|
|
|
|
|
Delaware
|
42-1406262
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer☐
|
Accelerated filer☒
|
Non-accelerated filer☐
|
Smaller Reporting Company☐
|
Class:
|
Outstanding at February 3, 2017:
|
Common Stock, $.01 par value
|
9,345,762 shares
|
Nonvoting Common Stock, $.01 par value
|
0 Nonvoting shares
|
|
|
|
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|
|
|
|
Item 1.
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||
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||
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Item 2.
|
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Item 3.
|
||
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Item 4.
|
||
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Item 1.
|
||
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Item 1A.
|
||
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Item 2.
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||
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Item 6.
|
||
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|
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Three Months Ended December 31,
|
|
||||||
|
2016
|
|
2015
|
|
||||
Interest and dividend income:
|
|
|
|
|
||||
Loans receivable, including fees
|
$
|
10,678
|
|
|
$
|
8,319
|
|
|
Mortgage-backed securities
|
3,320
|
|
|
3,713
|
|
|
||
Other investments
|
8,577
|
|
|
6,243
|
|
|
||
|
22,575
|
|
|
18,275
|
|
|
||
Interest expense:
|
|
|
|
|
|
|
||
Deposits
|
938
|
|
|
163
|
|
|
||
FHLB advances and other borrowings
|
1,804
|
|
|
557
|
|
|
||
|
2,742
|
|
|
720
|
|
|
||
|
|
|
|
|
||||
Net interest income
|
19,833
|
|
|
17,555
|
|
|
||
|
|
|
|
|
||||
Provision (recovery) for loan losses
|
843
|
|
|
786
|
|
|
||
|
|
|
|
|
||||
Net interest income after provision for loan losses
|
18,990
|
|
|
16,769
|
|
|
||
|
|
|
|
|
||||
Non-interest income:
|
|
|
|
|
|
|
||
Tax product fees
|
625
|
|
|
135
|
|
|
||
Card fees
|
18,414
|
|
|
15,256
|
|
|
||
Loan fees
|
870
|
|
|
792
|
|
|
||
Bank-owned life insurance
|
448
|
|
|
374
|
|
|
||
Deposit fees
|
150
|
|
|
162
|
|
|
||
Gain (loss) on sale of securities available for sale, net (includes ($1,234) and $21 reclassified from accumulated other comprehensive income (loss) for net gains (losses) on available for sale securities for the three months ended December, 2016 and 2015, respectively)
|
(1,234
|
)
|
|
21
|
|
|
||
Other income (loss)
|
76
|
|
|
94
|
|
|
||
Total non-interest income
|
19,349
|
|
|
16,834
|
|
|
||
|
|
|
|
|
||||
Non-interest expense:
|
|
|
|
|
|
|
||
Compensation and benefits
|
17,850
|
|
|
14,655
|
|
|
||
Tax product
|
78
|
|
|
18
|
|
|
||
Card processing
|
5,579
|
|
|
5,234
|
|
|
||
Occupancy and equipment
|
3,977
|
|
|
3,379
|
|
|
||
Legal and consulting
|
2,723
|
|
|
1,131
|
|
|
||
Marketing
|
470
|
|
|
502
|
|
|
||
Data processing
|
363
|
|
|
341
|
|
|
||
Amortization expense
|
1,525
|
|
|
1,213
|
|
|
||
Other expense
|
4,188
|
|
|
3,535
|
|
|
||
Total non-interest expense
|
36,753
|
|
|
30,008
|
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
Income before income tax expense
|
1,586
|
|
|
3,595
|
|
|
||
|
|
|
|
|
||||
Income tax expense (includes ($463) and $8 income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) for the three months ended December 31, 2016 and 2015, respectively)
|
342
|
|
|
(463
|
)
|
|
||
|
|
|
|
|
||||
Net income
|
$
|
1,244
|
|
|
$
|
4,058
|
|
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
|
|
|
||
Basic
|
$
|
0.14
|
|
|
$
|
0.49
|
|
|
Diluted
|
$
|
0.14
|
|
|
$
|
0.49
|
|
|
|
Three Months Ended
December 31, |
|
||||||
|
2016
|
|
2015
|
|
||||
Net income
|
$
|
1,244
|
|
|
$
|
4,058
|
|
|
|
|
|
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
||
Change in net unrealized gain (loss) on securities
|
(45,268
|
)
|
|
2,621
|
|
|
||
Losses (gains) realized in net income
|
1,234
|
|
|
(21
|
)
|
|
||
|
(44,034
|
)
|
|
2,600
|
|
|
||
LESS: Deferred income tax effect
|
(16,092
|
)
|
|
974
|
|
|
||
Total other comprehensive income (loss)
|
(27,942
|
)
|
|
1,626
|
|
|
||
Total comprehensive income (loss)
|
$
|
(26,698
|
)
|
|
$
|
5,684
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Retained Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock |
|
Total Stockholders’ Equity |
||||||||||||
Balance, September 30, 2015
|
$
|
82
|
|
|
$
|
170,749
|
|
|
$
|
98,359
|
|
|
$
|
2,455
|
|
|
$
|
(310
|
)
|
|
$
|
271,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash dividends declared on common stock ($0.13 per share)
|
—
|
|
|
—
|
|
|
(1,068
|
)
|
|
—
|
|
|
—
|
|
|
(1,068
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares from the sales of equity securities
|
3
|
|
|
11,614
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,617
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to issuance of stock options, restricted stock and ESOP
|
—
|
|
|
1,060
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
1,370
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
639
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
639
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized gains on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
1,626
|
|
|
—
|
|
|
1,626
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
4,058
|
|
|
—
|
|
|
—
|
|
|
4,058
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2015
|
$
|
85
|
|
|
$
|
184,062
|
|
|
$
|
101,349
|
|
|
$
|
4,081
|
|
|
$
|
—
|
|
|
$
|
289,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2016
|
$
|
85
|
|
|
$
|
184,780
|
|
|
$
|
127,190
|
|
|
$
|
22,920
|
|
|
$
|
—
|
|
|
$
|
334,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash dividends declared on common stock ($0.13 per share)
|
—
|
|
|
—
|
|
|
(1,195
|
)
|
|
—
|
|
|
—
|
|
|
(1,195
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to issuance of stock options, restricted stock and ESOP
|
3
|
|
|
3,245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,248
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to acquisitions
|
5
|
|
|
37,291
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,296
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contingent consideration equity earnout due to SCS acquisition
|
—
|
|
|
24,091
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,091
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized gains on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,942
|
)
|
|
—
|
|
|
(27,942
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
1,244
|
|
|
—
|
|
|
—
|
|
|
1,244
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2016
|
$
|
93
|
|
|
$
|
249,476
|
|
|
$
|
127,239
|
|
|
$
|
(5,022
|
)
|
|
$
|
—
|
|
|
$
|
371,786
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
1,244
|
|
|
$
|
4,058
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation, amortization and accretion, net
|
9,479
|
|
|
8,635
|
|
||
Provision (recovery) for loan losses
|
843
|
|
|
786
|
|
||
Provision (recovery) for deferred taxes
|
(927
|
)
|
|
(1,148
|
)
|
||
(Gain) loss on other assets
|
(6
|
)
|
|
(12
|
)
|
||
(Gain) loss on sale of securities available for sale, net
|
1,234
|
|
|
(21
|
)
|
||
Capital lease obligations interest expense
|
31
|
|
|
32
|
|
||
Net change in accrued interest receivable
|
(4,176
|
)
|
|
(2,954
|
)
|
||
Originations of loans held for sale
|
(27,191
|
)
|
|
—
|
|
||
Proceeds from sales of loans held for sale
|
25,968
|
|
|
—
|
|
||
Change in bank-owned life insurance value
|
(448
|
)
|
|
(374
|
)
|
||
Net change in other assets
|
(27,164
|
)
|
|
(1,857
|
)
|
||
Net change in accrued interest payable
|
1,379
|
|
|
(43
|
)
|
||
Net change in accrued expenses and other liabilities
|
14,224
|
|
|
(11,436
|
)
|
||
Net cash provided by (used in) operating activities
|
(5,510
|
)
|
|
(4,334
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchase of securities available-for-sale
|
(144,024
|
)
|
|
(135,466
|
)
|
||
Proceeds from sales of securities available-for-sale
|
60,623
|
|
|
27,672
|
|
||
Proceeds from maturities and principal repayments of securities available-for-sale
|
30,849
|
|
|
25,646
|
|
||
Purchase of securities held to maturity
|
—
|
|
|
(69,526
|
)
|
||
Proceeds from maturities and principal repayments of securities held to maturity
|
13,301
|
|
|
3,029
|
|
||
Purchase of student loan portfolio
|
(136,172
|
)
|
|
—
|
|
||
Proceeds from loan sales
|
6,525
|
|
|
—
|
|
||
Net change in loans receivable
|
(59,008
|
)
|
|
(31,660
|
)
|
||
Net cash paid for acquisitions
|
(29,425
|
)
|
|
—
|
|
||
Federal Home Loan Bank stock purchases
|
(140,680
|
)
|
|
(193,640
|
)
|
||
Federal Home Loan Bank stock redemptions
|
184,360
|
|
|
213,240
|
|
||
Proceeds from the sale of premises and equipment
|
58
|
|
|
13
|
|
||
Purchase of premises and equipment
|
(2,899
|
)
|
|
(1,521
|
)
|
||
Net cash provided by (used in) investing activities
|
(216,492
|
)
|
|
(162,213
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Net change in checking, savings, and money market deposits
|
309,726
|
|
|
928,701
|
|
||
Net change in time deposits
|
(3,658
|
)
|
|
(17,192
|
)
|
||
Net change in wholesale deposits
|
926,987
|
|
|
—
|
|
||
Net change in FHLB and other borrowings
|
(100,000
|
)
|
|
50,000
|
|
||
Net change in federal funds
|
(992,000
|
)
|
|
(540,000
|
)
|
||
Net change in securities sold under agreements to repurchase
|
744
|
|
|
(2,000
|
)
|
||
Principal payments on capital lease obligations
|
(18
|
)
|
|
(31
|
)
|
||
Cash dividends paid
|
(1,195
|
)
|
|
(1,068
|
)
|
||
Stock compensation
|
69
|
|
|
639
|
|
||
Proceeds from issuance of common stock
|
3,248
|
|
|
12,987
|
|
||
Net cash provided by (used in) financing activities
|
143,903
|
|
|
432,036
|
|
||
|
|
|
|
||||
Net change in cash and cash equivalents
|
(78,099
|
)
|
|
265,489
|
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
773,830
|
|
|
27,658
|
|
||
Cash and cash equivalents at end of period
|
$
|
695,731
|
|
|
$
|
293,147
|
|
|
|
|
|
|
Three Months Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest
|
$
|
1,362
|
|
|
$
|
763
|
|
Income taxes
|
2,110
|
|
|
1,579
|
|
||
Franchise taxes
|
20
|
|
|
20
|
|
||
Other taxes
|
1
|
|
|
1
|
|
||
|
|
|
|
||||
Supplemental schedule of non-cash investing activities:
|
|
|
|
|
|
||
Stock issued for acquisitions
|
$
|
(37,296
|
)
|
|
$
|
—
|
|
Contingent consideration - cash
|
(17,259
|
)
|
|
—
|
|
||
Contingent consideration - equity
|
(24,091
|
)
|
|
—
|
|
||
Purchase of available-for-sale securities accrued, not paid
|
—
|
|
|
4,264
|
|
|
As of November 1, 2016
|
|
|
(Dollars in Thousands)
|
|
Fair value of consideration paid
|
|
|
Cash
|
21,877
|
|
Stock issued
|
26,507
|
|
Total consideration paid
|
48,384
|
|
|
|
|
Fair value of assets acquired
|
|
|
Intangible assets
|
17,930
|
|
Other assets
|
79
|
|
Total assets
|
18,009
|
|
Fair value of net assets acquired
|
18,009
|
|
Goodwill resulting from acquisition
|
30,375
|
|
|
As of December 14, 2016
|
|
|
(Dollars in Thousands)
|
|
Fair value of transaction consideration
|
|
|
Cash
|
7,548
|
|
Stock issued
|
10,789
|
|
Paid consideration
|
18,337
|
|
Contingent consideration - cash
|
17,259
|
|
Contingent consideration - equity
|
24,091
|
|
Contingent consideration payable
|
41,350
|
|
Total consideration paid
|
59,687
|
|
|
|
|
Fair value of assets acquired
|
|
|
Intangible assets
|
28,090
|
|
Other assets
|
2
|
|
Total assets
|
28,092
|
|
Fair value of net assets acquired
|
28,092
|
|
Goodwill resulting from acquisition
|
31,595
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
|
(Dollars in Thousands)
|
||||||
1-4 Family Real Estate
|
$
|
172,877
|
|
|
$
|
162,298
|
|
Commercial and Multi-Family Real Estate
|
440,512
|
|
|
422,932
|
|
||
Agricultural Real Estate
|
64,014
|
|
|
63,612
|
|
||
Consumer
|
173,164
|
|
|
37,094
|
|
||
Commercial Operating
|
50,824
|
|
|
31,271
|
|
||
Agricultural Operating
|
33,617
|
|
|
37,083
|
|
||
Premium Finance
|
179,508
|
|
|
171,604
|
|
||
Total Loans Receivable
|
1,114,516
|
|
|
925,894
|
|
||
|
|
|
|
||||
Allowance for Loan Losses
|
(6,415
|
)
|
|
(5,635
|
)
|
||
Net Deferred Loan Origination Fees
|
(1,031
|
)
|
|
(789
|
)
|
||
Total Loans Receivable, Net
|
$
|
1,107,070
|
|
|
$
|
919,470
|
|
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
Premium
Finance |
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||
Three Months Ended
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
654
|
|
|
$
|
2,198
|
|
|
$
|
142
|
|
|
$
|
51
|
|
|
$
|
117
|
|
|
$
|
1,332
|
|
|
$
|
588
|
|
|
$
|
553
|
|
|
$
|
5,635
|
|
Provision (recovery) for loan losses
|
—
|
|
|
(286
|
)
|
|
334
|
|
|
(28
|
)
|
|
691
|
|
|
(3
|
)
|
|
110
|
|
|
25
|
|
|
843
|
|
|||||||||
Charge offs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(118
|
)
|
|
—
|
|
|
(118
|
)
|
|||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
5
|
|
|
12
|
|
|
14
|
|
|
—
|
|
|
55
|
|
|||||||||
Ending balance
|
$
|
654
|
|
|
$
|
1,912
|
|
|
$
|
476
|
|
|
$
|
47
|
|
|
$
|
813
|
|
|
$
|
1,341
|
|
|
$
|
594
|
|
|
$
|
578
|
|
|
$
|
6,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance: individually evaluated for impairment
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
339
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
643
|
|
|
1,912
|
|
|
476
|
|
|
47
|
|
|
474
|
|
|
1,341
|
|
|
594
|
|
|
578
|
|
|
6,065
|
|
|||||||||
Total
|
$
|
654
|
|
|
$
|
1,912
|
|
|
$
|
476
|
|
|
$
|
47
|
|
|
$
|
813
|
|
|
$
|
1,341
|
|
|
$
|
594
|
|
|
$
|
578
|
|
|
$
|
6,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balance: individually
evaluated for impairment |
190
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,124
|
|
|||||||||
Ending balance: collectively
evaluated for impairment |
172,687
|
|
|
440,083
|
|
|
64,014
|
|
|
173,164
|
|
|
50,319
|
|
|
33,617
|
|
|
179,508
|
|
|
—
|
|
|
1,113,392
|
|
|||||||||
Total
|
$
|
172,877
|
|
|
$
|
440,512
|
|
|
$
|
64,014
|
|
|
$
|
173,164
|
|
|
$
|
50,824
|
|
|
$
|
33,617
|
|
|
$
|
179,508
|
|
|
$
|
—
|
|
|
$
|
1,114,516
|
|
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
Premium
Finance |
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||
Three Months Ended
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
278
|
|
|
$
|
1,187
|
|
|
$
|
163
|
|
|
$
|
20
|
|
|
$
|
28
|
|
|
$
|
3,537
|
|
|
$
|
293
|
|
|
$
|
749
|
|
|
$
|
6,255
|
|
Provision (recovery) for loan losses
|
7
|
|
|
7
|
|
|
8
|
|
|
—
|
|
|
79
|
|
|
319
|
|
|
506
|
|
|
(140
|
)
|
|
786
|
|
|||||||||
Charge offs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(390
|
)
|
|
—
|
|
|
(390
|
)
|
|||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||||||||
Ending balance
|
$
|
285
|
|
|
$
|
1,194
|
|
|
$
|
171
|
|
|
$
|
20
|
|
|
$
|
107
|
|
|
$
|
3,856
|
|
|
$
|
424
|
|
|
$
|
609
|
|
|
$
|
6,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance: individually
evaluated for impairment |
—
|
|
|
235
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,614
|
|
|
—
|
|
|
—
|
|
|
3,849
|
|
|||||||||
Ending balance: collectively
evaluated for impairment |
285
|
|
|
959
|
|
|
171
|
|
|
20
|
|
|
107
|
|
|
242
|
|
|
424
|
|
|
609
|
|
|
2,817
|
|
|||||||||
Total
|
$
|
285
|
|
|
$
|
1,194
|
|
|
$
|
171
|
|
|
$
|
20
|
|
|
$
|
107
|
|
|
$
|
3,856
|
|
|
$
|
424
|
|
|
$
|
609
|
|
|
$
|
6,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balance: individually
evaluated for impairment |
117
|
|
|
1,341
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
4,832
|
|
|
—
|
|
|
—
|
|
|
6,298
|
|
|||||||||
Ending balance: collectively
evaluated for impairment |
134,733
|
|
|
320,784
|
|
|
64,181
|
|
|
34,868
|
|
|
37,497
|
|
|
35,580
|
|
|
110,640
|
|
|
—
|
|
|
738,283
|
|
|||||||||
Total
|
$
|
134,850
|
|
|
$
|
322,125
|
|
|
$
|
64,181
|
|
|
$
|
34,868
|
|
|
$
|
37,505
|
|
|
$
|
40,412
|
|
|
$
|
110,640
|
|
|
$
|
—
|
|
|
$
|
744,581
|
|
December 31, 2016
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
Premium
Finance |
|
Total
|
||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||
Pass
|
$
|
171,840
|
|
|
$
|
439,186
|
|
|
$
|
33,272
|
|
|
$
|
173,164
|
|
|
$
|
50,139
|
|
|
$
|
17,815
|
|
|
$
|
179,508
|
|
|
$
|
1,064,924
|
|
Watch
|
197
|
|
|
73
|
|
|
1,641
|
|
|
—
|
|
|
180
|
|
|
1,999
|
|
|
—
|
|
|
4,090
|
|
||||||||
Special Mention
|
663
|
|
|
938
|
|
|
24,645
|
|
|
—
|
|
|
—
|
|
|
3,286
|
|
|
—
|
|
|
29,532
|
|
||||||||
Substandard
|
177
|
|
|
315
|
|
|
4,456
|
|
|
—
|
|
|
165
|
|
|
10,517
|
|
|
—
|
|
|
15,630
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
340
|
|
|
—
|
|
|
—
|
|
|
340
|
|
||||||||
|
$
|
172,877
|
|
|
$
|
440,512
|
|
|
$
|
64,014
|
|
|
$
|
173,164
|
|
|
$
|
50,824
|
|
|
$
|
33,617
|
|
|
$
|
179,508
|
|
|
$
|
1,114,516
|
|
September 30, 2016
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
Premium
Finance |
|
Total
|
||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||
Pass
|
$
|
161,255
|
|
|
$
|
421,577
|
|
|
$
|
34,421
|
|
|
$
|
37,094
|
|
|
$
|
30,574
|
|
|
$
|
19,669
|
|
|
$
|
171,604
|
|
|
$
|
876,194
|
|
Watch
|
200
|
|
|
72
|
|
|
2,934
|
|
|
—
|
|
|
184
|
|
|
4,625
|
|
|
—
|
|
|
8,015
|
|
||||||||
Special Mention
|
666
|
|
|
962
|
|
|
25,675
|
|
|
—
|
|
|
—
|
|
|
5,407
|
|
|
—
|
|
|
32,710
|
|
||||||||
Substandard
|
177
|
|
|
321
|
|
|
582
|
|
|
—
|
|
|
513
|
|
|
7,382
|
|
|
—
|
|
|
8,975
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
$
|
162,298
|
|
|
$
|
422,932
|
|
|
$
|
63,612
|
|
|
$
|
37,094
|
|
|
$
|
31,271
|
|
|
$
|
37,083
|
|
|
$
|
171,604
|
|
|
$
|
925,894
|
|
•
|
A recommendation regarding additional controls needed to mitigate the concentration exposure.
|
•
|
A limitation or cap placed on the size of the concentration.
|
•
|
The potential necessity for increased capital and/or credit reserves to cover the increased risk caused by the concentration(s).
|
•
|
A strategy to reduce to acceptable levels those concentration(s) that are determined to create undue risk to the Bank.
|
December 31, 2016
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
Greater Than
90 Days |
|
Total Past
Due |
|
Current
|
|
Non-Accrual
Loans |
|
Total Loans
Receivable |
||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
1-4 Family Real Estate
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
382
|
|
|
$
|
480
|
|
|
$
|
172,285
|
|
|
$
|
112
|
|
|
$
|
172,877
|
|
Commercial and Multi-Family Real Estate
|
3,040
|
|
|
155
|
|
|
—
|
|
|
3,195
|
|
|
437,317
|
|
|
—
|
|
|
440,512
|
|
|||||||
Agricultural Real Estate
|
1,146
|
|
|
1,060
|
|
|
—
|
|
|
2,206
|
|
|
61,808
|
|
|
—
|
|
|
64,014
|
|
|||||||
Consumer
|
309
|
|
|
—
|
|
|
29
|
|
|
338
|
|
|
172,826
|
|
|
—
|
|
|
173,164
|
|
|||||||
Commercial Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,319
|
|
|
505
|
|
|
50,824
|
|
|||||||
Agricultural Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,617
|
|
|
—
|
|
|
33,617
|
|
|||||||
Premium Finance
|
1,080
|
|
|
431
|
|
|
1,207
|
|
|
2,718
|
|
|
176,790
|
|
|
—
|
|
|
179,508
|
|
|||||||
Total
|
$
|
5,673
|
|
|
$
|
1,646
|
|
|
$
|
1,618
|
|
|
$
|
8,937
|
|
|
$
|
1,104,962
|
|
|
$
|
617
|
|
|
$
|
1,114,516
|
|
September 30, 2016
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
Greater Than
90 Days |
|
Total Past
Due |
|
Current
|
|
Non-Accrual
Loans |
|
Total Loans
Receivable |
||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
1-4 Family Real Estate
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
162,185
|
|
|
$
|
83
|
|
|
$
|
162,298
|
|
Commercial and Multi-Family Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
422,932
|
|
|
—
|
|
|
422,932
|
|
|||||||
Agricultural Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,612
|
|
|
—
|
|
|
63,612
|
|
|||||||
Consumer
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
|
37,041
|
|
|
—
|
|
|
37,094
|
|
|||||||
Commercial Operating
|
151
|
|
|
354
|
|
|
—
|
|
|
505
|
|
|
30,766
|
|
|
—
|
|
|
31,271
|
|
|||||||
Agricultural Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,083
|
|
|
—
|
|
|
37,083
|
|
|||||||
Premium Finance
|
1,398
|
|
|
275
|
|
|
965
|
|
|
2,638
|
|
|
168,966
|
|
|
—
|
|
|
171,604
|
|
|||||||
Total
|
$
|
1,549
|
|
|
$
|
659
|
|
|
$
|
1,018
|
|
|
$
|
3,226
|
|
|
$
|
922,585
|
|
|
$
|
83
|
|
|
$
|
925,894
|
|
|
Recorded
Balance |
|
Unpaid Principal
Balance |
|
Specific
Allowance |
||||||
December 31, 2016
|
(Dollars in Thousands)
|
||||||||||
Loans without a specific valuation allowance
|
|
|
|
|
|
||||||
1-4 Family Real Estate
|
$
|
112
|
|
|
$
|
112
|
|
|
$
|
—
|
|
Commercial and Multi-Family Real Estate
|
429
|
|
|
429
|
|
|
—
|
|
|||
Total
|
$
|
541
|
|
|
$
|
541
|
|
|
$
|
—
|
|
Loans with a specific valuation allowance
|
|
|
|
|
|
|
|
|
|||
1-4 Family Real Estate
|
$
|
78
|
|
|
$
|
78
|
|
|
$
|
11
|
|
Commercial Operating
|
$
|
505
|
|
|
$
|
505
|
|
|
$
|
339
|
|
Total
|
$
|
583
|
|
|
$
|
583
|
|
|
$
|
350
|
|
|
Recorded
Balance |
|
Unpaid Principal
Balance |
|
Specific
Allowance |
||||||
September 30, 2016
|
(Dollars in Thousands)
|
||||||||||
Loans without a specific valuation allowance
|
|
|
|
|
|
||||||
1-4 Family Real Estate
|
$
|
84
|
|
|
$
|
84
|
|
|
$
|
—
|
|
Commercial and Multi-Family Real Estate
|
433
|
|
|
433
|
|
|
—
|
|
|||
Total
|
$
|
517
|
|
|
$
|
517
|
|
|
$
|
—
|
|
Loans with a specific valuation allowance
|
|
|
|
|
|
|
|
|
|||
1-4 Family Real Estate
|
$
|
78
|
|
|
$
|
78
|
|
|
$
|
10
|
|
Total
|
$
|
78
|
|
|
$
|
78
|
|
|
$
|
10
|
|
|
Three Months Ended December 31,
|
|
||||||
|
2016
|
|
2015
|
|
||||
|
Average
Recorded Investment |
|
Average
Recorded Investment |
|
||||
|
(Dollars in Thousands)
|
|||||||
1-4 Family Real Estate
|
$
|
172
|
|
|
$
|
119
|
|
|
Commercial and Multi-Family Real Estate
|
432
|
|
|
1,347
|
|
|
||
Commercial Operating
|
168
|
|
|
10
|
|
|
||
Agricultural Operating
|
—
|
|
|
5,032
|
|
|
||
Total
|
$
|
772
|
|
|
$
|
6,508
|
|
|
Three Months Ended December 31,
|
2016
|
|
2015
|
||||
(Dollars in Thousands, Except Share and Per Share Data)
|
|
|
|
||||
Earnings
|
|
|
|
||||
Net Income
|
$
|
1,244
|
|
|
$
|
4,058
|
|
|
|
|
|
||||
Basic EPS
|
|
|
|
|
|
||
Weighted average common shares outstanding
|
8,938,339
|
|
|
8,245,368
|
|
||
LESS: weighted average nonvested shares
|
151,312
|
|
|
27,311
|
|
||
Weighted average common shares outstanding
|
8,787,027
|
|
|
8,218,057
|
|
||
|
|
|
|
||||
Earnings Per Common Share
|
|
|
|
|
|
||
Basic
|
$
|
0.14
|
|
|
$
|
0.49
|
|
|
|
|
|
||||
Diluted EPS
|
|
|
|
|
|
||
Weighted average common shares outstanding for basic earnings per common share
|
8,787,027
|
|
|
8,218,057
|
|
||
Dilutive effect of assumed exercises of stock options, net of tax benefits
|
82,050
|
|
|
66,198
|
|
||
Weighted average common and dilutive potential common shares outstanding
|
8,869,077
|
|
|
8,284,255
|
|
||
|
|
|
|
||||
Earnings Per Common Share
|
|
|
|
|
|
||
Diluted
|
$
|
0.14
|
|
|
$
|
0.49
|
|
Available For Sale
|
|
|
GROSS
|
|
|
GROSS
|
|
|
|
||||||
At December 31, 2016
|
AMORTIZED
COST |
|
|
UNREALIZED
GAINS |
|
|
UNREALIZED
(LOSSES) |
|
|
FAIR
VALUE |
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Small business administration securities
|
78,396
|
|
|
1,104
|
|
|
(52
|
)
|
|
79,448
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
740,723
|
|
|
3,432
|
|
|
(6,172
|
)
|
|
737,983
|
|
||||
Asset-backed securities
|
118,085
|
|
|
791
|
|
|
(729
|
)
|
|
118,147
|
|
||||
Mortgage-backed securities
|
543,698
|
|
|
497
|
|
|
(9,256
|
)
|
|
534,939
|
|
||||
Total debt securities
|
1,480,902
|
|
|
5,824
|
|
|
(16,209
|
)
|
|
1,470,517
|
|
||||
Common equities and mutual funds
|
856
|
|
|
406
|
|
|
(8
|
)
|
|
1,254
|
|
||||
Total available for sale securities
|
$
|
1,481,758
|
|
|
$
|
6,230
|
|
|
$
|
(16,217
|
)
|
|
$
|
1,471,771
|
|
At September 30, 2016
|
AMORTIZED
COST |
|
|
GROSS
UNREALIZED GAINS |
|
|
GROSS
UNREALIZED (LOSSES) |
|
|
FAIR
VALUE |
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Trust preferred securities
|
$
|
14,935
|
|
|
$
|
—
|
|
|
$
|
(1,957
|
)
|
|
$
|
12,978
|
|
Small business administration securities
|
78,431
|
|
|
2,288
|
|
|
—
|
|
|
80,719
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
668,628
|
|
|
30,141
|
|
|
(97
|
)
|
|
698,672
|
|
||||
Asset-backed securities
|
117,487
|
|
|
73
|
|
|
(745
|
)
|
|
116,815
|
|
||||
Mortgage-backed securities
|
555,036
|
|
|
4,382
|
|
|
(478
|
)
|
|
558,940
|
|
||||
Total debt securities
|
1,434,517
|
|
|
36,884
|
|
|
(3,277
|
)
|
|
1,468,124
|
|
||||
Common equities and mutual funds
|
755
|
|
|
373
|
|
|
(3
|
)
|
|
1,125
|
|
||||
Total available for sale securities
|
$
|
1,435,272
|
|
|
$
|
37,257
|
|
|
$
|
(3,280
|
)
|
|
$
|
1,469,249
|
|
Held to Maturity
|
|
|
GROSS
|
|
|
GROSS
|
|
|
|
||||||
At December 31, 2016
|
AMORTIZED
COST |
|
|
UNREALIZED
GAINS |
|
|
UNREALIZED
(LOSSES) |
|
|
FAIR
VALUE |
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
20,352
|
|
|
$
|
45
|
|
|
$
|
(278
|
)
|
|
$
|
20,119
|
|
Non-bank qualified obligations of states and political subdivisions
|
458,259
|
|
|
1,326
|
|
|
(5,072
|
)
|
|
454,513
|
|
||||
Mortgage-backed securities
|
126,365
|
|
|
—
|
|
|
(1,896
|
)
|
|
124,469
|
|
||||
Total held to maturity securities
|
$
|
604,976
|
|
|
$
|
1,371
|
|
|
$
|
(7,246
|
)
|
|
$
|
599,101
|
|
At September 30, 2016
|
AMORTIZED
COST |
|
|
GROSS
UNREALIZED GAINS |
|
|
GROSS
UNREALIZED (LOSSES) |
|
|
FAIR
VALUE |
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
20,626
|
|
|
$
|
355
|
|
|
$
|
(44
|
)
|
|
$
|
20,937
|
|
Non-bank qualified obligations of states and political subdivisions
|
465,469
|
|
|
11,744
|
|
|
(11
|
)
|
|
477,202
|
|
||||
Mortgage-backed securities
|
133,758
|
|
|
708
|
|
|
(31
|
)
|
|
134,435
|
|
||||
Total held to maturity securities
|
$
|
619,853
|
|
|
$
|
12,807
|
|
|
$
|
(86
|
)
|
|
$
|
632,574
|
|
At September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||
Issuer
|
Amortized Cost
|
|
Fair Value
|
|
Unrealized
Gain (Loss) |
|
S&P
Credit Rating |
|
Moody's
Credit Rating |
||||||
|
(Dollars in Thousands)
|
|
|
|
|
||||||||||
Key Corp. Capital I
|
$
|
4,987
|
|
|
$
|
4,189
|
|
|
$
|
(798
|
)
|
|
BB+
|
|
Baa2
|
Huntington Capital Trust II SE
|
4,981
|
|
|
4,077
|
|
|
(904
|
)
|
|
BB
|
|
Baa2
|
|||
PNC Capital Trust
|
4,968
|
|
|
4,712
|
|
|
(256
|
)
|
|
BBB-
|
|
Baa1
|
|||
Total
|
$
|
14,936
|
|
|
$
|
12,978
|
|
|
$
|
(1,958
|
)
|
|
|
|
|
|
Available For Sale
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
At December 31, 2016
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Small business administration securities
|
$
|
28,331
|
|
|
$
|
(52
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,331
|
|
|
$
|
(52
|
)
|
Non-bank qualified obligations of states and political subdivisions
|
396,493
|
|
|
(6,002
|
)
|
|
2,561
|
|
|
(170
|
)
|
|
399,054
|
|
|
(6,172
|
)
|
||||||
Asset-backed securities
|
50,481
|
|
|
(729
|
)
|
|
—
|
|
|
—
|
|
|
50,481
|
|
|
(729
|
)
|
||||||
Mortgage-backed securities
|
473,394
|
|
|
(8,333
|
)
|
|
34,794
|
|
|
(923
|
)
|
|
508,188
|
|
|
(9,256
|
)
|
||||||
Total debt securities
|
948,699
|
|
|
(15,116
|
)
|
|
37,355
|
|
|
(1,093
|
)
|
|
986,054
|
|
|
(16,209
|
)
|
||||||
Common equities and mutual funds
|
—
|
|
|
—
|
|
|
120
|
|
|
(8
|
)
|
|
120
|
|
|
(8
|
)
|
||||||
Total available for sale securities
|
$
|
948,699
|
|
|
$
|
(15,116
|
)
|
|
$
|
37,475
|
|
|
$
|
(1,101
|
)
|
|
$
|
986,174
|
|
|
$
|
(16,217
|
)
|
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
At September 30, 2016
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trust preferred securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,978
|
|
|
$
|
(1,957
|
)
|
|
$
|
12,978
|
|
|
$
|
(1,957
|
)
|
Non-bank qualified obligations of states and political subdivisions
|
8,481
|
|
|
(58
|
)
|
|
2,688
|
|
|
(39
|
)
|
|
11,169
|
|
|
(97
|
)
|
||||||
Asset-backed securities
|
89,403
|
|
|
(745
|
)
|
|
—
|
|
|
—
|
|
|
89,403
|
|
|
(745
|
)
|
||||||
Mortgage-backed securities
|
54,065
|
|
|
(230
|
)
|
|
36,979
|
|
|
(248
|
)
|
|
91,044
|
|
|
(478
|
)
|
||||||
Total debt securities
|
151,949
|
|
|
(1,033
|
)
|
|
52,645
|
|
|
(2,244
|
)
|
|
204,594
|
|
|
(3,277
|
)
|
||||||
Common equities and mutual funds
|
—
|
|
|
—
|
|
|
125
|
|
|
(3
|
)
|
|
125
|
|
|
(3
|
)
|
||||||
Total available for sale securities
|
$
|
151,949
|
|
|
$
|
(1,033
|
)
|
|
$
|
52,770
|
|
|
$
|
(2,247
|
)
|
|
$
|
204,719
|
|
|
$
|
(3,280
|
)
|
Held To Maturity
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
At December 31, 2016
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
14,552
|
|
|
$
|
(230
|
)
|
|
$
|
2,236
|
|
|
$
|
(48
|
)
|
|
$
|
16,788
|
|
|
$
|
(278
|
)
|
Non-bank qualified obligations of states and political subdivisions
|
356,031
|
|
|
(5,072
|
)
|
|
—
|
|
|
—
|
|
|
356,031
|
|
|
(5,072
|
)
|
||||||
Mortgage-backed securities
|
124,469
|
|
|
(1,896
|
)
|
|
—
|
|
|
—
|
|
|
124,469
|
|
|
(1,896
|
)
|
||||||
Total held to maturity securities
|
$
|
495,052
|
|
|
$
|
(7,198
|
)
|
|
$
|
2,236
|
|
|
$
|
(48
|
)
|
|
$
|
497,288
|
|
|
$
|
(7,246
|
)
|
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
At September 30, 2016
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair Value
|
|
Unrealized
(Losses) |
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
2,909
|
|
|
$
|
(13
|
)
|
|
$
|
2,256
|
|
|
$
|
(31
|
)
|
|
$
|
5,165
|
|
|
$
|
(44
|
)
|
Non-bank qualified obligations of states and political subdivisions
|
1,294
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
1,294
|
|
|
(11
|
)
|
||||||
Mortgage-backed securities
|
20,061
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
20,061
|
|
|
(31
|
)
|
||||||
Total held to maturity securities
|
$
|
24,264
|
|
|
$
|
(55
|
)
|
|
$
|
2,256
|
|
|
$
|
(31
|
)
|
|
$
|
26,520
|
|
|
$
|
(86
|
)
|
Available For Sale
|
AMORTIZED
COST |
|
|
FAIR
VALUE |
|
||
|
|||||||
At December 31, 2016
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
13,248
|
|
|
13,386
|
|
||
Due after five years through ten years
|
408,123
|
|
|
410,652
|
|
||
Due after ten years
|
515,833
|
|
|
511,540
|
|
||
|
937,204
|
|
|
935,578
|
|
||
Mortgage-backed securities
|
543,698
|
|
|
534,939
|
|
||
Common equities and mutual funds
|
856
|
|
|
1,254
|
|
||
Total available for sale securities
|
$
|
1,481,758
|
|
|
$
|
1,471,771
|
|
|
AMORTIZED
COST |
|
|
FAIR
VALUE |
|
||
At September 30, 2016
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
17,370
|
|
|
17,897
|
|
||
Due after five years through ten years
|
426,034
|
|
|
446,771
|
|
||
Due after ten years
|
436,077
|
|
|
444,516
|
|
||
|
879,481
|
|
|
909,184
|
|
||
Mortgage-backed securities
|
555,036
|
|
|
558,940
|
|
||
Common equities and mutual funds
|
755
|
|
|
1,125
|
|
||
Total available for sale securities
|
$
|
1,435,272
|
|
|
$
|
1,469,249
|
|
Held To Maturity
|
AMORTIZED
COST |
|
|
FAIR
VALUE |
|
||
|
|||||||
At December 31, 2016
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
341
|
|
|
$
|
341
|
|
Due after one year through five years
|
12,648
|
|
|
12,618
|
|
||
Due after five years through ten years
|
157,174
|
|
|
156,228
|
|
||
Due after ten years
|
308,448
|
|
|
305,445
|
|
||
|
478,611
|
|
|
474,632
|
|
||
Mortgage-backed securities
|
126,365
|
|
|
124,469
|
|
||
Total held to maturity securities
|
$
|
604,976
|
|
|
$
|
599,101
|
|
|
AMORTIZED
COST |
|
|
FAIR
VALUE |
|
||
At September 30, 2016
|
(Dollars in Thousands)
|
||||||
Due in one year or less
|
$
|
472
|
|
|
$
|
471
|
|
Due after one year through five years
|
12,502
|
|
|
12,696
|
|
||
Due after five years through ten years
|
157,944
|
|
|
163,806
|
|
||
Due after ten years
|
315,177
|
|
|
321,166
|
|
||
|
486,095
|
|
|
498,139
|
|
||
Mortgage-backed securities
|
133,758
|
|
|
134,435
|
|
||
Total held to maturity securities
|
$
|
619,853
|
|
|
$
|
632,574
|
|
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contractual Term (Yrs) |
|
|
Aggregate
Intrinsic Value |
|
||
|
(Dollars in Thousands, Except Share and Per Share Data)
|
||||||||||||
Options outstanding, September 30, 2016
|
125,560
|
|
|
$
|
25.73
|
|
|
2.68
|
|
|
$
|
4,379
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(4,023
|
)
|
|
35.69
|
|
|
—
|
|
|
229
|
|
||
Forfeited or expired
|
(16,252
|
)
|
|
25.00
|
|
|
—
|
|
|
1,272
|
|
||
Options outstanding, December 31, 2016
|
105,285
|
|
|
$
|
25.52
|
|
|
2.47
|
|
|
$
|
8,147
|
|
|
|
|
|
|
|
|
|
||||||
Options exercisable, December 31, 2016
|
105,285
|
|
|
$
|
25.79
|
|
|
2.44
|
|
|
$
|
8,147
|
|
|
Number
of Shares |
|
|
Weighted
Average Fair Value at Grant |
|
|
(Dollars in Thousands, Except Share and Per Share Data)
|
||||||
Nonvested shares outstanding, September 30, 2016
|
20,656
|
|
|
$
|
41.37
|
|
Granted
|
279,065
|
|
|
86.47
|
|
|
Vested
|
(13,927
|
)
|
|
64.72
|
|
|
Forfeited or expired
|
—
|
|
|
—
|
|
|
Nonvested shares outstanding, December 31, 2016
|
285,794
|
|
|
$
|
84.27
|
|
|
Payments
|
|
Banking
|
|
Corporate
Services/Other |
|
Total
|
||||||||
Three Months Ended December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
2,912
|
|
|
$
|
10,754
|
|
|
$
|
8,909
|
|
|
$
|
22,575
|
|
Interest expense
|
—
|
|
|
544
|
|
|
2,198
|
|
|
2,742
|
|
||||
Net interest income (expense)
|
2,912
|
|
|
10,210
|
|
|
6,711
|
|
|
19,833
|
|
||||
Provision (recovery) for loan losses
|
331
|
|
|
512
|
|
|
—
|
|
|
843
|
|
||||
Non-interest income
|
19,024
|
|
|
1,072
|
|
|
(747
|
)
|
|
19,349
|
|
||||
Non-interest expense
|
20,871
|
|
|
5,555
|
|
|
10,327
|
|
|
36,753
|
|
||||
Income (loss) before income tax expense (benefit)
|
734
|
|
|
5,215
|
|
|
(4,363
|
)
|
|
1,586
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
87,069
|
|
|
1,101,542
|
|
|
3,024,718
|
|
|
4,213,329
|
|
||||
Total deposits
|
2,435,530
|
|
|
225,182
|
|
|
1,002,425
|
|
|
3,663,137
|
|
|
Payments
|
|
Banking
|
|
Corporate
Services/Other |
|
Total
|
||||||||
Three Months Ended December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
1,964
|
|
|
$
|
8,851
|
|
|
$
|
7,460
|
|
|
$
|
18,275
|
|
Interest expense
|
40
|
|
|
253
|
|
|
427
|
|
|
720
|
|
||||
Net interest income (expense)
|
1,924
|
|
|
8,598
|
|
|
7,033
|
|
|
17,555
|
|
||||
Provision (recovery) for loan losses
|
80
|
|
|
706
|
|
|
—
|
|
|
786
|
|
||||
Non-interest income
|
15,352
|
|
|
1,056
|
|
|
426
|
|
|
16,834
|
|
||||
Non-interest expense
|
16,017
|
|
|
5,428
|
|
|
8,563
|
|
|
30,008
|
|
||||
Income (loss) before income tax expense (benefit)
|
1,179
|
|
|
3,520
|
|
|
(1,104
|
)
|
|
3,595
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
51,359
|
|
|
735,222
|
|
|
2,173,653
|
|
|
2,960,234
|
|
||||
Total deposits
|
2,341,783
|
|
|
227,260
|
|
|
—
|
|
|
2,569,043
|
|
|
Fair Value At December 31, 2016
|
||||||||||||||||||||||||||||||
|
Available For Sale
|
|
Held to Maturity
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Small business administration securities
|
79,448
|
|
|
—
|
|
|
79,448
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,119
|
|
|
—
|
|
|
20,119
|
|
|
—
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
737,983
|
|
|
—
|
|
|
737,983
|
|
|
—
|
|
|
454,513
|
|
|
—
|
|
|
454,513
|
|
|
—
|
|
||||||||
Asset-backed securities
|
118,147
|
|
|
—
|
|
|
118,147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Mortgage-backed securities
|
534,939
|
|
|
—
|
|
|
534,939
|
|
|
—
|
|
|
124,469
|
|
|
—
|
|
|
124,469
|
|
|
—
|
|
||||||||
Total debt securities
|
1,470,517
|
|
|
—
|
|
|
1,470,517
|
|
|
—
|
|
|
599,101
|
|
|
—
|
|
|
599,101
|
|
|
—
|
|
||||||||
Common equities and mutual funds
|
1,254
|
|
|
1,254
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total securities
|
$
|
1,471,771
|
|
|
$
|
1,254
|
|
|
$
|
1,470,517
|
|
|
$
|
—
|
|
|
$
|
599,101
|
|
|
$
|
—
|
|
|
$
|
599,101
|
|
|
$
|
—
|
|
|
Fair Value At September 30, 2016
|
||||||||||||||||||||||||||||||
|
Available For Sale
|
|
Held to Maturity
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trust preferred securities
|
$
|
12,978
|
|
|
$
|
—
|
|
|
$
|
12,978
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Small business administration securities
|
80,719
|
|
|
—
|
|
|
80,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,937
|
|
|
—
|
|
|
20,937
|
|
|
—
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
698,672
|
|
|
—
|
|
|
698,672
|
|
|
—
|
|
|
477,202
|
|
|
—
|
|
|
477,202
|
|
|
—
|
|
||||||||
Asset-backed securities
|
116,815
|
|
|
—
|
|
|
116,815
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Mortgage-backed securities
|
558,940
|
|
|
—
|
|
|
558,940
|
|
|
—
|
|
|
134,435
|
|
|
—
|
|
|
134,435
|
|
|
—
|
|
||||||||
Total debt securities
|
1,468,124
|
|
|
—
|
|
|
1,468,124
|
|
|
—
|
|
|
632,574
|
|
|
—
|
|
|
632,574
|
|
|
—
|
|
||||||||
Common equities and mutual funds
|
1,125
|
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total securities
|
$
|
1,469,249
|
|
|
$
|
1,125
|
|
|
$
|
1,468,124
|
|
|
$
|
—
|
|
|
$
|
632,574
|
|
|
$
|
—
|
|
|
$
|
632,574
|
|
|
$
|
—
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||||||||||||||
|
Fair Value Measurements Using Input Types
|
|
Fair Value Measurements Using Input Types
|
||||||||||||||||||||||
(Dollars in Thousands)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contingent Consideration
|
$
|
—
|
|
$
|
—
|
|
$
|
17,259
|
|
$
|
17,259
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Total liabilities
|
$
|
—
|
|
$
|
—
|
|
$
|
17,259
|
|
$
|
17,259
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
Fair Value At December 31, 2016
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired Loans, net
|
|
|
|
|
|
|
|
||||||||
1-4 family residential mortgage loans
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67
|
|
Commercial operating loans
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
165
|
|
Total Impaired Loans
|
$
|
232
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
232
|
|
Foreclosed Assets, net
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
76
|
|
Total
|
$
|
308
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
308
|
|
|
Fair Value At September 30, 2016
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired Loans, net
|
|
|
|
|
|
|
|
||||||||
1-4 family residential mortgage loans
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68
|
|
Total Impaired Loans
|
68
|
|
|
—
|
|
|
—
|
|
|
68
|
|
||||
Foreclosed Assets, net
|
76
|
|
|
|
|
|
|
76
|
|
||||||
Total
|
$
|
144
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144
|
|
|
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
(Dollars in Thousands)
|
Fair Value at
December 31, 2016 |
|
Fair Value at
September 30, 2016 |
|
Valuation
Technique |
|
Unobservable Input
|
|
Range of Inputs
|
|||
Impaired Loans, net
|
$
|
232
|
|
|
68
|
|
|
Market approach
|
|
Appraised values
(1)
|
|
4.00 - 10.00%
|
Foreclosed Assets, net
|
$
|
76
|
|
|
76
|
|
|
Market approach
|
|
Appraised values
(1)
|
|
4.00 - 10.00%
|
Contingent Consideration
|
$
|
17,259
|
|
|
—
|
|
|
Option based income
|
|
Discount rate
|
|
7.20%
|
|
|
|
|
|
|
|
Risk-free rate
|
|
1.02%
|
|||
|
|
|
|
|
|
|
Company specific discount rate
|
|
1.76%
|
(1)
|
The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of
4%
to
10%
.
|
|
December 31, 2016
|
||||||||||||||||||
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
695,731
|
|
|
$
|
695,731
|
|
|
$
|
695,731
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities available for sale
|
1,471,771
|
|
|
1,471,771
|
|
|
1,254
|
|
|
1,470,517
|
|
|
—
|
|
|||||
Securities held to maturity
|
604,976
|
|
|
599,101
|
|
|
—
|
|
|
599,101
|
|
|
—
|
|
|||||
Total securities
|
2,076,747
|
|
|
2,070,872
|
|
|
1,254
|
|
|
2,069,618
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held-for-sale
|
1,223
|
|
|
1,223
|
|
|
—
|
|
|
1,223
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One to four family residential mortgage loans
|
172,877
|
|
|
170,283
|
|
|
—
|
|
|
—
|
|
|
170,283
|
|
|||||
Commercial and multi-family real estate loans
|
440,512
|
|
|
432,143
|
|
|
—
|
|
|
—
|
|
|
432,143
|
|
|||||
Agricultural real estate loans
|
64,014
|
|
|
62,973
|
|
|
—
|
|
|
—
|
|
|
62,973
|
|
|||||
Consumer loans
|
173,164
|
|
|
174,796
|
|
|
—
|
|
|
—
|
|
|
174,796
|
|
|||||
Commercial operating loans
|
50,824
|
|
|
50,149
|
|
|
—
|
|
|
—
|
|
|
50,149
|
|
|||||
Agricultural operating loans
|
33,617
|
|
|
33,481
|
|
|
—
|
|
|
—
|
|
|
33,481
|
|
|||||
Premium finance loans
|
179,508
|
|
|
179,874
|
|
|
—
|
|
|
—
|
|
|
179,874
|
|
|||||
Total loans receivable
|
1,114,516
|
|
|
1,103,699
|
|
|
—
|
|
|
—
|
|
|
1,103,699
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank stock
|
3,832
|
|
|
3,832
|
|
|
—
|
|
|
3,832
|
|
|
—
|
|
|||||
Accrued interest receivable
|
21,375
|
|
|
21,375
|
|
|
21,375
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing demand deposits
|
2,473,275
|
|
|
2,473,275
|
|
|
2,473,275
|
|
|
—
|
|
|
—
|
|
|||||
Interest bearing demand deposits, savings, and money markets
|
140,541
|
|
|
140,541
|
|
|
140,541
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit
|
122,334
|
|
|
121,830
|
|
|
—
|
|
|
121,830
|
|
|
—
|
|
|||||
Wholesale non-maturing deposits
|
499,608
|
|
|
499,608
|
|
|
499,608
|
|
|
—
|
|
|
—
|
|
|||||
Wholesale certificates of deposit
|
427,379
|
|
|
426,960
|
|
|
—
|
|
|
426,960
|
|
|
—
|
|
|||||
Total deposits
|
3,663,137
|
|
|
3,662,214
|
|
|
3,113,424
|
|
|
548,790
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from Federal Home Loan Bank
|
7,000
|
|
|
7,940
|
|
|
—
|
|
|
7,940
|
|
|
—
|
|
|||||
Securities sold under agreements to repurchase
|
3,782
|
|
|
3,782
|
|
|
—
|
|
|
3,782
|
|
|
—
|
|
|||||
Capital lease
|
2,000
|
|
|
2,000
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|||||
Trust preferred securities
|
10,310
|
|
|
10,436
|
|
|
—
|
|
|
10,436
|
|
|
—
|
|
|||||
Subordinated debentures
|
73,244
|
|
|
76,843
|
|
|
—
|
|
|
76,843
|
|
|
—
|
|
|||||
Accrued interest payable
|
2,255
|
|
|
2,255
|
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|
September 30, 2016
|
||||||||||||||||||
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
773,830
|
|
|
$
|
773,830
|
|
|
$
|
773,830
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities available for sale
|
1,469,249
|
|
|
1,469,249
|
|
|
1,125
|
|
|
1,468,124
|
|
|
—
|
|
|||||
Securities held to maturity
|
619,853
|
|
|
632,574
|
|
|
—
|
|
|
632,574
|
|
|
—
|
|
|||||
Total securities
|
2,089,102
|
|
|
2,101,823
|
|
|
1,125
|
|
|
2,100,698
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One to four family residential mortgage loans
|
162,298
|
|
|
163,886
|
|
|
—
|
|
|
—
|
|
|
163,886
|
|
|||||
Commercial and multi-family real estate loans
|
422,932
|
|
|
422,307
|
|
|
—
|
|
|
—
|
|
|
422,307
|
|
|||||
Agricultural real estate loans
|
63,612
|
|
|
63,868
|
|
|
—
|
|
|
—
|
|
|
63,868
|
|
|||||
Consumer loans
|
37,094
|
|
|
36,738
|
|
|
—
|
|
|
—
|
|
|
36,738
|
|
|||||
Commercial operating loans
|
31,271
|
|
|
31,108
|
|
|
—
|
|
|
—
|
|
|
31,108
|
|
|||||
Agricultural operating loans
|
37,083
|
|
|
36,897
|
|
|
—
|
|
|
—
|
|
|
36,897
|
|
|||||
Premium finance loans
|
171,604
|
|
|
172,000
|
|
|
—
|
|
|
—
|
|
|
172,000
|
|
|||||
Total loans receivable
|
925,894
|
|
|
926,803
|
|
|
—
|
|
|
—
|
|
|
926,803
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank stock
|
47,512
|
|
|
47,512
|
|
|
—
|
|
|
47,512
|
|
|
—
|
|
|||||
Accrued interest receivable
|
17,199
|
|
|
17,199
|
|
|
17,199
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest bearing demand deposits
|
2,167,522
|
|
|
2,167,522
|
|
|
2,167,522
|
|
|
—
|
|
|
—
|
|
|||||
Interest bearing demand deposits, savings, and money markets
|
136,568
|
|
|
136,568
|
|
|
136,568
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit
|
125,992
|
|
|
125,772
|
|
|
—
|
|
|
125,772
|
|
|
—
|
|
|||||
Total deposits
|
2,430,082
|
|
|
2,429,862
|
|
|
2,304,090
|
|
|
125,772
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from Federal Home Loan Bank
|
107,000
|
|
|
108,168
|
|
|
—
|
|
|
108,168
|
|
|
—
|
|
|||||
Federal funds purchased
|
992,000
|
|
|
992,000
|
|
|
992,000
|
|
|
—
|
|
|
—
|
|
|||||
Securities sold under agreements to repurchase
|
3,039
|
|
|
3,039
|
|
|
—
|
|
|
3,039
|
|
|
—
|
|
|||||
Capital lease
|
2,018
|
|
|
2,018
|
|
|
—
|
|
|
2,018
|
|
|
—
|
|
|||||
Trust preferred securities
|
10,310
|
|
|
10,437
|
|
|
—
|
|
|
10,437
|
|
|
—
|
|
|||||
Subordinated debentures
|
73,211
|
|
|
77,250
|
|
|
—
|
|
|
77,250
|
|
|
—
|
|
|||||
Accrued interest payable
|
875
|
|
|
875
|
|
|
875
|
|
|
—
|
|
|
—
|
|
AFS/IBEX
|
|
|
|
|
|
|
|
|
|
||||
Intangible
|
Amount Upon Acquisition
|
|
Accumulated Amortization
|
|
Balance at December 31, 2016
|
|
Book Amortization
Period (Years) |
|
Method
|
||||
Trademark
|
$
|
540
|
|
|
(75
|
)
|
|
465
|
|
|
15
|
|
Straight Line
|
Non-Compete
|
260
|
|
|
(181
|
)
|
|
79
|
|
|
3
|
|
Straight Line
|
|
Customer Relationships
|
7,240
|
|
|
(2,543
|
)
|
|
4,697
|
|
|
30
|
|
Accelerated
|
|
Technology/Other
|
173
|
|
|
(105
|
)
|
|
68
|
|
|
Varied
|
|
Straight Line
|
|
Total
|
$
|
8,213
|
|
|
(2,904
|
)
|
|
5,309
|
|
|
|
|
|
Refund Advantage
|
|
|
|
|
|
|
|
|
|
||||
Intangible
|
Amount Upon Acquisition
|
|
Accumulated Amortization
|
|
Balance at December 31, 2016
|
|
Book Amortization
Period (Years) |
|
Method
|
||||
Trademark
|
$
|
4,950
|
|
|
(343
|
)
|
|
4,607
|
|
|
15
|
|
Accelerated
|
Non-Compete
|
40
|
|
|
(18
|
)
|
|
22
|
|
|
3
|
|
Straight Line
|
|
Customer Relationships
|
18,800
|
|
|
(3,789
|
)
|
|
15,011
|
|
|
12 to 20
|
|
Accelerated
|
|
Technology/Other
|
329
|
|
|
(90
|
)
|
|
239
|
|
|
Varied
|
|
Straight Line
|
|
Total
|
$
|
24,119
|
|
|
(4,240
|
)
|
|
19,879
|
|
|
|
|
|
EPS
|
|
|
|
|
|
|
|
|
|
||||
Intangible
|
Amount Upon Acquisition
|
|
Accumulated Amortization
|
|
Balance at December 31, 2016
|
|
Book Amortization
Period (Years) |
|
Method
|
||||
Trademark
|
$
|
5,190
|
|
|
(39
|
)
|
|
5,151
|
|
|
15
|
|
Accelerated
|
Non-Compete
|
1,630
|
|
|
(55
|
)
|
|
1,575
|
|
|
Varied
|
|
Straight Line
|
|
Customer Relationships
|
10,110
|
|
|
(311
|
)
|
|
9,799
|
|
|
20
|
|
Accelerated
|
|
Technology/Other
|
1,000
|
|
|
(55
|
)
|
|
945
|
|
|
3
|
|
Straight Line
|
|
Total
|
$
|
17,930
|
|
|
(460
|
)
|
|
17,470
|
|
|
|
|
|
SCS
|
|
|
|
|
|
|
|
|
|
||||
Intangible
|
Amount Upon Acquisition
|
|
Accumulated Amortization
|
|
Balance at December 31, 2016
|
|
Book Amortization
Period (Years) |
|
Method
|
||||
Trademark
|
$
|
290
|
|
|
(4
|
)
|
|
286
|
|
|
5
|
|
Accelerated
|
Non-Compete
|
580
|
|
|
(6
|
)
|
|
574
|
|
|
Varied
|
|
Straight Line
|
|
Customer Relationships
|
22,120
|
|
|
—
|
|
|
22,120
|
|
|
Varied
|
|
Accelerated
|
|
Technology/Other
|
5,100
|
|
|
(14
|
)
|
|
5,086
|
|
|
15
|
|
Straight Line
|
|
Total
|
$
|
28,090
|
|
|
(24
|
)
|
|
28,066
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
||||
Intangible
|
Total Accumulated Costs, Net
(1)
|
|
Accumulated Amortization
|
|
Balance at December 31, 2016
|
|
Book Amortization
Period (Years) |
|
Method
|
||||
Technology/Other
|
$
|
3,110
|
|
|
(362
|
)
|
|
2,748
|
|
|
Varied
|
|
Straight Line
|
Total
|
$
|
3,110
|
|
|
(362
|
)
|
|
2,748
|
|
|
|
|
|
|
2016
|
|
2015
|
||||
|
(Dollars in Thousands)
|
||||||
Goodwill
|
|
|
|
||||
Balance as of September 30,
|
$
|
36,928
|
|
|
$
|
36,928
|
|
Acquisitions during the period
|
61,970
|
|
|
—
|
|
||
Write-offs during the period
|
—
|
|
|
—
|
|
||
Balance as of December 31,
|
$
|
98,898
|
|
|
$
|
36,928
|
|
|
Trademark
|
|
Non-Compete
|
|
Customer
Relationships |
|
All Others
|
|
Total
|
||||||||||
Intangibles
|
|
||||||||||||||||||
Balance as of September 30, 2016
|
$
|
5,149
|
|
|
$
|
127
|
|
|
$
|
20,590
|
|
|
$
|
3,055
|
|
|
$
|
28,921
|
|
Acquisitions during the period
|
5,480
|
|
|
2,210
|
|
|
32,230
|
|
|
6,156
|
|
|
46,076
|
|
|||||
Amortization during the period
|
(120
|
)
|
|
(86
|
)
|
|
(1,193
|
)
|
|
(126
|
)
|
|
(1,525
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance as of December 31, 2016
|
$
|
10,509
|
|
|
$
|
2,251
|
|
|
$
|
51,627
|
|
|
$
|
9,085
|
|
|
$
|
73,472
|
|
|
Trademark
|
|
Non-Compete
|
|
Customer
Relationships |
|
All Others
|
|
Total
|
||||||||||
Intangibles
|
|
||||||||||||||||||
Balance as of September 30, 2015
|
$
|
5,439
|
|
|
$
|
227
|
|
|
$
|
24,811
|
|
|
$
|
3,100
|
|
|
$
|
33,577
|
|
Acquisitions during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
54
|
|
|||||
Amortization during the period
|
(72
|
)
|
|
(25
|
)
|
|
(1,064
|
)
|
|
(52
|
)
|
|
(1,213
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance as of December 31, 2015
|
$
|
5,367
|
|
|
$
|
202
|
|
|
$
|
23,747
|
|
|
$
|
3,102
|
|
|
$
|
32,418
|
|
|
Non-Performing Assets As Of
|
||||||
|
December 31, 2016
|
|
September 30, 2016
|
||||
Non-Performing Loans
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Non-Accruing Loans:
|
|
|
|
||||
1-4 Family Real Estate
|
$
|
112
|
|
|
$
|
83
|
|
Commercial Operating
|
505
|
|
|
—
|
|
||
Total
(1)
|
617
|
|
|
83
|
|
||
|
|
|
|
||||
Accruing Loans Delinquent 90 Days or More
|
|
|
|
|
|
||
1-4 Family Real Estate
|
382
|
|
|
—
|
|
||
Consumer
|
29
|
|
|
53
|
|
||
Premium Finance
|
1,207
|
|
|
965
|
|
||
Total
|
1,618
|
|
|
1,018
|
|
||
|
|
|
|
||||
Total Non-Performing Loans
|
2,235
|
|
|
1,101
|
|
||
|
|
|
|
||||
Other Assets
|
|
|
|
|
|
||
|
|
|
|
||||
Foreclosed Assets:
|
|
|
|
||||
1-4 Family Real Estate
|
76
|
|
|
76
|
|
||
Total
|
76
|
|
|
76
|
|
||
|
|
|
|
||||
Total Other Assets
|
$
|
76
|
|
|
$
|
76
|
|
|
|
|
|
||||
Total Non-Performing Assets
|
$
|
2,311
|
|
|
$
|
1,177
|
|
Total as a Percentage of Total Assets
|
0.05
|
%
|
|
0.03
|
%
|
(1)
|
The Company did not have any non-performing troubled debt restructurings ("TDRs") as of
December 31, 2016
or
September 30, 2016
. In addition, the Company had $0.5 million and $0.5 million of TDRs performing in accordance with their terms at each of
December 31, 2016
and
September 30, 2016
.
|
Three Months Ended December 31,
|
2016
|
|
2015
|
||||||||||||||||||
(Dollars in Thousands)
|
Average
Outstanding Balance |
|
Interest
Earned / Paid |
|
Yield /
Rate |
|
Average
Outstanding Balance |
|
Interest
Earned / Paid |
|
Yield /
Rate |
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Specialty Finance Loans*
|
$
|
200,954
|
|
|
$
|
2,509
|
|
|
4.95
|
%
|
|
$
|
113,914
|
|
|
$
|
1,623
|
|
|
5.67
|
%
|
Retail Bank Loans
|
768,730
|
|
|
8,169
|
|
|
4.22
|
%
|
|
620,870
|
|
|
6,696
|
|
|
4.29
|
%
|
||||
Mortgage-Backed Securities
|
689,617
|
|
|
3,320
|
|
|
1.91
|
%
|
|
679,094
|
|
|
3,713
|
|
|
2.18
|
%
|
||||
Tax Exempt Investment Securities
|
1,172,252
|
|
|
6,902
|
|
|
3.59
|
%
|
|
941,982
|
|
|
5,427
|
|
|
3.53
|
%
|
||||
Asset-Backed Securities
|
117,928
|
|
|
695
|
|
|
2.34
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Other Investment Securities
|
87,029
|
|
|
589
|
|
|
2.69
|
%
|
|
101,661
|
|
|
637
|
|
|
2.90
|
%
|
||||
Cash & Fed Funds Sold
|
186,565
|
|
|
391
|
|
|
0.83
|
%
|
|
45,723
|
|
|
179
|
|
|
1.56
|
%
|
||||
Total interest-earning assets
|
3,223,075
|
|
|
$
|
22,575
|
|
|
3.24
|
%
|
|
2,503,244
|
|
|
$
|
18,275
|
|
|
3.33
|
%
|
||
Non-interest-earning assets
|
267,947
|
|
|
|
|
|
|
183,467
|
|
|
|
|
|
||||||||
Total assets
|
$
|
3,491,022
|
|
|
|
|
|
|
$
|
2,686,711
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest bearing deposits
|
$
|
2,055,842
|
|
|
$
|
—
|
|
|
0.00
|
%
|
|
$
|
1,757,603
|
|
|
$
|
—
|
|
|
0.00
|
%
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing checking
|
38,229
|
|
|
39
|
|
|
0.40
|
%
|
|
34,537
|
|
|
21
|
|
|
0.24
|
%
|
||||
Savings
|
50,528
|
|
|
7
|
|
|
0.06
|
%
|
|
45,599
|
|
|
6
|
|
|
0.05
|
%
|
||||
Money markets
|
47,605
|
|
|
21
|
|
|
0.18
|
%
|
|
44,846
|
|
|
18
|
|
|
0.16
|
%
|
||||
Time deposits
|
131,169
|
|
|
259
|
|
|
0.78
|
%
|
|
85,656
|
|
|
118
|
|
|
0.55
|
%
|
||||
Wholesale funding
|
357,224
|
|
|
612
|
|
|
0.68
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
FHLB advances
|
20,043
|
|
|
141
|
|
|
2.80
|
%
|
|
117,870
|
|
|
206
|
|
|
0.69
|
%
|
||||
Overnight fed funds purchased
|
271,272
|
|
|
392
|
|
|
0.57
|
%
|
|
278,924
|
|
|
238
|
|
|
0.34
|
%
|
||||
Subordinated debentures
|
73,223
|
|
|
1,111
|
|
|
6.02
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Other borrowings
|
15,580
|
|
|
160
|
|
|
4.06
|
%
|
|
15,678
|
|
|
113
|
|
|
2.87
|
%
|
||||
Total interest-bearing liabilities
|
1,004,873
|
|
|
2,742
|
|
|
1.08
|
%
|
|
623,110
|
|
|
720
|
|
|
0.46
|
%
|
||||
Total deposits and interest-bearing liabilities
|
3,060,715
|
|
|
$
|
2,742
|
|
|
0.36
|
%
|
|
2,380,713
|
|
|
$
|
720
|
|
|
0.12
|
%
|
||
Other non-interest bearing liabilities
|
78,219
|
|
|
|
|
|
|
31,210
|
|
|
|
|
|
||||||||
Total liabilities
|
3,138,934
|
|
|
|
|
|
|
2,411,923
|
|
|
|
|
|
||||||||
Shareholders' equity
|
352,088
|
|
|
|
|
|
|
274,788
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
$
|
3,491,022
|
|
|
|
|
|
|
$
|
2,686,711
|
|
|
|
|
|
|
|
||||
Net interest income and net interest rate spread including non-interest bearing deposits
|
|
|
$
|
19,833
|
|
|
2.88
|
%
|
|
|
|
$
|
17,555
|
|
|
3.21
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
|
|
|
|
|
|
2.90
|
%
|
|
|
|
|
|
3.21
|
%
|
(1)
|
Tax rate used to arrive at a TEY for three months ended
December 31, 2016
is 35%
|
(2)
|
Tax rate used to arrive at a TEY for three months ended
December 31, 2015
is 34%
|
|
|
|
|
|
|
|
Minimum
|
|
||||
|
|
|
|
|
|
|
Requirement to Be
|
|
||||
|
|
|
|
|
Minimum
|
|
Well Capitalized
|
|
||||
|
|
|
|
|
Requirement For
|
|
Under Prompt
|
|
||||
|
|
|
|
|
Capital Adequacy
|
|
Corrective Action
|
|
||||
At December 31, 2016
|
Company
|
|
Bank
|
|
Purposes
|
|
Provisions
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Tier 1 leverage ratio
|
7.12
|
%
|
|
9.61
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
|
Common equity Tier 1 capital ratio
|
13.36
|
|
|
18.55
|
|
|
4.50
|
|
|
6.50
|
|
|
Tier 1 capital ratio
|
13.78
|
|
|
18.55
|
|
|
6.00
|
|
|
8.00
|
|
|
Total qualifying capital ratio
|
18.40
|
|
|
18.93
|
|
|
8.00
|
|
|
10.00
|
|
|
|
Standardized Approach (1)
December 31, 2016 |
||
|
(Dollars in Thousands)
|
||
|
|
||
Total equity
|
$
|
371,786
|
|
Adjustments:
|
|
|
|
LESS: Goodwill, net of associated deferred tax liabilities
|
97,288
|
|
|
LESS: Certain other intangible assets
|
44,083
|
|
|
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards
|
4,574
|
|
|
LESS: Net unrealized gains (losses) on available-for-sale securities
|
(5,022
|
)
|
|
Common Equity Tier 1
(1)
|
230,863
|
|
|
Long-term debt and other instruments qualifying as Tier 1
|
10,310
|
|
|
LESS: Additional tier 1 capital deductions
|
3,049
|
|
|
Total Tier 1 capital
|
238,124
|
|
|
Allowance for loan losses
|
6,587
|
|
|
Subordinated debentures (net of issuance costs)
|
73,244
|
|
|
Total qualifying capital
|
317,955
|
|
(1)
|
Capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015. Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio; those changes are being fully phased in through the end of 2021.
|
|
December 31, 2016
|
||
|
(Dollars in Thousands)
|
||
Total Stockholders' Equity
|
$
|
371,786
|
|
LESS: Goodwill
|
98,898
|
|
|
LESS: Intangible assets
|
73,472
|
|
|
Tangible common equity
|
199,416
|
|
|
LESS: AOCI
|
(5,022
|
)
|
|
Tangible common equity excluding AOCI
|
204,438
|
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Balances as of December 31, 2016
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
-6.3
|
%
|
|
4.4
|
%
|
|
8.4
|
%
|
|
12.8
|
%
|
|
18.1
|
%
|
Board Policy Limits
|
-5.0
|
%
|
|
-5.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Alternative IRR Results
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
-4.4
|
%
|
|
1.7
|
%
|
|
3.0
|
%
|
|
4.7
|
%
|
|
7.2
|
%
|
Board Policy Limits
|
-5.0
|
%
|
|
-5.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Balances as of December 31, 2016
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
% of
|
|
Change in Interest Income/Expense
for a given change in interest rates |
|
|
||||||||||||||||
|
Total Earning
|
|
Total Earning
|
|
Over / (Under) Base Case Parallel Ramp
|
|
|
||||||||||||||||
Basis Point Change Scenario
|
Assets (in $000's)
|
|
Assets
|
|
-100
|
|
Base
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
||||||||
Total Loans
|
1,111,029
|
|
|
30.1
|
%
|
|
55,163
|
|
|
59,344
|
|
|
63,717
|
|
|
68,098
|
|
|
72,430
|
|
|
76,856
|
|
Total Investments (non-TEY) and other Earning Assets
|
2,576,329
|
|
|
69.9
|
%
|
|
44,686
|
|
|
53,592
|
|
|
62,775
|
|
|
71,676
|
|
|
80,907
|
|
|
91,012
|
|
Total Interest-Sensitive Income
|
3,687,358
|
|
|
100.0
|
%
|
|
99,849
|
|
|
112,936
|
|
|
126,492
|
|
|
139,774
|
|
|
153,337
|
|
|
167,868
|
|
Total Interest-Bearing Deposits
|
1,189,862
|
|
|
99.4
|
%
|
|
1,294
|
|
|
7,740
|
|
|
16,736
|
|
|
25,733
|
|
|
34,729
|
|
|
43,726
|
|
Total Borrowings
|
7,000
|
|
|
0.6
|
%
|
|
489
|
|
|
489
|
|
|
489
|
|
|
489
|
|
|
489
|
|
|
489
|
|
Total Interest-Sensitive Expense
|
1,196,862
|
|
|
100.0
|
%
|
|
1,783
|
|
|
8,229
|
|
|
17,225
|
|
|
26,222
|
|
|
35,218
|
|
|
44,215
|
|
Alternative IRR Results
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
% of
|
|
Change in Interest Income/Expense
for a given change in interest rates |
|
|
||||||||||||||||
|
Total Earning
|
|
Total Earning
|
|
Over / (Under) Base Case Parallel Ramp
|
|
|
||||||||||||||||
Basis Point Change Scenario
|
Assets (in $000's)
|
|
Assets
|
|
-100
|
|
Base
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
||||||||
Total Loans
|
1,111,029
|
|
|
34.6
|
%
|
|
55,163
|
|
|
59,344
|
|
|
63,717
|
|
|
68,098
|
|
|
72,430
|
|
|
76,856
|
|
Total Investments (non-TEY) and other Earning Assets
|
2,102,948
|
|
|
65.4
|
%
|
|
44,686
|
|
|
50,038
|
|
|
54,461
|
|
|
58,582
|
|
|
63,008
|
|
|
68,285
|
|
Total Interest-Sensitive Income
|
3,213,977
|
|
|
100.0
|
%
|
|
99,849
|
|
|
109,382
|
|
|
118,178
|
|
|
126,680
|
|
|
135,438
|
|
|
145,141
|
|
Total Interest-Bearing Deposits
|
624,754
|
|
|
68.2
|
%
|
|
732
|
|
|
3,497
|
|
|
7,735
|
|
|
11,972
|
|
|
16,209
|
|
|
20,445
|
|
Total Borrowings
|
291,315
|
|
|
31.8
|
%
|
|
502
|
|
|
2,740
|
|
|
5,583
|
|
|
8,426
|
|
|
11,269
|
|
|
14,112
|
|
Total Interest-Sensitive Expense
|
916,069
|
|
|
100.0
|
%
|
|
1,234
|
|
|
6,237
|
|
|
13,318
|
|
|
20,398
|
|
|
27,478
|
|
|
34,557
|
|
Balances as of December 31, 2016
|
Standard (Parallel Shift)
|
|||||||||||||
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
2.0
|
%
|
|
-3.3
|
%
|
|
-7.2
|
%
|
|
-11.0
|
%
|
|
-14.2
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Alternative IRR Results
|
Standard (Parallel Shift)
|
|||||||||||||
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
4.8
|
%
|
|
-6.0
|
%
|
|
-12.4
|
%
|
|
-18.6
|
%
|
|
-23.9
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Balances as of December 31, 2016
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
% of
|
|
Change in Economic Value
for a given change in interest rates |
|
|
|||||||||||||
|
Book
|
|
Total
|
|
Over / (Under) Base Case Parallel Ramp
|
|
|
|||||||||||||
Basis Point Change Scenario
|
Value (in $000's)
|
|
Assets
|
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||||
Total Loans
|
1,111,029
|
|
|
26
|
%
|
|
1.6
|
%
|
|
-1.7
|
%
|
|
-3.4
|
%
|
|
-5.1
|
%
|
|
-6.7
|
%
|
Total Investment
|
2,576,329
|
|
|
61
|
%
|
|
4.9
|
%
|
|
-4.8
|
%
|
|
-9.5
|
%
|
|
-13.9
|
%
|
|
-17.8
|
%
|
Other Assets
|
514,939
|
|
|
12
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Assets
|
4,202,297
|
|
|
100
|
%
|
|
3.6
|
%
|
|
-3.6
|
%
|
|
-7.1
|
%
|
|
-10.3
|
%
|
|
-13.2
|
%
|
Interest Bearing Deposits
|
1,189,862
|
|
|
32
|
%
|
|
0.6
|
%
|
|
-0.4
|
%
|
|
-0.8
|
%
|
|
-1.1
|
%
|
|
-1.4
|
%
|
Non-Interest Bearing Deposits
|
2,480,716
|
|
|
66
|
%
|
|
6.2
|
%
|
|
-5.7
|
%
|
|
-10.9
|
%
|
|
-15.7
|
%
|
|
-20.1
|
%
|
Total Borrowings & Other Liabilities
|
70,653
|
|
|
2
|
%
|
|
0.3
|
%
|
|
-0.3
|
%
|
|
-0.6
|
%
|
|
-0.8
|
%
|
|
-1.1
|
%
|
Liabilities
|
3,741,231
|
|
|
100
|
%
|
|
4.1
|
%
|
|
-3.7
|
%
|
|
-7.0
|
%
|
|
-10.1
|
%
|
|
-13.0
|
%
|
Alternative IRR Results
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
% of
|
|
Change in Economic Value
for a given change in interest rates |
|
|
|||||||||||||
|
Book
|
|
Total
|
|
Over / (Under) Base Case Parallel Ramp
|
|
|
|||||||||||||
Basis Point Change Scenario
|
Value (in $000's)
|
|
Assets
|
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||||
Total Loans
|
1,111,029
|
|
|
26
|
%
|
|
1.6
|
%
|
|
-1.7
|
%
|
|
-3.4
|
%
|
|
-5.1
|
%
|
|
-6.7
|
%
|
Total Investment
|
2,102,948
|
|
|
50
|
%
|
|
6.0
|
%
|
|
-5.9
|
%
|
|
-11.6
|
%
|
|
-16.8
|
%
|
|
-21.5
|
%
|
Other Assets
|
988,319
|
|
|
24
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Assets
|
4,202,296
|
|
|
100
|
%
|
|
3.6
|
%
|
|
-3.6
|
%
|
|
-7.1
|
%
|
|
-10.3
|
%
|
|
-13.2
|
%
|
Interest Bearing Deposits
|
624,754
|
|
|
17
|
%
|
|
1.0
|
%
|
|
-0.6
|
%
|
|
-1.2
|
%
|
|
-1.7
|
%
|
|
-2.2
|
%
|
Non-Interest Bearing Deposits
|
2,075,444
|
|
|
55
|
%
|
|
6.2
|
%
|
|
-5.7
|
%
|
|
-10.9
|
%
|
|
-15.6
|
%
|
|
-20.0
|
%
|
Total Borrowings & Other Liabilities
|
1,041,032
|
|
|
28
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
-0.1
|
%
|
|
-0.1
|
%
|
Liabilities
|
3,741,230
|
|
|
100
|
%
|
|
3.3
|
%
|
|
-3.0
|
%
|
|
-5.8
|
%
|
|
-8.3
|
%
|
|
-10.6
|
%
|
|
META FINANCIAL GROUP, INC.
|
|
|
|
|
Date:
February 8, 2017
|
By:
|
/s/ J. Tyler Haahr
|
|
|
J. Tyler Haahr, Chairman of the Board
|
|
|
and Chief Executive Officer
|
|
|
|
Date:
February 8, 2017
|
By:
|
/s/ Glen W. Herrick
|
|
|
Glen W. Herrick, Executive Vice President
|
|
|
and Chief Financial Officer
|
Exhibit
Number
|
Description
|
|
|
3.1
|
Registrant's Amended and Restated By-laws, as amended.
|
|
|
10.1
|
Performance-Based Restricted Stock Agreement dated as of November 16, 2016, by and between Meta Financial Group, Inc. and J. Tyler Haahr, filed on November 18, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
10.2
|
Performance-Based Restricted Stock Agreement dated as of November 16, 2016, by and between Meta Financial Group, Inc. and Bradley C. Hanson, filed on November 18, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
10.3
|
Performance-Based Restricted Stock Agreement dated as of December 2, 2016, by and between Meta Financial Group, Inc. and Glen W. Herrick, filed on December 6, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
31.1
|
Section 302 certification of Chief Executive Officer.
|
|
|
31.2
|
Section 302 certification of Chief Financial Officer.
|
|
|
32.1
|
Section 906 certification of Chief Executive Officer.
|
|
|
32.2
|
Section 906 certification of Chief Financial Officer.
|
|
|
101.INS
|
Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Date:
February 8, 2017
|
|
/s/ J. Tyler Haahr
|
|
|
Chairman of the Board and Chief Executive Officer
|
Date:
February 8, 2017
|
|
/s/ Glen W. Herrick
|
|
|
Executive Vice President and Chief Financial Officer
|