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☒
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
META FINANCIAL GROUP, INC.
|
(Name of Registrant as specified in its charter)
|
Delaware
|
|
42‑1406262
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
5501 South Broadband Lane, Sioux Falls, SD
|
|
57108
|
(Address of principal executive offices)
|
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(Zip Code)
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Title of Class
|
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
|
NASDAQ Global Market
|
Large accelerated filer ☒
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Accelerated filer ☐
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Non‑accelerated filer ☐
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Smaller Reporting Company ☐
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Emerging growth company ☐
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Page
No.
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PART I
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Item 1.
|
||
Item 1A.
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Item 1B.
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||
Item 2.
|
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Item 3.
|
||
Item 4.
|
||
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PART II
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Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
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||
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PART III
|
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Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
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PART IV
|
|
|
|
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Item 15.
|
||
Item 16.
|
|
At September 30,
|
|||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
1-4 Family
|
$
|
196,706
|
|
|
14.8
|
%
|
|
$
|
162,298
|
|
|
17.5
|
%
|
|
$
|
125,021
|
|
|
17.5
|
%
|
|
$
|
116,395
|
|
|
23.3
|
%
|
|
$
|
82,287
|
|
|
21.4
|
%
|
Commercial & Multi-Family
|
585,510
|
|
|
44.1
|
%
|
|
422,932
|
|
|
45.7
|
%
|
|
310,199
|
|
|
43.5
|
%
|
|
224,302
|
|
|
44.9
|
%
|
|
192,786
|
|
|
50.1
|
%
|
|||||
Agricultural
|
61,800
|
|
|
4.7
|
%
|
|
63,612
|
|
|
6.9
|
%
|
|
64,316
|
|
|
9.0
|
%
|
|
56,071
|
|
|
11.3
|
%
|
|
29,552
|
|
|
7.7
|
%
|
|||||
Total Real Estate Loans
|
844,016
|
|
|
63.6
|
%
|
|
648,842
|
|
|
70.1
|
%
|
|
499,536
|
|
|
70.0
|
%
|
|
396,768
|
|
|
79.5
|
%
|
|
304,625
|
|
|
79.2
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consumer Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Home Equity
|
21,228
|
|
|
1.6
|
%
|
|
20,883
|
|
|
2.2
|
%
|
|
18,463
|
|
|
2.6
|
%
|
|
15,116
|
|
|
3.0
|
%
|
|
13,799
|
|
|
3.6
|
%
|
|||||
Automobile
|
769
|
|
|
0.1
|
%
|
|
730
|
|
|
0.1
|
%
|
|
573
|
|
|
0.1
|
%
|
|
671
|
|
|
0.1
|
%
|
|
658
|
|
|
0.1
|
%
|
|||||
Purchased Student Loans
|
123,742
|
|
|
9.3
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Other
(1)
|
17,265
|
|
|
1.3
|
%
|
|
15,481
|
|
|
1.7
|
%
|
|
14,491
|
|
|
2.0
|
%
|
|
13,542
|
|
|
2.7
|
%
|
|
15,857
|
|
|
4.1
|
%
|
|||||
Total Consumer Loans
|
163,004
|
|
|
12.3
|
%
|
|
37,094
|
|
|
4.0
|
%
|
|
33,527
|
|
|
4.7
|
%
|
|
29,329
|
|
|
5.8
|
%
|
|
30,314
|
|
|
7.8
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Agricultural Operating
|
33,594
|
|
|
2.5
|
%
|
|
37,083
|
|
|
4.0
|
%
|
|
43,626
|
|
|
6.1
|
%
|
|
42,258
|
|
|
8.5
|
%
|
|
33,750
|
|
|
8.8
|
%
|
|||||
Commercial Operating
|
35,759
|
|
|
2.7
|
%
|
|
31,271
|
|
|
3.4
|
%
|
|
29,893
|
|
|
4.2
|
%
|
|
30,846
|
|
|
6.2
|
%
|
|
16,264
|
|
|
4.2
|
%
|
|||||
Premium Finance
|
250,459
|
|
|
18.9
|
%
|
|
171,604
|
|
|
18.5
|
%
|
|
106,505.0
|
|
|
15.0
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Other Loans
|
482,816
|
|
|
36.4
|
%
|
|
277,052
|
|
|
29.9
|
%
|
|
213,551
|
|
|
30.0
|
%
|
|
102,433
|
|
|
20.5
|
%
|
|
80,328
|
|
|
20.8
|
%
|
|||||
Total Loans
|
$
|
1,326,832
|
|
|
100.0
|
%
|
|
$
|
925,894
|
|
|
100.0
|
%
|
|
$
|
713,087
|
|
|
100.0
|
%
|
|
$
|
499,201
|
|
|
100.0
|
%
|
|
$
|
384,953
|
|
|
100.0
|
%
|
(1)
|
Consist generally of various types of secured and unsecured consumer loans.
|
|
September 30,
|
|||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Fixed Rate Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
1-4 Family
|
$
|
185,596
|
|
|
14.0
|
%
|
|
$
|
152,232
|
|
|
16.5
|
%
|
|
$
|
116,171
|
|
|
16.3
|
%
|
|
$
|
105,870
|
|
|
21.2
|
%
|
|
$
|
75,477
|
|
|
19.6
|
%
|
Commercial & Multi-Family
|
566,156
|
|
|
42.6
|
%
|
|
404,888
|
|
|
43.7
|
%
|
|
284,586
|
|
|
39.9
|
%
|
|
203,840
|
|
|
40.8
|
%
|
|
173,373
|
|
|
45.1
|
%
|
|||||
Agricultural
|
57,863
|
|
|
4.4
|
%
|
|
59,455
|
|
|
6.4
|
%
|
|
59,219
|
|
|
8.3
|
%
|
|
49,643
|
|
|
10.0
|
%
|
|
22,433
|
|
|
5.8
|
%
|
|||||
Total Fixed-Rate Real Estate Loans
|
809,615
|
|
|
61.0
|
%
|
|
616,575
|
|
|
66.6
|
%
|
|
459,976
|
|
|
64.5
|
%
|
|
359,353
|
|
|
72.0
|
%
|
|
271,283
|
|
|
70.5
|
%
|
|||||
Consumer
|
24,656
|
|
|
1.9
|
%
|
|
23,024
|
|
|
2.5
|
%
|
|
20,842
|
|
|
2.9
|
%
|
|
19,279
|
|
|
3.9
|
%
|
|
20,129
|
|
|
5.2
|
%
|
|||||
Agricultural Operating
|
22,556
|
|
|
1.7
|
%
|
|
27,196
|
|
|
2.9
|
%
|
|
35,802
|
|
|
5.0
|
%
|
|
24,991
|
|
|
5.0
|
%
|
|
23,137
|
|
|
6.0
|
%
|
|||||
Commercial Operating
|
13,935
|
|
|
1.1
|
%
|
|
12,393
|
|
|
1.4
|
%
|
|
15,520
|
|
|
2.2
|
%
|
|
13,659
|
|
|
2.7
|
%
|
|
8,070
|
|
|
2.1
|
%
|
|||||
Premium Finance
|
250,459
|
|
|
18.9
|
%
|
|
171,604
|
|
|
18.5
|
%
|
|
106,505
|
|
|
15.0
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Total Fixed-Rate Loans
|
1,121,221
|
|
|
84.6
|
%
|
|
850,792
|
|
|
91.9
|
%
|
|
638,645
|
|
|
89.6
|
%
|
|
417,282
|
|
|
83.6
|
%
|
|
322,619
|
|
|
83.8
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjustable Rate Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
1-4 Family
|
11,110
|
|
|
0.8
|
%
|
|
10,066
|
|
|
1.1
|
%
|
|
8,850
|
|
|
1.2
|
%
|
|
10,525
|
|
|
2.1
|
%
|
|
6,810
|
|
|
1.8
|
%
|
|||||
Commercial & Multi-Family
|
19,354
|
|
|
1.5
|
%
|
|
18,044
|
|
|
1.9
|
%
|
|
25,613
|
|
|
3.6
|
%
|
|
20,461
|
|
|
4.1
|
%
|
|
19,413
|
|
|
5.0
|
%
|
|||||
Agricultural
|
3,937
|
|
|
0.3
|
%
|
|
4,157
|
|
|
0.5
|
%
|
|
5,097
|
|
|
0.7
|
%
|
|
6,429
|
|
|
1.3
|
%
|
|
7,119
|
|
|
1.9
|
%
|
|||||
Total Adjustable Real Estate Loans
|
34,401
|
|
|
2.6
|
%
|
|
32,267
|
|
|
3.5
|
%
|
|
39,560
|
|
|
5.5
|
%
|
|
37,415
|
|
|
7.5
|
%
|
|
33,342
|
|
|
8.7
|
%
|
|||||
Consumer
|
138,348
|
|
|
10.4
|
%
|
|
14,070
|
|
|
1.5
|
%
|
|
12,685
|
|
|
1.8
|
%
|
|
10,050
|
|
|
2.0
|
%
|
|
10,185
|
|
|
2.6
|
%
|
|||||
Agricultural Operating
|
11,038
|
|
|
0.8
|
%
|
|
9,887
|
|
|
1.1
|
%
|
|
7,824
|
|
|
1.1
|
%
|
|
17,267
|
|
|
3.5
|
%
|
|
10,613
|
|
|
2.8
|
%
|
|||||
Commercial Operating
|
21,824
|
|
|
1.6
|
%
|
|
18,878
|
|
|
2.0
|
%
|
|
14,373
|
|
|
2.0
|
%
|
|
17,187
|
|
|
3.4
|
%
|
|
8,194
|
|
|
2.1
|
%
|
|||||
Total Adjustable Loans
|
205,611
|
|
|
15.4
|
%
|
|
75,102
|
|
|
8.1
|
%
|
|
74,442
|
|
|
10.4
|
%
|
|
81,919
|
|
|
16.4
|
%
|
|
62,334
|
|
|
16.2
|
%
|
|||||
Total Loans
|
1,326,832
|
|
|
100.0
|
%
|
|
925,894
|
|
|
100.0
|
%
|
|
713,087
|
|
|
100.0
|
%
|
|
499,201
|
|
|
100.0
|
%
|
|
384,953
|
|
|
100.0
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deferred Fees and Discounts
|
(1,461
|
)
|
|
|
|
|
(789
|
)
|
|
|
|
|
(577
|
)
|
|
|
|
|
(797
|
)
|
|
|
|
|
(595
|
)
|
|
|
|
|||||
Allowance for Loan Losses
|
(7,534
|
)
|
|
|
|
|
(5,635
|
)
|
|
|
|
|
(6,255
|
)
|
|
|
|
|
(5,397
|
)
|
|
|
|
|
(3,930
|
)
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Loans Receivable, Net
|
$
|
1,317,837
|
|
|
|
|
|
$
|
919,470
|
|
|
|
|
|
$
|
706,255
|
|
|
|
|
|
$
|
493,007
|
|
|
|
|
|
$
|
380,428
|
|
|
|
|
|
Real Estate
(1)
|
|
Consumer
|
|
Commercial Operating
|
|
Agricultural Operating
|
|
Premium Finance
|
|
Total
|
||||||||||||||||||||||||||||||
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
||||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Due in one year or less
(2)
|
$
|
220,813
|
|
|
4.32
|
%
|
|
$
|
22,252
|
|
|
3.97
|
%
|
|
$
|
15,136
|
|
|
4.98
|
%
|
|
$
|
31,141
|
|
|
4.39
|
%
|
|
$
|
250,447
|
|
|
5.90
|
%
|
|
$
|
539,789
|
|
|
5.00
|
%
|
Due after one year through five years
|
435,956
|
|
|
4.24
|
%
|
|
88,569
|
|
|
4.03
|
%
|
|
15,353
|
|
|
5.11
|
%
|
|
2,339
|
|
|
5.14
|
%
|
|
12
|
|
|
8.40
|
%
|
|
542,229
|
|
|
4.23
|
%
|
||||||
Due after five years
|
187,247
|
|
|
4.17
|
%
|
|
52,183
|
|
|
4.50
|
%
|
|
5,270
|
|
|
5.18
|
%
|
|
114
|
|
|
4.74
|
%
|
|
—
|
|
|
—
|
%
|
|
244,814
|
|
|
4.26
|
%
|
||||||
Total
|
$
|
844,016
|
|
|
|
|
|
$
|
163,004
|
|
|
|
|
|
$
|
35,759
|
|
|
|
|
|
$
|
33,594
|
|
|
|
|
|
$
|
250,459
|
|
|
|
|
|
$
|
1,326,832
|
|
|
|
|
(1)
|
Includes one-to-four family, multi-family, commercial and agricultural real estate loans.
|
(2)
|
Includes demand loans, loans having no stated maturity and overdraft loans.
|
|
Years Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Originations by Type:
|
(Dollars in Thousands)
|
||||||||||
Adjustable Rate:
|
|
|
|
|
|
||||||
1-4 Family Real Estate
|
$
|
21,324
|
|
|
$
|
15,276
|
|
|
$
|
15,360
|
|
Commercial and Multi-Family Real Estate
|
6,014
|
|
|
2,460
|
|
|
5,575
|
|
|||
Consumer
|
9
|
|
|
13
|
|
|
13
|
|
|||
Commercial Operating
|
168,136
|
|
|
35,433
|
|
|
20,219
|
|
|||
Agricultural Operating
|
23,513
|
|
|
21,954
|
|
|
12,347
|
|
|||
Total Adjustable Rate
|
218,996
|
|
|
75,136
|
|
|
53,514
|
|
|||
|
|
|
|
|
|
||||||
Fixed Rate:
|
|
|
|
|
|
|
|
|
|||
1-4 Family Real Estate
|
74,294
|
|
|
81,218
|
|
|
48,576
|
|
|||
Commercial and Multi-Family Real Estate
|
190,618
|
|
|
154,478
|
|
|
109,173
|
|
|||
Agricultural Real Estate
|
5,033
|
|
|
4,216
|
|
|
12,877
|
|
|||
Consumer
|
1,505,247
|
|
|
222,391
|
|
|
204,258
|
|
|||
Commercial Operating
|
54,866
|
|
|
42,775
|
|
|
15,533
|
|
|||
Agricultural Operating
|
16,340
|
|
|
30,889
|
|
|
20,646
|
|
|||
Premium Finance
|
535,339
|
|
|
357,252
|
|
|
208,183
|
|
|||
Total Fixed-Rate
|
2,381,737
|
|
|
893,219
|
|
|
619,246
|
|
|||
Total Loans Originated
|
2,600,733
|
|
|
968,355
|
|
|
672,760
|
|
|||
|
|
|
|
|
|
||||||
Purchases:
|
|
|
|
|
|
|
|
|
|||
1-4 Family Real Estate
|
540
|
|
|
—
|
|
|
—
|
|
|||
Commercial and Multi-Family Real Estate
|
7,078
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
133,785
|
|
|
—
|
|
|
—
|
|
|||
Premium Finance
|
—
|
|
|
—
|
|
|
74,120
|
|
|||
Total Loans Purchased
|
141,403
|
|
|
—
|
|
|
74,120
|
|
|||
|
|
|
|
|
|
||||||
Sales and Repayments:
|
|
|
|
|
|
|
|
|
|||
Sales:
|
|
|
|
|
|
|
|
|
|||
Commercial and Multi-Family Real Estate
|
4,720
|
|
|
—
|
|
|
4,843
|
|
|||
Agricultural Real Estate
|
—
|
|
|
—
|
|
|
520
|
|
|||
Consumer
|
685,934
|
|
|
17,611
|
|
|
11,650
|
|
|||
Agricultural Operating
|
—
|
|
|
83
|
|
|
99
|
|
|||
Total Loan Sales
|
690,654
|
|
|
17,694
|
|
|
17,112
|
|
|||
|
|
|
|
|
|
||||||
Repayments:
|
|
|
|
|
|
|
|
|
|||
Loan Principal Repayments
|
1,652,674
|
|
|
737,853
|
|
|
515,883
|
|
|||
Total Principal Repayments
|
1,652,674
|
|
|
737,853
|
|
|
515,883
|
|
|||
Total Reductions
|
2,343,328
|
|
|
755,547
|
|
|
532,995
|
|
|||
|
|
|
|
|
|
||||||
(Decrease) increase in Other Items, Net
|
(441
|
)
|
|
408
|
|
|
(637
|
)
|
|||
Net Increase
|
$
|
398,367
|
|
|
$
|
213,216
|
|
|
$
|
213,248
|
|
|
Loans Delinquent For:
|
||||||||||||||||||||||||||||
|
30-59 Days
(1)
|
|
60-89 Days
(2)
|
|
90 Days and Over
(3)
|
||||||||||||||||||||||||
|
Number
|
|
Amount
|
|
Percent
of
Category
|
|
Number
|
|
Amount
|
|
Percent
of
Category
|
|
Number
|
|
Amount
|
|
Percent
of
Category
|
||||||||||||
|
|
|
|
|
|
|
(Dollars in Thousands)
|
|
|
|
|
|
|
||||||||||||||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
1-4 Family
|
1
|
|
|
$
|
370
|
|
|
8.4
|
%
|
|
1
|
|
|
$
|
79
|
|
|
2.6
|
%
|
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
Commercial & Multi-Family
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
3
|
|
|
685
|
|
|
1.8
|
%
|
|||
Agricultural
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
13
|
|
|
34,198
|
|
|
91.0
|
%
|
|||
Consumer
|
82
|
|
|
2,512
|
|
|
57.2
|
%
|
|
21
|
|
|
558
|
|
|
18.1
|
%
|
|
51
|
|
|
1,406
|
|
|
3.7
|
%
|
|||
Agricultural Operating
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
97
|
|
|
0.3
|
%
|
|||
Premium Finance
|
327
|
|
|
1,509
|
|
|
34.4
|
%
|
|
241
|
|
|
2,442
|
|
|
79.3
|
%
|
|
1,010
|
|
|
1,205
|
|
|
3.2
|
%
|
|||
Total
|
410
|
|
|
$
|
4,391
|
|
|
100.0
|
%
|
|
263
|
|
|
$
|
3,079
|
|
|
100.0
|
%
|
|
1,078
|
|
|
$
|
37,591
|
|
|
100.0
|
%
|
|
At September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Non-Performing Loans
|
(Dollars in Thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-Accruing Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 Family Real Estate
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
24
|
|
|
$
|
281
|
|
|
$
|
245
|
|
Commercial & Multi-Family Real Estate
|
685
|
|
|
—
|
|
|
904
|
|
|
312
|
|
|
427
|
|
|||||
Agricultural Operating
|
—
|
|
|
—
|
|
|
5,132
|
|
|
340
|
|
|
—
|
|
|||||
Commercial Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Total
|
685
|
|
|
83
|
|
|
6,060
|
|
|
933
|
|
|
679
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing Loans Delinquent 90 Days or More:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Agricultural Real Estate
|
34,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
1,406
|
|
|
53
|
|
|
13
|
|
|
54
|
|
|
13
|
|
|||||
Agricultural Operating
|
97
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Premium Finance
|
1,205
|
|
|
965
|
|
|
1,728
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
36,906
|
|
|
1,018
|
|
|
1,741
|
|
|
54
|
|
|
13
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Non-Performing Loans
|
37,591
|
|
|
1,101
|
|
|
7,801
|
|
|
987
|
|
|
692
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
1-4 Family Real Estate
|
62
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial & Multi-Family Real Estate
|
230
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
116
|
|
|||||
Total
|
292
|
|
|
76
|
|
|
—
|
|
|
15
|
|
|
116
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Other Assets
|
292
|
|
|
76
|
|
|
—
|
|
|
15
|
|
|
116
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Non-Performing Assets
|
$
|
37,883
|
|
|
$
|
1,177
|
|
|
$
|
7,801
|
|
|
$
|
1,002
|
|
|
$
|
808
|
|
Total as a Percentage of Total Assets
|
0.72
|
%
|
|
0.03
|
%
|
|
0.31
|
%
|
|
0.05
|
%
|
|
0.05
|
%
|
|||||
Total Non-Performing Assets as a Percentage of Total Assets - excluding insured loans
(1)
|
0.70
|
%
|
|
0.03
|
%
|
|
0.31
|
%
|
|
0.05
|
%
|
|
0.05
|
%
|
|
September 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Balance at Beginning of Period
|
$
|
5,635
|
|
|
$
|
6,255
|
|
|
$
|
5,397
|
|
|
$
|
3,930
|
|
|
$
|
3,971
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charge Offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
1-4 Family Real Estate
|
—
|
|
|
(32
|
)
|
|
(45
|
)
|
|
—
|
|
|
(25
|
)
|
|||||
Commercial & Multi-Family Real Estate
|
(138
|
)
|
|
(385
|
)
|
|
(214
|
)
|
|
—
|
|
|
(194
|
)
|
|||||
Consumer
|
(7,084
|
)
|
|
(728
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Commercial Operating
|
(1,149
|
)
|
|
(249
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Agricultural Operating
|
—
|
|
|
(3,252
|
)
|
|
(186
|
)
|
|
(50
|
)
|
|
—
|
|
|||||
Premium Finance
|
(626
|
)
|
|
(726
|
)
|
|
(285
|
)
|
|
—
|
|
|
—
|
|
|||||
Total Charge Offs
|
(8,997
|
)
|
|
(5,372
|
)
|
|
(730
|
)
|
|
(50
|
)
|
|
(220
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
1-4 Family Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|||||
Commercial & Multi-Family Real Estate
|
—
|
|
|
27
|
|
|
6
|
|
|
347
|
|
|
113
|
|
|||||
Consumer
|
209
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Commercial Operating
|
25
|
|
|
—
|
|
|
3
|
|
|
18
|
|
|
63
|
|
|||||
Agricultural Operating
|
12
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Premium Finance
|
61
|
|
|
107
|
|
|
114
|
|
|
—
|
|
|
—
|
|
|||||
Total Recoveries
|
307
|
|
|
147
|
|
|
123
|
|
|
367
|
|
|
179
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (Charge Offs) Recoveries
|
(8,690
|
)
|
|
(5,225
|
)
|
|
(607
|
)
|
|
317
|
|
|
(41
|
)
|
|||||
Provision Charged to Expense
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|
1,150
|
|
|
—
|
|
|||||
Balance at End of Period
|
$
|
7,534
|
|
|
$
|
5,635
|
|
|
$
|
6,255
|
|
|
$
|
5,397
|
|
|
$
|
3,930
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Net Charge Offs During the Period to
Average Loans Outstanding During the Period
|
0.73
|
%
|
|
0.06
|
%
|
|
0.10
|
%
|
|
(0.07
|
)%
|
|
0.01
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Net Charge Offs During the Period to
Non-Performing Assets at Year End
|
22.94
|
%
|
|
443.84
|
%
|
|
7.78
|
%
|
|
(31.66
|
)%
|
|
5.07
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance to Total Loans
|
0.57
|
%
|
|
0.61
|
%
|
|
0.88
|
%
|
|
1.08
|
%
|
|
1.02
|
%
|
|||||
Allowance to Total Loans - excluding insured loans
(1)
|
0.63
|
%
|
|
0.61
|
%
|
|
0.88
|
%
|
|
1.08
|
%
|
|
1.02
|
%
|
|
At September 30,
|
|||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent of
Loans in
Each
Category
of Total
Loans
|
|
Amount
|
|
Percent of
Loans in
Each
Category
of Total
Loans
|
|
Amount
|
|
Percent of
Loans in
Each
Category
of Total
Loans
|
|
Amount
|
|
Percent of
Loans in
Each
Category
of Total
Loans
|
|
Amount
|
|
Percent of
Loans in
Each
Category
of Total
Loans
|
|||||||||||||||
|
|
|
|
|
(Dollars in Thousands)
|
|
|
|
|
|
|
|||||||||||||||||||||||
1-4 Family Real Estate
|
$
|
803
|
|
|
14.8
|
%
|
|
$
|
654
|
|
|
17.5
|
%
|
|
$
|
278
|
|
|
17.5
|
%
|
|
$
|
552
|
|
|
23.3
|
%
|
|
$
|
333
|
|
|
21.4
|
%
|
Commercial & Multi-Family Real Estate
|
2,670
|
|
|
44.1
|
|
|
2,198
|
|
|
45.7
|
|
|
1,187
|
|
|
43.5
|
|
|
1,575
|
|
|
44.9
|
|
|
1,937
|
|
|
50.1
|
|
|||||
Agricultural Real Estate
|
1,390
|
|
|
4.7
|
|
|
142
|
|
|
6.9
|
|
|
163
|
|
|
9.0
|
|
|
263
|
|
|
11.2
|
|
|
112
|
|
|
7.6
|
|
|||||
Consumer
|
6
|
|
|
12.3
|
|
|
51
|
|
|
4.0
|
|
|
20
|
|
|
4.7
|
|
|
78
|
|
|
5.9
|
|
|
74
|
|
|
7.9
|
|
|||||
Commercial Operating
|
158
|
|
|
2.7
|
|
|
117
|
|
|
3.4
|
|
|
28
|
|
|
4.2
|
|
|
93
|
|
|
6.2
|
|
|
49
|
|
|
4.2
|
|
|||||
Agricultural Operating
|
1,184
|
|
|
2.5
|
|
|
1,332
|
|
|
4.0
|
|
|
3,537
|
|
|
6.1
|
|
|
719
|
|
|
8.5
|
|
|
267
|
|
|
8.8
|
|
|||||
Premium Finance
|
796
|
|
|
18.9
|
|
|
588
|
|
|
18.5
|
|
|
293
|
|
|
15.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unallocated
|
527
|
|
|
—
|
|
|
553
|
|
|
—
|
|
|
749
|
|
|
—
|
|
|
2,117
|
|
|
—
|
|
|
1,158
|
|
|
—
|
|
|||||
Total
|
$
|
7,534
|
|
|
100.0
|
%
|
|
$
|
5,635
|
|
|
100.0
|
%
|
|
$
|
6,255
|
|
|
100.0
|
%
|
|
$
|
5,397
|
|
|
100.0
|
%
|
|
$
|
3,930
|
|
|
100.0
|
%
|
|
At September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Investment Securities AFS
|
|
|
|
|
|
||||||
Trust preferred and corporate securities
|
$
|
—
|
|
|
$
|
12,978
|
|
|
$
|
13,944
|
|
Asset backed securities
|
96,832
|
|
|
116,815
|
|
|
—
|
|
|||
Small business administration securities
|
57,871
|
|
|
80,719
|
|
|
56,056
|
|
|||
Non-bank qualified obligations of states and political subdivisions
|
950,829
|
|
|
698,672
|
|
|
608,590
|
|
|||
Common equities and mutual funds
|
1,445
|
|
|
1,125
|
|
|
914
|
|
|||
Subtotal AFS
|
1,106,977
|
|
|
910,309
|
|
|
679,504
|
|
|||
|
|
|
|
|
|
||||||
Investment Securities HTM
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
19,247
|
|
|
20,626
|
|
|
19,540
|
|
|||
Non-bank qualified obligations of states and political subdivisions
(1)
|
430,593
|
|
|
465,469
|
|
|
259,627
|
|
|||
Subtotal HTM
|
449,840
|
|
|
486,095
|
|
|
279,167
|
|
|||
|
|
|
|
|
|
||||||
FHLB Stock
|
61,123
|
|
|
47,512
|
|
|
24,410
|
|
|||
|
|
|
|
|
|
||||||
Total Investment Securities and FHLB Stock
|
$
|
1,617,940
|
|
|
$
|
1,443,916
|
|
|
$
|
983,081
|
|
|
|
|
|
|
|
||||||
Other Interest-Earning Assets:
|
|
|
|
|
|
||||||
Interest bearing deposits in other financial institutions and Federal Funds Sold
(2)
|
$
|
1,227,308
|
|
|
$
|
513,441
|
|
|
$
|
10,051
|
|
|
September 30, 2017
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Available for Sale
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Asset backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
96,832
|
|
|
94,451
|
|
|
96,832
|
|
||||||
Small business administration securities
|
—
|
|
|
—
|
|
|
43,160
|
|
|
14,711
|
|
|
57,046
|
|
|
57,871
|
|
||||||
Non-bank qualified obligations of states and political subdivisions
|
—
|
|
|
37,674
|
|
|
315,038
|
|
|
598,117
|
|
|
938,883
|
|
|
950,829
|
|
||||||
Total Investment Securities AFS
|
$
|
—
|
|
|
$
|
37,674
|
|
|
$
|
358,198
|
|
|
$
|
709,660
|
|
|
$
|
1,090,380
|
|
|
$
|
1,105,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield
(1)
|
—
|
%
|
|
1.38
|
%
|
|
1.89
|
%
|
|
2.75
|
%
|
|
2.67
|
%
|
|
2.39
|
%
|
|
September 30, 2017
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Held to Maturity
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Obligations of states and political subdivisions
|
$
|
1,483
|
|
|
$
|
5,893
|
|
|
$
|
8,473
|
|
|
$
|
3,398
|
|
|
$
|
19,247
|
|
|
$
|
19,368
|
|
Non-bank qualified obligations of states and political subdivisions
|
—
|
|
|
12,033
|
|
|
136,523
|
|
|
282,037
|
|
|
430,593
|
|
|
432,361
|
|
||||||
Total Investment Securities HTM
|
$
|
1,483
|
|
|
$
|
17,926
|
|
|
$
|
144,996
|
|
|
$
|
285,435
|
|
|
$
|
449,840
|
|
|
$
|
451,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield
(1)
|
1.43
|
%
|
|
1.83
|
%
|
|
2.19
|
%
|
|
2.90
|
%
|
|
2.62
|
%
|
|
2.41
|
%
|
|
At September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Available for Sale
|
(Dollars in Thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Freddie Mac
|
$
|
100,287
|
|
|
$
|
164,577
|
|
|
$
|
174,322
|
|
Fannie Mae
|
486,167
|
|
|
394,363
|
|
|
391,846
|
|
|||
Fannie Mae DUS
|
—
|
|
|
—
|
|
|
10,415
|
|
|||
Total AFS
|
$
|
586,454
|
|
|
$
|
558,940
|
|
|
$
|
576,583
|
|
|
At September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Held to Maturity
|
(Dollars in Thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Farmer Mac
|
$
|
61,295
|
|
|
$
|
71,011
|
|
|
$
|
—
|
|
Fannie Mae
|
43,458
|
|
|
51,894
|
|
|
61,026
|
|
|||
Ginnie Mae
|
8,936
|
|
|
10,853
|
|
|
5,551
|
|
|||
Total HTM
|
$
|
113,689
|
|
|
$
|
133,758
|
|
|
$
|
66,577
|
|
|
September 30, 2017
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Available for Sale
|
(Dollars in Thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Freddie Mac
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100,287
|
|
|
$
|
102,385
|
|
|
$
|
100,287
|
|
Fannie Mae
|
—
|
|
|
—
|
|
|
—
|
|
|
486,167
|
|
|
486,533
|
|
|
486,167
|
|
||||||
Total Investment Securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
586,454
|
|
|
$
|
588,918
|
|
|
$
|
586,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.73
|
%
|
|
2.64
|
%
|
|
2.73
|
%
|
|
September 30, 2017
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Held to Maturity
|
(Dollars in Thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Farmer Mac
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61,295
|
|
|
$
|
61,295
|
|
|
$
|
60,733
|
|
Fannie Mae
|
—
|
|
|
—
|
|
|
—
|
|
|
43,458
|
|
|
43,458
|
|
|
42,894
|
|
||||||
Ginnie Mae
|
—
|
|
|
—
|
|
|
—
|
|
|
8,936
|
|
|
8,936
|
|
|
8,829
|
|
||||||
Total Investment Securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
113,689
|
|
|
$
|
113,689
|
|
|
$
|
112,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.64
|
%
|
|
2.64
|
%
|
|
2.73
|
%
|
|
September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Opening Balance
|
$
|
2,430,082
|
|
|
$
|
1,657,534
|
|
|
$
|
1,366,541
|
|
Deposits
|
418,732,743
|
|
|
418,950,277
|
|
|
315,944,447
|
|
|||
Withdrawals
|
(417,941,472
|
)
|
|
(418,178,086
|
)
|
|
(315,653,993
|
)
|
|||
Interest Credited
|
2,071
|
|
|
357
|
|
|
539
|
|
|||
|
|
|
|
|
|
||||||
Ending Balance
|
$
|
3,223,424
|
|
|
$
|
2,430,082
|
|
|
$
|
1,657,534
|
|
|
|
|
|
|
|
||||||
Net Increase
|
$
|
793,342
|
|
|
$
|
772,548
|
|
|
$
|
290,993
|
|
|
|
|
|
|
|
||||||
Percent Increase
|
32.65
|
%
|
|
46.61
|
%
|
|
21.29
|
%
|
|
September 30,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Amount
|
|
Percent of
Total
|
|
Amount
|
|
Percent of
Total
|
|
Amount
|
|
Percent of
Total
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||
Transactions and Savings Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-Interest Bearing Checking
|
$
|
2,454,057
|
|
|
76.1
|
%
|
|
$
|
2,167,522
|
|
|
89.2
|
%
|
|
$
|
1,449,101
|
|
|
87.4
|
%
|
Interest Bearing Checking
|
67,294
|
|
|
2.1
|
%
|
|
38,077
|
|
|
1.6
|
%
|
|
33,320
|
|
|
2.0
|
%
|
|||
Savings Deposits
|
53,505
|
|
|
1.7
|
%
|
|
50,742
|
|
|
2.1
|
%
|
|
41,720
|
|
|
2.5
|
%
|
|||
Money Market Deposits
|
48,758
|
|
|
1.5
|
%
|
|
47,749
|
|
|
1.9
|
%
|
|
42,222
|
|
|
2.6
|
%
|
|||
Wholesale transaction and savings deposits
|
18,245
|
|
|
0.6
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Total Non-Certificate Deposits
|
$
|
2,641,859
|
|
|
82.0
|
%
|
|
$
|
2,304,090
|
|
|
94.8
|
%
|
|
$
|
1,566,363
|
|
|
94.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Time Certificates of Deposit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Variable
|
103
|
|
|
—
|
%
|
|
124
|
|
|
—
|
%
|
|
192
|
|
|
—
|
%
|
|||
0.00 - 0.99%
|
58,745
|
|
|
1.8
|
%
|
|
125,519
|
|
|
5.2
|
%
|
|
89,044
|
|
|
5.4
|
%
|
|||
1.00 - 1.99%
|
522,393
|
|
|
16.2
|
%
|
|
349
|
|
|
—
|
%
|
|
1,935
|
|
|
0.1
|
%
|
|||
2.00 - 2.99%
|
324
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Time Certificates of Deposits
(1)
|
$
|
581,565
|
|
|
18.0
|
%
|
|
$
|
125,992
|
|
|
5.2
|
%
|
|
$
|
91,171
|
|
|
5.5
|
%
|
Total Deposits
|
$
|
3,223,424
|
|
|
100.0
|
%
|
|
$
|
2,430,082
|
|
|
100.0
|
%
|
|
$
|
1,657,534
|
|
|
100.0
|
%
|
|
Variable
|
|
0.00- 0.99%
|
|
1.00 - 1.99%
|
|
2.00 - 2.99%
|
|
Total
|
|
Percent of
Total
|
|||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||
Certificate accounts maturing in quarter ending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2017
|
34
|
|
|
42,083
|
|
|
174,877
|
|
|
—
|
|
|
$
|
216,994
|
|
|
37.3
|
%
|
||||
March 31, 2018
|
18
|
|
|
2,093
|
|
|
298,302
|
|
|
—
|
|
|
300,413
|
|
|
51.7
|
%
|
|||||
June 30, 2018
|
8
|
|
|
4,700
|
|
|
35,743
|
|
|
—
|
|
|
40,451
|
|
|
7.0
|
%
|
|||||
September 30, 2018
|
26
|
|
|
1,324
|
|
|
1,617
|
|
|
—
|
|
|
2,967
|
|
|
0.5
|
%
|
|||||
December 31, 2018
|
9
|
|
|
2,673
|
|
|
3,417
|
|
|
—
|
|
|
6,099
|
|
|
1.1
|
%
|
|||||
March 31, 2019
|
8
|
|
|
498
|
|
|
831
|
|
|
—
|
|
|
1,337
|
|
|
0.2
|
%
|
|||||
June 30, 2019
|
—
|
|
|
1,386
|
|
|
1,620
|
|
|
—
|
|
|
3,006
|
|
|
0.5
|
%
|
|||||
September 30, 2019
|
—
|
|
|
501
|
|
|
—
|
|
|
—
|
|
|
501
|
|
|
0.1
|
%
|
|||||
December 31, 2019
|
—
|
|
|
1,647
|
|
|
1,397
|
|
|
7
|
|
|
3,051
|
|
|
0.5
|
%
|
|||||
March 31, 2020
|
—
|
|
|
269
|
|
|
36
|
|
|
—
|
|
|
305
|
|
|
0.1
|
%
|
|||||
June 30, 2020
|
—
|
|
|
829
|
|
|
757
|
|
|
—
|
|
|
1,586
|
|
|
0.3
|
%
|
|||||
September 30, 2020
|
—
|
|
|
135
|
|
|
82
|
|
|
—
|
|
|
217
|
|
|
—
|
%
|
|||||
Thereafter
|
—
|
|
|
607
|
|
|
3,714
|
|
|
317
|
|
|
4,638
|
|
|
0.8
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total
|
$
|
103
|
|
|
$
|
58,745
|
|
|
$
|
522,393
|
|
|
$
|
324
|
|
|
$
|
581,565
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Percent of total
|
—
|
%
|
|
10.1
|
%
|
|
89.8
|
%
|
|
0.1
|
%
|
|
100.0
|
%
|
|
|
|
|
Maturity
|
||||||||||||||||||
|
3 Months or
Less
|
|
After 3 to 6
Months
|
|
After 6 to 12
Months
|
|
After 12 Months
|
|
Total
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Certificates of deposit less than $250,000
|
$
|
193,317
|
|
|
$
|
257,999
|
|
|
$
|
26,928
|
|
|
$
|
18,117
|
|
|
$
|
496,361
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit of $250,000 or more
|
23,677
|
|
|
42,414
|
|
|
16,490
|
|
|
2,623
|
|
|
$
|
85,204
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total certificates of deposit
|
$
|
216,994
|
|
|
$
|
300,413
|
|
|
$
|
43,418
|
|
|
$
|
20,740
|
|
|
$
|
581,565
|
|
|
September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Maximum Balance:
|
|
|
|
|
|
||||||
FHLB advances
|
$
|
415,000
|
|
|
$
|
107,000
|
|
|
$
|
7,000
|
|
Repurchase agreements
|
3,782
|
|
|
3,468
|
|
|
17,400
|
|
|||
Trust preferred securities
|
10,310
|
|
|
10,310
|
|
|
10,310
|
|
|||
Subordinated debentures
|
73,347
|
|
|
73,211
|
|
|
—
|
|
|||
Capital leases
|
2,012
|
|
|
2,137
|
|
|
2,247
|
|
|||
Other overnight borrowings
|
20,000
|
|
|
—
|
|
|
—
|
|
|||
Overnight fed funds purchased
|
987,000
|
|
|
992,000
|
|
|
540,000
|
|
|||
|
|
|
|
|
|
||||||
Average Balance:
|
|
|
|
|
|
|
|
|
|||
FHLB advances
|
$
|
52,956
|
|
|
$
|
61,454
|
|
|
$
|
7,000
|
|
Repurchase agreements
|
2,225
|
|
|
2,179
|
|
|
10,884
|
|
|||
Trust preferred securities
|
10,310
|
|
|
10,310
|
|
|
10,310
|
|
|||
Subordinated debentures
|
73,273
|
|
|
9,437
|
|
|
—
|
|
|||
Capital leases
|
1,979
|
|
|
2,086
|
|
|
1,993
|
|
|||
Other overnight borrowings
|
1,425
|
|
|
—
|
|
|
—
|
|
|||
Overnight fed funds purchased
|
259,378
|
|
|
339,035
|
|
|
234,025
|
|
|
September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
|
|
|
|
|
|
||||||
FHLB advances
|
$
|
415,000
|
|
|
$
|
107,000
|
|
|
$
|
7,000
|
|
Repurchase agreements
|
2,472
|
|
|
3,039
|
|
|
4,007
|
|
|||
Trust preferred securities
|
10,310
|
|
|
10,310
|
|
|
10,310
|
|
|||
Subordinated debentures
|
73,347
|
|
|
73,211
|
|
|
—
|
|
|||
Capital leases
|
1,938
|
|
|
2,018
|
|
|
2,143
|
|
|||
Overnight fed funds purchased
|
987,000
|
|
|
992,000
|
|
|
540,000
|
|
|||
|
|
|
|
|
|
||||||
Total borrowings
|
$
|
1,490,067
|
|
|
$
|
1,187,578
|
|
|
$
|
563,460
|
|
|
|
|
|
|
|
||||||
Weighted average interest rate of FHLB advances
|
1.27
|
%
|
|
0.89
|
%
|
|
6.98
|
%
|
|||
|
|
|
|
|
|
||||||
Weighted average interest rate of repurchase agreements
|
0.98
|
%
|
|
0.60
|
%
|
|
0.52
|
%
|
|||
|
|
|
|
|
|
||||||
Weighted average interest rate of trust preferred securities
|
5.26
|
%
|
|
4.99
|
%
|
|
4.28
|
%
|
|||
|
|
|
|
|
|
||||||
Weighted average interest rate of subordinated debentures
|
5.75
|
%
|
|
5.75
|
%
|
|
—
|
%
|
|||
|
|
|
|
|
|
||||||
Weighted average interest rate of overnight fed funds purchased
|
1.33
|
%
|
|
0.45
|
%
|
|
0.30
|
%
|
|
Company (Actual)
|
|
Bank (Actual)
|
|
Minimum
Requirement For
Capital Adequacy
Purposes
|
|
Minimum Requirement
To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||
|
Ratio
|
|
Ratio
|
|
Ratio
|
|
Ratio
|
||||
|
(Dollars in Thousands)
|
||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Tier 1 leverage ratio
|
7.64
|
%
|
|
9.64
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Common equity Tier 1 capital ratio
|
13.97
|
%
|
|
18.22
|
%
|
|
4.50
|
%
|
|
6.50
|
%
|
Tier 1 capital ratio
|
14.46
|
%
|
|
18.22
|
%
|
|
6.00
|
%
|
|
8.00
|
%
|
Total qualifying capital ratio
|
18.41
|
%
|
|
18.59
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
|
Standardized Approach
(1)
|
||
|
September 30, 2017
|
||
|
(Dollars in Thousands)
|
||
|
|
||
Total equity
|
$
|
434,496
|
|
Adjustments:
|
|
|
|
LESS: Goodwill, net of associated deferred tax liabilities
|
95,332
|
|
|
LESS: Certain other intangible assets
|
41,743
|
|
|
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards
|
1,495
|
|
|
LESS: Net unrealized gains (losses) on available-for-sale securities
|
9,166
|
|
|
Common Equity Tier 1
(1)
|
286,760
|
|
|
Long-term debt and other instruments qualifying as Tier 1
|
10,310
|
|
|
LESS: Additional tier 1 capital deductions
|
374
|
|
|
Total Tier 1 capital
|
296,696
|
|
|
Allowance for loan losses
|
7,718
|
|
|
Subordinated debentures (net of issuance costs)
|
73,347
|
|
|
Total qualifying capital
|
377,761
|
|
|
September 30, 2017
|
||
|
(Dollars in Thousands)
|
||
Total Stockholders' Equity
|
$
|
434,496
|
|
Less: Goodwill
|
98,723
|
|
|
Less: Intangible assets
|
52,178
|
|
|
Tangible common equity
|
283,595
|
|
|
Less: AOCI
|
9,166
|
|
|
Tangible common equity excluding AOCI
|
274,429
|
|
•
|
the savings association would be undercapitalized, significantly undercapitalized or critically undercapitalized following the distribution;
|
•
|
the proposed distribution raises safety and soundness concerns; or
|
•
|
the proposed distribution violates a prohibition contained in any statute, regulation, enforcement action or agreement between the savings association (or its holding company, in the case of the Federal Reserve) and the entity’s primary federal regulator, or a condition imposed on the savings association (or its holding company, in the case of the Federal Reserve) in an application or notice approved by the entity’s primary federal regulator.
|
•
|
control (as defined under the HOLA) of another savings institution (or a holding company parent) without prior Federal Reserve approval;
|
•
|
through merger, consolidation or purchase of assets another savings institution or a holding company thereof, or acquiring all or substantially all of the assets of such institution (or a holding company) without prior Federal Reserve approval; or
|
•
|
control of any depository institution not insured by the FDIC (except through a merger with and into the holding company’s savings institution subsidiary that is approved by the Federal Reserve).
|
•
|
in the case of certain emergency acquisitions approved by the FDIC;
|
•
|
if such holding company controls a savings institution subsidiary that operated a home or branch office in such additional state as of March 5, 1987; or
|
•
|
if the laws of the state in which the savings institution to be acquired is located specifically authorize a savings institution chartered by that state to be acquired by a savings institution chartered by the state where the acquiring savings institution or savings and loan holding company is located, or by a holding company that controls such a state-chartered association.
|
•
|
We have faced increased regulation of our industry. Although it is possible that the effect of the November 2016 federal elections may curtail such events, compliance with existing and expected regulations may increase our costs and limit our ability to pursue business opportunities;
|
•
|
Customer demand for loans secured by real estate could be reduced due to weaker economic conditions, an increase in unemployment, a decrease in real estate values or an increase in interest rates;
|
•
|
The process we use to estimate losses inherent in our credit exposure requires difficult, subjective and complex judgments, including forecasts of economic conditions, and whether economic conditions might impair the ability of our borrowers to repay their loans. The level of uncertainty concerning economic conditions may adversely affect the accuracy of our estimates which may, in turn, impact the reliability of the process. Further, a new method of determining loan loss allowances, expected to be implemented in fiscal year 2020, could decrease our profitability.
|
•
|
The value of the portfolio of investment securities that we hold, and which constitute a large percentage of our assets, may be adversely affected; and
|
•
|
If we experience financial setbacks or regulatory action in the future, we may be required to pay significantly higher FDIC insurance premiums than we currently pay due, in part, to our significant level of brokered deposits. See “– Regulation.”
|
•
|
increased capital needs;
|
•
|
increased and new regulatory and compliance requirements;
|
•
|
implementation or remediation of controls, procedures and policies at the acquired company;
|
•
|
diversion of management time and focus from operation of our then-existing business to acquisition-integration challenges;
|
•
|
coordination of product, sales, marketing and program and systems management functions;
|
•
|
transition of the acquired company’s users and customers onto our systems;
|
•
|
retention of employees from the acquired company;
|
•
|
integration of employees from the acquired company into our organization;
|
•
|
integration of the acquired company’s accounting, information management, human resources and other administrative systems and operations with ours;
|
•
|
potential liability for activities of the acquired company prior to the acquisition, including violations of law, commercial disputes and tax and other known and unknown liabilities;
|
•
|
potential increased litigation or other claims in connection with the acquired company, including claims brought by terminated employees, customers, former stockholders, vendors, or other third parties; and
|
•
|
goodwill impairment
|
•
|
Commercial Mortgage Loans
. Repayment is dependent upon income being generated in amounts sufficient to cover operating expenses and debt service.
|
•
|
Commercial Loans
. Repayment is dependent upon the successful operation of the borrower’s business.
|
•
|
Consumer Loans
. Consumer loans (such as personal lines of credit) are collateralized, if at all, with assets that may not provide an adequate source of payment of the loan due to depreciation, damage or loss.
|
•
|
Agricultural Loans
. Repayment is dependent upon the successful operation of the business, which is greatly dependent on many things outside the control of either the Bank or the borrowers. These factors include weather, commodity prices and interest rates, among others.
|
•
|
Premium Finance Loans.
Repayment is dependent upon the successful operations of the business. The risk is mitigated since the loan is secured by the unamortized portion of the underlying insurance policy.
|
•
|
Student Loans.
Repayment is dependent upon the obligor’s fulfillment of its contractual payment obligations.
|
•
|
Refund Advance Loans.
Repayment is dependent upon an income tax refund being approved and paid by the Internal Revenue Service or a state tax authority.
|
•
|
announcements of developments related to the Company’s business;
|
•
|
the initiation, pendency or outcome of litigation, regulatory reviews, inquiries and investigations, and any related adverse publicity;
|
•
|
fluctuations in the Company’s results of operations;
|
•
|
sales of substantial amounts of the Company’s securities into the marketplace;
|
•
|
general conditions in the Company’s banking niche or the worldwide economy;
|
•
|
a shortfall in revenues or earnings compared to securities analysts’ expectations;
|
•
|
lack of an active trading market for the common stock;
|
•
|
changes in analysts’ recommendations or projections; and
|
•
|
the Company’s announcement of new acquisitions or other projects.
|
|
Fiscal Year 2017
|
|
Fiscal Year 2016
|
||||||||||||
|
Low
|
|
High
|
|
Low
|
|
High
|
||||||||
First Quarter
|
$
|
60.20
|
|
|
$
|
106.85
|
|
|
$
|
39.10
|
|
|
$
|
49.67
|
|
Second Quarter
|
76.56
|
|
|
106.90
|
|
|
36.22
|
|
|
46.53
|
|
||||
Third Quarter
|
82.40
|
|
|
93.20
|
|
|
43.55
|
|
|
53.76
|
|
||||
Fourth Quarter
|
60.70
|
|
|
95.00
|
|
|
48.97
|
|
|
62.62
|
|
|
Year Ended September 30,
|
|||||||||||||||||
Index
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||
Meta Financial Group
|
$
|
100.00
|
|
$
|
159.75
|
|
$
|
150.22
|
|
$
|
180.37
|
|
$
|
264.51
|
|
$
|
344.36
|
|
NASDAQ Composite Index
|
100.00
|
|
122.77
|
|
148.08
|
|
153.99
|
|
179.29
|
|
221.75
|
|
||||||
NASDAQ ABA Community Bank Index
|
100.00
|
|
126.80
|
|
136.75
|
|
157.73
|
|
174.20
|
|
226.50
|
|
September 30,
|
2017
|
|
2016
(1)
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SELECTED FINANCIAL CONDITION DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,228,332
|
|
|
$
|
4,006,419
|
|
|
$
|
2,529,705
|
|
|
$
|
2,054,031
|
|
|
$
|
1,691,989
|
|
Loans receivable, net
|
1,317,837
|
|
|
919,470
|
|
|
706,255
|
|
|
493,007
|
|
|
380,428
|
|
|||||
Securities available for sale
|
1,693,431
|
|
|
1,469,249
|
|
|
1,256,087
|
|
|
1,140,216
|
|
|
881,193
|
|
|||||
Securities held to maturity
|
563,529
|
|
|
619,853
|
|
|
345,744
|
|
|
282,933
|
|
|
288,026
|
|
|||||
Goodwill and intangible assets
|
150,901
|
|
|
65,849
|
|
|
70,505
|
|
|
2,588
|
|
|
2,339
|
|
|||||
Deposits
|
3,223,424
|
|
|
2,430,082
|
|
|
1,657,534
|
|
|
1,366,541
|
|
|
1,315,283
|
|
|||||
Total borrowings
|
1,490,067
|
|
|
1,187,578
|
|
|
561,317
|
|
|
497,721
|
|
|
216,456
|
|
|||||
Stockholders' equity
|
434,496
|
|
|
334,975
|
|
|
271,335
|
|
|
174,802
|
|
|
142,984
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended September 30,
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SELECTED OPERATIONS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in Thousands, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest income
|
$
|
108,103
|
|
|
$
|
81,396
|
|
|
$
|
61,607
|
|
|
$
|
48,660
|
|
|
$
|
38,976
|
|
Total interest expense
|
14,873
|
|
|
4,091
|
|
|
2,387
|
|
|
2,398
|
|
|
2,954
|
|
|||||
Net interest income
|
93,230
|
|
|
77,305
|
|
|
59,220
|
|
|
46,262
|
|
|
36,022
|
|
|||||
Provision for loan losses
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|
1,150
|
|
|
—
|
|
|||||
Net interest income after provision for loan losses
|
82,641
|
|
|
72,700
|
|
|
57,755
|
|
|
45,112
|
|
|
36,022
|
|
|||||
Total non-interest income
|
172,172
|
|
|
100,770
|
|
|
58,174
|
|
|
51,738
|
|
|
55,503
|
|
|||||
Total non-interest expense
|
199,663
|
|
|
134,648
|
|
|
96,506
|
|
|
78,231
|
|
|
74,403
|
|
|||||
Income before income tax expense
|
55,150
|
|
|
38,822
|
|
|
19,423
|
|
|
18,619
|
|
|
17,122
|
|
|||||
Income tax expense
|
10,233
|
|
|
5,602
|
|
|
1,368
|
|
|
2,906
|
|
|
3,704
|
|
|||||
Net income
|
44,917
|
|
|
33,220
|
|
|
18,055
|
|
|
15,713
|
|
|
13,418
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
4.86
|
|
|
$
|
3.93
|
|
|
$
|
2.68
|
|
|
$
|
2.57
|
|
|
$
|
2.40
|
|
Diluted
|
$
|
4.83
|
|
|
$
|
3.91
|
|
|
$
|
2.66
|
|
|
$
|
2.53
|
|
|
$
|
2.38
|
|
Year Ended September 30,
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.13
|
%
|
|
1.10
|
%
|
|
0.78
|
%
|
|
0.81
|
%
|
|
0.78
|
%
|
|||||
Return on average equity
|
11.20
|
%
|
|
10.80
|
%
|
|
8.83
|
%
|
|
10.01
|
%
|
|
9.36
|
%
|
|||||
Net interest margin, tax equivalent
|
3.05
|
%
|
|
3.19
|
%
|
|
3.03
|
%
|
|
2.80
|
%
|
|
2.48
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets to total assets
|
0.72
|
%
|
|
0.03
|
%
|
|
0.31
|
%
|
|
0.05
|
%
|
|
0.05
|
%
|
|||||
Allowance for loan losses to total loans
|
0.57
|
%
|
|
0.61
|
%
|
|
0.88
|
%
|
|
1.08
|
%
|
|
1.02
|
%
|
|||||
Allowance for loan losses to non-performing loans
|
20
|
%
|
|
479
|
%
|
|
80
|
%
|
|
547
|
%
|
|
568
|
%
|
|||||
Excluding insured loans
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-performing assets to total assets
(2)
|
0.70
|
%
|
|
0.03
|
%
|
|
0.31
|
%
|
|
0.05
|
%
|
|
0.05
|
%
|
|||||
Allowance for loan losses to total loans
(3)
|
0.63
|
%
|
|
0.61
|
%
|
|
0.88
|
%
|
|
1.08
|
%
|
|
1.02
|
%
|
|||||
Allowance for loan losses to non-performing loans
(4)
|
21
|
%
|
|
479
|
%
|
|
80
|
%
|
|
547
|
%
|
|
568
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders' equity to total assets
|
8.31
|
%
|
|
8.36
|
%
|
|
10.73
|
%
|
|
8.51
|
%
|
|
8.45
|
%
|
|||||
Average stockholders' equity to average assets
|
10.07
|
%
|
|
10.19
|
%
|
|
8.81
|
%
|
|
8.14
|
%
|
|
8.37
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
OTHER DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Book value per common share outstanding at end of year
|
$
|
45.15
|
|
|
$
|
39.30
|
|
|
$
|
33.24
|
|
|
$
|
28.33
|
|
|
$
|
23.55
|
|
Tangible book value per common share outstanding at end of year
|
$
|
29.47
|
|
|
$
|
31.57
|
|
|
$
|
24.60
|
|
|
$
|
27.91
|
|
|
$
|
23.17
|
|
Dividends declared per share at end of year
|
0.52
|
|
|
0.52
|
|
|
0.52
|
|
|
0.52
|
|
|
0.52
|
|
|||||
Number of full-service offices at end of year
|
10
|
|
|
10
|
|
|
10
|
|
|
11
|
|
|
11
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Shares Outstanding
|
9,622,595
|
|
|
8,523,641
|
|
|
8,163,022
|
|
|
6,169,604
|
|
|
6,070,654
|
|
Year Ended September 30,
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
(Dollars in Thousands)
|
Average
Outstanding
Balance
|
|
Interest
Earned /
Paid
|
|
Yield /
Rate
|
|
Average
Outstanding
Balance
|
|
Interest
Earned /
Paid
|
|
Yield /
Rate
|
|
Average
Outstanding
Balance
|
|
Interest
Earned /
Paid
|
|
Yield /
Rate
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Specialty Finance Loans*
|
$
|
317,293
|
|
|
$
|
16,903
|
|
|
5.33
|
%
|
|
$
|
135,334
|
|
|
$
|
7,276
|
|
|
5.38
|
%
|
|
$
|
74,537
|
|
|
$
|
6,037
|
|
|
8.10
|
%
|
Tax Advance Loans
|
49,026
|
|
|
11
|
|
|
0.02
|
%
|
|
3,804
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
Retail Bank Loans
|
820,980
|
|
|
35,203
|
|
|
4.29
|
%
|
|
671,308
|
|
|
28,911
|
|
|
4.31
|
%
|
|
543,329
|
|
|
23,528
|
|
|
4.33
|
%
|
||||||
Mortgage-backed securities
|
747,027
|
|
|
16,571
|
|
|
2.22
|
%
|
|
728,738
|
|
|
15,771
|
|
|
2.16
|
%
|
|
695,539
|
|
|
13,979
|
|
|
2.01
|
%
|
||||||
Tax-Exempt Investment Securities
|
1,303,830
|
|
|
31,930
|
|
|
3.77
|
%
|
|
1,061,198
|
|
|
24,965
|
|
|
3.56
|
%
|
|
704,529
|
|
|
15,730
|
|
|
3.38
|
%
|
||||||
Asset-Backed Securities
|
115,716
|
|
|
2,999
|
|
|
2.59
|
%
|
|
54,993
|
|
|
1,199
|
|
|
2.18
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
Other investments and fed funds sold
|
115,958
|
|
|
3,104
|
|
|
2.68
|
%
|
|
101,258
|
|
|
2,537
|
|
|
2.51
|
%
|
|
72,954
|
|
|
1,742
|
|
|
2.39
|
%
|
||||||
Cash & Fed Funds Sold
|
150,338
|
|
|
1,382
|
|
|
0.92
|
%
|
|
66,759
|
|
|
737
|
|
|
1.54
|
%
|
|
127,901
|
|
|
591
|
|
|
0.51
|
%
|
||||||
Total interest-earning assets
|
3,620,168
|
|
|
$
|
108,103
|
|
|
3.46
|
%
|
|
2,823,392
|
|
|
$
|
81,396
|
|
|
3.34
|
%
|
|
2,218,789
|
|
|
$
|
61,607
|
|
|
3.14
|
%
|
|||
Non-interest-earning assets
|
362,133
|
|
|
|
|
|
|
193,286
|
|
|
|
|
|
|
103,138
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
3,982,301
|
|
|
|
|
|
|
$
|
3,016,678
|
|
|
|
|
|
|
$
|
2,321,927
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest bearing deposits
|
$
|
2,286,358
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
2,017,977
|
|
|
$
|
—
|
|
|
0.00
|
%
|
|
$
|
1,632,130
|
|
|
$
|
—
|
|
|
—%
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing checking
|
42,231
|
|
|
172
|
|
|
0.41
|
%
|
|
36,317
|
|
|
97
|
|
|
0.27
|
%
|
|
35,610
|
|
|
88
|
|
|
0.25
|
%
|
||||||
Savings
|
55,484
|
|
|
31
|
|
|
0.06
|
%
|
|
59,670
|
|
|
24
|
|
|
0.04
|
%
|
|
34,129
|
|
|
40
|
|
|
0.12
|
%
|
||||||
Money markets
|
46,466
|
|
|
87
|
|
|
0.19
|
%
|
|
46,115
|
|
|
75
|
|
|
0.16
|
%
|
|
39,401
|
|
|
61
|
|
|
0.15
|
%
|
||||||
Time deposits
|
103,115
|
|
|
830
|
|
|
0.80
|
%
|
|
79,825
|
|
|
418
|
|
|
0.52
|
%
|
|
85,843
|
|
|
537
|
|
|
0.63
|
%
|
||||||
Wholesale deposits
|
558,855
|
|
|
4,931
|
|
|
0.88
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
FHLB advances
|
52,956
|
|
|
1,045
|
|
|
1.97
|
%
|
|
61,454
|
|
|
709
|
|
|
1.15
|
%
|
|
7,000
|
|
|
495
|
|
|
7.07
|
%
|
||||||
Overnight fed funds purchased
|
259,378
|
|
|
2,649
|
|
|
1.02
|
%
|
|
339,035
|
|
|
1,607
|
|
|
0.47
|
%
|
|
234,025
|
|
|
691
|
|
|
0.30
|
%
|
||||||
Subordinated debentures
|
73,273
|
|
|
4,448
|
|
|
6.07
|
%
|
|
9,437
|
|
|
539
|
|
|
5.71
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
Other borrowings
|
15,939
|
|
|
680
|
|
|
4.27
|
%
|
|
14,575
|
|
|
622
|
|
|
4.27
|
%
|
|
21,193
|
|
|
475
|
|
|
2.05
|
%
|
||||||
Total interest-bearing liabilities
|
1,207,697
|
|
|
14,873
|
|
|
1.23
|
%
|
|
646,428
|
|
|
4,091
|
|
|
0.63
|
%
|
|
457,201
|
|
|
2,387
|
|
|
0.56
|
%
|
||||||
Total deposits and interest-bearing liabilities
|
3,494,055
|
|
|
$
|
14,873
|
|
|
0.43
|
%
|
|
2,664,405
|
|
|
$
|
4,091
|
|
|
0.15
|
%
|
|
2,089,331
|
|
|
$
|
2,387
|
|
|
0.11
|
%
|
|||
Other non-interest bearing liabilities
|
87,084
|
|
|
|
|
|
|
44,786
|
|
|
|
|
|
|
28,009
|
|
|
|
|
|
||||||||||||
Total liabilities
|
3,581,139
|
|
|
|
|
|
|
2,709,191
|
|
|
|
|
|
|
2,117,340
|
|
|
|
|
|
||||||||||||
Stockholders' equity
|
401,162
|
|
|
|
|
|
|
307,487
|
|
|
|
|
|
|
204,587
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders' equity
|
$
|
3,982,301
|
|
|
|
|
|
|
$
|
3,016,678
|
|
|
|
|
|
|
$
|
2,321,927
|
|
|
|
|
|
|||||||||
Net interest income and net interest rate spread including non-interest bearing deposits
|
|
|
$
|
93,230
|
|
|
3.04
|
%
|
|
|
|
$
|
77,305
|
|
|
3.18
|
%
|
|
|
|
$
|
59,220
|
|
|
3.03
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest margin, tax equivalent
|
|
|
|
|
3.05
|
%
|
|
|
|
|
|
3.19
|
%
|
|
|
|
|
|
3.03
|
%
|
Year Ended September 30,
|
|
2017 vs. 2016
|
|
2016 vs. 2015
(1)
|
||||||||||||||||||||
|
|
Increase /
(Decrease)
Due to Volume
|
|
|
Increase /
(Decrease)
Due to Rate
|
|
|
Total
Increase /
(Decrease)
|
|
|
Increase /
(Decrease)
Due to Volume
|
|
|
Increase /
(Decrease)
Due to Rate
|
|
|
Total
Increase /
(Decrease)
|
|
||||||
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Specialty Finance Loans
|
|
$
|
9,699
|
|
|
$
|
(72
|
)
|
|
$
|
9,627
|
|
|
$
|
3,751
|
|
|
$
|
(2,514
|
)
|
|
$
|
1,237
|
|
Tax Advance Loans
|
|
—
|
|
|
11
|
|
|
11
|
|
|
5,513
|
|
|
(128
|
)
|
|
5,385
|
|
||||||
Retail Bank Loans
|
|
6,441
|
|
|
(149
|
)
|
|
6,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Mortgage-backed securities
|
|
385
|
|
|
415
|
|
|
800
|
|
|
687
|
|
|
1,105
|
|
|
1,792
|
|
||||||
Tax-Exempt Investment Securities
|
|
5,576
|
|
|
1,389
|
|
|
6,965
|
|
|
8,115
|
|
|
1,120
|
|
|
9,235
|
|
||||||
Asset-Backed Securities
|
|
1,537
|
|
|
263
|
|
|
1,800
|
|
|
1,199
|
|
|
—
|
|
|
1,199
|
|
||||||
Other investments and fed funds sold
|
|
389
|
|
|
178
|
|
|
567
|
|
|
705
|
|
|
90
|
|
|
795
|
|
||||||
Cash & Fed Funds Sold
|
|
1,115
|
|
|
(470
|
)
|
|
645
|
|
|
(508
|
)
|
|
654
|
|
|
146
|
|
||||||
Total interest-earning assets
|
|
$
|
25,142
|
|
|
$
|
1,565
|
|
|
$
|
26,707
|
|
|
$
|
19,462
|
|
|
$
|
327
|
|
|
$
|
19,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing checking
|
|
$
|
18
|
|
|
$
|
57
|
|
|
$
|
75
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
9
|
|
Savings
|
|
(2
|
)
|
|
10
|
|
|
8
|
|
|
20
|
|
|
(37
|
)
|
|
(17
|
)
|
||||||
Money markets
|
|
1
|
|
|
10
|
|
|
11
|
|
|
11
|
|
|
4
|
|
|
15
|
|
||||||
Time deposits
|
|
145
|
|
|
267
|
|
|
412
|
|
|
(36
|
)
|
|
(83
|
)
|
|
(119
|
)
|
||||||
Wholesale deposits
|
|
4,931
|
|
|
—
|
|
|
4,931
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
FHLB advances
|
|
(109
|
)
|
|
445
|
|
|
336
|
|
|
941
|
|
|
(728
|
)
|
|
213
|
|
||||||
Overnight fed funds purchased
|
|
(451
|
)
|
|
1,493
|
|
|
1,042
|
|
|
389
|
|
|
526
|
|
|
915
|
|
||||||
Subordinated Debt
|
|
3,873
|
|
|
36
|
|
|
3,909
|
|
|
22
|
|
|
—
|
|
|
22
|
|
||||||
Other borrowings
|
|
58
|
|
|
—
|
|
|
58
|
|
|
(234
|
)
|
|
900
|
|
|
666
|
|
||||||
Total interest-bearing liabilities
|
|
$
|
8,464
|
|
|
$
|
2,318
|
|
|
$
|
10,782
|
|
|
$
|
1,115
|
|
|
$
|
589
|
|
|
$
|
1,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net effect on net interest income
|
|
$
|
16,678
|
|
|
$
|
(753
|
)
|
|
$
|
15,925
|
|
|
$
|
18,347
|
|
|
$
|
(262
|
)
|
|
$
|
18,085
|
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Balances as of September 30, 2017
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
-6.6
|
%
|
|
3.7
|
%
|
|
6.0
|
%
|
|
8.4
|
%
|
|
10.9
|
%
|
Board Policy Limits
|
-8.0
|
%
|
|
-8.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Balances as of September 30, 2016
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
-4.5
|
%
|
|
0.5
|
%
|
|
-0.9
|
%
|
|
-2.2
|
%
|
|
-2.8
|
%
|
Board Policy Limits
|
-5.0
|
%
|
|
-5.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Balances as of September 30, 2017
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
Alternative IRR Results
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
-1.8
|
%
|
|
3.4
|
%
|
|
5.4
|
%
|
|
5.7
|
%
|
|
6.3
|
%
|
Board Policy Limits
|
-8.0
|
%
|
|
-8.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Balances as of September 30, 2016
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
Alternative IRR Results
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
-4.6
|
%
|
|
0.9
|
%
|
|
-0.2
|
%
|
|
-1.2
|
%
|
|
-1.4
|
%
|
Board Policy Limits
|
-5.0
|
%
|
|
-5.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Balances as of September 30, 2017
|
|
|
% 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
|
1,317,152
|
|
|
28.0
|
%
|
|
62,784
|
|
|
67,489
|
|
|
72,240
|
|
|
76,914
|
|
|
81,601
|
|
|
86,378
|
|
Total Investments (non-TEY) and other Earning Assets
|
3,390,010
|
|
|
72.0
|
%
|
|
49,427
|
|
|
69,628
|
|
|
86,760
|
|
|
102,502
|
|
|
118,174
|
|
|
134,059
|
|
Total Interest -Sensitive Income
|
4,707,162
|
|
|
100.0
|
%
|
|
112,211
|
|
|
137,117
|
|
|
159,000
|
|
|
179,416
|
|
|
199,775
|
|
|
220,437
|
|
Total Interest-Bearing Deposits
|
743,831
|
|
|
34.7
|
%
|
|
3,700
|
|
|
7,304
|
|
|
11,111
|
|
|
14,917
|
|
|
18,724
|
|
|
22,530
|
|
Total Borrowings
|
1,402,000
|
|
|
65.3
|
%
|
|
5,706
|
|
|
19,726
|
|
|
33,746
|
|
|
47,766
|
|
|
61,768
|
|
|
75,806
|
|
Total Interest-Sensitive Expense
|
2,145,831
|
|
|
100.0
|
%
|
|
9,406
|
|
|
27,030
|
|
|
44,857
|
|
|
62,683
|
|
|
80,492
|
|
|
98,336
|
|
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
|
1,317,152
|
|
|
37.4
|
%
|
|
62,784
|
|
|
67,489
|
|
|
72,240
|
|
|
76,914
|
|
|
81,601
|
|
|
86,378
|
|
Total Investments (non-TEY) and other Earning Assets
|
2,206,516
|
|
|
62.6
|
%
|
|
46,468
|
|
|
54,826
|
|
|
60,100
|
|
|
63,968
|
|
|
67,751
|
|
|
71,732
|
|
Total Interest -Sensitive Income
|
3,523,668
|
|
|
100.0
|
%
|
|
109,252
|
|
|
122,315
|
|
|
132,340
|
|
|
140,882
|
|
|
149,352
|
|
|
158,110
|
|
Total Interest-Bearing Deposits
|
817,480
|
|
|
69.6
|
%
|
|
872
|
|
|
8,386
|
|
|
12,950
|
|
|
17,515
|
|
|
22,079
|
|
|
26,643
|
|
Total Borrowings
|
357,207
|
|
|
30.4
|
%
|
|
1,997
|
|
|
5,569
|
|
|
7,354
|
|
|
9,141
|
|
|
12,713
|
|
|
16,285
|
|
Total Interest-Sensitive Expense
|
1,174,687
|
|
|
100.0
|
%
|
|
2,869
|
|
|
13,955
|
|
|
20,304
|
|
|
26,656
|
|
|
34,792
|
|
|
42,928
|
|
Balances as of September 30, 2017
|
Standard (Parallel Shift)
|
|||||||||||||
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
-3.2
|
%
|
|
-0.8
|
%
|
|
-3.8
|
%
|
|
-7.8
|
%
|
|
-10.7
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Balances as of September 30, 2016
|
Standard (Parallel Shift)
|
|||||||||||||
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
1.6
|
%
|
|
-3.7
|
%
|
|
-8.3
|
%
|
|
-13.1
|
%
|
|
-17.2
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Balances as of September 30, 2017
|
Standard (Parallel Shift)
|
|||||||||||||
Alternative IRR Results
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
-2.2
|
%
|
|
-1.9
|
%
|
|
-6.0
|
%
|
|
-10.9
|
%
|
|
-14.7
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Balances as of September 30, 2016
|
Standard (Parallel Shift)
|
|||||||||||||
Alternative IRR Results
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Percent Change Scenario
|
2.1
|
%
|
|
-4.2
|
%
|
|
-9.4
|
%
|
|
-14.7
|
%
|
|
-19.3
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Balances as of September 30, 2017
|
|
|
% 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
|
1,317,152
|
|
|
25
|
%
|
|
2.0
|
%
|
|
-2.0
|
%
|
|
-4.1
|
%
|
|
-6.0
|
%
|
|
-7.8
|
%
|
Total Investment
|
3,390,010
|
|
|
65
|
%
|
|
2.4
|
%
|
|
-3.1
|
%
|
|
-6.3
|
%
|
|
-9.7
|
%
|
|
-12.5
|
%
|
Other Assets
|
508,410
|
|
|
10
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Assets
|
5,215,572
|
|
|
100
|
%
|
|
2.1
|
%
|
|
-2.6
|
%
|
|
-5.3
|
%
|
|
-8.1
|
%
|
|
-10.5
|
%
|
Interest Bearing Deposits
|
743,831
|
|
|
16
|
%
|
|
1.0
|
%
|
|
-0.7
|
%
|
|
-1.4
|
%
|
|
-2.1
|
%
|
|
-2.8
|
%
|
Non-Interest Bearing Deposits
|
2,480,087
|
|
|
53
|
%
|
|
6.4
|
%
|
|
-5.9
|
%
|
|
-11.2
|
%
|
|
-16.1
|
%
|
|
-20.6
|
%
|
Total Borrowings & Other Liabilities
|
1,470,633
|
|
|
31
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Liabilities
|
4,694,551
|
|
|
100
|
%
|
|
3.3
|
%
|
|
-3.0
|
%
|
|
-5.7
|
%
|
|
-8.2
|
%
|
|
-10.4
|
%
|
Alternative IRR Results
|
|
|
% of
|
|
Change in Economic Value
for a given change in interest rates
|
|||||||||||||||
Economic Value Sensitivity
|
Book
|
|
Total
|
|
Over / (Under) Base Case Parallel Ramp
|
|||||||||||||||
Basis Point Change Scenario
|
Value (in $000's)
|
|
Assets
|
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||||
Total Loans
|
1,317,152
|
|
|
25
|
%
|
|
2.0
|
%
|
|
-2.0
|
%
|
|
-4.1
|
%
|
|
-6.0
|
%
|
|
-7.8
|
%
|
Total Investment
|
2,206,516
|
|
|
42
|
%
|
|
3.6
|
%
|
|
-4.6
|
%
|
|
-9.5
|
%
|
|
-14.5
|
%
|
|
-18.8
|
%
|
Other Assets
|
1,691,904
|
|
|
32
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Assets
|
5,215,572
|
|
|
100
|
%
|
|
2.1
|
%
|
|
-2.6
|
%
|
|
-5.3
|
%
|
|
-8.1
|
%
|
|
-10.5
|
%
|
Interest Bearing Deposits
|
817,480
|
|
|
17
|
%
|
|
0.9
|
%
|
|
-0.7
|
%
|
|
-1.3
|
%
|
|
-1.9
|
%
|
|
-2.5
|
%
|
Non-Interest Bearing Deposits
|
2,291,115
|
|
|
49
|
%
|
|
6.4
|
%
|
|
-5.8
|
%
|
|
-11.2
|
%
|
|
-16.1
|
%
|
|
-20.5
|
%
|
Total Borrowings & Other Liabilities
|
1,585,956
|
|
|
34
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Liabilities
|
4,694,551
|
|
|
100
|
%
|
|
3.0
|
%
|
|
-2.7
|
%
|
|
-5.2
|
%
|
|
-7.5
|
%
|
|
-9.6
|
%
|
Contractual Obligations
|
Total
|
|
Less than 1 year
|
|
1 to 3 years
|
|
3 to 5 years
|
|
More than 5 years
|
||||||||||
Time deposits
|
$
|
581,565
|
|
|
$
|
557,858
|
|
|
$
|
19,069
|
|
|
$
|
4,638
|
|
|
$
|
—
|
|
Long-term debt
|
85,533
|
|
|
—
|
|
|
137
|
|
|
159
|
|
|
85,237
|
|
|||||
Short-term debt
|
1,404,534
|
|
|
1,404,534
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
29,009
|
|
|
2,486
|
|
|
4,576
|
|
|
4,025
|
|
|
17,922
|
|
|||||
Data processing services
|
27,789
|
|
|
3,369
|
|
|
14,762
|
|
|
9,658
|
|
|
—
|
|
|||||
Total
|
$
|
2,128,430
|
|
|
$
|
1,968,247
|
|
|
$
|
38,544
|
|
|
$
|
18,480
|
|
|
$
|
103,159
|
|
|
/s/ KPMG LLP
|
|
|
Des Moines, Iowa
|
|
November 29, 2017
|
|
|
For the Years Ended September 30,
|
||||||||||
(Dollars in Thousands, Except Share and Per Share Data)
|
2017
|
|
2016
|
|
2015
|
||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans receivable, including fees
|
$
|
52,117
|
|
|
$
|
36,187
|
|
|
$
|
29,565
|
|
Mortgage-backed securities
|
16,571
|
|
|
15,771
|
|
|
13,979
|
|
|||
Other investments
|
39,415
|
|
|
29,438
|
|
|
18,063
|
|
|||
|
108,103
|
|
|
81,396
|
|
|
61,607
|
|
|||
Interest expense:
|
|
|
|
|
|
|
|||||
Deposits
|
6,051
|
|
|
614
|
|
|
726
|
|
|||
FHLB advances and other borrowings
|
8,822
|
|
|
3,477
|
|
|
1,661
|
|
|||
|
14,873
|
|
|
4,091
|
|
|
2,387
|
|
|||
|
|
|
|
|
|
||||||
Net interest income
|
93,230
|
|
|
77,305
|
|
|
59,220
|
|
|||
|
|
|
|
|
|
||||||
Provision for loan losses
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|||
|
|
|
|
|
|
||||||
Net interest income after provision for loan losses
|
82,641
|
|
|
72,700
|
|
|
57,755
|
|
|||
|
|
|
|
|
|
||||||
Non-interest income:
|
|
|
|
|
|
|
|||||
Refund transfer product fees
|
38,956
|
|
|
23,347
|
|
|
63
|
|
|||
Tax advance product fees
|
31,913
|
|
|
1,575
|
|
|
—
|
|
|||
Card fees
|
94,707
|
|
|
70,533
|
|
|
54,542
|
|
|||
Loan fees
|
3,882
|
|
|
3,374
|
|
|
2,348
|
|
|||
Bank-owned life insurance income
|
2,216
|
|
|
1,656
|
|
|
2,030
|
|
|||
Deposit fees
|
736
|
|
|
603
|
|
|
593
|
|
|||
Loss on sale of securities available-for-sale, net (Includes ($493), ($326), and ($1,634) reclassified from accumulated other comprehensive income (loss) for net gains (losses) on available for sale securities for the fiscal years ended September 30, 2017, 2016 and 2015, respectively)
|
(493
|
)
|
|
(326
|
)
|
|
(1,634
|
)
|
|||
Loss (gain) on foreclosed real estate
|
(6
|
)
|
|
—
|
|
|
28
|
|
|||
Other income
|
261
|
|
|
8
|
|
|
204
|
|
|||
Total non-interest income
|
172,172
|
|
|
100,770
|
|
|
58,174
|
|
|||
|
|
|
|
|
|
||||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits
|
88,728
|
|
|
61,675
|
|
|
46,493
|
|
|||
Refund transfer product expense
|
11,885
|
|
|
8,648
|
|
|
3
|
|
|||
Tax advance product expense
|
3,241
|
|
|
—
|
|
|
—
|
|
|||
Card processing expense
|
24,130
|
|
|
22,263
|
|
|
16,508
|
|
|||
Occupancy and equipment expense
|
16,465
|
|
|
13,999
|
|
|
11,399
|
|
|||
Legal and consulting expense
|
8,384
|
|
|
4,824
|
|
|
4,978
|
|
|||
Marketing
|
2,117
|
|
|
1,972
|
|
|
1,537
|
|
|||
Data processing expense
|
1,449
|
|
|
1,334
|
|
|
1,347
|
|
|||
Amortization expense
|
12,362
|
|
|
4,828
|
|
|
1,349
|
|
|||
Intangible impairment
|
10,248
|
|
|
—
|
|
|
—
|
|
|||
Other expense
|
20,654
|
|
|
15,105
|
|
|
12,892
|
|
|||
Total non-interest expense
|
199,663
|
|
|
134,648
|
|
|
96,506
|
|
|||
|
|
|
|
|
|
||||||
Income before income tax expense
|
55,150
|
|
|
38,822
|
|
|
19,423
|
|
|||
|
|
|
|
|
|
||||||
Income tax expense (Includes ($185), ($118), and ($597) income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) for the fiscal years ended September 30, 2017, 2016 and 2015, respectively)
|
10,233
|
|
|
5,602
|
|
|
1,368
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
|
|
|
|
|
|
||||||
Earnings per common share
(1)
:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
4.86
|
|
|
$
|
3.93
|
|
|
$
|
2.68
|
|
Diluted
|
$
|
4.83
|
|
|
$
|
3.91
|
|
|
$
|
2.66
|
|
|
For Years Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
|
|
|
|
|
|
||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|||
Change in net unrealized gain on securities
|
(21,661
|
)
|
|
31,965
|
|
|
7,723
|
|
|||
Losses realized in net income
|
493
|
|
|
326
|
|
|
1,634
|
|
|||
|
(21,168
|
)
|
|
32,291
|
|
|
9,357
|
|
|||
Deferred income tax effect
|
(7,414
|
)
|
|
11,826
|
|
|
3,493
|
|
|||
Total other comprehensive (loss) income
|
(13,754
|
)
|
|
20,465
|
|
|
5,864
|
|
|||
Total comprehensive income
|
$
|
31,163
|
|
|
$
|
53,685
|
|
|
$
|
23,919
|
|
(Dollars in Thousands, Except Share and Per Share Data)
|
Common
Stock
|
|
|
Additional
Paid-in
Capital
|
|
|
Retained
Earnings
|
|
|
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
|
|
|
Treasury
Stock
|
|
|
Total
Stockholders’
Equity
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2014
|
$
|
62
|
|
|
$
|
95,079
|
|
|
$
|
83,797
|
|
|
$
|
(3,409
|
)
|
|
$
|
(727
|
)
|
|
$
|
174,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash dividends declared on common stock ($0.52 per share)
|
—
|
|
|
—
|
|
|
(3,493
|
)
|
|
—
|
|
|
—
|
|
|
(3,493
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares from the sales of equity securities
|
14
|
|
|
50,737
|
|
|
—
|
|
|
—
|
|
|
417
|
|
|
51,168
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to issuance of stock options and restricted stock
|
—
|
|
|
378
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
378
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to acquisition
|
6
|
|
|
24,297
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,303
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
258
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
258
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized gains (losses) on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
5,864
|
|
|
—
|
|
|
5,864
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
18,055
|
|
|
—
|
|
|
—
|
|
|
18,055
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2015
|
$
|
82
|
|
|
$
|
170,749
|
|
|
$
|
98,359
|
|
|
$
|
2,455
|
|
|
$
|
(310
|
)
|
|
$
|
271,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2015
|
$
|
82
|
|
|
$
|
170,749
|
|
|
$
|
98,359
|
|
|
$
|
2,455
|
|
|
$
|
(310
|
)
|
|
$
|
271,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash dividends declared on common stock ($0.52 per share)
|
—
|
|
|
—
|
|
|
(4,389
|
)
|
|
—
|
|
|
—
|
|
|
(4,389
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares from the sales of equity securities
|
2
|
|
|
11,498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,500
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to issuance of stock options and restricted stock
|
1
|
|
|
2,046
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
2,357
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
487
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
487
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized gains (losses) on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
20,465
|
|
|
—
|
|
|
20,465
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
33,220
|
|
|
—
|
|
|
—
|
|
|
33,220
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2016
|
$
|
85
|
|
|
$
|
184,780
|
|
|
$
|
127,190
|
|
|
$
|
22,920
|
|
|
$
|
—
|
|
|
$
|
334,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2016
|
$
|
85
|
|
|
$
|
184,780
|
|
|
$
|
127,190
|
|
|
$
|
22,920
|
|
|
$
|
—
|
|
|
$
|
334,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adoption of Accounting Standards Update 2016-09
|
—
|
|
|
104
|
|
|
(104
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash dividends declared on common stock ($0.52 per share)
|
—
|
|
|
—
|
|
|
(4,839
|
)
|
|
—
|
|
|
—
|
|
|
(4,839
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to exercise of stock options
|
—
|
|
|
650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
650
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to restricted stock
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to ESOP
|
—
|
|
|
1,174
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,174
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to acquisition
|
7
|
|
|
37,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,296
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contingent consideration equity earnout due to acquisition
|
—
|
|
|
24,142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,142
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares repurchased for tax withholdings on stock compensation
|
—
|
|
|
(204
|
)
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
(470
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
10,401
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,401
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized gains on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,754
|
)
|
|
—
|
|
|
(13,754
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
44,917
|
|
|
—
|
|
|
—
|
|
|
44,917
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2017
|
$
|
96
|
|
|
$
|
258,336
|
|
|
$
|
167,164
|
|
|
$
|
9,166
|
|
|
$
|
(266
|
)
|
|
$
|
434,496
|
|
|
For the Years Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation, amortization and accretion, net
|
45,048
|
|
|
35,617
|
|
|
28,882
|
|
|||
Stock compensation
|
10,401
|
|
|
487
|
|
|
258
|
|
|||
Provision for loan losses
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|||
Recovery for deferred taxes
|
(6,286
|
)
|
|
(230
|
)
|
|
(3,896
|
)
|
|||
Loss on other assets
|
406
|
|
|
104
|
|
|
6
|
|
|||
Loss (Gain) on foreclosed real estate
|
6
|
|
|
—
|
|
|
(28
|
)
|
|||
Loss on sale of securities available-for-sale, net
|
537
|
|
|
326
|
|
|
1,634
|
|
|||
Gain on sale of securities held-to-maturity, net
|
(44
|
)
|
|
—
|
|
|
—
|
|
|||
Net change in accrued interest receivable
|
(2,181
|
)
|
|
(3,847
|
)
|
|
(2,130
|
)
|
|||
Impairment of intangibles
|
10,248
|
|
|
—
|
|
|
—
|
|
|||
Fair value adjustment of foreclosed real estate
|
18
|
|
|
—
|
|
|
—
|
|
|||
Originations of loans held for sale
|
(685,934
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of loans held for sale
|
685,934
|
|
|
—
|
|
|
—
|
|
|||
Change in bank-owned life insurance value
|
(2,216
|
)
|
|
(1,656
|
)
|
|
(1,225
|
)
|
|||
Net change in other assets
|
(23,408
|
)
|
|
(1,968
|
)
|
|
(672
|
)
|
|||
Net change in accrued interest payable
|
1,405
|
|
|
603
|
|
|
(46
|
)
|
|||
Excess contingent consideration paid
|
(248
|
)
|
|
—
|
|
|
—
|
|
|||
Net change in accrued expenses and other liabilities
|
30,806
|
|
|
11,237
|
|
|
6,911
|
|
|||
Net cash provided by operating activities
|
119,998
|
|
|
78,498
|
|
|
49,214
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchase of securities available-for-sale
|
(848,613
|
)
|
|
(603,995
|
)
|
|
(810,624
|
)
|
|||
Proceeds from sales of securities available-for-sale
|
457,306
|
|
|
285,508
|
|
|
566,371
|
|
|||
Proceeds from maturities and principal repayments of securities available-for-sale
|
126,420
|
|
|
116,333
|
|
|
124,558
|
|
|||
Purchase of securities held to maturity
|
(932
|
)
|
|
(298,869
|
)
|
|
(72,759
|
)
|
|||
Proceeds from sales of securities held-to-maturity
|
5,870
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from maturities and principal repayments of securities held to maturity
|
45,615
|
|
|
20,465
|
|
|
9,879
|
|
|||
Purchase of bank-owned life insurance
|
(25,000
|
)
|
|
(10,000
|
)
|
|
(10,000
|
)
|
|||
Proceeds from bank-owned life insurance death benefit
|
—
|
|
|
—
|
|
|
864
|
|
|||
Loans purchased
|
(141,403
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from loans sold
|
4,720
|
|
|
89
|
|
|
5,462
|
|
|||
Net change in loans receivable
|
(274,840
|
)
|
|
(217,985
|
)
|
|
(146,111
|
)
|
|||
Proceeds from sales of foreclosed real estate
|
200
|
|
|
—
|
|
|
86
|
|
|||
Cash paid for acquisitions
|
(29,425
|
)
|
|
—
|
|
|
(125,314
|
)
|
|||
Cash received upon acquisitions
|
—
|
|
|
—
|
|
|
9,768
|
|
|||
Federal Home Loan Bank stock purchases
|
(715,891
|
)
|
|
(860,902
|
)
|
|
(544,324
|
)
|
|||
Federal Home Loan Bank stock redemptions
|
702,280
|
|
|
837,800
|
|
|
541,160
|
|
|||
Proceeds from the sale of premises and equipment
|
58
|
|
|
55
|
|
|
2,100
|
|
|||
Purchase of premises and equipment
|
(6,798
|
)
|
|
(6,979
|
)
|
|
(5,031
|
)
|
|||
Net cash used in investing activities
|
(700,433
|
)
|
|
(738,480
|
)
|
|
(453,915
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Net change in checking, savings, and money market deposits
|
319,524
|
|
|
737,727
|
|
|
334,375
|
|
|||
Net change in time deposits
|
(2,355
|
)
|
|
34,821
|
|
|
(43,382
|
)
|
|||
Net change in wholesale deposits
|
476,173
|
|
|
—
|
|
|
—
|
|
|||
Net change of FHLB and other borrowings
|
308,000
|
|
|
100,000
|
|
|
—
|
|
|||
Net change in federal funds
|
(5,000
|
)
|
|
452,000
|
|
|
70,000
|
|
|||
Net change in securities sold under agreements to repurchase
|
(565
|
)
|
|
(969
|
)
|
|
(6,404
|
)
|
|||
Proceeds from long term debt
|
—
|
|
|
75,000
|
|
|
—
|
|
|||
Payment of debt issuance costs
|
—
|
|
|
(1,767
|
)
|
|
—
|
|
|||
Payment of debt extinguishment costs
|
(772
|
)
|
|
—
|
|
|
—
|
|
|||
Principal payments on capital lease obligations
|
(80
|
)
|
|
(126
|
)
|
|
(116
|
)
|
|||
Cash dividends paid
|
(4,839
|
)
|
|
(4,389
|
)
|
|
(3,493
|
)
|
Purchase of shares by ESOP
|
1,174
|
|
|
—
|
|
|
—
|
|
|||
Issuance of restricted stock
|
4
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from exercise of stock options and issuance of common stock
|
650
|
|
|
13,857
|
|
|
51,547
|
|
|||
Shares repurchased for tax withholdings on stock compensation
|
(470
|
)
|
|
—
|
|
|
—
|
|
|||
Contingent consideration - cash paid
|
(17,253
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash provided by financing activities
|
1,074,191
|
|
|
1,406,154
|
|
|
402,527
|
|
|||
|
|
|
|
|
|
||||||
Net change in cash and cash equivalents
|
493,756
|
|
|
746,172
|
|
|
(2,174
|
)
|
|||
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of year
|
773,830
|
|
|
27,658
|
|
|
29,832
|
|
|||
Cash and cash equivalents at end of year
|
$
|
1,267,586
|
|
|
$
|
773,830
|
|
|
$
|
27,658
|
|
|
For the Years Ended September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
16,278
|
|
|
$
|
3,488
|
|
|
$
|
2,433
|
|
Income taxes
|
20,058
|
|
|
5,898
|
|
|
5,277
|
|
|||
Franchise taxes
|
187
|
|
|
98
|
|
|
98
|
|
|||
Other taxes
|
290
|
|
|
79
|
|
|
48
|
|
|||
|
|
|
|
|
|
||||||
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
|
|
|
|
|
|||
Loans transferred to foreclosed real estate
|
440
|
|
|
$
|
76
|
|
|
54
|
|
||
Common stock issued for acquisition
|
(37,296
|
)
|
|
—
|
|
|
(24,303
|
)
|
|||
Contingent consideration - equity
|
(24,142
|
)
|
|
—
|
|
|
—
|
|
|||
Capital lease obligation
|
—
|
|
|
—
|
|
|
(2,259
|
)
|
|||
Securities transferred from available-for-sale to held to maturity
|
—
|
|
|
—
|
|
|
310
|
|
|||
Purchase of available-for-sale securities accrued, not paid
|
—
|
|
|
—
|
|
|
(7,877
|
)
|
|||
Purchase of held-to-maturity securities accrued, not paid
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3,000
|
)
|
•
|
The historical loss experience is determined by portfolio segment and is based on the actual loss history of the Company over the past
seven
years. For the individual classified loans, historic charge-off rates for the Company’s classified loan population are utilized.
|
•
|
A seven-year LBP is appropriate as it captures the Company’s ability to workout troubled loans or relationships while continuing to factor in the loss experience resulting from varying economic cycles and other factors.
|
•
|
The weighted average LEP is an estimate of the average amount of time from the point the Company identifies a credit event of the borrower to the point the loss is confirmed by the Company weighted by the dollar value of the write off. The LEP is only applied to the non-classified loan general reserve.
|
|
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 consideration paid
|
|
||
Cash
|
$
|
7,548
|
|
Stock issued
|
10,789
|
|
|
Paid Consideration
|
18,337
|
|
|
Contingent consideration - cash
|
17,252
|
|
|
Contingent consideration - equity
|
24,142
|
|
|
Contingent consideration payable
|
41,394
|
|
|
Total consideration paid
|
59,731
|
|
|
|
|
|
|
Fair value of assets acquired
|
|
|
|
Intangible assets
|
28,310
|
|
|
Other assets
|
2
|
|
|
Total assets
|
28,312
|
|
|
Fair value of net assets acquired
|
28,312
|
|
|
Goodwill resulting from acquisition
|
$
|
31,419
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||||
|
(Dollars in Thousands)
|
||||||
1-4 Family Real Estate
|
$
|
196,706
|
|
|
$
|
162,298
|
|
Commercial and Multi-Family Real Estate
|
585,510
|
|
|
422,932
|
|
||
Agricultural Real Estate
|
61,800
|
|
|
63,612
|
|
||
Consumer
|
163,004
|
|
|
37,094
|
|
||
Commercial Operating
|
35,759
|
|
|
31,271
|
|
||
Agricultural Operating
|
33,594
|
|
|
37,083
|
|
||
Premium Finance
|
250,459
|
|
|
171,604
|
|
||
Total Loans Receivable
|
1,326,832
|
|
|
925,894
|
|
||
|
|
|
|
||||
Allowance for Loan Losses
|
(7,534
|
)
|
|
(5,635
|
)
|
||
Net Deferred Loan Origination Fees
|
(1,461
|
)
|
|
(789
|
)
|
||
Total Loans Receivable, Net
|
$
|
1,317,837
|
|
|
$
|
919,470
|
|
Year ended September 30,
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
|
(Dollars in Thousands)
|
||||||||||
Beginning balance
|
$
|
5,635
|
|
|
$
|
6,255
|
|
|
$
|
5,397
|
|
Provision for loan losses
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|||
Recoveries
|
307
|
|
|
147
|
|
|
123
|
|
|||
Charge offs
|
(8,997
|
)
|
|
(5,372
|
)
|
|
(730
|
)
|
|||
Ending balance
|
$
|
7,534
|
|
|
$
|
5,635
|
|
|
$
|
6,255
|
|
|
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)
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
654
|
|
|
$
|
2,198
|
|
|
$
|
142
|
|
|
$
|
51
|
|
|
$
|
117
|
|
|
$
|
1,332
|
|
|
$
|
588
|
|
|
$
|
553
|
|
|
$
|
5,635
|
|
Provision (recovery) for loan losses
|
149
|
|
|
610
|
|
|
1,248
|
|
|
6,830
|
|
|
1,165
|
|
|
(160
|
)
|
|
773
|
|
|
(26
|
)
|
|
10,589
|
|
|||||||||
Charge offs
|
—
|
|
|
(138
|
)
|
|
—
|
|
|
(7,084
|
)
|
|
(1,149
|
)
|
|
—
|
|
|
(626
|
)
|
|
—
|
|
|
(8,997
|
)
|
|||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|
25
|
|
|
12
|
|
|
61
|
|
|
—
|
|
|
307
|
|
|||||||||
Ending balance
|
$
|
803
|
|
|
$
|
2,670
|
|
|
$
|
1,390
|
|
|
$
|
6
|
|
|
$
|
158
|
|
|
$
|
1,184
|
|
|
$
|
796
|
|
|
$
|
527
|
|
|
$
|
7,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance: individually evaluated for impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
803
|
|
|
2,670
|
|
|
1,390
|
|
|
6
|
|
|
158
|
|
|
1,184
|
|
|
796
|
|
|
527
|
|
|
7,534
|
|
|||||||||
Total
|
$
|
803
|
|
|
$
|
2,670
|
|
|
$
|
1,390
|
|
|
$
|
6
|
|
|
$
|
158
|
|
|
$
|
1,184
|
|
|
$
|
796
|
|
|
$
|
527
|
|
|
$
|
7,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balance: individually evaluated for impairment
|
72
|
|
|
1,109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,181
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
196,634
|
|
|
584,401
|
|
|
61,800
|
|
|
163,004
|
|
|
35,759
|
|
|
33,594
|
|
|
250,459
|
|
|
—
|
|
|
1,325,651
|
|
|||||||||
Total
|
$
|
196,706
|
|
|
$
|
585,510
|
|
|
$
|
61,800
|
|
|
$
|
163,004
|
|
|
$
|
35,759
|
|
|
$
|
33,594
|
|
|
$
|
250,459
|
|
|
$
|
—
|
|
|
$
|
1,326,832
|
|
|
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)
|
||||||||||||||||||||||||||||||||||
Year Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
278
|
|
|
$
|
1,187
|
|
|
$
|
163
|
|
|
$
|
20
|
|
|
$
|
28
|
|
|
$
|
3,537
|
|
|
$
|
293
|
|
|
$
|
749
|
|
|
$
|
6,255
|
|
Provision (recovery) for loan losses
|
408
|
|
|
1,369
|
|
|
(21
|
)
|
|
748
|
|
|
338
|
|
|
1,045
|
|
|
914
|
|
|
(196
|
)
|
|
4,605
|
|
|||||||||
Charge offs
|
(32
|
)
|
|
(385
|
)
|
|
—
|
|
|
(728
|
)
|
|
(249
|
)
|
|
(3,252
|
)
|
|
(726
|
)
|
|
—
|
|
|
(5,372
|
)
|
|||||||||
Recoveries
|
—
|
|
|
27
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
2
|
|
|
107
|
|
|
—
|
|
|
147
|
|
|||||||||
Ending balance
|
$
|
654
|
|
|
$
|
2,198
|
|
|
$
|
142
|
|
|
$
|
51
|
|
|
$
|
117
|
|
|
$
|
1,332
|
|
|
$
|
588
|
|
|
$
|
553
|
|
|
$
|
5,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance: individually evaluated for impairment
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
644
|
|
|
2,198
|
|
|
142
|
|
|
51
|
|
|
117
|
|
|
1,332
|
|
|
588
|
|
|
553
|
|
|
5,625
|
|
|||||||||
Total
|
$
|
654
|
|
|
$
|
2,198
|
|
|
$
|
142
|
|
|
$
|
51
|
|
|
$
|
117
|
|
|
$
|
1,332
|
|
|
$
|
588
|
|
|
$
|
553
|
|
|
$
|
5,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balance: individually evaluated for impairment
|
162
|
|
|
433
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
595
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
162,136
|
|
|
422,499
|
|
|
63,612
|
|
|
37,094
|
|
|
31,271
|
|
|
37,083
|
|
|
171,604
|
|
|
—
|
|
|
925,299
|
|
|||||||||
Total
|
$
|
162,298
|
|
|
$
|
422,932
|
|
|
$
|
63,612
|
|
|
$
|
37,094
|
|
|
$
|
31,271
|
|
|
$
|
37,083
|
|
|
$
|
171,604
|
|
|
$
|
—
|
|
|
$
|
925,894
|
|
September 30, 2017
|
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
|
$
|
195,838
|
|
|
$
|
574,730
|
|
|
$
|
27,376
|
|
|
$
|
163,004
|
|
|
$
|
35,759
|
|
|
$
|
18,394
|
|
|
$
|
250,459
|
|
|
$
|
1,265,560
|
|
Watch
|
525
|
|
|
10,200
|
|
|
2,006
|
|
|
—
|
|
|
—
|
|
|
4,541
|
|
|
—
|
|
|
17,272
|
|
||||||||
Special Mention
|
247
|
|
|
201
|
|
|
2,939
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,387
|
|
||||||||
Substandard
|
96
|
|
|
379
|
|
|
29,479
|
|
|
—
|
|
|
—
|
|
|
10,659
|
|
|
—
|
|
|
40,613
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
$
|
196,706
|
|
|
$
|
585,510
|
|
|
$
|
61,800
|
|
|
$
|
163,004
|
|
|
$
|
35,759
|
|
|
$
|
33,594
|
|
|
$
|
250,459
|
|
|
$
|
1,326,832
|
|
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
|
|
September 30, 2017
|
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
|
$
|
370
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
449
|
|
|
$
|
196,257
|
|
|
$
|
—
|
|
|
$
|
196,706
|
|
Commercial and Multi-Family Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
584,825
|
|
|
685
|
|
|
585,510
|
|
|||||||
Agricultural Real Estate
|
—
|
|
|
—
|
|
|
34,198
|
|
|
34,198
|
|
|
27,602
|
|
|
—
|
|
|
61,800
|
|
|||||||
Consumer
|
2,512
|
|
|
558
|
|
|
1,406
|
|
|
4,476
|
|
|
158,528
|
|
|
—
|
|
|
163,004
|
|
|||||||
Commercial Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,759
|
|
|
—
|
|
|
35,759
|
|
|||||||
Agricultural Operating
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
|
33,497
|
|
|
—
|
|
|
33,594
|
|
|||||||
Premium Finance
|
1,509
|
|
|
2,442
|
|
|
1,205
|
|
|
5,156
|
|
|
245,303
|
|
|
—
|
|
|
250,459
|
|
|||||||
Total
|
$
|
4,391
|
|
|
$
|
3,079
|
|
|
$
|
36,906
|
|
|
$
|
44,376
|
|
|
$
|
1,281,771
|
|
|
$
|
685
|
|
|
$
|
1,326,832
|
|
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
|
||||||
September 30, 2017
|
(Dollars in Thousands)
|
||||||||||
Loans without a specific valuation allowance
|
|
|
|
|
|
||||||
1-4 Family Real Estate
|
$
|
72
|
|
|
$
|
72
|
|
|
$
|
—
|
|
Commercial and Multi-Family Real Estate
|
1,109
|
|
|
1,109
|
|
|
—
|
|
|||
Total
|
$
|
1,181
|
|
|
$
|
1,181
|
|
|
$
|
—
|
|
Loans with a specific valuation allowance
|
|
|
|
|
|
|
|
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
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
|
|
|
Year Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
Average
Recorded
Investment
|
|
Average
Recorded
Investment
|
||||
1-4 Family Real Estate
|
$
|
176
|
|
|
$
|
144
|
|
Commercial and Multi-Family Real Estate
|
883
|
|
|
1,117
|
|
||
Agricultural Real Estate
|
146
|
|
|
—
|
|
||
Commercial Operating
|
202
|
|
|
6
|
|
||
Agricultural Operating
|
268
|
|
|
2,919
|
|
||
Total
|
$
|
1,675
|
|
|
$
|
4,186
|
|
September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Mortgage loan portfolios serviced for Fannie Mae
|
$
|
3,162
|
|
|
$
|
3,980
|
|
|
$
|
5,055
|
|
Other
|
18,649
|
|
|
15,452
|
|
|
17,156
|
|
|||
|
$
|
21,811
|
|
|
$
|
19,432
|
|
|
$
|
22,211
|
|
|
2017
|
|
2016
(1)
|
|
2015
|
||||||
|
(Dollars in Thousands, Except Share and Per Share Data)
|
||||||||||
Basic income per common share:
|
|
|
|
|
|
||||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
Weighted average common shares outstanding
|
9,247,092
|
|
|
8,443,956
|
|
|
6,730,086
|
|
|||
Basic income per common share
|
$
|
4.86
|
|
|
$
|
3.93
|
|
|
$
|
2.68
|
|
|
|
|
|
|
|
||||||
Diluted income per common share:
|
|
|
|
|
|
||||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
Weighted average common shares outstanding
|
9,247,092
|
|
|
8,443,956
|
|
|
6,730,086
|
|
|||
Outstanding options - based upon the two-class method
|
55,652
|
|
|
53,390
|
|
|
61,499
|
|
|||
Weighted average diluted common shares outstanding
|
9,302,744
|
|
|
8,497,346
|
|
|
6,791,585
|
|
|||
Diluted income per common share
|
$
|
4.83
|
|
|
$
|
3.91
|
|
|
$
|
2.66
|
|
Available For Sale
|
|
|
GROSS
|
|
|
GROSS
|
|
|
|
||||||
|
AMORTIZED
|
|
|
UNREALIZED
|
|
|
UNREALIZED
|
|
|
FAIR
|
|
||||
At September 30, 2017
|
COST
|
|
|
GAINS
|
|
|
(LOSSES)
|
|
|
VALUE
|
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Small business administration securities
|
57,046
|
|
|
825
|
|
|
—
|
|
|
57,871
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
938,883
|
|
|
14,983
|
|
|
(3,037
|
)
|
|
950,829
|
|
||||
Asset-backed securities
|
94,451
|
|
|
2,381
|
|
|
—
|
|
|
96,832
|
|
||||
Mortgage-backed securities
|
588,918
|
|
|
1,259
|
|
|
(3,723
|
)
|
|
586,454
|
|
||||
Total debt securities
|
1,679,298
|
|
|
19,448
|
|
|
(6,760
|
)
|
|
1,691,986
|
|
||||
Common equities and mutual funds
|
1,009
|
|
|
436
|
|
|
—
|
|
|
1,445
|
|
||||
Total available for sale securities
|
$
|
1,680,307
|
|
|
$
|
19,884
|
|
|
$
|
(6,760
|
)
|
|
$
|
1,693,431
|
|
|
AMORTIZED
|
|
|
GROSS
UNREALIZED
|
|
|
GROSS
UNREALIZED
|
|
|
FAIR
|
|
||||
At September 30, 2016
|
COST
|
|
|
GAINS
|
|
|
(LOSSES)
|
|
|
VALUE
|
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Trust preferred and corporate 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
|
|
|
|
||||||
|
AMORTIZED
|
|
|
UNREALIZED
|
|
|
UNREALIZED
|
|
|
FAIR
|
|
||||
At September 30, 2017
|
COST
|
|
|
GAINS
|
|
|
(LOSSES)
|
|
|
VALUE
|
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
19,247
|
|
|
$
|
157
|
|
|
$
|
(36
|
)
|
|
$
|
19,368
|
|
Non-bank qualified obligations of states and political subdivisions
|
430,593
|
|
|
4,744
|
|
|
(2,976
|
)
|
|
432,361
|
|
||||
Mortgage-backed securities
|
113,689
|
|
|
—
|
|
|
(1,233
|
)
|
|
112,456
|
|
||||
Total held to maturity securities
|
$
|
563,529
|
|
|
$
|
4,901
|
|
|
$
|
(4,245
|
)
|
|
$
|
564,185
|
|
|
AMORTIZED
|
|
|
GROSS
UNREALIZED
|
|
|
GROSS
UNREALIZED
|
|
|
FAIR
|
|
||||
At September 30, 2016
|
COST
|
|
|
GAINS
|
|
|
(LOSSES)
|
|
|
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
(1)
|
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 September 30, 2017
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-bank qualified obligations of states and political subdivisions
|
280,900
|
|
|
(2,887
|
)
|
|
5,853
|
|
|
(150
|
)
|
|
286,753
|
|
|
(3,037
|
)
|
||||||
Mortgage-backed securities
|
237,897
|
|
|
(1,625
|
)
|
|
100,287
|
|
|
(2,098
|
)
|
|
338,184
|
|
|
(3,723
|
)
|
||||||
Total debt securities
|
518,797
|
|
|
(4,512
|
)
|
|
106,140
|
|
|
(2,248
|
)
|
|
624,937
|
|
|
(6,760
|
)
|
||||||
Total available for sale securities
|
$
|
518,797
|
|
|
$
|
(4,512
|
)
|
|
$
|
106,140
|
|
|
$
|
(2,248
|
)
|
|
$
|
624,937
|
|
|
$
|
(6,760
|
)
|
|
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 and corporate 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 September 30, 2017
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
1,364
|
|
|
$
|
(6
|
)
|
|
$
|
4,089
|
|
|
$
|
(30
|
)
|
|
$
|
5,453
|
|
|
$
|
(36
|
)
|
Non-bank qualified obligations of states and political subdivisions
|
202,018
|
|
|
(2,783
|
)
|
|
6,206
|
|
|
(193
|
)
|
|
208,224
|
|
|
(2,976
|
)
|
||||||
Mortgage-backed securities
|
112,456
|
|
|
(1,233
|
)
|
|
—
|
|
|
—
|
|
|
112,456
|
|
|
(1,233
|
)
|
||||||
Total held to maturity securities
|
$
|
315,838
|
|
|
$
|
(4,022
|
)
|
|
$
|
10,295
|
|
|
$
|
(223
|
)
|
|
$
|
326,133
|
|
|
$
|
(4,245
|
)
|
|
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 September 30, 2017
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
36,586
|
|
|
37,674
|
|
||
Due after five years through ten years
|
347,831
|
|
|
358,198
|
|
||
Due after ten years
|
705,963
|
|
|
709,660
|
|
||
|
1,090,380
|
|
|
1,105,532
|
|
||
Mortgage-backed securities
|
588,918
|
|
|
586,454
|
|
||
Common equities and mutual funds
|
1,009
|
|
|
1,445
|
|
||
Total available for sale securities
|
$
|
1,680,307
|
|
|
$
|
1,693,431
|
|
|
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 September 30, 2017
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
1,483
|
|
|
$
|
1,480
|
|
Due after one year through five years
|
17,926
|
|
|
18,160
|
|
||
Due after five years through ten years
|
144,996
|
|
|
147,832
|
|
||
Due after ten years
|
285,435
|
|
|
284,257
|
|
||
|
449,840
|
|
|
451,729
|
|
||
Mortgage-backed securities
|
113,689
|
|
|
112,456
|
|
||
Total held to maturity securities
|
$
|
563,529
|
|
|
$
|
564,185
|
|
|
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
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
September 30,
|
(Dollars in Thousands)
|
||||||||||
Available For Sale
|
|
|
|
|
|
||||||
Proceeds from sales
|
$
|
457,306
|
|
|
$
|
285,508
|
|
|
$
|
566,371
|
|
Gross gains on sales
|
4,091
|
|
|
1,459
|
|
|
2,753
|
|
|||
Gross losses on sales
|
4,628
|
|
|
1,785
|
|
|
4,387
|
|
|||
Net (loss) on available for sale securities
|
(537
|
)
|
|
(326
|
)
|
|
(1,634
|
)
|
|||
|
|
|
|
|
|
||||||
Held To Maturity
|
|
|
|
|
|
||||||
Net carrying amount of securities sold
|
$
|
5,826
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Gross realized gain on sales
|
92
|
|
|
—
|
|
|
—
|
|
|||
Gross realized losses on sales
|
48
|
|
|
—
|
|
|
—
|
|
|||
Net gain on held to maturity securities
|
44
|
|
|
—
|
|
|
—
|
|
September 30,
|
2017
|
|
2016
|
||||
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Land
|
$
|
1,578
|
|
|
$
|
1,578
|
|
Buildings
|
10,642
|
|
|
10,482
|
|
||
Furniture, fixtures, and equipment
|
46,934
|
|
|
41,756
|
|
||
Capitalized leases
|
2,259
|
|
|
2,259
|
|
||
|
61,413
|
|
|
56,075
|
|
||
Less: accumulated depreciation and amortization
|
(42,093
|
)
|
|
(37,449
|
)
|
||
Net book value
|
$
|
19,320
|
|
|
$
|
18,626
|
|
As of September 30,
|
|
||
(Dollars in Thousands)
|
|
||
|
|
||
2018
|
$
|
560,825
|
|
2019
|
10,943
|
|
|
2020
|
5,158
|
|
|
2021
|
2,412
|
|
|
2022
|
2,227
|
|
|
Thereafter
|
—
|
|
|
Total Certificates
(1)
|
$
|
581,565
|
|
September 30,
|
2017
|
|
2016
|
||||
|
|
|
|
||||
Overnight federal funds purchased
|
$
|
987,000
|
|
|
$
|
992,000
|
|
Short-term FHLB advances
|
415,000
|
|
|
100,000
|
|
||
Short-term capital lease
|
62
|
|
|
79
|
|
||
Repurchase agreements
|
2,472
|
|
|
3,039
|
|
||
Total
|
1,404,534
|
|
|
1,095,118
|
|
September 30,
|
2017
|
|
2016
|
||||
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Highest month-end balance
|
$
|
3,782
|
|
|
$
|
3,468
|
|
Average balance
|
2,225
|
|
|
2,179
|
|
||
Weighted average interest rate for the year
|
0.98
|
%
|
|
0.60
|
%
|
||
Weighted average interest rate at year end
|
1.59
|
%
|
|
0.61
|
%
|
September 30,
|
2017
|
|
2016
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Long-term FHLB advances
|
$
|
—
|
|
|
$
|
7,000
|
|
Trust preferred securities
|
10,310
|
|
|
10,310
|
|
||
Subordinated debentures (net of issuance costs)
|
73,347
|
|
|
73,211
|
|
||
Long-term capital lease
|
1,876
|
|
|
1,939
|
|
||
Total
|
85,533
|
|
|
92,460
|
|
September 30,
|
|
|
|
|
||||||||
(Dollars in Thousands)
|
Trust preferred securities
|
Subordinated debentures
|
Long-term capital lease
|
Total
|
||||||||
2018
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
2019
|
—
|
|
—
|
|
65
|
|
65
|
|
||||
2020
|
—
|
|
—
|
|
72
|
|
72
|
|
||||
2021
|
—
|
|
—
|
|
77
|
|
77
|
|
||||
2022
|
—
|
|
—
|
|
82
|
|
82
|
|
||||
Thereafter
|
10,310
|
|
73,347
|
|
1,580
|
|
85,237
|
|
||||
Total long-term debt
|
$
|
10,310
|
|
$
|
73,347
|
|
$
|
1,876
|
|
$
|
85,533
|
|
At September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Allocated shares
|
256,219
|
|
|
262,872
|
|
|
256,283
|
|
|||
Unearned shares
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total ESOP shares
|
256,219
|
|
|
262,872
|
|
|
256,283
|
|
|||
Fair value of unearned shares
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Year Ended September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Total employee stock-based compensation expense recognized in income, net of tax effects of $3,907, $192, and $66, respectively
|
$
|
6,486
|
|
|
$
|
559
|
|
|
$
|
334
|
|
|
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
|
(29,386
|
)
|
|
33.38
|
|
|
—
|
|
|
1,790
|
|
||
Forfeited or expired
|
(20,417
|
)
|
|
26.25
|
|
|
—
|
|
|
1,464
|
|
||
Options outstanding, September 30, 2017
|
75,757
|
|
|
$
|
22.62
|
|
|
2.28
|
|
|
$
|
4,225
|
|
|
|
|
|
|
|
|
|
||||||
Options exercisable end of year
|
75,757
|
|
|
$
|
22.62
|
|
|
2.28
|
|
|
$
|
4,225
|
|
|
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, 2015
|
189,088
|
|
|
$
|
25.74
|
|
|
3.16
|
|
|
$
|
3,027
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(63,528
|
)
|
|
25.77
|
|
|
—
|
|
|
1,510
|
|
||
Forfeited or expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding, September 30, 2016
|
125,560
|
|
|
$
|
25.73
|
|
|
2.68
|
|
|
$
|
4,379
|
|
|
|
|
|
|
|
|
|
||||||
Options exercisable end of year
|
125,560
|
|
|
$
|
25.73
|
|
|
2.68
|
|
|
$
|
4,379
|
|
|
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
|
316,604
|
|
|
87.49
|
|
|
Vested
|
(29,135
|
)
|
|
64.22
|
|
|
Forfeited or expired
|
(3,599
|
)
|
|
56.39
|
|
|
Nonvested shares outstanding, September 30, 2017
|
304,526
|
|
|
$
|
86.96
|
|
|
Number of
Shares
|
|
|
Weighted Average
Fair Value At Grant
|
|
|
|
(Dollars in Thousands, Except Share and Per Share Data)
|
|||||
|
|
|
|
|||
Nonvested shares outstanding, September 30, 2015
|
44,002
|
|
|
$
|
40.80
|
|
Granted
|
8,154
|
|
|
42.49
|
|
|
Vested
|
(33,666
|
)
|
|
40.93
|
|
|
Forfeited or expired
|
2,166
|
|
|
46.98
|
|
|
Nonvested shares outstanding, September 30, 2016
|
20,656
|
|
|
$
|
41.37
|
|
Years ended September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Federal:
|
|
|
|
|
|
||||||
Current
|
$
|
12,153
|
|
|
$
|
4,410
|
|
|
$
|
4,217
|
|
Deferred
|
(5,040
|
)
|
|
(440
|
)
|
|
(3,896
|
)
|
|||
|
7,113
|
|
|
3,970
|
|
|
321
|
|
|||
|
|
|
|
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|||
Current
|
4,366
|
|
|
1,422
|
|
|
1,048
|
|
|||
Deferred
|
(1,246
|
)
|
|
210
|
|
|
(1
|
)
|
|||
|
3,120
|
|
|
1,632
|
|
|
1,047
|
|
|||
|
|
|
|
|
|
||||||
Income tax expense
|
$
|
10,233
|
|
|
$
|
5,602
|
|
|
$
|
1,368
|
|
Years ended September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Income tax expense at federal tax rate
|
$
|
19,303
|
|
|
$
|
13,588
|
|
|
$
|
6,798
|
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|
|
|
|||
State income taxes net of federal benefit
|
2,014
|
|
|
933
|
|
|
692
|
|
|||
Nontaxable buildup in cash surrender value
|
(776
|
)
|
|
(580
|
)
|
|
(711
|
)
|
|||
Stock based compensation
|
(593
|
)
|
|
(66
|
)
|
|
(37
|
)
|
|||
Tax exempt income
|
(9,991
|
)
|
|
(8,257
|
)
|
|
(5,230
|
)
|
|||
Nondeductible expenses
|
316
|
|
|
196
|
|
|
188
|
|
|||
Other, net
|
(40
|
)
|
|
(212
|
)
|
|
(332
|
)
|
|||
Total income tax expense
|
$
|
10,233
|
|
|
$
|
5,602
|
|
|
$
|
1,368
|
|
September 30,
|
2017
|
|
2016
|
||||
|
(Dollars in Thousands)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Bad debts
|
$
|
2,832
|
|
|
$
|
2,044
|
|
Deferred compensation
|
1,548
|
|
|
1,345
|
|
||
Stock based compensation
|
3,436
|
|
|
265
|
|
||
Operational reserve
|
645
|
|
|
540
|
|
||
AMT Credit
|
1,869
|
|
|
5,563
|
|
||
Intangibles
|
5,235
|
|
|
393
|
|
||
Indirect tax benefits of unrecognized tax positions
|
266
|
|
|
216
|
|
||
Other assets
|
1,933
|
|
|
1,362
|
|
||
|
17,764
|
|
|
11,728
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
FHLB stock dividend
|
(425
|
)
|
|
(411
|
)
|
||
Premises and equipment
|
(1,789
|
)
|
|
(1,913
|
)
|
||
Patents
|
(842
|
)
|
|
(988
|
)
|
||
Prepaid expenses
|
(673
|
)
|
|
(668
|
)
|
||
Net unrealized gains on securities available for sale
|
(4,934
|
)
|
|
(12,348
|
)
|
||
|
(8,663
|
)
|
|
(16,328
|
)
|
||
|
|
|
|
||||
Net deferred tax assets (liabilities)
|
$
|
9,101
|
|
|
$
|
(4,600
|
)
|
September 30,
|
2017
|
|
|
2016
|
|
||
|
(Dollars in Thousands)
|
||||||
Balance at beginning of year
|
$
|
525
|
|
|
$
|
974
|
|
Additions for tax positions related to the current year
|
192
|
|
|
63
|
|
||
Additions for tax positions related to the prior years
|
31
|
|
|
—
|
|
||
Reductions for tax positions due to settlement with taxing authorities
|
—
|
|
|
(372
|
)
|
||
Reductions for tax positions related to prior years
|
(103
|
)
|
|
(140
|
)
|
||
Balance at end of year
|
$
|
645
|
|
|
$
|
525
|
|
|
Company
|
|
Bank
|
|
Minimum
Requirement For
Capital Adequacy
Purposes
|
|
Minimum Requirement
To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||
|
|
|
|
|
|
|
|
||||
September 30, 2017
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Tier 1 leverage ratio
|
7.64
|
%
|
|
9.64
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Common equity Tier 1 capital ratio
|
13.97
|
|
|
18.22
|
|
|
4.50
|
|
|
6.50
|
|
Tier 1 capital ratio
|
14.46
|
|
|
18.22
|
|
|
6.00
|
|
|
8.00
|
|
Total qualifying capital ratio
|
18.41
|
|
|
18.59
|
|
|
8.00
|
|
|
10.00
|
|
|
|
|
|
|
|
|
|
||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tier 1 leverage ratio
|
8.35
|
%
|
|
10.35
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Common equity Tier 1 capital ratio
|
17.28
|
|
|
21.95
|
|
|
4.50
|
|
|
6.50
|
|
Tier 1 capital ratio
|
17.82
|
|
|
21.95
|
|
|
6.00
|
|
|
8.00
|
|
Total qualifying capital ratio
|
23.17
|
|
|
22.35
|
|
|
8.00
|
|
|
10.00
|
|
|
Standardized Approach (1)
September 30, 2017
|
||
|
(Dollars in Thousands)
|
||
|
|
||
Total equity
|
$
|
434,496
|
|
Adjustments:
|
|
|
|
LESS: Goodwill, net of associated deferred tax liabilities
|
95,332
|
|
|
LESS: Certain other intangible assets
|
41,743
|
|
|
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards
|
1,495
|
|
|
LESS: Net unrealized gains (losses) on available-for-sale securities
|
9,166
|
|
|
Common Equity Tier 1
(1)
|
286,760
|
|
|
Long-term debt and other instruments qualifying as Tier 1
|
10,310
|
|
|
LESS: Additional tier 1 capital deductions
|
374
|
|
|
Total Tier 1 capital
|
296,696
|
|
|
Allowance for loan losses
|
7,718
|
|
|
Subordinated debentures (net of issuance costs)
|
73,347
|
|
|
Total qualifying capital
|
377,761
|
|
|
Year Ended September 30,
|
||||||
|
(Dollars in Thousands)
|
||||||
|
Operating
Leases
|
|
Capital
Leases
|
||||
2018
|
$
|
2,486
|
|
|
$
|
179
|
|
2019
|
2,287
|
|
|
179
|
|
||
2020
|
2,289
|
|
|
182
|
|
||
2021
|
2,143
|
|
|
182
|
|
||
2022
|
1,882
|
|
|
182
|
|
||
Thereafter
|
17,922
|
|
|
2,240
|
|
||
Total Leases Commitments
|
$
|
29,009
|
|
|
$
|
3,144
|
|
|
|
|
|
||||
Amounts representing interest
|
|
|
|
$
|
1,206
|
|
|
Present value of net minimum lease payments
|
|
|
|
1,938
|
|
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Year Ended September 30, 2017
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
13,845
|
|
|
$
|
52,231
|
|
|
$
|
42,027
|
|
|
$
|
108,103
|
|
Interest expense
|
503
|
|
|
2,723
|
|
|
11,647
|
|
|
14,873
|
|
||||
Net interest income
|
13,342
|
|
|
49,508
|
|
|
30,380
|
|
|
93,230
|
|
||||
Provision for loan losses
|
7,613
|
|
|
2,976
|
|
|
—
|
|
|
10,589
|
|
||||
Non-interest income
|
165,707
|
|
|
4,685
|
|
|
1,780
|
|
|
172,172
|
|
||||
Non-interest expense
|
132,984
|
|
|
24,520
|
|
|
42,159
|
|
|
199,663
|
|
||||
Income (loss) before income tax expense (benefit)
|
38,452
|
|
|
26,697
|
|
|
(9,999
|
)
|
|
55,150
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
185,521
|
|
|
1,343,968
|
|
|
3,698,843
|
|
|
5,228,332
|
|
||||
Total goodwill
|
87,145
|
|
|
11,578
|
|
|
—
|
|
|
98,723
|
|
||||
Total deposits
|
2,436,893
|
|
|
229,969
|
|
|
556,562
|
|
|
3,223,424
|
|
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Year Ended September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
9,711
|
|
|
$
|
38,321
|
|
|
$
|
33,364
|
|
|
$
|
81,396
|
|
Interest expense
|
181
|
|
|
1,331
|
|
|
2,579
|
|
|
4,091
|
|
||||
Net interest income
|
9,530
|
|
|
36,990
|
|
|
30,785
|
|
|
77,305
|
|
||||
Provision for loan losses
|
971
|
|
|
3,634
|
|
|
—
|
|
|
4,605
|
|
||||
Non-interest income
|
95,261
|
|
|
4,280
|
|
|
1,229
|
|
|
100,770
|
|
||||
Non-interest expense
|
77,411
|
|
|
23,001
|
|
|
34,236
|
|
|
134,648
|
|
||||
Income (loss) before income tax expense (benefit)
|
26,409
|
|
|
14,635
|
|
|
(2,222
|
)
|
|
38,822
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
87,311
|
|
|
946,420
|
|
|
2,972,688
|
|
|
4,006,419
|
|
||||
Total goodwill
|
25,350
|
|
|
11,578
|
|
|
—
|
|
|
36,928
|
|
||||
Total deposits
|
2,131,042
|
|
|
299,030
|
|
|
10
|
|
|
2,430,082
|
|
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Year Ended September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
7,261
|
|
|
$
|
31,394
|
|
|
$
|
22,952
|
|
|
$
|
61,607
|
|
Interest expense
|
169
|
|
|
1,377
|
|
|
841
|
|
|
2,387
|
|
||||
Net interest income
|
7,092
|
|
|
30,017
|
|
|
22,111
|
|
|
59,220
|
|
||||
Provision for loan losses
|
—
|
|
|
689
|
|
|
776
|
|
|
1,465
|
|
||||
Non-interest income
|
54,417
|
|
|
3,358
|
|
|
399
|
|
|
58,174
|
|
||||
Non-interest expense
|
47,731
|
|
|
19,028
|
|
|
29,747
|
|
|
96,506
|
|
||||
Income (loss) before income tax expense (benefit)
|
13,778
|
|
|
13,658
|
|
|
(8,013
|
)
|
|
19,423
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
93,336
|
|
|
724,834
|
|
|
1,711,535
|
|
|
2,529,705
|
|
||||
Total goodwill
|
25,350
|
|
|
11,578
|
|
|
—
|
|
|
36,928
|
|
||||
Total deposits
|
1,424,304
|
|
|
233,235
|
|
|
(5
|
)
|
|
1,657,534
|
|
Years Ended September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Interest expense
|
$
|
4,959
|
|
|
$
|
1,022
|
|
|
$
|
418
|
|
Other expense
|
440
|
|
|
382
|
|
|
269
|
|
|||
Total expense
|
5,399
|
|
|
1,404
|
|
|
687
|
|
|||
|
|
|
|
|
|
||||||
Gain (loss) before income taxes and equity in undistributed net income of subsidiaries
|
(5,399
|
)
|
|
(1,404
|
)
|
|
(687
|
)
|
|||
|
|
|
|
|
|
||||||
Income tax (benefit)
|
(1,935
|
)
|
|
(519
|
)
|
|
(324
|
)
|
|||
|
|
|
|
|
|
||||||
Gain (loss) before equity in undistributed net income of subsidiaries
|
(3,464
|
)
|
|
(885
|
)
|
|
(363
|
)
|
|||
|
|
|
|
|
|
||||||
Equity in undistributed net income of subsidiaries
|
48,381
|
|
|
34,105
|
|
|
18,418
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
For the Years Ended September 30,
|
2017
|
|
2016
|
|
2015
|
||||||
|
(Dollars in Thousands)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|||
Depreciation, amortization and accretion, net
|
136
|
|
|
(22
|
)
|
|
—
|
|
|||
Equity in undistributed net income of subsidiaries
|
(48,381
|
)
|
|
(34,105
|
)
|
|
(18,418
|
)
|
|||
Stock compensation
|
10,401
|
|
|
427
|
|
|
253
|
|
|||
Change in other assets
|
7
|
|
|
(5
|
)
|
|
(15
|
)
|
|||
Change in other liabilities
|
16,636
|
|
|
541
|
|
|
378
|
|
|||
Net cash provided by (used in) operating activities
|
23,716
|
|
|
56
|
|
|
253
|
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITES
|
|
|
|
|
|
|
|
|
|||
Capital contributions to subsidiaries
|
(82,820
|
)
|
|
(81,000
|
)
|
|
(67,600
|
)
|
|||
Net cash used in investing activities
|
(82,820
|
)
|
|
(81,000
|
)
|
|
(67,600
|
)
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Cash dividends paid
|
(4,839
|
)
|
|
(4,389
|
)
|
|
(3,493
|
)
|
|||
Purchase of shares by ESOP
|
1,174
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from contingent consideration - equity
|
24,142
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from exercise of stock options & issuance of common stock
|
650
|
|
|
13,536
|
|
|
75,681
|
|
|||
Issuance of common shares due to acquisition
|
37,296
|
|
|
—
|
|
|
—
|
|
|||
Issuance of restricted stock
|
4
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from long term debt
|
—
|
|
|
75,000
|
|
|
—
|
|
|||
Payment of debt issuance costs
|
—
|
|
|
(1,767
|
)
|
|
—
|
|
|||
Shares repurchased for tax withholdings on stock compensation
|
(470
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided by financing activities
|
57,957
|
|
|
82,380
|
|
|
72,188
|
|
|||
|
|
|
|
|
|
||||||
Net change in cash and cash equivalents
|
$
|
(1,147
|
)
|
|
$
|
1,436
|
|
|
$
|
4,841
|
|
|
|
|
|
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|||
Beginning of year
|
$
|
15,716
|
|
|
$
|
14,280
|
|
|
$
|
9,439
|
|
End of year
|
$
|
14,569
|
|
|
$
|
15,716
|
|
|
$
|
14,280
|
|
|
QUARTER ENDED
|
||||||||||||||
|
December 31
|
|
March 31
|
|
June 30
|
|
September 30
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||
Fiscal Year 2017
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
22,575
|
|
|
$
|
27,718
|
|
|
$
|
28,861
|
|
|
$
|
28,949
|
|
Interest expense
|
2,742
|
|
|
3,752
|
|
|
3,918
|
|
|
4,461
|
|
||||
Net interest income
|
19,833
|
|
|
23,966
|
|
|
24,943
|
|
|
24,488
|
|
||||
Provision (recovery) for loan losses
|
843
|
|
|
8,649
|
|
|
1,240
|
|
|
(144
|
)
|
||||
Net Income
|
1,244
|
|
|
32,142
|
|
|
9,787
|
|
|
1,744
|
|
||||
Earnings per common and common equivalent share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
3.44
|
|
|
$
|
1.05
|
|
|
$
|
0.19
|
|
Diluted
|
0.14
|
|
|
3.42
|
|
|
1.04
|
|
|
0.19
|
|
||||
Dividend declared per share
|
0.13
|
|
|
0.13
|
|
|
0.13
|
|
|
0.13
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
$
|
18,275
|
|
|
$
|
20,629
|
|
|
$
|
20,763
|
|
|
$
|
21,729
|
|
Interest expense
|
720
|
|
|
691
|
|
|
844
|
|
|
1,836
|
|
||||
Net interest income
|
17,555
|
|
|
19,938
|
|
|
19,919
|
|
|
19,893
|
|
||||
Provision for loan losses
|
786
|
|
|
1,173
|
|
|
2,098
|
|
|
548
|
|
||||
Net Income
|
4,058
|
|
|
14,283
|
|
|
8,873
|
|
|
6,006
|
|
||||
Earnings per common and common equivalent share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.49
|
|
|
$
|
1.68
|
|
|
$
|
1.04
|
|
|
$
|
0.70
|
|
Diluted
|
0.49
|
|
|
1.67
|
|
|
1.04
|
|
|
0.70
|
|
||||
Dividend declared per share
|
0.13
|
|
|
0.13
|
|
|
0.13
|
|
|
0.13
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
$
|
14,232
|
|
|
$
|
15,758
|
|
|
$
|
15,254
|
|
|
$
|
16,363
|
|
Interest expense
|
661
|
|
|
473
|
|
|
593
|
|
|
660
|
|
||||
Net interest income
|
13,571
|
|
|
15,285
|
|
|
14,661
|
|
|
15,703
|
|
||||
Provision for loan losses
|
48
|
|
|
593
|
|
|
700
|
|
|
124
|
|
||||
Net Income
|
3,595
|
|
|
5,181
|
|
|
4,640
|
|
|
4,639
|
|
||||
Earnings per common and common equivalent share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.58
|
|
|
$
|
0.79
|
|
|
$
|
0.67
|
|
|
$
|
0.64
|
|
Diluted
|
0.58
|
|
|
0.78
|
|
|
0.66
|
|
|
0.63
|
|
||||
Dividend declared per share
|
0.13
|
|
|
0.13
|
|
|
0.13
|
|
|
0.13
|
|
|
Fair Value At September 30, 2017
|
||||||||||||||||||||||||||||||
|
Available For Sale
|
|
Held to Maturity
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Small business administration securities
|
57,871
|
|
|
—
|
|
|
57,871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,368
|
|
|
—
|
|
|
19,368
|
|
|
—
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
950,829
|
|
|
—
|
|
|
950,829
|
|
|
—
|
|
|
432,361
|
|
|
—
|
|
|
432,361
|
|
|
—
|
|
||||||||
Asset-backed securities
|
96,832
|
|
|
—
|
|
|
96,832
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Mortgage-backed securities
|
586,454
|
|
|
—
|
|
|
586,454
|
|
|
—
|
|
|
112,456
|
|
|
—
|
|
|
112,456
|
|
|
—
|
|
||||||||
Total debt securities
|
1,691,986
|
|
|
—
|
|
|
1,691,986
|
|
|
—
|
|
|
564,185
|
|
|
—
|
|
|
564,185
|
|
|
—
|
|
||||||||
Common equities and mutual funds
|
1,445
|
|
|
1,445
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total securities
|
$
|
1,693,431
|
|
|
$
|
1,445
|
|
|
$
|
1,691,986
|
|
|
$
|
—
|
|
|
$
|
564,185
|
|
|
$
|
—
|
|
|
$
|
564,185
|
|
|
$
|
—
|
|
|
Fair Value At September 30, 2016
|
||||||||||||||||||||||||||||||
|
Available For Sale
|
|
Held to Maturity
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Trust preferred and corporate securities
|
$
|
12,978
|
|
|
$
|
—
|
|
|
$
|
12,978
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Small business administration securities
|
80,719
|
|
|
—
|
|
|
80,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,937
|
|
|
—
|
|
|
20,937
|
|
|
—
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
698,672
|
|
|
—
|
|
|
698,672
|
|
|
—
|
|
|
477,202
|
|
|
—
|
|
|
477,202
|
|
|
—
|
|
||||||||
Asset-backed securities
|
116,815
|
|
|
—
|
|
|
116,815
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Mortgage-backed securities
|
558,940
|
|
|
—
|
|
|
558,940
|
|
|
—
|
|
|
134,435
|
|
|
—
|
|
|
134,435
|
|
|
—
|
|
||||||||
Total debt securities
|
1,468,124
|
|
|
—
|
|
|
1,468,124
|
|
|
—
|
|
|
632,574
|
|
|
—
|
|
|
632,574
|
|
|
—
|
|
||||||||
Common equities and mutual funds
|
1,125
|
|
|
1,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total securities
|
$
|
1,469,249
|
|
|
$
|
1,125
|
|
|
$
|
1,468,124
|
|
|
$
|
—
|
|
|
$
|
632,574
|
|
|
$
|
—
|
|
|
$
|
632,574
|
|
|
$
|
—
|
|
|
Fair Value At September 30, 2016
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired Loans, net
|
|
|
|
|
|
|
|
||||||||
1-4 family real estate
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68
|
|
Total
|
68
|
|
|
—
|
|
|
—
|
|
|
68
|
|
||||
Foreclosed Assets, net
|
76
|
|
|
—
|
|
|
—
|
|
|
76
|
|
||||
Total
|
$
|
144
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144
|
|
|
Quantitative Information About Level 3 Fair Value Measurements
|
||||||||||
(Dollars in Thousands)
|
Fair Value at
September 30, 2017
|
|
Fair Value at
September 30, 2016
|
|
Valuation
Technique
|
|
Unobservable
Input
|
||||
Impaired Loans, net
|
$
|
—
|
|
|
$
|
68
|
|
|
Market approach
|
|
Appraised values
(1)
|
Foreclosed Assets, net
|
292
|
|
|
76
|
|
|
Market approach
|
|
Appraised values
(1)
|
(1)
|
The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of
4%
to
10%
.
|
|
September 30, 2017
|
||||||||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,267,586
|
|
|
$
|
1,267,586
|
|
|
$
|
1,267,586
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities available for sale
|
1,693,431
|
|
|
1,693,431
|
|
|
1,445
|
|
|
1,691,986
|
|
|
—
|
|
|||||
Securities held to maturity
|
563,529
|
|
|
564,185
|
|
|
—
|
|
|
564,185
|
|
|
—
|
|
|||||
Total securities
|
2,256,960
|
|
|
2,257,616
|
|
|
1,445
|
|
|
2,256,171
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One to four family residential mortgage loans
|
196,706
|
|
|
196,970
|
|
|
—
|
|
|
—
|
|
|
196,970
|
|
|||||
Commercial and multi-family real estate loans
|
585,510
|
|
|
576,330
|
|
|
—
|
|
|
—
|
|
|
576,330
|
|
|||||
Agricultural real estate loans
|
61,800
|
|
|
61,584
|
|
|
—
|
|
|
—
|
|
|
61,584
|
|
|||||
Consumer loans
|
163,004
|
|
|
163,961
|
|
|
—
|
|
|
—
|
|
|
163,961
|
|
|||||
Commercial operating loans
|
35,759
|
|
|
35,723
|
|
|
—
|
|
|
—
|
|
|
35,723
|
|
|||||
Agricultural operating loans
|
33,594
|
|
|
32,870
|
|
|
—
|
|
|
—
|
|
|
32,870
|
|
|||||
Premium finance loans
|
250,459
|
|
|
250,964
|
|
|
—
|
|
|
—
|
|
|
250,964
|
|
|||||
Total loans receivable
|
1,326,832
|
|
|
1,318,402
|
|
|
—
|
|
|
—
|
|
|
1,318,402
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank stock
|
61,123
|
|
|
61,123
|
|
|
—
|
|
|
61,123
|
|
|
—
|
|
|||||
Accrued interest receivable
|
19,380
|
|
|
19,380
|
|
|
19,380
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest bearing demand deposits
|
2,454,057
|
|
|
2,454,057
|
|
|
2,454,057
|
|
|
—
|
|
|
—
|
|
|||||
Interest bearing demand deposits, savings, and money markets
|
169,557
|
|
|
169,557
|
|
|
169,557
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit
|
123,637
|
|
|
123,094
|
|
|
—
|
|
|
123,094
|
|
|
—
|
|
|||||
Wholesale non-maturing deposits
|
18,245
|
|
|
18,245
|
|
|
18,245
|
|
|
—
|
|
|
—
|
|
|||||
Wholesale certificates of deposits
|
457,928
|
|
|
457,509
|
|
|
—
|
|
|
457,509
|
|
|
—
|
|
|||||
Total deposits
|
3,223,424
|
|
|
3,222,462
|
|
|
2,641,859
|
|
|
580,603
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from Federal Home Loan Bank
|
415,000
|
|
|
415,003
|
|
|
—
|
|
|
415,003
|
|
|
—
|
|
|||||
Federal funds purchased
|
987,000
|
|
|
987,000
|
|
|
987,000
|
|
|
—
|
|
|
—
|
|
|||||
Securities sold under agreements to repurchase
|
2,472
|
|
|
2,472
|
|
|
—
|
|
|
2,472
|
|
|
—
|
|
|||||
Capital leases
|
1,938
|
|
|
1,938
|
|
|
—
|
|
|
1,938
|
|
|
—
|
|
|||||
Trust preferred securities
|
10,310
|
|
|
10,447
|
|
|
—
|
|
|
10,447
|
|
|
—
|
|
|||||
Subordinated debentures
|
73,347
|
|
|
76,500
|
|
|
—
|
|
|
76,500
|
|
|
—
|
|
|||||
Accrued interest payable
|
2,280
|
|
|
2,280
|
|
|
2,280
|
|
|
—
|
|
|
—
|
|
|
September 30, 2016
|
||||||||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
773,830
|
|
|
$
|
773,830
|
|
|
$
|
773,830
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities available for sale
|
1,469,249
|
|
|
1,469,249
|
|
|
1,125
|
|
|
1,468,124
|
|
|
—
|
|
|||||
Securities held to maturity
|
619,853
|
|
|
632,574
|
|
|
—
|
|
|
632,574
|
|
|
—
|
|
|||||
Total securities
|
2,089,102
|
|
|
2,101,823
|
|
|
1,125
|
|
|
2,100,698
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One to four family residential mortgage loans
|
162,298
|
|
|
163,886
|
|
|
—
|
|
|
—
|
|
|
163,886
|
|
|||||
Commercial and multi-family real estate loans
|
422,932
|
|
|
422,307
|
|
|
—
|
|
|
—
|
|
|
422,307
|
|
|||||
Agricultural real estate loans
|
63,612
|
|
|
63,868
|
|
|
—
|
|
|
—
|
|
|
63,868
|
|
|||||
Consumer loans
|
37,094
|
|
|
36,738
|
|
|
—
|
|
|
—
|
|
|
36,738
|
|
|||||
Commercial operating loans
|
31,271
|
|
|
31,108
|
|
|
—
|
|
|
—
|
|
|
31,108
|
|
|||||
Agricultural operating loans
|
37,083
|
|
|
36,897
|
|
|
—
|
|
|
—
|
|
|
36,897
|
|
|||||
Premium finance loans
|
171,604
|
|
|
172,000
|
|
|
—
|
|
|
—
|
|
|
172,000
|
|
|||||
Total loans receivable
|
925,894
|
|
|
926,803
|
|
|
—
|
|
|
—
|
|
|
926,803
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank stock
|
47,512
|
|
|
47,512
|
|
|
—
|
|
|
47,512
|
|
|
—
|
|
|||||
Accrued interest receivable
|
17,199
|
|
|
17,199
|
|
|
17,199
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest bearing demand deposits
|
2,167,522
|
|
|
2,167,522
|
|
|
2,167,522
|
|
|
—
|
|
|
—
|
|
|||||
Interest bearing demand deposits, savings, and money markets
|
136,568
|
|
|
136,568
|
|
|
136,568
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit
|
125,992
|
|
|
125,772
|
|
|
—
|
|
|
125,772
|
|
|
—
|
|
|||||
Total deposits
|
2,430,082
|
|
|
2,429,862
|
|
|
2,304,090
|
|
|
125,772
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from Federal Home Loan Bank
|
107,000
|
|
|
108,168
|
|
|
—
|
|
|
108,168
|
|
|
—
|
|
|||||
Federal funds purchased
|
992,000
|
|
|
992,000
|
|
|
992,000
|
|
|
—
|
|
|
—
|
|
|||||
Securities sold under agreements to repurchase
|
3,039
|
|
|
3,039
|
|
|
—
|
|
|
3,039
|
|
|
—
|
|
|||||
Capital leases
|
2,018
|
|
|
2,018
|
|
|
—
|
|
|
2,018
|
|
|
—
|
|
|||||
Trust preferred
|
10,310
|
|
|
10,437
|
|
|
—
|
|
|
10,437
|
|
|
—
|
|
|||||
Subordinated debentures
|
73,211
|
|
|
77,250
|
|
|
—
|
|
|
77,250
|
|
|
—
|
|
|||||
Accrued interest payable
|
875
|
|
|
875
|
|
|
875
|
|
|
—
|
|
|
—
|
|
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(Dollars in Thousands)
|
||||||
Goodwill
|
|
||||||
Beginning balance
|
$
|
36,928
|
|
|
$
|
36,928
|
|
Acquisitions during the period
|
61,795
|
|
|
—
|
|
||
Write-offs during the period
|
—
|
|
|
—
|
|
||
Ending balance
|
$
|
98,723
|
|
|
$
|
36,928
|
|
|
Trademark
(1)
|
|
Non-Compete
(2)
|
|
Customer Relationships
(3)
|
|
Technology/Other
(4)
|
|
Total
|
||||||||||
Intangibles
|
|
||||||||||||||||||
Balance as of September 30, 2016
|
$
|
5,149
|
|
|
$
|
127
|
|
|
$
|
20,590
|
|
|
$
|
3,055
|
|
|
$
|
28,921
|
|
Acquisitions during the period
|
5,500
|
|
|
2,180
|
|
|
31,770
|
|
|
6,947
|
|
|
46,397
|
|
|||||
Amortization during the period
|
(598
|
)
|
|
(525
|
)
|
|
(10,405
|
)
|
|
(835
|
)
|
|
(12,363
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
(10,248
|
)
|
|
(529
|
)
|
|
(10,777
|
)
|
|||||
Balance as of September 30, 2017
|
$
|
10,051
|
|
|
$
|
1,782
|
|
|
$
|
31,707
|
|
|
$
|
8,638
|
|
|
$
|
52,178
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance upon acquisition
|
$
|
10,990
|
|
|
$
|
2,480
|
|
|
$
|
57,810
|
|
|
$
|
10,502
|
|
|
$
|
81,782
|
|
Accumulated amortization
|
$
|
(939
|
)
|
|
$
|
(698
|
)
|
|
$
|
(15,855
|
)
|
|
$
|
(1,335
|
)
|
|
$
|
(18,827
|
)
|
Accumulated impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10,248
|
)
|
|
$
|
(529
|
)
|
|
$
|
(10,777
|
)
|
Balance as of September 30, 2017
|
$
|
10,051
|
|
|
$
|
1,782
|
|
|
$
|
31,707
|
|
|
$
|
8,638
|
|
|
$
|
52,178
|
|
|
Trademark
(1)
|
|
Non-Compete
(2)
|
|
Customer Relationships
(3)
|
|
Technology/Other
(4)
|
|
Total
|
||||||||||
Intangibles
|
|
||||||||||||||||||
Balance as of September 30, 2015
|
$
|
5,439
|
|
|
$
|
227
|
|
|
$
|
24,811
|
|
|
$
|
3,100
|
|
|
$
|
33,577
|
|
Acquisitions during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|
172
|
|
|||||
Amortization during the period
|
(290
|
)
|
|
(100
|
)
|
|
(4,221
|
)
|
|
(217
|
)
|
|
(4,828
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance as of September 30, 2016
|
$
|
5,149
|
|
|
$
|
127
|
|
|
$
|
20,590
|
|
|
$
|
3,055
|
|
|
$
|
28,921
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance upon acquisition
|
$
|
5,490
|
|
|
$
|
300
|
|
|
$
|
26,040
|
|
|
$
|
3,539
|
|
|
$
|
35,369
|
|
Accumulated amortization
|
$
|
(341
|
)
|
|
$
|
(173
|
)
|
|
$
|
(5,450
|
)
|
|
$
|
(484
|
)
|
|
$
|
(6,448
|
)
|
Balance as of September 30, 2016
|
$
|
5,149
|
|
|
$
|
127
|
|
|
$
|
20,590
|
|
|
$
|
3,055
|
|
|
$
|
28,921
|
|
|
September 30,
|
||
|
(Dollars in Thousands)
|
||
2018
|
$
|
7,706
|
|
2019
|
7,147
|
|
|
2020
|
5,749
|
|
|
2021
|
5,179
|
|
|
2022
|
4,257
|
|
|
Thereafter
|
22,140
|
|
|
Total anticipated intangible amortization
|
$
|
52,178
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
(b)
|
Management’s Annual Report on Internal Control over Financial Reporting.
|
(c)
|
Changes in Internal Control over Financial Reporting.
|
|
/s/ KPMG LLP
|
|
|
Des Moines, Iowa
|
|
November 29, 2017
|
|
Plan Category
|
|
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
|
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plan
excluding securities
reflected in (a)
|
||||
Equity compensation plans approved by stockholders
|
|
75,757
|
|
|
$
|
22.62
|
|
|
188,152
|
|
Equity compensation plans not approved by stockholders
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
1.
|
Report of Independent Registered Public Accounting Firm.
|
2.
|
Consolidated Statements of Financial Condition as of September 30, 2017, and 2016.
|
3.
|
Consolidated Statements of Operations for the Years Ended September 30, 2017, 2016, and 2015.
|
4.
|
Consolidated Statements of Comprehensive Income for the Years ended September 30, 2017, 2016, and 2015.
|
5.
|
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended September 30, 2017, 2016, and 2015.
|
6.
|
Consolidated Statements of Cash Flows for the Years Ended September 30, 2017, 2016, and 2015.
|
7.
|
Notes to Consolidated Financial Statements.
|
|
META FINANCIAL GROUP, INC.
|
|
|
|
|
Date: November 29, 2017
|
By:
|
/s/ J. Tyler Haahr
|
|
|
J. Tyler Haahr, Chairman of the Board
|
|
|
and Chief Executive Officer
|
By:
|
/s/ J. Tyler Haahr
|
|
Date: November 29, 2017
|
|
J. Tyler Haahr, Chairman of the Board
|
|
|
|
and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ Bradley C. Hanson
|
|
Date: November 29, 2017
|
|
Bradley C. Hanson, President and Director
|
|
|
|
|
|
|
By:
|
/s/ Douglas J. Hajek
|
|
Date: November 29, 2017
|
|
Douglas J. Hajek, Director
|
|
|
|
|
|
|
By:
|
/s/ Elizabeth G. Hoople
|
|
Date: November 29, 2017
|
|
Elizabeth G. Hoople, Director
|
|
|
|
|
|
|
By:
|
/s/ Frederick V. Moore
|
|
Date: November 29, 2017
|
|
Frederick V. Moore, Director
|
|
|
|
|
|
|
By:
|
/s/ Becky S. Shulman
|
|
Date: November 29, 2017
|
|
Becky S. Shulman, Director
|
|
|
|
|
|
|
By:
|
/s/ Kendall E. Stork
|
|
Date: November 29, 2017
|
|
Kendall E. Stork, Director
|
|
|
|
|
|
|
By:
|
/s/ Glen W. Herrick
|
|
Date: November 29, 2017
|
|
Glen W. Herrick, Executive Vice
|
|
|
|
President and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
By:
|
/s/ Sonja A. Theisen
|
|
Date: November 29, 2017
|
|
Sonja A. Theisen, Senior Vice President
|
|
|
|
and Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
|
|
Exhibit
Number
|
Description
|
|
|
Asset Purchase Agreement, dated as of July 15, 2015, by and among Meta Financial Group, Inc., MetaBank, Fort Knox Financial Services Corporation, Tax Product Services LLC, Alan D. Lodge Family Trust, Michael E. Boone, Michael J. Boone, Cary Shields and Alan D. Lodge filed on July 16, 2015 as an exhibit to the Registrant’s Current Report on Form 8‑K, is incorporated herein by reference. Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant will furnish the omitted exhibits and schedules to the Securities and Exchange Commission upon request by the Commission.
|
|
|
|
Asset Purchase Agreement, dated as of October 1, 2016, by and among Meta Financial Group, Inc., MetaBank, Drake Enterprises, Ltd., and EPS Financial, LLC filed on November 3, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference. Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant will furnish the omitted exhibits and schedules to the Securities and Exchange Commission upon request by the Commission.
|
|
|
|
Asset Purchase Agreement dated as of November 9, 2016, by and among Meta Financial Group, Inc., MetaBank, and Specialty Consumer Services LP filed on November 10, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference. Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant will furnish the omitted exhibits and schedules to the Securities and Exchange Commission upon request by the Commission.
|
|
|
|
Registrant’s Certificate of Incorporation, as amended, filed on May 10, 2013 as an exhibit to the Registrant’s registration statement on Form S-3 (Commission File No. 333-188535), is incorporated herein by reference.
|
|
|
|
Registrant’s Certificate of Amendment to the Certificate of Incorporation, as amended, filed on January 26, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
|
Registrant’s Amended and Restated By-laws, as amended, filed on December 14, 2015 as an exhibit to the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 2015, is incorporated herein by reference.
|
|
|
|
Registrant’s Specimen Stock Certificate, filed on June 26, 2016 as an exhibit to the Registrant’s registration statement on Form S-3 (Commission File No. 333-212269), is incorporated herein by reference.
|
|
|
|
Indenture, dated as of August 15, 2016, by and between the Registrant and U.S. Bank National Association, as trustee, filed on August 15, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
|
First Supplemental Indenture, dated as of August 15, 2016, by and between the Registrant and U.S. Bank National Association, as trustee, filed on August 15, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
|
Form of Global Note of the Registrant representing the 5.75% Fixed-to-Floating Rate Subordinated Notes due August 15, 2026, filed on August 15, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
*
10.1
|
Registrant’s 1995 Stock Option and Incentive Plan, filed as an exhibit to the Registrant’s Annual Report on Form 10-KSB for the fiscal year ended September 30, 1996, is incorporated herein by reference
|
|
|
*
10.2
|
Employment Agreement between MetaBank and J. Tyler Haahr, dated as of October 1, 2016, 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
|
Employment Agreement between MetaBank and Bradley C. Hanson, dated as of October 1, 2016, filed on November 18, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
*
10.4
|
Employment Agreement between MetaBank and Glen W. Herrick, dated as of October 1, 2016, filed on December 6, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
*
10.5
|
Performance-Based Restricted Stock Agreement between Meta and J. Tyler Haahr, dated as of November 16, 2016, filed on November 18, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
*
10.6
|
Performance-Based Restricted Stock Agreement between Meta and Bradley C. Hanson, dated as of November 16, 2016, filed on November 18, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference
|
|
|
*
10.7
|
Performance-Based Restricted Stock Agreement between Meta and Glen W. Herrick, dated as of December 2, 2016, filed on December 6, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference
|
|
|
*
10.8
|
Registrant’s Supplemental Employees’ Investment Plan, originally filed as an exhibit to the Registrant’s Annual Report on Form 10-KSB for the fiscal year ended September 30, 1994. First amendment to such agreement, filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 2008, is incorporated herein by reference.
|
*
10.9
|
Registrant’s 2002 Omnibus Incentive Plan, as amended and restated effective November 24, 2014, filed on December 16, 2014 as Appendix A to the Registrant’s Schedule 14A (DEF 14A) Proxy Statement, is incorporated herein by reference.
|
|
|
Registration Rights Agreement by and among Meta Financial Group, Inc., BEP IV LLC and BEP Investors, LLC, dated as of December 17, 2015, filed on December 17, 2015 as an exhibit to the Registrant’s Current Report on Form 8‑K, is incorporated herein by reference.
|
|
|
|
Investor Rights Agreement by and among Meta Financial Group, Inc., BEP IV LLC and BEP Investors, LLC, dated as of December 17, 2015, filed on December 17, 2015 as an exhibit to the Registrant’s Current Report on Form 8‑K, is incorporated herein by reference.
|
|
|
|
Securities Purchase Agreement by and between Meta Financial Group, Inc. and Nantahala Capital Partners SI, LP, dated as of December 7, 2015, filed on December 8, 2015 as an exhibit to the Registrant’s Current Report on Form 8‑K, is incorporated herein by reference.
|
|
|
|
Registration Rights Agreement by and between Meta Financial Group, Inc. and Nantahala Capital Partners SI, LP, dated as of December 17, 2015, filed on December 17, 2015 as an exhibit to the Registrant’s Current Report on Form 8‑K, is incorporated herein by reference.
|
|
|
|
*
10.14
|
Separation and General Release Agreement dated as of September 9, 2016, by and among the Company, MetaBank and Ira D. Frericks. filed on September 9, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
*
10.15
|
Separation and General Release Agreement dated as of September 30, 2016, by and among the Company, MetaBank and Troy Moore III, filed on September 30, 2016 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
*
10.16
|
Severance and General Release Agreement dated as of August 30, 2017, by and between the MetaBank and Cynthia Smith, filed on September 8, 2017 as an exhibit to the Registrant’s Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
*
10.17
|
Form of Restricted Stock Agreement under Meta Financial Group, Inc. 2002 Omnibus Incentive Plan filed on August 2, 2016 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q, is incorporated herein by reference.
|
|
|
Statement re: computation of per share earnings (See Note 5 of “Notes to Consolidated Financial Statements,” which is included in Part II, Item 8 “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K).
|
|
|
|
Subsidiaries of the Registrant is filed herewith.
|
|
|
|
Consent of Independent Registered Public Accounting Firm is filed herewith.
|
|
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 is filed herewith.
|
|
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 is filed herewith.
|
|
|
|
Certification of the CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.
|
|
|
|
Certification of the CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.
|
|
|
|
101.INS
|
Instance Document Filed Herewith.
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document Filed Herewith.
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document Filed Herewith.
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document Filed Herewith.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document Filed Herewith.
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document Filed Herewith.
|
|
|
Parent
|
|
Subsidiary
|
|
Percentage
of
Ownership
|
|
State of
Incorporation or
Organization
|
|
|
|
|
|
|
|
Meta Financial Group, Inc.
|
|
MetaBank
|
|
100%
|
|
Federal
|
|
|
|
|
|
|
|
Meta Financial Group, Inc.
|
|
First Midwest Financial Capital Trust I
|
|
100%
|
|
Delaware
|
|
/s/ KPMG LLP
|
Des Moines, Iowa
|
|
November 29, 2017
|
|
Date: November 29, 2017
|
By:
|
/s/ J. Tyler Haahr
|
|
|
J. Tyler Haahr, Chairman of the Board
|
|
|
and Chief Executive Officer
|
Date: November 29, 2017
|
By:
|
/s/ Glen W. Herrick
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Glen W. Herrick, Executive Vice President and Chief
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Financial Officer
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
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By:
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/s/ J. Tyler Haahr
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Name: J. Tyler Haahr
Chairman of the Board and Chief Executive Officer
November 29, 2017
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(1)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
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By:
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/s/ Glen W. Herrick
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Name: Glen W. Herrick
Executive Vice President and Chief Financial Officer
November 29, 2017
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