|
|
|
|
|
Delaware
|
42-1406262
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer☒
|
Accelerated filer☐
|
Non-accelerated filer☐
|
Smaller Reporting Company☐
|
Emerging growth company☐
|
|
|
|
Class:
|
Outstanding at August 7, 2018:
|
Common Stock, $.01 par value
|
13,059,722 shares
|
Nonvoting Common Stock, $.01 par value
|
0 Nonvoting shares
|
|
|
|
|
|
|
|
|
Item 1.
|
||
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||
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||
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||
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||
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||
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||
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
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||
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Item 1.
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||
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Item 1A.
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||
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Item 6.
|
||
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|
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|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
||||||||
Loans receivable, including fees
|
$
|
19,056
|
|
|
$
|
14,089
|
|
|
$
|
53,344
|
|
|
$
|
37,540
|
|
Mortgage-backed securities
|
3,950
|
|
|
4,544
|
|
|
11,755
|
|
|
12,345
|
|
||||
Other investments
|
11,098
|
|
|
10,228
|
|
|
33,234
|
|
|
29,269
|
|
||||
|
34,104
|
|
|
28,861
|
|
|
98,333
|
|
|
79,154
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
2,264
|
|
|
1,039
|
|
|
7,106
|
|
|
4,161
|
|
||||
FHLB advances and other borrowings
|
3,429
|
|
|
2,879
|
|
|
9,215
|
|
|
6,251
|
|
||||
|
5,693
|
|
|
3,918
|
|
|
16,321
|
|
|
10,412
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
28,411
|
|
|
24,943
|
|
|
82,012
|
|
|
68,742
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for loan losses
|
5,315
|
|
|
1,240
|
|
|
24,726
|
|
|
10,732
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net interest income after provision for loan losses
|
23,096
|
|
|
23,703
|
|
|
57,286
|
|
|
58,010
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Refund transfer product fees
|
7,358
|
|
|
5,785
|
|
|
41,353
|
|
|
38,448
|
|
||||
Tax advance product fees
|
(46
|
)
|
|
(108
|
)
|
|
35,739
|
|
|
31,460
|
|
||||
Card fees
|
22,807
|
|
|
23,052
|
|
|
74,910
|
|
|
68,013
|
|
||||
Loan fees
|
1,111
|
|
|
982
|
|
|
3,445
|
|
|
3,034
|
|
||||
Bank-owned life insurance
|
633
|
|
|
656
|
|
|
1,952
|
|
|
1,548
|
|
||||
Deposit fees
|
1,134
|
|
|
190
|
|
|
2,964
|
|
|
508
|
|
||||
(Loss) gain on sale of securities available-for-sale, net (Includes ($22) and $47 reclassified from accumulated other comprehensive income (loss) for net gains (losses) on available for sale securities for the three months ended June 30, 2018 and 2017, respectively and ($1,198) and ($1,331) for the nine months ended June 30, 2018 and 2017, respectively)
|
(22
|
)
|
|
47
|
|
|
(1,198
|
)
|
|
(1,331
|
)
|
||||
Gain (loss) on foreclosed real estate
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
7
|
|
||||
Other income
|
250
|
|
|
216
|
|
|
766
|
|
|
652
|
|
||||
Total non-interest income
|
33,225
|
|
|
30,820
|
|
|
159,912
|
|
|
142,339
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and benefits
|
24,439
|
|
|
22,193
|
|
|
78,951
|
|
|
66,809
|
|
||||
Refund transfer product expense
|
1,694
|
|
|
1,623
|
|
|
11,665
|
|
|
11,852
|
|
||||
Tax advance product expense
|
(19
|
)
|
|
72
|
|
|
1,736
|
|
|
3,239
|
|
||||
Card processing
|
7,068
|
|
|
5,755
|
|
|
20,798
|
|
|
18,377
|
|
||||
Occupancy and equipment
|
4,720
|
|
|
4,034
|
|
|
14,087
|
|
|
12,202
|
|
||||
Legal and consulting
|
2,781
|
|
|
1,375
|
|
|
8,436
|
|
|
5,603
|
|
||||
Marketing
|
416
|
|
|
381
|
|
|
1,637
|
|
|
1,461
|
|
||||
Data processing
|
301
|
|
|
344
|
|
|
958
|
|
|
1,099
|
|
||||
Intangible amortization expense
|
1,664
|
|
|
1,887
|
|
|
6,077
|
|
|
10,494
|
|
||||
Other expense
|
5,988
|
|
|
4,555
|
|
|
17,247
|
|
|
14,782
|
|
||||
Total non-interest expense
|
49,053
|
|
|
42,219
|
|
|
161,592
|
|
|
145,918
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Income before income tax expense
|
7,268
|
|
|
12,304
|
|
|
55,606
|
|
|
54,431
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income tax expense (Includes ($6) and $18 reclassified from accumulated other comprehensive income (loss) for the three months ended June 30, 2018 and 2017, respectively and ($335) and ($499) for the nine months ended June 30, 2018 and 2017, respectively)
|
476
|
|
|
2,517
|
|
|
12,708
|
|
|
11,258
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
6,792
|
|
|
$
|
9,787
|
|
|
$
|
42,898
|
|
|
$
|
43,173
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.70
|
|
|
$
|
1.05
|
|
|
$
|
4.43
|
|
|
$
|
4.69
|
|
Diluted
|
$
|
0.70
|
|
|
$
|
1.04
|
|
|
$
|
4.41
|
|
|
$
|
4.66
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
6,792
|
|
|
$
|
9,787
|
|
|
$
|
42,898
|
|
|
$
|
43,173
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in net unrealized (loss) gain on securities
|
(9,905
|
)
|
|
11,902
|
|
|
(53,377
|
)
|
|
(25,398
|
)
|
||||
Losses (gains) realized in net income
|
22
|
|
|
(47
|
)
|
|
1,198
|
|
|
1,331
|
|
||||
|
(9,883
|
)
|
|
11,855
|
|
|
(52,179
|
)
|
|
(24,067
|
)
|
||||
LESS: Deferred income tax effect
|
(2,447
|
)
|
|
4,472
|
|
|
(14,412
|
)
|
|
(8,544
|
)
|
||||
Total other comprehensive (loss) income
|
(7,436
|
)
|
|
7,383
|
|
|
(37,767
|
)
|
|
(15,523
|
)
|
||||
Total comprehensive (loss) income
|
$
|
(644
|
)
|
|
$
|
17,170
|
|
|
$
|
5,131
|
|
|
$
|
27,650
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Retained Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock |
|
Total Stockholders’ Equity |
||||||||||||
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 ($0.39 per share)
|
—
|
|
|
—
|
|
|
(3,625
|
)
|
|
—
|
|
|
—
|
|
|
(3,625
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to exercise of stock options
|
—
|
|
|
529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
529
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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
|
5
|
|
|
37,291
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,296
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contingent consideration equity earnout due to acquisition
|
—
|
|
|
24,142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,142
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares repurchased for tax withholdings on stock compensation
|
—
|
|
|
(337
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(337
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
8,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,405
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized losses on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,523
|
)
|
|
—
|
|
|
(15,523
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
43,173
|
|
|
—
|
|
|
—
|
|
|
43,173
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, June 30, 2017
|
$
|
94
|
|
|
$
|
256,088
|
|
|
$
|
166,634
|
|
|
$
|
7,397
|
|
|
$
|
—
|
|
|
$
|
430,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, September 30, 2017
|
$
|
96
|
|
|
$
|
258,336
|
|
|
$
|
167,164
|
|
|
$
|
9,166
|
|
|
$
|
(266
|
)
|
|
$
|
434,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash dividends declared on common stock ($0.39 per share)
|
—
|
|
|
—
|
|
|
(3,778
|
)
|
|
—
|
|
|
—
|
|
|
(3,778
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to exercise of stock options
|
—
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to restricted stock
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuance of common shares due to ESOP
|
—
|
|
|
1,606
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,606
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares repurchased for tax withholdings on stock compensation
|
—
|
|
|
(726
|
)
|
|
—
|
|
|
—
|
|
|
(1,405
|
)
|
|
(2,131
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Stock compensation
|
—
|
|
|
8,441
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,441
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in unrealized losses on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,767
|
)
|
|
—
|
|
|
(37,767
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
—
|
|
|
—
|
|
|
42,898
|
|
|
—
|
|
|
—
|
|
|
42,898
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, June 30, 2018
|
$
|
97
|
|
|
$
|
267,804
|
|
|
$
|
206,284
|
|
|
$
|
(28,601
|
)
|
|
$
|
(1,671
|
)
|
|
$
|
443,913
|
|
|
Nine Months Ended June 30,
|
||||||
(Dollars in Thousands)
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
42,898
|
|
|
$
|
43,173
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation, amortization and accretion, net
|
27,995
|
|
|
35,002
|
|
||
Stock-based compensation expense
|
8,441
|
|
|
8,405
|
|
||
Provision for loan losses
|
24,726
|
|
|
10,732
|
|
||
(Recovery) provision for deferred taxes
|
488
|
|
|
(2,914
|
)
|
||
Gain on other assets
|
(1
|
)
|
|
(21
|
)
|
||
Loss (gain) on sale of foreclosed real estate
|
19
|
|
|
(7
|
)
|
||
Loss on sale of securities available for sale, net
|
1,198
|
|
|
1,331
|
|
||
Net change in accrued interest receivable
|
1,555
|
|
|
(4,632
|
)
|
||
Fair value adjustment of foreclosed real estate
|
29
|
|
|
—
|
|
||
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
|
(1,952
|
)
|
|
(1,549
|
)
|
||
Net change in other assets
|
577
|
|
|
(24,179
|
)
|
||
Net change in accrued interest payable
|
1,425
|
|
|
1,588
|
|
||
Excess contingent consideration paid
|
—
|
|
|
(248
|
)
|
||
Net change in accrued expenses and other liabilities
|
4,879
|
|
|
16,080
|
|
||
Net cash provided by operating activities
|
112,277
|
|
|
82,761
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchase of securities available-for-sale
|
(418,699
|
)
|
|
(782,169
|
)
|
||
Proceeds from sales of securities available-for-sale
|
312,863
|
|
|
317,099
|
|
||
Proceeds from maturities and principal repayments of securities available for sale
|
115,878
|
|
|
86,516
|
|
||
Purchase of securities held to maturity
|
—
|
|
|
(932
|
)
|
||
Proceeds from maturities and principal repayments of securities held to maturity
|
29,752
|
|
|
34,242
|
|
||
Purchase of bank owned life insurance
|
—
|
|
|
(25,000
|
)
|
||
Loans purchased
|
(95,169
|
)
|
|
(136,172
|
)
|
||
Loans sold
|
19,961
|
|
|
2,141
|
|
||
Net change in loans receivable
|
(238,679
|
)
|
|
(168,537
|
)
|
||
Proceeds from sales of foreclosed real estate or other assets
|
244
|
|
|
97
|
|
||
Net cash paid for acquisitions
|
—
|
|
|
(29,425
|
)
|
||
Federal Home Loan Bank stock purchases
|
(713,444
|
)
|
|
(468,291
|
)
|
||
Federal Home Loan Bank stock redemptions
|
767,120
|
|
|
499,480
|
|
||
Proceeds from the sale of premises and equipment
|
—
|
|
|
57
|
|
||
Purchase of premises and equipment
|
(5,176
|
)
|
|
(5,699
|
)
|
||
Net cash used in investing activities
|
(225,349
|
)
|
|
(676,593
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Net change in checking, savings, and money market deposits
|
219,909
|
|
|
320,512
|
|
||
Net change in time deposits
|
(66,486
|
)
|
|
(42,232
|
)
|
||
Net change in wholesale deposits
|
144,786
|
|
|
444,857
|
|
||
Net change in FHLB and other borrowings
|
(415,000
|
)
|
|
(100,000
|
)
|
||
Net change in federal funds
|
(963,000
|
)
|
|
(717,000
|
)
|
||
Net change in securities sold under agreements to repurchase
|
754
|
|
|
(938
|
)
|
||
Principal payments on capital lease obligations
|
(46
|
)
|
|
(59
|
)
|
||
Cash dividends paid
|
(3,778
|
)
|
|
(3,625
|
)
|
||
Purchase of shares by ESOP
|
1,606
|
|
|
1,174
|
|
||
Issuance of restricted stock
|
1
|
|
|
4
|
|
||
Proceeds from exercise of stock options and issuance of common stock
|
147
|
|
|
529
|
|
||
Shares repurchased for tax withholdings on stock compensation
|
(2,131
|
)
|
|
(337
|
)
|
||
Contingent consideration - cash paid
|
—
|
|
|
(17,253
|
)
|
||
Net cash used in financing activities
|
(1,083,238
|
)
|
|
(114,368
|
)
|
||
|
|
|
|
||||
Net change in cash and cash equivalents
|
(1,196,310
|
)
|
|
(708,200
|
)
|
||
|
|
|
|
||||
Cash and cash equivalents at beginning of period
|
1,267,586
|
|
|
773,830
|
|
||
Cash and cash equivalents at end of period
|
$
|
71,276
|
|
|
$
|
65,630
|
|
|
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest
|
$
|
17,746
|
|
|
$
|
8,824
|
|
Income taxes
|
8,211
|
|
|
19,947
|
|
||
Franchise taxes
|
199
|
|
|
156
|
|
||
Other taxes
|
129
|
|
|
289
|
|
||
|
|
|
|
||||
Supplemental schedule of non-cash investing activities:
|
|
|
|
|
|
||
Loans transferred to foreclosed real estate and repossessed assets
|
$
|
(29,922
|
)
|
|
$
|
(378
|
)
|
Securities transferred from held to maturity to available for sale
|
(306,000
|
)
|
|
—
|
|
||
Contingent consideration - equity
|
—
|
|
|
(24,142
|
)
|
||
Stock issued for acquisition
|
—
|
|
|
(37,296
|
)
|
||
Purchase of available-for-sale securities accrued, not paid
|
(4,117
|
)
|
|
—
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||
|
(Dollars in Thousands)
|
||||||
1-4 Family Real Estate
|
$
|
214,754
|
|
|
$
|
196,706
|
|
Commercial and Multi-Family Real Estate
|
716,495
|
|
|
585,510
|
|
||
Agricultural Real Estate
|
35,475
|
|
|
61,800
|
|
||
Consumer
|
258,158
|
|
|
163,004
|
|
||
Commercial Operating
|
46,069
|
|
|
35,759
|
|
||
Agricultural Operating
|
24,621
|
|
|
33,594
|
|
||
Commercial Insurance Premium Finance
|
303,603
|
|
|
250,459
|
|
||
Total Loans Receivable
|
1,599,175
|
|
|
1,326,832
|
|
||
|
|
|
|
||||
Allowance for Loan Losses
|
(21,950
|
)
|
|
(7,534
|
)
|
||
Net Deferred Loan Origination Fees
|
(1,881
|
)
|
|
(1,461
|
)
|
||
Total Loans Receivable, Net
|
$
|
1,575,344
|
|
|
$
|
1,317,837
|
|
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
CML Insurance
Premium Finance |
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
883
|
|
|
$
|
3,904
|
|
|
$
|
146
|
|
|
$
|
18,074
|
|
|
$
|
1,716
|
|
|
$
|
619
|
|
|
$
|
746
|
|
|
$
|
990
|
|
|
$
|
27,078
|
|
Provision (recovery) for loan losses
|
(231
|
)
|
|
711
|
|
|
51
|
|
|
4,476
|
|
|
(26
|
)
|
|
(102
|
)
|
|
304
|
|
|
132
|
|
|
5,315
|
|
|||||||||
Charge offs
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,000
|
)
|
|
(1,507
|
)
|
|
—
|
|
|
(243
|
)
|
|
—
|
|
|
(10,750
|
)
|
|||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
207
|
|
|
99
|
|
|
—
|
|
|
307
|
|
|||||||||
Ending balance
|
$
|
652
|
|
|
$
|
4,615
|
|
|
$
|
197
|
|
|
$
|
13,550
|
|
|
$
|
184
|
|
|
$
|
724
|
|
|
$
|
906
|
|
|
$
|
1,122
|
|
|
$
|
21,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Nine Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance
|
$
|
803
|
|
|
$
|
2,670
|
|
|
$
|
1,390
|
|
|
$
|
6
|
|
|
$
|
158
|
|
|
$
|
1,184
|
|
|
$
|
796
|
|
|
$
|
527
|
|
|
$
|
7,534
|
|
Provision (recovery) for loan
losses |
(123
|
)
|
|
1,945
|
|
|
(1,193
|
)
|
|
22,174
|
|
|
1,480
|
|
|
(721
|
)
|
|
569
|
|
|
595
|
|
|
24,726
|
|
|||||||||
Charge offs
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(9,000
|
)
|
|
(1,507
|
)
|
|
—
|
|
|
(711
|
)
|
|
—
|
|
|
(11,249
|
)
|
|||||||||
Recoveries
|
3
|
|
|
—
|
|
|
—
|
|
|
370
|
|
|
53
|
|
|
261
|
|
|
252
|
|
|
—
|
|
|
939
|
|
|||||||||
Ending balance
|
$
|
652
|
|
|
$
|
4,615
|
|
|
$
|
197
|
|
|
$
|
13,550
|
|
|
$
|
184
|
|
|
$
|
724
|
|
|
$
|
906
|
|
|
$
|
1,122
|
|
|
$
|
21,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance: individually evaluated for impairment
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||||||
Ending balance: collectively evaluated for impairment
|
627
|
|
|
4,615
|
|
|
197
|
|
|
13,550
|
|
|
184
|
|
|
724
|
|
|
906
|
|
|
1,122
|
|
|
21,925
|
|
|||||||||
Total
|
$
|
652
|
|
|
$
|
4,615
|
|
|
$
|
197
|
|
|
$
|
13,550
|
|
|
$
|
184
|
|
|
$
|
724
|
|
|
$
|
906
|
|
|
$
|
1,122
|
|
|
$
|
21,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balance: individually
evaluated for impairment |
229
|
|
|
409
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
2,135
|
|
|
—
|
|
|
—
|
|
|
2,820
|
|
|||||||||
Ending balance: collectively
evaluated for impairment |
214,525
|
|
|
716,086
|
|
|
35,475
|
|
|
258,111
|
|
|
46,069
|
|
|
22,486
|
|
|
303,603
|
|
|
—
|
|
|
1,596,355
|
|
|||||||||
Total
|
$
|
214,754
|
|
|
$
|
716,495
|
|
|
$
|
35,475
|
|
|
$
|
258,158
|
|
|
$
|
46,069
|
|
|
$
|
24,621
|
|
|
$
|
303,603
|
|
|
$
|
—
|
|
|
$
|
1,599,175
|
|
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
CML Insurance
Premium Finance |
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Beginning balance
|
$
|
296
|
|
|
$
|
1,742
|
|
|
$
|
1,524
|
|
|
$
|
7,706
|
|
|
$
|
767
|
|
|
$
|
1,349
|
|
|
$
|
597
|
|
|
$
|
621
|
|
|
$
|
14,602
|
|
Provision (recovery) for loan losses
|
510
|
|
|
386
|
|
|
(80
|
)
|
|
142
|
|
|
249
|
|
|
(44
|
)
|
|
187
|
|
|
(110
|
)
|
|
1,240
|
|
|||||||||
Charge offs
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(799
|
)
|
|
—
|
|
|
(94
|
)
|
|
—
|
|
|
(894
|
)
|
|||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
20
|
|
|||||||||
Ending balance
|
$
|
806
|
|
|
$
|
2,128
|
|
|
$
|
1,444
|
|
|
$
|
7,847
|
|
|
$
|
222
|
|
|
$
|
1,305
|
|
|
$
|
705
|
|
|
$
|
511
|
|
|
$
|
14,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Nine Months Ended June 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 |
152
|
|
|
(70
|
)
|
|
1,302
|
|
|
7,773
|
|
|
1,244
|
|
|
(39
|
)
|
|
412
|
|
|
(42
|
)
|
|
10,732
|
|
|||||||||
Charge offs
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1,149
|
)
|
|
—
|
|
|
(352
|
)
|
|
—
|
|
|
(1,502
|
)
|
|||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
10
|
|
|
12
|
|
|
57
|
|
|
—
|
|
|
103
|
|
|||||||||
Ending balance
|
$
|
806
|
|
|
$
|
2,128
|
|
|
$
|
1,444
|
|
|
$
|
7,847
|
|
|
$
|
222
|
|
|
$
|
1,305
|
|
|
$
|
705
|
|
|
$
|
511
|
|
|
$
|
14,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance: individually
evaluated for impairment |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Ending balance: collectively
evaluated for impairment |
806
|
|
|
2,128
|
|
|
1,444
|
|
|
7,847
|
|
|
222
|
|
|
1,305
|
|
|
705
|
|
|
511
|
|
|
14,968
|
|
|||||||||
Total
|
$
|
806
|
|
|
$
|
2,128
|
|
|
$
|
1,444
|
|
|
$
|
7,847
|
|
|
$
|
222
|
|
|
$
|
1,305
|
|
|
$
|
705
|
|
|
$
|
511
|
|
|
$
|
14,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending balance: individually
evaluated for impairment |
133
|
|
|
1,301
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,434
|
|
|||||||||
Ending balance: collectively
evaluated for impairment |
190,598
|
|
|
492,558
|
|
|
62,521
|
|
|
172,151
|
|
|
39,076
|
|
|
35,471
|
|
|
231,587
|
|
|
—
|
|
|
1,223,962
|
|
|||||||||
Total
|
$
|
190,731
|
|
|
$
|
493,859
|
|
|
$
|
62,521
|
|
|
$
|
172,151
|
|
|
$
|
39,076
|
|
|
$
|
35,471
|
|
|
$
|
231,587
|
|
|
$
|
—
|
|
|
$
|
1,225,396
|
|
June 30, 2018
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
CML Insurance
Premium Finance |
|
Total
|
||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||
Pass
|
$
|
214,176
|
|
|
$
|
705,347
|
|
|
$
|
27,456
|
|
|
$
|
258,090
|
|
|
$
|
46,069
|
|
|
$
|
15,210
|
|
|
$
|
302,022
|
|
|
$
|
1,568,370
|
|
Watch
|
123
|
|
|
10,953
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
2,487
|
|
|
1,581
|
|
|
15,212
|
|
||||||||
Special Mention
|
241
|
|
|
195
|
|
|
4,222
|
|
|
—
|
|
|
—
|
|
|
535
|
|
|
—
|
|
|
5,193
|
|
||||||||
Substandard
|
214
|
|
|
—
|
|
|
3,797
|
|
|
—
|
|
|
—
|
|
|
6,389
|
|
|
—
|
|
|
10,400
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
$
|
214,754
|
|
|
$
|
716,495
|
|
|
$
|
35,475
|
|
|
$
|
258,158
|
|
|
$
|
46,069
|
|
|
$
|
24,621
|
|
|
$
|
303,603
|
|
|
$
|
1,599,175
|
|
September 30, 2017
|
1-4 Family
Real Estate |
|
Commercial and
Multi-Family Real Estate |
|
Agricultural
Real Estate |
|
Consumer
|
|
Commercial
Operating |
|
Agricultural
Operating |
|
CML Insurance
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
|
|
|
Accruing and Non-accruing Loans
|
|
Non-performing Loans
|
||||||||||||||||||||||||||||||
June 30, 2018
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
> 89 Days Past Due
|
|
Total Past
Due |
|
Current
|
|
Total Loans
Receivable |
|
> 89 Days Past Due and Accruing
|
|
Non-accrual balance
|
|
Total
|
||||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||
1-4 Family Real Estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
214
|
|
|
$
|
214
|
|
|
$
|
214,540
|
|
|
214,754
|
|
|
79
|
|
|
$
|
135
|
|
|
$
|
214
|
|
Commercial and Multi-Family Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
716,495
|
|
|
716,495
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Agricultural Real Estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,475
|
|
|
35,475
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Consumer
|
2,657
|
|
|
15,461
|
|
|
1,846
|
|
|
19,964
|
|
|
238,194
|
|
|
258,158
|
|
|
1,846
|
|
|
—
|
|
|
1,846
|
|
|||||||
Commercial Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,069
|
|
|
46,069
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Agricultural Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,621
|
|
|
24,621
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
CML Insurance Premium Finance
|
1,111
|
|
|
561
|
|
|
3,669
|
|
|
5,341
|
|
|
298,262
|
|
|
303,603
|
|
|
3,669
|
|
|
—
|
|
|
3,669
|
|
|||||||
Total
|
$
|
3,768
|
|
|
$
|
16,022
|
|
|
$
|
5,729
|
|
|
$
|
25,519
|
|
|
$
|
1,573,656
|
|
|
1,599,175
|
|
|
5,594
|
|
|
$
|
135
|
|
|
$
|
5,729
|
|
|
Accruing and Non-accruing Loans
|
|
Non-performing Loans
|
|||||||||||||||||||||||||||||||
September 30, 2017
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
> 89 Days Past Due
|
|
Total Past
Due |
|
Current
|
|
Total Loans
Receivable |
|
> 89 Days Past Due and Accruing
|
|
Non-accrual balance
|
|
Total
|
|||||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
1-4 Family Real Estate
|
$
|
370
|
|
|
$
|
79
|
|
|
$
|
—
|
|
|
$
|
449
|
|
|
$
|
196,257
|
|
|
$
|
196,706
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and Multi-Family Real Estate
|
295
|
|
|
—
|
|
|
390
|
|
|
685
|
|
|
584,825
|
|
|
585,510
|
|
|
—
|
|
|
685
|
|
|
685
|
|
||||||||
Agricultural Real Estate
|
—
|
|
|
—
|
|
|
34,198
|
|
|
34,198
|
|
|
27,602
|
|
|
61,800
|
|
|
34,198
|
|
|
—
|
|
|
34,198
|
|
||||||||
Consumer
|
2,512
|
|
|
558
|
|
|
1,406
|
|
|
4,476
|
|
|
158,528
|
|
|
163,004
|
|
|
1,406
|
|
|
—
|
|
|
1,406
|
|
||||||||
Commercial Operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,759
|
|
|
35,759
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Agricultural Operating
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
|
33,497
|
|
|
33,594
|
|
|
97
|
|
|
—
|
|
|
97
|
|
||||||||
CML Insurance Premium Finance
|
1,509
|
|
|
2,442
|
|
|
1,205
|
|
|
5,156
|
|
|
245,303
|
|
|
250,459
|
|
|
1,205
|
|
|
—
|
|
|
1,205
|
|
||||||||
Total
|
$
|
4,686
|
|
|
$
|
3,079
|
|
|
$
|
37,296
|
|
|
$
|
45,061
|
|
|
$
|
1,281,771
|
|
|
$
|
1,326,832
|
|
|
36,906
|
|
|
$
|
685
|
|
|
$
|
37,591
|
|
|
Recorded
Balance |
|
Unpaid Principal
Balance |
|
Specific
Allowance |
||||||
June 30, 2018
|
(Dollars in Thousands)
|
||||||||||
Loans without a specific valuation allowance
|
|
|
|
|
|
||||||
1-4 Family Real Estate
|
$
|
94
|
|
|
$
|
94
|
|
|
$
|
—
|
|
Commercial and Multi-Family Real Estate
|
409
|
|
|
409
|
|
|
—
|
|
|||
Consumer
|
47
|
|
|
47
|
|
|
—
|
|
|||
Agricultural Operating
|
2,135
|
|
|
2,135
|
|
|
—
|
|
|||
Total
|
$
|
2,685
|
|
|
$
|
2,685
|
|
|
$
|
—
|
|
Loans with a specific valuation allowance
|
|
|
|
|
|
|
|
|
|||
1-4 Family Real Estate
|
$
|
135
|
|
|
$
|
135
|
|
|
$
|
25
|
|
Total
|
$
|
135
|
|
|
$
|
135
|
|
|
$
|
25
|
|
|
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
|
|
|
$
|
—
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
Average
Recorded Investment |
|
Average
Recorded Investment |
|
Average
Recorded Investment |
|
Average
Recorded Investment |
||||||||
|
(Dollars in Thousands)
|
||||||||||||||
1-4 Family Real Estate
|
$
|
230
|
|
|
$
|
210
|
|
|
$
|
150
|
|
|
$
|
197
|
|
Commercial and Multi-Family Real Estate
|
604
|
|
|
1,196
|
|
|
761
|
|
|
765
|
|
||||
Agricultural Real Estate
|
—
|
|
|
388
|
|
|
—
|
|
|
194
|
|
||||
Consumer
|
112
|
|
|
—
|
|
|
74
|
|
|
—
|
|
||||
Commercial Operating
|
—
|
|
|
201
|
|
|
—
|
|
|
269
|
|
||||
Agricultural Operating
|
2,670
|
|
|
715
|
|
|
1,567
|
|
|
358
|
|
||||
Total
|
$
|
3,616
|
|
|
$
|
2,710
|
|
|
$
|
2,552
|
|
|
$
|
1,783
|
|
Three Months Ended June 30,
|
2018
|
|
2017
|
||||
(Dollars in Thousands, Except Share and Per Share Data)
|
|
|
|
||||
Basic income per common share:
|
|
|
|
||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
6,792
|
|
|
$
|
9,787
|
|
Weighted average common shares outstanding
|
9,699,824
|
|
|
9,349,989
|
|
||
Basic income per common share
|
0.70
|
|
|
1.05
|
|
||
|
|
|
|
||||
Diluted income per common share:
|
|
|
|
||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
6,792
|
|
|
$
|
9,787
|
|
Weighted average common shares outstanding
|
9,699,824
|
|
|
9,349,989
|
|
||
Outstanding options - based upon the two-class method
|
39,836
|
|
|
60,320
|
|
||
Weighted average diluted common shares outstanding
|
9,739,660
|
|
|
9,410,309
|
|
||
Diluted income per common share
|
0.70
|
|
|
1.04
|
|
|
|
|
|
||||
Nine Months Ended June 30,
|
2018
|
|
2017
|
||||
(Dollars in Thousands, Except Share and Per Share Data)
|
|
|
|
||||
Basic income per common share:
|
|
|
|
||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
42,898
|
|
|
$
|
43,173
|
|
Weighted average common shares outstanding
|
9,681,103
|
|
|
9,208,867
|
|
||
Basic income per common share
|
4.43
|
|
|
4.69
|
|
||
|
|
|
|
||||
Diluted income per common share:
|
|
|
|
||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
42,898
|
|
|
$
|
43,173
|
|
Weighted average common shares outstanding
|
9,681,103
|
|
|
9,208,867
|
|
||
Outstanding options - based upon the two-class method
|
38,892
|
|
|
60,524
|
|
||
Weighted average diluted common shares outstanding
|
9,719,995
|
|
|
9,269,391
|
|
||
Diluted income per common share
|
4.41
|
|
|
4.66
|
|
Available For Sale
|
|
|
|
|
|
|
|
||||||||
At June 30, 2018
|
AMORTIZED
COST |
|
|
GROSS
UNREALIZED GAINS |
|
|
GROSS
UNREALIZED (LOSSES) |
|
|
FAIR
VALUE |
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Small business administration securities
|
51,785
|
|
|
27
|
|
|
(853
|
)
|
|
50,959
|
|
||||
Obligations of states and political subdivisions
|
14,472
|
|
|
60
|
|
|
(162
|
)
|
|
14,370
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
1,105,310
|
|
|
2,594
|
|
|
(24,430
|
)
|
|
1,083,474
|
|
||||
Asset-backed securities
|
199,400
|
|
|
1,784
|
|
|
(345
|
)
|
|
200,839
|
|
||||
Mortgage-backed securities
|
593,454
|
|
|
—
|
|
|
(17,455
|
)
|
|
575,999
|
|
||||
Total debt securities
|
1,964,421
|
|
|
4,465
|
|
|
(43,245
|
)
|
|
1,925,641
|
|
||||
Common equities and mutual funds
|
1,347
|
|
|
550
|
|
|
(1
|
)
|
|
1,896
|
|
||||
Total available for sale securities
|
$
|
1,965,768
|
|
|
$
|
5,015
|
|
|
$
|
(43,246
|
)
|
|
$
|
1,927,537
|
|
At September 30, 2017
|
AMORTIZED
COST |
|
|
GROSS
UNREALIZED GAINS |
|
|
GROSS
UNREALIZED (LOSSES) |
|
|
FAIR
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
|
|
Held to Maturity
|
|
|
|
|
|
|
|
||||||||
At June 30, 2018
|
AMORTIZED
COST |
|
|
GROSS
UNREALIZED GAINS |
|
|
GROSS
UNREALIZED (LOSSES) |
|
|
FAIR
VALUE |
|
||||
|
(Dollars in Thousands)
|
||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
$
|
3,831
|
|
|
$
|
16
|
|
|
$
|
(21
|
)
|
|
$
|
3,826
|
|
Non-bank qualified obligations of states and political subdivisions
|
212,329
|
|
|
73
|
|
|
(9,916
|
)
|
|
202,486
|
|
||||
Mortgage-backed securities
|
8,218
|
|
|
—
|
|
|
(372
|
)
|
|
7,846
|
|
||||
Total held to maturity securities
|
$
|
224,378
|
|
|
$
|
89
|
|
|
$
|
(10,309
|
)
|
|
$
|
214,158
|
|
At September 30, 2017
|
AMORTIZED
COST |
|
|
GROSS
UNREALIZED GAINS |
|
|
GROSS
UNREALIZED (LOSSES) |
|
|
FAIR
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
|
|
Available For Sale
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
At June 30, 2018
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Small business administration securities
|
$
|
47,646
|
|
|
$
|
(853
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
47,646
|
|
|
$
|
(853
|
)
|
Obligations of states and political subdivisions
|
8,443
|
|
|
(162
|
)
|
|
—
|
|
|
—
|
|
|
8,443
|
|
|
(162
|
)
|
||||||
Non-bank qualified obligations of states and political subdivisions
|
786,022
|
|
|
(23,032
|
)
|
|
25,062
|
|
|
(1,398
|
)
|
|
811,084
|
|
|
(24,430
|
)
|
||||||
Asset-backed securities
|
107,027
|
|
|
(345
|
)
|
|
—
|
|
|
—
|
|
|
107,027
|
|
|
(345
|
)
|
||||||
Mortgage-backed securities
|
306,713
|
|
|
(6,289
|
)
|
|
265,169
|
|
|
(11,166
|
)
|
|
571,882
|
|
|
(17,455
|
)
|
||||||
Total debt securities
|
1,255,851
|
|
|
(30,681
|
)
|
|
290,231
|
|
|
(12,564
|
)
|
|
1,546,082
|
|
|
(43,245
|
)
|
||||||
Common equities and mutual funds
|
1,896
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1,896
|
|
|
(1
|
)
|
||||||
Total available for sale securities
|
$
|
1,257,747
|
|
|
$
|
(30,682
|
)
|
|
$
|
290,231
|
|
|
$
|
(12,564
|
)
|
|
$
|
1,547,978
|
|
|
$
|
(43,246
|
)
|
|
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
|
)
|
Held To Maturity
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
At June 30, 2018
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
|
Fair
Value |
|
Unrealized
(Losses) |
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
1,407
|
|
|
$
|
(2
|
)
|
|
$
|
1,342
|
|
|
$
|
(19
|
)
|
|
$
|
2,749
|
|
|
$
|
(21
|
)
|
Non-bank qualified obligations of states and political subdivisions
|
118,237
|
|
|
(5,141
|
)
|
|
79,222
|
|
|
(4,775
|
)
|
|
197,459
|
|
|
(9,916
|
)
|
||||||
Mortgage-backed securities
|
—
|
|
|
—
|
|
|
7,847
|
|
|
(372
|
)
|
|
7,847
|
|
|
(372
|
)
|
||||||
Total held to maturity securities
|
$
|
119,644
|
|
|
$
|
(5,143
|
)
|
|
$
|
88,411
|
|
|
$
|
(5,166
|
)
|
|
$
|
208,055
|
|
|
$
|
(10,309
|
)
|
|
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
|
)
|
Available For Sale
|
AMORTIZED
COST |
|
|
FAIR
VALUE |
|
||
|
|||||||
At June 30, 2018
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
100
|
|
|
$
|
100
|
|
Due after one year through five years
|
29,352
|
|
|
29,688
|
|
||
Due after five years through ten years
|
348,304
|
|
|
348,680
|
|
||
Due after ten years
|
993,211
|
|
|
971,174
|
|
||
|
1,370,967
|
|
|
1,349,642
|
|
||
Mortgage-backed securities
|
593,454
|
|
|
575,999
|
|
||
Common equities and mutual funds
|
1,347
|
|
|
1,896
|
|
||
Total available for sale securities
|
$
|
1,965,768
|
|
|
$
|
1,927,537
|
|
|
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
|
|
Held To Maturity
|
AMORTIZED
COST |
|
|
FAIR
VALUE |
|
||
|
|||||||
At June 30, 2018
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Due in one year or less
|
$
|
2,395
|
|
|
$
|
2,390
|
|
Due after one year through five years
|
18,829
|
|
|
18,761
|
|
||
Due after five years through ten years
|
20,335
|
|
|
20,175
|
|
||
Due after ten years
|
174,601
|
|
|
164,986
|
|
||
|
216,160
|
|
|
206,312
|
|
||
Mortgage-backed securities
|
8,218
|
|
|
7,846
|
|
||
Total held to maturity securities
|
$
|
224,378
|
|
|
$
|
214,158
|
|
|
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
|
|
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contractual Term (Yrs) |
|
|
Aggregate
Intrinsic Value |
|
||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||
Options outstanding, September 30, 2017
|
75,757
|
|
|
$
|
22.62
|
|
|
2.28
|
|
|
$
|
4,225
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(23,770
|
)
|
|
16.45
|
|
|
—
|
|
|
1,909
|
|
||
Forfeited or expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding, June 30, 2018
|
51,987
|
|
|
$
|
25.45
|
|
|
2.04
|
|
|
$
|
3,741
|
|
|
|
|
|
|
|
|
|
||||||
Options exercisable, June 30, 2018
|
51,987
|
|
|
$
|
25.45
|
|
|
2.04
|
|
|
$
|
3,741
|
|
|
Number
of Shares |
|
|
Weighted
Average Fair Value at Grant |
|
|
(Dollars in Thousands, Except Per Share Data)
|
||||||
Nonvested (restricted) shares outstanding, September 30, 2017
|
304,526
|
|
|
$
|
86.96
|
|
Granted
|
64,071
|
|
|
92.58
|
|
|
Vested
|
(71,881
|
)
|
|
86.17
|
|
|
Forfeited or expired
|
(1,191
|
)
|
|
79.06
|
|
|
Nonvested (restricted) shares outstanding, June 30, 2018
|
295,525
|
|
|
$
|
88.40
|
|
|
Payments
|
|
Banking
|
|
Corporate
Services/Other |
|
Total
|
||||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
6,298
|
|
|
$
|
19,085
|
|
|
$
|
8,721
|
|
|
$
|
34,104
|
|
Interest expense
|
—
|
|
|
1,008
|
|
|
4,685
|
|
|
5,693
|
|
||||
Net interest income
|
6,298
|
|
|
18,077
|
|
|
4,036
|
|
|
28,411
|
|
||||
Provision for loan losses
|
1,189
|
|
|
4,126
|
|
|
—
|
|
|
5,315
|
|
||||
Non-interest income
|
31,307
|
|
|
1,318
|
|
|
600
|
|
|
33,225
|
|
||||
Non-interest expense
|
27,796
|
|
|
7,172
|
|
|
14,085
|
|
|
49,053
|
|
||||
Income (loss) before income tax expense (benefit)
|
8,620
|
|
|
8,097
|
|
|
(9,449
|
)
|
|
7,268
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
190,437
|
|
|
1,623,715
|
|
|
2,355,007
|
|
|
4,169,159
|
|
||||
Total goodwill
|
87,145
|
|
|
11,578
|
|
|
—
|
|
|
98,723
|
|
||||
Total deposits
|
2,641,838
|
|
|
241,572
|
|
|
638,223
|
|
|
3,521,633
|
|
|
Payments
|
|
Banking
|
|
Corporate
Services/Other |
|
Total
|
||||||||
Nine Months Ended June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
17,545
|
|
|
$
|
52,615
|
|
|
$
|
28,173
|
|
|
$
|
98,333
|
|
Interest expense
|
1,645
|
|
|
2,821
|
|
|
11,855
|
|
|
16,321
|
|
||||
Net interest income
|
15,900
|
|
|
49,794
|
|
|
16,318
|
|
|
82,012
|
|
||||
Provision for loan losses
|
20,335
|
|
|
4,391
|
|
|
—
|
|
|
24,726
|
|
||||
Non-interest income
|
155,082
|
|
|
4,044
|
|
|
786
|
|
|
159,912
|
|
||||
Non-interest expense
|
99,592
|
|
|
20,723
|
|
|
41,277
|
|
|
161,592
|
|
||||
Income (loss) before income tax expense (benefit)
|
51,055
|
|
|
28,724
|
|
|
(24,173
|
)
|
|
55,606
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
190,437
|
|
|
1,623,715
|
|
|
2,355,007
|
|
|
4,169,159
|
|
||||
Total goodwill
|
87,145
|
|
|
11,578
|
|
|
—
|
|
|
98,723
|
|
||||
Total deposits
|
2,641,838
|
|
|
241,572
|
|
|
638,223
|
|
|
3,521,633
|
|
|
Payments
|
|
Banking
|
|
Corporate
Services/Other |
|
Total
|
||||||||
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
3,576
|
|
|
$
|
14,092
|
|
|
$
|
11,193
|
|
|
$
|
28,861
|
|
Interest expense
|
—
|
|
|
717
|
|
|
3,201
|
|
|
3,918
|
|
||||
Net interest income
|
3,576
|
|
|
13,375
|
|
|
7,992
|
|
|
24,943
|
|
||||
Provision for loan losses
|
352
|
|
|
888
|
|
|
—
|
|
|
1,240
|
|
||||
Non-interest income
|
28,934
|
|
|
1,190
|
|
|
696
|
|
|
30,820
|
|
||||
Non-interest expense
|
26,570
|
|
|
6,020
|
|
|
9,629
|
|
|
42,219
|
|
||||
Income (loss) before income tax expense (benefit)
|
5,588
|
|
|
7,657
|
|
|
(941
|
)
|
|
12,304
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
196,717
|
|
|
1,245,840
|
|
|
2,577,136
|
|
|
4,019,693
|
|
||||
Total goodwill
|
87,145
|
|
|
11,578
|
|
|
—
|
|
|
98,723
|
|
||||
Total deposits
|
2,443,332
|
|
|
224,886
|
|
|
485,001
|
|
|
3,153,219
|
|
|
Payments
|
|
Banking
|
|
Corporate
Services/Other |
|
Total
|
||||||||
Nine Months Ended June 30, 2017
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
9,800
|
|
|
$
|
37,654
|
|
|
$
|
31,700
|
|
|
$
|
79,154
|
|
Interest expense
|
503
|
|
|
1,932
|
|
|
7,977
|
|
|
10,412
|
|
||||
Net interest income
|
9,297
|
|
|
35,722
|
|
|
23,723
|
|
|
68,742
|
|
||||
Provision for loan losses
|
8,566
|
|
|
2,166
|
|
|
—
|
|
|
10,732
|
|
||||
Non-interest income
|
138,420
|
|
|
3,648
|
|
|
271
|
|
|
142,339
|
|
||||
Non-interest expense
|
97,927
|
|
|
18,114
|
|
|
29,877
|
|
|
145,918
|
|
||||
Income (loss) before income tax expense (benefit)
|
41,224
|
|
|
19,090
|
|
|
(5,883
|
)
|
|
54,431
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
196,717
|
|
|
1,245,840
|
|
|
2,577,136
|
|
|
4,019,693
|
|
||||
Total goodwill
|
87,145
|
|
|
11,578
|
|
|
—
|
|
|
98,723
|
|
||||
Total deposits
|
2,443,332
|
|
|
224,886
|
|
|
485,001
|
|
|
3,153,219
|
|
|
Fair Value At June 30, 2018
|
||||||||||||||||||||||||||||||
|
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
|
50,959
|
|
|
—
|
|
|
50,959
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Obligations of states and political subdivisions
|
14,370
|
|
|
—
|
|
|
14,370
|
|
|
—
|
|
|
3,826
|
|
|
—
|
|
|
3,826
|
|
|
—
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
1,083,474
|
|
|
—
|
|
|
1,083,474
|
|
|
—
|
|
|
202,486
|
|
|
—
|
|
|
202,486
|
|
|
—
|
|
||||||||
Asset-backed securities
|
200,839
|
|
|
—
|
|
|
200,839
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Mortgage-backed securities
|
575,999
|
|
|
—
|
|
|
575,999
|
|
|
—
|
|
|
7,846
|
|
|
—
|
|
|
7,846
|
|
|
—
|
|
||||||||
Total debt securities
|
1,925,641
|
|
|
—
|
|
|
1,925,641
|
|
|
—
|
|
|
214,158
|
|
|
—
|
|
|
214,158
|
|
|
—
|
|
||||||||
Common equities and mutual funds
|
1,896
|
|
|
1,896
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total securities
|
$
|
1,927,537
|
|
|
$
|
1,896
|
|
|
$
|
1,925,641
|
|
|
$
|
—
|
|
|
$
|
214,158
|
|
|
$
|
—
|
|
|
$
|
214,158
|
|
|
$
|
—
|
|
|
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 June 30, 2018
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired Loans, net
|
|
|
|
|
|
|
|
||||||||
1-4 family residential mortgage loans
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
110
|
|
Total Impaired Loans
|
110
|
|
|
—
|
|
|
—
|
|
|
110
|
|
||||
Foreclosed Assets, net
|
$
|
29,922
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,922
|
|
Total
|
$
|
30,032
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,032
|
|
|
Fair Value At September 30, 2017
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Foreclosed Assets, net
|
292
|
|
|
—
|
|
|
—
|
|
|
292
|
|
||||
Total
|
$
|
292
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
292
|
|
|
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
(Dollars in Thousands)
|
Fair Value at
June 30, 2018 |
|
Fair Value at
September 30, 2017 |
|
Valuation
Technique |
|
Unobservable Input
|
|
Range of Inputs
|
|||
Impaired Loans, net
|
$
|
110
|
|
|
—
|
|
|
Market approach
|
|
Appraised values
(1)
|
|
4.00 - 10.00%
|
Foreclosed Assets, net
|
$
|
29,922
|
|
|
292
|
|
|
Market approach
|
|
Appraised values
(1)
|
|
4.00 - 10.00%
|
(1)
|
The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs in a range of
4%
to
10%
.
|
|
June 30, 2018
|
||||||||||||||||||
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
71,276
|
|
|
$
|
71,276
|
|
|
$
|
71,276
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities available for sale
|
1,927,537
|
|
|
1,927,537
|
|
|
1,896
|
|
|
1,925,641
|
|
|
—
|
|
|||||
Securities held to maturity
|
224,378
|
|
|
214,158
|
|
|
—
|
|
|
214,158
|
|
|
—
|
|
|||||
Total securities
|
2,151,915
|
|
|
2,141,695
|
|
|
1,896
|
|
|
2,139,799
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
One to four family residential mortgage loans
|
214,754
|
|
|
213,285
|
|
|
—
|
|
|
—
|
|
|
213,285
|
|
|||||
Commercial and multi-family real estate loans
|
716,495
|
|
|
706,662
|
|
|
—
|
|
|
—
|
|
|
706,662
|
|
|||||
Agricultural real estate loans
|
35,475
|
|
|
34,821
|
|
|
—
|
|
|
—
|
|
|
34,821
|
|
|||||
Consumer loans
|
258,158
|
|
|
274,871
|
|
|
—
|
|
|
—
|
|
|
274,871
|
|
|||||
Commercial operating loans
|
46,069
|
|
|
45,505
|
|
|
—
|
|
|
—
|
|
|
45,505
|
|
|||||
Agricultural operating loans
|
24,621
|
|
|
24,423
|
|
|
—
|
|
|
—
|
|
|
24,423
|
|
|||||
CML insurance premium finance loans
|
303,603
|
|
|
302,898
|
|
|
—
|
|
|
—
|
|
|
302,898
|
|
|||||
Total loans receivable
|
1,599,175
|
|
|
1,602,465
|
|
|
—
|
|
|
—
|
|
|
1,602,465
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank stock
|
7,446
|
|
|
7,446
|
|
|
—
|
|
|
7,446
|
|
|
—
|
|
|||||
Accrued interest receivable
|
17,825
|
|
|
17,825
|
|
|
17,825
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest bearing demand deposits
|
2,637,987
|
|
|
2,637,987
|
|
|
2,637,987
|
|
|
—
|
|
|
—
|
|
|||||
Interest bearing demand deposits, savings, and money markets
|
205,536
|
|
|
205,536
|
|
|
205,536
|
|
|
—
|
|
|
—
|
|
|||||
Certificates of deposit
|
57,151
|
|
|
56,381
|
|
|
—
|
|
|
56,381
|
|
|
—
|
|
|||||
Wholesale non-maturing deposits
|
74,061
|
|
|
74,061
|
|
|
74,061
|
|
|
—
|
|
|
—
|
|
|||||
Wholesale certificates of deposit
|
546,898
|
|
|
546,155
|
|
|
—
|
|
|
546,155
|
|
|
—
|
|
|||||
Total deposits
|
3,521,633
|
|
|
3,520,120
|
|
|
2,917,584
|
|
|
602,536
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal funds purchased
|
24,000
|
|
|
24,000
|
|
|
24,000
|
|
|
—
|
|
|
—
|
|
|||||
Securities sold under agreements to repurchase
|
3,226
|
|
|
3,226
|
|
|
—
|
|
|
3,226
|
|
|
—
|
|
|||||
Capital lease
|
1,892
|
|
|
1,892
|
|
|
—
|
|
|
1,892
|
|
|
—
|
|
|||||
Trust preferred securities
|
10,310
|
|
|
10,464
|
|
|
—
|
|
|
10,464
|
|
|
—
|
|
|||||
Subordinated debentures
|
73,442
|
|
|
75,188
|
|
|
—
|
|
|
75,188
|
|
|
—
|
|
|||||
Accrued interest payable
|
3,705
|
|
|
3,705
|
|
|
3,705
|
|
|
—
|
|
|
—
|
|
|
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
|
|
|||||
CML insurance 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 lease
|
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
|
|
|
—
|
|
|
—
|
|
|
2018
|
|
2017
|
||||
Nine Months Ended June 30,
|
(Dollars in Thousands)
|
||||||
Goodwill
|
|
|
|
||||
Beginning balance
|
$
|
98,723
|
|
|
$
|
36,928
|
|
Acquisitions during the period
|
—
|
|
|
61,795
|
|
||
Write-offs during the period
|
—
|
|
|
—
|
|
||
Ending balance
|
$
|
98,723
|
|
|
$
|
98,723
|
|
|
Trademark
(1)
|
|
Non-Compete
(2)
|
|
Customer
Relationships (3) |
|
All Others
(4)
|
|
Total
|
||||||||||
Intangibles
|
|
||||||||||||||||||
Balance as of September 30, 2017
|
$
|
10,051
|
|
|
$
|
1,782
|
|
|
$
|
31,707
|
|
|
$
|
8,638
|
|
|
$
|
52,178
|
|
Acquisitions during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
85
|
|
|||||
Amortization during the period
|
(477
|
)
|
|
(367
|
)
|
|
(4,548
|
)
|
|
(685
|
)
|
|
(6,077
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
|
(88
|
)
|
|||||
Balance as of June 30, 2018
|
$
|
9,574
|
|
|
$
|
1,415
|
|
|
$
|
27,159
|
|
|
$
|
7,950
|
|
|
$
|
46,098
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross carrying amount
|
$
|
10,990
|
|
|
$
|
2,480
|
|
|
$
|
57,810
|
|
|
$
|
10,587
|
|
|
$
|
81,867
|
|
Accumulated amortization
|
(1,416
|
)
|
|
(1,065
|
)
|
|
(20,403
|
)
|
|
(2,020
|
)
|
|
(24,904
|
)
|
|||||
Accumulated impairment
|
—
|
|
|
—
|
|
|
(10,248
|
)
|
|
(617
|
)
|
|
(10,865
|
)
|
|||||
Balance as of June 30, 2018
|
$
|
9,574
|
|
|
$
|
1,415
|
|
|
$
|
27,159
|
|
|
$
|
7,950
|
|
|
$
|
46,098
|
|
|
Trademark
(1)
|
|
Non-Compete
(2)
|
|
Customer
Relationships (3) |
|
All Others
(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
|
|
|
6,922
|
|
|
46,372
|
|
|||||
Amortization during the period
|
(442
|
)
|
|
(371
|
)
|
|
(9,084
|
)
|
|
(598
|
)
|
|
(10,495
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance as of June 30, 2017
|
$
|
10,207
|
|
|
$
|
1,936
|
|
|
$
|
43,276
|
|
|
$
|
9,379
|
|
|
$
|
64,798
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross carrying amount
|
$
|
10,990
|
|
|
$
|
2,480
|
|
|
$
|
57,810
|
|
|
$
|
10,478
|
|
|
$
|
81,758
|
|
Accumulated amortization
|
(783
|
)
|
|
(544
|
)
|
|
(14,534
|
)
|
|
(1,099
|
)
|
|
(16,960
|
)
|
|||||
Balance as of June 30, 2017
|
$
|
10,207
|
|
|
$
|
1,936
|
|
|
$
|
43,276
|
|
|
$
|
9,379
|
|
|
$
|
64,798
|
|
|
Non-Performing Assets As Of
|
||||||
|
June 30, 2018
|
|
September 30, 2017
|
||||
Non-Performing Loans
|
(Dollars in Thousands)
|
||||||
|
|
|
|
||||
Non-Accruing Loans:
|
|
|
|
||||
1-4 Family Real Estate
|
$
|
135
|
|
|
$
|
—
|
|
Commercial and Multi-Family Real Estate
|
—
|
|
|
685
|
|
||
Total
|
135
|
|
|
685
|
|
||
|
|
|
|
||||
Accruing Loans Delinquent Greater Than 89 Days:
|
|
|
|
|
|
||
1-4 Family Real Estate
|
79
|
|
|
—
|
|
||
Agricultural Real Estate
|
—
|
|
|
34,198
|
|
||
Consumer
|
1,846
|
|
|
1,406
|
|
||
Agricultural Operating
|
—
|
|
|
97
|
|
||
CML Insurance Premium Finance
|
3,669
|
|
|
1,205
|
|
||
Total
|
5,594
|
|
|
36,906
|
|
||
|
|
|
|
||||
Total Non-Performing Loans
(1)
|
5,729
|
|
|
37,591
|
|
||
|
|
|
|
||||
Other Assets
|
|
|
|
||||
|
|
|
|
||||
Foreclosed Assets:
|
|
|
|
||||
1-4 Family Real Estate
|
—
|
|
|
62
|
|
||
Commercial and Multi-Family Real Estate
|
—
|
|
|
230
|
|
||
Agricultural Real Estate
|
29,922
|
|
|
—
|
|
||
Total
|
29,922
|
|
|
292
|
|
||
|
|
|
|
||||
Total Other Assets
|
$
|
29,922
|
|
|
$
|
292
|
|
|
|
|
|
||||
Total Non-Performing Assets
|
$
|
35,651
|
|
|
$
|
37,883
|
|
Total as a Percentage of Total Assets
|
0.86
|
%
|
|
0.72
|
%
|
Three Months Ended June 30,
|
2018
|
|
2017
|
||||||||||||||||||
(Dollars in Thousands)
|
Average
Outstanding Balance |
|
Interest
Earned / Paid |
|
Yield /
Rate (1) |
|
Average
Outstanding Balance |
|
Interest
Earned / Paid |
|
Yield /
Rate (2) |
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash & fed funds sold
|
$
|
57,164
|
|
|
$
|
388
|
|
|
2.72
|
%
|
|
$
|
40,833
|
|
|
$
|
229
|
|
|
2.24
|
%
|
Mortgage-backed securities
|
617,815
|
|
|
3,950
|
|
|
2.56
|
%
|
|
783,164
|
|
|
4,544
|
|
|
2.33
|
%
|
||||
Tax exempt investment securities
|
1,373,444
|
|
|
8,635
|
|
|
3.34
|
%
|
|
1,348,589
|
|
|
8,314
|
|
|
3.80
|
%
|
||||
Asset-backed securities
|
189,389
|
|
|
1,537
|
|
|
3.25
|
%
|
|
117,834
|
|
|
782
|
|
|
2.66
|
%
|
||||
Other investment securities
|
74,038
|
|
|
538
|
|
|
2.91
|
%
|
|
133,169
|
|
|
903
|
|
|
2.72
|
%
|
||||
Total investments
|
2,254,686
|
|
|
14,660
|
|
|
3.11
|
%
|
|
2,382,756
|
|
|
14,543
|
|
|
3.20
|
%
|
||||
Commercial finance loans
|
299,676
|
|
|
3,813
|
|
|
5.10
|
%
|
|
227,160
|
|
|
2,792
|
|
|
4.93
|
%
|
||||
Consumer finance loans
|
188,827
|
|
|
3,717
|
|
|
7.89
|
%
|
|
129,097
|
|
|
2,072
|
|
|
6.44
|
%
|
||||
Tax services loans
|
22,268
|
|
|
—
|
|
|
—
|
%
|
|
10,508
|
|
|
—
|
|
|
—
|
%
|
||||
National lending loans
(3)
|
510,771
|
|
|
7,530
|
|
|
5.91
|
%
|
|
366,765
|
|
|
4,864
|
|
|
5.32
|
%
|
||||
Community banking loans
(4)
|
1,050,126
|
|
|
11,526
|
|
|
4.40
|
%
|
|
837,539
|
|
|
9,225
|
|
|
4.42
|
%
|
||||
Total loans
|
1,560,897
|
|
|
19,056
|
|
|
4.90
|
%
|
|
1,204,304
|
|
|
14,089
|
|
|
4.69
|
%
|
||||
Total interest-earning assets
|
$
|
3,872,747
|
|
|
$
|
34,104
|
|
|
3.82
|
%
|
|
$
|
3,627,893
|
|
|
$
|
28,861
|
|
|
3.69
|
%
|
Non-interest-earning assets
|
367,543
|
|
|
|
|
|
|
371,685
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,240,290
|
|
|
|
|
|
|
$
|
3,999,578
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing checking
|
$
|
98,235
|
|
|
$
|
54
|
|
|
0.22
|
%
|
|
$
|
42,447
|
|
|
$
|
45
|
|
|
0.42
|
%
|
Savings
|
59,546
|
|
|
10
|
|
|
0.07
|
%
|
|
59,081
|
|
|
8
|
|
|
0.05
|
%
|
||||
Money markets
|
46,742
|
|
|
28
|
|
|
0.24
|
%
|
|
43,479
|
|
|
19
|
|
|
0.18
|
%
|
||||
Time deposits
|
60,373
|
|
|
167
|
|
|
1.11
|
%
|
|
75,417
|
|
|
139
|
|
|
0.74
|
%
|
||||
Wholesale deposits
|
453,885
|
|
|
2,005
|
|
|
1.77
|
%
|
|
348,771
|
|
|
828
|
|
|
0.95
|
%
|
||||
Total interest-bearing deposits
|
718,781
|
|
|
2,264
|
|
|
1.26
|
%
|
|
569,195
|
|
|
1,039
|
|
|
0.73
|
%
|
||||
Overnight fed funds purchased
|
402,088
|
|
|
2,041
|
|
|
2.04
|
%
|
|
512,154
|
|
|
1,470
|
|
|
1.15
|
%
|
||||
FHLB advances
|
—
|
|
|
—
|
|
|
—
|
%
|
|
8,923
|
|
|
125
|
|
|
5.61
|
%
|
||||
Subordinated debentures
|
73,430
|
|
|
1,102
|
|
|
6.02
|
%
|
|
73,290
|
|
|
1,112
|
|
|
6.09
|
%
|
||||
Other borrowings
|
36,408
|
|
|
286
|
|
|
3.15
|
%
|
|
16,642
|
|
|
172
|
|
|
4.13
|
%
|
||||
Total borrowings
|
511,926
|
|
|
3,429
|
|
|
2.69
|
%
|
|
611,009
|
|
|
2,879
|
|
|
1.89
|
%
|
||||
Total interest-bearing liabilities
|
1,230,707
|
|
|
5,693
|
|
|
1.86
|
%
|
|
1,180,204
|
|
|
3,918
|
|
|
1.33
|
%
|
||||
Non-Interest Bearing Deposits
|
2,465,750
|
|
|
—
|
|
|
—
|
%
|
|
2,295,046
|
|
|
—
|
|
|
—
|
%
|
||||
Total deposits and interest-bearing liabilities
|
$
|
3,696,457
|
|
|
$
|
5,693
|
|
|
0.62
|
%
|
|
$
|
3,475,250
|
|
|
$
|
3,918
|
|
|
0.45
|
%
|
Other non-interest bearing liabilities
|
98,973
|
|
|
|
|
|
|
99,919
|
|
|
|
|
|
||||||||
Total liabilities
|
3,795,430
|
|
|
|
|
|
|
3,575,169
|
|
|
|
|
|
||||||||
Shareholders' equity
|
444,860
|
|
|
|
|
|
|
424,409
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
$
|
4,240,290
|
|
|
|
|
|
|
$
|
3,999,578
|
|
|
|
|
|
||||||
Net interest income and net interest rate spread including non-interest bearing deposits
|
|
|
$
|
28,411
|
|
|
3.21
|
%
|
|
|
|
$
|
24,943
|
|
|
3.24
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
|
|
|
|
|
2.94
|
%
|
|
|
|
|
|
2.76
|
%
|
||||||||
Tax equivalent effect
|
|
|
|
|
0.29
|
%
|
|
|
|
|
|
0.49
|
%
|
||||||||
Net interest margin, tax equivalent
(5)
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
3.25
|
%
|
Nine Months Ended June 30,
|
2018
|
|
2017
|
||||||||||||||||||
(Dollars in Thousands)
|
Average
Outstanding Balance |
|
Interest
Earned / Paid |
|
Yield /
Rate (1) |
|
Average
Outstanding Balance |
|
Interest
Earned / Paid |
|
Yield /
Rate (2) |
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash & fed funds sold
|
$
|
96,496
|
|
|
$
|
1,717
|
|
|
2.38
|
%
|
|
$
|
176,336
|
|
|
$
|
1,212
|
|
|
0.92
|
%
|
Mortgage-backed securities
|
644,578
|
|
|
11,755
|
|
|
2.44
|
%
|
|
745,566
|
|
|
12,345
|
|
|
2.21
|
%
|
||||
Tax exempt investment securities
|
1,404,571
|
|
|
26,333
|
|
|
3.32
|
%
|
|
1,289,311
|
|
|
23,541
|
|
|
3.76
|
%
|
||||
Asset-backed securities
|
131,705
|
|
|
3,522
|
|
|
3.58
|
%
|
|
117,901
|
|
|
2,200
|
|
|
2.49
|
%
|
||||
Other investment securities
|
77,455
|
|
|
1,662
|
|
|
2.87
|
%
|
|
115,188
|
|
|
2,316
|
|
|
2.69
|
%
|
||||
Total investments
|
2,258,309
|
|
|
43,272
|
|
|
3.07
|
%
|
|
2,267,966
|
|
|
40,402
|
|
|
3.13
|
%
|
||||
Commercial finance
|
266,310
|
|
|
9,691
|
|
|
4.87
|
%
|
|
202,015
|
|
|
7,220
|
|
|
4.78
|
%
|
||||
Consumer finance
|
187,335
|
|
|
10,043
|
|
|
7.17
|
%
|
|
92,501
|
|
|
4,627
|
|
|
6.69
|
%
|
||||
Tax services loans
|
146,071
|
|
|
833
|
|
|
0.76
|
%
|
|
63,796
|
|
|
11
|
|
|
0.02
|
%
|
||||
National lending loans
(3)
|
599,716
|
|
|
20,567
|
|
|
4.59
|
%
|
|
358,312
|
|
|
11,858
|
|
|
4.42
|
%
|
||||
Community banking loans
(4)
|
1,005,831
|
|
|
32,777
|
|
|
4.36
|
%
|
|
799,071
|
|
|
25,682
|
|
|
4.30
|
%
|
||||
Total loans
|
1,605,546
|
|
|
53,344
|
|
|
4.44
|
%
|
|
1,157,383
|
|
|
37,540
|
|
|
4.34
|
%
|
||||
Total interest-earning assets
|
$
|
3,960,351
|
|
|
$
|
98,333
|
|
|
3.61
|
%
|
|
$
|
3,601,685
|
|
|
$
|
79,154
|
|
|
3.41
|
%
|
Non-interest-earning assets
|
392,873
|
|
|
|
|
|
|
363,041
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,353,224
|
|
|
|
|
|
|
$
|
3,964,726
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing checking
|
$
|
90,055
|
|
|
$
|
155
|
|
|
0.23
|
%
|
|
$
|
41,048
|
|
|
$
|
126
|
|
|
0.41
|
%
|
Savings
|
57,397
|
|
|
27
|
|
|
0.06
|
%
|
|
56,079
|
|
|
23
|
|
|
0.06
|
%
|
||||
Money markets
|
47,814
|
|
|
82
|
|
|
0.23
|
%
|
|
45,672
|
|
|
61
|
|
|
0.18
|
%
|
||||
Time deposits
|
102,636
|
|
|
877
|
|
|
1.14
|
%
|
|
102,819
|
|
|
570
|
|
|
0.74
|
%
|
||||
Wholesale deposits
|
540,193
|
|
|
5,965
|
|
|
1.48
|
%
|
|
561,994
|
|
|
3,381
|
|
|
0.80
|
%
|
||||
Total interest-bearing deposits
|
838,095
|
|
|
7,106
|
|
|
1.13
|
%
|
|
807,612
|
|
|
4,161
|
|
|
0.69
|
%
|
||||
Overnight fed funds purchased
|
315,359
|
|
|
4,244
|
|
|
1.80
|
%
|
|
286,212
|
|
|
2,030
|
|
|
0.95
|
%
|
||||
FHLB advances
|
91,392
|
|
|
947
|
|
|
1.39
|
%
|
|
12,037
|
|
|
388
|
|
|
4.31
|
%
|
||||
Subordinated debentures
|
73,394
|
|
|
3,329
|
|
|
6.07
|
%
|
|
73,256
|
|
|
3,335
|
|
|
6.09
|
%
|
||||
Other borrowings
|
26,343
|
|
|
695
|
|
|
3.53
|
%
|
|
15,390
|
|
|
498
|
|
|
4.32
|
%
|
||||
Total borrowings
|
506,488
|
|
|
9,215
|
|
|
2.43
|
%
|
|
386,895
|
|
|
6,251
|
|
|
2.16
|
%
|
||||
Total interest-bearing liabilities
|
1,344,583
|
|
|
16,321
|
|
|
1.62
|
%
|
|
1,194,507
|
|
|
10,412
|
|
|
1.17
|
%
|
||||
Non-Interest Bearing Deposits
|
2,482,274
|
|
|
—
|
|
|
—
|
%
|
|
2,286,266
|
|
|
—
|
|
|
—
|
%
|
||||
Total deposits and interest-bearing liabilities
|
$
|
3,826,857
|
|
|
$
|
16,321
|
|
|
0.57
|
%
|
|
$
|
3,480,773
|
|
|
$
|
10,412
|
|
|
0.40
|
%
|
Other non-interest bearing liabilities
|
85,626
|
|
|
|
|
|
|
94,842
|
|
|
|
|
|
||||||||
Total liabilities
|
3,912,483
|
|
|
|
|
|
|
3,575,615
|
|
|
|
|
|
||||||||
Shareholders' equity
|
440,741
|
|
|
|
|
|
|
389,111
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
$
|
4,353,224
|
|
|
|
|
|
|
$
|
3,964,726
|
|
|
|
|
|
||||||
Net interest income and net interest rate spread including non-interest bearing deposits
|
|
|
$
|
82,012
|
|
|
3.04
|
%
|
|
|
|
$
|
68,742
|
|
|
3.01
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
|
|
|
|
|
2.77
|
%
|
|
|
|
|
|
2.55
|
%
|
||||||||
Tax equivalent effect
|
|
|
|
|
0.29
|
%
|
|
|
|
|
|
0.47
|
%
|
||||||||
Net interest margin, tax equivalent
(5)
|
|
|
|
|
3.06
|
%
|
|
|
|
|
|
3.02
|
%
|
|
|
|
|
|
|
|
Minimum
|
||||
|
|
|
|
|
|
|
Requirement to Be
|
||||
|
|
|
|
|
Minimum
|
|
Well Capitalized
|
||||
|
|
|
|
|
Requirement For
|
|
Under Prompt
|
||||
|
|
|
|
|
Capital Adequacy
|
|
Corrective Action
|
||||
At June 30, 2018
|
Company
|
|
Bank
|
|
Purposes
|
|
Provisions
|
||||
|
|
|
|
|
|
|
|
||||
Tier 1 leverage ratio
|
8.29
|
%
|
|
10.16
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Common equity Tier 1 capital ratio
|
13.92
|
|
|
17.57
|
|
|
4.50
|
|
|
6.50
|
|
Tier 1 capital ratio
|
14.35
|
|
|
17.57
|
|
|
6.00
|
|
|
8.00
|
|
Total qualifying capital ratio
|
18.37
|
|
|
18.50
|
|
|
8.00
|
|
|
10.00
|
|
|
Standardized Approach (1)
June 30, 2018 |
||
|
(Dollars in Thousands)
|
||
|
|
||
Total equity
|
$
|
443,913
|
|
Adjustments:
|
|
|
|
LESS: Goodwill, net of associated deferred tax liabilities
|
94,781
|
|
|
LESS: Certain other intangible assets
|
46,098
|
|
|
LESS: Net unrealized gains (losses) on available-for-sale securities
|
(28,601
|
)
|
|
Common Equity Tier 1
(1)
|
331,635
|
|
|
Long-term debt and other instruments qualifying as Tier 1
|
10,310
|
|
|
Total Tier 1 capital
|
341,945
|
|
|
Allowance for loan losses
|
22,151
|
|
|
Subordinated debentures (net of issuance costs)
|
73,442
|
|
|
Total qualifying capital
|
437,538
|
|
|
June 30, 2018
|
||
|
(Dollars in Thousands)
|
||
Total Stockholders' Equity
|
$
|
443,913
|
|
LESS: Goodwill
|
98,723
|
|
|
LESS: Intangible assets
|
46,098
|
|
|
Tangible common equity
|
299,092
|
|
|
LESS: AOCI
|
(28,601
|
)
|
|
Tangible common equity excluding AOCI
|
327,693
|
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Balances as of June 30, 2018
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
-5.8
|
%
|
|
3.6
|
%
|
|
6.7
|
%
|
|
9.6
|
%
|
|
12.5
|
%
|
Board Policy Limits
|
-8.0
|
%
|
|
-8.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Net Sensitive Earnings at Risk
|
||||||||||||||
Alternative IRR Results
|
Standard (Parallel Shift) Year 1
|
|||||||||||||
|
Net Interest Income at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
-4.1
|
%
|
|
1.9
|
%
|
|
3.2
|
%
|
|
4.3
|
%
|
|
5.4
|
%
|
Board Policy Limits
|
-8.0
|
%
|
|
-8.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Balances as of June 30, 2018
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Change in Interest Income/Expense
for a given change in interest rates |
|
|
||||||||||||||||
|
|
|
|
|
Over / (Under) Base Case Parallel Shift
|
|
|
||||||||||||||||
Basis Point Change Scenario
|
Book Value (in $000's)
|
|
% of Total
|
|
-100
|
|
Base
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
||||||||
Total Loans
|
1,596,050
|
|
|
42.4
|
%
|
|
75,993
|
|
|
81,878
|
|
|
87,628
|
|
|
93,346
|
|
|
98,958
|
|
|
104,794
|
|
Total Investments (non-TEY) and other Earning Assets
|
2,164,008
|
|
|
57.6
|
%
|
|
55,098
|
|
|
61,807
|
|
|
66,189
|
|
|
69,887
|
|
|
73,429
|
|
|
76,758
|
|
Total Interest-Sensitive Income
|
3,760,057
|
|
|
100.0
|
%
|
|
131,092
|
|
|
143,684
|
|
|
153,816
|
|
|
163,233
|
|
|
172,388
|
|
|
181,552
|
|
Total Interest-Bearing Deposits
|
883,649
|
|
|
96.8
|
%
|
|
8,489
|
|
|
13,266
|
|
|
18,400
|
|
|
23,534
|
|
|
28,669
|
|
|
33,803
|
|
Total Borrowings
|
29,117
|
|
|
3.2
|
%
|
|
455
|
|
|
749
|
|
|
1,044
|
|
|
1,338
|
|
|
1,633
|
|
|
1,928
|
|
Total Interest-Sensitive Expense
|
912,766
|
|
|
100.0
|
%
|
|
8,944
|
|
|
14,015
|
|
|
19,444
|
|
|
24,873
|
|
|
30,302
|
|
|
35,731
|
|
Alternative IRR Results
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Change in Interest Income/Expense
for a given change in interest rates |
|
|
||||||||||||||||
|
|
|
|
|
Over / (Under) Base Case Parallel Shift
|
|
|
||||||||||||||||
Basis Point Change Scenario
|
Book Value (in $000's)
|
|
% of Total
|
|
-100
|
|
Base
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
||||||||
Total Loans
|
1,727,668
|
|
|
43.6
|
%
|
|
76,132
|
|
|
82,111
|
|
|
87,956
|
|
|
93,769
|
|
|
99,476
|
|
|
105,407
|
|
Total Investments (non-TEY) and other Earning Assets
|
2,235,543
|
|
|
56.4
|
%
|
|
56,128
|
|
|
63,540
|
|
|
68,624
|
|
|
73,024
|
|
|
77,268
|
|
|
81,312
|
|
Total Interest-Sensitive Income
|
3,963,212
|
|
|
100.0
|
%
|
|
132,260
|
|
|
145,651
|
|
|
156,580
|
|
|
166,793
|
|
|
176,744
|
|
|
186,718
|
|
Total Interest-Bearing Deposits
|
742,521
|
|
|
63.7
|
%
|
|
6,917
|
|
|
10,825
|
|
|
15,092
|
|
|
19,358
|
|
|
23,625
|
|
|
27,892
|
|
Total Borrowings
|
423,238
|
|
|
36.3
|
%
|
|
4,848
|
|
|
9,138
|
|
|
13,429
|
|
|
17,719
|
|
|
22,013
|
|
|
26,321
|
|
Total Interest-Sensitive Expense
|
1,165,759
|
|
|
100.0
|
%
|
|
11,764
|
|
|
19,963
|
|
|
28,520
|
|
|
37,077
|
|
|
45,638
|
|
|
54,213
|
|
Balances as of June 30, 2018
|
Standard (Parallel Shift)
|
|||||||||||||
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
-1.0
|
%
|
|
-2.6
|
%
|
|
-6.6
|
%
|
|
-11.5
|
%
|
|
-15.3
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Alternative IRR Results
|
Standard (Parallel Shift)
|
|||||||||||||
|
Economic Value of Equity at Risk%
|
|||||||||||||
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||
Basis Point Change Scenario
|
-0.4
|
%
|
|
-3.3
|
%
|
|
-8.0
|
%
|
|
-13.6
|
%
|
|
-17.9
|
%
|
Board Policy Limits
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
Balances as of June 30, 2018
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
Change in Economic Value
for a given change in interest rates |
|
|
|||||||||||||
|
|
|
|
|
Over / (Under) Base Case Parallel Shift
|
|
|
|||||||||||||
Basis Point Change Scenario
|
Book Value (in $000's)
|
|
% of Total
|
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||||
Total Loans
|
1,596,050
|
|
|
38.4
|
%
|
|
2.0
|
%
|
|
-2.0
|
%
|
|
-3.9
|
%
|
|
-5.8
|
%
|
|
-7.6
|
%
|
Total Investment
|
2,159,052
|
|
|
52.0
|
%
|
|
3.8
|
%
|
|
-4.9
|
%
|
|
-10.1
|
%
|
|
-15.2
|
%
|
|
-19.6
|
%
|
Other Assets
|
400,146
|
|
|
9.6
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Assets
|
4,155,247
|
|
|
100.0
|
%
|
|
2.7
|
%
|
|
-3.3
|
%
|
|
-6.7
|
%
|
|
-10.1
|
%
|
|
-13.0
|
%
|
Interest Bearing Deposits
|
883,649
|
|
|
24.4
|
%
|
|
1.1
|
%
|
|
-1.1
|
%
|
|
-2.1
|
%
|
|
-3.0
|
%
|
|
-3.9
|
%
|
Non-Interest Bearing Deposits
|
2,638,762
|
|
|
72.8
|
%
|
|
5.2
|
%
|
|
-4.7
|
%
|
|
-8.9
|
%
|
|
-12.7
|
%
|
|
-16.2
|
%
|
Total Borrowings & Other Liabilities
|
102,492
|
|
|
2.8
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Liabilities
|
3,624,903
|
|
|
100.0
|
%
|
|
3.9
|
%
|
|
-3.5
|
%
|
|
-6.8
|
%
|
|
-9.7
|
%
|
|
-12.3
|
%
|
Alternative IRR Results
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
Change in Economic Value
for a given change in interest rates |
|
|
|||||||||||||
|
|
|
|
|
Over / (Under) Base Case Parallel Shift
|
|
|
|||||||||||||
Basis Point Change Scenario
|
Book Value (in $000's)
|
|
% of Total
|
|
-100
|
|
+100
|
|
+200
|
|
+300
|
|
+400
|
|||||||
Total Loans
|
1,727,668
|
|
|
41.6
|
%
|
|
1.8
|
%
|
|
-1.8
|
%
|
|
-3.6
|
%
|
|
-5.4
|
%
|
|
-7.0
|
%
|
Total Investment
|
2,173,407
|
|
|
52.3
|
%
|
|
3.8
|
%
|
|
-4.9
|
%
|
|
-10.0
|
%
|
|
-15.1
|
%
|
|
-19.4
|
%
|
Other Assets
|
254,172
|
|
|
6.1
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Assets
|
4,155,247
|
|
|
100.0
|
%
|
|
2.7
|
%
|
|
-3.3
|
%
|
|
-6.7
|
%
|
|
-10.1
|
%
|
|
-13.0
|
%
|
Interest Bearing Deposits
|
742,521
|
|
|
20.5
|
%
|
|
1.3
|
%
|
|
-1.2
|
%
|
|
-2.3
|
%
|
|
-3.3
|
%
|
|
-4.3
|
%
|
Non-Interest Bearing Deposits
|
2,486,865
|
|
|
68.6
|
%
|
|
5.2
|
%
|
|
-4.7
|
%
|
|
-9.0
|
%
|
|
-12.8
|
%
|
|
-16.3
|
%
|
Total Borrowings & Other Liabilities
|
395,518
|
|
|
10.9
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Liabilities
|
3,624,904
|
|
|
100.0
|
%
|
|
3.7
|
%
|
|
-3.3
|
%
|
|
-6.3
|
%
|
|
-9.1
|
%
|
|
-11.6
|
%
|
•
|
the businesses may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected;
|
•
|
the risk that the expected growth opportunities, beneficial synergies and/or operating efficiencies from the Crestmark merger may not be fully realized or may take longer to realize than expected;
|
•
|
customer losses and business disruption in connection with and following the merger with Crestmark;
|
•
|
potential litigation or regulatory actions relating to the Crestmark transaction;
|
•
|
the risk that the Company may incur unanticipated or unknown losses or liabilities following completion of the Crestmark merger; and
|
•
|
potential adverse effects on the market price of our common stock caused by the sale of such stock held by former Crestmark shareholders following the transaction.
|
|
META FINANCIAL GROUP, INC.
|
|
|
|
|
Date:
August 8, 2018
|
By:
|
/s/ J. Tyler Haahr
|
|
|
J. Tyler Haahr, Chairman of the Board
|
|
|
and Chief Executive Officer
|
|
|
|
Date:
August 8, 2018
|
By:
|
/s/ Glen W. Herrick
|
|
|
Glen W. Herrick, Executive Vice President
|
|
|
and Chief Financial Officer
|
|
NAME
|
|
MAILING ADDRESS
|
|
|
|
|
|
|
|
James S. Haahr
|
|
First Federal Savings and Loan
Association of Storm Lake
Fifth and Erie Streets
Storm Lake, Iowa 50588
|
|
|
/s/ James S. Haahr
|
|
James S. Haahr, Incorporator
|
|
FIRST MIDWEST FINANCIAL, INC.
|
|
|
|
|
|
By:
|
/s/ James S. Haahr
|
|
|
James S. Haahr, President
|
|
|
and Chief Executive Officer
|
ATTEST:
|
|
|
|
|
|
By:
|
/s/ Fred A. Stevens
|
|
|
Fred A. Stevens, Secretary
|
|
|
FIRST MIDWEST FINANCIAL, INC.
|
||
|
|
||
|
By:
|
/s/ Donald J. Winchell
|
|
|
|
Donald J. Winchell, Vice President
|
|
ATTEST:
|
|
||
|
|
||
By:
|
/s/ Fred A. Stevens
|
|
|
|
Fred A. Stevens, Secretary
|
|
Name
|
|
State of Incorporation
|
Iowa Bancorp, Inc.
|
|
Delaware
|
First Midwest Financial, Inc.
|
|
Delaware
|
|
FIRST MIDWEST FINANCIAL, INC.
|
|
|
|
|
|
By:
|
/s/ James S. Haahr
|
|
|
James S. Haahr, President and
|
|
|
and Chief Executive Officer
|
ATTEST:
|
|
|
|
|
|
By:
|
/s/ Fred A. Stevens
|
|
|
Fred A. Stevens
|
|
Name
|
|
State of Incorporation
|
Central West Bancorporation (“Central West”)
|
|
Iowa
|
First Midwest Financial, Inc. (“First Midwest”)
|
|
Delaware
|
|
FIRST MIDWEST FINANCIAL, INC.
|
|
|
|
|
|
By:
|
/s/ James S. Haahr
|
|
|
James S. Haahr, Chairman of the Board of
|
|
|
Directors, President and Chief Executive Officer
|
ATTEST:
|
|
|
|
|
|
By:
|
/s/ Fred A. Stevens
|
|
|
Fred A. Stevens, Secretary
|
|
|
1.
|
In accordance with the provisions of Section 242 of the Act, an amendment to the Certificate of Incorporation of this corporation has been duly adopted by the directors and stockholders of this corporation.
|
|
2.
|
Said amendment amends Article First of the Certificate of Incorporation so that, as amended, said Article First, in its entirety, shall be and read as follows:
|
|
FIRST MIDWEST FINANCIAL, INC.
|
|
|
|
|
|
By:
|
/s/ James S. Haahr
|
|
Name:
|
James S. Haahr
|
|
Title:
|
Chief Executive Officer
|
|
META FINANCIAL GROUP, INC.
|
|
|
|
|
|
By:
|
/s/ J. Tyler Haahr
|
|
Name:
|
J. Tyler Haahr
|
|
Title:
|
President and Chief Executive Officer
|
|
META FINANCIAL GROUP, INC.
|
||
|
|
|
|
|
By:
|
/s/ J. Tyler Haahr
|
|
|
Name:
|
J. Tyler Haahr
|
|
|
Title:
|
Chairman of the Board and
Chief Executive Officer
|
|
META FINANCIAL GROUP, INC.
|
||
|
|
|
|
|
By:
|
/s/ J. Tyler Haahr
|
|
|
Name:
|
J. Tyler Haahr
|
|
|
Title:
|
Chairman of the Board and
Chief Executive Officer
|
|
META FINANCIAL GROUP, INC.
|
||
|
|
|
|
|
By:
|
/s/ J. Tyler Haahr
|
|
|
|
J. Tyler Haahr, Chairman of the Board and Chief Executive Officer
|
Date:
August 8, 2018
|
|
/s/ J. Tyler Haahr
|
|
|
Chairman of the Board and Chief Executive Officer
|
Date:
August 8, 2018
|
|
/s/ Glen W. Herrick
|
|
|
Executive Vice President and Chief Financial Officer
|