8.48 1.78 $ 2,974 Granted — — — — Exercised (45,132 ) 8.95 — 742 Forfeited or expired (3,027 ) 10.60 — 33 Options outstanding, March 31, 2019 107,802 $ 8.23 1.47 $ 1,235 Options exercisable, March 31, 2019 107,802 $ 8.23 1.47 $ 1,235 |
Schedule of Nonvested Share Activity | Number of Shares Weighted Average Fair Value at Grant (Dollars in Thousands, Except Per Share Data (1) ) Nonvested (restricted) shares outstanding, September 30, 2018 1,005,813 $ 29.89 Granted 296,302 24.84 Vested (347,354 ) 26.78 Forfeited or expired (1,623 ) 26.17 Nonvested (restricted) shares outstanding, March 31, 2019 953,138 $ 29.46 (1) All share and per share data has been adjusted to reflect the 3-for-1 forward stock split effected by the Company on October 4, 2018. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s effective tax rate in the future will depend in part on actual investment tax credits earned as part of its financing of solar energy projects. The table below compares the income tax expense components for the periods presented. Six Months Ended March 31, 2019 2018 (Dollars in Thousands) Provision at statutory rate $ 9,541 $ 11,857 Tax-exempt income (1,824 ) (3,728 ) State income taxes 2,143 2,003 Interim period effective rate adjustment (3,968 ) (1,277 ) Tax credit investments, net - federal (9,568 ) — Tax Reform rate adjustment — 3,635 IRC 162(m) nondeductible compensation 1,561 — Other, net 29 (258 ) Income tax expense $ (2,086 ) $ 12,232 Effective tax rate (4.40 %) 25.31 % |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments | The table below presents the Company’s revenue by operating segment. For additional descriptions of the Company’s operating segments, including additional financial information and the underlying management accounting process, see Note 14. Segment Reporting to the Consolidated Financial Statements. (Dollars in thousands) Payments Banking Corporate Services/Other Consolidated Company Three Months Ended March 31, 2019 2018 2019 2018 2019 2018 2019 2018 Net interest income (1) $ 13,607 $ 4,933 $ 56,271 $ 16,120 $ 1,472 $ 6,352 $ 71,350 $ 27,405 Noninterest income: Refund transfer product fees 31,601 33,803 — — — — 31,601 33,803 Tax advance product fees (1) 33,038 33,838 — — — — 33,038 33,838 Card fees 22,960 26,771 92 85 — — 23,052 26,856 Rental income (1) — — 9,890 — — — 9,890 — Loan and lease fees (1) — — 925 1,042 — — 925 1,042 Bank-owned life insurance (1) — — — — 631 650 631 650 Deposit fees 1,711 879 382 103 — — 2,093 982 Gain (loss) on sale of securities available-for-sale, net (1) — — — — 231 (166 ) 231 (166 ) Gain on sale of loans and leases (1) — — 1,085 — — — 1,085 — Loss on foreclosed real estate (1) — — (200 ) — — — (200 ) — Other income (1) 442 382 1,774 11 463 21 2,679 414 Total noninterest income 89,752 95,673 13,948 1,241 1,325 505 105,025 97,419 Revenue $ 103,359 $ 100,606 $ 70,219 $ 17,361 $ 2,797 $ 6,857 $ 176,375 $ 124,824 (1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities. (Dollars in thousands) Payments Banking Corporate Services/Other Consolidated Company Six Months Ended March 31, 2019 2018 2019 2018 2019 2018 2019 2018 Net interest income (1) $ 23,007 $ 9,602 $ 108,063 $ 31,717 $ 552 $ 12,282 $ 131,622 $ 53,601 Noninterest income: Refund transfer product fees 31,862 33,995 — — — — 31,862 33,995 Tax advance product fees (1) 34,723 35,785 — — — — 34,723 35,785 Card fees 42,233 51,945 170 158 — — 42,403 52,103 Rental income (1) — — 20,780 — — — 20,780 — Loan and lease fees (1) — — 2,173 2,334 — — 2,173 2,334 Bank-owned life insurance (1) — — — — 1,273 1,319 1,273 1,319 Deposit fees 3,245 1,607 786 223 — — 4,031 1,830 Gain (loss) on sale of securities available-for-sale, net (1) — — — — 209 (1,176 ) 209 (1,176 ) Gain on sale of loans and leases (1) — — 1,951 — — — 1,951 — Loss on foreclosed real estate (1) — — (185 ) (19 ) — — (185 ) (19 ) Other income (1) 515 442 2,542 30 499 44 3,556 516 Total noninterest income 112,578 123,774 28,217 2,726 1,981 187 142,776 126,687 Revenue $ 135,585 $ 133,376 $ 136,280 $ 34,443 $ 2,533 $ 12,469 $ 274,398 $ 180,288 (1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
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 debt securities available for sale and equity securities at March 31, 2019 and September 30, 2018 , as they are measured at fair value on a recurring basis. Fair Value At March 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS Small business administration securities $ 164,103 $ — $ 164,103 $ — Obligations of states and political subdivisions 11,529 — 11,529 — Non-bank qualified obligations of states and political subdivisions 621,642 — 621,642 — Asset-backed securities 284,389 — 284,389 — Mortgage-backed securities 413,493 — 413,493 — Total debt securities AFS 1,495,156 — 1,495,156 — Common equities and mutual funds (1)(2) $ 4,211 $ 4,211 $ — $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at March 31, 2019. Fair Value At September 30, 2018 Available For Sale (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS Small business administration securities $ 44,337 $ — $ 44,337 $ — Obligations of states and political subdivisions 16,910 — 16,910 — Non-bank qualified obligations of states and political subdivisions 1,109,885 — 1,109,885 — Asset-backed securities 313,028 — 313,028 — Mortgage-backed securities 364,065 — 364,065 — Total debt securities AFS 1,848,225 — 1,848,225 — Common equities and mutual funds (1) 3,800 3,800 — — Total securities $ 1,852,025 $ 3,800 $ 1,848,225 $ — |
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 March 31, 2019 and September 30, 2018 . Fair Value At March 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired Loans and Leases, net Asset Based Lending $ 1,218 $ — $ — $ 1,218 Factoring 13 — — 13 Lease Financing 23 — — 23 Commercial finance 1,254 — — 1,254 Total National Lending 1,254 — — 1,254 Total Impaired Loans and Leases 1,254 — — 1,254 Foreclosed Assets, net 29,548 — — 29,548 Total $ 30,802 $ — $ — $ 30,802 Fair Value At September 30, 2018 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired loans and leases, net Asset Based Lending $ 57 $ — $ — $ 57 Factoring 1,899 — — 1,899 Lease Financing 2,869 — — 2,869 Commercial finance 4,825 — — 4,825 Total National Lending 4,825 — — 4,825 Total impaired loans and leases 4,825 — — 4,825 Foreclosed assets, net 31,638 — — 31,638 Total $ 36,463 $ — $ — $ 36,463 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information About Level 3 Fair Value Measurements (Dollars in Thousands) Fair Value at Fair Value at Valuation Unobservable Input Range of Inputs Impaired loans and leases, net $ 1,254 4,825 Market approach Appraised values (1) 4.00 - 10.00% Foreclosed Assets, net $ 29,548 31,638 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 March 31, 2019 and September 30, 2018 . March 31, 2019 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 156,461 $ 156,461 $ 156,461 $ — $ — Debt securities available for sale 1,495,156 1,495,156 — 1,495,156 — Debt securities held to maturity 154,598 149,164 — 149,164 — Equity securities (1) 4,211 4,211 4,211 — — Total securities 1,653,965 1,648,531 4,211 1,644,320 — Loans held for sale 59,745 59,745 — 59,745 — Loans and leases: Asset based lending 572,210 551,579 — — 551,579 Factoring 287,955 283,337 — — 283,337 Lease financing 321,414 320,411 — — 320,411 Insurance premium finance 307,875 307,732 — — 307,732 SBA/USDA 77,481 74,407 — — 74,407 Other commercial finance 98,956 100,038 — — 100,038 Commercial finance 1,665,891 1,637,504 — — 1,637,504 Consumer credit products 139,617 138,748 — — 138,748 Other consumer finance 170,824 166,925 — — 166,925 Consumer finance 310,441 305,673 — — 305,673 Tax services 84,824 60,722 — — 60,722 Warehouse finance 186,697 186,764 — — 186,764 Total National Lending 2,247,853 2,190,663 — — 2,190,663 Commercial real estate and operating 869,917 861,524 — — 861,524 Consumer one to four family real estate and other 257,079 254,642 — — 254,642 Agricultural real estate and operating 60,167 58,454 — — 58,454 Total Community Banking 1,187,163 1,174,620 — — 1,174,620 Total loans and leases 3,435,016 3,365,283 — — 3,365,283 Federal Home Loan Bank stock 7,436 7,436 — 7,436 — Accrued interest receivable 20,281 20,281 20,281 — — Financial liabilities Noninterest-bearing demand deposits 3,034,428 3,034,428 3,034,428 — — Interest-bearing demand deposits, savings, and money markets 300,033 300,033 300,033 — — Certificates of deposits 154,401 153,951 — 153,951 — Wholesale non-maturing deposits 207,795 207,795 207,795 — — Wholesale certificates of deposits 1,273,650 1,272,291 — 1,272,291 — Total deposits 4,970,307 4,968,498 3,542,256 1,426,242 — Securities sold under agreements to repurchase 2,804 2,804 — 2,804 — Capital leases 1,996 1,996 — 1,996 — Trust preferred securities 13,661 13,878 — 13,878 — Subordinated debentures 73,566 75,188 — 75,188 — Other borrowings 19,357 19,162 — 19,162 — Accrued interest payable 9,239 9,239 9,239 — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018. September 30, 2018 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 99,977 $ 99,977 $ 99,977 $ — $ — Securities available for sale 1,852,025 1,852,025 3,800 1,848,225 — Securities held to maturity 172,154 160,974 — 160,974 — Total securities 2,024,179 2,012,999 3,800 2,009,199 — Loans held for sale 15,606 15,606 — 15,606 — Loans and leases: Asset based lending 477,917 477,471 — — 477,471 Factoring 284,221 283,424 — — 283,424 Lease financing 265,315 264,679 — — 264,679 Insurance premium finance 337,877 337,212 — — 337,212 SBA/USDA 59,374 61,072 — — 61,072 Other commercial finance 85,145 83,111 — — 83,111 Commercial finance 1,509,849 1,506,969 — — 1,506,969 Consumer credit products 80,605 80,633 — — 80,633 Other consumer finance 189,756 197,320 — — 197,320 Consumer finance 270,361 277,953 — — 277,953 Tax services 1,073 1,073 — — 1,073 Warehouse finance 65,000 64,978 — — 64,978 Total National Lending 1,846,283 1,850,973 — — 1,850,973 Commercial real estate and operating 790,890 773,203 — — 773,203 Consumer one to four family real estate and other 247,318 244,730 — — 244,730 Agricultural real estate and operating 60,498 58,849 — — 58,849 Total Community Banking 1,098,706 1,076,782 — — 1,076,782 Total loans and leases 2,944,989 2,927,755 — — 2,927,755 Federal Home Loan Bank stock 23,400 23,400 — 23,400 — Accrued interest receivable 22,016 22,016 22,016 — — Financial liabilities Noninterest-bearing demand deposits 2,405,274 2,405,274 2,405,274 — — Interest-bearing demand deposits, savings, and money markets 218,347 218,347 218,347 — — Certificates of deposits 276,180 273,800 — 273,800 — Wholesale non-maturing deposits 94,384 94,384 94,384 — — Wholesale certificates of deposits 1,436,802 1,432,146 — 1,432,146 — Total deposits 4,430,987 4,423,951 2,718,005 1,705,946 — Federal funds purchased 422,000 422,000 422,000 — — Securities sold under agreements to repurchase 3,694 3,694 — 3,694 — Capital leases 1,876 1,876 — 1,876 — Trust preferred securities 13,661 13,866 — 13,866 — Subordinated debentures 73,491 75,563 — 75,563 — Accrued interest payable 7,794 7,794 7,794 — — |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information of Entity | The following tables present segment data for the Company for the three and six months ended March 31, 2019 and 2018 , respectively. Payments Banking Corporate Total Three Months Ended March 31, 2019 Net interest income (expense) $ 13,607 $ 56,271 $ 1,472 $ 71,350 Provision for loan and lease losses 22,474 10,844 — 33,318 Noninterest income 89,752 13,948 1,325 105,025 Noninterest expense 32,178 42,522 35,554 110,254 Income (loss) before income tax expense (benefit) 48,707 16,853 (32,757 ) 32,803 Total assets 245,872 3,884,673 1,919,497 6,050,042 Total goodwill 87,145 220,319 — 307,464 Total deposits 3,107,264 482,033 1,381,010 4,970,307 Payments Banking Corporate Total Six Months Ended March 31, 2019 Net interest income (expense) $ 23,007 $ 108,063 $ 552 $ 131,622 Provision for loan and lease losses 23,969 18,448 — 42,417 Noninterest income 112,578 28,217 1,981 142,776 Noninterest expense 53,539 76,365 54,645 184,549 Income (loss) before income tax expense (benefit) 58,077 41,467 (52,112 ) 47,432 Total assets 245,872 3,884,673 1,919,497 6,050,042 Total goodwill 87,145 220,319 — 307,464 Total deposits 3,107,264 482,033 1,381,010 4,970,307 Payments Banking Corporate Total Three Months Ended March 31, 2018 Net interest income $ 4,933 $ 16,120 $ 6,352 $ 27,405 Provision for loan losses 18,129 214 — 18,343 Noninterest income 95,673 1,241 505 97,419 Noninterest expense 44,841 6,984 16,672 68,497 Income (loss) before income tax expense (benefit) 37,636 10,163 (9,815 ) 37,984 Total assets 243,140 1,510,939 2,547,614 4,301,693 Total goodwill 87,145 11,578 — 98,723 Total deposits 2,882,441 244,149 213,907 3,340,497 Payments Banking Corporate Total Six Months Ended March 31, 2018 Net interest income $ 9,602 $ 31,717 $ 12,282 $ 53,601 Provision for loan losses 19,146 265 — 19,411 Noninterest income 123,774 2,726 187 126,687 Noninterest expense 71,796 13,552 27,191 112,539 Income (loss) before income tax expense (benefit) 42,434 20,626 (14,722 ) 48,338 Total assets 243,140 1,510,939 2,547,614 4,301,693 Total goodwill 87,145 11,578 — 98,723 Total deposits 2,882,441 244,149 213,907 3,340,497 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") (Details) $ in Thousands | Oct. 01, 2018USD ($) |
Accounting Standards Update 2014-09 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,502 |
ACQUISTIONS - Narrative (Detail
ACQUISTIONS - Narrative (Details) - USD ($) $ in Thousands | Aug. 01, 2018 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 307,464 | $ 303,270 | $ 98,723 | $ 98,723 | |
Crestmark Bancorp, Inc. | |||||
Business Acquisition [Line Items] | |||||
Total consideration paid | $ 295,800 | ||||
Equity interest issued (in shares) | 9,919,512 | ||||
Receivables acquired | 591,100 | ||||
Goodwill | $ 204,547 | 208,742 | |||
DC Solar | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Period Increase (Decrease) | $ 2,200 |
LOANS AND LEASES, NET - Summary
LOANS AND LEASES, NET - Summary of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 | Aug. 01, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | $ 3,435,016 | $ 2,944,989 | |
Allowance for loan and lease losses | (48,672) | (13,040) | |
Net Deferred Loan Origination Fees | 2,964 | (250) | |
Total Loans Receivable, Net | 3,389,308 | 2,931,699 | |
Financing Receivable | Asset based lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 572,210 | 477,917 | |
Financing Receivable | Factoring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 287,955 | 284,221 | |
Financing Receivable | Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 321,414 | 265,315 | |
Financing Receivable | Insurance premium finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 307,875 | 337,877 | |
Financing Receivable | SBA/USDA | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 77,481 | 59,374 | |
Financing Receivable | Other commercial finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 98,956 | 85,145 | |
Financing Receivable | Commercial finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 1,665,891 | 1,509,849 | |
Financing Receivable | Consumer credit products | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 139,617 | 80,605 | |
Financing Receivable | Other consumer finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 170,824 | 189,756 | |
Financing Receivable | Consumer finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 310,441 | 270,361 | |
Financing Receivable | Tax services | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 84,824 | 1,073 | |
Financing Receivable | Warehouse finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 186,697 | 65,000 | |
Financing Receivable | National Lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,247,853 | 1,846,283 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 1,187,163 | 1,098,706 | |
Loans Receivable | Commercial real estate and operating | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 869,917 | 790,890 | |
Loans Receivable | 1-4 Family Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 257,079 | 247,318 | |
Loans Receivable | Agricultural real estate and operating | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 60,167 | $ 60,498 | |
Crestmark Bancorp, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivables acquired | 591,100 | ||
Acquired loans and leases from Crestmark acquisition | $ 1,060,000 | ||
Credit discounts | $ (8,700) | (12,300) | |
Interest rate mark discounts | $ (6,000) |
ACQUISITIONS ACQUISITIONS - Pur
ACQUISITIONS ACQUISITIONS - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Mar. 31, 2019 | Sep. 30, 2018 | Aug. 01, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 307,464 | $ 303,270 | $ 98,723 | $ 98,723 | |
Crestmark Bancorp, Inc. | |||||
Business Acquisition [Line Items] | |||||
Rental Equipment | 95,622 | $ 98,977 | |||
Measurement period adjustments, Rental Equipment | (3,355) | ||||
Intangible assets | 28,136 | 28,253 | |||
Measurement period adjustments, Intangible assets | (117) | ||||
Goodwill | 208,742 | 204,547 | |||
Measurement period adjustments, Goodwill | 4,194 | ||||
Accrued expenses and other liabilities | 89,024 | 88,301 | |||
Measurement period adjustments, Accrued expenses and other liabilities | 723 | ||||
Net other assets | 55,464 | 55,464 | |||
Noncontrolling interest | 3,167 | 3,167 | |||
Purchase price | $ 295,773 | $ 295,773 |
LOANS AND LEASES, NET LOANS AND
LOANS AND LEASES, NET LOANS AND LEASES, NET - Schedule of Loans Purchased and Sold, by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | $ 5,940 | $ 0 | $ 5,940 | $ 0 |
Loans held for investment | 144,104 | 88,986 | ||
Total purchases | 23,933 | 13,823 | 150,044 | 88,986 |
Loans held for sale | 36,461 | 0 | ||
Total sales | 38,530 | 3,666 | 45,761 | 9,582 |
Financing Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 10,621 | 0 | 125,591 | 72,751 |
Loans held for sale | 28,051 | 0 | 34,904 | 0 |
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for investment | 7,432 | 13,823 | 18,513 | 16,235 |
Loans held for investment: Total Community Banking | $ 10,479 | $ 3,666 | $ 10,857 | $ 9,582 |
ACQUISITIONS - Goodwill Increas
ACQUISITIONS - Goodwill Increase (Decrease) (Details) - DC Solar - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ 2,200 | |
Rental income | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ 1,633 | |
Other income | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | 315 | |
Impairment | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (9,549) | |
Income tax benefit | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | 1,047 | |
Impact to net income | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (6,554) | |
Operating lease equipment | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (12,589) | |
Goodwill | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | 1,968 | |
Other assets | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (394) | |
Liabilities | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (4,461) | |
Total balance sheet impact | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | (6,554) | |
Regulatory capital impact | ||
Business Acquisition [Line Items] | ||
Goodwill, Period Increase (Decrease) | $ (8,522) |
LOANS AND LEASES, NET LOANS A_2
LOANS AND LEASES, NET LOANS AND LEASES, NET - Direct Financing and Sales-type Leases, and Lease Receivable Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Net Investment in Leases [Abstract] | ||
Minimum lease payments receivable | $ 366,361 | $ 301,835 |
Estimated residual value of leased equipment | 11,328 | 12,406 |
Unamortized initial direct costs | 4,190 | 1,806 |
Premium on acquired leases | 9 | 26 |
Unearned income | (56,266) | (48,949) |
Net investment in direct financing and sales-type leases | 325,622 | $ 267,124 |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
Remaining in 2019 | 69,316 | |
2020 | 115,307 | |
2021 | 90,333 | |
2022 | 55,328 | |
2023 | 29,147 | |
2024 and thereafter | 6,930 | |
Total | $ 366,361 |
LOANS AND LEASES, NET - Allowan
LOANS AND LEASES, NET - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | |
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | $ 21,290 | $ 13,040 | $ 7,534 | ||||
Provision (recovery) for loan losses | 33,318 | $ 18,343 | 42,417 | 19,411 | |||
Charge offs | (6,523) | (339) | (9,326) | (499) | |||
Recoveries | 587 | 212 | 2,541 | 632 | |||
Ending balance | 48,672 | 48,672 | 27,078 | ||||
Ending balance: individually evaluated for impairment | $ 141 | $ 0 | |||||
Ending balance: collectively evaluated for impairment | 48,531 | 13,040 | |||||
Total | 21,290 | 13,040 | 7,534 | 48,672 | 13,040 | $ 8,862 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 16,888 | 15,611 | |||||
Ending balance: collectively evaluated for impairment | 3,418,128 | 2,929,378 | |||||
Total loans and leases | 3,435,016 | 2,944,989 | |||||
Financing Receivable | |||||||
Loans: | |||||||
Total loans and leases | 2,247,853 | 1,846,283 | |||||
Financing Receivable | Asset based lending | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 2,065 | 107 | |||||
Provision (recovery) for loan losses | 1,365 | 3,528 | |||||
Charge offs | 0 | (262) | |||||
Recoveries | 69 | 126 | |||||
Ending balance | 3,499 | 3,499 | |||||
Ending balance: individually evaluated for impairment | 62 | 0 | |||||
Ending balance: collectively evaluated for impairment | 3,437 | 107 | |||||
Total | 2,065 | 107 | 3,499 | 107 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 5,965 | 1,404 | |||||
Ending balance: collectively evaluated for impairment | 566,245 | 476,513 | |||||
Total loans and leases | 572,210 | 477,917 | |||||
Financing Receivable | Factoring | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 1,062 | 64 | |||||
Provision (recovery) for loan losses | 1,799 | 3,022 | |||||
Charge offs | (1,125) | (1,375) | |||||
Recoveries | 25 | 50 | |||||
Ending balance | 1,761 | 1,761 | |||||
Ending balance: individually evaluated for impairment | 12 | 0 | |||||
Ending balance: collectively evaluated for impairment | 1,749 | 64 | |||||
Total | 1,062 | 64 | 1,761 | 64 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 6,034 | 3,331 | |||||
Ending balance: collectively evaluated for impairment | 281,921 | 280,890 | |||||
Total loans and leases | 287,955 | 284,221 | |||||
Financing Receivable | Lease financing | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 1,084 | 59 | |||||
Provision (recovery) for loan losses | 1,671 | 1,542 | |||||
Charge offs | (1,044) | (1,462) | |||||
Recoveries | 254 | 1,826 | |||||
Ending balance | 1,965 | 1,965 | |||||
Ending balance: individually evaluated for impairment | 67 | 0 | |||||
Ending balance: collectively evaluated for impairment | 1,898 | 59 | |||||
Total | 1,084 | 59 | 1,965 | 59 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 2,299 | 8,877 | |||||
Ending balance: collectively evaluated for impairment | 319,115 | 256,438 | |||||
Total loans and leases | 321,414 | 265,315 | |||||
Financing Receivable | Insurance premium finance | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 972 | 1,031 | 796 | ||||
Provision (recovery) for loan losses | 1,797 | 214 | 1,890 | 265 | |||
Charge offs | (1,877) | (339) | (2,085) | (468) | |||
Recoveries | 27 | 146 | 83 | 153 | |||
Ending balance | 919 | 919 | 746 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 919 | 1,031 | |||||
Total | 972 | 1,031 | 796 | 919 | 1,031 | 725 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 307,875 | 337,877 | |||||
Total loans and leases | 307,875 | 337,877 | |||||
Financing Receivable | SBA/USDA | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 253 | 13 | |||||
Provision (recovery) for loan losses | 221 | 461 | |||||
Charge offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Ending balance | 474 | 474 | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 474 | 13 | |||||
Total | 253 | 13 | 474 | 13 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 77,481 | 59,374 | |||||
Total loans and leases | 77,481 | 59,374 | |||||
Financing Receivable | Other commercial finance | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 291 | 28 | 4 | ||||
Provision (recovery) for loan losses | 234 | 0 | 497 | 0 | |||
Charge offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Ending balance | 525 | 525 | 4 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 525 | 28 | |||||
Total | 291 | 28 | 4 | 525 | 28 | 4 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 98,956 | 85,145 | |||||
Total loans and leases | 98,956 | 85,145 | |||||
Financing Receivable | Commercial finance | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 5,727 | 1,302 | 800 | ||||
Provision (recovery) for loan losses | 7,087 | 214 | 10,940 | 265 | |||
Charge offs | (4,046) | (339) | (5,184) | (468) | |||
Recoveries | 375 | 146 | 2,085 | 153 | |||
Ending balance | 9,143 | 9,143 | 750 | ||||
Ending balance: individually evaluated for impairment | 141 | 0 | |||||
Ending balance: collectively evaluated for impairment | 9,002 | 1,302 | |||||
Total | 5,727 | 1,302 | 800 | 9,143 | 1,302 | 729 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 14,298 | 13,612 | |||||
Ending balance: collectively evaluated for impairment | 1,651,593 | 1,496,237 | |||||
Total loans and leases | 1,665,891 | 1,509,849 | |||||
Financing Receivable | Consumer credit products | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 1,151 | 785 | |||||
Provision (recovery) for loan losses | 163 | 529 | |||||
Charge offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Ending balance | 1,314 | 1,314 | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 1,314 | 785 | |||||
Total | 1,151 | 785 | 1,314 | 785 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 139,617 | 80,605 | |||||
Total loans and leases | 139,617 | 80,605 | |||||
Financing Receivable | Other consumer finance | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 4,222 | 2,820 | |||||
Provision (recovery) for loan losses | 3,336 | 6,359 | |||||
Charge offs | (2,456) | (4,079) | |||||
Recoveries | 28 | 30 | |||||
Ending balance | 5,130 | 5,130 | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 5,130 | 2,820 | |||||
Total | 4,222 | 2,820 | 5,130 | 2,820 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 1,236 | 0 | |||||
Ending balance: collectively evaluated for impairment | 169,588 | 189,756 | |||||
Total loans and leases | 170,824 | 189,756 | |||||
Financing Receivable | Consumer finance | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 5,373 | 3,605 | |||||
Provision (recovery) for loan losses | 3,499 | 6,888 | |||||
Charge offs | (2,456) | (4,079) | |||||
Recoveries | 28 | 30 | |||||
Ending balance | 6,444 | 6,444 | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 6,444 | 3,605 | |||||
Total | 5,373 | 3,605 | 6,444 | 3,605 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 1,236 | 0 | |||||
Ending balance: collectively evaluated for impairment | 309,205 | 270,361 | |||||
Total loans and leases | 310,441 | 270,361 | |||||
Financing Receivable | Tax services | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 1,546 | 0 | 5 | ||||
Provision (recovery) for loan losses | 22,473 | 18,129 | 23,969 | 19,146 | |||
Charge offs | (1) | 0 | (43) | 0 | |||
Recoveries | 84 | 9 | 176 | 422 | |||
Ending balance | 24,102 | 24,102 | 19,573 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 24,102 | 0 | |||||
Total | 1,546 | 0 | 5 | 24,102 | 0 | 1,435 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 84,824 | 1,073 | |||||
Total loans and leases | 84,824 | 1,073 | |||||
Financing Receivable | Warehouse finance | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 176 | 65 | |||||
Provision (recovery) for loan losses | 9 | 120 | |||||
Charge offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Ending balance | 185 | 185 | |||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 185 | 65 | |||||
Total | 176 | 65 | 185 | 65 | |||
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 186,697 | 65,000 | |||||
Total loans and leases | 186,697 | 65,000 | |||||
Financing Receivable | National Lending | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 12,822 | 4,972 | 805 | ||||
Provision (recovery) for loan losses | 33,068 | 18,343 | 41,917 | 19,411 | |||
Charge offs | (6,503) | (339) | (9,306) | (468) | |||
Recoveries | 487 | 155 | 2,291 | 575 | |||
Ending balance | 39,874 | 39,874 | 20,323 | ||||
Ending balance: individually evaluated for impairment | 141 | 0 | |||||
Ending balance: collectively evaluated for impairment | 39,733 | 4,972 | |||||
Total | 12,822 | 4,972 | 805 | 39,874 | 4,972 | 2,164 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 15,534 | 13,612 | |||||
Ending balance: collectively evaluated for impairment | 2,232,319 | 1,832,671 | |||||
Total loans and leases | 2,247,853 | 1,846,283 | |||||
Loans Receivable | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 8,468 | 8,068 | 6,729 | ||||
Provision (recovery) for loan losses | 250 | 0 | 500 | 0 | |||
Charge offs | (20) | 0 | (20) | (31) | |||
Recoveries | 100 | 57 | 250 | 57 | |||
Ending balance | 8,798 | 8,798 | 6,755 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 8,798 | 8,068 | |||||
Total | 8,468 | 8,068 | 6,729 | 8,798 | 8,068 | 6,698 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 1,354 | 1,999 | |||||
Ending balance: collectively evaluated for impairment | 1,185,809 | 1,096,707 | |||||
Total loans and leases | 1,187,163 | 1,098,706 | |||||
Loans Receivable | Unallocated | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 526 | ||||||
Provision (recovery) for loan losses | 89 | 463 | |||||
Charge offs | 0 | 0 | |||||
Recoveries | 0 | 0 | |||||
Ending balance | 989 | ||||||
Total | 526 | 900 | |||||
Loans Receivable | Commercial real estate and operating | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 6,570 | 6,220 | 2,820 | ||||
Provision (recovery) for loan losses | 103 | 951 | 453 | 1,280 | |||
Charge offs | 0 | 0 | 0 | 0 | |||
Recoveries | 0 | 0 | 0 | 0 | |||
Ending balance | 6,673 | 6,673 | 4,100 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 6,673 | 6,220 | |||||
Total | 6,570 | 6,220 | 2,820 | 6,673 | 6,220 | 3,149 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 0 | 451 | |||||
Ending balance: collectively evaluated for impairment | 869,917 | 790,439 | |||||
Total loans and leases | 869,917 | 790,890 | |||||
Loans Receivable | 1-4 Family Real Estate | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 719 | 632 | 809 | ||||
Provision (recovery) for loan losses | 259 | 233 | 346 | 120 | |||
Charge offs | (20) | 0 | (20) | (31) | |||
Recoveries | 0 | 3 | 0 | 3 | |||
Ending balance | 958 | 958 | 901 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 958 | 632 | |||||
Total | 719 | 632 | 809 | 958 | 632 | 665 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 134 | 94 | |||||
Ending balance: collectively evaluated for impairment | 256,945 | 247,224 | |||||
Total loans and leases | 257,079 | 247,318 | |||||
Loans Receivable | Agricultural real estate and operating | |||||||
Allowance for Credit Losses [Roll Forward] | |||||||
Beginning balance | 1,179 | 1,216 | 2,574 | ||||
Provision (recovery) for loan losses | (112) | (1,273) | (299) | (1,863) | |||
Charge offs | 0 | 0 | 0 | 0 | |||
Recoveries | 100 | $ 54 | 250 | 54 | |||
Ending balance | 1,167 | 1,167 | 765 | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||
Ending balance: collectively evaluated for impairment | 1,167 | 1,216 | |||||
Total | $ 1,179 | $ 1,216 | $ 2,574 | 1,167 | 1,216 | $ 1,984 | |
Loans: | |||||||
Ending balance: individually evaluated for impairment | 1,220 | 1,454 | |||||
Ending balance: collectively evaluated for impairment | 58,947 | 59,044 | |||||
Total loans and leases | $ 60,167 | $ 60,498 |
LOANS AND LEASES, NET - Asset C
LOANS AND LEASES, NET - Asset Classification of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | $ 3,435,016 | $ 2,944,989 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 3,241,473 | 2,783,536 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 15,002 | 15,235 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 154,908 | 121,639 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 23,633 | 24,579 |
Financing Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,247,853 | 1,846,283 |
Financing Receivable | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,086,618 | 1,716,336 |
Financing Receivable | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 146,216 | 116,334 |
Financing Receivable | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 15,019 | 13,613 |
Financing Receivable | Asset based lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 572,210 | 477,917 |
Financing Receivable | Asset based lending | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 493,351 | 418,635 |
Financing Receivable | Asset based lending | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Asset based lending | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 72,894 | 57,877 |
Financing Receivable | Asset based lending | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,965 | 1,405 |
Financing Receivable | Factoring | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 287,955 | 284,221 |
Financing Receivable | Factoring | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 237,880 | 248,246 |
Financing Receivable | Factoring | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Factoring | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 44,041 | 32,644 |
Financing Receivable | Factoring | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 6,034 | 3,331 |
Financing Receivable | Lease financing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 321,414 | 265,315 |
Financing Receivable | Lease financing | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 303,742 | 252,487 |
Financing Receivable | Lease financing | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Lease financing | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 14,652 | 3,951 |
Financing Receivable | Lease financing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 3,020 | 8,877 |
Financing Receivable | Insurance premium finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 307,875 | 337,877 |
Financing Receivable | Insurance premium finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 307,875 | 336,296 |
Financing Receivable | Insurance premium finance | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Insurance premium finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 1,581 |
Financing Receivable | Insurance premium finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | SBA/USDA | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 77,481 | 59,374 |
Financing Receivable | SBA/USDA | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 63,428 | 39,093 |
Financing Receivable | SBA/USDA | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | SBA/USDA | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 14,053 | 20,281 |
Financing Receivable | SBA/USDA | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Other commercial finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 98,956 | 85,145 |
Financing Receivable | Other commercial finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 98,380 | 85,145 |
Financing Receivable | Other commercial finance | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Other commercial finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 576 | 0 |
Financing Receivable | Other commercial finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Commercial finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,665,891 | 1,509,849 |
Financing Receivable | Commercial finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,504,656 | 1,379,902 |
Financing Receivable | Commercial finance | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Commercial finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 146,216 | 116,334 |
Financing Receivable | Commercial finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 15,019 | 13,613 |
Financing Receivable | Consumer credit products | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 139,617 | 80,605 |
Financing Receivable | Consumer credit products | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 139,617 | 80,605 |
Financing Receivable | Consumer credit products | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Consumer credit products | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Consumer credit products | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Other consumer finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 170,824 | 189,756 |
Financing Receivable | Other consumer finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 170,824 | 189,756 |
Financing Receivable | Other consumer finance | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Other consumer finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Other consumer finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Consumer finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 310,441 | 270,361 |
Financing Receivable | Consumer finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 310,441 | 270,361 |
Financing Receivable | Consumer finance | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Consumer finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Consumer finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Tax services | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 84,824 | 1,073 |
Financing Receivable | Tax services | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 84,824 | 1,073 |
Financing Receivable | Tax services | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Tax services | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Tax services | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Warehouse finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 186,697 | 65,000 |
Financing Receivable | Warehouse finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 186,697 | 65,000 |
Financing Receivable | Warehouse finance | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Warehouse finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Financing Receivable | Warehouse finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Loans Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,187,163 | 1,098,706 |
Loans Receivable | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 1,154,855 | 1,067,200 |
Loans Receivable | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 15,002 | 15,235 |
Loans Receivable | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,692 | 5,305 |
Loans Receivable | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 8,614 | 10,966 |
Loans Receivable | Commercial real estate and operating | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 869,917 | 790,890 |
Loans Receivable | Commercial real estate and operating | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 857,897 | 778,445 |
Loans Receivable | Commercial real estate and operating | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 6,672 | 12,251 |
Loans Receivable | Commercial real estate and operating | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,348 | 194 |
Loans Receivable | Commercial real estate and operating | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Loans Receivable | Consumer one-to-four family real estate and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 257,079 | 247,318 |
Loans Receivable | Consumer one-to-four family real estate and other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 253,698 | 246,463 |
Loans Receivable | Consumer one-to-four family real estate and other | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 2,999 | 537 |
Loans Receivable | Consumer one-to-four family real estate and other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 306 | 239 |
Loans Receivable | Consumer one-to-four family real estate and other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 76 | 79 |
Loans Receivable | Agricultural real estate and operating | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 60,167 | 60,498 |
Loans Receivable | Agricultural real estate and operating | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 43,260 | 42,292 |
Loans Receivable | Agricultural real estate and operating | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 5,331 | 2,447 |
Loans Receivable | Agricultural real estate and operating | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | 3,038 | 4,872 |
Loans Receivable | Agricultural real estate and operating | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans and leases | $ 8,538 | $ 10,887 |
LOANS AND LEASES, NET - Past Du
LOANS AND LEASES, NET - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 3,435,016 | $ 2,944,989 |
Performing Financial Instruments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 29,716 | 38,851 |
Current | 3,405,300 | 2,906,138 |
Total loans and leases | 3,435,016 | 2,944,989 |
Performing Financial Instruments | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 16,561 | 24,022 |
Performing Financial Instruments | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,127 | 5,297 |
Performing Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 8,028 | 9,532 |
Nonperforming Financial Instruments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,618 | 10,201 |
Non-accrual balance | 2,860 | 2,864 |
Nonperforming Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 6,758 | 7,337 |
Financing Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,247,853 | 1,846,283 |
Financing Receivable | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 572,210 | 477,917 |
Financing Receivable | Factoring | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 287,955 | 284,221 |
Financing Receivable | Lease financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 321,414 | 265,315 |
Financing Receivable | Insurance premium finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 307,875 | 337,877 |
Financing Receivable | SBA/USDA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 77,481 | 59,374 |
Financing Receivable | Other commercial finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 98,956 | 85,145 |
Financing Receivable | Commercial finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,665,891 | 1,509,849 |
Financing Receivable | Consumer credit products | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 139,617 | 80,605 |
Financing Receivable | Other consumer finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 170,824 | 189,756 |
Financing Receivable | Consumer finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 310,441 | 270,361 |
Financing Receivable | Tax services | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 84,824 | 1,073 |
Financing Receivable | Warehouse finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 186,697 | 65,000 |
Financing Receivable | Performing Financial Instruments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 26,809 | 38,667 |
Current | 2,221,044 | 1,807,616 |
Total loans and leases | 2,247,853 | 1,846,283 |
Financing Receivable | Performing Financial Instruments | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 16,180 | 23,917 |
Financing Receivable | Performing Financial Instruments | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,877 | 5,297 |
Financing Receivable | Performing Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,752 | 9,453 |
Financing Receivable | Performing Financial Instruments | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,589 | 3,480 |
Current | 569,621 | 474,437 |
Total loans and leases | 572,210 | 477,917 |
Financing Receivable | Performing Financial Instruments | Asset based lending | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 799 | 1,235 |
Financing Receivable | Performing Financial Instruments | Asset based lending | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,712 | 2,151 |
Financing Receivable | Performing Financial Instruments | Asset based lending | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 78 | 94 |
Financing Receivable | Performing Financial Instruments | Factoring | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 287,955 | 284,221 |
Total loans and leases | 287,955 | 284,221 |
Financing Receivable | Performing Financial Instruments | Factoring | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Factoring | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Factoring | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Lease financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 12,279 | 19,995 |
Current | 309,135 | 245,320 |
Total loans and leases | 321,414 | 265,315 |
Financing Receivable | Performing Financial Instruments | Lease financing | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 9,291 | 16,542 |
Financing Receivable | Performing Financial Instruments | Lease financing | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,227 | 532 |
Financing Receivable | Performing Financial Instruments | Lease financing | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,761 | 2,921 |
Financing Receivable | Performing Financial Instruments | Insurance premium finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,416 | 5,864 |
Current | 303,459 | 332,013 |
Total loans and leases | 307,875 | 337,877 |
Financing Receivable | Performing Financial Instruments | Insurance premium finance | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,009 | 1,864 |
Financing Receivable | Performing Financial Instruments | Insurance premium finance | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 767 | 1,019 |
Financing Receivable | Performing Financial Instruments | Insurance premium finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,640 | 2,981 |
Financing Receivable | Performing Financial Instruments | SBA/USDA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,078 | 1,067 |
Current | 76,403 | 58,307 |
Total loans and leases | 77,481 | 59,374 |
Financing Receivable | Performing Financial Instruments | SBA/USDA | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,078 | 1,067 |
Financing Receivable | Performing Financial Instruments | SBA/USDA | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | SBA/USDA | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Other commercial finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 98,956 | 85,145 |
Total loans and leases | 98,956 | 85,145 |
Financing Receivable | Performing Financial Instruments | Other commercial finance | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Other commercial finance | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Other commercial finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Commercial finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 20,362 | 30,406 |
Current | 1,645,529 | 1,479,443 |
Total loans and leases | 1,665,891 | 1,509,849 |
Financing Receivable | Performing Financial Instruments | Commercial finance | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 13,177 | 20,708 |
Financing Receivable | Performing Financial Instruments | Commercial finance | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,706 | 3,702 |
Financing Receivable | Performing Financial Instruments | Commercial finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,479 | 5,996 |
Financing Receivable | Performing Financial Instruments | Consumer credit products | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,167 | 963 |
Current | 137,450 | 79,642 |
Total loans and leases | 139,617 | 80,605 |
Financing Receivable | Performing Financial Instruments | Consumer credit products | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,080 | 532 |
Financing Receivable | Performing Financial Instruments | Consumer credit products | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 667 | 284 |
Financing Receivable | Performing Financial Instruments | Consumer credit products | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 420 | 147 |
Financing Receivable | Performing Financial Instruments | Other consumer finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,613 | 6,225 |
Current | 167,211 | 183,531 |
Total loans and leases | 170,824 | 189,756 |
Financing Receivable | Performing Financial Instruments | Other consumer finance | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,256 | 2,677 |
Financing Receivable | Performing Financial Instruments | Other consumer finance | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 504 | 1,311 |
Financing Receivable | Performing Financial Instruments | Other consumer finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,853 | 2,237 |
Financing Receivable | Performing Financial Instruments | Consumer finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,780 | 7,188 |
Current | 304,661 | 263,173 |
Total loans and leases | 310,441 | 270,361 |
Financing Receivable | Performing Financial Instruments | Consumer finance | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,336 | 3,209 |
Financing Receivable | Performing Financial Instruments | Consumer finance | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,171 | 1,595 |
Financing Receivable | Performing Financial Instruments | Consumer finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,273 | 2,384 |
Financing Receivable | Performing Financial Instruments | Tax services | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 667 | 1,073 |
Current | 84,157 | 0 |
Total loans and leases | 84,824 | 1,073 |
Financing Receivable | Performing Financial Instruments | Tax services | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 667 | 0 |
Financing Receivable | Performing Financial Instruments | Tax services | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Tax services | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 1,073 |
Financing Receivable | Performing Financial Instruments | Warehouse finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 186,697 | 65,000 |
Total loans and leases | 186,697 | 65,000 |
Financing Receivable | Performing Financial Instruments | Warehouse finance | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Warehouse finance | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Performing Financial Instruments | Warehouse finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,342 | 10,122 |
Non-accrual balance | 2,784 | 2,864 |
Financing Receivable | Nonperforming Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 4,558 | 7,258 |
Financing Receivable | Nonperforming Financial Instruments | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 266 | 94 |
Non-accrual balance | 266 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Asset based lending | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 94 |
Financing Receivable | Nonperforming Financial Instruments | Factoring | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 716 | 0 |
Non-accrual balance | 716 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Factoring | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Lease financing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,447 | 3,590 |
Non-accrual balance | 1,802 | 2,864 |
Financing Receivable | Nonperforming Financial Instruments | Lease financing | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 645 | 726 |
Financing Receivable | Nonperforming Financial Instruments | Insurance premium finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,640 | 2,981 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Insurance premium finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 1,640 | 2,981 |
Financing Receivable | Nonperforming Financial Instruments | SBA/USDA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | SBA/USDA | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Other commercial finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Other commercial finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Commercial finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,069 | 6,665 |
Non-accrual balance | 2,784 | 2,864 |
Financing Receivable | Nonperforming Financial Instruments | Commercial finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 2,285 | 3,801 |
Financing Receivable | Nonperforming Financial Instruments | Consumer credit products | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 420 | 147 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Consumer credit products | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 420 | 147 |
Financing Receivable | Nonperforming Financial Instruments | Other consumer finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,853 | 2,237 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Other consumer finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 1,853 | 2,237 |
Financing Receivable | Nonperforming Financial Instruments | Consumer finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,273 | 2,384 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Consumer finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 2,273 | 2,384 |
Financing Receivable | Nonperforming Financial Instruments | Tax services | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 1,073 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Tax services | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 1,073 |
Financing Receivable | Nonperforming Financial Instruments | Warehouse finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
Financing Receivable | Nonperforming Financial Instruments | Warehouse finance | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Loans Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,187,163 | 1,098,706 |
Loans Receivable | Commercial real estate and operating | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 869,917 | 790,890 |
Loans Receivable | 1-4 Family Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 257,079 | 247,318 |
Loans Receivable | Agricultural real estate and operating | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 60,167 | 60,498 |
Loans Receivable | Performing Financial Instruments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,907 | 184 |
Current | 1,184,256 | 1,098,522 |
Total loans and leases | 1,187,163 | 1,098,706 |
Loans Receivable | Performing Financial Instruments | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 381 | 105 |
Loans Receivable | Performing Financial Instruments | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 250 | 0 |
Loans Receivable | Performing Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,276 | 79 |
Loans Receivable | Performing Financial Instruments | Commercial real estate and operating | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 271 | 0 |
Current | 869,646 | 790,890 |
Total loans and leases | 869,917 | 790,890 |
Loans Receivable | Performing Financial Instruments | Commercial real estate and operating | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 271 | 0 |
Loans Receivable | Performing Financial Instruments | Commercial real estate and operating | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Loans Receivable | Performing Financial Instruments | Commercial real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Loans Receivable | Performing Financial Instruments | 1-4 Family Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 436 | 184 |
Current | 256,643 | 247,134 |
Total loans and leases | 257,079 | 247,318 |
Loans Receivable | Performing Financial Instruments | 1-4 Family Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 110 | 105 |
Loans Receivable | Performing Financial Instruments | 1-4 Family Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 250 | 0 |
Loans Receivable | Performing Financial Instruments | 1-4 Family Real Estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 76 | 79 |
Loans Receivable | Performing Financial Instruments | Agricultural real estate and operating | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,200 | 0 |
Current | 57,967 | 60,498 |
Total loans and leases | 60,167 | 60,498 |
Loans Receivable | Performing Financial Instruments | Agricultural real estate and operating | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Loans Receivable | Performing Financial Instruments | Agricultural real estate and operating | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Loans Receivable | Performing Financial Instruments | Agricultural real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,200 | 0 |
Loans Receivable | Nonperforming Financial Instruments | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,276 | 79 |
Non-accrual balance | 76 | 0 |
Loans Receivable | Nonperforming Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 2,200 | 79 |
Loans Receivable | Nonperforming Financial Instruments | Commercial real estate and operating | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
Loans Receivable | Nonperforming Financial Instruments | Commercial real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Loans Receivable | Nonperforming Financial Instruments | 1-4 Family Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 76 | 79 |
Non-accrual balance | 76 | 0 |
Loans Receivable | Nonperforming Financial Instruments | 1-4 Family Real Estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | 0 | 79 |
Loans Receivable | Nonperforming Financial Instruments | Agricultural real estate and operating | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,200 | 0 |
Non-accrual balance | 0 | 0 |
Loans Receivable | Nonperforming Financial Instruments | Agricultural real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual balance | $ 2,200 | $ 0 |
LOANS AND LEASES, NET - Impaire
LOANS AND LEASES, NET - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Loans without a specific valuation allowance | |||||
Recorded Balance | $ 15,695 | $ 15,695 | $ 10,198 | ||
Unpaid Principal Balance | 17,370 | 17,370 | 10,528 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Recorded investment | 1,193 | 1,193 | 5,413 | ||
Unpaid principal balance | 1,193 | 1,193 | 5,413 | ||
Specific allowance | 141 | 141 | 588 | ||
Average Recorded Investment | 13,851 | $ 2,614 | 14,590 | $ 2,020 | |
Recognized Interest Income | 122 | 61 | 247 | 83 | |
Financing Receivable | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 14,341 | 14,341 | 8,199 | ||
Unpaid Principal Balance | 15,996 | 15,996 | 8,529 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Recorded investment | 1,193 | 1,193 | 5,413 | ||
Unpaid principal balance | 1,193 | 1,193 | 5,663 | ||
Specific allowance | 141 | 141 | 588 | ||
Average Recorded Investment | 12,032 | 0 | 12,673 | 0 | |
Recognized Interest Income | 112 | 0 | 206 | 0 | |
Financing Receivable | Asset based lending | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 4,887 | 4,887 | 1,325 | ||
Unpaid Principal Balance | 5,399 | 5,399 | 1,325 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Recorded investment | 1,078 | 1,078 | 79 | ||
Unpaid principal balance | 1,078 | 1,078 | 79 | ||
Specific allowance | 62 | 62 | 22 | ||
Average Recorded Investment | 3,569 | 0 | 2,648 | 0 | |
Recognized Interest Income | 95 | 0 | 174 | 0 | |
Financing Receivable | Factoring | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 6,009 | 6,009 | 1,383 | ||
Unpaid Principal Balance | 7,084 | 7,084 | 1,713 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Recorded investment | 25 | 25 | 1,948 | ||
Unpaid principal balance | 25 | 25 | 2,198 | ||
Specific allowance | 12 | 12 | 49 | ||
Average Recorded Investment | 3,131 | 0 | 2,956 | 0 | |
Recognized Interest Income | 0 | 0 | 5 | 0 | |
Financing Receivable | Lease financing | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 2,209 | 2,209 | 5,491 | ||
Unpaid Principal Balance | 2,209 | 2,209 | 5,491 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Recorded investment | 90 | 90 | 3,386 | ||
Unpaid principal balance | 90 | 90 | 3,386 | ||
Specific allowance | 67 | 67 | 517 | ||
Average Recorded Investment | 4,100 | 0 | 5,842 | 0 | |
Recognized Interest Income | 7 | 0 | 17 | 0 | |
Financing Receivable | Commercial finance | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 13,105 | 13,105 | 8,199 | ||
Unpaid Principal Balance | 14,692 | 14,692 | 8,529 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Recorded investment | 1,193 | 1,193 | 5,413 | ||
Unpaid principal balance | 1,193 | 1,193 | 5,663 | ||
Specific allowance | 141 | 141 | 588 | ||
Average Recorded Investment | 10,800 | 0 | 11,446 | 0 | |
Recognized Interest Income | 102 | 0 | 196 | 0 | |
Financing Receivable | Other consumer finance | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 1,236 | 1,236 | |||
Unpaid Principal Balance | 1,304 | 1,304 | |||
Loans with a specific valuation allowance [Abstract] | |||||
Average Recorded Investment | 1,232 | 0 | 1,227 | 0 | |
Recognized Interest Income | 10 | 0 | 10 | 0 | |
Financing Receivable | Consumer finance | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 1,236 | 1,236 | |||
Unpaid Principal Balance | 1,304 | 1,304 | |||
Loans with a specific valuation allowance [Abstract] | |||||
Average Recorded Investment | 1,232 | 0 | 1,227 | 0 | |
Recognized Interest Income | 10 | 0 | 10 | 0 | |
Loans Receivable | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 1,354 | 1,354 | 1,999 | ||
Unpaid Principal Balance | 1,373 | 1,373 | 1,999 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Average Recorded Investment | 1,819 | 2,614 | 1,917 | 2,020 | |
Recognized Interest Income | 10 | 61 | 41 | 83 | |
Loans Receivable | Commercial real estate and operating | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 405 | ||||
Unpaid Principal Balance | 405 | ||||
Loans with a specific valuation allowance [Abstract] | |||||
Average Recorded Investment | 268 | 705 | 336 | 840 | |
Recognized Interest Income | 0 | 5 | 4 | 10 | |
Loans Receivable | 1-4 Family Real Estate | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 134 | 134 | 140 | ||
Unpaid Principal Balance | 153 | 153 | 140 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Average Recorded Investment | 137 | 229 | 138 | 165 | |
Recognized Interest Income | 0 | 6 | 2 | 9 | |
Loans Receivable | Agricultural real estate and operating | |||||
Loans without a specific valuation allowance | |||||
Recorded Balance | 1,220 | 1,220 | 1,454 | ||
Unpaid Principal Balance | 1,220 | 1,220 | $ 1,454 | ||
Loans with a specific valuation allowance [Abstract] | |||||
Average Recorded Investment | 1,414 | 1,680 | 1,443 | 1,015 | |
Recognized Interest Income | $ 10 | $ 50 | $ 35 | $ 64 |
LOANS AND LEASES, NET - Narrati
LOANS AND LEASES, NET - Narrative and Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans transferred to held for sale | $ 39,452 | $ 0 | |||
Loans transferred to held for sale | 0 | 0 | |||
Originations of Loans Held-for-sale | 42,961 | 0 | |||
Increase in loans held for sale | $ (8,760) | 0 | |||
Percentage of specific allowance for losses | 100.00% | ||||
Loans and Leases Receivable, Net Amount | $ 3,389,308 | $ 3,389,308 | $ 2,931,699 | ||
Proceeds from sales | 36,461 | 0 | |||
Gain (Loss) on Sales of Loans, Net | 1,650 | 0 | |||
Financing Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from sales | $ 28,051 | $ 0 | $ 34,904 | $ 0 | |
Residential Mortgage | 1-4 Family Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage Loan, Required Mortgage Insurance, Loan-To-Value Ratio Threshold Exposure, Maximum | 80.00% | ||||
Residential Mortgage | Maximum | 1-4 Family Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 30 years | ||||
Mortgage Loan, Loan-To-Value Ratio, Appraised Value | 100.00% | ||||
Mortgage Loan, Loan-To-Value Ratio, Actual Majority of Loans | 80.00% | ||||
Fixed Rate | Maximum | 1-4 Family Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 30 years | ||||
Fixed Rate | Financing Receivable | Maximum | Agricultural real estate and operating | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 1 year | ||||
Fixed Rate | Financing Receivable | Maximum | Agricultural Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 10 years | ||||
Mortgage Loan, Loan-To-Value Ratio, Appraised Value | 75.00% | ||||
Fixed Rate | Financing Receivable | Minimum | Agricultural Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 5 years | ||||
Adjustable Rate | Maximum | 1-4 Family Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 10 years | ||||
Adjustable Rate | Minimum | 1-4 Family Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 5 years | ||||
Adjustable Rate | Financing Receivable | Maximum | Agricultural Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 25 years | ||||
Adjustable Rate | Financing Receivable | Minimum | Agricultural Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity period of loans receivable | 20 years |
LOANS AND LEASES, NET - Trouble
LOANS AND LEASES, NET - Troubled Debt Restructured Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019USD ($)loan | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Foreclosed real estate and repossessed assets | $ 29,548 | $ 29,548 | $ 31,638 | ||
Loans Receivable | |||||
Financing Receivable, Modifications [Line Items] | |||||
TDRs number of contracts | loan | 0 | ||||
TDRs recorded investment | $ 2,600 | 100 | $ 3,800 | ||
TDRs subsequent default, recorded investment | 900 | $ 100 | |||
Financing Receivable | |||||
Financing Receivable, Modifications [Line Items] | |||||
TDRs recorded investment | $ 1,500 | $ 1,600 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Earnings Per Common Share, Basic and Diluted [Abstract] | |||||
Net income attributable to Meta Financial Group, Inc. | $ 32,120 | $ 31,436 | $ 47,518 | $ 36,106 | |
Weighted average common shares outstanding (in shares) | 39,429,595 | 29,061,180 | 39,381,682 | 29,015,376 | |
Basic income per common share (in dollars per share) | [1] | $ 0.81 | $ 1.08 | $ 1.21 | $ 1.24 |
Outstanding options - based upon the two-class method (in shares) | 67,237 | 118,956 | 68,581 | 115,038 | |
Weighted average common and dilutive potential common shares outstanding (in shares) | 39,496,832 | 29,180,136 | 39,450,263 | 29,130,414 | |
Diluted income per common share (in dollars per share) | [1] | $ 0.81 | $ 1.08 | $ 1.20 | $ 1.24 |
[1] | All share and per share data has been adjusted to reflect the 3-for-1 forward stock split effected by the Company on October 4, 2018. |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2019 | Oct. 01, 2018 | Sep. 30, 2018 | |
Item Effected [Line Items] | |||
Equity securities cost | $ 1,800,000 | ||
Equity securities fair value | 1,900,000 | ||
Equity Securities without readily determinable fair value, amount | 2,400,000 | $ 2,000,000 | |
Federal Home Loan Bank Stock, at cost | 7,436,000 | $ 23,400,000 | |
Impairment recognized | $ 0 | ||
Accounting Standards Update 2016-01 | Retained Earnings | |||
Item Effected [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 475,000 |
SECURITIES - Available for Sale
SECURITIES - Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Available-for-sale debt securities [Abstract] | ||
Fair Value | $ 413,493 | $ 364,065 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 950,499 | |
LESS THAN 12 MONTHS, Unrealized (Losses) | (18,629) | |
OVER 12 MONTHS, Fair Value | 601,825 | |
OVER 12 MONTHS, Unrealized (Losses) | (29,244) | |
TOTAL, Fair Value | 1,552,324 | |
TOTAL, Unrealized (Losses) | (47,873) | |
AMORTIZED COST | ||
Due in one year or less | 1,020 | 2,532 |
Due after one year through five years | 15,058 | 41,415 |
Due after five years through ten years | 64,894 | 352,099 |
Due after ten years | 1,008,514 | 1,118,283 |
Total | 1,089,486 | 1,514,329 |
Mortgage-backed securities | 419,024 | 378,301 |
Common equities and mutual funds | 3,172 | |
Amortized cost | 1,508,510 | 1,895,802 |
FAIR VALUE | ||
Due in one year or less | 1,019 | 2,529 |
Due after one year through five years | 15,285 | 41,504 |
Due after five years through ten years | 65,335 | 350,143 |
Due after ten years | 1,000,024 | 1,089,984 |
Total | 1,081,663 | 1,484,160 |
Mortgage-backed securities | 413,493 | 364,065 |
Common equities and mutual funds(1) | 3,800 | |
Total available for sale securities | 1,495,156 | 1,852,025 |
Available-for-sale Securities [Member] | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 1,895,802 | |
Gross unrealized gains | 4,096 | |
Gross unrealized (losses) | (47,873) | |
Fair Value | 1,852,025 | |
Small Business Administration Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 163,621 | 45,591 |
Gross unrealized gains | 637 | 1 |
Gross unrealized (losses) | (155) | (1,255) |
Fair Value | 164,103 | 44,337 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 41,845 | 43,097 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (29) | (1,255) |
OVER 12 MONTHS, Fair Value | 27,214 | 0 |
OVER 12 MONTHS, Unrealized (Losses) | (126) | 0 |
TOTAL, Fair Value | 69,059 | 43,097 |
TOTAL, Unrealized (Losses) | (155) | (1,255) |
Obligations of States and Political Subdivisions | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 11,432 | 17,154 |
Gross unrealized gains | 106 | 49 |
Gross unrealized (losses) | (9) | (293) |
Fair Value | 11,529 | 16,910 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 11,036 |
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | (279) |
OVER 12 MONTHS, Fair Value | 2,052 | 881 |
OVER 12 MONTHS, Unrealized (Losses) | (9) | (14) |
TOTAL, Fair Value | 2,052 | 11,917 |
TOTAL, Unrealized (Losses) | (9) | (293) |
Non-bank Qualified Obligations of States and Political Subdivisions | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 629,732 | 1,140,884 |
Gross unrealized gains | 1,357 | 826 |
Gross unrealized (losses) | (9,447) | (31,825) |
Fair Value | 621,642 | 1,109,885 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 10,210 | 626,693 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (2) | (13,539) |
OVER 12 MONTHS, Fair Value | 448,680 | 358,095 |
OVER 12 MONTHS, Unrealized (Losses) | (9,445) | (18,286) |
TOTAL, Fair Value | 458,890 | 984,788 |
TOTAL, Unrealized (Losses) | (9,447) | (31,825) |
Asset-backed Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 284,701 | 310,700 |
Gross unrealized gains | 1,286 | 2,585 |
Gross unrealized (losses) | (1,598) | (257) |
Fair Value | 284,389 | 313,028 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 148,254 | 146,638 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (1,539) | (257) |
OVER 12 MONTHS, Fair Value | 12,184 | 0 |
OVER 12 MONTHS, Unrealized (Losses) | (59) | 0 |
TOTAL, Fair Value | 160,438 | 146,638 |
TOTAL, Unrealized (Losses) | (1,598) | (257) |
Mortgage-backed Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 419,024 | 378,301 |
Gross unrealized gains | 1,064 | 0 |
Gross unrealized (losses) | (6,595) | (14,236) |
Fair Value | 413,493 | 364,065 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 32,722 | 121,217 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (13) | (3,292) |
OVER 12 MONTHS, Fair Value | 282,789 | 242,849 |
OVER 12 MONTHS, Unrealized (Losses) | (6,582) | (10,944) |
TOTAL, Fair Value | 315,511 | 364,066 |
TOTAL, Unrealized (Losses) | (6,595) | (14,236) |
Debt Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 1,508,510 | 1,892,630 |
Gross unrealized gains | 4,450 | 3,461 |
Gross unrealized (losses) | (17,804) | (47,866) |
Fair Value | 1,495,156 | 1,848,225 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 233,031 | 948,681 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (1,583) | (18,622) |
OVER 12 MONTHS, Fair Value | 772,919 | 601,825 |
OVER 12 MONTHS, Unrealized (Losses) | (16,221) | (29,244) |
TOTAL, Fair Value | 1,005,950 | 1,550,506 |
TOTAL, Unrealized (Losses) | (17,804) | (47,866) |
Common Equities and Mutual Funds | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 3,592 | 3,172 |
Gross unrealized gains | 619 | 635 |
Gross unrealized (losses) | 0 | (7) |
Fair Value | 4,211 | 3,800 |
Available-for-sale securities in a continuous unrealized loss position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 1,818 |
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | (7) |
OVER 12 MONTHS, Fair Value | 0 | 0 |
OVER 12 MONTHS, Unrealized (Losses) | 0 | 0 |
TOTAL, Fair Value | 0 | 1,818 |
TOTAL, Unrealized (Losses) | $ 0 | $ (7) |
SECURITIES - Held to Maturity (
SECURITIES - Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Gross unrealized gains | $ 0 | $ 0 |
Gross unrealized (losses) | (5,434) | (11,180) |
Securities held to maturity | 149,164 | 160,563 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 5,767 |
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | (287) |
OVER 12 MONTHS, Fair Value | 149,164 | 154,796 |
OVER 12 MONTHS, Unrealized (Losses) | (5,435) | (10,893) |
TOTAL, Fair Value | 149,164 | 160,563 |
TOTAL, Unrealized (Losses) | (5,435) | (11,180) |
AMORTIZED COST | ||
Due after ten years | 146,992 | 163,893 |
Total | 146,992 | 163,893 |
Mortgage-backed securities | 7,606 | 7,850 |
Total held to maturity securities at cost | 154,598 | 171,743 |
FAIR VALUE | ||
Due after ten years | 141,768 | 153,135 |
Total | 141,768 | 153,135 |
Mortgage-backed securities | 7,396 | 7,428 |
Total held to maturity securities | 149,164 | 160,563 |
Non-bank Qualified Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | (5,224) | (10,758) |
Securities held to maturity | 141,768 | 153,135 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 5,767 |
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | (287) |
OVER 12 MONTHS, Fair Value | 141,768 | 147,368 |
OVER 12 MONTHS, Unrealized (Losses) | (5,225) | (10,471) |
TOTAL, Fair Value | 141,768 | 153,135 |
TOTAL, Unrealized (Losses) | (5,225) | (10,758) |
AMORTIZED COST | ||
Total held to maturity securities at cost | 146,992 | 163,893 |
FAIR VALUE | ||
Total held to maturity securities | 141,768 | 153,135 |
Mortgage-backed Securities | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Gross unrealized gains | 0 | 0 |
Gross unrealized (losses) | (210) | (422) |
Securities held to maturity | 7,396 | 7,428 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 0 | 0 |
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | 0 |
OVER 12 MONTHS, Fair Value | 7,396 | 7,428 |
OVER 12 MONTHS, Unrealized (Losses) | (210) | (422) |
TOTAL, Fair Value | 7,396 | 7,428 |
TOTAL, Unrealized (Losses) | (210) | (422) |
AMORTIZED COST | ||
Total held to maturity securities at cost | 7,606 | 7,850 |
FAIR VALUE | ||
Total held to maturity securities | $ 7,396 | $ 7,428 |
RENTAL EQUIPMENT, NET Schedule
RENTAL EQUIPMENT, NET Schedule of Rental Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | $ 188,392 | $ 157,372 |
Accumulated depreciation | (48,305) | (50,082) |
Rental equipment, Net book value | 140,087 | 107,290 |
Computers and IT networking equipment | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 43,896 | 53,035 |
Motor vehicles and other | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 59,589 | 43,505 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 3,409 | 3,590 |
Solar panels and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | $ 81,498 | $ 57,242 |
RENTAL EQUIPMENT, NET Schedul_2
RENTAL EQUIPMENT, NET Schedule of Operating Leases, Future Minimum Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Property, Plant and Equipment [Abstract] | |
2019 | $ 12,849 |
2020 | 20,737 |
2021 | 16,290 |
2022 | 10,135 |
2023 | 8,220 |
2024 and thereafter | 10,164 |
Total | $ 78,395 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS Schedule of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 303,270 | $ 98,723 |
Acquisitions | 0 | 0 |
Measurement Period Adjustments | 4,194 | |
Impairment | 0 | 0 |
Ending balance | 307,464 | 98,723 |
Meta Payment Systems | ||
Goodwill [Roll Forward] | ||
Beginning balance | 87,145 | 87,145 |
Acquisitions | 0 | 0 |
Measurement Period Adjustments | 0 | |
Impairment | 0 | 0 |
Ending balance | 87,145 | 87,145 |
Banking | ||
Goodwill [Roll Forward] | ||
Beginning balance | 216,125 | 11,578 |
Acquisitions | 0 | 0 |
Measurement Period Adjustments | 4,194 | |
Impairment | 0 | 0 |
Ending balance | 220,319 | 11,578 |
Corporate Services/Other | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 0 |
Acquisitions | 0 | 0 |
Measurement Period Adjustments | 0 | |
Impairment | 0 | 0 |
Ending balance | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS Schedule of Intangible Asses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | ||||||
Balance as of September 30, 2018 | $ 70,719 | $ 52,178 | ||||
Acquisitions during the period | 78 | 47 | ||||
Amortization during the period | (9,978) | (4,412) | ||||
Impairment on rental equipment | (313) | (89) | ||||
Balance as of March 31, 2019 | $ 60,506 | $ 47,724 | 60,506 | 47,724 | ||
Gross carrying amount | $ 109,859 | $ 81,830 | ||||
Accumulated amortization | (38,446) | (23,240) | ||||
Accumulated impairment | (10,907) | (10,866) | ||||
Balance as of March 31, 2019 | 60,506 | 47,724 | 70,719 | 52,178 | 60,506 | 47,724 |
Asset impairment charges | 100 | 0 | 0 | 0 | ||
Other Intangible Assets | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Balance as of September 30, 2018 | 7,980 | 8,638 | ||||
Acquisitions during the period | 78 | 47 | ||||
Amortization during the period | (487) | (456) | ||||
Impairment on rental equipment | (313) | (89) | ||||
Balance as of March 31, 2019 | 7,258 | 8,140 | 7,258 | 8,140 | ||
Gross carrying amount | 10,667 | 10,550 | ||||
Accumulated amortization | (2,750) | (1,792) | ||||
Accumulated impairment | (659) | (618) | ||||
Balance as of March 31, 2019 | 7,258 | 8,140 | 7,980 | 8,638 | 7,258 | 8,140 |
Customer Relationships | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Balance as of September 30, 2018 | 48,455 | 31,707 | ||||
Acquisitions during the period | 0 | 0 | ||||
Amortization during the period | (8,742) | (3,388) | ||||
Impairment on rental equipment | 0 | 0 | ||||
Balance as of March 31, 2019 | 39,713 | 28,319 | 39,713 | 28,319 | ||
Gross carrying amount | 82,088 | 57,810 | ||||
Accumulated amortization | (32,127) | (19,243) | ||||
Accumulated impairment | (10,248) | (10,248) | ||||
Balance as of March 31, 2019 | 39,713 | 28,319 | 48,455 | 31,707 | 39,713 | 28,319 |
Noncompete Agreements | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Balance as of September 30, 2018 | 1,297 | 1,782 | ||||
Acquisitions during the period | 0 | 0 | ||||
Amortization during the period | (235) | (249) | ||||
Impairment on rental equipment | 0 | 0 | ||||
Balance as of March 31, 2019 | 1,062 | 1,533 | 1,062 | 1,533 | ||
Gross carrying amount | 2,480 | 2,480 | ||||
Accumulated amortization | (1,418) | (947) | ||||
Accumulated impairment | 0 | 0 | ||||
Balance as of March 31, 2019 | 1,062 | 1,533 | 1,297 | 1,782 | 1,062 | 1,533 |
Trademarks | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Balance as of September 30, 2018 | 12,987 | 10,051 | ||||
Acquisitions during the period | 0 | 0 | ||||
Amortization during the period | (514) | (319) | ||||
Impairment on rental equipment | 0 | 0 | ||||
Balance as of March 31, 2019 | 12,473 | 9,732 | 12,473 | 9,732 | ||
Gross carrying amount | 14,624 | 10,990 | ||||
Accumulated amortization | (2,151) | (1,258) | ||||
Accumulated impairment | 0 | 0 | ||||
Balance as of March 31, 2019 | $ 12,473 | $ 9,732 | $ 12,987 | $ 10,051 | $ 12,473 | $ 9,732 |
Refund Advantage Financial Services Inc | Noncompete Agreements | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Useful life | 3 years | |||||
Refund Advantage Financial Services Inc | Trademarks | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Useful life | 15 years | |||||
Minimum | Refund Advantage Financial Services Inc | Other Intangible Assets | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Useful life | 3 years | |||||
Minimum | Refund Advantage Financial Services Inc | Customer Relationships | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Useful life | 10 years | |||||
Maximum | Refund Advantage Financial Services Inc | Other Intangible Assets | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Useful life | 20 years | |||||
Maximum | Refund Advantage Financial Services Inc | Customer Relationships | ||||||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Useful life | 30 years |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS Schedule of Future Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Remaining in 2019 | $ 7,731 | |||
2020 | 10,984 | |||
2021 | 8,525 | |||
2022 | 6,399 | |||
2023 | 5,081 | |||
2024 | 4,363 | |||
Thereafter | 17,423 | |||
Balance as of March 31, 2019 | $ 60,506 | $ 70,719 | $ 47,724 | $ 52,178 |
STOCK COMPENSATION (Details)
STOCK COMPENSATION (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Sep. 30, 2018 | |
Number of Shares | ||
Options outstanding, beginning of period (in shares) | 155,961 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (45,132) | |
Forfeited or expired (in shares) | (3,027) | |
Options outstanding, end of period (in shares) | 107,802 | 155,961 |
Options exercisable, end of period (in shares) | 107,802 | |
Weighted Average Exercise Price | ||
Options outstanding, beginning of period (in dollars per share) | $ 8.48 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 8.95 | |
Forfeited or expired (in dollars per share) | 10.60 | |
Options outstanding, end of period (in dollars per share) | 8.23 | $ 8.48 |
Options exercisable, end of period (in dollars per share) | $ 8.23 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 1 year 5 months 19 days | 1 year 9 months 11 days |
Options exercisable | 1 year 5 months 19 days | |
Aggregate Intrinsic Value | ||
Options outstanding, beginning of period | $ 2,974,000 | |
Granted | 0 | |
Exercised | 742,000 | |
Forfeited or expired | 33,000 | |
Options outstanding, end of period | 1,235,000 | $ 2,974,000 |
Options exercisable, end of period | $ 1,235,000 | |
Number of Shares | ||
Nonvested shares outstanding, beginning of period (in shares) | 1,005,813 | |
Granted (in shares) | 296,302 | |
Vested (in shares) | (347,354) | |
Forfeited or expired (in shares) | (1,623) | |
Nonvested shares outstanding, end of period (in shares) | 953,138 | 1,005,813 |
Weighted Average Fair Value at Grant | ||
Nonvested shares outstanding, beginning of period (in dollars per share) | $ 29.89 | |
Granted (in dollars per share) | 24.84 | |
Vested (in dollars per share) | 26.78 | |
Forfeited or expired (in dollars per share) | 26.17 | |
Nonvested shares outstanding, end of period (in dollars per share) | $ 29.46 | $ 29.89 |
Stock based compensation expense not yet recognized in income | $ 15,800,000 | |
Weighted average remaining period for unrecognized stock based compensation | 3 years 1 month 10 days |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ (395) | $ 6,548 | $ (2,086) | $ 12,232 |
Effective tax rate | (4.40%) | 25.31% |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Provision at statutory rate | $ 9,541 | $ 11,857 | ||
Tax-exempt income | (1,824) | (3,728) | ||
State income taxes | 2,143 | 2,003 | ||
Interim period effective rate adjustment | (3,968) | (1,277) | ||
Tax credit investments, net - federal | (9,568) | 0 | ||
Tax Reform rate adjustment | 0 | 3,635 | ||
IRC 162(m) nondeductible compensation | 1,561 | 0 | ||
Other, net | 29 | (258) | ||
Income tax expense | $ (395) | $ 6,548 | $ (2,086) | $ 12,232 |
Effective tax rate | (4.40%) | 25.31% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Feb. 09, 2018USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2019USD ($)commitment | Dec. 24, 2018USD ($) | Sep. 30, 2018USD ($)commitment | Oct. 14, 2016USD ($) |
Loss Contingencies [Line Items] | ||||||
Unfunded loan commitments | $ 860,400,000 | $ 748,800,000 | ||||
Number of investment commitments | commitment | 0 | 1,400,000 | ||||
Securities, buy (sell) obligations | $ 0 | $ 0 | ||||
Concentration Risk, Credit Risk, Financial Instrument, Off-Balance Sheet Valuation Allowance | $ 100,000 | $ 100,000 | ||||
Inter National Bank [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of shortfall in depository account | $ 10,500,000 | |||||
Card Limited, LLC v. MetaBank dba Meta Payment Systems [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 4,000,000 | |||||
AFS/IBEX, A Division of MetaBank V. Aegis Managing Agency Limited [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | $ 1,600,000 | |||||
Ohio Valley Bank Company V. Metabank dba Refund Advantage, Case No. 18 CV 134 [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 3,000,000 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) | Mar. 31, 2019 | Oct. 01, 2018 | Sep. 30, 2018 |
Disaggregation of Revenue [Line Items] | |||
Retained earnings | $ 258,600,000 | $ 213,048,000 | |
Accounting Standards Update 2014-09 | |||
Disaggregation of Revenue [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,502,000 | ||
Refund Transfer Fees | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Gross, Current | $ 0 | $ 827,039 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Revenue From Contracts with Customers by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net interest income | $ 71,350 | $ 27,405 | $ 131,622 | $ 53,601 |
Noninterest income | 105,025 | 97,419 | 142,776 | 126,687 |
Revenues | 176,375 | 124,824 | 274,398 | 180,288 |
Refund Transfer Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 31,601 | 33,803 | 31,862 | 33,995 |
Tax Advance Product Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 33,038 | 33,838 | 34,723 | 35,785 |
Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 23,052 | 26,856 | 42,403 | 52,103 |
Rental income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 9,890 | 0 | 20,780 | 0 |
Loan and Lease Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 925 | 1,042 | 2,173 | 2,334 |
Bank Owned Life Insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 631 | 650 | 1,273 | 1,319 |
Deposit Account | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 2,093 | 982 | 4,031 | 1,830 |
Loss on Sale of Securities, Available for Sale | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 231 | (166) | 209 | (1,176) |
Gain on Loans and Leases | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,085 | 0 | 1,951 | 0 |
Loss on Foreclosed Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | (200) | 0 | (185) | (19) |
Other Revenues for Financial Assets and Liabilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 2,679 | 414 | 3,556 | 516 |
Meta Payment Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 89,752 | 95,673 | 112,578 | 123,774 |
Corporate Services/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,325 | 505 | 1,981 | 187 |
Operating Segments | Meta Payment Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 13,607 | 4,933 | 23,007 | 9,602 |
Noninterest income | 89,752 | 95,673 | 112,578 | 123,774 |
Revenues | 103,359 | 100,606 | 135,585 | 133,376 |
Operating Segments | Meta Payment Systems | Refund Transfer Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 31,601 | 33,803 | 31,862 | 33,995 |
Operating Segments | Meta Payment Systems | Tax Advance Product Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 33,038 | 33,838 | 34,723 | 35,785 |
Operating Segments | Meta Payment Systems | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 22,960 | 26,771 | 42,233 | 51,945 |
Operating Segments | Meta Payment Systems | Rental income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Meta Payment Systems | Loan and Lease Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Meta Payment Systems | Bank Owned Life Insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Meta Payment Systems | Deposit Account | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,711 | 879 | 3,245 | 1,607 |
Operating Segments | Meta Payment Systems | Loss on Sale of Securities, Available for Sale | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Meta Payment Systems | Gain on Loans and Leases | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Meta Payment Systems | Loss on Foreclosed Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Meta Payment Systems | Other Revenues for Financial Assets and Liabilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 442 | 382 | 515 | 442 |
Operating Segments | Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 56,271 | 16,120 | 108,063 | 31,717 |
Noninterest income | 13,948 | 1,241 | 28,217 | 2,726 |
Revenues | 70,219 | 17,361 | 136,280 | 34,443 |
Operating Segments | Banking | Refund Transfer Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Banking | Tax Advance Product Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Banking | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 92 | 85 | 170 | 158 |
Operating Segments | Banking | Rental income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 9,890 | 0 | 20,780 | 0 |
Operating Segments | Banking | Loan and Lease Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 925 | 1,042 | 2,173 | 2,334 |
Operating Segments | Banking | Bank Owned Life Insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Banking | Deposit Account | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 382 | 103 | 786 | 223 |
Operating Segments | Banking | Loss on Sale of Securities, Available for Sale | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Banking | Gain on Loans and Leases | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,085 | 0 | 1,951 | 0 |
Operating Segments | Banking | Loss on Foreclosed Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | (200) | 0 | (185) | (19) |
Operating Segments | Banking | Other Revenues for Financial Assets and Liabilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 1,774 | 11 | 2,542 | 30 |
Operating Segments | Corporate Services/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 1,472 | 6,352 | 552 | 12,282 |
Noninterest income | 1,325 | 505 | 1,981 | 187 |
Revenues | 2,797 | 6,857 | 2,533 | 12,469 |
Operating Segments | Corporate Services/Other | Refund Transfer Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Tax Advance Product Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Credit Card | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Rental income | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Loan and Lease Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Bank Owned Life Insurance | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 631 | 650 | 1,273 | 1,319 |
Operating Segments | Corporate Services/Other | Deposit Account | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Loss on Sale of Securities, Available for Sale | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 231 | (166) | 209 | (1,176) |
Operating Segments | Corporate Services/Other | Gain on Loans and Leases | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Loss on Foreclosed Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | 0 | 0 | 0 | 0 |
Operating Segments | Corporate Services/Other | Other Revenues for Financial Assets and Liabilities | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income | $ 463 | $ 21 | $ 499 | $ 44 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Available-for-sale debt securities [Abstract] | ||
Mortgage-backed securities available for sale, at fair value | $ 413,493 | $ 364,065 |
Total available for sale securities | 1,495,156 | 1,852,025 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Total held to maturity securities | 149,164 | 160,563 |
Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Available-for-sale debt securities [Abstract] | ||
Total available for sale securities | 0 | 3,800 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Total held to maturity securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Available-for-sale debt securities [Abstract] | ||
Total available for sale securities | 1,495,156 | 1,848,225 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Total held to maturity securities | 149,164 | 160,974 |
Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3,365,283 | 2,927,755 |
Available-for-sale debt securities [Abstract] | ||
Total available for sale securities | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Total held to maturity securities | 0 | 0 |
Nonrecurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 30,802 | 36,463 |
Nonrecurring | Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 30,802 | 36,463 |
Recurring | ||
Available-for-sale debt securities [Abstract] | ||
Small business administration securities | 164,103 | 44,337 |
Obligations of states and political subdivisions | 11,529 | 16,910 |
Non-bank qualified obligations of states and political subdivisions | 621,642 | 1,109,885 |
Asset-baked securities | 284,389 | 313,028 |
Mortgage-backed securities | 413,493 | 364,065 |
Mortgage-backed securities available for sale, at fair value | 1,495,156 | 1,848,225 |
Common equities and mutual funds | 4,211 | 3,800 |
Total available for sale securities | 1,852,025 | |
Recurring | Level 1 | ||
Available-for-sale debt securities [Abstract] | ||
Small business administration securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Non-bank qualified obligations of states and political subdivisions | 0 | 0 |
Asset-baked securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Mortgage-backed securities available for sale, at fair value | 0 | 0 |
Common equities and mutual funds | 4,211 | 3,800 |
Total available for sale securities | 3,800 | |
Recurring | Level 2 | ||
Available-for-sale debt securities [Abstract] | ||
Small business administration securities | 164,103 | 44,337 |
Obligations of states and political subdivisions | 11,529 | 16,910 |
Non-bank qualified obligations of states and political subdivisions | 621,642 | 1,109,885 |
Asset-baked securities | 284,389 | 313,028 |
Mortgage-backed securities | 413,493 | 364,065 |
Mortgage-backed securities available for sale, at fair value | 1,495,156 | 1,848,225 |
Common equities and mutual funds | 0 | 0 |
Total available for sale securities | 1,848,225 | |
Recurring | Level 3 | ||
Available-for-sale debt securities [Abstract] | ||
Small business administration securities | 0 | 0 |
Obligations of states and political subdivisions | 0 | 0 |
Non-bank qualified obligations of states and political subdivisions | 0 | 0 |
Asset-baked securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Mortgage-backed securities available for sale, at fair value | 0 | 0 |
Common equities and mutual funds | 0 | 0 |
Total available for sale securities | 0 | |
Asset based lending | Nonrecurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,218 | 57 |
Asset based lending | Nonrecurring | Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Asset based lending | Nonrecurring | Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Asset based lending | Nonrecurring | Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,218 | 57 |
Factoring | Nonrecurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 13 | 1,899 |
Factoring | Nonrecurring | Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Factoring | Nonrecurring | Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Factoring | Nonrecurring | Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 13 | 1,899 |
Lease financing | Nonrecurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 23 | 2,869 |
Lease financing | Nonrecurring | Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Lease financing | Nonrecurring | Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Lease financing | Nonrecurring | Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 23 | 2,869 |
Commercial Portfolio Segment | Nonrecurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,254 | 4,825 |
Commercial Portfolio Segment | Nonrecurring | Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Commercial Portfolio Segment | Nonrecurring | Level 2 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Commercial Portfolio Segment | Nonrecurring | Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 1,254 | $ 4,825 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | segment | 3 | |||||
Segment data [Abstract] | ||||||
Net interest income | $ 71,350 | $ 27,405 | $ 131,622 | $ 53,601 | ||
Provision for loan and lease losses | 33,318 | 18,343 | 42,417 | 19,411 | ||
Noninterest income | 105,025 | 97,419 | 142,776 | 126,687 | ||
Noninterest expense | 110,254 | 68,497 | 184,549 | 112,539 | ||
Income (loss) before income tax expense (benefit) | 32,803 | 37,984 | 47,432 | 48,338 | ||
Total assets | 6,050,042 | 4,301,693 | 6,050,042 | 4,301,693 | $ 5,835,067 | |
Goodwill | 307,464 | 98,723 | 307,464 | 98,723 | 303,270 | $ 98,723 |
Total deposits | 4,970,307 | 3,340,497 | 4,970,307 | 3,340,497 | 4,430,987 | |
Meta Payment Systems | ||||||
Segment data [Abstract] | ||||||
Net interest income | 13,607 | 4,933 | 23,007 | 9,602 | ||
Provision for loan and lease losses | 22,474 | 18,129 | 23,969 | 19,146 | ||
Noninterest income | 89,752 | 95,673 | 112,578 | 123,774 | ||
Noninterest expense | 32,178 | 44,841 | 53,539 | 71,796 | ||
Income (loss) before income tax expense (benefit) | 48,707 | 37,636 | 58,077 | 42,434 | ||
Total assets | 245,872 | 243,140 | 245,872 | 243,140 | ||
Goodwill | 87,145 | 87,145 | 87,145 | 87,145 | 87,145 | 87,145 |
Total deposits | 3,107,264 | 2,882,441 | 3,107,264 | 2,882,441 | ||
Banking | ||||||
Segment data [Abstract] | ||||||
Net interest income | 56,271 | 16,120 | 108,063 | 31,717 | ||
Provision for loan and lease losses | 10,844 | 214 | 18,448 | 265 | ||
Noninterest income | 13,948 | 1,241 | 28,217 | 2,726 | ||
Noninterest expense | 42,522 | 6,984 | 76,365 | 13,552 | ||
Income (loss) before income tax expense (benefit) | 16,853 | 10,163 | 41,467 | 20,626 | ||
Total assets | 3,884,673 | 1,510,939 | 3,884,673 | 1,510,939 | ||
Goodwill | 220,319 | 11,578 | 220,319 | 11,578 | 216,125 | 11,578 |
Total deposits | 482,033 | 244,149 | 482,033 | 244,149 | ||
Corporate Services/Other | ||||||
Segment data [Abstract] | ||||||
Net interest income | 1,472 | 6,352 | 552 | 12,282 | ||
Provision for loan and lease losses | 0 | 0 | 0 | 0 | ||
Noninterest income | 1,325 | 505 | 1,981 | 187 | ||
Noninterest expense | 35,554 | 16,672 | 54,645 | 27,191 | ||
Income (loss) before income tax expense (benefit) | (32,757) | (9,815) | (52,112) | (14,722) | ||
Total assets | 1,919,497 | 2,547,614 | 1,919,497 | 2,547,614 | ||
Goodwill | 0 | 0 | 0 | 0 | $ 0 | $ 0 |
Total deposits | $ 1,381,010 | $ 213,907 | $ 1,381,010 | $ 213,907 |
FAIR VALUE MEASUREMENTS - Quant
FAIR VALUE MEASUREMENTS - Quantitative Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed Assets, net | $ 29,548 | $ 31,638 |
Minimum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Range of estimated selling cost | 4.00% | |
Maximum | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Range of estimated selling cost | 10.00% | |
Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | $ 0 | 0 |
Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 3,365,283 | 2,927,755 |
Impaired Loans [Member] | Level 3 | Valuation, Market Approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | 4,825 |
Foreclosed Assets | Level 3 | Valuation, Market Approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 29,548 | 31,638 |
Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 30,802 | 36,463 |
Nonrecurring | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 30,802 | 36,463 |
Nonrecurring | Lease financing | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 23 | 2,869 |
Nonrecurring | Lease financing | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Lease financing | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Lease financing | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 23 | 2,869 |
Nonrecurring | Commercial Portfolio Segment | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | 4,825 |
Nonrecurring | Commercial Portfolio Segment | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Commercial Portfolio Segment | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Commercial Portfolio Segment | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | 4,825 |
Nonrecurring | National Lending | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | 4,825 |
Nonrecurring | National Lending | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | National Lending | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | National Lending | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | 4,825 |
Nonrecurring | Agricultural Operating | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 4,825 | |
Nonrecurring | Agricultural Operating | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | |
Nonrecurring | Agricultural Operating | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | |
Nonrecurring | Agricultural Operating | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 4,825 | |
Nonrecurring | Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | |
Nonrecurring | Impaired Loans [Member] | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | |
Nonrecurring | Impaired Loans [Member] | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | |
Nonrecurring | Impaired Loans [Member] | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,254 | |
Nonrecurring | Asset based lending | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,218 | 57 |
Nonrecurring | Asset based lending | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Asset based lending | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Asset based lending | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,218 | 57 |
Nonrecurring | Factoring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13 | 1,899 |
Nonrecurring | Factoring | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Factoring | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Factoring | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13 | 1,899 |
Nonrecurring | Foreclosed Assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed Assets, net | 29,548 | 31,638 |
Nonrecurring | Foreclosed Assets | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed Assets, net | 0 | 0 |
Nonrecurring | Foreclosed Assets | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed Assets, net | 0 | 0 |
Nonrecurring | Foreclosed Assets | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed Assets, net | $ 29,548 | $ 31,638 |
FAIR VALUE MEASUREMENTS - Balan
FAIR VALUE MEASUREMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Sep. 30, 2018 |
Financial assets [Abstract] | ||
Securities available for sale | $ 1,495,156 | $ 1,852,025 |
Securities held to maturity | 149,164 | 160,563 |
Equity Securities, FV-NI | 1,900 | |
Financial liabilities [Abstract] | ||
Long-term debt | 99,800 | 88,963 |
Subordinated debentures | 11,583 | 425,759 |
Level 1 | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 156,461 | 99,977 |
Securities available for sale | 0 | 3,800 |
Securities held to maturity | 0 | 0 |
Equity Securities, FV-NI | 4,211 | |
Total securities | 4,211 | 3,800 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 0 | 0 |
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Accrued interest receivable, fair value disclosure | 20,281 | 22,016 |
Financial liabilities [Abstract] | ||
Noninterest bearing demand deposits | 3,034,428 | 2,405,274 |
Interest bearing demand deposits, savings, and money markets | 300,033 | 218,347 |
Certificates of deposit | 0 | 0 |
Deposits, Wholesale, Non-Maturing | 207,795 | 94,384 |
Deposits, Wholesale, Certificates of Deposit | 0 | 0 |
Total deposits | 3,542,256 | 2,718,005 |
Federal fund purchased | 422,000 | |
Securities sold under agreements to repurchase | 0 | 0 |
Long-term debt | 0 | 0 |
Trust Preferred Securities | 0 | 0 |
Subordinated debentures | 0 | 0 |
Other borrowings | 0 | |
Accrued interest payable | 9,239 | 7,794 |
Level 2 | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 1,495,156 | 1,848,225 |
Securities held to maturity | 149,164 | 160,974 |
Equity Securities, FV-NI | 0 | |
Total securities | 1,644,320 | 2,009,199 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 59,745 | 15,606 |
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 7,436 | 23,400 |
Accrued interest receivable, fair value disclosure | 0 | 0 |
Financial liabilities [Abstract] | ||
Noninterest bearing demand deposits | 0 | 0 |
Interest bearing demand deposits, savings, and money markets | 0 | 0 |
Certificates of deposit | 153,951 | 273,800 |
Deposits, Wholesale, Non-Maturing | 0 | 0 |
Deposits, Wholesale, Certificates of Deposit | 1,272,291 | 1,432,146 |
Total deposits | 1,426,242 | 1,705,946 |
Federal fund purchased | 0 | |
Securities sold under agreements to repurchase | 2,804 | 3,694 |
Long-term debt | 1,996 | 1,876 |
Trust Preferred Securities | 13,878 | 13,866 |
Subordinated debentures | 75,188 | 75,563 |
Other borrowings | 19,162 | |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Equity Securities, FV-NI | 0 | |
Total securities | 0 | 0 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 0 | 0 |
Loans receivable [Abstract] | ||
Total loans receivable | 3,365,283 | 2,927,755 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Accrued interest receivable, fair value disclosure | 0 | 0 |
Financial liabilities [Abstract] | ||
Noninterest bearing demand deposits | 0 | 0 |
Interest bearing demand deposits, savings, and money markets | 0 | 0 |
Certificates of deposit | 0 | 0 |
Deposits, Wholesale, Non-Maturing | 0 | 0 |
Deposits, Wholesale, Certificates of Deposit | 0 | 0 |
Total deposits | 0 | 0 |
Federal fund purchased | 0 | |
Securities sold under agreements to repurchase | 0 | 0 |
Long-term debt | 0 | 0 |
Trust Preferred Securities | 0 | 0 |
Subordinated debentures | 0 | 0 |
Other borrowings | 0 | |
Accrued interest payable | 0 | 0 |
Carrying Amount | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 156,461 | 99,977 |
Securities available for sale | 1,495,156 | 1,852,025 |
Securities held to maturity | 154,598 | 172,154 |
Equity Securities, FV-NI | 4,211 | |
Total securities | 1,653,965 | 2,024,179 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 59,745 | 15,606 |
Loans receivable [Abstract] | ||
Total loans receivable | 3,435,016 | 2,944,989 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 7,436 | 23,400 |
Accrued interest receivable, fair value disclosure | 20,281 | 22,016 |
Financial liabilities [Abstract] | ||
Noninterest bearing demand deposits | 3,034,428 | 2,405,274 |
Interest bearing demand deposits, savings, and money markets | 300,033 | 218,347 |
Certificates of deposit | 154,401 | 276,180 |
Deposits, Wholesale, Non-Maturing | 207,795 | 94,384 |
Deposits, Wholesale, Certificates of Deposit | 1,273,650 | 1,436,802 |
Total deposits | 4,970,307 | 4,430,987 |
Federal fund purchased | 422,000 | |
Securities sold under agreements to repurchase | 2,804 | 3,694 |
Long-term debt | 1,996 | 1,876 |
Trust Preferred Securities | 13,661 | 13,661 |
Subordinated debentures | 73,566 | 73,491 |
Other borrowings | 19,357 | |
Accrued interest payable | 9,239 | 7,794 |
Estimated Fair Value | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 156,461 | 99,977 |
Securities available for sale | 1,495,156 | 1,852,025 |
Securities held to maturity | 149,164 | 160,974 |
Equity Securities, FV-NI | 4,211 | |
Total securities | 1,648,531 | 2,012,999 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 59,745 | 15,606 |
Loans receivable [Abstract] | ||
Total loans receivable | 3,365,283 | 2,927,755 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 7,436 | 23,400 |
Accrued interest receivable, fair value disclosure | 20,281 | 22,016 |
Financial liabilities [Abstract] | ||
Noninterest bearing demand deposits | 3,034,428 | 2,405,274 |
Interest bearing demand deposits, savings, and money markets | 300,033 | 218,347 |
Certificates of deposit | 153,951 | 273,800 |
Deposits, Wholesale, Non-Maturing | 207,795 | 94,384 |
Deposits, Wholesale, Certificates of Deposit | 1,272,291 | 1,432,146 |
Total deposits | 4,968,498 | 4,423,951 |
Federal fund purchased | 422,000 | |
Securities sold under agreements to repurchase | 2,804 | 3,694 |
Long-term debt | 1,996 | 1,876 |
Trust Preferred Securities | 13,878 | 13,866 |
Subordinated debentures | 75,188 | 75,563 |
Other borrowings | 19,162 | |
Accrued interest payable | 9,239 | 7,794 |
Loans Receivable | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 1,174,620 | 1,076,782 |
Loans Receivable | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 1,187,163 | 1,098,706 |
Loans Receivable | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 1,174,620 | 1,076,782 |
Loans Receivable | SBA/USDA | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | SBA/USDA | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | SBA/USDA | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 74,407 | 61,072 |
Loans Receivable | SBA/USDA | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 77,481 | 59,374 |
Loans Receivable | SBA/USDA | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 74,407 | 61,072 |
Loans Receivable | Other commercial finance | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Other commercial finance | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Other commercial finance | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 100,038 | 83,111 |
Loans Receivable | Other commercial finance | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 98,956 | 85,145 |
Loans Receivable | Other commercial finance | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 100,038 | 83,111 |
Loans Receivable | Commercial finance | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Commercial finance | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Commercial finance | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 1,637,504 | 1,506,969 |
Loans Receivable | Commercial finance | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 1,665,891 | 1,509,849 |
Loans Receivable | Commercial finance | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 1,637,504 | 1,506,969 |
Loans Receivable | Consumer credit products | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Consumer credit products | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Consumer credit products | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 138,748 | 80,633 |
Loans Receivable | Consumer credit products | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 139,617 | 80,605 |
Loans Receivable | Consumer credit products | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 138,748 | 80,633 |
Loans Receivable | Other consumer finance | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Other consumer finance | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Other consumer finance | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 166,925 | 197,320 |
Loans Receivable | Other consumer finance | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 170,824 | 189,756 |
Loans Receivable | Other consumer finance | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 166,925 | 197,320 |
Loans Receivable | Consumer finance | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Consumer finance | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Consumer finance | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 305,673 | 277,953 |
Loans Receivable | Consumer finance | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 310,441 | 270,361 |
Loans Receivable | Consumer finance | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 305,673 | 277,953 |
Loans Receivable | Tax services | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Tax services | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Tax services | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 60,722 | 1,073 |
Loans Receivable | Tax services | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 84,824 | 1,073 |
Loans Receivable | Tax services | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 60,722 | 1,073 |
Loans Receivable | Warehouse finance | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Warehouse finance | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Warehouse finance | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 186,764 | 64,978 |
Loans Receivable | Warehouse finance | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 186,697 | 65,000 |
Loans Receivable | Warehouse finance | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 186,764 | 64,978 |
Loans Receivable | National Lending | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | National Lending | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | National Lending | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 2,190,663 | 1,850,973 |
Loans Receivable | National Lending | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 2,247,853 | 1,846,283 |
Loans Receivable | National Lending | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 2,190,663 | 1,850,973 |
Loans Receivable | Commercial Real Estate and Operating [Member] | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Commercial Real Estate and Operating [Member] | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Commercial Real Estate and Operating [Member] | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 861,524 | 773,203 |
Loans Receivable | Commercial Real Estate and Operating [Member] | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 869,917 | 790,890 |
Loans Receivable | Commercial Real Estate and Operating [Member] | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 861,524 | 773,203 |
Loans Receivable | 1-4 Family Real Estate | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | 1-4 Family Real Estate | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | 1-4 Family Real Estate | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 254,642 | 244,730 |
Loans Receivable | 1-4 Family Real Estate | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 257,079 | 247,318 |
Loans Receivable | 1-4 Family Real Estate | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 254,642 | 244,730 |
Loans Receivable | Agricultural Real Estate | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Agricultural Real Estate | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Loans Receivable | Agricultural Real Estate | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 58,454 | 58,849 |
Loans Receivable | Agricultural Real Estate | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 60,167 | 60,498 |
Loans Receivable | Agricultural Real Estate | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 58,454 | 58,849 |
Financing Receivable | Asset based lending | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Asset based lending | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Asset based lending | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 551,579 | 477,471 |
Financing Receivable | Asset based lending | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 572,210 | 477,917 |
Financing Receivable | Asset based lending | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 551,579 | 477,471 |
Financing Receivable | Factoring | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Factoring | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Factoring | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 283,337 | 283,424 |
Financing Receivable | Factoring | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 287,955 | 284,221 |
Financing Receivable | Factoring | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 283,337 | 283,424 |
Financing Receivable | Lease financing | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Lease financing | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Lease financing | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 320,411 | 264,679 |
Financing Receivable | Lease financing | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 321,414 | 265,315 |
Financing Receivable | Lease financing | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | 320,411 | 264,679 |
Financing Receivable | Insurance premium finance | Level 1 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Insurance premium finance | Level 2 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 0 | 0 |
Financing Receivable | Insurance premium finance | Level 3 | ||
Loans receivable [Abstract] | ||
Total loans receivable | 307,732 | 337,212 |
Financing Receivable | Insurance premium finance | Carrying Amount | ||
Loans receivable [Abstract] | ||
Total loans receivable | 307,875 | 337,877 |
Financing Receivable | Insurance premium finance | Estimated Fair Value | ||
Loans receivable [Abstract] | ||
Total loans receivable | $ 307,732 | $ 337,212 |
Uncategorized Items - cash-2019
Label | Element | Value |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (475,000) |
Accounting Standards Update 2014-09 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,502,000 |