Cover Page
Cover Page - shares | 3 Months Ended | |
Dec. 31, 2019 | Feb. 02, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 0-22140 | |
Entity Registrant Name | META FINANCIAL GROUP INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1406262 | |
Entity Address, Address Line One | 5501 South Broadband Lane | |
Entity Address, City or Town | Sioux Falls | |
Entity Address, State or Province | SD | |
Entity Address, Postal Zip Code | 57108 | |
City Area Code | 605 | |
Local Phone Number | 782-1767 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | CASH | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 36,345,997 | |
Entity Central Index Key | 0000907471 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 152,189 | $ 126,545 |
Investment securities available for sale, at fair value | 852,603 | 889,947 |
Mortgage-backed securities available for sale, at fair value | 362,120 | 382,546 |
Investment securities held to maturity, at cost | 116,313 | 127,582 |
Mortgage-backed securities held to maturity, at cost | 6,804 | 7,182 |
Loans held for sale | 264,266 | 148,777 |
Loans and leases | 3,590,474 | 3,658,847 |
Allowance for loan and lease losses | (30,176) | (29,149) |
Federal Home Loan Bank Stock, at cost | 13,796 | 30,916 |
Accrued interest receivable | 18,687 | 20,400 |
Premises, furniture, and equipment, net | 38,671 | 45,932 |
Rental equipment, net | 211,673 | 208,537 |
Bank-owned life insurance | 90,458 | 89,827 |
Foreclosed real estate and repossessed assets | 1,328 | 29,494 |
Goodwill | 309,505 | 309,505 |
Intangible assets | 50,151 | 52,810 |
Prepaid assets | 14,813 | 9,476 |
Deferred taxes | 19,752 | 18,884 |
Other assets | 97,499 | 54,832 |
Total assets | 6,180,926 | 6,182,890 |
LIABILITIES | ||
Deposits held for sale | 288,975 | 0 |
Deposits [Abstract] | ||
Noninterest-bearing checking | 2,927,967 | 2,358,010 |
Interest-bearing checking | 67,642 | 185,768 |
Savings deposits | 17,436 | 49,773 |
Money market deposits | 42,286 | 76,911 |
Time certificates of deposit | 23,454 | 109,275 |
Wholesale deposits | 1,438,820 | 1,557,268 |
Total deposits | 4,517,605 | 4,337,005 |
Short-term borrowings | 194,000 | 646,019 |
Long-term borrowings | 213,070 | 215,838 |
Accrued interest payable | 6,620 | 9,414 |
Accrued expenses and other liabilities | 123,588 | 130,656 |
Total liabilities | 5,343,858 | 5,338,932 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and September 30, 2019, respectively | 0 | 0 |
Additional paid-in capital | 587,678 | 580,826 |
Retained earnings | 244,005 | 252,813 |
Accumulated other comprehensive income | 3,895 | 6,339 |
Treasury stock, at cost, 97,415 and 14,444 common shares at December 31, 2019 and September 30, 2019, respectively | (3,187) | (445) |
Total equity attributable to parent | 832,763 | 839,911 |
Noncontrolling interest | 4,305 | 4,047 |
Total stockholders’ equity | 837,068 | 843,958 |
Total liabilities and stockholders’ equity | 6,180,926 | 6,182,890 |
Common stock, $.01 par value; 90,000,000 shares authorized, 37,269,496 and 37,821,508 shares issued, 37,172,081 and 37,807,064 shares outstanding at December 31, 2019 and September 30, 2019, respectively | ||
STOCKHOLDERS’ EQUITY | ||
Common stock | 372 | 378 |
Common stock, Nonvoting, $.01 par value; 3,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and September 30, 2019, respectively | ||
STOCKHOLDERS’ EQUITY | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2019 | Sep. 30, 2019 |
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 | ||
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) | 37,269,496 | 37,821,508 |
Common stock, shares outstanding (in shares) | 37,172,081 | 37,807,064 |
Common Stock, Nonvoting | ||
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) | 97,415 | 14,444 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income: | ||
Loans and leases, including fees | $ 68,702 | $ 60,498 |
Mortgage-backed securities | 2,389 | 2,698 |
Other investments | 6,534 | 11,780 |
Total interest and dividend income | 77,625 | 74,976 |
Interest expense: | ||
Deposits | 9,340 | 10,596 |
FHLB advances and other borrowings | 3,634 | 4,108 |
Total interest expense | 12,974 | 14,704 |
Net interest income | 64,651 | 60,272 |
Provision for loan and lease losses | 3,407 | 9,099 |
Net interest income after provision for loan and lease losses | 61,244 | 51,173 |
Noninterest income: | ||
Loss on sale of securities available for sale, net (includes $0 and ($22) reclassified from accumulated other comprehensive income (loss) for net gain (loss) on securities available for sale for the three months ended December 31, 2019 and 2018, respectively) | 0 | (22) |
(Loss) gain on sale of other | (2,568) | 1,266 |
Other income | 3,246 | 2,382 |
Total noninterest income | 37,483 | 37,751 |
Noninterest expense: | ||
Compensation and benefits | 34,268 | 33,010 |
Refund transfer product expense | 173 | 10 |
Tax advance product expense | 1,132 | 452 |
Card processing | 5,607 | 7,085 |
Occupancy and equipment expense | 6,655 | 6,458 |
Operating lease equipment depreciation | 8,280 | 7,765 |
Legal and consulting | 4,674 | 3,969 |
Intangible amortization | 2,676 | 4,383 |
Impairment expense | 242 | 0 |
Other expense | 12,091 | 11,163 |
Total noninterest expense | 75,798 | 74,295 |
Income before income tax expense | 22,929 | 14,629 |
Income tax expense (benefit) (includes $0 and ($5) reclassified from accumulated other comprehensive income (loss) for the three months ended December 31, 2019 and 2018, respectively) | 680 | (1,691) |
Net income before noncontrolling interest | 22,249 | 16,320 |
Net income attributable to noncontrolling interest | 1,181 | 922 |
Net income attributable to parent | $ 21,068 | $ 15,398 |
Earnings per common share | ||
Basic (in dollars per share) | $ 0.56 | $ 0.39 |
Diluted (in dollars per share) | $ 0.56 | $ 0.39 |
Refund transfer product fees | ||
Noninterest income: | ||
Revenue from contract with customer | $ 192 | $ 261 |
Tax advance product fees | ||
Noninterest income: | ||
Revenue from contract with customer | 2,276 | 1,685 |
Payment card and deposit fees | ||
Noninterest income: | ||
Revenue from contract with customer | 21,499 | 20,807 |
Other bank and deposit fees | ||
Noninterest income: | ||
Revenue from contract with customer | 487 | 482 |
Rental income | ||
Noninterest income: | ||
Revenue from contract with customer | 12,351 | 10,890 |
Total noninterest income | $ 487 | $ 482 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Noninterest income: | ||
Net gain (losses) on available for sale securities reclassified from accumulated other comprehensive income (loss) | $ 0 | $ (22) |
Income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) | $ 0 | $ (5) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interest | $ 22,249 | $ 16,320 |
Other comprehensive income (loss): | ||
Change in net unrealized gain (loss) on debt securities | (3,412) | 6,171 |
Loss realized in net income | 0 | 22 |
Total | (3,412) | 6,193 |
Unrealized gain (loss) on currency translation | 116 | (360) |
Deferred income tax effect | (852) | 1,433 |
Total other comprehensive income (loss) | (2,444) | 4,400 |
Total comprehensive income | 19,805 | 20,720 |
Total comprehensive income attributable to noncontrolling interest | 1,181 | 922 |
Comprehensive income attributable to parent | $ 18,624 | $ 19,798 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Parent | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
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 | (1,970) | (1,970) | (1,970) | |||||
Issuance of common shares due to exercise of stock options | 54 | 54 | 54 | |||||
Issuance of common shares due to restricted stock | 2 | 2 | 2 | |||||
Issuance of common shares due to ESOP | 2,010 | 2,010 | 2,010 | |||||
Share repurchases | (2,367) | (2,367) | (1) | 1 | (2,367) | |||
Stock compensation | 4,280 | 4,280 | 4,280 | |||||
Total other comprehensive income | 4,400 | 4,400 | 4,400 | |||||
Net income | 16,320 | 15,398 | 15,398 | 922 | ||||
Net investment by (distribution to) noncontrolling interests | (1,229) | (1,229) | ||||||
Ending Balance at Dec. 31, 2018 | 770,728 | 767,461 | 394 | 572,156 | 228,453 | (29,186) | (4,356) | 3,267 |
Beginning Balance at Sep. 30, 2019 | 843,958 | 839,911 | 378 | 580,826 | 252,813 | 6,339 | (445) | 4,047 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on common stock | (1,870) | (1,870) | (1,870) | |||||
Issuance of common shares due to exercise of stock options | 118 | 118 | 118 | |||||
Issuance of common shares due to restricted stock | 2 | 2 | 2 | |||||
Issuance of common shares due to ESOP | 3,220 | 3,220 | 1 | 3,219 | ||||
Share repurchases | (30,748) | (30,748) | (9) | 9 | (28,006) | (2,742) | ||
Stock compensation | 3,506 | 3,506 | 3,506 | |||||
Total other comprehensive income | (2,444) | (2,444) | (2,444) | |||||
Net income | 22,249 | 21,068 | 21,068 | 1,181 | ||||
Net investment by (distribution to) noncontrolling interests | (923) | (923) | ||||||
Ending Balance at Dec. 31, 2019 | $ 837,068 | $ 832,763 | $ 372 | $ 587,678 | $ 244,005 | $ 3,895 | $ (3,187) | $ 4,305 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared on common stock (in dollars per share) | $ 0.05 | $ 0.05 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income before noncontrolling interest | $ 22,249 | $ 16,320 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion, net | 15,302 | 14,616 |
Stock compensation | 3,506 | 4,280 |
Provision (recovery): | ||
Provision for loan and lease losses | 3,407 | 9,099 |
Deferred taxes | (16) | (6,787) |
Loans held for sale: | ||
Originations | (16,175) | (7,469) |
Proceeds from sales | 143,035 | 22,611 |
Net change | 11,111 | 6,571 |
Fair value adjustment of foreclosed real estate | 83 | 0 |
Net realized (gain) loss: | ||
Other assets | 108 | (24) |
Foreclosed real estate and repossessed assets | 5,039 | (15) |
Securities available for sale, net | 0 | 22 |
Loans held for sale | (1,851) | (550) |
Leases receivable and equipment | (685) | (677) |
Net change: | ||
Other assets | (12,917) | (18,004) |
Accrued interest payable | (2,794) | 3,486 |
Accrued expenses and other liabilities | (33,892) | 9,454 |
Accrued interest receivable | 618 | (60) |
Change in bank-owned life insurance value | (631) | (641) |
Net cash provided by operating activities | 135,497 | 52,232 |
Securities available for sale: | ||
Purchases | 0 | (51,430) |
Proceeds from sales | 0 | 171,927 |
Proceeds from maturities and principal repayments | 52,592 | 34,557 |
Securities held to maturity: | ||
Proceeds from maturities and principal repayments | 11,062 | 10,423 |
Loans and leases: | ||
Purchases | (18,813) | (122,668) |
Proceeds from sales | 3,099 | 378 |
Net change | (167,929) | (299,400) |
Loss on sale | 23,085 | 105 |
Federal Home Loan Bank stock: | ||
Purchases | (244,240) | (235,000) |
Redemption | 261,360 | 242,800 |
Rental equipment: | ||
Purchases | (17,956) | (46,153) |
Proceeds from sales | 2,250 | 1,466 |
Net change | 3,124 | (611) |
Premises, furniture, and equipment: | ||
Purchases | (2,108) | (5,729) |
Proceeds from sales | 0 | 19 |
Net cash (used in) investing activities | (94,474) | (299,316) |
Cash flows from financing activities: | ||
Checking, savings, and money market deposits | 674,696 | 353,642 |
Time certificates of deposit | (86,683) | (105,632) |
Wholesale deposits | (118,481) | 259,430 |
FHLB and other borrowings | (20,000) | 0 |
Federal funds | (428,000) | (195,000) |
Securities sold under agreements to repurchase | (4,019) | 532 |
Net investment by (distribution to) noncontrolling interests | (923) | (1,229) |
Proceeds from other liabilities | 1,205 | 5,027 |
Other liabilities | (2,194) | (2,847) |
Capital lease obligations | (1,818) | (16) |
Cash dividends paid | (1,870) | (1,970) |
Issuance of common stock due to ESOP | 3,220 | 2,010 |
Issuance of common stock due to restricted stock | 2 | 2 |
Proceeds from exercise of stock options and issuance of common stock | 118 | 54 |
Shares repurchased | (30,748) | (2,367) |
Net cash (used in) provided by financing activities | (15,495) | 311,636 |
Effect of exchange rate changes on cash | 116 | (360) |
Net change in cash and cash equivalents | 25,644 | 64,192 |
Cash and cash equivalents at beginning of fiscal year | 126,545 | 99,977 |
Cash and cash equivalents at end of fiscal year | 152,189 | 164,169 |
Supplemental disclosure of cash flow information | ||
Interest | 10,180 | 18,190 |
Income taxes | 220 | 595 |
Franchise taxes | 40 | 0 |
Other taxes | 12 | 49 |
Supplemental schedule of non-cash investing activities | ||
Transfers of loans and leases to foreclosed real estate and repossessed assets | 41 | 0 |
Transfers of loans and leases to rental equipment | 759 | 0 |
Transfers of rental equipment to loan and leases | 599 | 0 |
Transfers of loans and leases to held for sale | 251,913 | 39,452 |
Transfers of other assets to held for sale | 7,836 | 0 |
Transfers of deposits to held for sale | 286,648 | 0 |
Recognition of operating lease ROU assets, net of remeasurements | $ 27,019 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 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, 2019 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 26, 2019. 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 - month period ended December 31, 2019 are not necessarily indicative of the results expected for the fiscal year ending September 30, 2020 . |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") | 3 Months Ended |
Dec. 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, 2019 remain substantially unchanged with the exception of the policies impacted by the adoption of noted ASUs below. Adopted ASUs Leases -- The Company adopted ASU 2016-02, Leases (Topic 842) , and subsequent related updates (collectively ASU 2016-02) on October 1, 2019, which requires lessees to recognize most leases on their balance sheet. Lessor accounting is largely unchanged. The ASU requires both quantitative and qualitative disclosures regarding key information about lease arrangements from both lessees and lessors. The Company elected the effective date transition method utilizing the adoption date as the first date of application of the revised guidance. As a result, prior period amounts have not been restated. Upon adoption, the Company elected certain transitional practical expedients offered through the guidance, including the 'package of practical expedients' whereby it did not reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification of any expired or existing leases, and (iii) initial direct costs for any existing leases, which resulted in the Company not recognizing a cumulative effect adjustment to retained earnings. Management evaluated Meta’s leasing contracts and activities and developed methodologies and processes to estimate and account for the right-of-use ("ROU") assets and lease liabilities for building leases based on the present value of future lease payments. On October 1, 2019, the Company recorded ROU assets and lease liabilities totaling $27.4 million and $28.6 million , respectively. The impact to capital ratios as a result of increased risk-weighted assets was immaterial. The adoption of this guidance did not result in a material change to lessee expense recognition. The changes to lessor accounting, as well as change in customer behavior driven by the adoption of these ASUs, impact the results of Meta’s lease financing businesses, including earlier recognition of expense due to a narrower definition of initial direct costs. As a lessee, the Company enters into contracts to lease real estate, information technology equipment and other various types of equipment. Leases that transfer substantially all of the benefits and risks of ownership to the Company are classified as finance leases, while all others are classified as operating leases. At lease commencement for buildings, a lease liability and ROU asset are calculated and recognized on both types of leases. The lease liability is equal to the present value of the future minimum lease payments. The ROU asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lessor incentives received. Operating lease ROU assets are included in other assets and finance lease ROU assets are included in premises and equipment, net. The Company uses the appropriate term Federal Home Loan Bank ("FHLB") rate to determine the discount rate for the present value calculation of future minimum lease payments when an implicit rate is not known for a given lease. The lease term used in the calculation includes any options to extend that the Company is reasonably certain to exercise. The Company has elected to not recognize assets or liabilities on its balance sheet related to short-term leases. Subsequent to lease commencement, lease liabilities recorded for finance leases are measured using the effective interest rate method and the related ROU assets are amortized on a straight-line basis over the lease term. Interest expense and amortization expense are recorded separately on the Consolidated Statements of Operations in interest expense on borrowings and occupancy and equipment noninterest expense, respectively. At December 31, 2019, the Company had no finance lease ROU assets or lease liabilities. For operating leases, total lease cost is comprised of lease expense, short-term lease cost, variable lease cost and sublease income. Lease expense includes future minimum lease payments, which are recognized on a straight-line basis over the lease term, as well as common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded in occupancy and equipment noninterest expense. See Note 10. Operating Lease Right-of-Use Assets and Liabilities for further information. The Company also adopted the following ASUs on October 1, 2019, none of which had a material impact on the Company’s Condensed Consolidated Financial Statements: – ASU 2018-02, Income Statement -- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The Company elected to not reclassify tax effects stranded in accumulated other comprehensive income. – ASU 2018-09, Codification Improvements. ASUs to be Adopted Other Upcoming ASUs - Refer to the Company’s most recently audited consolidated financial statements for the year ended September 30, 2019 for the latest update on other ASUs relevant to the Company and not yet adopted as of December 31, 2019 . |
DIVESTITURES
DIVESTITURES | 3 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES On November 20, 2019 , the Company announced that MetaBank entered into a definitive agreement with Central Bank, a state-chartered bank headquartered in Storm Lake, Iowa, for the sale of the Community Bank division, which is a component of the Company's Corporate segment. See Note 16. Segment Reporting for additional information on the Company's reporting segments. The sale would include substantially all of the Community Bank's deposits, branch locations, fixed assets and employees and a portion of the Community Bank’s loan portfolio. In connection with MetaBank's entry into the agreement with Central Bank, the Company reclassified the assets and liabilities to be sold to Central Bank as held for sale. The remaining Community Bank loans not proposed to be sold to Central Bank would be retained by the Company under a servicing agreement with Central Bank. The closing of the transaction is subject to the satisfaction or waiver of certain conditions, the receipt of third party and regulatory approval and satisfaction of customary closing conditions. The transaction is expected to close in the 2020 fiscal second quarter. The Company has summarized the Community Bank division results at, and for the three months ended, December 31, 2019 below. (Dollars in Thousands) Community Bank Sold (1) Community Bank Retained (2) Total Community Bank At December 31, 2019 Loans and leases, net $ 250,383 $ 934,491 $ 1,184,874 Other assets 8,932 51,143 60,075 Deposits 288,975 1,394 290,369 Other liabilities 3,518 778 4,296 Three Months Ended December 31, 2019 Net interest income $ 987 $ 9,596 $ 10,583 Provision for loan and lease losses (1,750 ) — (1,750 ) Noninterest income 290 (3,507 ) (3,217 ) Noninterest expense 1,878 2,684 4,562 Income before income tax expense $ 1,149 $ 3,405 $ 4,554 (1) Reflects balances to be included in the transaction with Central Bank and classified as held for sale at December 31, 2019 . Consolidated Statements of Operations balances reflect the activity on the assets and liabilities included in the sale subsequent to the held-for-sale classification date, or announcement date, November 20, 2019 , through the period ended December 31, 2019 . (2) Reflects balances excluded from the transaction with Central Bank and related Consolidated Statements of Operations activity for the period ended December 31, 2019 . The Company recognized $1.9 million in non-recurring income and $0.2 million in non-recurring expense during the three months ended December 31, 2019 related to the reclassification of certain Community Bank assets and liabilities to held for sale and is reflected in the Company's provision for loan and leases losses, noninterest income, and noninterest expense on the Company's Condensed Consolidated Statement of Operations. The Company also recognized $0.3 million in compensation and benefits expense and $0.6 million in legal and consulting expenses in the three months ended December 31, 2019 related to Community Bank transaction. |
SECURITIES
SECURITIES | 3 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES 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 December 31, 2019 and September 30, 2019 are presented below. At December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities AFS SBA securities $ 178,500 $ 2,446 $ (26 ) $ 180,920 Obligations of states and political subdivisions 858 16 — 874 Non-bank qualified obligations of states and political subdivisions 369,676 5,236 (923 ) 373,989 Asset-backed securities 302,426 195 (5,801 ) 296,820 Mortgage-backed securities 358,070 5,518 (1,468 ) 362,120 Total debt securities AFS $ 1,209,530 $ 13,411 $ (8,218 ) $ 1,214,723 At September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities AFS SBA securities $ 182,327 $ 3,655 $ — $ 185,982 Obligations of states and political subdivisions 858 16 — 874 Non-bank qualified obligations of states and political subdivisions 396,430 5,030 (903 ) 400,557 Asset-backed securities 305,603 262 (3,331 ) 302,534 Mortgage-backed securities 378,670 5,731 (1,855 ) 382,546 Total debt securities AFS $ 1,263,888 $ 14,694 $ (6,089 ) $ 1,272,493 At December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 116,313 $ 104 $ (1,292 ) $ 115,125 Mortgage-backed securities 6,804 2 (32 ) 6,774 Total debt securities HTM $ 123,117 $ 106 $ (1,324 ) $ 121,899 At September 30, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 127,582 $ 108 $ (1,403 ) $ 126,287 Mortgage-backed securities 7,182 14 (13 ) 7,183 Total debt securities HTM $ 134,764 $ 122 $ (1,416 ) $ 133,470 Management has implemented processes to identify securities that could potentially have a credit impairment that is other-than-temporary. This process can include, but is not limited to, evaluating the length of time and extent to which the fair value has been less than the amortized cost basis, reviewing available information regarding the financial position of the issuer, interest and dividend payment status, monitoring the rating of the security, monitoring changes in value, and projecting cash flows. Management also determines whether the Company intends 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 collection will occur for 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 had no trading securities at December 31, 2019 or September 30, 2019 . 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 December 31, 2019 and September 30, 2019 , were as follows: LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 13,583 $ (26 ) $ — $ — $ 13,583 $ (26 ) Non-bank qualified obligations of states and political subdivisions 60,135 (226 ) 50,431 (697 ) 110,566 (923 ) Asset-backed securities 147,594 (1,920 ) 124,114 (3,881 ) 271,708 (5,801 ) Mortgage-backed securities 1,704 — 85,715 (1,468 ) 87,419 (1,468 ) Total debt securities AFS $ 223,016 $ (2,172 ) $ 260,260 $ (6,046 ) $ 483,276 $ (8,218 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 10,262 $ — $ — $ — $ 10,262 $ — Non-bank qualified obligations of states and political subdivisions 66,326 (177 ) 55,428 (726 ) 121,754 (903 ) Asset-backed securities 158,176 (1,823 ) 93,259 (1,508 ) 251,435 (3,331 ) Mortgage-backed securities 1,713 (1 ) 89,634 (1,854 ) 91,347 (1,855 ) Total debt securities AFS $ 236,477 $ (2,001 ) $ 238,321 $ (4,088 ) $ 474,798 $ (6,089 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 5,686 $ (3 ) $ 99,199 $ (1,289 ) $ 104,885 $ (1,292 ) Mortgage-backed securities 3,525 (13 ) 1,635 (19 ) 5,160 (32 ) Total debt securities HTM $ 9,211 $ (16 ) $ 100,834 $ (1,308 ) $ 110,045 $ (1,324 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2019 Fair Unrealized Fair Unrealized Fair Value Unrealized (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 5,967 $ (6 ) $ 109,368 $ (1,397 ) $ 115,335 $ (1,403 ) Mortgage-backed securities 1,471 — 1,803 (13 ) 3,274 (13 ) Total debt securities HTM $ 7,438 $ (6 ) $ 111,171 $ (1,410 ) $ 118,609 $ (1,416 ) At December 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 December 31, 2019 . The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features that allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities ("MBS") because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. Securities AFS at Fair Value Amortized Cost Fair Value At December 31, 2019 (Dollars in Thousands) Due in one year or less $ 666 $ 667 Due after one year through five years 16,081 16,403 Due after five years through ten years 49,732 50,850 Due after ten years 784,981 784,683 851,460 852,603 Mortgage-backed securities 358,070 362,120 Total securities AFS, at fair value $ 1,209,530 $ 1,214,723 At September 30, 2019 Amortized Cost Fair Value (Dollars in Thousands) Due in one year or less $ — $ — Due after one year through five years 16,749 17,143 Due after five years through ten years 50,263 51,840 Due after ten years 818,206 820,964 885,218 889,947 Mortgage-backed securities 378,670 382,546 Total securities AFS, at fair value $ 1,263,888 $ 1,272,493 Securities HTM at Fair Value Amortized Cost Fair Value At December 31, 2019 (Dollars in Thousands) Due after ten years $ 116,313 $ 115,125 116,313 115,125 Mortgage-backed securities 6,804 6,774 Total securities HTM, at cost $ 123,117 $ 121,899 At September 30, 2019 Amortized Cost Fair Value (Dollars in Thousands) Due after ten years $ 127,582 $ 126,287 127,582 126,287 Mortgage-backed securities 7,182 7,183 Total securities HTM, at cost $ 134,764 $ 133,470 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 FHLB of Des Moines. Equity securities without a readily determinable fair value totaled $9.5 million at December 31, 2019 and $6.5 million at September 30, 2019 . FHLB of Des Moines stock held by MetaBank at December 31, 2019 and September 30, 2019 totaled $13.8 million and $30.9 million , respectively. The decrease in FHLB stock directly correlates with lower short-term borrowings balances at December 31, 2019 compared to September 30, 2019 . 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 three months ended December 31, 2019 . |
LOANS AND LEASES, NET
LOANS AND LEASES, NET | 3 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS AND LEASES, NET | 89 Days Past Due Total Past Due Current Total Loans and Leases Receivable > 89 Days Past Due and Accruing Non-accrual balance Total (Dollars in Thousands) Loans held for sale $ 63 $ — $ — $ 63 $ 264,361 $ 264,424 $ — $ — $ — National Lending Term lending 12,300 2,767 12,679 27,746 667,601 695,347 1,316 12,372 13,688 Asset based lending 26 — — 26 250,607 250,633 — 583 583 Factoring — — — — 285,776 285,776 — 205 205 Lease financing 3,757 758 1,893 6,408 217,307 223,715 1,286 729 2,015 Insurance premium" id="sjs-B4">LOANS AND LEASES, NET Loans and leases at December 31, 2019 and September 30, 2019 were as follows: (Dollars in Thousands) December 31, 2019 September 30, 2019 National Lending Term lending (1) $ 695,347 $ 641,742 Asset based lending (1) 250,633 250,465 Factoring 285,776 296,507 Lease financing (1) 223,715 177,915 Insurance premium finance 349,299 361,105 SBA/USDA 90,269 88,831 Other commercial finance 99,617 99,665 Commercial finance 1,994,656 1,916,230 Consumer credit products 115,843 106,794 Other consumer finance 154,772 161,404 Consumer finance 270,615 268,198 Tax services 101,739 2,240 Warehouse finance 272,522 262,924 Total National Lending 2,639,532 2,449,592 Community Banking Commercial real estate and operating 682,399 883,932 Consumer one-to-four family real estate and other 220,588 259,425 Agricultural real estate and operating 40,778 58,464 Total Community Banking 943,765 1,201,821 Total loans and leases 3,583,297 3,651,413 Net deferred loan origination fees (costs) 7,177 7,434 Total gross loans and leases 3,590,474 3,658,847 Allowance for loan and lease losses (30,176 ) (29,149 ) Total loans and leases, net (2) $ 3,560,298 $ 3,629,698 (1) The Company has updated the presentation of its loan and lease table beginning in the fiscal 2020 first quarter. The new presentation includes a new category called term lending. Certain balances previously included in the asset based lending and lease financing categories have been reclassified into the new term lending category during the fiscal 2020 first quarter. Prior period balances have been conformed to the new presentation. (2) As of December 31, 2019, the remaining balance of acquired loans and leases from the acquisition of Crestmark Bancorp, Inc. ("Crestmark") and its bank subsidiary, Crestmark Bank (the "Crestmark Acquisition") was $276.7 million and the remaining balances of the credit and interest rate mark discounts related to the acquired loans and leases held for investment were $5.0 million and $2.6 million , respectively, while the remaining balance of the interest rate mark premium related to the acquired loans held for sale was $0.7 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 three months ended December 31, 2019 , the Company transferred $251.9 million of Community Banking loans to held for sale. During the three months ended December 31, 2018 , the Company transferred $39.5 million of consumer credit product loans to held for sale. During the three months ended December 31, 2019 and 2018 , the Company originated $16.2 million and $7.5 million , respectively, of SBA/USDA and consumer credit product loans as held for sale. The Company sold held for sale loans resulting in proceeds of $143.0 million and gains on sale of $1.9 million during the three months ended December 31, 2019 . During the three months ended December 31, 2018 , the Company sold held for sale loans resulting in proceeds of $22.6 million and gains on sale of $0.6 million . Loans purchased and sold by portfolio segment, including participation interests, for the three months ended December 31, 2019 and 2018 were as follows: Three Months Ended (Dollars in Thousands) December 31, 2019 December 31, 2018 Loans Purchased Loans held for investment: Total National Lending $ 14,464 $ 111,587 Total Community Banking 4,349 11,081 Total purchases 18,813 122,668 Loans Sold Loans held for sale 143,035 22,611 Loans held for investment: Total Community Banking 3,099 378 Total sales $ 146,134 $ 22,989 Leasing Portfolio Effective October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) and related ASUs on a modified retrospective basis, electing the practical expedients and optional transition method. As such, the following leasing disclosures include information at, or for the quarter, ended December 31, 2019 . The net investment in direct financing and sales-type leases was comprised of the following as of December 31, 2019 and September 30, 2019 : (Dollars in Thousands) December 31, 2019 September 30, 2019 Carrying Amount $ 239,351 $ 191,733 Unguaranteed residual assets 16,260 13,353 Unamortized initial direct costs 1,856 1,790 Unearned income (31,896 ) (27,171 ) Total net investment in direct financing and sales-type leases $ 225,571 $ 179,705 The carrying amount of direct financing and sales-type leases subject to residual value guarantees was $8.8 million at December 31, 2019. The components of total lease income were as follows: (Dollars in Thousands) Quarter Ended December 31, 2019 Interest income - loans and leases Interest income on net investments in direct financing and sales-type leases $ 4,087 Leasing and equipment finance non-interest income Lease income from operating lease payments 11,203 Profit (loss) recorded on commencement date on sales-type leases 471 Other (1) 750 Total leasing and equipment finance non-interest income 12,424 Total lease income $ 16,511 (1) Other leasing and equipment finance non-interest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases. Undiscounted future minimum lease payments receivable for direct financing and sales-type leases and a reconciliation to the carrying amount recorded at December 31, 2019 were as follows: (Dollars in Thousands) At December 31, 2019 2020 $ 66,919 2021 70,629 2022 50,676 2023 29,908 2024 16,795 Thereafter 4,414 Equipment under leases not yet commenced 10 Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases 239,351 Third-party residual value guarantees — Total carrying amount of direct financing and sales-type leases $ 239,351 The Company did not record any contingent rental income from direct financing and sales-type leases in the three months ended December 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 months ended December 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 December 31, 2019 (Dollars in Thousands) National Lending Term lending $ 5,533 $ 3,401 $ (2,295 ) $ 111 $ 6,750 Asset based lending 2,437 (461 ) — 19 1,995 Factoring 3,261 257 (389 ) 419 3,548 Lease financing 1,275 504 (215 ) 131 1,695 Insurance premium finance 1,024 141 (285 ) 90 970 SBA/USDA 383 382 — — 765 Other commercial finance 683 (523 ) — — 160 Commercial finance 14,596 3,701 (3,184 ) 770 15,883 Consumer credit products 1,044 63 — — 1,107 Other consumer finance 5,118 476 (734 ) 29 4,889 Consumer finance 6,162 539 (734 ) 29 5,996 Tax services — 911 — 739 1,650 Warehouse finance 263 6 — — 269 Total National Lending 21,021 5,157 (3,918 ) 1,538 23,798 Community Banking Commercial real estate and operating 6,208 (1,543 ) — — 4,665 Consumer one-to-four family real estate and other 1,053 (22 ) — — 1,031 Agricultural real estate and operating 867 (185 ) — — 682 Total Community Banking 8,128 (1,750 ) — — 6,378 Total $ 29,149 $ 3,407 $ (3,918 ) $ 1,538 $ 30,176 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Three Months Ended December 31, 2018 (Dollars in Thousands) National Lending Term lending $ 89 $ 710 $ (328 ) $ 1,364 $ 1,835 Asset based lending 47 724 — 4 775 Factoring 64 1,223 (250 ) 26 1,062 Lease financing 30 600 (352 ) 260 538 Insurance premium finance 1,031 93 (208 ) 56 972 SBA/USDA 13 240 — — 253 Other commercial finance 28 263 — — 291 Commercial finance 1,302 3,853 (1,138 ) 1,710 5,727 Consumer credit products 785 366 — — 1,151 Other consumer finance 2,820 3,023 (1,624 ) 3 4,222 Consumer finance 3,605 3,389 (1,624 ) 3 5,373 Tax services — 1,496 (42 ) 92 1,546 Warehouse finance 65 111 — 176 Total National Lending 4,972 8,849 (2,804 ) 1,805 12,822 Community Banking Commercial real estate and operating 6,220 350 — — 6,570 Consumer one-to-four family real estate and other 632 87 — — 719 Agricultural real estate and operating 1,216 (187 ) — 150 1,179 Total Community Banking 8,068 250 — 150 8,468 Total $ 13,040 $ 9,099 $ (2,804 ) $ 1,955 $ 21,290 The following tables provide details regarding the allowance for loan and lease losses and balance by type of allowance as of December 31, 2019 and September 30, 2019 . 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 December 31, 2019 (Dollars in Thousands) National Lending Term lending $ 1,299 $ 5,451 $ 6,750 $ 25,912 $ 669,435 $ 695,347 Asset based lending 109 1,886 1,995 525 250,108 250,633 Factoring 1,075 2,473 3,548 3,900 281,876 285,776 Lease financing 299 1,396 1,695 2,195 221,520 223,715 Insurance premium finance — 970 970 — 349,299 349,299 SBA/USDA 486 279 765 3,683 86,586 90,269 Other commercial finance — 160 160 — 99,617 99,617 Commercial finance 3,268 12,615 15,883 36,215 1,958,441 1,994,656 Consumer credit products — 1,107 1,107 — 115,843 115,843 Other consumer finance — 4,889 4,889 1,708 153,064 154,772 Consumer finance — 5,996 5,996 1,708 268,907 270,615 Tax services — 1,650 1,650 — 101,739 101,739 Warehouse finance — 269 269 — 272,522 272,522 Total National Lending 3,268 20,530 23,798 37,923 2,601,609 2,639,532 Community Banking Commercial real estate and operating — 4,665 4,665 823 681,576 682,399 Consumer one-to-four family real estate and other — 1,031 1,031 69 220,519 220,588 Agricultural real estate and operating — 682 682 2,793 37,985 40,778 Total Community Banking — 6,378 6,378 3,685 940,080 943,765 Total $ 3,268 $ 26,908 $ 30,176 $ 41,608 $ 3,541,689 $ 3,583,297 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 September 30, 2019 (Dollars in Thousands) National Lending Term lending $ 450 $ 5,083 $ 5,533 $ 19,568 $ 622,174 $ 641,742 Asset based lending — 2,437 2,437 378 250,087 250,465 Factoring 1,262 1,999 3,261 3,824 292,683 296,507 Lease financing 112 1,163 1,275 1,213 176,702 177,915 Insurance premium finance — 1,024 1,024 — 361,105 361,105 SBA/USDA 51 332 383 3,841 84,990 88,831 Other commercial finance — 683 683 — 99,665 99,665 Commercial finance 1,875 12,721 14,596 28,824 1,887,406 1,916,230 Consumer credit products — 1,044 1,044 — 106,794 106,794 Other consumer finance — 5,118 5,118 1,472 159,932 161,404 Consumer finance — 6,162 6,162 1,472 266,726 268,198 Tax services — — — — 2,240 2,240 Warehouse finance — 263 263 — 262,924 262,924 Total National Lending 1,875 19,146 21,021 30,296 2,419,296 2,449,592 Community Banking Commercial real estate and operating — 6,208 6,208 258 883,674 883,932 Consumer one-to-four family real estate and other — 1,053 1,053 100 259,325 259,425 Agricultural real estate and operating — 867 867 2,985 55,479 58,464 Total Community Banking — 8,128 8,128 3,343 1,198,478 1,201,821 Total $ 1,875 $ 27,274 $ 29,149 $ 33,639 $ 3,617,774 $ 3,651,413 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- A special mention asset is 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. Beginning in the first quarter of fiscal year 2020, the Company implemented changes to the risk rating approach on certain commercial finance portfolios as part of a streamlining process to provide a more consistent risk rating approach across all of its lending portfolios. Based upon a study of the Company's special mention commercial finance loans and leases, the Company determined that approximately $117.0 million of those loans and leases should be rated as watch under the new approach. Prior to the first quarter of fiscal year 2020, none of the Company's commercial finance loans and leases were rated as watch. Based on Meta's allowance methodology, these changes in risk ratings did not have a direct impact on the allowance for loan and lease losses. Despite the movement of certain commercial finance loans between risk rating categories, the aggregate balance of watch and special mention loans and leases within the commercial finance portfolio decreased slightly to $139.7 million at December 31, 2019 , compared to $145.0 million at September 30, 2019 . The Company has various portfolios of consumer finance and tax services loans that present unique risks. Due to the unique risks associated with these portfolios, the Company monitors other credit quality indicators in their evaluation of the appropriateness of the allowance for loan losses on these portfolios, and as such, these loans are not included in the asset classification table below, beginning in the first quarter of fiscal year 2020. The September 30, 2019 asset classification table has been conformed to the current presentation. The outstanding balances of consumer finance loans and tax services loans were $270.6 million and $101.7 million at December 31, 2019 , respectively, and $268.2 million and $2.2 million at September 30, 2019 , respectively. The asset classifications of loans and leases at December 31, 2019 and September 30, 2019 were as follows: Asset Classification Pass Watch Special Mention Substandard Doubtful Total December 31, 2019 (Dollars in Thousands) National Lending Term lending $ 631,408 $ 33,446 $ 4,581 $ 25,847 $ 65 $ 695,347 Asset based lending 193,824 51,348 4,936 525 — 250,633 Factoring 250,382 26,130 5,364 3,900 — 285,776 Lease financing 218,187 3,334 — 2,194 — 223,715 Insurance premium finance 344,668 869 634 2,926 202 349,299 SBA/USDA 78,259 1,569 6,758 3,683 — 90,269 Other commercial finance 98,926 691 — — — 99,617 Commercial finance 1,815,654 117,387 22,273 39,075 267 1,994,656 Warehouse finance 272,522 — — — — 272,522 Total National Lending 2,088,176 117,387 22,273 39,075 267 2,267,178 Community Banking Commercial real estate and operating 674,189 1,225 3,389 3,596 — 682,399 Consumer one-to-four family real estate and other 219,223 428 781 156 — 220,588 Agricultural real estate and operating 21,789 4,804 5,873 8,312 — 40,778 Total Community Banking 915,201 6,457 10,043 12,064 — 943,765 Total loans and leases $ 3,003,377 $ 123,844 $ 32,316 $ 51,139 $ 267 $ 3,210,943 Asset Classification Pass Watch Special Mention Substandard Doubtful Total September 30, 2019 (Dollars in Thousands) National Lending Term lending $ 585,382 $ — $ 36,792 $ 19,024 $ 544 $ 641,742 Asset based lending 192,427 — 57,660 378 — 250,465 Factoring 256,048 — 36,635 3,824 — 296,507 Lease financing 171,785 — 4,917 1,213 — 177,915 Insurance premium finance 361,105 — — — — 361,105 SBA/USDA 76,609 — 8,381 3,841 — 88,831 Other commercial finance 99,057 — 608 — — 99,665 Commercial finance 1,742,413 — 144,993 28,280 544 1,916,230 Warehouse finance 262,924 — — — — 262,924 Total National Lending 2,005,337 — 144,993 28,280 544 2,179,154 Community Banking Commercial real estate and operating 875,933 1,494 2,884 3,621 — 883,932 Consumer one-to-four family real estate and other 257,575 946 708 196 — 259,425 Agricultural real estate and operating 39,409 4,631 5,876 8,548 — 58,464 Total Community Banking 1,172,917 7,071 9,468 12,365 — 1,201,821 Total loans and leases $ 3,178,254 $ 7,071 $ 154,461 $ 40,645 $ 544 $ 3,380,975 National Lending Commercial Finance The Company's commercial finance product lines include asset-based lending, factoring, leasing, insurance premium finance, and other commercial finance products offered on a nationwide basis. Term Lending . Through its Crestmark division, the Bank originates a variety of collateralized conventional term loans and notes receivable, with terms ranging from three years to 25 years . These term loans may be secured by equipment, recurring revenue streams, or real estate. Credit risk is managed through setting loan amounts appropriate for the collateral by utilizing information ranging from equipment cost, appraisals, valuations, or lending history. The Bank follows standardized loan policies and established and authorized credit limits and applies attentive portfolio management, which includes monitoring past dues, financial performance, financial covenants, and industry trends. Asset-Based Lending . Through its Crestmark division, the Bank provides asset-based loans secured by 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 year 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. 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 months 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. Certain guaranteed portions of these loans are generally sold to the secondary market. 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. The Bank designs its credit program relationships with certain desired outcomes. Three high priority outcomes are liquidity, credit protection, and risk retention. The Bank believes the benefits of these outcomes not only support its goals but the goals of the credit program partner as well. The Bank designs its program credit protections in a manner so that the Bank earns a reasonable risk adjusted return, but is protected by certain layers of credit support, similar to what you would find in structured finance. The Bank will hold a sizable portion of the originated asset on its own balance sheet, but retains the flexibility to sell a portion of the originated asset to other interested parties, thereby supporting program liquidity. Through December 31, 2019, the Bank has launched two consumer credit programs. The loan products offered under these programs are generally closed-end installment loans with terms between 12 months and 84 months and revolving lines of credit with durations between six months 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 of the London Interbank Offered Rate ("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, though the Company can provide no assurance as to the timing and amount of any such recovery. 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 The Bank participates in several asset-backed warehouse lines of credit whereby the Bank is in a senior, secured position as the first out participant. These facilities are primarily collateralized by consumer receivables, with the Bank holding a senior collateral position enhanced by a subordinate party structure. 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 originates its community banking commercial operating loans primarily in the community bank's 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 . Consumer One-to-Four Family Real Estate and Other The Company originates one-to-four family residential mortgage loans in the community bank's primary market areas 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% . The Company also currently offers five- and ten-year ARM loans. The Company also originates a variety of secured consumer loans, including home equity, home improvement, automobile and boat loans, as well as loans secured by savings deposits in its primary market areas and surrounding areas. Substantially all of the Company’s home equity loans and lines of credit are secured by second mortgages on principal residences. The Bank will lend amounts which, together with all prior liens, may be up to 90% of the appraised value of the property securing the loan. Home equity loans and lines of credit generally have maximum terms of five years . Agricultural Real Estate and Operating The Company originates loans to finance the purchase of farmland, livestock, farm machinery and equipment, seed, fertilizer, and other farm-related products, primarily in its market areas. Agricultural operating loans are originated at either an adjustable- or fixed-rate of interest for up to a one year term or, in the case of livestock, are due upon sale. Agricultural real estate loans are frequently originated with adjustable rates of interest. Generally, such loans provide for a fixed rate of interest for the first five years to 10 years , after which the loan will balloon or the interest rate will adjust annually. These loans generally amortize over a period of 20 years to 25 years . Fixed-rate agricultural real estate loans typically have terms up to 10 years . Agricultural real estate loans are generally limited to 75% of the value of the property securing the loan. See Note 3. Divestitures for further information related to the Community Banking lending portfolio. Past due loans and leases at December 31, 2019 and September 30, 2019 were as follows: Past Due Loans and Leases Accruing and Non-accruing Loans and Leases Non-performing Loans and Leases December 31, 2019 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 (Dollars in Thousands) Loans held for sale $ 63 $ — $ — $ 63 $ 264,361 $ 264,424 $ — $ — $ — National Lending Term lending 12,300 2,767 12,679 27,746 667,601 695,347 1,316 12,372 13,688 Asset based lending 26 — — 26 250,607 250,633 — 583 583 Factoring — — — — 285,776 285,776 — 205 205 Lease financing 3,757 758 1,893 6,408 217,307 223,715 1,286 729 2,015 Insurance premium |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Dec. 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. A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share for the three months ended December 31, 2019 and 2018 is presented below. Three Months Ended December 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. $ 21,068 $ 15,398 Weighted average common shares outstanding 37,431,788 39,335,054 Basic income per common share $ 0.56 $ 0.39 Diluted income per common share: Net income attributable to Meta Financial Group, Inc. $ 21,068 $ 15,398 Weighted average common shares outstanding 37,431,788 39,335,054 Outstanding options - based upon the two-class method 34,090 71,453 Weighted average diluted common shares outstanding 37,465,878 39,406,507 Diluted income per common share $ 0.56 $ 0.39 |
RENTAL EQUIPMENT, NET
RENTAL EQUIPMENT, NET | 3 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
RENTAL EQUIPMENT, NET | RENTAL EQUIPMENT, NET Rental equipment was as follows as of December 31, 2019 and September 30, 2019 . December 31, 2019 September 30, 2019 (Dollars in Thousands) Computers and IT networking equipment $ 32,733 $ 37,352 Motor vehicles and other 106,133 98,149 Office furniture and equipment 2,900 2,875 Solar panels and equipment 117,166 116,505 Total 258,932 254,881 Accumulated depreciation (49,314 ) (46,344 ) Unamortized initial direct costs 2,055 — Net book value $ 211,673 $ 208,537 Undiscounted future minimum lease payments expected to be received for operating leases at December 31, 2019 were as follows: (Dollars in Thousands) 2020 $ 25,787 2021 29,922 2022 23,016 2023 17,437 2024 11,813 Thereafter 23,145 Total undiscounted future minimum lease payments receivable for operating leases $ 131,120 |
FORECLOSURED REAL ESTATE AND RE
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | 3 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS During the period ended December 31, 2019 , the Company sold its other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale occurred via public auction and consisted of 30-plus parcels of land. The sale of 30-plus parcels closed in the first quarter of fiscal 2020. The Company applied Subtopic ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets to record the sale. Below is a summary of the sale transaction, as reflected in the Company's financial statements for the period ending December 31, 2019 . (Dollars in Thousands) Three Months Ended December 31, 2019 Purchase price $ 23,083 Carrying value of OREO 28,122 Loss on sale (5,039 ) Deferred income recognized 1,096 Net impact $ (3,943 ) The Company recognized a $5.0 million loss from the sale of foreclosed property during the quarter ended December 31, 2019 , which is included in the "(Loss) gain on sale of other" line on the Consolidated Statements of Operations. The Company also recognized $1.1 million in deferred rental income and $0.2 million in OREO expenses related to these foreclosed properties during the quarter ended December 31, 2019 . |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company held a total of $309.5 million of goodwill as of December 31, 2019 . The recorded goodwill is a result of multiple business combinations that have been consummated since fiscal year 2015, with 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 Company has changed its basis of presentation for segments. See Note 16. Segment Reporting for additional information on the Company's segment reporting. The changes in the carrying amount of the Company’s goodwill and intangible assets for the three months ended December 31, 2019 and 2018 were as follows: (Dollars in Thousands) Consumer Commercial Corporate Services/Other Total Goodwill September 30, 2019 $ 87,145 $ 222,360 $ — $ 309,505 Acquisitions — — — — Impairment — — — — December 31, 2019 $ 87,145 $ 222,360 $ — $ 309,505 September 30, 2018 $ 87,145 $ 216,125 $ — $ 303,270 Acquisitions — — — — Impairment — — — — December 31, 2018 $ 87,145 $ 216,125 $ — $ 303,270 (Dollars in Thousands) Trademark (1) Non-Compete (2) Customer Relationships (3) All Others (4) Total Intangible Assets Balance as of September 30, 2019 $ 11,959 $ 827 $ 33,207 $ 6,817 $ 52,810 Acquisitions during the period — — — 17 17 Amortization during the period (264 ) (113 ) (2,115 ) (184 ) (2,676 ) Balance as of December 31, 2019 $ 11,695 $ 714 $ 31,092 $ 6,650 $ 50,151 Gross carrying amount $ 14,624 $ 2,480 $ 82,088 $ 10,719 $ 109,911 Accumulated amortization (2,929 ) (1,766 ) (40,748 ) (3,410 ) (48,853 ) Accumulated impairment — — (10,248 ) (659 ) (10,907 ) Balance as of December 31, 2019 $ 11,695 $ 714 $ 31,092 $ 6,650 $ 50,151 (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. (Dollars in Thousands) Trademark (1) Non-Compete (2) Customer Relationships (3) All Others (4) Total Intangible Assets Balance as of September 30, 2018 $ 12,987 $ 1,297 $ 48,455 $ 7,980 $ 70,719 Acquisitions during the period — — — 30 30 Amortization during the period (257 ) (118 ) (3,762 ) (246 ) (4,383 ) Balance as of December 31, 2018 $ 12,730 $ 1,179 $ 44,693 $ 7,764 $ 66,366 Gross carrying amount $ 14,624 $ 2,480 $ 82,088 $ 10,981 $ 110,173 Accumulated amortization (1,894 ) (1,301 ) (27,147 ) (2,509 ) (32,851 ) Accumulated impairment — — (10,248 ) (708 ) (10,956 ) Balance as of December 31, 2018 $ 12,730 $ 1,179 $ 44,693 $ 7,764 $ 66,366 (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. 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 nine months of fiscal 2020 and subsequent fiscal years at December 31, 2019 was as follows: (Dollars in Thousands) Remaining in 2020 $ 8,311 2021 8,528 2022 6,402 2023 5,084 2024 4,366 2025 3,809 Thereafter 13,651 Total anticipated intangible amortization $ 50,151 The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment. There were no impairments to intangible assets during the three months ended December 31, 2019 and 2018 . |
OPERATING LEASE RIGHT OF USE AS
OPERATING LEASE RIGHT OF USE ASETS AND LIABILITIES | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
OPERATING LEASE RIGHT OF USE ASETS AND LIABILITIES | OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES Operating lease ROU assets, included in other assets, were $26.3 million at December 31, 2019 . Operating lease liabilities, included in accrued expenses and other liabilities, were $27.7 million at December 31, 2019 . Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities were as follows: (Dollars in Thousands) At December 31, 2019 2020 $ 2,657 2021 3,448 2022 3,131 2023 2,442 2024 2,443 Thereafter 18,241 Total undiscounted future minimum lease payments 32,362 Discount (4,636 ) Total operating lease liabilities $ 27,726 The weighted-average discount rate and remaining lease term for operating leases were as follows: At December 31, 2019 Weighted-average discount rate 2.40 % Weighted-average remaining lease term (years) 12.24 The components of total lease costs for operating leases, included in occupancy and equipment noninterest expense, were as follows: (Dollars in Thousands) Three Months Ended December 31, 2019 Lease expense $ 744 Short-term and variable lease cost 178 Sublease income (189 ) Total lease cost for operating leases $ 733 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Repurchase of Common Stock During the quarter ended December 31, 2019 , the Company repurchased 899,371 of its shares, at an average price of $34.17 . This exhausted the remaining 319,228 shares that were available for repurchase by the Company at the beginning of fiscal 2020 under the share repurchase program announced during the fiscal 2019 second quarter. In addition, the Company also announced on November 20, 2019, that its Board of Directors authorized a new share repurchase program to repurchase up to an additional 7,500,000 shares of the Company's outstanding common stock. The new authorization is effective November 21, 2019 through December 31, 2022 . For the three months ended December 31, 2019 , and 2018, the Company also repurchased 82,971 and 64,628 shares, or $2.7 million and $2.4 million of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. |
STOCK COMPENSATION
STOCK COMPENSATION | 3 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK COMPENSATION | STOCK COMPENSATION The Company maintains the Meta Financial Group, Inc. 2002 Omnibus Incentive Plan, as amended and restated (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 nonvested (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 three months ended December 31, 2019 : (Dollars in Thousands, Except Per Share Data) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Yrs) Aggregate Intrinsic Value Options outstanding, September 30, 2019 59,835 $ 8.06 1.54 $ 1,469 Granted — — — — Exercised (15,030 ) 7.85 1.33 367 Forfeited or expired — — — — Options outstanding, December 31, 2019 44,805 $ 8.14 1.27 $ 1,271 Options exercisable, December 31, 2019 44,805 $ 8.14 1.27 $ 1,271 (Dollars in Thousands, Except Per Share Data) Number of Shares Weighted Average Fair Value at Grant Nonvested shares outstanding, September 30, 2019 926,122 $ 29.54 Granted 154,422 32.82 Vested (230,067 ) 29.47 Forfeited or expired (3,817 ) 32.96 Nonvested shares outstanding, December 31, 2019 846,660 $ 30.14 At December 31, 2019 , stock-based compensation expense not yet recognized in income totaled $13.3 million , which is expected to be recognized over a weighted average remaining period of 2.61 years. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $0.7 million for the three months ended December 31, 2019 , resulting in an effective tax rate of 2.97% , compared to an income tax benefit of $1.7 million , or an effective tax rate of (11.56%) , for the three months ended December 31, 2018 . The Company’s effective tax rate was 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. Three Months Ended December 31, 2019 2018 (Dollars in Thousands) Provision at statutory rate $ 4,567 $ 3,072 Tax-exempt income (294 ) (1,201 ) State income taxes 1,090 701 Interim period effective rate adjustment 860 5,263 Tax credit investments, net - federal (4,800 ) (9,568 ) Research tax credit (1,709 ) — IRC 162(m) nondeductible compensation 838 — Other, net 128 42 Income tax expense (benefit) $ 680 $ (1,691 ) Effective tax rate 2.97 % (11.56 )% |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 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 Condensed Consolidated Financial Statements as described below. At December 31, 2019 and September 30, 2019 , unfunded loan commitments approximated $1.04 billion and $978.1 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 December 31, 2019 or September 30, 2019 . The Company had no commitments to sell securities at December 31, 2019 or September 30, 2019 . 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 December 31, 2019 and at September 30, 2019 , 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. Legal Proceedings 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 positive balances to which Card Limited is 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 Court ruled in favor of MetaBank on cross motions for summary judgment and vacated the trial. Card Limited has the right to appeal once the ruling is finalized. The Bank intends to continue to vigorously defend this claim, if appealed. An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation. 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 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 | 3 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS 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 16. Segment Reporting to the Condensed Consolidated Financial Statements. (Dollars in Thousands) Consumer Commercial Corporate Services/Other Consolidated Company Three Months Ended December 31, 2019 2018 2019 2018 2019 2018 2019 2018 Net interest income (1) $ 20,012 $ 13,674 $ 39,736 $ 35,951 $ 4,903 $ 10,647 $ 64,651 $ 60,272 Noninterest income: Refund transfer product fees 192 261 — — — — 192 261 Tax advance product fees (1) 2,276 1,685 — — — — 2,276 1,685 Payment card and deposit fees 21,499 20,807 — — — — 21,499 20,807 Other bank and deposit fees — — 278 293 209 189 487 482 Rental income (1) 4 — 11,034 10,890 1,313 — 12,351 10,890 Loss on sale of securities available-for-sale, net (1) — — — — — (22 ) — (22 ) Gain (loss) on other (1) 240 — 2,339 1,225 (5,147 ) 41 (2,568 ) 1,266 Other income (1) 553 138 1,329 1,524 1,364 720 3,246 2,382 Total noninterest income (expense) 24,764 22,891 14,980 13,932 (2,261 ) 928 37,483 37,751 Revenue $ 44,776 $ 36,565 $ 54,716 $ 49,883 $ 2,642 $ 11,575 $ 102,134 $ 98,023 (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 December 31, 2019 and September 30, 2019 , there were no receivables related to refund transfer fees, which reflect earned revenue with unconditional rights to payment for product fee income. All refund transfer fees are recorded within the Consumer reporting segment. Card Fees Card fees relate to MPS, Community 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 both the Consumer and Commercial reporting segments, the substantial majority of which is derived from the Company's payments divisions and reported in payments card and deposit fees. Card fees related to the Community Bank are reported within other bank and deposit fees. Bank and 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. Bank and deposit fees are recorded within both the Consumer and Commercial reporting segments, the majority of which are derived from the Company's payments divisions. Bank and deposit fees related to the Community Bank are reported within other bank and deposit fees. Principal vs Agent The Consumer reporting segment includes principal/agent relationships. Within this segment, MPS relationships are recorded on a gross basis within the Consolidated Statements of Operations, as Meta is the principal in the contract, with the exception of association/network contracts and partner/processor contracts for prepaid cards, which are recorded on a net basis within the Consolidated Statements of Operations as Meta is the agent in these contracts. Also within this segment, Tax Service relationships are recorded on a gross basis within the Consolidated Statements of Operations, 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 Consolidated Statements of Operations as Meta is the agent in these contracts. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT 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. In the Annual Report on Form 10-K for the year ended September 30, 2019 , the Company reported its results of operations through three business segments: Payments, Banking, and Corporate Services/Other . Beginning October 1, 2019, segments are now aligned with the new management operating structure implemented by the Company for fiscal year 2020 . The Company accordingly has changed its basis of presentation for segments, and following such change, reports its results of operations through the following three business segments: Consumer, Commercial, and Corporate Services/Other . The Meta Payment Systems and Tax Services divisions, formally reported in the Payments segment, are now included in the Consumer segment. The Warehouse Finance, Consumer Credit Products and ClearBalance business lines, previously reported in the Banking segment, are now included in the Consumer segment . The Crestmark and AFS divisions, formally reported in the Banking segment, are now included in the Commercial segment. The Community Bank division and Student Loan lending portfolio, previously reported in the Banking segment, are now included in the Corporate Services/Other segment. The Corporate Services/Other segment also includes certain shared services as well as treasury related functions such as the investment portfolio, wholesale deposits and borrowings. Prior periods have been reclassified to conform to the current period presentation. The Company does not report indirect general and administrative expenses in the Consumer and Commercial segments. The following tables present segment data for the Company for the three months ended December 31, 2019 and 2018 , respectively. (Dollars in Thousands) Consumer Commercial Corporate Total Three Months Ended December 31, 2019 Net interest income $ 20,012 $ 39,736 $ 4,903 $ 64,651 Provision (recovery) for loan and lease losses 980 3,701 (1,274 ) 3,407 Noninterest income (loss) 24,764 14,980 (2,261 ) 37,483 Noninterest expense 16,783 26,726 32,289 75,798 Income (loss) before income tax expense (benefit) 27,013 24,289 (28,373 ) 22,929 Total assets 720,873 2,494,253 2,965,800 6,180,926 Total goodwill 87,145 222,360 — 309,505 Total deposits (1) 2,999,184 13,855 1,793,541 4,806,580 (1) Total deposits includes deposits held for sale at December 31, 2019 . (Dollars in Thousands) Consumer Commercial Corporate Total Three Months Ended December 31, 2018 Net interest income $ 13,674 $ 35,951 $ 10,647 $ 60,272 Provision for loan and lease losses 1,973 3,854 3,272 9,099 Noninterest income 22,891 13,932 928 37,751 Noninterest expense 18,129 29,552 26,614 74,295 Income (loss) before income tax expense (benefit) 16,463 16,477 (18,311 ) 14,629 Total assets 612,999 2,074,250 3,495,516 6,182,765 Total goodwill 87,145 216,125 — 303,270 Total deposits 2,763,948 7,177 2,165,322 4,936,447 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUES OF FINANCIAL INSTRUMENTS 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 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 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. There were no transfers between levels of the fair value hierarchy at December 31, 2019 or September 30, 2019 . Available for Sale and Held to Maturity Debt Securities . Debt securities available for sale are recorded at fair value on a recurring basis and debt securities held to maturity are carried at amortized cost. The fair values of available for sale debt 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 provider’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 on 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, our Investment Committee reviews mark-to-market changes in the securities portfolio for reasonableness. Equity Securities. Marketable equity securities and certain non-marketable equity securities are recorded at fair value on a recurring basis. The fair values of marketable equity securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). The following table summarizes the fair values of debt securities available for sale and equity securities at December 31, 2019 and September 30, 2019 , as they are measured at fair value on a recurring basis. Fair Value At December 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS SBA securities $ 180,920 $ — $ 180,920 $ — Obligations of states and political subdivisions 874 — 874 — Non-bank qualified obligations of states and political subdivisions 373,989 — 373,989 — Asset-backed securities 296,820 — 296,820 — Mortgage-backed securities 362,120 — 362,120 — Total debt securities AFS $ 1,214,723 $ — $ 1,214,723 $ — Common equities and mutual funds (1) $ 2,947 $ 2,947 $ — $ — Non-marketable equity securities (2) $ 2,640 $ — $ — $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. Fair Value At September 30, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS SBA securities $ 185,982 $ — $ 185,982 $ — Obligations of states and political subdivisions 874 — 874 — Non-bank qualified obligations of states and political subdivisions 400,557 — 400,557 — Asset-backed securities 302,534 — 302,534 — Mortgage-backed securities 382,546 — 382,546 — Total debt securities AFS $ 1,272,493 $ — $ 1,272,493 $ — Common equities and mutual funds (1) $ 2,606 $ 2,606 $ — $ — Non-marketable equity securities (2) $ 1,669 $ — $ — $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Consists of certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. Foreclosed Real Estate and Repossessed Assets. Real estate properties and repossessed assets are initially recorded at the fair value less selling costs at the date of foreclosure, establishing a new cost basis. The carrying amount represents the lower of the new cost basis or the fair value less selling costs of foreclosed assets that were measured at fair value subsequent to their initial classification as foreclosed assets. Loans and Leases. The Company does not record loans and leases at fair value on a recurring basis. However, if a loan or lease is considered impaired, an allowance for loan and lease losses is established. Once a loan or lease is identified as individually impaired, management measures impairment in accordance with ASC 310, Receivables . See Note 5. Loans and Leases, Net for further information. The following table summarizes the assets of the Company that are measured at fair value in the Condensed Consolidated Statements of Financial Condition on a non-recurring basis as of December 31, 2019 and September 30, 2019 . Fair Value At December 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired loans and leases, net Commercial finance $ 13,017 $ — $ — $ 13,017 Total National Lending 13,017 — — 13,017 Total impaired loans and leases, net 13,017 — — 13,017 Foreclosed assets, net 1,328 — — 1,328 Total $ 14,345 $ — $ — $ 14,345 Fair Value At September 30, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired loans and leases, net Commercial finance $ 8,707 $ — $ — $ 8,707 Total National Lending 8,707 — — 8,707 Total impaired loans and leases, net 8,707 — — 8,707 Foreclosed assets, net 29,494 — — 29,494 Total $ 38,201 $ — $ — $ 38,201 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 $ 13,017 8,707 Market approach Appraised values (1) 4.00 - 10.00% Foreclosed assets, net $ 1,328 29,494 Market approach Appraised values (1) 4.00 - 30.00% (1) The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs and other inputs in a range of 4% to 30% . The following tables disclose the Company’s estimated fair value amounts of its financial instruments at 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 December 31, 2019 and September 30, 2019 , 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 December 31, 2019 and September 30, 2019 . December 31, 2019 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 152,189 $ 152,189 $ 152,189 $ — $ — Debt securities available for sale 1,214,723 1,214,723 — 1,214,723 — Debt securities held to maturity 123,117 121,899 — 121,899 — Common equities and mutual funds (1) 2,947 2,947 2,947 — — Non-marketable equity securities (1)(2) 12,140 12,140 — 9,500 — Loans held for sale 264,266 264,266 — 264,266 — Loans and leases receivable 3,583,297 3,557,579 — — 3,557,579 Federal Home Loan Bank stock 13,796 13,796 — 13,796 — Accrued interest receivable 18,687 18,687 18,687 — — Financial liabilities Deposits held for sale 288,975 288,975 — 288,975 — Deposits 4,517,605 4,527,377 3,290,280 1,237,096 — Overnight federal funds purchased 194,000 194,000 194,000 — — Federal Home Loan Bank advances 110,000 110,733 — 110,733 — Other short- and long-term borrowings 103,070 106,716 — 106,716 — Accrued interest payable 6,620 6,620 6,620 — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. September 30, 2019 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 126,545 $ 126,545 $ 126,545 $ — $ — Debt securities available for sale 1,272,493 1,272,493 — 1,272,493 — Debt securities held to maturity 134,764 133,470 — 133,470 — Common equities and mutual funds( 1) 2,606 2,606 2,606 — — Non-marketable equity securities (1)(2) 8,169 8,169 — 6,500 — Loans held for sale 148,777 148,777 — 148,777 — Loans and leases receivable 3,651,413 3,622,597 — — 3,622,597 Federal Home Loan Bank stock 30,916 30,916 — 30,916 — Accrued interest receivable 20,400 20,400 20,400 — — Financial liabilities Deposits 4,337,005 4,338,510 2,920,516 1,417,994 — Overnight federal funds purchased 642,000 642,000 642,000 — — Federal Home Loan Bank advances 110,000 110,691 — 110,691 — Other short- and long-term borrowings 109,857 113,876 — 113,876 — Accrued interest payable 9,414 9,414 9,414 — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. The following sets forth the methods and assumptions used in determining the fair value estimates for the Company’s financial instruments at December 31, 2019 and September 30, 2019 . 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. Non-marketable equity securities are measured at fair value using NAV per share (or its equivalent) as a practical expedient. LOANS HELD FOR SALE The carrying amount of loans held for sale is assumed to approximate the fair value. LOANS AND LEASES, NET The fair values 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. 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 HELD FOR SALE The carrying amount of deposits held for sale 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) as such intangibles are not financial instruments 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management has evaluated subsequent events that occurred after December 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 Condensed Consolidated Financial Statements as of or for the quarter ended December 31, 2019 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy | Adopted ASUs Leases -- The Company adopted ASU 2016-02, Leases (Topic 842) , and subsequent related updates (collectively ASU 2016-02) on October 1, 2019, which requires lessees to recognize most leases on their balance sheet. Lessor accounting is largely unchanged. The ASU requires both quantitative and qualitative disclosures regarding key information about lease arrangements from both lessees and lessors. The Company elected the effective date transition method utilizing the adoption date as the first date of application of the revised guidance. As a result, prior period amounts have not been restated. Upon adoption, the Company elected certain transitional practical expedients offered through the guidance, including the 'package of practical expedients' whereby it did not reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification of any expired or existing leases, and (iii) initial direct costs for any existing leases, which resulted in the Company not recognizing a cumulative effect adjustment to retained earnings. Management evaluated Meta’s leasing contracts and activities and developed methodologies and processes to estimate and account for the right-of-use ("ROU") assets and lease liabilities for building leases based on the present value of future lease payments. On October 1, 2019, the Company recorded ROU assets and lease liabilities totaling $27.4 million and $28.6 million , respectively. The impact to capital ratios as a result of increased risk-weighted assets was immaterial. The adoption of this guidance did not result in a material change to lessee expense recognition. The changes to lessor accounting, as well as change in customer behavior driven by the adoption of these ASUs, impact the results of Meta’s lease financing businesses, including earlier recognition of expense due to a narrower definition of initial direct costs. As a lessee, the Company enters into contracts to lease real estate, information technology equipment and other various types of equipment. Leases that transfer substantially all of the benefits and risks of ownership to the Company are classified as finance leases, while all others are classified as operating leases. At lease commencement for buildings, a lease liability and ROU asset are calculated and recognized on both types of leases. The lease liability is equal to the present value of the future minimum lease payments. The ROU asset is equal to the lease liability, plus any initial direct costs and prepaid lease payments, less any lessor incentives received. Operating lease ROU assets are included in other assets and finance lease ROU assets are included in premises and equipment, net. The Company uses the appropriate term Federal Home Loan Bank ("FHLB") rate to determine the discount rate for the present value calculation of future minimum lease payments when an implicit rate is not known for a given lease. The lease term used in the calculation includes any options to extend that the Company is reasonably certain to exercise. The Company has elected to not recognize assets or liabilities on its balance sheet related to short-term leases. Subsequent to lease commencement, lease liabilities recorded for finance leases are measured using the effective interest rate method and the related ROU assets are amortized on a straight-line basis over the lease term. Interest expense and amortization expense are recorded separately on the Consolidated Statements of Operations in interest expense on borrowings and occupancy and equipment noninterest expense, respectively. At December 31, 2019, the Company had no finance lease ROU assets or lease liabilities. For operating leases, total lease cost is comprised of lease expense, short-term lease cost, variable lease cost and sublease income. Lease expense includes future minimum lease payments, which are recognized on a straight-line basis over the lease term, as well as common area maintenance charges, real estate taxes, insurance and other expenses, where applicable, which are expensed as incurred. Total lease cost for operating leases is recorded in occupancy and equipment noninterest expense. See Note 10. Operating Lease Right-of-Use Assets and Liabilities for further information. The Company also adopted the following ASUs on October 1, 2019, none of which had a material impact on the Company’s Condensed Consolidated Financial Statements: – ASU 2018-02, Income Statement -- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The Company elected to not reclassify tax effects stranded in accumulated other comprehensive income. – ASU 2018-09, Codification Improvements. |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The Company has summarized the Community Bank division results at, and for the three months ended, December 31, 2019 below. (Dollars in Thousands) Community Bank Sold (1) Community Bank Retained (2) Total Community Bank At December 31, 2019 Loans and leases, net $ 250,383 $ 934,491 $ 1,184,874 Other assets 8,932 51,143 60,075 Deposits 288,975 1,394 290,369 Other liabilities 3,518 778 4,296 Three Months Ended December 31, 2019 Net interest income $ 987 $ 9,596 $ 10,583 Provision for loan and lease losses (1,750 ) — (1,750 ) Noninterest income 290 (3,507 ) (3,217 ) Noninterest expense 1,878 2,684 4,562 Income before income tax expense $ 1,149 $ 3,405 $ 4,554 (1) Reflects balances to be included in the transaction with Central Bank and classified as held for sale at December 31, 2019 . Consolidated Statements of Operations balances reflect the activity on the assets and liabilities included in the sale subsequent to the held-for-sale classification date, or announcement date, November 20, 2019 , through the period ended December 31, 2019 . (2) Reflects balances excluded from the transaction with Central Bank and related Consolidated Statements of Operations activity for the period ended December 31, 2019 . |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Dec. 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 December 31, 2019 and September 30, 2019 are presented below. At December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities AFS SBA securities $ 178,500 $ 2,446 $ (26 ) $ 180,920 Obligations of states and political subdivisions 858 16 — 874 Non-bank qualified obligations of states and political subdivisions 369,676 5,236 (923 ) 373,989 Asset-backed securities 302,426 195 (5,801 ) 296,820 Mortgage-backed securities 358,070 5,518 (1,468 ) 362,120 Total debt securities AFS $ 1,209,530 $ 13,411 $ (8,218 ) $ 1,214,723 At September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities AFS SBA securities $ 182,327 $ 3,655 $ — $ 185,982 Obligations of states and political subdivisions 858 16 — 874 Non-bank qualified obligations of states and political subdivisions 396,430 5,030 (903 ) 400,557 Asset-backed securities 305,603 262 (3,331 ) 302,534 Mortgage-backed securities 378,670 5,731 (1,855 ) 382,546 Total debt securities AFS $ 1,263,888 $ 14,694 $ (6,089 ) $ 1,272,493 At December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 116,313 $ 104 $ (1,292 ) $ 115,125 Mortgage-backed securities 6,804 2 (32 ) 6,774 Total debt securities HTM $ 123,117 $ 106 $ (1,324 ) $ 121,899 |
Securities Held to Maturity | At December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 116,313 $ 104 $ (1,292 ) $ 115,125 Mortgage-backed securities 6,804 2 (32 ) 6,774 Total debt securities HTM $ 123,117 $ 106 $ (1,324 ) $ 121,899 At September 30, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Fair Value (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 127,582 $ 108 $ (1,403 ) $ 126,287 Mortgage-backed securities 7,182 14 (13 ) 7,183 Total debt securities HTM $ 134,764 $ 122 $ (1,416 ) $ 133,470 |
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 December 31, 2019 and September 30, 2019 , were as follows: LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 13,583 $ (26 ) $ — $ — $ 13,583 $ (26 ) Non-bank qualified obligations of states and political subdivisions 60,135 (226 ) 50,431 (697 ) 110,566 (923 ) Asset-backed securities 147,594 (1,920 ) 124,114 (3,881 ) 271,708 (5,801 ) Mortgage-backed securities 1,704 — 85,715 (1,468 ) 87,419 (1,468 ) Total debt securities AFS $ 223,016 $ (2,172 ) $ 260,260 $ (6,046 ) $ 483,276 $ (8,218 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities AFS SBA securities $ 10,262 $ — $ — $ — $ 10,262 $ — Non-bank qualified obligations of states and political subdivisions 66,326 (177 ) 55,428 (726 ) 121,754 (903 ) Asset-backed securities 158,176 (1,823 ) 93,259 (1,508 ) 251,435 (3,331 ) Mortgage-backed securities 1,713 (1 ) 89,634 (1,854 ) 91,347 (1,855 ) Total debt securities AFS $ 236,477 $ (2,001 ) $ 238,321 $ (4,088 ) $ 474,798 $ (6,089 ) |
Schedule of Unrealized Loss on Investments | LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 5,686 $ (3 ) $ 99,199 $ (1,289 ) $ 104,885 $ (1,292 ) Mortgage-backed securities 3,525 (13 ) 1,635 (19 ) 5,160 (32 ) Total debt securities HTM $ 9,211 $ (16 ) $ 100,834 $ (1,308 ) $ 110,045 $ (1,324 ) LESS THAN 12 MONTHS OVER 12 MONTHS TOTAL At September 30, 2019 Fair Unrealized Fair Unrealized Fair Value Unrealized (Dollars in Thousands) Debt securities HTM Non-bank qualified obligations of states and political subdivisions $ 5,967 $ (6 ) $ 109,368 $ (1,397 ) $ 115,335 $ (1,403 ) Mortgage-backed securities 1,471 — 1,803 (13 ) 3,274 (13 ) Total debt securities HTM $ 7,438 $ (6 ) $ 111,171 $ (1,410 ) $ 118,609 $ (1,416 ) |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features that allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities ("MBS") because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply. Securities AFS at Fair Value Amortized Cost Fair Value At December 31, 2019 (Dollars in Thousands) Due in one year or less $ 666 $ 667 Due after one year through five years 16,081 16,403 Due after five years through ten years 49,732 50,850 Due after ten years 784,981 784,683 851,460 852,603 Mortgage-backed securities 358,070 362,120 Total securities AFS, at fair value $ 1,209,530 $ 1,214,723 At September 30, 2019 Amortized Cost Fair Value (Dollars in Thousands) Due in one year or less $ — $ — Due after one year through five years 16,749 17,143 Due after five years through ten years 50,263 51,840 Due after ten years 818,206 820,964 885,218 889,947 Mortgage-backed securities 378,670 382,546 Total securities AFS, at fair value $ 1,263,888 $ 1,272,493 Securities HTM at Fair Value Amortized Cost Fair Value At December 31, 2019 (Dollars in Thousands) Due after ten years $ 116,313 $ 115,125 116,313 115,125 Mortgage-backed securities 6,804 6,774 Total securities HTM, at cost $ 123,117 $ 121,899 At September 30, 2019 Amortized Cost Fair Value (Dollars in Thousands) Due after ten years $ 127,582 $ 126,287 127,582 126,287 Mortgage-backed securities 7,182 7,183 Total securities HTM, at cost $ 134,764 $ 133,470 |
LOANS AND LEASES, NET (Tables)
LOANS AND LEASES, NET (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans Receivable | Loans and leases at December 31, 2019 and September 30, 2019 were as follows: (Dollars in Thousands) December 31, 2019 September 30, 2019 National Lending Term lending (1) $ 695,347 $ 641,742 Asset based lending (1) 250,633 250,465 Factoring 285,776 296,507 Lease financing (1) 223,715 177,915 Insurance premium finance 349,299 361,105 SBA/USDA 90,269 88,831 Other commercial finance 99,617 99,665 Commercial finance 1,994,656 1,916,230 Consumer credit products 115,843 106,794 Other consumer finance 154,772 161,404 Consumer finance 270,615 268,198 Tax services 101,739 2,240 Warehouse finance 272,522 262,924 Total National Lending 2,639,532 2,449,592 Community Banking Commercial real estate and operating 682,399 883,932 Consumer one-to-four family real estate and other 220,588 259,425 Agricultural real estate and operating 40,778 58,464 Total Community Banking 943,765 1,201,821 Total loans and leases 3,583,297 3,651,413 Net deferred loan origination fees (costs) 7,177 7,434 Total gross loans and leases 3,590,474 3,658,847 Allowance for loan and lease losses (30,176 ) (29,149 ) Total loans and leases, net (2) $ 3,560,298 $ 3,629,698 (1) The Company has updated the presentation of its loan and lease table beginning in the fiscal 2020 first quarter. The new presentation includes a new category called term lending. Certain balances previously included in the asset based lending and lease financing categories have been reclassified into the new term lending category during the fiscal 2020 first quarter. Prior period balances have been conformed to the new presentation. (2) As of December 31, 2019, the remaining balance of acquired loans and leases from the acquisition of Crestmark Bancorp, Inc. ("Crestmark") and its bank subsidiary, Crestmark Bank (the "Crestmark Acquisition") was $276.7 million and the remaining balances of the credit and interest rate mark discounts related to the acquired loans and leases held for investment were $5.0 million and $2.6 million , respectively, while the remaining balance of the interest rate mark premium related to the acquired loans held for sale was $0.7 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 months ended December 31, 2019 and 2018 were as follows: Three Months Ended (Dollars in Thousands) December 31, 2019 December 31, 2018 Loans Purchased Loans held for investment: Total National Lending $ 14,464 $ 111,587 Total Community Banking 4,349 11,081 Total purchases 18,813 122,668 Loans Sold Loans held for sale 143,035 22,611 Loans held for investment: Total Community Banking 3,099 378 Total sales $ 146,134 $ 22,989 |
Sales-type Lease, Lease Income | The net investment in direct financing and sales-type leases was comprised of the following as of December 31, 2019 and September 30, 2019 : (Dollars in Thousands) December 31, 2019 September 30, 2019 Carrying Amount $ 239,351 $ 191,733 Unguaranteed residual assets 16,260 13,353 Unamortized initial direct costs 1,856 1,790 Unearned income (31,896 ) (27,171 ) Total net investment in direct financing and sales-type leases $ 225,571 $ 179,705 |
Operating Lease, Lease Income | The components of total lease income were as follows: (Dollars in Thousands) Quarter Ended December 31, 2019 Interest income - loans and leases Interest income on net investments in direct financing and sales-type leases $ 4,087 Leasing and equipment finance non-interest income Lease income from operating lease payments 11,203 Profit (loss) recorded on commencement date on sales-type leases 471 Other (1) 750 Total leasing and equipment finance non-interest income 12,424 Total lease income $ 16,511 (1) Other leasing and equipment finance non-interest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases. |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | (Dollars in Thousands) At December 31, 2019 2020 $ 66,919 2021 70,629 2022 50,676 2023 29,908 2024 16,795 Thereafter 4,414 Equipment under leases not yet commenced 10 Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases 239,351 Third-party residual value guarantees — Total carrying amount of direct financing and sales-type leases $ 239,351 |
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 months ended December 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 December 31, 2019 (Dollars in Thousands) National Lending Term lending $ 5,533 $ 3,401 $ (2,295 ) $ 111 $ 6,750 Asset based lending 2,437 (461 ) — 19 1,995 Factoring 3,261 257 (389 ) 419 3,548 Lease financing 1,275 504 (215 ) 131 1,695 Insurance premium finance 1,024 141 (285 ) 90 970 SBA/USDA 383 382 — — 765 Other commercial finance 683 (523 ) — — 160 Commercial finance 14,596 3,701 (3,184 ) 770 15,883 Consumer credit products 1,044 63 — — 1,107 Other consumer finance 5,118 476 (734 ) 29 4,889 Consumer finance 6,162 539 (734 ) 29 5,996 Tax services — 911 — 739 1,650 Warehouse finance 263 6 — — 269 Total National Lending 21,021 5,157 (3,918 ) 1,538 23,798 Community Banking Commercial real estate and operating 6,208 (1,543 ) — — 4,665 Consumer one-to-four family real estate and other 1,053 (22 ) — — 1,031 Agricultural real estate and operating 867 (185 ) — — 682 Total Community Banking 8,128 (1,750 ) — — 6,378 Total $ 29,149 $ 3,407 $ (3,918 ) $ 1,538 $ 30,176 Allowance for loan and lease losses: Beginning balance Provision (recovery) for loan and lease losses Charge-offs Recoveries Ending balance Three Months Ended December 31, 2018 (Dollars in Thousands) National Lending Term lending $ 89 $ 710 $ (328 ) $ 1,364 $ 1,835 Asset based lending 47 724 — 4 775 Factoring 64 1,223 (250 ) 26 1,062 Lease financing 30 600 (352 ) 260 538 Insurance premium finance 1,031 93 (208 ) 56 972 SBA/USDA 13 240 — — 253 Other commercial finance 28 263 — — 291 Commercial finance 1,302 3,853 (1,138 ) 1,710 5,727 Consumer credit products 785 366 — — 1,151 Other consumer finance 2,820 3,023 (1,624 ) 3 4,222 Consumer finance 3,605 3,389 (1,624 ) 3 5,373 Tax services — 1,496 (42 ) 92 1,546 Warehouse finance 65 111 — 176 Total National Lending 4,972 8,849 (2,804 ) 1,805 12,822 Community Banking Commercial real estate and operating 6,220 350 — — 6,570 Consumer one-to-four family real estate and other 632 87 — — 719 Agricultural real estate and operating 1,216 (187 ) — 150 1,179 Total Community Banking 8,068 250 — 150 8,468 Total $ 13,040 $ 9,099 $ (2,804 ) $ 1,955 $ 21,290 The following tables provide details regarding the allowance for loan and lease losses and balance by type of allowance as of December 31, 2019 and September 30, 2019 . 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 December 31, 2019 (Dollars in Thousands) National Lending Term lending $ 1,299 $ 5,451 $ 6,750 $ 25,912 $ 669,435 $ 695,347 Asset based lending 109 1,886 1,995 525 250,108 250,633 Factoring 1,075 2,473 3,548 3,900 281,876 285,776 Lease financing 299 1,396 1,695 2,195 221,520 223,715 Insurance premium finance — 970 970 — 349,299 349,299 SBA/USDA 486 279 765 3,683 86,586 90,269 Other commercial finance — 160 160 — 99,617 99,617 Commercial finance 3,268 12,615 15,883 36,215 1,958,441 1,994,656 Consumer credit products — 1,107 1,107 — 115,843 115,843 Other consumer finance — 4,889 4,889 1,708 153,064 154,772 Consumer finance — 5,996 5,996 1,708 268,907 270,615 Tax services — 1,650 1,650 — 101,739 101,739 Warehouse finance — 269 269 — 272,522 272,522 Total National Lending 3,268 20,530 23,798 37,923 2,601,609 2,639,532 Community Banking Commercial real estate and operating — 4,665 4,665 823 681,576 682,399 Consumer one-to-four family real estate and other — 1,031 1,031 69 220,519 220,588 Agricultural real estate and operating — 682 682 2,793 37,985 40,778 Total Community Banking — 6,378 6,378 3,685 940,080 943,765 Total $ 3,268 $ 26,908 $ 30,176 $ 41,608 $ 3,541,689 $ 3,583,297 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 September 30, 2019 (Dollars in Thousands) National Lending Term lending $ 450 $ 5,083 $ 5,533 $ 19,568 $ 622,174 $ 641,742 Asset based lending — 2,437 2,437 378 250,087 250,465 Factoring 1,262 1,999 3,261 3,824 292,683 296,507 Lease financing 112 1,163 1,275 1,213 176,702 177,915 Insurance premium finance — 1,024 1,024 — 361,105 361,105 SBA/USDA 51 332 383 3,841 84,990 88,831 Other commercial finance — 683 683 — 99,665 99,665 Commercial finance 1,875 12,721 14,596 28,824 1,887,406 1,916,230 Consumer credit products — 1,044 1,044 — 106,794 106,794 Other consumer finance — 5,118 5,118 1,472 159,932 161,404 Consumer finance — 6,162 6,162 1,472 266,726 268,198 Tax services — — — — 2,240 2,240 Warehouse finance — 263 263 — 262,924 262,924 Total National Lending 1,875 19,146 21,021 30,296 2,419,296 2,449,592 Community Banking Commercial real estate and operating — 6,208 6,208 258 883,674 883,932 Consumer one-to-four family real estate and other — 1,053 1,053 100 259,325 259,425 Agricultural real estate and operating — 867 867 2,985 55,479 58,464 Total Community Banking — 8,128 8,128 3,343 1,198,478 1,201,821 Total $ 1,875 $ 27,274 $ 29,149 $ 33,639 $ 3,617,774 $ 3,651,413 |
Asset Classification by Credit Quality Indicators of Loans and Leases | The asset classifications of loans and leases at December 31, 2019 and September 30, 2019 were as follows: Asset Classification Pass Watch Special Mention Substandard Doubtful Total December 31, 2019 (Dollars in Thousands) National Lending Term lending $ 631,408 $ 33,446 $ 4,581 $ 25,847 $ 65 $ 695,347 Asset based lending 193,824 51,348 4,936 525 — 250,633 Factoring 250,382 26,130 5,364 3,900 — 285,776 Lease financing 218,187 3,334 — 2,194 — 223,715 Insurance premium finance 344,668 869 634 2,926 202 349,299 SBA/USDA 78,259 1,569 6,758 3,683 — 90,269 Other commercial finance 98,926 691 — — — 99,617 Commercial finance 1,815,654 117,387 22,273 39,075 267 1,994,656 Warehouse finance 272,522 — — — — 272,522 Total National Lending 2,088,176 117,387 22,273 39,075 267 2,267,178 Community Banking Commercial real estate and operating 674,189 1,225 3,389 3,596 — 682,399 Consumer one-to-four family real estate and other 219,223 428 781 156 — 220,588 Agricultural real estate and operating 21,789 4,804 5,873 8,312 — 40,778 Total Community Banking 915,201 6,457 10,043 12,064 — 943,765 Total loans and leases $ 3,003,377 $ 123,844 $ 32,316 $ 51,139 $ 267 $ 3,210,943 Asset Classification Pass Watch Special Mention Substandard Doubtful Total September 30, 2019 (Dollars in Thousands) National Lending Term lending $ 585,382 $ — $ 36,792 $ 19,024 $ 544 $ 641,742 Asset based lending 192,427 — 57,660 378 — 250,465 Factoring 256,048 — 36,635 3,824 — 296,507 Lease financing 171,785 — 4,917 1,213 — 177,915 Insurance premium finance 361,105 — — — — 361,105 SBA/USDA 76,609 — 8,381 3,841 — 88,831 Other commercial finance 99,057 — 608 — — 99,665 Commercial finance 1,742,413 — 144,993 28,280 544 1,916,230 Warehouse finance 262,924 — — — — 262,924 Total National Lending 2,005,337 — 144,993 28,280 544 2,179,154 Community Banking Commercial real estate and operating 875,933 1,494 2,884 3,621 — 883,932 Consumer one-to-four family real estate and other 257,575 946 708 196 — 259,425 Agricultural real estate and operating 39,409 4,631 5,876 8,548 — 58,464 Total Community Banking 1,172,917 7,071 9,468 12,365 — 1,201,821 Total loans and leases $ 3,178,254 $ 7,071 $ 154,461 $ 40,645 $ 544 $ 3,380,975 |
Past Due Loans and Leases | Past due loans and leases at December 31, 2019 and September 30, 2019 were as follows: Past Due Loans and Leases Accruing and Non-accruing Loans and Leases Non-performing Loans and Leases December 31, 2019 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 (Dollars in Thousands) Loans held for sale $ 63 $ — $ — $ 63 $ 264,361 $ 264,424 $ — $ — $ — National Lending Term lending 12,300 2,767 12,679 27,746 667,601 695,347 1,316 12,372 13,688 Asset based lending 26 — — 26 250,607 250,633 — 583 583 Factoring — — — — 285,776 285,776 — 205 205 Lease financing 3,757 758 1,893 6,408 217,307 223,715 1,286 729 2,015 Insurance premium finance 7,065 1,117 3,131 11,313 337,986 349,299 3,131 — 3,131 SBA/USDA 979 — 29 1,008 89,261 90,269 — 2,704 2,704 Other commercial finance — — — — 99,617 99,617 — — — Commercial finance 24,127 4,642 17,732 46,501 1,948,155 1,994,656 5,733 16,593 22,326 Consumer credit products 953 430 318 1,701 114,142 115,843 318 — 318 Other consumer finance 1,342 804 1,330 3,476 151,296 154,772 1,330 — 1,330 Consumer finance 2,295 1,234 1,648 5,177 265,438 270,615 1,648 — 1,648 Tax services — — — — 101,739 101,739 — — — Warehouse finance — — — — 272,522 272,522 — — — Total National Lending 26,422 5,876 19,380 51,678 2,587,854 2,639,532 7,381 16,593 23,974 Community Banking Commercial real estate and operating — — — — 682,399 682,399 — — — Consumer one-to-four family real estate and other 346 74 9 429 220,159 220,588 — 9 9 Agricultural real estate and operating 30 1,538 — 1,568 39,210 40,778 — — — Total Community Banking 376 1,612 9 1,997 941,768 943,765 — 9 9 Total loans and leases held for investment 26,798 7,488 19,389 53,675 3,529,622 3,583,297 7,381 16,602 23,983 Total loans and leases $ 26,861 $ 7,488 $ 19,389 $ 53,738 $ 3,793,983 $ 3,847,721 $ 7,381 $ 16,602 $ 23,983 Past Due Loans and Leases Accruing and Non-accruing Loans and Leases Non-performing Loans and Leases September 30, 2019 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 (Dollars in Thousands) Loans held for sale $ 1,122 $ 755 $ 964 $ 2,841 $ 145,936 $ 148,777 $ 964 $ — $ 964 National Lending Term lending 2,162 910 14,098 17,170 624,572 641,742 2,241 12,146 14,387 Asset based lending — — — — 250,465 250,465 — — — Factoring — — — — 296,507 296,507 — 1,669 1,669 Lease financing 1,160 1,134 1,736 4,030 173,885 177,915 1,530 308 1,838 Insurance premium finance 1,999 2,881 3,807 8,687 352,418 361,105 3,807 — 3,807 SBA/USDA 83 — 255 338 88,493 88,831 — 255 255 Other commercial finance — — — — 99,665 99,665 — — — Commercial finance 5,404 4,925 19,896 30,225 1,886,005 1,916,230 7,578 14,378 21,956 Consumer credit products 627 557 239 1,423 105,371 106,794 239 — 239 Other consumer finance 932 1,005 1,078 3,015 158,389 161,404 1,078 — 1,078 Consumer finance 1,559 1,562 1,317 4,438 263,760 268,198 1,317 — 1,317 Tax services — — 2,240 2,240 — 2,240 2,240 — 2,240 Warehouse finance — — — — 262,924 262,924 — — — Total National Lending 6,963 6,487 23,453 36,903 2,412,689 2,449,592 11,135 14,378 25,513 Community Banking Commercial real estate and operating 565 — — 565 883,367 883,932 — — — Consumer one-to-four family real estate and other 458 — 9 467 258,958 259,425 — 44 44 Agricultural real estate and operating 49 — — 49 58,415 58,464 — — — Total Community Banking 1,072 — 9 1,081 1,200,740 1,201,821 — 44 44 Total loans and leases held for investment 8,035 6,487 23,462 37,984 3,613,429 3,651,413 11,135 14,422 25,557 Total loans and leases $ 9,157 $ 7,242 $ 24,426 $ 40,825 $ 3,759,365 $ 3,800,190 $ 12,099 $ 14,422 $ 26,521 |
Impaired Loans and Leases | Impaired loans and leases at December 31, 2019 and September 30, 2019 were as follows: December 31, 2019 Recorded Balance Unpaid Principal Balance Specific Allowance Loans and leases without a specific valuation allowance (Dollars in Thousands) National Lending Term lending $ 17,125 $ 19,112 $ — Factoring 1,387 2,462 — Lease financing 1,418 1,418 — Commercial finance 19,930 22,992 — Other consumer finance 1,708 1,806 — Consumer finance 1,708 1,806 — Total National Lending 21,638 24,798 — Community Banking Commercial real estate and operating 823 823 — Consumer one-to-four family real estate and other 69 69 — Agricultural real estate and operating 2,793 2,793 — Total Community Banking 3,685 3,685 — Total $ 25,323 $ 28,483 $ — Loans and leases with a specific valuation allowance National Lending Term lending $ 8,787 $ 10,087 $ 1,299 Asset based lending 525 525 109 Factoring 2,513 2,525 1,075 Lease financing 777 777 299 SBA/USDA 3,683 3,683 486 Commercial finance 16,285 17,597 3,268 Total National Lending 16,285 17,597 3,268 Total $ 16,285 $ 17,597 $ 3,268 September 30, 2019 Recorded Balance Unpaid Principal Balance Specific Allowance Loans and leases without a specific valuation allowance (Dollars in Thousands) National Lending Term lending $ 12,644 $ 13,944 $ — Asset based lending 378 378 — Factoring 1,563 2,638 — Lease financing 1,062 1,062 — SBA/USDA 2,595 2,595 — Commercial finance 18,242 20,617 — Other consumer finance 1,472 1,539 — Consumer finance 1,472 1,539 — Total National Lending 19,714 22,156 — Community Banking Commercial real estate and operating 258 258 — Consumer one-to-four family real estate and other 100 100 — Agricultural real estate and operating 2,985 2,985 — Total Community Banking 3,343 3,343 — Total $ 23,057 $ 25,499 $ — Loans and leases with a specific valuation allowance National Lending Term lending $ 6,924 $ 6,951 $ 450 Factoring 2,261 3,601 1,262 Lease financing 151 151 112 SBA/USDA 1,246 1,246 51 Commercial finance 10,582 11,949 1,875 Total National Lending 10,582 11,949 1,875 Total $ 10,582 $ 11,949 $ 1,875 The following table provides the average recorded investment in impaired loans and leases for the three - month periods ended December 31, 2019 and 2018 . Three Months Ended December 31, 2019 2018 Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income (Dollars in Thousands) National Lending Term lending $ 19,537 $ 74 $ 5,709 $ 79 Asset based lending 427 — — — Factoring 3,849 — 2,780 5 Lease financing 3,686 — 3,602 10 SBA/USDA 3,788 — — — Commercial finance 31,287 74 12,091 94 Other consumer finance 1,551 35 — — Consumer finance 1,551 35 — — Total National Lending 32,838 109 12,091 94 Community Banking Commercial real estate and operating 446 13 404 4 Consumer one-to-four family real estate and other 90 8 139 2 Agricultural real estate and operating 2,921 42 1,473 25 Total Community Banking 3,457 63 2,016 31 Total loans and leases $ 36,295 $ 172 $ 14,107 $ 125 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Dec. 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 months ended December 31, 2019 and 2018 is presented below. Three Months Ended December 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. $ 21,068 $ 15,398 Weighted average common shares outstanding 37,431,788 39,335,054 Basic income per common share $ 0.56 $ 0.39 Diluted income per common share: Net income attributable to Meta Financial Group, Inc. $ 21,068 $ 15,398 Weighted average common shares outstanding 37,431,788 39,335,054 Outstanding options - based upon the two-class method 34,090 71,453 Weighted average diluted common shares outstanding 37,465,878 39,406,507 Diluted income per common share $ 0.56 $ 0.39 |
RENTAL EQUIPMENT, NET (Tables)
RENTAL EQUIPMENT, NET (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Rental equipment was as follows as of December 31, 2019 and September 30, 2019 . December 31, 2019 September 30, 2019 (Dollars in Thousands) Computers and IT networking equipment $ 32,733 $ 37,352 Motor vehicles and other 106,133 98,149 Office furniture and equipment 2,900 2,875 Solar panels and equipment 117,166 116,505 Total 258,932 254,881 Accumulated depreciation (49,314 ) (46,344 ) Unamortized initial direct costs 2,055 — Net book value $ 211,673 $ 208,537 |
Schedule of Future Minimum Rental Payments for Operating Leases | Undiscounted future minimum lease payments expected to be received for operating leases at December 31, 2019 were as follows: (Dollars in Thousands) 2020 $ 25,787 2021 29,922 2022 23,016 2023 17,437 2024 11,813 Thereafter 23,145 Total undiscounted future minimum lease payments receivable for operating leases $ 131,120 Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities were as follows: (Dollars in Thousands) At December 31, 2019 2020 $ 2,657 2021 3,448 2022 3,131 2023 2,442 2024 2,443 Thereafter 18,241 Total undiscounted future minimum lease payments 32,362 Discount (4,636 ) Total operating lease liabilities $ 27,726 |
FORECLOSURED REAL ESTATE AND _2
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Other Real Estate | Below is a summary of the sale transaction, as reflected in the Company's financial statements for the period ending December 31, 2019 . (Dollars in Thousands) Three Months Ended December 31, 2019 Purchase price $ 23,083 Carrying value of OREO 28,122 Loss on sale (5,039 ) Deferred income recognized 1,096 Net impact $ (3,943 ) |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Dec. 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 three months ended December 31, 2019 and 2018 were as follows: (Dollars in Thousands) Consumer Commercial Corporate Services/Other Total Goodwill September 30, 2019 $ 87,145 $ 222,360 $ — $ 309,505 Acquisitions — — — — Impairment — — — — December 31, 2019 $ 87,145 $ 222,360 $ — $ 309,505 September 30, 2018 $ 87,145 $ 216,125 $ — $ 303,270 Acquisitions — — — — Impairment — — — — December 31, 2018 $ 87,145 $ 216,125 $ — $ 303,270 |
Schedule of Finite-Lived Intangible Assets | (Dollars in Thousands) Trademark (1) Non-Compete (2) Customer Relationships (3) All Others (4) Total Intangible Assets Balance as of September 30, 2019 $ 11,959 $ 827 $ 33,207 $ 6,817 $ 52,810 Acquisitions during the period — — — 17 17 Amortization during the period (264 ) (113 ) (2,115 ) (184 ) (2,676 ) Balance as of December 31, 2019 $ 11,695 $ 714 $ 31,092 $ 6,650 $ 50,151 Gross carrying amount $ 14,624 $ 2,480 $ 82,088 $ 10,719 $ 109,911 Accumulated amortization (2,929 ) (1,766 ) (40,748 ) (3,410 ) (48,853 ) Accumulated impairment — — (10,248 ) (659 ) (10,907 ) Balance as of December 31, 2019 $ 11,695 $ 714 $ 31,092 $ 6,650 $ 50,151 (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. (Dollars in Thousands) Trademark (1) Non-Compete (2) Customer Relationships (3) All Others (4) Total Intangible Assets Balance as of September 30, 2018 $ 12,987 $ 1,297 $ 48,455 $ 7,980 $ 70,719 Acquisitions during the period — — — 30 30 Amortization during the period (257 ) (118 ) (3,762 ) (246 ) (4,383 ) Balance as of December 31, 2018 $ 12,730 $ 1,179 $ 44,693 $ 7,764 $ 66,366 Gross carrying amount $ 14,624 $ 2,480 $ 82,088 $ 10,981 $ 110,173 Accumulated amortization (1,894 ) (1,301 ) (27,147 ) (2,509 ) (32,851 ) Accumulated impairment — — (10,248 ) (708 ) (10,956 ) Balance as of December 31, 2018 $ 12,730 $ 1,179 $ 44,693 $ 7,764 $ 66,366 (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. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense of intangible assets in the remaining nine months of fiscal 2020 and subsequent fiscal years at December 31, 2019 was as follows: (Dollars in Thousands) Remaining in 2020 $ 8,311 2021 8,528 2022 6,402 2023 5,084 2024 4,366 2025 3,809 Thereafter 13,651 Total anticipated intangible amortization $ 50,151 |
OPERATING LEASE RIGHT OF USE _2
OPERATING LEASE RIGHT OF USE ASETS AND LIABILITIES (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Undiscounted future minimum lease payments expected to be received for operating leases at December 31, 2019 were as follows: (Dollars in Thousands) 2020 $ 25,787 2021 29,922 2022 23,016 2023 17,437 2024 11,813 Thereafter 23,145 Total undiscounted future minimum lease payments receivable for operating leases $ 131,120 Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities were as follows: (Dollars in Thousands) At December 31, 2019 2020 $ 2,657 2021 3,448 2022 3,131 2023 2,442 2024 2,443 Thereafter 18,241 Total undiscounted future minimum lease payments 32,362 Discount (4,636 ) Total operating lease liabilities $ 27,726 |
Lessee, Operating Lease, Disclosure | The weighted-average discount rate and remaining lease term for operating leases were as follows: At December 31, 2019 Weighted-average discount rate 2.40 % Weighted-average remaining lease term (years) 12.24 The components of total lease costs for operating leases, included in occupancy and equipment noninterest expense, were as follows: (Dollars in Thousands) Three Months Ended December 31, 2019 Lease expense $ 744 Short-term and variable lease cost 178 Sublease income (189 ) Total lease cost for operating leases $ 733 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 three months ended December 31, 2019 : (Dollars in Thousands, Except Per Share Data) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Yrs) Aggregate Intrinsic Value Options outstanding, September 30, 2019 59,835 $ 8.06 1.54 $ 1,469 Granted — — — — Exercised (15,030 ) 7.85 1.33 367 Forfeited or expired — — — — Options outstanding, December 31, 2019 44,805 $ 8.14 1.27 $ 1,271 Options exercisable, December 31, 2019 44,805 $ 8.14 1.27 $ 1,271 |
Schedule of Nonvested Share Activity | (Dollars in Thousands, Except Per Share Data) Number of Shares Weighted Average Fair Value at Grant Nonvested shares outstanding, September 30, 2019 926,122 $ 29.54 Granted 154,422 32.82 Vested (230,067 ) 29.47 Forfeited or expired (3,817 ) 32.96 Nonvested shares outstanding, December 31, 2019 846,660 $ 30.14 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The table below compares the income tax expense components for the periods presented. Three Months Ended December 31, 2019 2018 (Dollars in Thousands) Provision at statutory rate $ 4,567 $ 3,072 Tax-exempt income (294 ) (1,201 ) State income taxes 1,090 701 Interim period effective rate adjustment 860 5,263 Tax credit investments, net - federal (4,800 ) (9,568 ) Research tax credit (1,709 ) — IRC 162(m) nondeductible compensation 838 — Other, net 128 42 Income tax expense (benefit) $ 680 $ (1,691 ) Effective tax rate 2.97 % (11.56 )% |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Dec. 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 16. Segment Reporting to the Condensed Consolidated Financial Statements. (Dollars in Thousands) Consumer Commercial Corporate Services/Other Consolidated Company Three Months Ended December 31, 2019 2018 2019 2018 2019 2018 2019 2018 Net interest income (1) $ 20,012 $ 13,674 $ 39,736 $ 35,951 $ 4,903 $ 10,647 $ 64,651 $ 60,272 Noninterest income: Refund transfer product fees 192 261 — — — — 192 261 Tax advance product fees (1) 2,276 1,685 — — — — 2,276 1,685 Payment card and deposit fees 21,499 20,807 — — — — 21,499 20,807 Other bank and deposit fees — — 278 293 209 189 487 482 Rental income (1) 4 — 11,034 10,890 1,313 — 12,351 10,890 Loss on sale of securities available-for-sale, net (1) — — — — — (22 ) — (22 ) Gain (loss) on other (1) 240 — 2,339 1,225 (5,147 ) 41 (2,568 ) 1,266 Other income (1) 553 138 1,329 1,524 1,364 720 3,246 2,382 Total noninterest income (expense) 24,764 22,891 14,980 13,932 (2,261 ) 928 37,483 37,751 Revenue $ 44,776 $ 36,565 $ 54,716 $ 49,883 $ 2,642 $ 11,575 $ 102,134 $ 98,023 (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. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information of Entity | The following tables present segment data for the Company for the three months ended December 31, 2019 and 2018 , respectively. (Dollars in Thousands) Consumer Commercial Corporate Total Three Months Ended December 31, 2019 Net interest income $ 20,012 $ 39,736 $ 4,903 $ 64,651 Provision (recovery) for loan and lease losses 980 3,701 (1,274 ) 3,407 Noninterest income (loss) 24,764 14,980 (2,261 ) 37,483 Noninterest expense 16,783 26,726 32,289 75,798 Income (loss) before income tax expense (benefit) 27,013 24,289 (28,373 ) 22,929 Total assets 720,873 2,494,253 2,965,800 6,180,926 Total goodwill 87,145 222,360 — 309,505 Total deposits (1) 2,999,184 13,855 1,793,541 4,806,580 (1) Total deposits includes deposits held for sale at December 31, 2019 . (Dollars in Thousands) Consumer Commercial Corporate Total Three Months Ended December 31, 2018 Net interest income $ 13,674 $ 35,951 $ 10,647 $ 60,272 Provision for loan and lease losses 1,973 3,854 3,272 9,099 Noninterest income 22,891 13,932 928 37,751 Noninterest expense 18,129 29,552 26,614 74,295 Income (loss) before income tax expense (benefit) 16,463 16,477 (18,311 ) 14,629 Total assets 612,999 2,074,250 3,495,516 6,182,765 Total goodwill 87,145 216,125 — 303,270 Total deposits 2,763,948 7,177 2,165,322 4,936,447 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Dec. 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 December 31, 2019 and September 30, 2019 , as they are measured at fair value on a recurring basis. Fair Value At December 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS SBA securities $ 180,920 $ — $ 180,920 $ — Obligations of states and political subdivisions 874 — 874 — Non-bank qualified obligations of states and political subdivisions 373,989 — 373,989 — Asset-backed securities 296,820 — 296,820 — Mortgage-backed securities 362,120 — 362,120 — Total debt securities AFS $ 1,214,723 $ — $ 1,214,723 $ — Common equities and mutual funds (1) $ 2,947 $ 2,947 $ — $ — Non-marketable equity securities (2) $ 2,640 $ — $ — $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. Fair Value At September 30, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Debt securities AFS SBA securities $ 185,982 $ — $ 185,982 $ — Obligations of states and political subdivisions 874 — 874 — Non-bank qualified obligations of states and political subdivisions 400,557 — 400,557 — Asset-backed securities 302,534 — 302,534 — Mortgage-backed securities 382,546 — 382,546 — Total debt securities AFS $ 1,272,493 $ — $ 1,272,493 $ — Common equities and mutual funds (1) $ 2,606 $ 2,606 $ — $ — Non-marketable equity securities (2) $ 1,669 $ — $ — $ — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Consists of certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the assets of the Company that are measured at fair value in the Condensed Consolidated Statements of Financial Condition on a non-recurring basis as of December 31, 2019 and September 30, 2019 . Fair Value At December 31, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired loans and leases, net Commercial finance $ 13,017 $ — $ — $ 13,017 Total National Lending 13,017 — — 13,017 Total impaired loans and leases, net 13,017 — — 13,017 Foreclosed assets, net 1,328 — — 1,328 Total $ 14,345 $ — $ — $ 14,345 Fair Value At September 30, 2019 (Dollars in Thousands) Total Level 1 Level 2 Level 3 Impaired loans and leases, net Commercial finance $ 8,707 $ — $ — $ 8,707 Total National Lending 8,707 — — 8,707 Total impaired loans and leases, net 8,707 — — 8,707 Foreclosed assets, net 29,494 — — 29,494 Total $ 38,201 $ — $ — $ 38,201 |
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 $ 13,017 8,707 Market approach Appraised values (1) 4.00 - 10.00% Foreclosed assets, net $ 1,328 29,494 Market approach Appraised values (1) 4.00 - 30.00% (1) The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs and other inputs in a range of 4% to 30% . |
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 December 31, 2019 and September 30, 2019 . December 31, 2019 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 152,189 $ 152,189 $ 152,189 $ — $ — Debt securities available for sale 1,214,723 1,214,723 — 1,214,723 — Debt securities held to maturity 123,117 121,899 — 121,899 — Common equities and mutual funds (1) 2,947 2,947 2,947 — — Non-marketable equity securities (1)(2) 12,140 12,140 — 9,500 — Loans held for sale 264,266 264,266 — 264,266 — Loans and leases receivable 3,583,297 3,557,579 — — 3,557,579 Federal Home Loan Bank stock 13,796 13,796 — 13,796 — Accrued interest receivable 18,687 18,687 18,687 — — Financial liabilities Deposits held for sale 288,975 288,975 — 288,975 — Deposits 4,517,605 4,527,377 3,290,280 1,237,096 — Overnight federal funds purchased 194,000 194,000 194,000 — — Federal Home Loan Bank advances 110,000 110,733 — 110,733 — Other short- and long-term borrowings 103,070 106,716 — 106,716 — Accrued interest payable 6,620 6,620 6,620 — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. September 30, 2019 (Dollars in Thousands) Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 126,545 $ 126,545 $ 126,545 $ — $ — Debt securities available for sale 1,272,493 1,272,493 — 1,272,493 — Debt securities held to maturity 134,764 133,470 — 133,470 — Common equities and mutual funds( 1) 2,606 2,606 2,606 — — Non-marketable equity securities (1)(2) 8,169 8,169 — 6,500 — Loans held for sale 148,777 148,777 — 148,777 — Loans and leases receivable 3,651,413 3,622,597 — — 3,622,597 Federal Home Loan Bank stock 30,916 30,916 — 30,916 — Accrued interest receivable 20,400 20,400 20,400 — — Financial liabilities Deposits 4,337,005 4,338,510 2,920,516 1,417,994 — Overnight federal funds purchased 642,000 642,000 642,000 — — Federal Home Loan Bank advances 110,000 110,691 — 110,691 — Other short- and long-term borrowings 109,857 113,876 — 113,876 — Accrued interest payable 9,414 9,414 9,414 — — (1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2019 and September 30, 2019. (2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU") (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, Right-of-use asset | $ 26,300 | |
Operating lease, liability | $ 27,726 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, Right-of-use asset | $ 27,400 | |
Operating lease, liability | $ 28,600 |
DIVESTITURE - Summarized Divisi
DIVESTITURE - Summarized Division Results (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Balance Sheet Disclosures [Abstract] | |||
Loans and leases, net - Retained | $ 3,560,298 | $ 3,629,698 | |
Other assets - Retained | 97,499 | 54,832 | |
Deposits - Retained | 4,517,605 | $ 4,337,005 | |
Income Statement Disclosures [Abstract] | |||
Net interest income - Retained | 64,651 | $ 60,272 | |
Provision for loan and lease losses, Retained | (3,407) | (9,099) | |
Noninterest income - Retained | 37,483 | 37,751 | |
Noninterest expense - Retained | 75,798 | 74,295 | |
Income before income tax expense - Retained | 22,929 | $ 14,629 | |
Community Bank | Community Bank Sold | |||
Balance Sheet Disclosures [Abstract] | |||
Loans and leases, net - Sold | 250,383 | ||
Other assets - Sold | 8,932 | ||
Deposits - Sold | 288,975 | ||
Other liabilities - Sold | 3,518 | ||
Income Statement Disclosures [Abstract] | |||
Net interest income - Sold | 987 | ||
Provision for loan and lease losses - Sold | (1,750) | ||
Noninterest income - Sold | 290 | ||
Noninterest expense - Sold | 1,878 | ||
Income before income tax expense - Sold | 1,149 | ||
Community Bank | |||
Balance Sheet Disclosures [Abstract] | |||
Loans and leases, net - Retained | 934,491 | ||
Total loans and leases, net, Sold and Retained | 1,184,874 | ||
Other assets - Retained | 51,143 | ||
Total other assets, Sold and Retained | 60,075 | ||
Deposits - Retained | 1,394 | ||
Deposits, Sold and Retained, Amount | 290,369 | ||
Other liabilities - Retained | 778 | ||
Other Liabilities, Sold and Retained, Amount | 4,296 | ||
Income Statement Disclosures [Abstract] | |||
Net interest income - Retained | 9,596 | ||
Net interest income, Sold and Retained, Amount | 10,583 | ||
Provision for loan and lease losses, Retained | 0 | ||
Provision for loan and lease losses, Sold and Retained, Amount | (1,750) | ||
Noninterest income - Retained | (3,507) | ||
Noninterest income, Sold and Retained, Amount | (3,217) | ||
Noninterest expense - Retained | 2,684 | ||
Noninterest expense, Sold and Retained, Amount | 4,562 | ||
Income before income tax expense - Retained | 3,405 | ||
Income before income tax expense - Sold and Retained, Amount | $ 4,554 |
DIVESTITURE - Narrative (Detail
DIVESTITURE - Narrative (Details) - Community Bank $ in Millions | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Non-recurring income | $ 1.9 |
Non-recurring expense | 0.2 |
Compensation and benefits expense | 0.3 |
Legal and consulting expense | $ 0.6 |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Equity Securities without readily determinable fair value, amount | $ 9,500,000 | $ 6,500,000 |
Federal Home Loan Bank Stock, at cost | 13,796,000 | $ 30,916,000 |
Impairment recognized | $ 0 |
SECURITIES - Available for Sale
SECURITIES - Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Available-for-sale debt securities [Abstract] | ||
Amortized cost | $ 1,209,530 | $ 1,263,888 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Amortized Cost | ||
Due in one year or less | 666 | 0 |
Due after one year through five years | 16,081 | 16,749 |
Due after five years through ten years | 49,732 | 50,263 |
Due after ten years | 784,981 | 818,206 |
Total | 851,460 | 885,218 |
Mortgage-backed securities | 358,070 | 378,670 |
Fair Value | ||
Due in one year or less | 667 | 0 |
Due after one year through five years | 16,403 | 17,143 |
Due after five years through ten years | 50,850 | 51,840 |
Due after ten years | 784,683 | 820,964 |
Total | 852,603 | 889,947 |
Mortgage-backed securities | 362,120 | 382,546 |
Small Business Administration Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 178,500 | 182,327 |
Gross unrealized gains | 2,446 | 3,655 |
Gross unrealized (losses) | (26) | 0 |
Debt securities available for sale | 180,920 | 185,982 |
LESS THAN 12 MONTHS, Fair Value | 13,583 | 10,262 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (26) | 0 |
OVER 12 MONTHS, Fair Value | 0 | 0 |
OVER 12 MONTHS, Unrealized (Losses) | 0 | 0 |
TOTAL, Fair Value | 13,583 | 10,262 |
TOTAL, Unrealized (Losses) | (26) | 0 |
Obligations of States and Political Subdivisions | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 858 | 858 |
Gross unrealized gains | 16 | 16 |
Gross unrealized (losses) | 0 | 0 |
Debt securities available for sale | 874 | 874 |
Non-bank Qualified Obligations of States and Political Subdivisions | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 369,676 | 396,430 |
Gross unrealized gains | 5,236 | 5,030 |
Gross unrealized (losses) | (923) | (903) |
Debt securities available for sale | 373,989 | 400,557 |
LESS THAN 12 MONTHS, Fair Value | 60,135 | 66,326 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (226) | (177) |
OVER 12 MONTHS, Fair Value | 50,431 | 55,428 |
OVER 12 MONTHS, Unrealized (Losses) | (697) | (726) |
TOTAL, Fair Value | 110,566 | 121,754 |
TOTAL, Unrealized (Losses) | (923) | (903) |
Asset-backed Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 302,426 | 305,603 |
Gross unrealized gains | 195 | 262 |
Gross unrealized (losses) | (5,801) | (3,331) |
Debt securities available for sale | 296,820 | 302,534 |
LESS THAN 12 MONTHS, Fair Value | 147,594 | 158,176 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (1,920) | (1,823) |
OVER 12 MONTHS, Fair Value | 124,114 | 93,259 |
OVER 12 MONTHS, Unrealized (Losses) | (3,881) | (1,508) |
TOTAL, Fair Value | 271,708 | 251,435 |
TOTAL, Unrealized (Losses) | (5,801) | (3,331) |
Mortgage-backed Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 358,070 | 378,670 |
Gross unrealized gains | 5,518 | 5,731 |
Gross unrealized (losses) | (1,468) | (1,855) |
Debt securities available for sale | 362,120 | 382,546 |
LESS THAN 12 MONTHS, Fair Value | 1,704 | 1,713 |
LESS THAN 12 MONTHS, Unrealized (Losses) | 0 | (1) |
OVER 12 MONTHS, Fair Value | 85,715 | 89,634 |
OVER 12 MONTHS, Unrealized (Losses) | (1,468) | (1,854) |
TOTAL, Fair Value | 87,419 | 91,347 |
TOTAL, Unrealized (Losses) | (1,468) | (1,855) |
Debt Securities | ||
Available-for-sale debt securities [Abstract] | ||
Amortized cost | 1,209,530 | 1,263,888 |
Gross unrealized gains | 13,411 | 14,694 |
Gross unrealized (losses) | (8,218) | (6,089) |
Debt securities available for sale | 1,214,723 | 1,272,493 |
LESS THAN 12 MONTHS, Fair Value | 223,016 | 236,477 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (2,172) | (2,001) |
OVER 12 MONTHS, Fair Value | 260,260 | 238,321 |
OVER 12 MONTHS, Unrealized (Losses) | (6,046) | (4,088) |
TOTAL, Fair Value | 483,276 | 474,798 |
TOTAL, Unrealized (Losses) | $ (8,218) | $ (6,089) |
SECURITIES - Held to Maturity (
SECURITIES - Held to Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 123,117 | $ 134,764 |
Gross unrealized gains | 106 | 122 |
Gross unrealized (losses) | (1,324) | (1,416) |
Debt securities held to maturity | 121,899 | 133,470 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 9,211 | 7,438 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (16) | (6) |
OVER 12 MONTHS, Fair Value | 100,834 | 111,171 |
OVER 12 MONTHS, Unrealized (Losses) | (1,308) | (1,410) |
TOTAL, Fair Value | 110,045 | 118,609 |
TOTAL, Unrealized (Losses) | (1,324) | (1,416) |
Amortized Cost | ||
Due after ten years | 116,313 | 127,582 |
Total | 116,313 | 127,582 |
Mortgage-backed securities | 6,804 | 7,182 |
Total securities HTM, at cost | 123,117 | 134,764 |
Fair Value | ||
Due after ten years | 115,125 | 126,287 |
Total | 115,125 | 126,287 |
Mortgage-backed securities | 6,774 | 7,183 |
Total held to maturity securities | 121,899 | 133,470 |
Non-bank Qualified Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 116,313 | 127,582 |
Gross unrealized gains | 104 | 108 |
Gross unrealized (losses) | (1,292) | (1,403) |
Debt securities held to maturity | 115,125 | 126,287 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 5,686 | 5,967 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (3) | (6) |
OVER 12 MONTHS, Fair Value | 99,199 | 109,368 |
OVER 12 MONTHS, Unrealized (Losses) | (1,289) | (1,397) |
TOTAL, Fair Value | 104,885 | 115,335 |
TOTAL, Unrealized (Losses) | (1,292) | (1,403) |
Amortized Cost | ||
Total securities HTM, at cost | 116,313 | 127,582 |
Fair Value | ||
Total held to maturity securities | 115,125 | 126,287 |
Mortgage-backed Securities | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 6,804 | 7,182 |
Gross unrealized gains | 2 | 14 |
Gross unrealized (losses) | (32) | (13) |
Debt securities held to maturity | 6,774 | 7,183 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
LESS THAN 12 MONTHS, Fair Value | 3,525 | 1,471 |
LESS THAN 12 MONTHS, Unrealized (Losses) | (13) | 0 |
OVER 12 MONTHS, Fair Value | 1,635 | 1,803 |
OVER 12 MONTHS, Unrealized (Losses) | (19) | (13) |
TOTAL, Fair Value | 5,160 | 3,274 |
TOTAL, Unrealized (Losses) | (32) | (13) |
Amortized Cost | ||
Total securities HTM, at cost | 6,804 | 7,182 |
Fair Value | ||
Total held to maturity securities | $ 6,774 | $ 7,183 |
LOANS AND LEASES, NET - Summary
LOANS AND LEASES, NET - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Aug. 01, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | $ 3,583,297 | $ 3,651,413 | ||
Net deferred loan origination fees (costs) | 7,177 | 7,434 | ||
Total gross loans and leases | 3,590,474 | 3,658,847 | ||
Allowance for loan and lease losses | (30,176) | (29,149) | ||
Total loans and leases, net | 3,560,298 | 3,629,698 | ||
Interest rate mark discounts | $ 700 | |||
National Lending | Term lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 695,347 | 641,742 | ||
National Lending | Asset based lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 250,633 | 250,465 | ||
National Lending | Factoring | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 285,776 | 296,507 | ||
National Lending | Lease financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 223,715 | 177,915 | ||
National Lending | Insurance premium finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 349,299 | 361,105 | ||
National Lending | SBA/USDA | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 90,269 | 88,831 | ||
National Lending | Other commercial finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 99,617 | 99,665 | ||
National Lending | Commercial finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 1,994,656 | 1,916,230 | ||
National Lending | Consumer credit products | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 115,843 | 106,794 | ||
National Lending | Other consumer finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 154,772 | 161,404 | ||
National Lending | Consumer finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 270,615 | 268,198 | ||
National Lending | Tax services | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 101,739 | 2,240 | ||
National Lending | Warehouse finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 272,522 | 262,924 | ||
National Lending | Total National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 2,639,532 | 2,449,592 | ||
Community Banking | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 943,765 | 1,201,821 | ||
Community Banking | Commercial real estate and operating | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 682,399 | 883,932 | ||
Community Banking | Consumer one to four family real estate and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 220,588 | 259,425 | ||
Community Banking | Agricultural real estate and operating | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | 40,778 | $ 58,464 | ||
Crestmark Bancorp, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables acquired | 276,700 | |||
Credit discounts | $ (5,000) | $ (12,300) | ||
Interest rate mark discounts | $ (2,600) | (6,000) | ||
Acquired loans and leases from Crestmark acquisition | $ 1,060,000 |
LOANS AND LEASES, NET - Schedul
LOANS AND LEASES, NET - Schedule of Loans Purchased and Sold, by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment | $ 18,813 | $ 122,668 |
Total purchases | 18,813 | 122,668 |
Loans held for sale | 143,035 | 22,611 |
Total sales | 146,134 | 22,989 |
National Lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment | 14,464 | 111,587 |
Loans held for sale | 143,035 | 22,611 |
Community Banking | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for investment | 4,349 | 11,081 |
Loans held for investment: Total Community Banking | $ 3,099 | $ 378 |
LOANS AND LEASES, NET - Direct
LOANS AND LEASES, NET - Direct Financing and Sales-type Leases, and Lease Receivable Maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | |
Net Investment in Lease [Abstract] | ||
Carrying Amount | $ 239,351 | $ 191,733 |
Unguaranteed residual assets | 16,260 | 13,353 |
Unamortized initial direct costs | 1,856 | 1,790 |
Unearned income | (31,896) | (27,171) |
Total net investment in direct financing and sales-type leases | 225,571 | $ 179,705 |
Operating Lease, Lease Income [Abstract] | ||
Interest income on net investments in direct financing and sales-type leases | 4,087 | |
Lease income from operating lease payments | 11,203 | |
Profit (loss) recorded on commencement date on sales-type leases | 471 | |
Other | 750 | |
Total leasing and equipment finance non-interest income | 12,424 | |
Total lease income | 16,511 | |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
2020 | 66,919 | |
2021 | 70,629 | |
2022 | 50,676 | |
2023 | 29,908 | |
2024 | 16,795 | |
Thereafter | 4,414 | |
Equipment under leases not yet commenced | 10 | |
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases | 239,351 | |
Third-party residual value guarantees | 0 | |
Total carrying amount of direct financing and sales-type leases | $ 239,351 |
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 | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | |
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 29,149 | $ 13,040 | ||
Provision (recovery) for loan losses | 3,407 | 9,099 | ||
Charge offs | (3,918) | (2,804) | ||
Recoveries | 1,538 | 1,955 | ||
Ending balance | 30,176 | 21,290 | ||
Ending balance: individually evaluated for impairment | $ 3,268 | $ 1,875 | ||
Ending balance: collectively evaluated for impairment | 26,908 | 27,274 | ||
Total | 30,176 | 21,290 | 30,176 | 29,149 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 41,608 | 33,639 | ||
Ending balance: collectively evaluated for impairment | 3,541,689 | 3,617,774 | ||
Total gross loans and leases | 3,583,297 | 3,651,413 | ||
National Lending | Term lending | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 5,533 | 89 | ||
Provision (recovery) for loan losses | 3,401 | 710 | ||
Charge offs | (2,295) | (328) | ||
Recoveries | 111 | 1,364 | ||
Ending balance | 6,750 | 1,835 | ||
Ending balance: individually evaluated for impairment | 1,299 | 450 | ||
Ending balance: collectively evaluated for impairment | 5,451 | 5,083 | ||
Total | 6,750 | 1,835 | 6,750 | 5,533 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 25,912 | 19,568 | ||
Ending balance: collectively evaluated for impairment | 669,435 | 622,174 | ||
Total gross loans and leases | 695,347 | 641,742 | ||
National Lending | Asset based lending | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 2,437 | 47 | ||
Provision (recovery) for loan losses | (461) | 724 | ||
Charge offs | 0 | 0 | ||
Recoveries | 19 | 4 | ||
Ending balance | 1,995 | 775 | ||
Ending balance: individually evaluated for impairment | 109 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,886 | 2,437 | ||
Total | 2,437 | 775 | 1,995 | 2,437 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 525 | 378 | ||
Ending balance: collectively evaluated for impairment | 250,108 | 250,087 | ||
Total gross loans and leases | 250,633 | 250,465 | ||
National Lending | Factoring | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,261 | 64 | ||
Provision (recovery) for loan losses | 257 | 1,223 | ||
Charge offs | (389) | (250) | ||
Recoveries | 419 | 26 | ||
Ending balance | 3,548 | 1,062 | ||
Ending balance: individually evaluated for impairment | 1,075 | 1,262 | ||
Ending balance: collectively evaluated for impairment | 2,473 | 1,999 | ||
Total | 3,261 | 1,062 | 3,548 | 3,261 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 3,900 | 3,824 | ||
Ending balance: collectively evaluated for impairment | 281,876 | 292,683 | ||
Total gross loans and leases | 285,776 | 296,507 | ||
National Lending | Lease financing | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,275 | 30 | ||
Provision (recovery) for loan losses | 504 | 600 | ||
Charge offs | (215) | (352) | ||
Recoveries | 131 | 260 | ||
Ending balance | 1,695 | 538 | ||
Ending balance: individually evaluated for impairment | 299 | 112 | ||
Ending balance: collectively evaluated for impairment | 1,396 | 1,163 | ||
Total | 1,695 | 538 | 1,695 | 1,275 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 2,195 | 1,213 | ||
Ending balance: collectively evaluated for impairment | 221,520 | 176,702 | ||
Total gross loans and leases | 223,715 | 177,915 | ||
National Lending | Insurance premium finance | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,024 | 1,031 | ||
Provision (recovery) for loan losses | 141 | 93 | ||
Charge offs | (285) | (208) | ||
Recoveries | 90 | 56 | ||
Ending balance | 970 | 972 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 970 | 1,024 | ||
Total | 970 | 972 | 970 | 1,024 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 349,299 | 361,105 | ||
Total gross loans and leases | 349,299 | 361,105 | ||
National Lending | SBA/USDA | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 383 | 13 | ||
Provision (recovery) for loan losses | 382 | 240 | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 765 | 253 | ||
Ending balance: individually evaluated for impairment | 486 | 51 | ||
Ending balance: collectively evaluated for impairment | 279 | 332 | ||
Total | 765 | 253 | 765 | 383 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 3,683 | 3,841 | ||
Ending balance: collectively evaluated for impairment | 86,586 | 84,990 | ||
Total gross loans and leases | 90,269 | 88,831 | ||
National Lending | Other commercial finance | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 683 | 28 | ||
Provision (recovery) for loan losses | (523) | 263 | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 160 | 291 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 160 | 683 | ||
Total | 683 | 291 | 160 | 683 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 99,617 | 99,665 | ||
Total gross loans and leases | 99,617 | 99,665 | ||
National Lending | Commercial finance | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 14,596 | 1,302 | ||
Provision (recovery) for loan losses | 3,701 | 3,853 | ||
Charge offs | (3,184) | (1,138) | ||
Recoveries | 770 | 1,710 | ||
Ending balance | 15,883 | 5,727 | ||
Ending balance: individually evaluated for impairment | 3,268 | 1,875 | ||
Ending balance: collectively evaluated for impairment | 12,615 | 12,721 | ||
Total | 15,883 | 5,727 | 15,883 | 14,596 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 36,215 | 28,824 | ||
Ending balance: collectively evaluated for impairment | 1,958,441 | 1,887,406 | ||
Total gross loans and leases | 1,994,656 | 1,916,230 | ||
National Lending | Consumer credit products | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,044 | 785 | ||
Provision (recovery) for loan losses | 63 | 366 | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 1,107 | 1,151 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,107 | 1,044 | ||
Total | 1,044 | 1,151 | 1,107 | 1,044 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 115,843 | 106,794 | ||
Total gross loans and leases | 115,843 | 106,794 | ||
National Lending | Other consumer finance | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 5,118 | 2,820 | ||
Provision (recovery) for loan losses | 476 | 3,023 | ||
Charge offs | (734) | (1,624) | ||
Recoveries | 29 | 3 | ||
Ending balance | 4,889 | 4,222 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 4,889 | 5,118 | ||
Total | 5,118 | 4,222 | 4,889 | 5,118 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 1,708 | 1,472 | ||
Ending balance: collectively evaluated for impairment | 153,064 | 159,932 | ||
Total gross loans and leases | 154,772 | 161,404 | ||
National Lending | Consumer finance | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 6,162 | 3,605 | ||
Provision (recovery) for loan losses | 539 | 3,389 | ||
Charge offs | (734) | (1,624) | ||
Recoveries | 29 | 3 | ||
Ending balance | 5,996 | 5,373 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 5,996 | 6,162 | ||
Total | 5,996 | 5,373 | 5,996 | 6,162 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 1,708 | 1,472 | ||
Ending balance: collectively evaluated for impairment | 268,907 | 266,726 | ||
Total gross loans and leases | 270,615 | 268,198 | ||
National Lending | Tax services | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Provision (recovery) for loan losses | 911 | 1,496 | ||
Charge offs | 0 | (42) | ||
Recoveries | 739 | 92 | ||
Ending balance | 1,650 | 1,546 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,650 | 0 | ||
Total | 1,650 | 1,546 | 1,650 | 0 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 101,739 | 2,240 | ||
Total gross loans and leases | 101,739 | 2,240 | ||
National Lending | Warehouse finance | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 263 | 65 | ||
Provision (recovery) for loan losses | 6 | 111 | ||
Charge offs | 0 | |||
Recoveries | 0 | 0 | ||
Ending balance | 269 | 176 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 269 | 263 | ||
Total | 269 | 176 | 269 | 263 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 272,522 | 262,924 | ||
Total gross loans and leases | 272,522 | 262,924 | ||
National Lending | Total National Lending | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 21,021 | 4,972 | ||
Provision (recovery) for loan losses | 5,157 | 8,849 | ||
Charge offs | (3,918) | (2,804) | ||
Recoveries | 1,538 | 1,805 | ||
Ending balance | 23,798 | 12,822 | ||
Ending balance: individually evaluated for impairment | 3,268 | 1,875 | ||
Ending balance: collectively evaluated for impairment | 20,530 | 19,146 | ||
Total | 23,798 | 12,822 | 23,798 | 21,021 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 37,923 | 30,296 | ||
Ending balance: collectively evaluated for impairment | 2,601,609 | 2,419,296 | ||
Total gross loans and leases | 2,639,532 | 2,449,592 | ||
Community Banking | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 8,128 | 8,068 | ||
Provision (recovery) for loan losses | (1,750) | 250 | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 150 | ||
Ending balance | 6,378 | 8,468 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 6,378 | 8,128 | ||
Total | 8,128 | 8,468 | 6,378 | 8,128 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 3,685 | 3,343 | ||
Ending balance: collectively evaluated for impairment | 940,080 | 1,198,478 | ||
Total gross loans and leases | 943,765 | 1,201,821 | ||
Community Banking | Commercial real estate and operating | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 6,208 | 6,220 | ||
Provision (recovery) for loan losses | (1,543) | 350 | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 4,665 | 6,570 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 4,665 | 6,208 | ||
Total | 4,665 | 6,570 | 4,665 | 6,208 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 823 | 258 | ||
Ending balance: collectively evaluated for impairment | 681,576 | 883,674 | ||
Total gross loans and leases | 682,399 | 883,932 | ||
Community Banking | Consumer one to four family real estate and other | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,053 | 632 | ||
Provision (recovery) for loan losses | (22) | 87 | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 1,031 | 719 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,031 | 1,053 | ||
Total | 1,031 | 719 | 1,031 | 1,053 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 69 | 100 | ||
Ending balance: collectively evaluated for impairment | 220,519 | 259,325 | ||
Total gross loans and leases | 220,588 | 259,425 | ||
Community Banking | Agricultural real estate and operating | ||||
Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 867 | 1,216 | ||
Provision (recovery) for loan losses | (185) | (187) | ||
Charge offs | 0 | 0 | ||
Recoveries | 0 | 150 | ||
Ending balance | 682 | 1,179 | ||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 682 | 867 | ||
Total | $ 867 | $ 1,179 | 682 | 867 |
Loans: | ||||
Ending balance: individually evaluated for impairment | 2,793 | 2,985 | ||
Ending balance: collectively evaluated for impairment | 37,985 | 55,479 | ||
Total gross loans and leases | $ 40,778 | $ 58,464 |
LOANS AND LEASES, NET - Asset C
LOANS AND LEASES, NET - Asset Classification of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | $ 3,210,943 | $ 3,380,975 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 3,003,377 | 3,178,254 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 123,844 | 7,071 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 32,316 | 154,461 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 51,139 | 40,645 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 267 | 544 |
National Lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 2,267,178 | 2,179,154 |
National Lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 2,088,176 | 2,005,337 |
National Lending | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 117,387 | 0 |
National Lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 22,273 | 144,993 |
National Lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 39,075 | 28,280 |
National Lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 267 | 544 |
National Lending | Term lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 695,347 | 641,742 |
National Lending | Term lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 631,408 | 585,382 |
National Lending | Term lending | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 33,446 | 0 |
National Lending | Term lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 4,581 | 36,792 |
National Lending | Term lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 25,847 | 19,024 |
National Lending | Term lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 65 | 544 |
National Lending | Asset based lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 250,633 | 250,465 |
National Lending | Asset based lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 193,824 | 192,427 |
National Lending | Asset based lending | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 51,348 | 0 |
National Lending | Asset based lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 4,936 | 57,660 |
National Lending | Asset based lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 525 | 378 |
National Lending | Asset based lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Factoring | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 285,776 | 296,507 |
National Lending | Factoring | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 250,382 | 256,048 |
National Lending | Factoring | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 26,130 | 0 |
National Lending | Factoring | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 5,364 | 36,635 |
National Lending | Factoring | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 3,900 | 3,824 |
National Lending | Factoring | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 223,715 | 177,915 |
National Lending | Lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 218,187 | 171,785 |
National Lending | Lease financing | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 3,334 | 0 |
National Lending | Lease financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 4,917 |
National Lending | Lease financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 2,194 | 1,213 |
National Lending | Lease financing | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Insurance premium finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 349,299 | 361,105 |
National Lending | Insurance premium finance | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 344,668 | 361,105 |
National Lending | Insurance premium finance | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 869 | 0 |
National Lending | Insurance premium finance | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 634 | 0 |
National Lending | Insurance premium finance | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 2,926 | 0 |
National Lending | Insurance premium finance | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 202 | 0 |
National Lending | SBA/USDA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 90,269 | 88,831 |
National Lending | SBA/USDA | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 78,259 | 76,609 |
National Lending | SBA/USDA | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 1,569 | 0 |
National Lending | SBA/USDA | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 6,758 | 8,381 |
National Lending | SBA/USDA | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 3,683 | 3,841 |
National Lending | SBA/USDA | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Other commercial finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 99,617 | 99,665 |
National Lending | Other commercial finance | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 98,926 | 99,057 |
National Lending | Other commercial finance | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 691 | 0 |
National Lending | Other commercial finance | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 608 |
National Lending | Other commercial finance | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Other commercial finance | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Commercial finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 1,994,656 | 1,916,230 |
National Lending | Commercial finance | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 1,815,654 | 1,742,413 |
National Lending | Commercial finance | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 117,387 | 0 |
National Lending | Commercial finance | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 22,273 | 144,993 |
National Lending | Commercial finance | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 39,075 | 28,280 |
National Lending | Commercial finance | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 267 | 544 |
National Lending | Warehouse finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 272,522 | 262,924 |
National Lending | Warehouse finance | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 272,522 | 262,924 |
National Lending | Warehouse finance | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Warehouse finance | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Warehouse finance | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
National Lending | Warehouse finance | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
Community Banking | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 943,765 | 1,201,821 |
Community Banking | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 915,201 | 1,172,917 |
Community Banking | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 6,457 | 7,071 |
Community Banking | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 10,043 | 9,468 |
Community Banking | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 12,064 | 12,365 |
Community Banking | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
Community Banking | Commercial real estate and operating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 682,399 | 883,932 |
Community Banking | Commercial real estate and operating | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 674,189 | 875,933 |
Community Banking | Commercial real estate and operating | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 1,225 | 1,494 |
Community Banking | Commercial real estate and operating | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 3,389 | 2,884 |
Community Banking | Commercial real estate and operating | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 3,596 | 3,621 |
Community Banking | Commercial real estate and operating | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
Community Banking | Consumer one-to-four family real estate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 220,588 | 259,425 |
Community Banking | Consumer one-to-four family real estate and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 219,223 | 257,575 |
Community Banking | Consumer one-to-four family real estate and other | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 428 | 946 |
Community Banking | Consumer one-to-four family real estate and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 781 | 708 |
Community Banking | Consumer one-to-four family real estate and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 156 | 196 |
Community Banking | Consumer one-to-four family real estate and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 0 | 0 |
Community Banking | Agricultural real estate and operating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 40,778 | 58,464 |
Community Banking | Agricultural real estate and operating | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 21,789 | 39,409 |
Community Banking | Agricultural real estate and operating | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 4,804 | 4,631 |
Community Banking | Agricultural real estate and operating | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 5,873 | 5,876 |
Community Banking | Agricultural real estate and operating | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | 8,312 | 8,548 |
Community Banking | Agricultural real estate and operating | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | $ 0 | $ 0 |
LOANS AND LEASES, NET - Past Du
LOANS AND LEASES, NET - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 3,590,474 | $ 3,658,847 |
Performing Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 53,738 | 40,825 |
Current | 3,793,983 | 3,759,365 |
Loans and leases | 3,847,721 | 3,800,190 |
Performing Financial Instruments | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 26,861 | 9,157 |
Performing Financial Instruments | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 7,488 | 7,242 |
Performing Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 19,389 | 24,426 |
Performing Financial Instruments | Loans Held for Investment | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 53,675 | 37,984 |
Current | 3,529,622 | 3,613,429 |
Loans and leases | 3,583,297 | 3,651,413 |
Performing Financial Instruments | Loans Held for Investment | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 26,798 | 8,035 |
Performing Financial Instruments | Loans Held for Investment | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 7,488 | 6,487 |
Performing Financial Instruments | Loans Held for Investment | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 19,389 | 23,462 |
Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 23,983 | 26,521 |
Non-accrual balance | 16,602 | 14,422 |
Nonperforming Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 7,381 | 12,099 |
Nonperforming Financial Instruments | Loans Held for Investment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 23,983 | 25,557 |
Non-accrual balance | 16,602 | 14,422 |
Nonperforming Financial Instruments | Loans Held for Investment | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 7,381 | 11,135 |
National Lending | Performing Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 51,678 | 36,903 |
Current | 2,587,854 | 2,412,689 |
Loans and leases | 2,639,532 | 2,449,592 |
National Lending | Performing Financial Instruments | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 26,422 | 6,963 |
National Lending | Performing Financial Instruments | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,876 | 6,487 |
National Lending | Performing Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 19,380 | 23,453 |
National Lending | Performing Financial Instruments | Loans held for sale | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 63 | 2,841 |
Current | 264,361 | 145,936 |
Loans and leases | 264,424 | 148,777 |
National Lending | Performing Financial Instruments | Loans held for sale | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 63 | 1,122 |
National Lending | Performing Financial Instruments | Loans held for sale | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 755 |
National Lending | Performing Financial Instruments | Loans held for sale | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 964 |
National Lending | Performing Financial Instruments | Term lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 27,746 | 17,170 |
Current | 667,601 | 624,572 |
Loans and leases | 695,347 | 641,742 |
National Lending | Performing Financial Instruments | Term lending | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 12,300 | 2,162 |
National Lending | Performing Financial Instruments | Term lending | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,767 | 910 |
National Lending | Performing Financial Instruments | Term lending | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 12,679 | 14,098 |
National Lending | Performing Financial Instruments | Asset based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 26 | 0 |
Current | 250,607 | 250,465 |
Loans and leases | 250,633 | 250,465 |
National Lending | Performing Financial Instruments | Asset based lending | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 26 | 0 |
National Lending | Performing Financial Instruments | Asset based lending | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Asset based lending | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Factoring | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 285,776 | 296,507 |
Loans and leases | 285,776 | 296,507 |
National Lending | Performing Financial Instruments | Factoring | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Factoring | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Factoring | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 6,408 | 4,030 |
Current | 217,307 | 173,885 |
Loans and leases | 223,715 | 177,915 |
National Lending | Performing Financial Instruments | Lease financing | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 3,757 | 1,160 |
National Lending | Performing Financial Instruments | Lease financing | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 758 | 1,134 |
National Lending | Performing Financial Instruments | Lease financing | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,893 | 1,736 |
National Lending | Performing Financial Instruments | Insurance premium finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 11,313 | 8,687 |
Current | 337,986 | 352,418 |
Loans and leases | 349,299 | 361,105 |
National Lending | Performing Financial Instruments | Insurance premium finance | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 7,065 | 1,999 |
National Lending | Performing Financial Instruments | Insurance premium finance | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,117 | 2,881 |
National Lending | Performing Financial Instruments | Insurance premium finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 3,131 | 3,807 |
National Lending | Performing Financial Instruments | SBA/USDA | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,008 | 338 |
Current | 89,261 | 88,493 |
Loans and leases | 90,269 | 88,831 |
National Lending | Performing Financial Instruments | SBA/USDA | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 979 | 83 |
National Lending | Performing Financial Instruments | SBA/USDA | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | SBA/USDA | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 29 | 255 |
National Lending | Performing Financial Instruments | Other commercial finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 99,617 | 99,665 |
Loans and leases | 99,617 | 99,665 |
National Lending | Performing Financial Instruments | Other commercial finance | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Other commercial finance | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Other commercial finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Commercial finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 46,501 | 30,225 |
Current | 1,948,155 | 1,886,005 |
Loans and leases | 1,994,656 | 1,916,230 |
National Lending | Performing Financial Instruments | Commercial finance | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 24,127 | 5,404 |
National Lending | Performing Financial Instruments | Commercial finance | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 4,642 | 4,925 |
National Lending | Performing Financial Instruments | Commercial finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 17,732 | 19,896 |
National Lending | Performing Financial Instruments | Consumer credit products | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,701 | 1,423 |
Current | 114,142 | 105,371 |
Loans and leases | 115,843 | 106,794 |
National Lending | Performing Financial Instruments | Consumer credit products | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 953 | 627 |
National Lending | Performing Financial Instruments | Consumer credit products | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 430 | 557 |
National Lending | Performing Financial Instruments | Consumer credit products | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 318 | 239 |
National Lending | Performing Financial Instruments | Other consumer finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 3,476 | 3,015 |
Current | 151,296 | 158,389 |
Loans and leases | 154,772 | 161,404 |
National Lending | Performing Financial Instruments | Other consumer finance | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,342 | 932 |
National Lending | Performing Financial Instruments | Other consumer finance | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 804 | 1,005 |
National Lending | Performing Financial Instruments | Other consumer finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,330 | 1,078 |
National Lending | Performing Financial Instruments | Consumer finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 5,177 | 4,438 |
Current | 265,438 | 263,760 |
Loans and leases | 270,615 | 268,198 |
National Lending | Performing Financial Instruments | Consumer finance | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 2,295 | 1,559 |
National Lending | Performing Financial Instruments | Consumer finance | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,234 | 1,562 |
National Lending | Performing Financial Instruments | Consumer finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,648 | 1,317 |
National Lending | Performing Financial Instruments | Tax services | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 2,240 |
Current | 101,739 | 0 |
Loans and leases | 101,739 | 2,240 |
National Lending | Performing Financial Instruments | Tax services | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Tax services | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Tax services | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 2,240 |
National Lending | Performing Financial Instruments | Warehouse finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Current | 272,522 | 262,924 |
Loans and leases | 272,522 | 262,924 |
National Lending | Performing Financial Instruments | Warehouse finance | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Warehouse finance | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Performing Financial Instruments | Warehouse finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
National Lending | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 23,974 | 25,513 |
Non-accrual balance | 16,593 | 14,378 |
National Lending | Nonperforming Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 7,381 | 11,135 |
National Lending | Nonperforming Financial Instruments | Loans held for sale | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 964 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Loans held for sale | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 964 |
National Lending | Nonperforming Financial Instruments | Term lending | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,688 | 14,387 |
Non-accrual balance | 12,372 | 12,146 |
National Lending | Nonperforming Financial Instruments | Term lending | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 1,316 | 2,241 |
National Lending | Nonperforming Financial Instruments | Asset based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 583 | 0 |
Non-accrual balance | 583 | 0 |
National Lending | Nonperforming Financial Instruments | Asset based lending | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Factoring | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 205 | 1,669 |
Non-accrual balance | 205 | 1,669 |
National Lending | Nonperforming Financial Instruments | Factoring | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2,015 | 1,838 |
Non-accrual balance | 729 | 308 |
National Lending | Nonperforming Financial Instruments | Lease financing | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 1,286 | 1,530 |
National Lending | Nonperforming Financial Instruments | Insurance premium finance | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,131 | 3,807 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Insurance premium finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 3,131 | 3,807 |
National Lending | Nonperforming Financial Instruments | SBA/USDA | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2,704 | 255 |
Non-accrual balance | 2,704 | 255 |
National Lending | Nonperforming Financial Instruments | SBA/USDA | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Other commercial finance | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Other commercial finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Commercial finance | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 22,326 | 21,956 |
Non-accrual balance | 16,593 | 14,378 |
National Lending | Nonperforming Financial Instruments | Commercial finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 5,733 | 7,578 |
National Lending | Nonperforming Financial Instruments | Consumer credit products | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 318 | 239 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Consumer credit products | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 318 | 239 |
National Lending | Nonperforming Financial Instruments | Other consumer finance | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,330 | 1,078 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Other consumer finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 1,330 | 1,078 |
National Lending | Nonperforming Financial Instruments | Consumer finance | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,648 | 1,317 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Consumer finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 1,648 | 1,317 |
National Lending | Nonperforming Financial Instruments | Tax services | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 2,240 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Tax services | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 2,240 |
National Lending | Nonperforming Financial Instruments | Warehouse finance | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
National Lending | Nonperforming Financial Instruments | Warehouse finance | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Community Banking | Performing Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,997 | 1,081 |
Current | 941,768 | 1,200,740 |
Loans and leases | 943,765 | 1,201,821 |
Community Banking | Performing Financial Instruments | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 376 | 1,072 |
Community Banking | Performing Financial Instruments | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,612 | 0 |
Community Banking | Performing Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9 | 9 |
Community Banking | Performing Financial Instruments | Commercial real estate and operating | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 565 |
Current | 682,399 | 883,367 |
Loans and leases | 682,399 | 883,932 |
Community Banking | Performing Financial Instruments | Commercial real estate and operating | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 565 |
Community Banking | Performing Financial Instruments | Commercial real estate and operating | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Community Banking | Performing Financial Instruments | Commercial real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Community Banking | Performing Financial Instruments | Consumer one to four family real estate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 429 | 467 |
Current | 220,159 | 258,958 |
Loans and leases | 220,588 | 259,425 |
Community Banking | Performing Financial Instruments | Consumer one to four family real estate and other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 346 | 458 |
Community Banking | Performing Financial Instruments | Consumer one to four family real estate and other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 74 | 0 |
Community Banking | Performing Financial Instruments | Consumer one to four family real estate and other | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 9 | 9 |
Community Banking | Performing Financial Instruments | Agricultural real estate and operating | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,568 | 49 |
Current | 39,210 | 58,415 |
Loans and leases | 40,778 | 58,464 |
Community Banking | Performing Financial Instruments | Agricultural real estate and operating | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 30 | 49 |
Community Banking | Performing Financial Instruments | Agricultural real estate and operating | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 1,538 | 0 |
Community Banking | Performing Financial Instruments | Agricultural real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due | 0 | 0 |
Community Banking | Nonperforming Financial Instruments | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9 | 44 |
Non-accrual balance | 9 | 44 |
Community Banking | Nonperforming Financial Instruments | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Community Banking | Nonperforming Financial Instruments | Commercial real estate and operating | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
Community Banking | Nonperforming Financial Instruments | Commercial real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Community Banking | Nonperforming Financial Instruments | Consumer one to four family real estate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9 | 44 |
Non-accrual balance | 9 | 44 |
Community Banking | Nonperforming Financial Instruments | Consumer one to four family real estate and other | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | 0 | 0 |
Community Banking | Nonperforming Financial Instruments | Agricultural real estate and operating | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Non-accrual balance | 0 | 0 |
Community Banking | Nonperforming Financial Instruments | Agricultural real estate and operating | Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual balance | $ 0 | $ 0 |
LOANS AND LEASES, NET - Impaire
LOANS AND LEASES, NET - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Loans without a specific valuation allowance | |||
Recorded Balance | $ 25,323 | $ 23,057 | |
Unpaid Principal Balance | 28,483 | 25,499 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 16,285 | 10,582 | |
Unpaid principal balance | 17,597 | 11,949 | |
Specific allowance | 3,268 | 1,875 | |
Average Recorded Investment | 36,295 | $ 14,107 | |
Recognized Interest Income | 172 | 125 | |
National Lending | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 21,638 | 19,714 | |
Unpaid Principal Balance | 24,798 | 22,156 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 10,582 | ||
Unpaid principal balance | 11,949 | ||
Specific allowance | 1,875 | ||
Average Recorded Investment | 32,838 | 12,091 | |
Recognized Interest Income | 109 | 94 | |
National Lending | Term lending | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 17,125 | 12,644 | |
Unpaid Principal Balance | 19,112 | 13,944 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 8,787 | 6,924 | |
Unpaid principal balance | 10,087 | 6,951 | |
Specific allowance | 1,299 | 450 | |
Average Recorded Investment | 19,537 | 5,709 | |
Recognized Interest Income | 74 | 79 | |
National Lending | Asset based lending | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 378 | ||
Unpaid Principal Balance | 378 | ||
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 525 | ||
Unpaid principal balance | 525 | ||
Specific allowance | 109 | ||
Average Recorded Investment | 427 | 0 | |
Recognized Interest Income | 0 | 0 | |
National Lending | Factoring | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 1,387 | 1,563 | |
Unpaid Principal Balance | 2,462 | 2,638 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 2,513 | 2,261 | |
Unpaid principal balance | 2,525 | 3,601 | |
Specific allowance | 1,075 | 1,262 | |
Average Recorded Investment | 3,849 | 2,780 | |
Recognized Interest Income | 0 | 5 | |
National Lending | Lease financing | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 1,418 | 1,062 | |
Unpaid Principal Balance | 1,418 | 1,062 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 777 | 151 | |
Unpaid principal balance | 777 | 151 | |
Specific allowance | 299 | 112 | |
Average Recorded Investment | 3,686 | 3,602 | |
Recognized Interest Income | 0 | 10 | |
National Lending | SBA/USDA | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 2,595 | ||
Unpaid Principal Balance | 2,595 | ||
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 3,683 | 1,246 | |
Unpaid principal balance | 3,683 | 1,246 | |
Specific allowance | 486 | 51 | |
Average Recorded Investment | 3,788 | 0 | |
Recognized Interest Income | 0 | 0 | |
National Lending | Commercial finance | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 19,930 | 18,242 | |
Unpaid Principal Balance | 22,992 | 20,617 | |
Loans with a specific valuation allowance [Abstract] | |||
Recorded investment | 16,285 | 10,582 | |
Unpaid principal balance | 17,597 | 11,949 | |
Specific allowance | 3,268 | 1,875 | |
Average Recorded Investment | 31,287 | 12,091 | |
Recognized Interest Income | 74 | 94 | |
National Lending | Other consumer finance | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 1,708 | 1,472 | |
Unpaid Principal Balance | 1,806 | 1,539 | |
Loans with a specific valuation allowance [Abstract] | |||
Average Recorded Investment | 1,551 | 0 | |
Recognized Interest Income | 35 | 0 | |
National Lending | Consumer finance | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 1,708 | 1,472 | |
Unpaid Principal Balance | 1,806 | 1,539 | |
Loans with a specific valuation allowance [Abstract] | |||
Average Recorded Investment | 1,551 | 0 | |
Recognized Interest Income | 35 | 0 | |
Community Banking | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 3,685 | 3,343 | |
Unpaid Principal Balance | 3,685 | 3,343 | |
Loans with a specific valuation allowance [Abstract] | |||
Average Recorded Investment | 3,457 | 2,016 | |
Recognized Interest Income | 63 | 31 | |
Community Banking | Commercial real estate and operating | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 823 | 258 | |
Unpaid Principal Balance | 823 | 258 | |
Loans with a specific valuation allowance [Abstract] | |||
Average Recorded Investment | 446 | 404 | |
Recognized Interest Income | 13 | 4 | |
Community Banking | Consumer one to four family real estate and other | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 69 | 100 | |
Unpaid Principal Balance | 69 | 100 | |
Loans with a specific valuation allowance [Abstract] | |||
Average Recorded Investment | 90 | 139 | |
Recognized Interest Income | 8 | 2 | |
Community Banking | Agricultural real estate and operating | |||
Loans without a specific valuation allowance | |||
Recorded Balance | 2,793 | 2,985 | |
Unpaid Principal Balance | 2,793 | $ 2,985 | |
Loans with a specific valuation allowance [Abstract] | |||
Average Recorded Investment | 2,921 | 1,473 | |
Recognized Interest Income | $ 42 | $ 25 |
LOANS AND LEASES, NET - Narrati
LOANS AND LEASES, NET - Narrative and Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing lease, term (no greater than) | 84 months | |||
Loans and leases to held for sale | $ 251,913,000 | $ 39,452,000 | ||
Originations | 16,175,000 | 7,469,000 | ||
Proceeds from sales | 143,035,000 | 22,611,000 | ||
Gain on sale of loan | 1,851,000 | 550,000 | ||
Carrying amount of direct financing and sales-type leases subject to residual value guarantees | $ 8,800,000 | |||
Percentage of specific allowance for losses | 100.00% | |||
Special mention commercial finance loans and leases rated as watch | $ 117,000,000 | $ 0 | ||
Loans and leases | 3,590,474,000 | 3,658,847,000 | ||
Foreclosed real estate and repossessed assets | 1,328,000 | 29,494,000 | ||
TDR valuation allowance | 100,000 | |||
National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Maturity period of loans receivable | 1 year | |||
Proceeds from sales | 143,035,000 | 22,611,000 | ||
TDRs subsequent default, recorded investment | 0 | |||
Community Banking Loans | National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
TDRs recorded investment | 600,000 | 100,000 | ||
Total National Lending | National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
TDRs recorded investment | 400,000 | $ 100,000 | ||
TDRs subsequent default, recorded investment | 300,000 | |||
Watch and special mention loans and leases | National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 139,700,000 | 145,000,000 | ||
Consumer finance portfolio segment | National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 270,600,000 | 268,200,000 | ||
Tax services loans | National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases | 101,700,000 | $ 2,200,000 | ||
SBA/USDA | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Originations | $ 16,200,000 | |||
Consumer one to four family real estate and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loan, loan-to-value ratio, appraised value | 100.00% | |||
Mortgage loan, loan-to-value ratio, actual majority of loans (below) | 80.00% | |||
Home Equity Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loan, loan-to-value ratio, appraised value | 90.00% | |||
Agricultural operating loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 1 year | |||
Agricultural real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loan, loan-to-value ratio, appraised value | 75.00% | |||
Consumer finance | National Lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
TDRs subsequent default, recorded investment | $ 1,200,000 | |||
Consumer credit products | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Originations | $ 7,500,000 | |||
Commercial Real Estate and Operating | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loan, loan-to-value ratio, appraised value | 80.00% | |||
Minimum | Term lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 3 years | |||
Minimum | Asset based lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 1 year | |||
Minimum | Insurance premium finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 9 months | |||
Policyholder down payment, percent | 20.00% | |||
Minimum | Agricultural real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 20 years | |||
Agricultural term of fixed rate loans | 5 years | |||
Minimum | Consumer credit products | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 12 months | |||
Minimum | Consumer credit products | Revolving Credit Facility | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 6 months | |||
Maximum | Term lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 25 years | |||
Maximum | Asset based lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 3 years | |||
Maximum | Insurance premium finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 10 months | |||
Policyholder down payment, percent | 25.00% | |||
Maximum | Consumer one to four family real estate and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 30 years | |||
Maximum | Home Equity Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 5 years | |||
Maximum | Agricultural real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 25 years | |||
Agricultural term of fixed rate loans | 10 years | |||
Maximum | Consumer credit products | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 84 months | |||
Maximum | Consumer credit products | Revolving Credit Facility | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 60 months | |||
Maximum | Commercial Real Estate and Operating | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Debt instrument, term | 20 years |
LOANS AND LEASES, NET - Trouble
LOANS AND LEASES, NET - Troubled Debt Restructured Loans (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Foreclosed real estate and repossessed assets | $ 1,328,000 | $ 29,494,000 | |
Community Banking Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans in process of foreclosure, amount | 0 | ||
National Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs subsequent default, recorded investment | $ 0 | ||
National Lending | Community Banking Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
TDRs recorded investment | $ 600,000 | $ 100,000 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Common Share, Basic and Diluted [Abstract] | ||
Net income attributable to Meta Financial Group, Inc. | $ 21,068 | $ 15,398 |
Weighted average common shares outstanding (in shares) | 37,431,788 | 39,335,054 |
Basic income per common share (in dollars per share) | $ 0.56 | $ 0.39 |
Outstanding options - based upon the two-class method (in shares) | 34,090 | 71,453 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 37,465,878 | 39,406,507 |
Diluted income per common share (in dollars per share) | $ 0.56 | $ 0.39 |
RENTAL EQUIPMENT, NET - Schedul
RENTAL EQUIPMENT, NET - Schedule of Rental Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 258,932 | $ 254,881 |
Accumulated depreciation | (49,314) | (46,344) |
Unamortized initial direct costs | 2,055 | 0 |
Net book value | 211,673 | 208,537 |
Computers and IT networking equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 32,733 | 37,352 |
Motor vehicles and other | ||
Property, Plant and Equipment [Line Items] | ||
Total | 106,133 | 98,149 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,900 | 2,875 |
Solar panels and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 117,166 | $ 116,505 |
RENTAL EQUIPMENT, NET - Sched_2
RENTAL EQUIPMENT, NET - Schedule of Operating Leases, Future Minimum Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 25,787 |
2021 | 29,922 |
2022 | 23,016 |
2023 | 17,437 |
2024 | 11,813 |
Thereafter | 23,145 |
Lessor, Operating Lease, Payments to be Received | $ 131,120 |
FORECLOSURED REAL ESTATE AND _3
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | ||
Loss on sale | $ 23,085 | $ 105 |
Agriculture Real Estate Customer | Agricultural real estate and operating | ||
Real Estate [Line Items] | ||
Purchase price | 23,083 | |
Carrying value of OREO | 28,122 | |
Loss on sale | (5,039) | |
Deferred income recognized | 1,096 | |
Net impact | (3,943) | |
OREO expenses | 200 | |
Foreclosed Property | Agricultural real estate and operating | ||
Real Estate [Line Items] | ||
Loss on sale | 5,000 | |
Foreclosed Property | Agricultural real estate and operating | Community Banking | ||
Real Estate [Line Items] | ||
Deferred income recognized | $ 1,100 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 309,505 | $ 303,270 |
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Ending balance | 309,505 | 303,270 |
Consumer | ||
Goodwill [Roll Forward] | ||
Beginning balance | 87,145 | 87,145 |
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Ending balance | 87,145 | 87,145 |
Commercial | ||
Goodwill [Roll Forward] | ||
Beginning balance | 222,360 | 216,125 |
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Ending balance | 222,360 | 216,125 |
Corporate Services/Other | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 0 |
Acquisitions | 0 | 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 | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance as of September 30, 2019 | $ 52,810 | $ 70,719 | ||
Acquisitions during the period | 17 | 30 | ||
Amortization during the period | (2,676) | (4,383) | ||
Balance as of December 31, 2019 | 50,151 | 66,366 | ||
Gross carrying amount | $ 109,911 | $ 110,173 | ||
Accumulated amortization | (48,853) | (32,851) | ||
Accumulated impairment | (10,907) | (10,956) | ||
Balance as of December 31, 2019 | 50,151 | 66,366 | 50,151 | 66,366 |
Asset impairment charges | 0 | |||
Other Intangible Assets | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance as of September 30, 2019 | 6,817 | 7,980 | ||
Acquisitions during the period | 17 | 30 | ||
Amortization during the period | (184) | (246) | ||
Balance as of December 31, 2019 | 6,650 | 7,764 | ||
Gross carrying amount | 10,719 | 10,981 | ||
Accumulated amortization | (3,410) | (2,509) | ||
Accumulated impairment | (659) | (708) | ||
Balance as of December 31, 2019 | 6,650 | 7,764 | 6,650 | 7,764 |
Customer Relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance as of September 30, 2019 | 33,207 | 48,455 | ||
Acquisitions during the period | 0 | 0 | ||
Amortization during the period | (2,115) | (3,762) | ||
Balance as of December 31, 2019 | 31,092 | 44,693 | ||
Gross carrying amount | 82,088 | 82,088 | ||
Accumulated amortization | (40,748) | (27,147) | ||
Accumulated impairment | (10,248) | (10,248) | ||
Balance as of December 31, 2019 | 31,092 | 44,693 | 31,092 | 44,693 |
Noncompete Agreements | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance as of September 30, 2019 | 827 | 1,297 | ||
Acquisitions during the period | 0 | 0 | ||
Amortization during the period | (113) | (118) | ||
Balance as of December 31, 2019 | 714 | 1,179 | ||
Gross carrying amount | 2,480 | 2,480 | ||
Accumulated amortization | (1,766) | (1,301) | ||
Accumulated impairment | 0 | 0 | ||
Balance as of December 31, 2019 | 714 | 1,179 | 714 | 1,179 |
Trademarks | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance as of September 30, 2019 | 11,959 | 12,987 | ||
Acquisitions during the period | 0 | 0 | ||
Amortization during the period | (264) | (257) | ||
Balance as of December 31, 2019 | 11,695 | 12,730 | ||
Gross carrying amount | 14,624 | 14,624 | ||
Accumulated amortization | (2,929) | (1,894) | ||
Accumulated impairment | 0 | 0 | ||
Balance as of December 31, 2019 | $ 11,695 | $ 12,730 | $ 11,695 | $ 12,730 |
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 | |||
Minimum | Refund Advantage Financial Services Inc | Noncompete Agreements | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Useful life | 3 years | |||
Minimum | Refund Advantage Financial Services Inc | Trademarks | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Useful life | 5 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 | |||
Maximum | Refund Advantage Financial Services Inc | Noncompete Agreements | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Useful life | 5 years | |||
Maximum | Refund Advantage Financial Services Inc | Trademarks | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Useful life | 15 years |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS Schedule of Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Remaining in 2020 | $ 8,311 | |||
2021 | 8,528 | |||
2022 | 6,402 | |||
2023 | 5,084 | |||
2024 | 4,366 | |||
2025 | 3,809 | |||
Thereafter | 13,651 | |||
Balance as of December 31, 2019 | $ 50,151 | $ 52,810 | $ 66,366 | $ 70,719 |
OPERATING LEASE RIGHT OF USE _3
OPERATING LEASE RIGHT OF USE ASSETS AND LIABILITIES - Narrative (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease, Right-of-use asset | $ 26,300 |
Operating lease, liability | $ 27,726 |
OPERATING LEASE RIGHT OF USE _4
OPERATING LEASE RIGHT OF USE ASETS AND LIABILITIES - Lease Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 2,657 |
2021 | 3,448 |
2022 | 3,131 |
2023 | 2,442 |
2024 | 2,443 |
Thereafter | 18,241 |
Total undiscounted future minimum lease payments receivable for operating leases | 32,362 |
Discount | (4,636) |
Total operating lease liabilities | $ 27,726 |
OPERATING LEASE RIGHT OF USE _5
OPERATING LEASE RIGHT OF USE ASETS AND LIABILITIES - Lease Cost (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Weighted-average discount rate | 2.40% |
Weighted-average remaining lease term (years) | 12 years 2 months 26 days |
Lease expense | $ 744 |
Short-term and variable lease cost | 178 |
Sublease income | (189) |
Total lease cost for operating leases | $ 733 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 20, 2019 | |
Class of Stock [Line Items] | |||
Stock repurchased during the period (in shares) | 82,971 | 64,628 | |
Stock repurchased during the period, value | $ 2.7 | $ 2.4 | |
Treasury Stock | |||
Class of Stock [Line Items] | |||
Stock repurchased and retired during period (in shares) | 899,371 | ||
Average cost per share (in dollars per share) | $ 34.17 | ||
Remaining number of shares authorized to be repurchased | 319,228 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 7,500,000 |
STOCK COMPENSATION (Details)
STOCK COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2018 | |
Number of Shares | ||
Options outstanding, beginning of period (in shares) | 59,835 | |
Granted (in shares) | 0 | |
Exercised (in shares) | (15,030) | |
Forfeited or expired (in shares) | 0 | |
Options outstanding, end of period (in shares) | 44,805 | |
Options exercisable, end of period (in shares) | 44,805 | |
Weighted Average Exercise Price | ||
Options outstanding, beginning of period (in dollars per share) | $ 8.06 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 7.85 | |
Forfeited or expired (in dollars per share) | 0 | |
Options outstanding, end of period (in dollars per share) | $ 8.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 1 year 3 months 29 days | |
Options exercisable, end of period (in dollars per share) | $ 8.14 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 1 year 3 months 7 days | 1 year 6 months 14 days |
Options exercisable | 1 year 3 months 7 days | |
Aggregate Intrinsic Value | ||
Options outstanding, beginning of period | $ 1,469 | |
Granted | 0 | |
Exercised | 367 | |
Forfeited or expired | 0 | |
Options outstanding, end of period | 1,271 | |
Options exercisable, end of period | $ 1,271 | |
Number of Shares | ||
Nonvested shares outstanding, beginning of period (in shares) | 926,122 | |
Granted (in shares) | 154,422 | |
Vested (in shares) | (230,067) | |
Forfeited or expired (in shares) | (3,817) | |
Nonvested shares outstanding, end of period (in shares) | 846,660 | |
Weighted Average Fair Value at Grant | ||
Nonvested shares outstanding, beginning of period (in dollars per share) | $ 29.54 | |
Granted (in dollars per share) | 32.82 | |
Vested (in dollars per share) | 29.47 | |
Forfeited or expired (in dollars per share) | 32.96 | |
Nonvested shares outstanding, end of period (in dollars per share) | $ 30.14 | |
Stock based compensation expense not yet recognized in income | $ 13,300 | |
Weighted average remaining period for unrecognized stock based compensation | 2 years 7 months 9 days |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) (includes $0 and ($5) reclassified from accumulated other comprehensive income (loss) for the three months ended December 31, 2019 and 2018, respectively) | $ 680 | $ (1,691) |
Effective tax rate | 2.97% | (11.56%) |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Provision at statutory rate | $ 4,567 | $ 3,072 |
Tax-exempt income | (294) | (1,201) |
State income taxes | 1,090 | 701 |
Interim period effective rate adjustment | 860 | 5,263 |
Tax credit investments, net - federal | (4,800) | (9,568) |
Research tax credit | (1,709) | 0 |
IRC 162(m) nondeductible compensation | 838 | 0 |
Other, net | 128 | 42 |
Income tax expense (benefit) | $ 680 | $ (1,691) |
Effective tax rate | 2.97% | (11.56%) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Feb. 09, 2018USD ($) | Dec. 31, 2019USD ($)commitment | Sep. 30, 2019USD ($)commitment | Dec. 24, 2018USD ($) | Oct. 14, 2016USD ($) |
Loss Contingencies [Line Items] | |||||
Unfunded loan commitments | $ 1,040,000,000 | $ 978,100,000 | |||
Number of investment commitments | commitment | 0 | 0 | |||
Securities, buy (sell) obligations | $ 0 | $ 0 | |||
Off-balance sheet credit exposures | $ 100,000 | ||||
Card Limited, LLC v. MetaBank dba Meta Payment Systems | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 4,000,000 | ||||
AFS/IBEX, A Division of MetaBank V. Aegis Managing Agency Limited | |||||
Loss Contingencies [Line Items] | |||||
Damages sought amount | $ 1,600,000 | ||||
Ohio Valley Bank Company V. Metabank dba Refund Advantage, Case No. 18 CV 134 | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 3,000,000 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) | Dec. 31, 2019USD ($) |
Refund Transfer Fees | |
Disaggregation of Revenue [Line Items] | |
Accounts Receivable, before Allowance for Credit Loss, Current | $ 0 |
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 | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net interest income | $ 64,651 | $ 60,272 |
Noninterest income | 37,483 | 37,751 |
Revenues | 102,134 | 98,023 |
Refund Transfer Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 192 | 261 |
Tax Advance Product Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 2,276 | 1,685 |
Credit Card | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 21,499 | 20,807 |
Rental income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 487 | 482 |
Loan and Lease Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 12,351 | 10,890 |
Loss on Sale of Securities, Available for Sale | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | (22) |
Gain (Loss) on Other | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | (2,568) | 1,266 |
Other Revenues for Financial Assets and Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 3,246 | 2,382 |
Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Net interest income | 20,012 | 13,674 |
Noninterest income | 24,764 | 22,891 |
Revenues | 44,776 | 36,565 |
Consumer | Refund Transfer Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 192 | 261 |
Consumer | Tax Advance Product Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 2,276 | 1,685 |
Consumer | Credit Card | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 21,499 | 20,807 |
Consumer | Rental income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Consumer | Loan and Lease Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 4 | 0 |
Consumer | Loss on Sale of Securities, Available for Sale | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Consumer | Gain (Loss) on Other | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 240 | 0 |
Consumer | Other Revenues for Financial Assets and Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 553 | 138 |
Banking | ||
Disaggregation of Revenue [Line Items] | ||
Net interest income | 39,736 | 35,951 |
Noninterest income | 14,980 | 13,932 |
Revenues | 54,716 | 49,883 |
Banking | Refund Transfer Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Banking | Tax Advance Product Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Banking | Credit Card | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Banking | Rental income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 278 | 293 |
Banking | Loan and Lease Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 11,034 | 10,890 |
Banking | Loss on Sale of Securities, Available for Sale | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Banking | Gain (Loss) on Other | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 2,339 | 1,225 |
Banking | Other Revenues for Financial Assets and Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 1,329 | 1,524 |
Corporate Services/Other | ||
Disaggregation of Revenue [Line Items] | ||
Net interest income | 4,903 | 10,647 |
Noninterest income | (2,261) | 928 |
Revenues | 2,642 | 11,575 |
Corporate Services/Other | Refund Transfer Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Corporate Services/Other | Tax Advance Product Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Corporate Services/Other | Credit Card | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | 0 |
Corporate Services/Other | Rental income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 209 | 189 |
Corporate Services/Other | Loan and Lease Fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 1,313 | 0 |
Corporate Services/Other | Loss on Sale of Securities, Available for Sale | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | 0 | (22) |
Corporate Services/Other | Gain (Loss) on Other | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | (5,147) | 41 |
Corporate Services/Other | Other Revenues for Financial Assets and Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income | $ 1,364 | $ 720 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Segment data [Abstract] | ||||
Net interest income | $ 64,651 | $ 60,272 | ||
Provision for loan and lease losses | 3,407 | 9,099 | ||
Noninterest income | 37,483 | 37,751 | ||
Noninterest expense | 75,798 | 74,295 | ||
Income (loss) before income tax expense (benefit) | 22,929 | 14,629 | ||
Total assets | 6,180,926 | 6,182,765 | $ 6,182,890 | |
Goodwill | 309,505 | 303,270 | 309,505 | $ 303,270 |
Total deposits | 4,806,580 | 4,936,447 | ||
Consumer | ||||
Segment data [Abstract] | ||||
Net interest income | 20,012 | 13,674 | ||
Provision for loan and lease losses | 980 | 1,973 | ||
Noninterest income | 24,764 | 22,891 | ||
Noninterest expense | 16,783 | 18,129 | ||
Income (loss) before income tax expense (benefit) | 27,013 | 16,463 | ||
Total assets | 720,873 | 612,999 | ||
Goodwill | 87,145 | 87,145 | 87,145 | 87,145 |
Total deposits | 2,999,184 | 2,763,948 | ||
Commercial | ||||
Segment data [Abstract] | ||||
Net interest income | 39,736 | 35,951 | ||
Provision for loan and lease losses | 3,701 | 3,854 | ||
Noninterest income | 14,980 | 13,932 | ||
Noninterest expense | 26,726 | 29,552 | ||
Income (loss) before income tax expense (benefit) | 24,289 | 16,477 | ||
Total assets | 2,494,253 | 2,074,250 | ||
Goodwill | 222,360 | 216,125 | 222,360 | 216,125 |
Total deposits | 13,855 | 7,177 | ||
Corporate Services/Other | ||||
Segment data [Abstract] | ||||
Net interest income | 4,903 | 10,647 | ||
Provision for loan and lease losses | (1,274) | 3,272 | ||
Noninterest income | (2,261) | 928 | ||
Noninterest expense | 32,289 | 26,614 | ||
Income (loss) before income tax expense (benefit) | (28,373) | (18,311) | ||
Total assets | 2,965,800 | 3,495,516 | ||
Goodwill | 0 | 0 | $ 0 | $ 0 |
Total deposits | $ 1,793,541 | $ 2,165,322 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Available-for-sale debt securities [Abstract] | ||
Mortgage-backed securities | $ 362,120 | $ 382,546 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Total held to maturity securities | 121,899 | 133,470 |
Level 1 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Available-for-sale debt securities [Abstract] | ||
Debt securities available for sale | 0 | 0 |
Common equities and mutual funds | 2,947 | 2,606 |
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] | ||
Debt securities available for sale | 1,214,723 | 1,272,493 |
Common equities and mutual funds | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Total held to maturity securities | 121,899 | 133,470 |
Level 3 | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 3,557,579 | 3,622,597 |
Available-for-sale debt securities [Abstract] | ||
Debt securities available for sale | 0 | 0 |
Common equities and mutual funds | 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 | 14,345 | 38,201 |
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 | 14,345 | 38,201 |
Recurring | ||
Available-for-sale debt securities [Abstract] | ||
Small business administration securities | 180,920 | 185,982 |
Obligations of states and political subdivisions | 874 | 874 |
Non-bank qualified obligations of states and political subdivisions | 373,989 | 400,557 |
Asset-baked securities | 296,820 | 302,534 |
Mortgage-backed securities | 362,120 | 382,546 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Common equities and mutual funds | 2,947 | 2,606 |
Non-marketable equity securities | 2,640 | 1,669 |
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 |
Debt securities available for sale | 0 | 0 |
Common equities and mutual funds | 2,947 | 2,606 |
Non-marketable equity securities | 0 | 0 |
Recurring | Level 2 | ||
Available-for-sale debt securities [Abstract] | ||
Small business administration securities | 180,920 | 185,982 |
Obligations of states and political subdivisions | 874 | 874 |
Non-bank qualified obligations of states and political subdivisions | 373,989 | 400,557 |
Asset-baked securities | 296,820 | 302,534 |
Mortgage-backed securities | 362,120 | 382,546 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Common equities and mutual funds | 0 | 0 |
Non-marketable equity securities | 0 | 0 |
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 |
Debt securities available for sale | 0 | 0 |
Common equities and mutual funds | 0 | 0 |
Non-marketable equity securities | 0 | 0 |
Commercial Portfolio Segment | Nonrecurring | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 13,017 | 8,707 |
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 | $ 13,017 | $ 8,707 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed assets, net | $ 1,328 | $ 29,494 |
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 | 30.00% | |
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 | 3,557,579 | 3,622,597 |
Impaired Loans | Level 3 | Valuation, Market Approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13,017 | 8,707 |
Foreclosed Assets | Level 3 | Valuation, Market Approach | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 1,328 | 29,494 |
Nonrecurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 14,345 | 38,201 |
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 | 14,345 | 38,201 |
Nonrecurring | Commercial Portfolio Segment | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13,017 | 8,707 |
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 | 13,017 | 8,707 |
Nonrecurring | Total National Lending | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13,017 | 8,707 |
Nonrecurring | Total National Lending | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Total National Lending | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | 0 |
Nonrecurring | Total National Lending | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13,017 | 8,707 |
Nonrecurring | Agricultural Operating | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 8,707 | |
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 | 8,707 | |
Nonrecurring | Impaired Loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13,017 | |
Nonrecurring | Impaired Loans | Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | |
Nonrecurring | Impaired Loans | Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 0 | |
Nonrecurring | Impaired Loans | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Fair value | 13,017 | |
Nonrecurring | Foreclosed Assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Foreclosed assets, net | 1,328 | 29,494 |
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 | $ 1,328 | $ 29,494 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Financial assets [Abstract] | ||
Debt securities available for sale | $ 1,214,723 | $ 1,272,493 |
Debt securities held to maturity | 121,899 | 133,470 |
Level 1 | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 152,189 | 126,545 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Common equities and mutual funds | 2,947 | 2,606 |
Non-marketable equity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 18,687 | 20,400 |
Financial liabilities [Abstract] | ||
Deposits held for sale | 0 | |
Deposits | 3,290,280 | 2,920,516 |
Overnight federal funds purchased | 194,000 | |
Overnight federal funds purchased | 642,000 | |
Federal Home Loan Bank advances | 0 | 0 |
Other short- and long-term borrowings | 0 | 0 |
Accrued interest payable | 6,620 | 9,414 |
Level 2 | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Debt securities held to maturity | 121,899 | 133,470 |
Common equities and mutual funds | 0 | 0 |
Non-marketable equity securities | 9,500 | 6,500 |
Loans held for sale | 264,266 | 148,777 |
Loans and leases receivable | 0 | 0 |
Federal Home Loan Bank stock | 13,796 | 30,916 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits held for sale | 288,975 | |
Deposits | 1,237,096 | 1,417,994 |
Overnight federal funds purchased | 0 | |
Overnight federal funds purchased | 0 | |
Federal Home Loan Bank advances | 110,733 | 110,691 |
Other short- and long-term borrowings | 106,716 | 113,876 |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 0 | 0 |
Debt securities held to maturity | 0 | 0 |
Common equities and mutual funds | 0 | 0 |
Non-marketable equity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans and leases receivable | 3,557,579 | 3,622,597 |
Federal Home Loan Bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits held for sale | 0 | |
Deposits | 0 | 0 |
Overnight federal funds purchased | 0 | |
Overnight federal funds purchased | 0 | |
Federal Home Loan Bank advances | 0 | 0 |
Other short- and long-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Amount | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 152,189 | 126,545 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Debt securities held to maturity | 123,117 | 134,764 |
Common equities and mutual funds | 2,947 | 2,606 |
Non-marketable equity securities | 12,140 | 8,169 |
Loans held for sale | 264,266 | 148,777 |
Loans and leases receivable | 3,583,297 | 3,651,413 |
Federal Home Loan Bank stock | 13,796 | 30,916 |
Accrued interest receivable | 18,687 | 20,400 |
Financial liabilities [Abstract] | ||
Deposits held for sale | 288,975 | |
Deposits | 4,517,605 | 4,337,005 |
Overnight federal funds purchased | 194,000 | |
Overnight federal funds purchased | 642,000 | |
Federal Home Loan Bank advances | 110,000 | 110,000 |
Other short- and long-term borrowings | 103,070 | 109,857 |
Accrued interest payable | 6,620 | 9,414 |
Estimated Fair Value | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 152,189 | 126,545 |
Debt securities available for sale | 1,214,723 | 1,272,493 |
Debt securities held to maturity | 121,899 | 133,470 |
Common equities and mutual funds | 2,947 | 2,606 |
Non-marketable equity securities | 12,140 | 8,169 |
Loans held for sale | 264,266 | 148,777 |
Loans and leases receivable | 3,557,579 | 3,622,597 |
Federal Home Loan Bank stock | 13,796 | 30,916 |
Accrued interest receivable | 18,687 | 20,400 |
Financial liabilities [Abstract] | ||
Deposits held for sale | 288,975 | |
Deposits | 4,527,377 | 4,338,510 |
Overnight federal funds purchased | 194,000 | |
Overnight federal funds purchased | 642,000 | |
Federal Home Loan Bank advances | 110,733 | 110,691 |
Other short- and long-term borrowings | 106,716 | 113,876 |
Accrued interest payable | $ 6,620 | $ 9,414 |
Uncategorized Items - cash12312
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,502,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,502,000 |
Accounting Standards Update 2014-09 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,502,000 |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 475,000 |
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) |