|
|
|
|
|
Delaware
|
42-1406262
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $.01 par value
|
CASH
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller Reporting Company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART I
|
Page
No.
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
PART II
|
|
|
|
|
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
|
|
|
PART III
|
|
|
|
|
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
|
|
|
PART IV
|
|
|
|
|
Item 15.
|
||
Item 16.
|
|
At September 30,
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
(Dollars in Thousands)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial finance
|
$
|
42,266
|
|
|
1.2
|
%
|
|
$
|
14,971
|
|
|
0.5
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Total National Lending
|
42,266
|
|
|
1.2
|
%
|
|
14,971
|
|
|
0.5
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate and operating
|
849,171
|
|
|
23.3
|
%
|
|
748,579
|
|
|
25.4
|
%
|
|
585,510
|
|
|
44.1
|
%
|
|
422,932
|
|
|
45.7
|
%
|
|
310,199
|
|
|
43.5
|
%
|
|||||
Consumer one-to-four family real estate and other
|
235,365
|
|
|
6.4
|
%
|
|
223,482
|
|
|
7.7
|
%
|
|
196,706
|
|
|
14.8
|
%
|
|
162,298
|
|
|
17.5
|
%
|
|
125,021
|
|
|
17.5
|
%
|
|||||
Agricultural real estate and operating
|
37,029
|
|
|
1.0
|
%
|
|
36,780
|
|
|
1.2
|
%
|
|
61,800
|
|
|
4.7
|
%
|
|
63,612
|
|
|
6.9
|
%
|
|
64,316
|
|
|
9.0
|
%
|
|||||
Total Community Banking
|
1,121,565
|
|
|
30.7
|
%
|
|
1,008,841
|
|
|
34.3
|
%
|
|
844,016
|
|
|
63.6
|
%
|
|
648,842
|
|
|
70.1
|
%
|
|
499,536
|
|
|
70.0
|
%
|
|||||
Total real estate loans
|
1,163,831
|
|
|
31.9
|
%
|
|
1,023,812
|
|
|
34.8
|
%
|
|
844,016
|
|
|
63.6
|
%
|
|
648,842
|
|
|
70.1
|
%
|
|
499,536
|
|
|
70.0
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial finance
|
1,873,964
|
|
|
51.3
|
%
|
|
1,494,878
|
|
|
50.8
|
%
|
|
255,308
|
|
|
19.2
|
%
|
|
174,034
|
|
|
18.8
|
%
|
|
106,505
|
|
|
14.9
|
%
|
|||||
Consumer finance
|
268,198
|
|
|
7.3
|
%
|
|
270,361
|
|
|
9.2
|
%
|
|
140,229
|
|
|
10.6
|
%
|
|
14,300
|
|
|
1.5
|
%
|
|
13,261
|
|
|
1.9
|
%
|
|||||
Tax services
|
2,240
|
|
|
0.1
|
%
|
|
1,073
|
|
|
—
|
%
|
|
192
|
|
|
—
|
%
|
|
190
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Warehouse finance
|
262,924
|
|
|
7.2
|
%
|
|
65,000
|
|
|
2.2
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Total National Lending
|
2,407,326
|
|
|
65.9
|
%
|
|
1,831,312
|
|
|
62.2
|
%
|
|
395,729
|
|
|
29.8
|
%
|
|
188,524
|
|
|
20.4
|
%
|
|
119,766
|
|
|
16.8
|
%
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate and operating
|
34,761
|
|
|
0.9
|
%
|
|
42,311
|
|
|
1.4
|
%
|
|
30,718
|
|
|
2.3
|
%
|
|
28,651
|
|
|
3.1
|
%
|
|
29,893
|
|
|
4.2
|
%
|
|||||
Consumer one-to-four family real estate and other
|
24,060
|
|
|
0.7
|
%
|
|
23,836
|
|
|
0.8
|
%
|
|
22,775
|
|
|
1.7
|
%
|
|
22,794
|
|
|
2.5
|
%
|
|
20,266
|
|
|
2.8
|
%
|
|||||
Agricultural real estate and operating
|
21,435
|
|
|
0.6
|
%
|
|
23,718
|
|
|
0.8
|
%
|
|
33,594
|
|
|
2.5
|
%
|
|
37,083
|
|
|
4.0
|
%
|
|
43,626
|
|
|
6.1
|
%
|
|||||
Total Community Banking
|
80,256
|
|
|
2.2
|
%
|
|
89,865
|
|
|
3.0
|
%
|
|
87,087
|
|
|
6.6
|
%
|
|
88,528
|
|
|
9.6
|
%
|
|
93,785
|
|
|
13.2
|
%
|
|||||
Total other loans and leases
|
2,487,582
|
|
|
68.1
|
%
|
|
1,921,177
|
|
|
65.2
|
%
|
|
482,816
|
|
|
36.4
|
%
|
|
277,052
|
|
|
29.9
|
%
|
|
213,551
|
|
|
30.0
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total loans and leases
|
$
|
3,651,413
|
|
|
100.0
|
%
|
|
$
|
2,944,989
|
|
|
100.0
|
%
|
|
$
|
1,326,832
|
|
|
100.0
|
%
|
|
$
|
925,894
|
|
|
100.0
|
%
|
|
$
|
713,087
|
|
|
100.0
|
%
|
|
At September 30,
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
Fixed-rate loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial finance
|
$
|
1,113,071
|
|
|
30.5
|
%
|
|
$
|
956,920
|
|
|
32.5
|
%
|
|
$
|
250,459
|
|
|
18.9
|
%
|
|
$
|
171,604
|
|
|
18.5
|
%
|
|
$
|
106,505
|
|
|
15.0
|
%
|
Consumer finance
|
22,965
|
|
|
0.6
|
%
|
|
21,093
|
|
|
0.7
|
%
|
|
16,489
|
|
|
1.2
|
%
|
|
14,300
|
|
|
1.5
|
%
|
|
12,811
|
|
|
1.8
|
%
|
|||||
Tax services (1)
|
2,240
|
|
|
0.1
|
%
|
|
1,073
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Warehouse finance
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Total National Lending
|
1,138,276
|
|
|
31.2
|
%
|
|
979,086
|
|
|
33.2
|
%
|
|
266,948
|
|
|
20.1
|
%
|
|
185,904
|
|
|
20.0
|
%
|
|
119,316
|
|
|
16.8
|
%
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate and operating
|
828,603
|
|
|
22.7
|
%
|
|
749,258
|
|
|
25.5
|
%
|
|
580,092
|
|
|
43.8
|
%
|
|
417,281
|
|
|
45.1
|
%
|
|
300,106
|
|
|
42.1
|
%
|
|||||
Consumer one-to-four family real estate and other
|
226,375
|
|
|
6.2
|
%
|
|
220,163
|
|
|
7.5
|
%
|
|
193,765
|
|
|
14.6
|
%
|
|
160,956
|
|
|
17.4
|
%
|
|
124,202
|
|
|
17.4
|
%
|
|||||
Agricultural real estate and operating
|
41,772
|
|
|
1.1
|
%
|
|
46,940
|
|
|
1.6
|
%
|
|
80,419
|
|
|
6.1
|
%
|
|
86,651
|
|
|
9.4
|
%
|
|
95,021
|
|
|
13.3
|
%
|
|||||
Total Community Banking
|
1,096,750
|
|
|
30.0
|
%
|
|
1,016,361
|
|
|
34.6
|
%
|
|
854,274
|
|
|
64.5
|
%
|
|
664,888
|
|
|
71.9
|
%
|
|
519,329
|
|
|
72.8
|
%
|
|||||
Total fixed-rate loans and leases
|
2,235,026
|
|
|
61.2
|
%
|
|
1,995,447
|
|
|
67.8
|
%
|
|
1,121,222
|
|
|
84.5
|
%
|
|
850,792
|
|
|
91.9
|
%
|
|
638,645
|
|
|
89.6
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjustable-rate loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial finance
|
803,159
|
|
|
22.0
|
%
|
|
552,929
|
|
|
18.8
|
%
|
|
4,849
|
|
|
0.4
|
%
|
|
2,430
|
|
|
0.3
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Consumer finance
|
245,233
|
|
|
6.7
|
%
|
|
249,268
|
|
|
8.4
|
%
|
|
123,742
|
|
|
9.3
|
%
|
|
—
|
|
|
—
|
%
|
|
450
|
|
|
0.1
|
%
|
|||||
Tax services (1)
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
192
|
|
|
—
|
%
|
|
190
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Warehouse finance
|
262,924
|
|
|
7.2
|
%
|
|
65,000
|
|
|
2.2
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Total National Lending
|
1,311,316
|
|
|
35.9
|
%
|
|
867,197
|
|
|
29.4
|
%
|
|
128,783
|
|
|
9.7
|
%
|
|
2,620
|
|
|
0.3
|
%
|
|
450
|
|
|
0.1
|
%
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate and operating
|
55,329
|
|
|
1.5
|
%
|
|
41,632
|
|
|
1.4
|
%
|
|
36,136
|
|
|
2.8
|
%
|
|
34,302
|
|
|
3.7
|
%
|
|
39,986
|
|
|
5.6
|
%
|
|||||
Consumer one-to-four family real estate and other
|
33,050
|
|
|
0.9
|
%
|
|
27,155
|
|
|
0.9
|
%
|
|
25,716
|
|
|
1.9
|
%
|
|
24,136
|
|
|
2.6
|
%
|
|
21,085
|
|
|
2.9
|
%
|
|||||
Agricultural real estate and operating
|
16,692
|
|
|
0.5
|
%
|
|
13,558
|
|
|
0.5
|
%
|
|
14,975
|
|
|
1.1
|
%
|
|
14,044
|
|
|
1.5
|
%
|
|
12,921
|
|
|
1.8
|
%
|
|||||
Total Community Banking
|
105,071
|
|
|
2.9
|
%
|
|
82,345
|
|
|
2.8
|
%
|
|
76,827
|
|
|
5.8
|
%
|
|
72,482
|
|
|
7.8
|
%
|
|
73,992
|
|
|
10.3
|
%
|
|||||
Total adjustable-rate loans and leases
|
1,416,387
|
|
|
38.8
|
%
|
|
949,542
|
|
|
32.2
|
%
|
|
205,610
|
|
|
15.5
|
%
|
|
75,102
|
|
|
8.1
|
%
|
|
74,442
|
|
|
10.4
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total loans and leases
|
3,651,413
|
|
|
100.0
|
%
|
|
2,944,989
|
|
|
100.0
|
%
|
|
1,326,832
|
|
|
100.0
|
%
|
|
925,894
|
|
|
100.0
|
%
|
|
713,087
|
|
|
100.0
|
%
|
|||||
Deferred fees and discounts
|
7,434
|
|
|
|
|
(250
|
)
|
|
|
|
(1,461
|
)
|
|
|
|
(789
|
)
|
|
|
|
(577
|
)
|
|
|
||||||||||
Allowance for loan and lease losses
|
(29,149
|
)
|
|
|
|
(13,040
|
)
|
|
|
|
(7,534
|
)
|
|
|
|
(5,635
|
)
|
|
|
|
(6,255
|
)
|
|
|
||||||||||
Total loans and leases receivable, net
|
$
|
3,629,698
|
|
|
|
|
$
|
2,931,699
|
|
|
|
|
$
|
1,317,837
|
|
|
|
|
$
|
919,470
|
|
|
|
|
$
|
706,255
|
|
|
|
|
Due in one year or less
|
|
Due after one year through five years
|
|
Due after five years
|
|
Total
|
|||||||||||||||||
(Dollars in Thousands)
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial finance
|
$
|
1,327,339
|
|
|
9.21
|
%
|
|
$
|
549,070
|
|
|
7.68
|
%
|
|
$
|
39,821
|
|
|
6.66
|
%
|
|
$
|
1,916,230
|
|
Consumer finance
|
105,879
|
|
|
8.92
|
%
|
|
122,420
|
|
|
8.42
|
%
|
|
39,899
|
|
|
8.27
|
%
|
|
268,198
|
|
||||
Tax services
|
2,240
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
2,240
|
|
||||
Warehouse finance
|
29,185
|
|
|
6.24
|
%
|
|
233,739
|
|
|
6.26
|
%
|
|
—
|
|
|
—
|
%
|
|
262,924
|
|
||||
Total National Lending
|
1,464,643
|
|
|
9.12
|
%
|
|
905,229
|
|
|
7.41
|
%
|
|
79,720
|
|
|
7.46
|
%
|
|
2,449,592
|
|
||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial real estate and operating
|
127,537
|
|
|
4.71
|
%
|
|
393,303
|
|
|
4.71
|
%
|
|
363,092
|
|
|
4.70
|
%
|
|
883,932
|
|
||||
Consumer one-to-four family real estate and other
|
48,585
|
|
|
4.21
|
%
|
|
118,652
|
|
|
4.12
|
%
|
|
92,188
|
|
|
3.93
|
%
|
|
259,425
|
|
||||
Agricultural real estate and operating
|
20,766
|
|
|
5.05
|
%
|
|
19,250
|
|
|
4.91
|
%
|
|
18,448
|
|
|
4.91
|
%
|
|
58,464
|
|
||||
Total Community Banking
|
196,888
|
|
|
4.63
|
%
|
|
531,205
|
|
|
4.59
|
%
|
|
473,728
|
|
|
4.55
|
%
|
|
1,201,821
|
|
||||
Total loans and leases
|
$
|
1,661,531
|
|
|
8.58
|
%
|
|
$
|
1,436,434
|
|
|
6.37
|
%
|
|
$
|
553,448
|
|
|
4.97
|
%
|
|
$
|
3,651,413
|
|
|
Fiscal Years Ended September 30,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Originations:
|
(Dollars in Thousands)
|
||||||||||
Commercial finance
|
$
|
8,232,928
|
|
|
$
|
2,034,719
|
|
|
$
|
535,339
|
|
Consumer finance
|
688,714
|
|
|
429,194
|
|
|
242,503
|
|
|||
Tax services
|
1,513,509
|
|
|
1,286,293
|
|
|
1,284,857
|
|
|||
Total National Lending
|
10,435,151
|
|
|
3,750,206
|
|
|
2,062,699
|
|
|||
Commercial real estate and operating
|
409,280
|
|
|
472,035
|
|
|
396,602
|
|
|||
Consumer one-to-four family real estate and other
|
85,809
|
|
|
96,863
|
|
|
96,546
|
|
|||
Agricultural real estate and operating
|
40,567
|
|
|
66,906
|
|
|
44,886
|
|
|||
Total Community Banking
|
535,656
|
|
|
635,804
|
|
|
538,034
|
|
|||
Total loans and leases originated
|
10,970,807
|
|
|
4,386,010
|
|
|
2,600,733
|
|
|||
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
||||||
Commercial finance
|
—
|
|
|
1,063,504
|
|
|
—
|
|
|||
Total National Lending
|
—
|
|
|
1,063,504
|
|
|
—
|
|
|||
Total loans and leases acquired
|
—
|
|
|
1,063,504
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Purchases:
|
|
|
|
|
|
||||||
Commercial finance
|
25,069
|
|
|
—
|
|
|
—
|
|
|||
Consumer finance
|
—
|
|
|
72,751
|
|
|
133,785
|
|
|||
Warehouse finance
|
226,292
|
|
|
65,000
|
|
|
—
|
|
|||
Total National Lending
|
251,361
|
|
|
137,751
|
|
|
133,785
|
|
|||
Commercial real estate and operating
|
26,444
|
|
|
27,919
|
|
|
7,078
|
|
|||
Consumer one-to-four family real estate and other
|
260
|
|
|
—
|
|
|
540
|
|
|||
Total Community Banking
|
26,704
|
|
|
27,919
|
|
|
7,618
|
|
|||
Total loans and leases purchased
|
278,065
|
|
|
165,670
|
|
|
141,403
|
|
|||
|
|
|
|
|
|
||||||
Sales and repayments:
|
|
|
|
|
|
||||||
Sales:
|
|
|
|
|
|
||||||
Commercial finance
|
68,623
|
|
|
17,621
|
|
|
—
|
|
|||
Consumer finance
|
57,503
|
|
|
—
|
|
|
—
|
|
|||
Tax services
|
—
|
|
|
—
|
|
|
685,934
|
|
|||
Total National Lending
|
126,126
|
|
|
17,621
|
|
|
685,934
|
|
|||
Commercial real estate and operating
|
13,069
|
|
|
22,571
|
|
|
4,720
|
|
|||
Agricultural real estate and operating
|
—
|
|
|
40
|
|
|
—
|
|
|||
Total Community Banking
|
13,069
|
|
|
22,611
|
|
|
4,720
|
|
|||
Total loan sales
|
139,195
|
|
|
40,232
|
|
|
690,654
|
|
|||
|
|
|
|
|
|
||||||
Repayments:
|
|
|
|
|
|
||||||
Loan and lease principal repayments
|
10,270,082
|
|
|
3,949,780
|
|
|
1,652,674
|
|
|||
Total principal repayments
|
10,270,082
|
|
|
3,949,780
|
|
|
1,652,674
|
|
|||
Total reductions
|
10,409,277
|
|
|
3,990,012
|
|
|
2,343,328
|
|
|||
|
|
|
|
|
|
||||||
(Decrease) increase in other items, net
|
(8,425
|
)
|
|
4,295
|
|
|
(441
|
)
|
|||
Net increase
|
$
|
831,170
|
|
|
$
|
1,629,468
|
|
|
$
|
398,367
|
|
|
Loans and Leases Delinquent For:
|
||||||||||||||||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
90 Days and Over
|
||||||||||||||||||||||||
|
Number
|
|
Amount
|
|
Percent
of
Category
|
|
Number
|
|
Amount
|
|
Percent
of
Category
|
|
Number
|
|
Amount
|
|
Percent
of
Category
|
||||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans held for sale
|
412
|
|
|
$
|
1,122
|
|
|
12.3
|
%
|
|
286
|
|
|
$
|
755
|
|
|
10.4
|
%
|
|
339
|
|
|
$
|
964
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial finance
|
299
|
|
|
$
|
5,404
|
|
|
59.0
|
%
|
|
195
|
|
|
$
|
4,925
|
|
|
68.0
|
%
|
|
595
|
|
|
$
|
19,896
|
|
|
81.5
|
%
|
Consumer finance
|
46
|
|
|
1,559
|
|
|
17.0
|
%
|
|
37
|
|
|
1,562
|
|
|
21.6
|
%
|
|
24
|
|
|
1,317
|
|
|
5.4
|
%
|
|||
Tax services (1)
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
2,240
|
|
|
9.2
|
%
|
|||
Total National Lending
|
345
|
|
|
6,963
|
|
|
76.0
|
%
|
|
232
|
|
|
6,487
|
|
|
89.6
|
%
|
|
619
|
|
|
23,453
|
|
|
96.0
|
%
|
|||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate and operating
|
1
|
|
|
565
|
|
|
6.2
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Consumer one-to-four family real estate and other
|
4
|
|
|
458
|
|
|
5.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
9
|
|
|
—
|
%
|
|||
Agricultural real estate and operating
|
1
|
|
|
49
|
|
|
0.5
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Total Community Banking
|
2
|
|
|
1,072
|
|
|
11.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
9
|
|
|
—
|
%
|
|||
Total loans and leases held for investment
|
347
|
|
|
$
|
8,035
|
|
|
87.7
|
%
|
|
232
|
|
|
$
|
6,487
|
|
|
89.6
|
%
|
|
620
|
|
|
$
|
23,462
|
|
|
96.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
759
|
|
|
$
|
9,157
|
|
|
100.0
|
%
|
|
518
|
|
|
$
|
7,242
|
|
|
100.0
|
%
|
|
959
|
|
|
$
|
24,426
|
|
|
100.0
|
%
|
|
At September 30,
|
||||||||||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Non-performing loans and leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accruing loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial finance
|
$
|
14,378
|
|
|
$
|
2,864
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total National Lending
|
14,378
|
|
|
2,864
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate and operating
|
—
|
|
|
—
|
|
|
685
|
|
|
—
|
|
|
904
|
|
|||||
Consumer one-to-four family real estate and other
|
44
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
24
|
|
|||||
Agricultural real estate and operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,132
|
|
|||||
Total Community Banking
|
44
|
|
|
—
|
|
|
685
|
|
|
83
|
|
|
6,060
|
|
|||||
Total
|
14,422
|
|
|
2,864
|
|
|
685
|
|
|
83
|
|
|
6,060
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans and leases delinquent 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Held for sale loans
|
964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial finance
|
7,578
|
|
|
3,801
|
|
|
1,205
|
|
|
965
|
|
|
1,728
|
|
|||||
Consumer finance
|
1,317
|
|
|
2,384
|
|
|
1,387
|
|
|
—
|
|
|
—
|
|
|||||
Tax services(1)
|
2,240
|
|
|
1,073
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total National Lending
|
11,135
|
|
|
7,258
|
|
|
2,592
|
|
|
965
|
|
|
1,728
|
|
|||||
Consumer one-to-four family real estate and other
|
—
|
|
|
79
|
|
|
19
|
|
|
53
|
|
|
13
|
|
|||||
Agricultural real estate and operating
|
—
|
|
|
—
|
|
|
34,295
|
|
|
—
|
|
|
—
|
|
|||||
Total Community Banking
|
—
|
|
|
79
|
|
|
34,314
|
|
|
53
|
|
|
13
|
|
|||||
Total
|
12,099
|
|
|
7,337
|
|
|
36,906
|
|
|
1,018
|
|
|
1,741
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total non-performing loans and leases
|
26,521
|
|
|
10,201
|
|
|
37,591
|
|
|
1,101
|
|
|
7,801
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing operating leases
|
457
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed and repossessed assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial finance
|
1,372
|
|
|
1,626
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate and operating
|
—
|
|
|
—
|
|
|
62
|
|
|
76
|
|
|
—
|
|
|||||
Consumer one-to-four family real estate and other
|
—
|
|
|
90
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|||||
Agricultural real estate and operating
|
28,122
|
|
|
29,992
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
29,494
|
|
|
31,638
|
|
|
292
|
|
|
76
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total other assets
|
29,951
|
|
|
31,638
|
|
|
292
|
|
|
76
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total non-performing assets
|
$
|
56,472
|
|
|
$
|
41,839
|
|
|
$
|
37,883
|
|
|
$
|
1,177
|
|
|
$
|
7,801
|
|
Total as a percentage of total assets
|
0.91
|
%
|
|
0.72
|
%
|
|
0.72
|
%
|
|
0.03
|
%
|
|
0.31
|
%
|
|
September 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of period
|
$
|
13,040
|
|
|
$
|
7,534
|
|
|
$
|
5,635
|
|
|
$
|
6,255
|
|
|
$
|
5,397
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial finance
|
(11,373
|
)
|
|
(2,643
|
)
|
|
(626
|
)
|
|
(726
|
)
|
|
(285
|
)
|
|||||
Consumer finance
|
(6,346
|
)
|
|
(1,443
|
)
|
|
—
|
|
|
(728
|
)
|
|
—
|
|
|||||
Tax services
|
(25,095
|
)
|
|
(21,802
|
)
|
|
(7,841
|
)
|
|
(249
|
)
|
|
—
|
|
|||||
Total National Lending charge-offs
|
(42,814
|
)
|
|
(25,888
|
)
|
|
(8,467
|
)
|
|
(1,703
|
)
|
|
(285
|
)
|
|||||
Commercial real estate and operating
|
—
|
|
|
—
|
|
|
(528
|
)
|
|
(385
|
)
|
|
(214
|
)
|
|||||
Consumer one-to-four family real estate and other
|
(40
|
)
|
|
(76
|
)
|
|
(2
|
)
|
|
(32
|
)
|
|
(45
|
)
|
|||||
Agricultural real estate and operating
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,252
|
)
|
|
(186
|
)
|
|||||
Total Community Banking charge-offs
|
(40
|
)
|
|
(76
|
)
|
|
(530
|
)
|
|
(3,669
|
)
|
|
(445
|
)
|
|||||
Total charge-offs
|
(42,854
|
)
|
|
(25,964
|
)
|
|
(8,997
|
)
|
|
(5,372
|
)
|
|
(730
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial finance
|
2,760
|
|
|
1,169
|
|
|
61
|
|
|
107
|
|
|
114
|
|
|||||
Consumer finance
|
81
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|||||
Tax services
|
222
|
|
|
453
|
|
|
229
|
|
|
—
|
|
|
—
|
|
|||||
Total National Lending recoveries
|
3,063
|
|
|
1,622
|
|
|
290
|
|
|
118
|
|
|
114
|
|
|||||
Commercial real estate and operating
|
—
|
|
|
—
|
|
|
5
|
|
|
27
|
|
|
9
|
|
|||||
Consumer one-to-four family real estate and other
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Agricultural real estate and operating
|
250
|
|
|
411
|
|
|
12
|
|
|
2
|
|
|
—
|
|
|||||
Total Community Banking recoveries
|
250
|
|
|
414
|
|
|
17
|
|
|
29
|
|
|
9
|
|
|||||
Total recoveries
|
3,313
|
|
|
2,037
|
|
|
307
|
|
|
147
|
|
|
123
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (charge-offs) recoveries
|
(39,541
|
)
|
|
(23,927
|
)
|
|
(8,690
|
)
|
|
(5,225
|
)
|
|
(607
|
)
|
|||||
Provision charged to expense
|
55,650
|
|
|
29,433
|
|
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|||||
Balance at end of period
|
$
|
29,149
|
|
|
$
|
13,040
|
|
|
$
|
7,534
|
|
|
$
|
5,635
|
|
|
$
|
6,255
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of net charge-offs during the period to
average loans and leases outstanding during the period
|
1.12
|
%
|
|
1.31
|
%
|
|
0.73
|
%
|
|
0.64
|
%
|
|
0.10
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of net charge-offs during the period to
average loans and leases outstanding during the period - Excluding tax services loans and tax service net charge-offs
|
0.43
|
%
|
|
0.15
|
%
|
|
0.09
|
%
|
|
0.62
|
%
|
|
0.10
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of net charge-offs during the period to
non-performing assets at fiscal year end
|
70.02
|
%
|
|
57.19
|
%
|
|
22.94
|
%
|
|
443.84
|
%
|
|
7.78
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance to total loans and leases
|
0.80
|
%
|
|
0.44
|
%
|
|
0.57
|
%
|
|
0.61
|
%
|
|
0.88
|
%
|
|
At September 30,
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent of
Loans and Leases in
Each
Category
of Total
Loans and Leases
|
|
Amount
|
|
Percent of
Loans and Leases in
Each
Category
of Total
Loans and Leases
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial finance
|
$
|
14,596
|
|
|
52.5
|
%
|
|
$
|
1,302
|
|
|
51.3
|
%
|
|
$
|
800
|
|
|
19.2
|
%
|
|
$
|
588
|
|
|
18.8
|
%
|
|
$
|
293
|
|
|
14.9
|
%
|
Consumer finance
|
6,162
|
|
|
7.3
|
%
|
|
3,605
|
|
|
11.2
|
%
|
|
—
|
|
|
10.6
|
%
|
|
—
|
|
|
1.5
|
%
|
|
—
|
|
|
1.9
|
%
|
|||||
Tax services
|
—
|
|
|
0.1
|
%
|
|
—
|
|
|
—
|
%
|
|
5
|
|
|
—
|
%
|
|
5
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Warehouse finance
|
263
|
|
|
7.2
|
%
|
|
65
|
|
|
0.2
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Total National Lending
|
21,021
|
|
|
67.1
|
%
|
|
4,972
|
|
|
62.7
|
%
|
|
805
|
|
|
29.8
|
%
|
|
593
|
|
|
20.4
|
%
|
|
293
|
|
|
16.8
|
%
|
|||||
Commercial real estate and operating
|
6,208
|
|
|
24.2
|
%
|
|
6,220
|
|
|
26.8
|
%
|
|
2,820
|
|
|
46.4
|
%
|
|
2,310
|
|
|
48.8
|
%
|
|
1,215
|
|
|
47.7
|
%
|
|||||
Consumer one-to-four family real estate
|
1,053
|
|
|
7.1
|
%
|
|
632
|
|
|
8.5
|
%
|
|
809
|
|
|
16.5
|
%
|
|
705
|
|
|
20.0
|
%
|
|
298
|
|
|
20.3
|
%
|
|||||
Agricultural real estate and operating
|
867
|
|
|
1.6
|
%
|
|
1,216
|
|
|
2.0
|
%
|
|
2,574
|
|
|
7.2
|
%
|
|
1,474
|
|
|
10.9
|
%
|
|
3,700
|
|
|
15.1
|
%
|
|||||
Total Community Lending
|
8,128
|
|
|
32.9
|
%
|
|
8,068
|
|
|
37.3
|
%
|
|
6,203
|
|
|
70.2
|
%
|
|
4,489
|
|
|
79.6
|
%
|
|
5,213
|
|
|
83.2
|
%
|
|||||
Unallocated
|
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
527
|
|
|
—
|
%
|
|
553
|
|
|
—
|
%
|
|
749
|
|
|
—
|
%
|
|||||
Total
|
$
|
29,149
|
|
|
100.0
|
%
|
|
$
|
13,040
|
|
|
100.0
|
%
|
|
$
|
7,534
|
|
|
100.0
|
%
|
|
$
|
5,635
|
|
|
100.0
|
%
|
|
$
|
6,255
|
|
|
100.0
|
%
|
|
At September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Investment Securities Available for Sale ("AFS")
|
|
|
|
|
|
||||||
Asset backed securities
|
$
|
302,534
|
|
|
$
|
313,028
|
|
|
$
|
96,832
|
|
Small business administration securities
|
185,982
|
|
|
44,337
|
|
|
57,871
|
|
|||
Obligations of states and political subdivisions
|
874
|
|
|
16,910
|
|
|
—
|
|
|||
Non-bank qualified obligations of states and political subdivisions
|
400,557
|
|
|
1,109,885
|
|
|
950,829
|
|
|||
Subtotal investment debt securities AFS
|
889,947
|
|
|
1,484,160
|
|
|
1,105,532
|
|
|||
Common equities and mutual funds(1)
|
2,606
|
|
|
3,800
|
|
|
1,445
|
|
|||
|
|
|
|
|
|
||||||
Investment Securities Held to Maturity ("HTM")
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
19,247
|
|
|||
Non-bank qualified obligations of states and political subdivisions(2)
|
127,582
|
|
|
164,304
|
|
|
430,593
|
|
|||
Subtotal investment debt securities HTM
|
127,582
|
|
|
164,304
|
|
|
449,840
|
|
|||
|
|
|
|
|
|
||||||
FHLB Stock
|
30,916
|
|
|
23,400
|
|
|
61,123
|
|
|||
|
|
|
|
|
|
||||||
Total Investment Securities and FHLB Stock
|
$
|
1,051,051
|
|
|
$
|
1,675,664
|
|
|
$
|
1,617,940
|
|
|
|
|
|
|
|
||||||
Other Interest-Earning Assets:
|
|
|
|
|
|
||||||
Interest bearing deposits in other financial institutions and federal funds sold(3)
|
$
|
11,261
|
|
|
$
|
4,248
|
|
|
$
|
1,227,308
|
|
|
September 30, 2019
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
(Dollars in Thousands)
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset backed securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
302,534
|
|
|
$
|
305,603
|
|
|
$
|
302,534
|
|
Small business administration securities
|
—
|
|
|
10,643
|
|
|
50,430
|
|
|
124,909
|
|
|
182,327
|
|
|
185,982
|
|
||||||
Obligations of states and political subdivisions
|
—
|
|
|
500
|
|
|
374
|
|
|
—
|
|
|
858
|
|
|
874
|
|
||||||
Non-bank qualified obligations of states and political subdivisions
|
—
|
|
|
6,000
|
|
|
1,036
|
|
|
393,521
|
|
|
396,430
|
|
|
400,557
|
|
||||||
Total Investment Securities AFS
|
$
|
—
|
|
|
$
|
17,143
|
|
|
$
|
51,840
|
|
|
$
|
820,964
|
|
|
$
|
885,218
|
|
|
$
|
889,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield (1)
|
—
|
%
|
|
2.00
|
%
|
|
2.20
|
%
|
|
1.92
|
%
|
|
3.01
|
%
|
|
1.94
|
%
|
|
September 30, 2019
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
(Dollars in Thousands)
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-bank qualified obligations of states and political subdivisions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
127,582
|
|
|
$
|
127,582
|
|
|
$
|
126,287
|
|
Total Investment Securities HTM
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
127,582
|
|
|
$
|
127,582
|
|
|
$
|
126,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield (1)
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.90
|
%
|
|
2.90
|
%
|
|
2.96
|
%
|
|
At September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Available for Sale
|
|
|
|
|
|
||||||
Farmer Mac
|
$
|
63,515
|
|
|
$
|
52,849
|
|
|
$
|
—
|
|
Freddie Mac
|
53,185
|
|
|
69,575
|
|
|
100,287
|
|
|||
Freddie Mac CML
|
15,712
|
|
|
—
|
|
|
—
|
|
|||
Fannie Mae
|
221,535
|
|
|
241,641
|
|
|
486,167
|
|
|||
Ginnie Mae
|
28,599
|
|
|
—
|
|
|
—
|
|
|||
Total AFS
|
$
|
382,546
|
|
|
$
|
364,065
|
|
|
$
|
586,454
|
|
|
At September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Held to Maturity
|
|
|
|
|
|
||||||
Farmer Mac
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
61,295
|
|
Fannie Mae
|
—
|
|
|
—
|
|
|
43,458
|
|
|||
Ginnie Mae
|
7,182
|
|
|
7,850
|
|
|
8,936
|
|
|||
Total HTM
|
$
|
7,182
|
|
|
$
|
7,850
|
|
|
$
|
113,689
|
|
|
September 30, 2019
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
(Dollars in Thousands)
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Farmer Mac
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,194
|
|
|
$
|
48,321
|
|
|
$
|
64,727
|
|
|
$
|
63,515
|
|
Freddie Mac
|
—
|
|
|
—
|
|
|
—
|
|
|
53,185
|
|
|
52,591
|
|
|
53,185
|
|
||||||
Freddie Mac CML
|
—
|
|
|
—
|
|
|
—
|
|
|
15,712
|
|
|
15,158
|
|
|
15,712
|
|
||||||
Fannie Mae
|
—
|
|
|
—
|
|
|
—
|
|
|
221,535
|
|
|
218,136
|
|
|
221,535
|
|
||||||
Ginnie Mae
|
—
|
|
|
—
|
|
|
—
|
|
|
28,599
|
|
|
28,058
|
|
|
28,599
|
|
||||||
Total Investment Securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,194
|
|
|
$
|
367,352
|
|
|
$
|
378,670
|
|
|
$
|
382,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield
|
—
|
%
|
|
—
|
%
|
|
2.06
|
%
|
|
2.75
|
%
|
|
3.02
|
%
|
|
2.72
|
%
|
|
September 30, 2019
|
||||||||||||||||||||||
|
1 Year or Less
|
|
After 1 Year Through 5 Years
|
|
After 5 Years Through 10 Years
|
|
After 10 Years
|
|
Total Investment Securities
|
||||||||||||||
(Dollars in Thousands)
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Carrying Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ginnie Mae
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,182
|
|
|
$
|
7,182
|
|
|
$
|
7,183
|
|
Total Investment Securities
|
—
|
|
|
—
|
|
|
—
|
|
|
7,182
|
|
|
7,182
|
|
|
7,183
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted Average Yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.28
|
%
|
|
2.28
|
%
|
|
2.27
|
%
|
|
September 30,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Opening balance
|
$
|
4,430,987
|
|
|
$
|
3,223,424
|
|
|
$
|
2,430,082
|
|
Acquired
|
—
|
|
|
1,120,666
|
|
|
—
|
|
|||
Deposits
|
494,050,148
|
|
|
418,034,951
|
|
|
418,732,743
|
|
|||
Withdrawals
|
(494,173,233
|
)
|
|
(417,955,022
|
)
|
|
(417,941,472
|
)
|
|||
Interest credited
|
29,103
|
|
|
6,968
|
|
|
2,071
|
|
|||
Ending Balance
|
$
|
4,337,005
|
|
|
$
|
4,430,987
|
|
|
$
|
3,223,424
|
|
|
|
|
|
|
|
||||||
Net (decrease) increase
|
$
|
(93,982
|
)
|
|
$
|
1,207,563
|
|
|
$
|
793,342
|
|
|
|
|
|
|
|
||||||
Percent (decrease) increase
|
(2.12
|
)%
|
|
37.46
|
%
|
|
32.65
|
%
|
|
September 30,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
(Dollars in Thousands)
|
Amount
|
|
Percent of
Total
|
|
Amount
|
|
Percent of
Total
|
|
Amount
|
|
Percent of
Total
|
|||||||||
Transactions and Savings Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-interest bearing checking
|
$
|
2,358,010
|
|
|
54.4
|
%
|
|
$
|
2,405,274
|
|
|
54.3
|
%
|
|
$
|
2,454,057
|
|
|
76.1
|
%
|
Interest bearing checking
|
185,768
|
|
|
4.3
|
%
|
|
111,587
|
|
|
2.5
|
%
|
|
67,294
|
|
|
2.1
|
%
|
|||
Savings deposits
|
49,773
|
|
|
1.1
|
%
|
|
54,765
|
|
|
1.2
|
%
|
|
53,505
|
|
|
1.7
|
%
|
|||
Money market deposits
|
76,911
|
|
|
1.8
|
%
|
|
51,995
|
|
|
1.2
|
%
|
|
48,758
|
|
|
1.5
|
%
|
|||
Wholesale deposits
|
250,053
|
|
|
5.7
|
%
|
|
94,384
|
|
|
2.1
|
%
|
|
18,245
|
|
|
0.6
|
%
|
|||
Total transactions and savings deposits
|
2,920,515
|
|
|
67.3
|
%
|
|
2,718,005
|
|
|
61.3
|
%
|
|
2,641,859
|
|
|
82.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Time Certificates of Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Variable
|
81
|
|
|
—
|
%
|
|
109
|
|
|
—
|
%
|
|
103
|
|
|
—
|
%
|
|||
0.00 - 0.99%
|
7,655
|
|
|
0.2
|
%
|
|
85,895
|
|
|
2.0
|
%
|
|
58,745
|
|
|
1.8
|
%
|
|||
1.00 - 1.99%
|
181,077
|
|
|
4.2
|
%
|
|
718,447
|
|
|
16.2
|
%
|
|
522,393
|
|
|
16.2
|
%
|
|||
2.00 - 2.99%
|
1,223,084
|
|
|
28.2
|
%
|
|
907,989
|
|
|
20.5
|
%
|
|
324
|
|
|
—
|
%
|
|||
3.00 - 3.99%
|
4,593
|
|
|
0.1
|
%
|
|
542
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Total time certificates of deposits(1)
|
1,416,490
|
|
|
32.7
|
%
|
|
1,712,982
|
|
|
38.7
|
%
|
|
581,565
|
|
|
18.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total deposits
|
$
|
4,337,005
|
|
|
100.0
|
%
|
|
$
|
4,430,987
|
|
|
100.0
|
%
|
|
$
|
3,223,424
|
|
|
100.0
|
%
|
(Dollars in Thousands)
|
Variable
|
|
0.00- 0.99%
|
|
1.00 - 1.99%
|
|
2.00 - 2.99%
|
|
3.00 - 3.99%
|
|
Total
|
|
Percent of
Total
|
|||||||||||||
Certificate accounts maturing in quarter ending:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 2019
|
$
|
19
|
|
|
$
|
3,281
|
|
|
$
|
55,867
|
|
|
$
|
462,855
|
|
|
$
|
151
|
|
|
$
|
522,173
|
|
|
36.9
|
%
|
March 31, 2020
|
38
|
|
|
736
|
|
|
51,647
|
|
|
393,314
|
|
|
250
|
|
|
445,985
|
|
|
31.5
|
%
|
||||||
June 30, 2020
|
9
|
|
|
1,984
|
|
|
35,399
|
|
|
94,527
|
|
|
489
|
|
|
132,408
|
|
|
9.4
|
%
|
||||||
September 30, 2020
|
7
|
|
|
709
|
|
|
20,822
|
|
|
166,753
|
|
|
209
|
|
|
188,500
|
|
|
13.3
|
%
|
||||||
December 31, 2020
|
1
|
|
|
326
|
|
|
3,658
|
|
|
24,878
|
|
|
—
|
|
|
28,863
|
|
|
2.0
|
%
|
||||||
March 31, 2021
|
7
|
|
|
262
|
|
|
1,091
|
|
|
25,273
|
|
|
—
|
|
|
26,633
|
|
|
1.9
|
%
|
||||||
June 30, 2021
|
—
|
|
|
80
|
|
|
4,443
|
|
|
49,475
|
|
|
289
|
|
|
54,287
|
|
|
3.8
|
%
|
||||||
September 30, 2021
|
—
|
|
|
158
|
|
|
2,596
|
|
|
1,445
|
|
|
70
|
|
|
4,269
|
|
|
0.3
|
%
|
||||||
December 31, 2021
|
—
|
|
|
115
|
|
|
827
|
|
|
891
|
|
|
—
|
|
|
1,833
|
|
|
0.1
|
%
|
||||||
March 31, 2022
|
—
|
|
|
2
|
|
|
211
|
|
|
823
|
|
|
1,178
|
|
|
2,214
|
|
|
0.2
|
%
|
||||||
June 30, 2022
|
—
|
|
|
2
|
|
|
3,038
|
|
|
903
|
|
|
1,845
|
|
|
5,788
|
|
|
0.4
|
%
|
||||||
September 30, 2022
|
—
|
|
|
—
|
|
|
890
|
|
|
995
|
|
|
—
|
|
|
1,885
|
|
|
0.1
|
%
|
||||||
Thereafter
|
—
|
|
|
—
|
|
|
588
|
|
|
952
|
|
|
112
|
|
|
1,652
|
|
|
0.1
|
%
|
||||||
Total
|
$
|
81
|
|
|
$
|
7,655
|
|
|
$
|
181,077
|
|
|
$
|
1,223,084
|
|
|
$
|
4,593
|
|
|
$
|
1,416,490
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Percent of total
|
—
|
%
|
|
0.5
|
%
|
|
12.8
|
%
|
|
86.4
|
%
|
|
0.3
|
%
|
|
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
|
$
|
511,417
|
|
|
$
|
434,689
|
|
|
$
|
299,958
|
|
|
$
|
118,996
|
|
|
$
|
1,365,060
|
|
Certificates of deposit of $250,000 or more
|
10,756
|
|
|
11,297
|
|
|
20,951
|
|
|
8,426
|
|
|
51,430
|
|
|||||
Total certificates of deposit
|
$
|
522,173
|
|
|
$
|
445,986
|
|
|
$
|
320,909
|
|
|
$
|
127,422
|
|
|
$
|
1,416,490
|
|
|
Fiscal Year Ended September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Maximum Balance:
|
|
|
|
|
|
||||||
FHLB advances
|
$
|
110,000
|
|
|
$
|
620,000
|
|
|
$
|
415,000
|
|
Repurchase agreements
|
4,306
|
|
|
3,740
|
|
|
3,782
|
|
|||
Trust preferred securities
|
13,661
|
|
|
13,919
|
|
|
10,310
|
|
|||
Subordinated debentures
|
73,644
|
|
|
73,491
|
|
|
73,347
|
|
|||
Overnight fed funds purchased
|
1,085,000
|
|
|
1,178,000
|
|
|
1,007,000
|
|
|||
Other borrowings
|
24,400
|
|
|
1,932
|
|
|
2,012
|
|
|||
|
|
|
|
|
|
||||||
Average Balance:
|
|
|
|
|
|
|
|
|
|||
FHLB advances
|
$
|
42,712
|
|
|
$
|
68,356
|
|
|
$
|
52,956
|
|
Repurchase agreements
|
3,542
|
|
|
2,557
|
|
|
2,225
|
|
|||
Trust preferred securities
|
13,661
|
|
|
10,906
|
|
|
10,310
|
|
|||
Subordinated debentures
|
73,562
|
|
|
73,412
|
|
|
73,273
|
|
|||
Overnight fed funds purchased
|
305,490
|
|
|
339,430
|
|
|
260,803
|
|
|||
Other Borrowings
|
21,606
|
|
|
1,907
|
|
|
1,979
|
|
|
September 30,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
FHLB advances
|
$
|
110,000
|
|
|
$
|
—
|
|
|
$
|
415,000
|
|
Repurchase agreements
|
4,019
|
|
|
3,694
|
|
|
2,472
|
|
|||
Trust preferred securities
|
13,661
|
|
|
13,661
|
|
|
10,310
|
|
|||
Subordinated debentures
|
73,644
|
|
|
73,491
|
|
|
73,347
|
|
|||
Overnight fed funds purchased
|
642,000
|
|
|
422,000
|
|
|
987,000
|
|
|||
Other borrowings
|
18,533
|
|
|
1,876
|
|
|
1,938
|
|
|||
Total borrowings
|
$
|
861,857
|
|
|
$
|
514,722
|
|
|
$
|
1,490,067
|
|
|
|
|
|
|
|
||||||
Weighted average interest rate of FHLB advances
|
2.41
|
%
|
|
—
|
%
|
|
1.27
|
%
|
|||
Weighted average interest rate of repurchase agreements
|
2.83
|
%
|
|
2.05
|
%
|
|
0.98
|
%
|
|||
Weighted average interest rate of trust preferred securities
|
5.63
|
%
|
|
6.35
|
%
|
|
5.26
|
%
|
|||
Weighted average interest rate of subordinated debentures
|
5.75
|
%
|
|
5.75
|
%
|
|
5.75
|
%
|
|||
Weighted average interest rate of overnight fed funds purchased
|
2.05
|
%
|
|
2.39
|
%
|
|
1.33
|
%
|
•
|
the market price for new equipment that is similar;
|
•
|
the age and condition of the leased equipment at the time it is sold;
|
•
|
the supply of and demand for similar used equipment on the market;
|
•
|
technological advances relating to the leased equipment or similar equipment; and
|
•
|
economic conditions in the specific business or industry in which the equipment is used, as well as broader regional or national economic conditions.
|
•
|
increased capital needs;
|
•
|
increased and new regulatory and compliance requirements, including, for example, non-banking regulatory and compliance requirements in jurisdictions where we did not previously operate;
|
•
|
implementation or remediation of controls, procedures and policies with respect to the acquired business;
|
•
|
diversion of management time and focus from operation of our then-existing business to acquisition-integration efforts;
|
•
|
coordination of product, sales, marketing and program and systems management functions;
|
•
|
transition of the acquired business's users and customers onto our systems;
|
•
|
retention and integration of employees from the acquired business into our organization;
|
•
|
integration of the acquired business's accounting, information management, human resources and other administrative systems and operations with ours;
|
•
|
potential liability for activities of the acquired business 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 business, including claims brought by regulators, terminated employees, customers, former stockholders or other third parties; and
|
•
|
potential goodwill impairment.
|
•
|
announcements of developments related to our business;
|
•
|
the initiation, pendency or outcome of litigation, regulatory reviews, inquiries and investigations, and any related adverse publicity;
|
•
|
fluctuations in our results of operations;
|
•
|
sales of substantial amounts of our securities into the marketplace;
|
•
|
general conditions in the banking industry 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
|
•
|
announcement of new acquisitions, dispositions or other projects.
|
Period
|
Total Number of Shares Repurchased(1)
|
|
Average Price Paid per Share(1)(2)
|
|
Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that may yet be Repurchased Under the Program (3)
|
|||||
July 1 to 31
|
610
|
|
|
$
|
27.61
|
|
|
—
|
|
|
425,266
|
|
August 1 to 31
|
9,262
|
|
|
30.52
|
|
|
—
|
|
|
425,266
|
|
|
September 1 to 30
|
110,121
|
|
|
32.88
|
|
|
106,038
|
|
|
319,228
|
|
|
Total
|
119,993
|
|
|
|
|
106,038
|
|
|
|
|
Fiscal Year Ended September 30,
|
||||||||||||||||||||||
Index
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||||
Meta Financial Group, Inc.
|
$
|
100.00
|
|
|
$
|
120.08
|
|
|
$
|
176.09
|
|
|
$
|
229.24
|
|
|
$
|
242.99
|
|
|
$
|
290.02
|
|
NASDAQ Composite Index
|
100.00
|
|
|
104.00
|
|
|
121.08
|
|
|
149.75
|
|
|
187.44
|
|
|
188.43
|
|
||||||
NASDAQ ABA Community Bank Index
|
100.00
|
|
|
115.34
|
|
|
127.39
|
|
|
165.63
|
|
|
171.18
|
|
|
157.59
|
|
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SELECTED FINANCIAL CONDITION DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
6,182,890
|
|
|
$
|
5,835,067
|
|
|
$
|
5,228,332
|
|
|
$
|
4,006,419
|
|
|
$
|
2,529,705
|
|
Loans and leases receivable, net
|
3,629,698
|
|
|
2,931,699
|
|
|
1,317,837
|
|
|
919,470
|
|
|
706,255
|
|
|||||
Securities available for sale
|
1,272,493
|
|
|
1,848,225
|
|
|
1,691,987
|
|
|
1,468,124
|
|
|
1,255,173
|
|
|||||
Securities held to maturity
|
134,764
|
|
|
171,743
|
|
|
563,220
|
|
|
619,542
|
|
|
345,434
|
|
|||||
Goodwill and intangible assets
|
362,315
|
|
|
373,989
|
|
|
150,901
|
|
|
65,849
|
|
|
70,505
|
|
|||||
Deposits
|
4,337,005
|
|
|
4,430,987
|
|
|
3,223,424
|
|
|
2,430,082
|
|
|
1,657,534
|
|
|||||
Total borrowings
|
861,857
|
|
|
514,722
|
|
|
1,490,067
|
|
|
1,187,578
|
|
|
561,317
|
|
|||||
Stockholders' equity
|
843,958
|
|
|
747,726
|
|
|
434,496
|
|
|
334,975
|
|
|
271,335
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SELECTED OPERATIONS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Dollars in Thousands, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total interest income
|
$
|
325,729
|
|
|
$
|
158,534
|
|
|
$
|
108,103
|
|
|
$
|
81,396
|
|
|
$
|
61,607
|
|
Total interest expense
|
61,522
|
|
|
27,985
|
|
|
14,873
|
|
|
4,091
|
|
|
2,387
|
|
|||||
Net interest income
|
264,207
|
|
|
130,549
|
|
|
93,230
|
|
|
77,305
|
|
|
59,220
|
|
|||||
Provision for loan and lease losses
|
55,650
|
|
|
29,432
|
|
|
10,589
|
|
|
4,605
|
|
|
1,465
|
|
|||||
Net interest income after provision for loan and lease losses
|
208,557
|
|
|
101,117
|
|
|
82,641
|
|
|
72,700
|
|
|
57,755
|
|
|||||
Total noninterest income
|
222,545
|
|
|
184,525
|
|
|
172,172
|
|
|
100,770
|
|
|
58,174
|
|
|||||
Total noninterest expense
|
333,160
|
|
|
228,232
|
|
|
199,663
|
|
|
134,648
|
|
|
96,506
|
|
|||||
Income before income tax expense
|
97,942
|
|
|
57,410
|
|
|
55,150
|
|
|
38,822
|
|
|
19,423
|
|
|||||
Income tax expense
|
(3,374
|
)
|
|
5,117
|
|
|
10,233
|
|
|
5,602
|
|
|
1,368
|
|
|||||
Net income before noncontrolling interest
|
101,316
|
|
|
52,293
|
|
|
44,917
|
|
|
33,220
|
|
|
18,055
|
|
|||||
Net income attributable to noncontrolling interest
|
4,312
|
|
|
673
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income attributable to parent
|
$
|
97,004
|
|
|
$
|
51,620
|
|
|
$
|
44,917
|
|
|
$
|
33,220
|
|
|
$
|
18,055
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
2.49
|
|
|
$
|
1.68
|
|
|
$
|
1.62
|
|
|
$
|
1.31
|
|
|
$
|
0.89
|
|
Diluted
|
$
|
2.49
|
|
|
$
|
1.67
|
|
|
$
|
1.61
|
|
|
$
|
1.30
|
|
|
$
|
0.89
|
|
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.55
|
%
|
|
1.12
|
%
|
|
1.13
|
%
|
|
1.10
|
%
|
|
0.78
|
%
|
|||||
Return on average equity
|
12.10
|
%
|
|
10.44
|
%
|
|
11.20
|
%
|
|
10.80
|
%
|
|
8.83
|
%
|
|||||
Net interest margin, tax equivalent
|
5.02
|
%
|
|
3.41
|
%
|
|
3.05
|
%
|
|
3.19
|
%
|
|
3.03
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets to total assets
|
0.91
|
%
|
|
0.72
|
%
|
|
0.72
|
%
|
|
0.03
|
%
|
|
0.31
|
%
|
|||||
Allowance for loan and lease losses to total loans and leases
|
0.80
|
%
|
|
0.44
|
%
|
|
0.57
|
%
|
|
0.61
|
%
|
|
0.88
|
%
|
|||||
Allowance for loan and lease losses to held for investment non-performing loans and leases
|
114
|
%
|
|
128
|
%
|
|
20
|
%
|
|
479
|
%
|
|
80
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders' equity to total assets
|
13.65
|
%
|
|
12.81
|
%
|
|
8.31
|
%
|
|
8.36
|
%
|
|
10.73
|
%
|
|||||
Average stockholders' equity to average assets
|
12.82
|
%
|
|
10.72
|
%
|
|
10.07
|
%
|
|
10.19
|
%
|
|
8.81
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
OTHER DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Book value per common share outstanding at end of year
|
$
|
22.32
|
|
|
$
|
19.09
|
|
|
$
|
15.05
|
|
|
$
|
13.10
|
|
|
$
|
11.08
|
|
Tangible book value per common share outstanding at end of year
|
12.74
|
|
|
9.54
|
|
|
9.82
|
|
|
10.52
|
|
|
8.20
|
|
|||||
Dividends declared per share at end of year
|
0.20
|
|
|
0.18
|
|
|
0.17
|
|
|
0.17
|
|
|
0.17
|
|
|||||
Number of full-service branch offices at end of year
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding
|
37,807,064
|
|
|
39,167,280
|
|
|
28,867,785
|
|
|
25,570,923
|
|
|
24,489,066
|
|
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
(Dollars in Thousands)
|
Average
Outstanding
Balance
|
|
Interest
Earned /
Paid
|
|
Yield /
Rate (1)
|
|
Average
Outstanding
Balance
|
|
Interest
Earned /
Paid
|
|
Yield /
Rate (1)
|
|
Average
Outstanding
Balance
|
|
Interest
Earned /
Paid
|
|
Yield /
Rate (1)
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash & fed funds sold
|
$
|
128,507
|
|
|
$
|
3,494
|
|
|
2.72
|
%
|
|
$
|
87,536
|
|
|
$
|
2,249
|
|
|
2.57
|
%
|
|
$
|
150,338
|
|
|
$
|
1,382
|
|
|
0.92
|
%
|
Mortgage-backed securities
|
393,322
|
|
|
11,390
|
|
|
2.90
|
%
|
|
618,985
|
|
|
15,479
|
|
|
2.50
|
%
|
|
747,027
|
|
|
16,571
|
|
|
2.22
|
%
|
||||||
Tax exempt investment securities
|
852,381
|
|
|
20,742
|
|
|
3.08
|
%
|
|
1,381,838
|
|
|
34,402
|
|
|
3.30
|
%
|
|
1,303,830
|
|
|
31,930
|
|
|
3.77
|
%
|
||||||
Asset-backed securities
|
299,777
|
|
|
10,705
|
|
|
3.57
|
%
|
|
167,477
|
|
|
5,773
|
|
|
3.45
|
%
|
|
115,716
|
|
|
2,999
|
|
|
2.59
|
%
|
||||||
Other investment securities
|
164,451
|
|
|
4,870
|
|
|
2.96
|
%
|
|
74,491
|
|
|
2,156
|
|
|
2.89
|
%
|
|
114,698
|
|
|
3,104
|
|
|
2.71
|
%
|
||||||
Total investments
|
1,709,931
|
|
|
47,707
|
|
|
3.11
|
%
|
|
2,242,791
|
|
|
57,810
|
|
|
3.08
|
%
|
|
2,281,271
|
|
|
54,604
|
|
|
3.15
|
%
|
||||||
Total commercial finance
|
1,717,869
|
|
|
169,941
|
|
|
9.89
|
%
|
|
474,766
|
|
|
36,726
|
|
|
7.74
|
%
|
|
216,478
|
|
|
10,199
|
|
|
4.71
|
%
|
||||||
Total consumer finance
|
341,176
|
|
|
29,965
|
|
|
8.78
|
%
|
|
216,128
|
|
|
15,086
|
|
|
6.98
|
%
|
|
100,815
|
|
|
6,704
|
|
|
6.65
|
%
|
||||||
Total tax services
|
110,503
|
|
|
8,193
|
|
|
7.41
|
%
|
|
112,583
|
|
|
819
|
|
|
0.73
|
%
|
|
49,026
|
|
|
11
|
|
|
0.02
|
%
|
||||||
Total warehouse finance
|
188,483
|
|
|
11,826
|
|
|
6.27
|
%
|
|
14,425
|
|
|
879
|
|
|
6.09
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
National Lending loans and leases
|
2,358,031
|
|
|
219,925
|
|
|
9.33
|
%
|
|
817,902
|
|
|
53,510
|
|
|
6.54
|
%
|
|
366,319
|
|
|
16,914
|
|
|
4.62
|
%
|
||||||
Community Banking loans
|
1,180,594
|
|
|
54,603
|
|
|
4.63
|
%
|
|
1,009,255
|
|
|
44,965
|
|
|
4.46
|
%
|
|
820,980
|
|
|
35,203
|
|
|
4.29
|
%
|
||||||
Total loans and leases
|
3,538,625
|
|
|
274,528
|
|
|
7.76
|
%
|
|
1,827,157
|
|
|
98,475
|
|
|
5.39
|
%
|
|
1,187,299
|
|
|
52,117
|
|
|
4.39
|
%
|
||||||
Total interest-earning assets
|
5,377,063
|
|
|
$
|
325,729
|
|
|
6.16
|
%
|
|
4,157,484
|
|
|
$
|
158,534
|
|
|
4.08
|
%
|
|
3,618,909
|
|
|
$
|
108,103
|
|
|
3.46
|
%
|
|||
Non-interest-earning assets
|
875,124
|
|
|
|
|
|
|
454,688
|
|
|
|
|
|
|
363,392
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
6,252,187
|
|
|
|
|
|
|
$
|
4,612,172
|
|
|
|
|
|
|
$
|
3,982,301
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing checking
|
$
|
136,069
|
|
|
$
|
356
|
|
|
0.26
|
%
|
|
$
|
90,199
|
|
|
$
|
211
|
|
|
0.23
|
%
|
|
$
|
42,231
|
|
|
$
|
172
|
|
|
0.41
|
%
|
Savings
|
53,434
|
|
|
38
|
|
|
0.07
|
%
|
|
56,834
|
|
|
37
|
|
|
0.07
|
%
|
|
55,484
|
|
|
31
|
|
|
0.06
|
%
|
||||||
Money markets
|
60,719
|
|
|
419
|
|
|
0.69
|
%
|
|
48,320
|
|
|
123
|
|
|
0.25
|
%
|
|
46,466
|
|
|
87
|
|
|
0.19
|
%
|
||||||
Time deposits
|
149,220
|
|
|
2,830
|
|
|
1.90
|
%
|
|
130,944
|
|
|
1,803
|
|
|
1.38
|
%
|
|
103,115
|
|
|
830
|
|
|
0.80
|
%
|
||||||
Wholesale deposits
|
1,772,092
|
|
|
43,005
|
|
|
2.43
|
%
|
|
738,796
|
|
|
12,989
|
|
|
1.76
|
%
|
|
558,855
|
|
|
4,931
|
|
|
0.88
|
%
|
||||||
Total interest-bearing deposits
|
2,171,534
|
|
|
46,648
|
|
|
2.15
|
%
|
|
1,065,093
|
|
|
15,163
|
|
|
1.42
|
%
|
|
806,151
|
|
|
6,051
|
|
|
0.75
|
%
|
||||||
Overnight fed funds purchased
|
300,203
|
|
|
7,484
|
|
|
2.49
|
%
|
|
326,786
|
|
|
6,294
|
|
|
1.93
|
%
|
|
259,378
|
|
|
2,649
|
|
|
1.02
|
%
|
||||||
FHLB advances
|
42,712
|
|
|
1,037
|
|
|
2.43
|
%
|
|
68,356
|
|
|
947
|
|
|
1.39
|
%
|
|
52,956
|
|
|
1,045
|
|
|
1.97
|
%
|
||||||
Subordinated debentures
|
73,561
|
|
|
4,647
|
|
|
6.32
|
%
|
|
73,413
|
|
|
4,488
|
|
|
6.11
|
%
|
|
73,273
|
|
|
4,448
|
|
|
6.07
|
%
|
||||||
Other borrowings
|
44,097
|
|
|
1,706
|
|
|
3.87
|
%
|
|
28,014
|
|
|
1,093
|
|
|
3.90
|
%
|
|
15,939
|
|
|
680
|
|
|
4.27
|
%
|
||||||
Total borrowings
|
460,573
|
|
|
14,874
|
|
|
3.23
|
%
|
|
496,569
|
|
|
12,822
|
|
|
2.58
|
%
|
|
401,546
|
|
|
8,822
|
|
|
2.20
|
%
|
||||||
Total interest-bearing liabilities
|
2,632,107
|
|
|
61,522
|
|
|
2.34
|
%
|
|
1,561,662
|
|
|
27,985
|
|
|
1.79
|
%
|
|
1,207,697
|
|
|
14,873
|
|
|
1.23
|
%
|
||||||
Non-interest bearing deposits
|
2,685,502
|
|
|
—
|
|
|
—
|
%
|
|
2,455,360
|
|
|
—
|
|
|
0.00
|
%
|
|
2,286,358
|
|
|
—
|
|
|
—
|
%
|
||||||
Total deposits and interest-bearing liabilities
|
5,317,609
|
|
|
$
|
61,522
|
|
|
1.16
|
%
|
|
4,017,022
|
|
|
$
|
27,985
|
|
|
0.70
|
%
|
|
3,494,055
|
|
|
$
|
14,873
|
|
|
0.43
|
%
|
|||
Other non-interest bearing liabilities
|
132,901
|
|
|
|
|
|
|
100,880
|
|
|
|
|
|
|
87,084
|
|
|
|
|
|
||||||||||||
Total liabilities
|
5,450,510
|
|
|
|
|
|
|
4,117,902
|
|
|
|
|
|
|
3,581,139
|
|
|
|
|
|
||||||||||||
Shareholders' equity
|
801,677
|
|
|
|
|
|
|
494,270
|
|
|
|
|
|
|
401,162
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,252,187
|
|
|
|
|
|
|
$
|
4,612,172
|
|
|
|
|
|
|
$
|
3,982,301
|
|
|
|
|
|
|||||||||
Net interest income and net interest rate spread including non-interest bearing deposits
|
|
|
$
|
264,207
|
|
|
5.00
|
%
|
|
|
|
$
|
130,549
|
|
|
3.38
|
%
|
|
|
|
$
|
93,230
|
|
|
3.04
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest margin
|
|
|
|
|
4.91
|
%
|
|
|
|
|
|
3.14
|
%
|
|
|
|
|
|
2.58
|
%
|
||||||||||||
Tax equivalent effect
|
|
|
|
|
0.11
|
%
|
|
|
|
|
|
0.27
|
%
|
|
|
|
|
|
0.47
|
%
|
||||||||||||
Net interest margin, tax equivalent (2)
|
|
|
|
|
5.02
|
%
|
|
|
|
|
|
3.41
|
%
|
|
|
|
|
|
3.05
|
%
|
Fiscal Year Ended September 30,
|
|
2019 vs. 2018
|
|
2018 vs. 2017 (1)
|
||||||||||||||||||||
(Dollars in Thousands)
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash & fed funds sold
|
|
$
|
1,107
|
|
|
$
|
138
|
|
|
$
|
1,245
|
|
|
$
|
(773
|
)
|
|
$
|
1,640
|
|
|
$
|
867
|
|
Mortgage-backed securities
|
|
(6,265
|
)
|
|
2,176
|
|
|
(4,089
|
)
|
|
(3,042
|
)
|
|
1,950
|
|
|
(1,092
|
)
|
||||||
Tax exempt investment securities
|
|
(11,647
|
)
|
|
(2,014
|
)
|
|
(13,661
|
)
|
|
4,778
|
|
|
(2,306
|
)
|
|
2,472
|
|
||||||
Asset-backed securities
|
|
4,717
|
|
|
215
|
|
|
4,932
|
|
|
1,594
|
|
|
1,179
|
|
|
2,773
|
|
||||||
Other investment securities
|
|
2,663
|
|
|
51
|
|
|
2,714
|
|
|
(1,148
|
)
|
|
200
|
|
|
(948
|
)
|
||||||
Total investments
|
|
(11,176
|
)
|
|
1,073
|
|
|
(10,103
|
)
|
|
1,341
|
|
|
1,864
|
|
|
3,205
|
|
||||||
Total commercial finance
|
|
120,394
|
|
|
12,822
|
|
|
133,216
|
|
|
17,243
|
|
|
9,283
|
|
|
26,526
|
|
||||||
Total consumer finance
|
|
10,287
|
|
|
4,591
|
|
|
14,878
|
|
|
8,034
|
|
|
349
|
|
|
8,383
|
|
||||||
Total tax services
|
|
(15
|
)
|
|
7,389
|
|
|
7,374
|
|
|
29
|
|
|
779
|
|
|
808
|
|
||||||
Total warehouse finance
|
|
10,923
|
|
|
24
|
|
|
10,947
|
|
|
879
|
|
|
—
|
|
|
879
|
|
||||||
National Lending loans and leases
|
|
135,737
|
|
|
30,678
|
|
|
166,415
|
|
|
27,361
|
|
|
9,235
|
|
|
36,596
|
|
||||||
Community Banking Loans
|
|
7,871
|
|
|
1,767
|
|
|
9,638
|
|
|
8,358
|
|
|
1,404
|
|
|
9,762
|
|
||||||
Total loans and leases
|
|
119,831
|
|
|
56,222
|
|
|
176,053
|
|
|
32,590
|
|
|
13,768
|
|
|
46,358
|
|
||||||
Total interest-earning assets
|
|
$
|
109,762
|
|
|
$
|
57,433
|
|
|
$
|
167,195
|
|
|
$
|
33,158
|
|
|
$
|
17,272
|
|
|
$
|
50,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing checking
|
|
$
|
118
|
|
|
$
|
28
|
|
|
$
|
146
|
|
|
$
|
136
|
|
|
$
|
(97
|
)
|
|
$
|
39
|
|
Savings
|
|
(2
|
)
|
|
3
|
|
|
1
|
|
|
1
|
|
|
5
|
|
|
6
|
|
||||||
Money markets
|
|
39
|
|
|
258
|
|
|
297
|
|
|
4
|
|
|
32
|
|
|
36
|
|
||||||
Time deposits
|
|
277
|
|
|
749
|
|
|
1,026
|
|
|
265
|
|
|
708
|
|
|
973
|
|
||||||
Wholesale deposits
|
|
23,599
|
|
|
6,417
|
|
|
30,016
|
|
|
1,966
|
|
|
6,092
|
|
|
8,058
|
|
||||||
Total Interest-bearing deposits
|
|
21,132
|
|
|
10,352
|
|
|
31,484
|
|
|
2,400
|
|
|
6,712
|
|
|
9,112
|
|
||||||
Overnight fed funds purchased
|
|
(545
|
)
|
|
1,735
|
|
|
1,190
|
|
|
825
|
|
|
2,820
|
|
|
3,645
|
|
||||||
FHLB advances
|
|
(444
|
)
|
|
534
|
|
|
90
|
|
|
258
|
|
|
(356
|
)
|
|
(98
|
)
|
||||||
Subordinated debentures
|
|
9
|
|
|
151
|
|
|
160
|
|
|
8
|
|
|
31
|
|
|
39
|
|
||||||
Other borrowings
|
|
622
|
|
|
(9
|
)
|
|
613
|
|
|
476
|
|
|
(63
|
)
|
|
413
|
|
||||||
Total borrowings
|
|
(982
|
)
|
|
3,034
|
|
|
2,052
|
|
|
2,307
|
|
|
1,693
|
|
|
4,000
|
|
||||||
Total interest-bearing liabilities
|
|
$
|
20,150
|
|
|
$
|
13,386
|
|
|
$
|
33,536
|
|
|
$
|
4,707
|
|
|
$
|
8,405
|
|
|
$
|
13,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net effect on net interest income
|
|
$
|
89,612
|
|
|
$
|
44,047
|
|
|
$
|
133,659
|
|
|
$
|
28,451
|
|
|
$
|
8,867
|
|
|
$
|
37,318
|
|
Contractual Obligations
|
Total
|
|
Less than 1 year
|
|
1 to 3 years
|
|
3 to 5 years
|
|
More than 5 years
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits
|
$
|
109,275
|
|
|
$
|
80,915
|
|
|
$
|
26,807
|
|
|
$
|
1,553
|
|
|
$
|
—
|
|
Wholesale time deposits
|
1,307,215
|
|
|
1,208,153
|
|
|
98,963
|
|
|
99
|
|
|
—
|
|
|||||
Long-term borrowings
|
215,838
|
|
|
7,301
|
|
|
117,429
|
|
|
2,408
|
|
|
88,700
|
|
|||||
Short-term borrowings
|
646,019
|
|
|
646,019
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
34,082
|
|
|
3,709
|
|
|
6,384
|
|
|
5,018
|
|
|
18,971
|
|
|||||
Total
|
$
|
2,312,429
|
|
|
$
|
1,946,097
|
|
|
$
|
249,583
|
|
|
$
|
9,078
|
|
|
$
|
107,671
|
|
Net Sensitive Earnings at Risk
|
|||||||||||||||||||||||
Balances as of September 30, 2019
|
|
Change in Interest Income/Expense
for a given change in interest rates |
|||||||||||||||||||||
|
|
|
Over / (Under) Base Case Parallel Shift
|
||||||||||||||||||||
(Dollars in thousands)
|
Book Value
|
|
-200
|
|
-100
|
|
Base
|
|
100
|
|
200
|
|
300
|
|
400
|
||||||||
Total Interest-Sensitive Income
|
5,110,297
|
|
|
255,078
|
|
|
273,295
|
|
|
295,093
|
|
|
317,174
|
|
|
338,529
|
|
|
359,365
|
|
|
380,099
|
|
Total Interest-Sensitive Expense
|
2,753,548
|
|
|
17,614
|
|
|
33,696
|
|
|
50,985
|
|
|
67,906
|
|
|
84,636
|
|
|
101,369
|
|
|
118,102
|
|
Net Interest-Sensitive Income
|
2,356,749
|
|
|
237,464
|
|
|
239,599
|
|
|
244,108
|
|
|
249,268
|
|
|
253,893
|
|
|
257,996
|
|
|
261,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Percentage Change from Base
|
—
|
|
|
-2.7
|
%
|
|
-1.8
|
%
|
|
—
|
%
|
|
2.1
|
%
|
|
4.0
|
%
|
|
5.7
|
%
|
|
7.3
|
%
|
Board Policy Limits
|
—
|
|
|
-12.0
|
%
|
|
-8.0
|
%
|
|
—
|
%
|
|
-8.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Net Sensitive Earnings at Risk
|
|||||||||||||||||||||||
Balances as of September 30, 2018
|
|
Change in Interest Income/Expense
for a given change in interest rates |
|||||||||||||||||||||
|
|
|
Over / (Under) Base Case Parallel Shift
|
||||||||||||||||||||
(Dollars in thousands)
|
Book Value
|
|
-200(1)
|
|
-100
|
|
Base
|
|
100
|
|
200
|
|
300
|
|
400
|
||||||||
Total Interest-Sensitive Income
|
5,003,335
|
|
|
—
|
|
|
267,438
|
|
|
289,843
|
|
|
311,637
|
|
|
333,151
|
|
|
354,494
|
|
|
375,974
|
|
Total Interest-Sensitive Expense
|
2,453,134
|
|
|
—
|
|
|
37,089
|
|
|
52,403
|
|
|
68,057
|
|
|
83,713
|
|
|
99,370
|
|
|
115,029
|
|
Net Interest-Sensitive Income
|
2,550,201
|
|
|
—
|
|
|
230,349
|
|
|
237,440
|
|
|
243,580
|
|
|
249,438
|
|
|
255,124
|
|
|
260,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Percentage Change from Base
|
—
|
|
|
—
|
%
|
|
-3.0
|
%
|
|
—
|
%
|
|
2.6
|
%
|
|
5.1
|
%
|
|
7.4
|
%
|
|
9.9
|
%
|
Board Policy Limits
|
—
|
|
|
—
|
%
|
|
-8.0
|
%
|
|
—
|
%
|
|
-8.0
|
%
|
|
-10.0
|
%
|
|
-15.0
|
%
|
|
-20.0
|
%
|
Balances as of September 30, 2019
|
Standard (Parallel Shift)
|
||||||||||||||||
Economic Value of Equity at Risk%
|
|||||||||||||||||
|
-200
|
|
-100
|
|
100
|
|
200
|
|
300
|
|
400
|
||||||
Percentage Change from Base
|
-9.2
|
%
|
|
-4.0
|
%
|
|
1.9
|
%
|
|
2.1
|
%
|
|
1.6
|
%
|
|
0.9
|
%
|
Board Policy Limits
|
-20.0
|
%
|
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-25.0
|
%
|
|
-35.0
|
%
|
Balances as of September 30, 2018
|
Standard (Parallel Shift)
|
||||||||||||||||
Economic Value of Equity at Risk%
|
|||||||||||||||||
|
-200
|
|
-100
|
|
100
|
|
200
|
|
300
|
|
400
|
||||||
Percentage Change from Base
|
—
|
%
|
|
0.6
|
%
|
|
-2.6
|
%
|
|
-6.0
|
%
|
|
-9.8
|
%
|
|
-12.3
|
%
|
Board Policy Limits
|
—
|
%
|
|
-10.0
|
%
|
|
-10.0
|
%
|
|
-20.0
|
%
|
|
-30.0
|
%
|
|
-40.0
|
%
|
•
|
Testing the effectiveness of controls over the evaluation of the general reserve qualitative adjustments for the identified segments, including controls addressing:
|
◦
|
Management's review of the accuracy of data inputs used as the basis for the allowance allocations resulting from the qualitative adjustments
|
◦
|
Management's review of the reasonableness of the judgments and assumptions used to develop the qualitative adjustments for the general reserve.
|
◦
|
Management's review of the mathematical accuracy of the allowance calculation.
|
•
|
Substantively testing management’s process, including evaluating their judgments and assumptions, for developing the general reserve qualitative adjustments for the identified segments which included:
|
◦
|
Evaluation of the completeness and accuracy of data inputs used as a basis for the adjustments relating to qualitative general reserve factors.
|
◦
|
Evaluation of the reasonableness of management’s judgements related to the qualitative and quantitative assessment of the data used in the determination of the general reserve qualitative adjustments and the resulting allocation to the allowance. Among other procedures, our evaluation considered, evidence from internal and external sources, loan portfolio performance and whether such assumptions were applied consistently period to period.
|
◦
|
Analytically evaluating the qualitative adjustment year over year for directional consistency and testing for reasonableness.
|
◦
|
Testing the mathematical accuracy of the allowance calculation, including the application of the qualitative adjustments.
|
•
|
Testing management’s controls over determining the estimate of fair value of the rental equipment at the impairment date including the evaluation of the significant assumptions identified above and the mathematical accuracy of the calculation.
|
•
|
Substantively testing management’s estimate which included:
|
◦
|
Evaluation of the reasonableness of management’s assumptions of how much of the owned rental equipment would be recovered, their estimate of future rental income on the recovered equipment and their estimate of the future residual value of that equipment.
|
◦
|
Testing the accuracy of management’s estimated fair value computation which was based on the estimated future rental income and residual values, including evaluating the reasonableness of and the basis for the discount rate used by management in their fair value estimate.
|
◦
|
Evaluation of subsequent information to determine whether management’s impairment date assumptions were reasonable given that information.
|
|
/s/ Crowe LLP
|
|
|
We have served as the Company’s auditor since 2018.
|
|
|
|
Grand Rapids, Michigan
|
|
November 26, 2019
|
|
|
/s/ KPMG LLP
|
|
|
We served as the Company’s auditor from 2008 to 2018.
|
|
|
|
Des Moines, Iowa
|
|
November 29, 2018
|
|
|
For the Fiscal Years Ended September 30,
|
||||||||||
(Dollars in Thousands, Except Share and Per Share Data)
|
2019
|
|
2018
|
|
2017
|
||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans and leases, including fees
|
$
|
274,528
|
|
|
$
|
98,475
|
|
|
$
|
52,117
|
|
Mortgage-backed securities
|
11,390
|
|
|
15,479
|
|
|
16,571
|
|
|||
Other investments
|
39,811
|
|
|
44,580
|
|
|
39,415
|
|
|||
|
325,729
|
|
|
158,534
|
|
|
108,103
|
|
|||
Interest expense:
|
|
|
|
|
|
|
|||||
Deposits
|
46,648
|
|
|
15,163
|
|
|
6,051
|
|
|||
FHLB advances and other borrowings
|
14,874
|
|
|
12,822
|
|
|
8,822
|
|
|||
|
61,522
|
|
|
27,985
|
|
|
14,873
|
|
|||
|
|
|
|
|
|
||||||
Net interest income
|
264,207
|
|
|
130,549
|
|
|
93,230
|
|
|||
|
|
|
|
|
|
||||||
Provision for loan and lease losses
|
55,650
|
|
|
29,432
|
|
|
10,589
|
|
|||
|
|
|
|
|
|
||||||
Net interest income after provision for loan and lease losses
|
208,557
|
|
|
101,117
|
|
|
82,641
|
|
|||
|
|
|
|
|
|
||||||
Noninterest income:
|
|
|
|
|
|
|
|||||
Refund transfer product fees
|
39,198
|
|
|
41,879
|
|
|
38,956
|
|
|||
Tax advance product fees
|
34,687
|
|
|
35,703
|
|
|
31,913
|
|
|||
Card fees
|
79,982
|
|
|
94,446
|
|
|
94,707
|
|
|||
Rental income
|
41,053
|
|
|
7,333
|
|
|
—
|
|
|||
Loan and lease fees
|
4,292
|
|
|
4,470
|
|
|
3,882
|
|
|||
Bank-owned life insurance
|
2,535
|
|
|
2,590
|
|
|
2,216
|
|
|||
Deposit fees
|
9,090
|
|
|
4,451
|
|
|
736
|
|
|||
Gain (loss) on sale of securities available-for-sale, net (Includes $729, ($8,177), and ($493) reclassified from accumulated other comprehensive income (loss) for net gain (loss) on available for sale securities for the fiscal years ended September 30, 2019, 2018 and 2017, respectively)
|
729
|
|
|
(8,177
|
)
|
|
(493
|
)
|
|||
Gain on sale of loans and leases
|
5,244
|
|
|
355
|
|
|
—
|
|
|||
Loss on foreclosed real estate
|
(278
|
)
|
|
(19
|
)
|
|
(6
|
)
|
|||
Other income
|
6,013
|
|
|
1,494
|
|
|
261
|
|
|||
Total noninterest income
|
222,545
|
|
|
184,525
|
|
|
172,172
|
|
|||
|
|
|
|
|
|
||||||
Noninterest expense:
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits
|
155,811
|
|
|
109,044
|
|
|
88,728
|
|
|||
Refund transfer product expense
|
7,526
|
|
|
11,750
|
|
|
11,885
|
|
|||
Tax advance product expense
|
3,102
|
|
|
1,817
|
|
|
3,241
|
|
|||
Card processing
|
23,677
|
|
|
26,283
|
|
|
24,130
|
|
|||
Occupancy and equipment
|
28,071
|
|
|
19,740
|
|
|
16,465
|
|
|||
Operating lease equipment depreciation
|
26,181
|
|
|
5,386
|
|
|
—
|
|
|||
Legal and consulting
|
17,310
|
|
|
15,064
|
|
|
8,384
|
|
|||
Marketing
|
2,688
|
|
|
2,674
|
|
|
2,117
|
|
|||
Data processing
|
1,471
|
|
|
1,226
|
|
|
1,449
|
|
|||
Intangible amortization
|
17,711
|
|
|
9,641
|
|
|
12,362
|
|
|||
Impairment expense
|
9,660
|
|
|
18
|
|
|
10,248
|
|
|||
Other expense
|
39,952
|
|
|
25,589
|
|
|
20,654
|
|
|||
Total noninterest expense
|
333,160
|
|
|
228,232
|
|
|
199,663
|
|
|||
|
|
|
|
|
|
||||||
Income before income tax expense
|
97,942
|
|
|
57,410
|
|
|
55,150
|
|
|||
|
|
|
|
|
|
||||||
Income tax (benefit) expense (Includes $184, ($2,330), and ($185) reclassified from accumulated other comprehensive income (loss) for the fiscal years ended September 30, 2019, 2018 and 2017, respectively)
|
(3,374
|
)
|
|
5,117
|
|
|
10,233
|
|
|||
|
|
|
|
|
|
||||||
Net income before noncontrolling interest
|
101,316
|
|
|
52,293
|
|
|
44,917
|
|
|||
Net income attributable to noncontrolling interest
|
4,312
|
|
|
673
|
|
|
—
|
|
|||
Net income attributable to parent
|
$
|
97,004
|
|
|
$
|
51,620
|
|
|
$
|
44,917
|
|
|
|
|
|
|
|
||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
2.49
|
|
|
$
|
1.68
|
|
|
$
|
1.62
|
|
Diluted
|
$
|
2.49
|
|
|
$
|
1.67
|
|
|
$
|
1.61
|
|
|
For Fiscal Years Ended September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Net income before noncontrolling interest
|
$
|
101,316
|
|
|
$
|
52,293
|
|
|
$
|
44,917
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Change in net unrealized gain (loss) on debt securities
|
53,739
|
|
|
(66,053
|
)
|
|
(21,661
|
)
|
|||
(Gain) loss realized in net income
|
(729
|
)
|
|
8,177
|
|
|
493
|
|
|||
|
53,010
|
|
|
(57,876
|
)
|
|
(21,168
|
)
|
|||
Unrealized gain (loss) on currency translation
|
(122
|
)
|
|
3
|
|
|
—
|
|
|||
Deferred income tax effect
|
12,963
|
|
|
(15,596
|
)
|
|
(7,414
|
)
|
|||
Total other comprehensive income (loss)
|
39,925
|
|
|
(42,277
|
)
|
|
(13,754
|
)
|
|||
Total comprehensive income
|
141,241
|
|
|
10,016
|
|
|
31,163
|
|
|||
Total comprehensive income attributable to noncontrolling interest
|
4,312
|
|
|
673
|
|
|
—
|
|
|||
Comprehensive income attributable to parent
|
$
|
136,929
|
|
|
$
|
9,343
|
|
|
$
|
31,163
|
|
|
Meta Financial Group Stockholder's Equity
|
|
|
|
|
||||||||||||||||||||||||||
(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 Meta
Stockholders’
Equity
|
|
Non-controlling Interest
|
|
Total Equity
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, September 30, 2016
|
$
|
255
|
|
|
$
|
184,610
|
|
|
$
|
127,190
|
|
|
$
|
22,920
|
|
|
$
|
—
|
|
|
$
|
334,975
|
|
|
$
|
—
|
|
|
$
|
334,975
|
|
Adoption of Accounting Standards Update 2016-09
|
—
|
|
|
104
|
|
|
(104
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cash dividends declared on common stock ($0.17 per share)
|
—
|
|
|
—
|
|
|
(4,839
|
)
|
|
—
|
|
|
—
|
|
|
(4,839
|
)
|
|
—
|
|
|
(4,839
|
)
|
||||||||
Issuance of common shares due to exercise of stock options
|
—
|
|
|
650
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
650
|
|
|
—
|
|
|
650
|
|
||||||||
Issuance of common shares due to restricted stock
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||||
Issuance of common shares due to ESOP
|
—
|
|
|
1,174
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,174
|
|
|
—
|
|
|
1,174
|
|
||||||||
Issuance of common shares due to acquisition
|
21
|
|
|
37,275
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,296
|
|
|
—
|
|
|
37,296
|
|
||||||||
Contingent consideration equity earnout due to acquisition
|
—
|
|
|
24,142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,142
|
|
|
—
|
|
|
24,142
|
|
||||||||
Shares repurchased
|
—
|
|
|
(204
|
)
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
(470
|
)
|
|
—
|
|
|
(470
|
)
|
||||||||
Stock compensation
|
—
|
|
|
10,393
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,393
|
|
|
—
|
|
|
10,393
|
|
||||||||
Net change in unrealized losses on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,754
|
)
|
|
—
|
|
|
(13,754
|
)
|
|
—
|
|
|
(13,754
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
44,917
|
|
|
—
|
|
|
—
|
|
|
44,917
|
|
|
—
|
|
|
44,917
|
|
||||||||
Balance, September 30, 2017
|
$
|
288
|
|
|
$
|
258,144
|
|
|
$
|
167,164
|
|
|
$
|
9,166
|
|
|
$
|
(266
|
)
|
|
$
|
434,496
|
|
|
$
|
—
|
|
|
$
|
434,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, September 30, 2017
|
$
|
288
|
|
|
$
|
258,144
|
|
|
$
|
167,164
|
|
|
$
|
9,166
|
|
|
$
|
(266
|
)
|
|
$
|
434,496
|
|
|
$
|
—
|
|
|
$
|
434,496
|
|
Cash dividends declared on common stock ($0.18 per share)
|
—
|
|
|
—
|
|
|
(5,736
|
)
|
|
—
|
|
|
—
|
|
|
(5,736
|
)
|
|
—
|
|
|
(5,736
|
)
|
||||||||
Issuance of common shares due to exercise of stock options
|
1
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
148
|
|
||||||||
Issuance of common shares due to restricted stock
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||||||
Issuance of common shares due to ESOP
|
1
|
|
|
1,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,606
|
|
|
—
|
|
|
1,606
|
|
||||||||
Issuance of common shares due to acquisition
|
99
|
|
|
295,667
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
295,766
|
|
|
—
|
|
|
295,766
|
|
||||||||
Shares repurchased
|
—
|
|
|
(875
|
)
|
|
|
|
—
|
|
|
(1,723
|
)
|
|
(2,598
|
)
|
|
—
|
|
|
(2,598
|
)
|
|||||||||
Stock compensation
|
—
|
|
|
11,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,123
|
|
|
—
|
|
|
11,123
|
|
||||||||
Net change in unrealized losses on securities, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,277
|
)
|
|
—
|
|
|
(42,277
|
)
|
|
—
|
|
|
(42,277
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
51,620
|
|
|
—
|
|
|
—
|
|
|
51,620
|
|
|
673
|
|
|
52,293
|
|
||||||||
Non-controlling interests due to acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,167
|
|
|
3,167
|
|
||||||||
Net investment by (distribution to) noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(266
|
)
|
|
(266
|
)
|
||||||||
Balance, September 30, 2018
|
$
|
393
|
|
|
$
|
565,811
|
|
|
$
|
213,048
|
|
|
$
|
(33,111
|
)
|
|
$
|
(1,989
|
)
|
|
$
|
744,152
|
|
|
$
|
3,574
|
|
|
$
|
747,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance, September 30, 2018
|
$
|
393
|
|
|
$
|
565,811
|
|
|
$
|
213,048
|
|
|
$
|
(33,111
|
)
|
|
$
|
(1,989
|
)
|
|
$
|
744,152
|
|
|
$
|
3,574
|
|
|
$
|
747,726
|
|
Adoption of Accounting Standards Update 2014-09, net of income taxes
|
—
|
|
|
—
|
|
|
1,502
|
|
|
—
|
|
|
—
|
|
|
1,502
|
|
|
—
|
|
|
1,502
|
|
||||||||
Adoption of Accounting Standards Update 2016-01, net of income taxes
|
—
|
|
|
—
|
|
|
475
|
|
|
(475
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Cash dividends declared on common stock ($0.20 per share)
|
—
|
|
|
—
|
|
|
(7,760
|
)
|
|
—
|
|
|
—
|
|
|
(7,760
|
)
|
|
—
|
|
|
(7,760
|
)
|
||||||||
Issuance of common shares due to exercise of stock options
|
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
44
|
|
||||||||
Issuance of common shares due to restricted stock
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||||
Issuance of common shares due to ESOP
|
—
|
|
|
2,011
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,011
|
|
|
—
|
|
|
2,011
|
|
||||||||
Shares repurchased
|
(18
|
)
|
|
18
|
|
|
(46,500
|
)
|
|
—
|
|
|
(3,412
|
)
|
|
(49,912
|
)
|
|
—
|
|
|
(49,912
|
)
|
||||||||
Retirement of treasury stock
|
—
|
|
|
—
|
|
|
(4,956
|
)
|
|
—
|
|
|
4,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Stock compensation
|
—
|
|
|
12,942
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,942
|
|
|
—
|
|
|
12,942
|
|
||||||||
Total other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
39,925
|
|
|
—
|
|
|
39,925
|
|
|
—
|
|
|
39,925
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
97,004
|
|
|
—
|
|
|
—
|
|
|
97,004
|
|
|
4,312
|
|
|
101,316
|
|
||||||||
Net investment by (distribution to) noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,839
|
)
|
|
(3,839
|
)
|
||||||||
Balance, September 30, 2019
|
$
|
378
|
|
|
$
|
580,826
|
|
|
$
|
252,813
|
|
|
$
|
6,339
|
|
|
$
|
(445
|
)
|
|
$
|
839,911
|
|
|
$
|
4,047
|
|
|
$
|
843,958
|
|
|
For the Fiscal Years Ended September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
101,316
|
|
|
$
|
52,293
|
|
|
$
|
44,917
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, amortization and accretion, net
|
55,149
|
|
|
37,722
|
|
|
45,048
|
|
|||
Stock compensation
|
12,942
|
|
|
11,123
|
|
|
10,393
|
|
|||
Provision (recovery):
|
|
|
|
|
|
||||||
Loan and lease losses
|
55,650
|
|
|
29,432
|
|
|
10,589
|
|
|||
Deferred taxes
|
(14,301
|
)
|
|
6,530
|
|
|
(6,286
|
)
|
|||
Loans held for sale:
|
|
|
|
|
|
||||||
Originations
|
(171,260
|
)
|
|
(1,691
|
)
|
|
(685,934
|
)
|
|||
Purchases
|
(15,443
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales
|
125,357
|
|
|
17,621
|
|
|
685,934
|
|
|||
Net change
|
31,819
|
|
|
952
|
|
|
—
|
|
|||
Fair value adjustment of foreclosed real estate
|
139
|
|
|
29
|
|
|
18
|
|
|||
Net realized (gain) loss:
|
|
|
|
|
|
||||||
Other assets
|
(89
|
)
|
|
127
|
|
|
406
|
|
|||
Foreclosed real estate or other assets
|
278
|
|
|
19
|
|
|
6
|
|
|||
Available for sale securities, net
|
(729
|
)
|
|
8,177
|
|
|
537
|
|
|||
Held to maturity securities, net
|
—
|
|
|
—
|
|
|
(44
|
)
|
|||
Loans held for sale
|
(5,089
|
)
|
|
(181
|
)
|
|
—
|
|
|||
Lease receivables and equipment
|
(2,930
|
)
|
|
(526
|
)
|
|
—
|
|
|||
Net change:
|
|
|
|
|
|
||||||
Other assets
|
(5,427
|
)
|
|
2,633
|
|
|
(23,408
|
)
|
|||
Accrued interest payable
|
1,620
|
|
|
1,933
|
|
|
1,405
|
|
|||
Accrued expenses and other liabilities
|
16,623
|
|
|
(28,610
|
)
|
|
30,806
|
|
|||
Accrued interest receivable
|
1,616
|
|
|
2,745
|
|
|
(2,181
|
)
|
|||
Change in bank-owned life insurance value
|
(2,534
|
)
|
|
(2,591
|
)
|
|
(2,216
|
)
|
|||
Impairment on rental equipment
|
6,194
|
|
|
—
|
|
|
—
|
|
|||
Impairment of intangibles
|
111
|
|
|
18
|
|
|
10,248
|
|
|||
Excess contingent consideration paid
|
—
|
|
|
—
|
|
|
(248
|
)
|
|||
Net cash provided by operating activities
|
191,012
|
|
|
137,755
|
|
|
119,990
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Available for Sale securities:
|
|
|
|
|
|
||||||
Purchases
|
(299,269
|
)
|
|
(626,575
|
)
|
|
(848,613
|
)
|
|||
Proceeds from sales
|
755,616
|
|
|
596,758
|
|
|
457,306
|
|
|||
Proceeds from maturities and principal repayments
|
164,044
|
|
|
162,118
|
|
|
126,420
|
|
|||
Held to Maturity:
|
|
|
|
|
|
||||||
Purchases
|
—
|
|
|
—
|
|
|
(932
|
)
|
|||
Proceeds from sales
|
—
|
|
|
—
|
|
|
5,870
|
|
|||
Proceeds from maturities and principal repayments
|
35,025
|
|
|
40,525
|
|
|
45,615
|
|
|||
Bank Owned Life Insurance:
|
|
|
|
|
|
||||||
Purchases
|
—
|
|
|
—
|
|
|
(25,000
|
)
|
|||
Loans and leases:
|
|
|
|
|
|
||||||
Purchases
|
(262,622
|
)
|
|
(165,670
|
)
|
|
(141,403
|
)
|
|||
Proceeds from sales
|
13,838
|
|
|
22,611
|
|
|
4,720
|
|
|||
Net change
|
(591,785
|
)
|
|
(493,381
|
)
|
|
(274,840
|
)
|
|||
Proceeds from sales of foreclosed real estate or other assets
|
1,905
|
|
|
244
|
|
|
200
|
|
|||
Federal Home Loan Bank stock:
|
|
|
|
|
|
||||||
Purchases
|
(878,316
|
)
|
|
(961,124
|
)
|
|
(715,891
|
)
|
|||
Redemption
|
870,800
|
|
|
998,880
|
|
|
702,280
|
|
|||
Rental Equipment:
|
|
|
|
|
|
||||||
Purchases
|
(144,432
|
)
|
|
(1,848
|
)
|
|
—
|
|
|||
Proceeds from sales
|
8,301
|
|
|
2,362
|
|
|
—
|
|
|||
Net change
|
1,567
|
|
|
(15,000
|
)
|
|
—
|
|
|||
Premises and equipment:
|
|
|
|
|
|
||||||
Purchases
|
(13,971
|
)
|
|
(8,542
|
)
|
|
(6,798
|
)
|
Proceeds from sales
|
101
|
|
|
—
|
|
|
58
|
|
|||
Cash paid for acquisitions
|
—
|
|
|
(6
|
)
|
|
(29,425
|
)
|
|||
Cash received upon acquisitions
|
—
|
|
|
58,858
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(339,198
|
)
|
|
(389,790
|
)
|
|
(700,433
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net change:
|
|
|
|
|
|
||||||
Checking, savings, and money market deposits
|
48,897
|
|
|
7
|
|
|
319,524
|
|
|||
Time deposits
|
(167,044
|
)
|
|
(143,096
|
)
|
|
(2,355
|
)
|
|||
Wholesale deposits
|
26,014
|
|
|
229,982
|
|
|
476,173
|
|
|||
FHLB and other borrowings
|
275,000
|
|
|
(415,000
|
)
|
|
308,000
|
|
|||
Federal funds
|
55,000
|
|
|
(565,000
|
)
|
|
(5,000
|
)
|
|||
Securities sold under agreements to repurchase
|
325
|
|
|
1,222
|
|
|
(565
|
)
|
|||
Short-term borrowings
|
—
|
|
|
(11,642
|
)
|
|
—
|
|
|||
Net investment by (distribution to) noncontrolling interests
|
(3,839
|
)
|
|
(266
|
)
|
|
—
|
|
|||
Proceeds from other liabilities
|
7,916
|
|
|
—
|
|
|
—
|
|
|||
Principal payments:
|
|
|
|
|
|
||||||
Other liabilities
|
(11,691
|
)
|
|
(4,888
|
)
|
|
—
|
|
|||
Capital lease obligations
|
(88
|
)
|
|
(62
|
)
|
|
(80
|
)
|
|||
Cash dividends paid
|
(7,760
|
)
|
|
(5,736
|
)
|
|
(4,839
|
)
|
|||
Purchase of shares by ESOP
|
2,011
|
|
|
1,606
|
|
|
1,174
|
|
|||
Issuance of restricted stock
|
3
|
|
|
4
|
|
|
12
|
|
|||
Proceeds from exercise of stock options & issuance of common stock
|
44
|
|
|
148
|
|
|
650
|
|
|||
Shares repurchased
|
(49,912
|
)
|
|
(2,598
|
)
|
|
(470
|
)
|
|||
Contingent consideration - cash paid
|
—
|
|
|
—
|
|
|
(17,253
|
)
|
|||
Redemption of long-term borrowings
|
—
|
|
|
(258
|
)
|
|
—
|
|
|||
Payment of debt extinguishment costs
|
—
|
|
|
—
|
|
|
(772
|
)
|
|||
Net cash provided by (used in) financing activities
|
174,876
|
|
|
(915,577
|
)
|
|
1,074,199
|
|
|||
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash
|
(122
|
)
|
|
3
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Net change in cash and cash equivalents
|
26,568
|
|
|
(1,167,609
|
)
|
|
493,756
|
|
|||
|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of fiscal year
|
99,977
|
|
|
1,267,586
|
|
|
773,830
|
|
|||
Cash and cash equivalents at end of fiscal year
|
$
|
126,545
|
|
|
$
|
99,977
|
|
|
$
|
1,267,586
|
|
|
For the Fiscal Years Ended September 30,
|
||||||||||
(Dollars in Thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||||||
Cash paid (received) during the fiscal year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
59,902
|
|
|
$
|
33,499
|
|
|
$
|
16,278
|
|
Income taxes
|
(2,821
|
)
|
|
8,946
|
|
|
20,058
|
|
|||
Franchise taxes
|
223
|
|
|
160
|
|
|
187
|
|
|||
Other taxes
|
557
|
|
|
206
|
|
|
290
|
|
|||
|
|
|
|
|
|
||||||
Supplemental schedule of non-cash investing activities:
|
|
|
|
|
|
|
|
|
|||
Transfers
|
|
|
|
|
|
||||||
Loans and leases to foreclosed real estate or other assets
|
—
|
|
|
30,451
|
|
|
440
|
|
|||
Loans and leases to rental equipment
|
—
|
|
|
9
|
|
|
—
|
|
|||
Rental equipment to loans and leases
|
210
|
|
|
993
|
|
|
—
|
|
|||
Loans and leases to held for sale
|
99,992
|
|
|
15,068
|
|
|
—
|
|
|||
Contingent consideration - equity
|
—
|
|
|
—
|
|
|
24,142
|
|
|||
Stock issued for acquisitions
|
—
|
|
|
295,767
|
|
|
37,296
|
|
|||
Purchases/Sales of investment securities accrued, not settled
|
|
|
|
|
|
||||||
Purchased - available for sale
|
—
|
|
|
1,430
|
|
|
—
|
|
|||
Securities transferred from held to maturity to available for sale
|
—
|
|
|
346,771
|
|
|
—
|
|
|||
Short- and long-term borrowings transferred from other liabilities
|
20,026
|
|
|
—
|
|
|
—
|
|
|
September 30, 2019
|
||
(Dollars in Thousands)
|
|
||
Cash and cash equivalents
|
$
|
2,064
|
|
Loans and leases receivable
|
139,544
|
|
|
Allowance for loan and lease losses
|
(702
|
)
|
|
Accrued interest receivable
|
763
|
|
|
Rental equipment
|
—
|
|
|
Foreclosed real estate and repossessed assets
|
1,372
|
|
|
Other assets
|
5,647
|
|
|
Total assets
|
148,688
|
|
|
Accrued expenses and other liabilities
|
3,258
|
|
|
Noncontrolling interest
|
4,047
|
|
|
Net assets less noncontrolling interest
|
$
|
141,383
|
|
•
|
Capital Equipment Solutions, LLC (“CES”) - CES engages in the business of providing equipment financing term loans.
|
•
|
CM Help, LLC - CM Help provides flexible patient loan programs to hospitals and patient clients of hospitals as a financing alternative for the self-pay and co-pay portions of patients’ hospital expenses.
|
•
|
CM Southgate II, LLC - CM Southgate II engages in the business of acquiring fleet leases and semi-trailer/tractor loans and leases.
|
•
|
CM Sterling, LLC - CM Sterling engages in asset-based lending and factoring.
|
•
|
CM TFS, LLC - CM TFS engages in the business of acquiring equipment financing term loans and leases.
|
•
|
Equity Method - The Company held equity method investments of $20.6 million within other assets as of September 30, 2019. The Company’s ownership of such investments typically ranges from 5% - 25% of the investee. The Company recognized net earnings from these investments in the amount of $1.0 million within noninterest income for the fiscal year ended September 30, 2019. The Company elected to classify distributions received from equity method investments using the cumulative earnings approach on the Consolidated Statement of Cash Flows.
|
•
|
Fair Value Method - The Company held equity investments measured at net asset value (NAV) per share (or its equivalent) of $1.7 million as of September 30, 2019 where NAV is considered the fair value practical expedient. These investments are recorded within other assets on the Company’s Consolidated Financial Statements. Fluctuations in fair value are recognized in earnings within noninterest Income.
|
•
|
Measurement Alternative - The Company held equity investments measured using the measurement alternative under ASU 2016-01 of $6.5 million as of September 30, 2019 within other assets on the Company’s Consolidated Financial Statements. The Company did not recognize any unrealized or realized gain or loss on such investments during the fiscal year ended September 30, 2019.
|
•
|
The historical loss experience is determined by portfolio segment and is based on the actual loss history of the Company over a specified period of time. The period of time varies by portfolio and ranges from three to seven years. For the individual classified loans, historic charge-off rates for the Company’s classified loan population are utilized.
|
•
|
A three to 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 in the Company's Community Bank portfolio.
|
–
|
ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments
|
–
|
ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash
|
–
|
ASU 2017-01, Clarifying the Definition of a Business
|
–
|
ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
|
–
|
ASU 2017-05, Other Income - Gains and Losses from Derecognition of Non-Financial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-Financial Assets
|
–
|
ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Date Securities
|
–
|
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
|
(Dollars in Thousands)
|
Estimated fair value as previously reported(1)
|
|
Measurement period adjustments
|
|
Fair value as adjusted
|
||||||
Rental equipment
|
$
|
98,977
|
|
|
$
|
(3,355
|
)
|
|
$
|
95,622
|
|
Intangible assets
|
28,253
|
|
|
(117
|
)
|
|
28,136
|
|
|||
Goodwill
|
204,547
|
|
|
6,235
|
|
|
210,782
|
|
|||
Accrued expenses and other liabilities
|
88,301
|
|
|
1,199
|
|
|
89,500
|
|
|||
Net other assets
|
55,464
|
|
|
(1,564
|
)
|
|
53,900
|
|
|||
Noncontrolling interest
|
3,167
|
|
|
—
|
|
|
3,167
|
|
|||
Purchase price
|
295,773
|
|
|
—
|
|
|
295,773
|
|
|
|
Increase (Decrease)
|
||
Balance Sheet:
|
(Dollars in Thousands)
|
|||
|
Operating lease equipment
|
$
|
(12,589
|
)
|
|
Goodwill
|
1,968
|
|
|
|
Other assets
|
(394
|
)
|
|
|
Liabilities
|
(4,461
|
)
|
|
|
Total balance sheet impact
|
$
|
(6,554
|
)
|
|
|
|
||
|
Regulatory capital impact
|
$
|
(8,522
|
)
|
|
|
|
||
|
|
Income (Expense)
|
||
Income Statement:
|
|
|||
|
Rental income
|
$
|
1,633
|
|
|
Other income
|
315
|
|
|
|
Impairment
|
(9,549
|
)
|
|
|
Income tax benefit
|
1,047
|
|
|
|
Impact to net income
|
$
|
(6,554
|
)
|
At September 30, 2019
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized (Losses)
|
|
Fair Value
|
||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
||||||||
SBA securities
|
$
|
182,327
|
|
|
$
|
3,655
|
|
|
$
|
—
|
|
|
$
|
185,982
|
|
Obligation of states and political subdivisions
|
858
|
|
|
16
|
|
|
—
|
|
|
874
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
396,430
|
|
|
5,030
|
|
|
(903
|
)
|
|
400,557
|
|
||||
Asset-backed securities
|
305,603
|
|
|
262
|
|
|
(3,331
|
)
|
|
302,534
|
|
||||
Mortgage-backed securities
|
378,670
|
|
|
5,731
|
|
|
(1,855
|
)
|
|
382,546
|
|
||||
Total debt securities AFS
|
$
|
1,263,888
|
|
|
$
|
14,694
|
|
|
$
|
(6,089
|
)
|
|
$
|
1,272,493
|
|
Common equities and mutual funds(1)(2)
|
$
|
2,435
|
|
|
$
|
171
|
|
|
$
|
—
|
|
|
$
|
2,606
|
|
At September 30, 2018
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized (Losses)
|
|
Fair Value
|
||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
||||||||
SBA securities
|
$
|
45,591
|
|
|
$
|
1
|
|
|
$
|
(1,255
|
)
|
|
$
|
44,337
|
|
Obligation of states and political subdivisions
|
17,154
|
|
|
49
|
|
|
(293
|
)
|
|
16,910
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
1,140,884
|
|
|
826
|
|
|
(31,825
|
)
|
|
1,109,885
|
|
||||
Asset-backed securities
|
310,700
|
|
|
2,585
|
|
|
(257
|
)
|
|
313,028
|
|
||||
Mortgage-backed securities
|
378,301
|
|
|
—
|
|
|
(14,236
|
)
|
|
364,065
|
|
||||
Total debt securities AFS
|
1,892,630
|
|
|
3,461
|
|
|
(47,866
|
)
|
|
1,848,225
|
|
||||
Common equities and mutual funds(1)
|
3,172
|
|
|
635
|
|
|
(7
|
)
|
|
3,800
|
|
||||
Total AFS securities(1)
|
$
|
1,895,802
|
|
|
$
|
4,096
|
|
|
$
|
(47,873
|
)
|
|
$
|
1,852,025
|
|
At September 30, 2019
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized (Losses)
|
|
Fair Value
|
||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
||||||||
Debt securities HTM
|
|
|
|
|
|
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
$
|
127,582
|
|
|
$
|
108
|
|
|
$
|
(1,403
|
)
|
|
$
|
126,287
|
|
Mortgage-backed securities
|
7,182
|
|
|
14
|
|
|
(13
|
)
|
|
7,183
|
|
||||
Total HTM securities
|
$
|
134,764
|
|
|
$
|
122
|
|
|
$
|
(1,416
|
)
|
|
$
|
133,470
|
|
At September 30, 2018
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized (Losses)
|
|
Fair Value
|
||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
||||||||
Debt securities HTM
|
|
|
|
|
|
|
|
||||||||
Non-bank qualified obligations of states and political subdivisions
|
$
|
163,893
|
|
|
$
|
—
|
|
|
$
|
(10,758
|
)
|
|
$
|
153,135
|
|
Mortgage-backed securities
|
7,850
|
|
|
—
|
|
|
(422
|
)
|
|
7,428
|
|
||||
Total HTM securities
|
$
|
171,743
|
|
|
$
|
—
|
|
|
$
|
(11,180
|
)
|
|
$
|
160,563
|
|
At September 30, 2019
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
(Dollars in Thousands)
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
||||||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SBA securities
|
$
|
10,262
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,262
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Non-bank qualified obligations of states and political subdivisions
|
66,326
|
|
|
(177
|
)
|
|
55,428
|
|
|
(726
|
)
|
|
121,754
|
|
|
(903
|
)
|
||||||
Asset-backed securities
|
158,176
|
|
|
(1,823
|
)
|
|
93,259
|
|
|
(1,508
|
)
|
|
251,435
|
|
|
(3,331
|
)
|
||||||
Mortgage-backed securities
|
1,713
|
|
|
(1
|
)
|
|
89,634
|
|
|
(1,854
|
)
|
|
91,347
|
|
|
(1,855
|
)
|
||||||
Total debt securities AFS
|
$
|
236,477
|
|
|
$
|
(2,001
|
)
|
|
$
|
238,321
|
|
|
$
|
(4,088
|
)
|
|
$
|
474,798
|
|
|
$
|
(6,089
|
)
|
Common equities and mutual funds(1)(2)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
At September 30, 2018
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
(Dollars in Thousands)
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
||||||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SBA securities
|
$
|
43,097
|
|
|
$
|
(1,255
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43,097
|
|
|
$
|
(1,255
|
)
|
Obligations of state and political subdivisions
|
11,036
|
|
|
(279
|
)
|
|
881
|
|
|
(14
|
)
|
|
11,917
|
|
|
(293
|
)
|
||||||
Non-bank qualified obligations of states and political subdivisions
|
626,693
|
|
|
(13,539
|
)
|
|
358,095
|
|
|
(18,286
|
)
|
|
984,788
|
|
|
(31,825
|
)
|
||||||
Asset-backed securities
|
146,638
|
|
|
(257
|
)
|
|
—
|
|
|
—
|
|
|
146,638
|
|
|
(257
|
)
|
||||||
Mortgage-backed securities
|
121,217
|
|
|
(3,292
|
)
|
|
242,849
|
|
|
(10,944
|
)
|
|
364,066
|
|
|
(14,236
|
)
|
||||||
Total debt securities AFS
|
948,681
|
|
|
(18,622
|
)
|
|
601,825
|
|
|
(29,244
|
)
|
|
1,550,506
|
|
|
(47,866
|
)
|
||||||
Common equities and mutual funds(1)
|
1,818
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
1,818
|
|
|
(7
|
)
|
||||||
Total debt AFS securities(1)
|
$
|
950,499
|
|
|
$
|
(18,629
|
)
|
|
$
|
601,825
|
|
|
$
|
(29,244
|
)
|
|
$
|
1,552,324
|
|
|
$
|
(47,873
|
)
|
At September 30, 2019
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
(Dollars in Thousands)
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
||||||||||||
Debt securities HTM
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-bank qualified obligations of states and political subdivisions
|
$
|
5,967
|
|
|
$
|
(6
|
)
|
|
$
|
109,368
|
|
|
$
|
(1,397
|
)
|
|
$
|
115,335
|
|
|
$
|
(1,403
|
)
|
Mortgage-backed securities
|
1,471
|
|
|
—
|
|
|
1,803
|
|
|
(13
|
)
|
|
3,274
|
|
|
(13
|
)
|
||||||
Total HTM securities
|
$
|
7,438
|
|
|
$
|
(6
|
)
|
|
$
|
111,171
|
|
|
$
|
(1,410
|
)
|
|
$
|
118,609
|
|
|
$
|
(1,416
|
)
|
At September 30, 2018
|
LESS THAN 12 MONTHS
|
|
OVER 12 MONTHS
|
|
TOTAL
|
||||||||||||||||||
(Dollars in Thousands)
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
|
Fair
Value
|
|
Unrealized
(Losses)
|
||||||||||||
Debt securities HTM
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-bank qualified obligations of states and political subdivisions
|
$
|
5,767
|
|
|
$
|
(287
|
)
|
|
$
|
147,368
|
|
|
$
|
(10,471
|
)
|
|
$
|
153,135
|
|
|
$
|
(10,758
|
)
|
Mortgage-backed securities
|
—
|
|
|
—
|
|
|
7,428
|
|
|
(422
|
)
|
|
7,428
|
|
|
(422
|
)
|
||||||
Total HTM securities
|
$
|
5,767
|
|
|
$
|
(287
|
)
|
|
$
|
154,796
|
|
|
$
|
(10,893
|
)
|
|
$
|
160,563
|
|
|
$
|
(11,180
|
)
|
AFS Securities at Fair Value
|
|
|
|
||||
At September 30, 2019
|
Amortized Cost
|
|
Fair Value
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
16,749
|
|
|
17,143
|
|
||
Due after five years through ten years
|
50,263
|
|
|
51,840
|
|
||
Due after ten years
|
818,206
|
|
|
820,964
|
|
||
|
885,218
|
|
|
889,947
|
|
||
Mortgage-backed securities
|
378,670
|
|
|
382,546
|
|
||
Total securities at fair value
|
$
|
1,263,888
|
|
|
$
|
1,272,493
|
|
At September 30, 2018
|
Amortized Cost
|
|
Fair Value
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Due in one year or less
|
$
|
2,532
|
|
|
$
|
2,529
|
|
Due after one year through five years
|
41,415
|
|
|
41,504
|
|
||
Due after five years through ten years
|
352,099
|
|
|
350,143
|
|
||
Due after ten years
|
1,118,283
|
|
|
1,089,984
|
|
||
|
1,514,329
|
|
|
1,484,160
|
|
||
Mortgage-backed securities
|
378,301
|
|
|
364,065
|
|
||
Common equities and mutual funds(1)
|
3,172
|
|
|
3,800
|
|
||
Total securities at fair value
|
$
|
1,895,802
|
|
|
$
|
1,852,025
|
|
HTM Securities at Fair Value
|
|
|
|
||||
At September 30, 2019
|
Amortized Cost
|
|
Fair Value
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Due after ten years
|
$
|
127,582
|
|
|
$
|
126,287
|
|
|
127,582
|
|
|
126,287
|
|
||
Mortgage-backed securities
|
7,182
|
|
|
7,183
|
|
||
Total HTM securities at cost
|
$
|
134,764
|
|
|
$
|
133,470
|
|
At September 30, 2018
|
Amortized Cost
|
|
Fair Value
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Due after ten years
|
$
|
163,893
|
|
|
$
|
153,135
|
|
|
163,893
|
|
|
153,135
|
|
||
Mortgage-backed securities
|
7,850
|
|
|
7,428
|
|
||
Total HTM securities at cost
|
$
|
171,743
|
|
|
$
|
160,563
|
|
Fiscal Year ended
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Available For Sale
|
|
|
|
|
|
||||||
Proceeds from sales
|
$
|
755,616
|
|
|
$
|
596,758
|
|
|
$
|
457,306
|
|
Gross gains on sales
|
6,006
|
|
|
2,551
|
|
|
4,091
|
|
|||
Gross losses on sales
|
5,277
|
|
|
10,728
|
|
|
4,628
|
|
|||
Net gain (loss) on available for sale securities
|
$
|
729
|
|
|
$
|
(8,177
|
)
|
|
$
|
(537
|
)
|
|
|
|
|
|
|
||||||
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
|
|
(Dollars in Thousands)
|
September 30, 2019
|
|
September 30, 2018
|
||||
National Lending
|
|
|
|
||||
Asset based lending
|
$
|
688,520
|
|
|
$
|
477,917
|
|
Factoring
|
296,507
|
|
|
284,221
|
|
||
Lease financing
|
381,602
|
|
|
265,315
|
|
||
Insurance premium finance
|
361,105
|
|
|
337,877
|
|
||
SBA/USDA
|
88,831
|
|
|
59,374
|
|
||
Other commercial finance
|
99,665
|
|
|
85,145
|
|
||
Commercial finance
|
1,916,230
|
|
|
1,509,849
|
|
||
Consumer credit products
|
106,794
|
|
|
80,605
|
|
||
Other consumer finance
|
161,404
|
|
|
189,756
|
|
||
Consumer finance(1)
|
268,198
|
|
|
270,361
|
|
||
Tax services
|
2,240
|
|
|
1,073
|
|
||
Warehouse finance(1)
|
262,924
|
|
|
65,000
|
|
||
Total National Lending
|
2,449,592
|
|
|
1,846,283
|
|
||
Community Banking
|
|
|
|
||||
Commercial real estate and operating
|
883,932
|
|
|
790,890
|
|
||
Consumer one-to-four family real estate and other
|
259,425
|
|
|
247,318
|
|
||
Agricultural real estate and operating
|
58,464
|
|
|
60,498
|
|
||
Total Community Banking
|
1,201,821
|
|
|
1,098,706
|
|
||
Total loans and leases
|
3,651,413
|
|
|
2,944,989
|
|
||
Net deferred loan origination fees (costs)
|
7,434
|
|
|
(250
|
)
|
||
Total gross loans and leases
|
3,658,847
|
|
|
2,944,739
|
|
||
|
|
|
|
||||
Allowance for loan and lease losses
|
(29,149
|
)
|
|
(13,040
|
)
|
||
Total loans and leases, net(2)
|
$
|
3,629,698
|
|
|
$
|
2,931,699
|
|
|
Fiscal Year Ended
|
||||||
(Dollars in Thousands)
|
September 30, 2019
|
|
September 30, 2018
|
||||
Loans Purchased
|
|
|
|
||||
Loans held for sale
|
$
|
15,443
|
|
|
$
|
—
|
|
Loans held for investment:
|
|
|
|
||||
Total National Lending
|
235,918
|
|
|
137,751
|
|
||
Total Community Banking
|
26,704
|
|
|
27,919
|
|
||
Total purchases
|
278,065
|
|
|
165,670
|
|
||
Loans Sold
|
|
|
|
||||
Loans held for sale
|
121,071
|
|
|
17,621
|
|
||
Loans held for investment:
|
|
|
|
||||
Total Community Banking
|
13,069
|
|
|
22,611
|
|
||
Total sales
|
$
|
134,140
|
|
|
$
|
40,232
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Minimum lease payments receivable
|
$
|
430,391
|
|
|
$
|
301,835
|
|
Estimated residual value of leased equipment
|
13,352
|
|
|
12,406
|
|
||
Unamortized initial direct costs
|
6,026
|
|
|
1,806
|
|
||
Premium on acquired leases
|
—
|
|
|
26
|
|
||
Unearned income
|
(62,088
|
)
|
|
(48,949
|
)
|
||
Net investment in direct financing and sales-type leases
|
$
|
387,681
|
|
|
$
|
267,124
|
|
|
As of September 30, 2019
|
||
(Dollars in thousands)
|
|
||
2020
|
$
|
146,067
|
|
2021
|
124,702
|
|
|
2022
|
85,081
|
|
|
2023
|
50,625
|
|
|
2024
|
21,007
|
|
|
2025 and thereafter
|
2,909
|
|
|
Total
|
$
|
430,391
|
|
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
13,040
|
|
|
$
|
7,534
|
|
|
$
|
5,635
|
|
Provision for loan and lease losses
|
55,650
|
|
|
29,433
|
|
|
10,589
|
|
|||
Recoveries
|
3,313
|
|
|
2,037
|
|
|
307
|
|
|||
Charge offs
|
(42,854
|
)
|
|
(25,964
|
)
|
|
(8,997
|
)
|
|||
Ending balance
|
$
|
29,149
|
|
|
$
|
13,040
|
|
|
$
|
7,534
|
|
Allowance for loan and lease losses:
|
Beginning balance
|
|
Provision (recovery) for loan and lease losses
|
|
Charge-offs
|
|
Recoveries
|
|
Ending balance
|
||||||||||
Fiscal Year Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||||||||||
Asset based lending
|
$
|
107
|
|
|
$
|
8,663
|
|
|
$
|
(2,486
|
)
|
|
$
|
159
|
|
|
$
|
6,443
|
|
Factoring
|
64
|
|
|
5,849
|
|
|
(2,725
|
)
|
|
73
|
|
|
3,261
|
|
|||||
Lease financing
|
59
|
|
|
4,009
|
|
|
(3,473
|
)
|
|
2,207
|
|
|
2,802
|
|
|||||
Insurance premium finance
|
1,031
|
|
|
2,361
|
|
|
(2,689
|
)
|
|
321
|
|
|
1,024
|
|
|||||
SBA/USDA
|
13
|
|
|
370
|
|
|
—
|
|
|
—
|
|
|
383
|
|
|||||
Other commercial finance
|
28
|
|
|
655
|
|
|
—
|
|
|
—
|
|
|
683
|
|
|||||
Commercial finance
|
1,302
|
|
|
21,907
|
|
|
(11,373
|
)
|
|
2,760
|
|
|
14,596
|
|
|||||
Consumer credit products
|
785
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
|||||
Other consumer finance
|
2,820
|
|
|
8,563
|
|
|
(6,346
|
)
|
|
81
|
|
|
5,118
|
|
|||||
Consumer finance
|
3,605
|
|
|
8,822
|
|
|
(6,346
|
)
|
|
81
|
|
|
6,162
|
|
|||||
Tax services
|
—
|
|
|
24,873
|
|
|
(25,095
|
)
|
|
222
|
|
|
—
|
|
|||||
Warehouse finance
|
65
|
|
|
198
|
|
|
—
|
|
|
—
|
|
|
263
|
|
|||||
Total National Lending
|
4,972
|
|
|
55,800
|
|
|
(42,814
|
)
|
|
3,063
|
|
|
21,021
|
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate and operating
|
6,220
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
6,208
|
|
|||||
Consumer one-to-four family real estate and other
|
632
|
|
|
461
|
|
|
(40
|
)
|
|
—
|
|
|
1,053
|
|
|||||
Agricultural real estate and operating
|
1,216
|
|
|
(599
|
)
|
|
—
|
|
|
250
|
|
|
867
|
|
|||||
Total Community Banking
|
8,068
|
|
|
(150
|
)
|
|
(40
|
)
|
|
250
|
|
|
8,128
|
|
|||||
Total
|
$
|
13,040
|
|
|
$
|
55,650
|
|
|
$
|
(42,854
|
)
|
|
$
|
3,313
|
|
|
$
|
29,149
|
|
Allowance for loan and lease losses:
|
Beginning balance
|
|
Provision (recovery) for loan and lease losses
|
|
Charge-offs
|
|
Recoveries
|
|
Ending balance
|
||||||||||
Fiscal Year Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||||||||||
Asset based lending
|
$
|
—
|
|
|
$
|
(249
|
)
|
|
$
|
—
|
|
|
$
|
356
|
|
|
$
|
107
|
|
Factoring
|
—
|
|
|
434
|
|
|
(821
|
)
|
|
451
|
|
|
64
|
|
|||||
Lease financing
|
—
|
|
|
147
|
|
|
(135
|
)
|
|
47
|
|
|
59
|
|
|||||
Insurance premium finance
|
796
|
|
|
998
|
|
|
(1,078
|
)
|
|
315
|
|
|
1,031
|
|
|||||
SBA/USDA
|
—
|
|
|
622
|
|
|
(609
|
)
|
|
—
|
|
|
13
|
|
|||||
Other commercial finance
|
4
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|||||
Commercial finance
|
800
|
|
|
1,976
|
|
|
(2,643
|
)
|
|
1,169
|
|
|
1,302
|
|
|||||
Consumer credit products
|
—
|
|
|
785
|
|
|
—
|
|
|
—
|
|
|
785
|
|
|||||
Other consumer finance
|
—
|
|
|
4,263
|
|
|
(1,443
|
)
|
|
—
|
|
|
2,820
|
|
|||||
Consumer finance
|
—
|
|
|
5,048
|
|
|
(1,443
|
)
|
|
—
|
|
|
3,605
|
|
|||||
Tax services
|
5
|
|
|
21,344
|
|
|
(21,802
|
)
|
|
453
|
|
|
—
|
|
|||||
Warehouse finance
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|||||
Total National Lending
|
805
|
|
|
28,433
|
|
|
(25,888
|
)
|
|
1,622
|
|
|
4,972
|
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate and operating
|
2,820
|
|
|
3,400
|
|
|
—
|
|
|
—
|
|
|
6,220
|
|
|||||
Consumer one-to-four family real estate and other
|
809
|
|
|
(104
|
)
|
|
(76
|
)
|
|
3
|
|
|
632
|
|
|||||
Agricultural real estate and operating
|
2,574
|
|
|
(1,769
|
)
|
|
—
|
|
|
411
|
|
|
1,216
|
|
|||||
Total Community Banking
|
6,203
|
|
|
1,527
|
|
|
(76
|
)
|
|
414
|
|
|
8,068
|
|
|||||
Unallocated
|
527
|
|
|
(527
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
7,534
|
|
|
$
|
29,433
|
|
|
$
|
(25,964
|
)
|
|
$
|
2,037
|
|
|
$
|
13,040
|
|
|
Allowance
|
|
Loans and Leases
|
||||||||||||||||||||
Recorded Investment
|
Ending balance: individually evaluated for impairment
|
|
Ending balance: collectively evaluated for impairment
|
|
Total
|
|
Ending balance: individually evaluated for impairment
|
|
Ending balance: collectively evaluated for impairment
|
|
Total
|
||||||||||||
Fiscal Year Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Asset based lending
|
$
|
443
|
|
|
$
|
6,000
|
|
|
$
|
6,443
|
|
|
$
|
16,727
|
|
|
$
|
671,793
|
|
|
$
|
688,520
|
|
Factoring
|
1,262
|
|
|
1,999
|
|
|
3,261
|
|
|
3,824
|
|
|
292,683
|
|
|
296,507
|
|
||||||
Lease financing
|
119
|
|
|
2,683
|
|
|
2,802
|
|
|
4,432
|
|
|
377,170
|
|
|
381,602
|
|
||||||
Insurance premium finance
|
—
|
|
|
1,024
|
|
|
1,024
|
|
|
—
|
|
|
361,105
|
|
|
361,105
|
|
||||||
SBA/USDA
|
51
|
|
|
332
|
|
|
383
|
|
|
3,841
|
|
|
84,990
|
|
|
88,831
|
|
||||||
Other commercial finance
|
—
|
|
|
683
|
|
|
683
|
|
|
—
|
|
|
99,665
|
|
|
99,665
|
|
||||||
Commercial finance
|
1,875
|
|
|
12,721
|
|
|
14,596
|
|
|
28,824
|
|
|
1,887,406
|
|
|
1,916,230
|
|
||||||
Consumer credit products
|
—
|
|
|
1,044
|
|
|
1,044
|
|
|
—
|
|
|
106,794
|
|
|
106,794
|
|
||||||
Other consumer finance
|
—
|
|
|
5,118
|
|
|
5,118
|
|
|
1,472
|
|
|
159,932
|
|
|
161,404
|
|
||||||
Consumer finance
|
—
|
|
|
6,162
|
|
|
6,162
|
|
|
1,472
|
|
|
266,726
|
|
|
268,198
|
|
||||||
Tax services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,240
|
|
|
2,240
|
|
||||||
Warehouse finance
|
—
|
|
|
263
|
|
|
263
|
|
|
—
|
|
|
262,924
|
|
|
262,924
|
|
||||||
Total National Lending
|
1,875
|
|
|
19,146
|
|
|
21,021
|
|
|
30,296
|
|
|
2,419,296
|
|
|
2,449,592
|
|
||||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate and operating
|
—
|
|
|
6,208
|
|
|
6,208
|
|
|
258
|
|
|
883,674
|
|
|
883,932
|
|
||||||
Consumer one-to-four family real estate and other
|
—
|
|
|
1,053
|
|
|
1,053
|
|
|
100
|
|
|
259,325
|
|
|
259,425
|
|
||||||
Agricultural real estate and operating
|
—
|
|
|
867
|
|
|
867
|
|
|
2,985
|
|
|
55,479
|
|
|
58,464
|
|
||||||
Total Community Banking
|
—
|
|
|
8,128
|
|
|
8,128
|
|
|
3,343
|
|
|
1,198,478
|
|
|
1,201,821
|
|
||||||
Total
|
$
|
1,875
|
|
|
$
|
27,274
|
|
|
$
|
29,149
|
|
|
$
|
33,639
|
|
|
$
|
3,617,774
|
|
|
$
|
3,651,413
|
|
|
Allowance
|
|
Loans and Leases
|
||||||||||||||||||||
Recorded Investment
|
Ending balance: individually evaluated for impairment(1)
|
|
Ending balance: collectively evaluated for impairment(1)
|
|
Total
|
|
Ending balance: individually evaluated for impairment
|
|
Ending balance: collectively evaluated for impairment
|
|
Total
|
||||||||||||
Fiscal Year Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Asset based lending
|
$
|
—
|
|
|
$
|
107
|
|
|
$
|
107
|
|
|
$
|
1,404
|
|
|
$
|
476,513
|
|
|
$
|
477,917
|
|
Factoring
|
—
|
|
|
64
|
|
|
64
|
|
|
3,331
|
|
|
280,890
|
|
|
284,221
|
|
||||||
Lease financing
|
—
|
|
|
59
|
|
|
59
|
|
|
8,877
|
|
|
256,438
|
|
|
265,315
|
|
||||||
Insurance premium finance
|
—
|
|
|
1,031
|
|
|
1,031
|
|
|
—
|
|
|
337,877
|
|
|
337,877
|
|
||||||
SBA/USDA
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
59,374
|
|
|
59,374
|
|
||||||
Other commercial finance
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
|
85,145
|
|
|
85,145
|
|
||||||
Commercial finance
|
—
|
|
|
1,302
|
|
|
1,302
|
|
|
13,612
|
|
|
1,496,237
|
|
|
1,509,849
|
|
||||||
Consumer credit products
|
—
|
|
|
785
|
|
|
785
|
|
|
—
|
|
|
80,605
|
|
|
80,605
|
|
||||||
Other consumer finance
|
—
|
|
|
2,820
|
|
|
2,820
|
|
|
—
|
|
|
189,756
|
|
|
189,756
|
|
||||||
Consumer finance
|
—
|
|
|
3,605
|
|
|
3,605
|
|
|
—
|
|
|
270,361
|
|
|
270,361
|
|
||||||
Tax services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,073
|
|
|
1,073
|
|
||||||
Warehouse finance
|
—
|
|
|
65
|
|
|
65
|
|
|
—
|
|
|
65,000
|
|
|
65,000
|
|
||||||
Total National Lending
|
—
|
|
|
4,972
|
|
|
4,972
|
|
|
13,612
|
|
|
1,832,671
|
|
|
1,846,283
|
|
||||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate and operating
|
—
|
|
|
6,220
|
|
|
6,220
|
|
|
451
|
|
|
790,439
|
|
|
790,890
|
|
||||||
Consumer one-to-four family real estate and other
|
—
|
|
|
632
|
|
|
632
|
|
|
94
|
|
|
247,224
|
|
|
247,318
|
|
||||||
Agricultural real estate and operating
|
—
|
|
|
1,216
|
|
|
1,216
|
|
|
1,454
|
|
|
59,044
|
|
|
60,498
|
|
||||||
Total Community Banking
|
—
|
|
|
8,068
|
|
|
8,068
|
|
|
1,999
|
|
|
1,096,707
|
|
|
1,098,706
|
|
||||||
Total
|
$
|
—
|
|
|
$
|
13,040
|
|
|
$
|
13,040
|
|
|
$
|
15,611
|
|
|
$
|
2,929,378
|
|
|
$
|
2,944,989
|
|
Asset Classification
|
Pass
|
|
Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||||
Fiscal Year Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Asset based lending
|
$
|
581,803
|
|
|
$
|
—
|
|
|
$
|
89,990
|
|
|
$
|
16,183
|
|
|
$
|
544
|
|
|
$
|
688,520
|
|
Factoring
|
256,048
|
|
|
—
|
|
|
36,635
|
|
|
3,824
|
|
|
—
|
|
|
296,507
|
|
||||||
Lease financing
|
367,791
|
|
|
—
|
|
|
9,379
|
|
|
4,432
|
|
|
—
|
|
|
381,602
|
|
||||||
Insurance premium finance
|
361,105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
361,105
|
|
||||||
SBA/USDA
|
76,609
|
|
|
—
|
|
|
8,381
|
|
|
3,841
|
|
|
—
|
|
|
88,831
|
|
||||||
Other commercial finance
|
99,057
|
|
|
—
|
|
|
608
|
|
|
—
|
|
|
—
|
|
|
99,665
|
|
||||||
Commercial finance
|
1,742,413
|
|
|
—
|
|
|
144,993
|
|
|
28,280
|
|
|
544
|
|
|
1,916,230
|
|
||||||
Consumer credit products
|
106,794
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106,794
|
|
||||||
Other consumer finance
|
161,404
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,404
|
|
||||||
Consumer finance
|
268,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268,198
|
|
||||||
Tax services
|
2,240
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,240
|
|
||||||
Warehouse finance
|
262,924
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,924
|
|
||||||
Total National Lending
|
2,275,775
|
|
|
—
|
|
|
144,993
|
|
|
28,280
|
|
|
544
|
|
|
2,449,592
|
|
||||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate and operating
|
875,933
|
|
|
1,494
|
|
|
2,884
|
|
|
3,621
|
|
|
—
|
|
|
883,932
|
|
||||||
Consumer one-to-four family real estate and other
|
257,575
|
|
|
946
|
|
|
708
|
|
|
196
|
|
|
—
|
|
|
259,425
|
|
||||||
Agricultural real estate and operating
|
39,409
|
|
|
4,631
|
|
|
5,876
|
|
|
8,548
|
|
|
—
|
|
|
58,464
|
|
||||||
Total Community Banking
|
1,172,917
|
|
|
7,071
|
|
|
9,468
|
|
|
12,365
|
|
|
—
|
|
|
1,201,821
|
|
||||||
Total loans and leases
|
$
|
3,448,692
|
|
|
$
|
7,071
|
|
|
$
|
154,461
|
|
|
$
|
40,645
|
|
|
$
|
544
|
|
|
$
|
3,651,413
|
|
Asset Classification
|
Pass
|
|
Watch
|
|
Special Mention
|
|
Substandard
|
|
Total
|
||||||||||
Fiscal Year Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||||||||||
Asset based lending
|
$
|
418,635
|
|
|
$
|
—
|
|
|
$
|
57,877
|
|
|
$
|
1,405
|
|
|
$
|
477,917
|
|
Factoring
|
248,246
|
|
|
—
|
|
|
32,644
|
|
|
3,331
|
|
|
284,221
|
|
|||||
Lease financing
|
252,487
|
|
|
—
|
|
|
3,951
|
|
|
8,877
|
|
|
265,315
|
|
|||||
Insurance premium finance
|
336,296
|
|
|
—
|
|
|
1,581
|
|
|
—
|
|
|
337,877
|
|
|||||
SBA/USDA
|
39,093
|
|
|
—
|
|
|
20,281
|
|
|
—
|
|
|
59,374
|
|
|||||
Other commercial finance
|
85,145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,145
|
|
|||||
Commercial finance
|
1,379,902
|
|
|
—
|
|
|
116,334
|
|
|
13,613
|
|
|
1,509,849
|
|
|||||
Consumer credit products
|
80,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,605
|
|
|||||
Other consumer finance
|
189,756
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
189,756
|
|
|||||
Consumer finance
|
270,361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270,361
|
|
|||||
Tax services
|
1,073
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,073
|
|
|||||
Warehouse finance
|
65,000
|
|
|
|
|
|
|
|
|
65,000
|
|
||||||||
Total National Lending
|
1,716,336
|
|
|
—
|
|
|
116,334
|
|
|
13,613
|
|
|
1,846,283
|
|
|||||
Community Banking
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate and operating
|
778,445
|
|
|
12,251
|
|
|
194
|
|
|
—
|
|
|
790,890
|
|
|||||
Consumer one-to-four family real estate and other
|
246,463
|
|
|
537
|
|
|
239
|
|
|
79
|
|
|
247,318
|
|
|||||
Agricultural real estate and operating
|
42,292
|
|
|
2,447
|
|
|
4,872
|
|
|
10,887
|
|
|
60,498
|
|
|||||
Total Community Banking
|
1,067,200
|
|
|
15,235
|
|
|
5,305
|
|
|
10,966
|
|
|
1,098,706
|
|
|||||
Total loans and leases
|
$
|
2,783,536
|
|
|
$
|
15,235
|
|
|
$
|
121,639
|
|
|
$
|
24,579
|
|
|
$
|
2,944,989
|
|
Past Due Loans and Leases
|
Accruing and Non-accruing Loans and Leases
|
|
Non-performing Loans and Leases
|
||||||||||||||||||||||||||||||||
Fiscal Year Ended September 30, 2019
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
>
89 Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total Loans and Leases
Receivable
|
|
> 89 Days Past Due and Accruing
|
|
Non-accrual balance
|
|
Total
|
||||||||||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans held for sale
|
$
|
1,122
|
|
|
$
|
755
|
|
|
$
|
964
|
|
|
$
|
2,841
|
|
|
$
|
145,936
|
|
|
$
|
148,777
|
|
|
$
|
964
|
|
|
$
|
—
|
|
|
$
|
964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Asset based lending
|
109
|
|
|
243
|
|
|
11,771
|
|
|
12,123
|
|
|
676,397
|
|
|
688,520
|
|
|
482
|
|
|
11,332
|
|
|
11,814
|
|
|||||||||
Factoring
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,507
|
|
|
296,507
|
|
|
—
|
|
|
1,669
|
|
|
1,669
|
|
|||||||||
Lease financing
|
3,213
|
|
|
1,801
|
|
|
4,063
|
|
|
9,077
|
|
|
372,525
|
|
|
381,602
|
|
|
3,289
|
|
|
1,122
|
|
|
4,411
|
|
|||||||||
Insurance premium finance
|
1,999
|
|
|
2,881
|
|
|
3,807
|
|
|
8,687
|
|
|
352,418
|
|
|
361,105
|
|
|
3,807
|
|
|
—
|
|
|
3,807
|
|
|||||||||
SBA/USDA
|
83
|
|
|
—
|
|
|
255
|
|
|
338
|
|
|
88,493
|
|
|
88,831
|
|
|
—
|
|
|
255
|
|
|
255
|
|
|||||||||
Other commercial finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,665
|
|
|
99,665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Commercial finance
|
5,404
|
|
|
4,925
|
|
|
19,896
|
|
|
30,225
|
|
|
1,886,005
|
|
|
1,916,230
|
|
|
7,578
|
|
|
14,378
|
|
|
21,956
|
|
|||||||||
Consumer credit products
|
627
|
|
|
557
|
|
|
239
|
|
|
1,423
|
|
|
105,371
|
|
|
106,794
|
|
|
239
|
|
|
—
|
|
|
239
|
|
|||||||||
Other consumer finance
|
932
|
|
|
1,005
|
|
|
1,078
|
|
|
3,015
|
|
|
158,389
|
|
|
161,404
|
|
|
1,078
|
|
|
—
|
|
|
1,078
|
|
|||||||||
Consumer finance
|
1,559
|
|
|
1,562
|
|
|
1,317
|
|
|
4,438
|
|
|
263,760
|
|
|
268,198
|
|
|
1,317
|
|
|
—
|
|
|
1,317
|
|
|||||||||
Tax services
|
—
|
|
|
—
|
|
|
2,240
|
|
|
2,240
|
|
|
—
|
|
|
2,240
|
|
|
2,240
|
|
|
—
|
|
|
2,240
|
|
|||||||||
Warehouse finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,924
|
|
|
262,924
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total National Lending
|
6,963
|
|
|
6,487
|
|
|
23,453
|
|
|
36,903
|
|
|
2,412,689
|
|
|
2,449,592
|
|
|
11,135
|
|
|
14,378
|
|
|
25,513
|
|
|||||||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate and operating
|
565
|
|
|
—
|
|
|
—
|
|
|
565
|
|
|
883,367
|
|
|
883,932
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Consumer one-to-four family real estate and other
|
458
|
|
|
—
|
|
|
9
|
|
|
467
|
|
|
258,958
|
|
|
259,425
|
|
|
—
|
|
|
44
|
|
|
44
|
|
|||||||||
Agricultural real estate and operating
|
49
|
|
|
—
|
|
|
—
|
|
|
49
|
|
|
58,415
|
|
|
58,464
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total Community Banking
|
1,072
|
|
|
—
|
|
|
9
|
|
|
1,081
|
|
|
1,200,740
|
|
|
1,201,821
|
|
|
—
|
|
|
44
|
|
|
44
|
|
|||||||||
Total loans and leases held for investment
|
8,035
|
|
|
6,487
|
|
|
23,462
|
|
|
37,984
|
|
|
3,613,429
|
|
|
3,651,413
|
|
|
11,135
|
|
|
14,422
|
|
|
25,557
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total loans and leases
|
$
|
9,157
|
|
|
$
|
7,242
|
|
|
$
|
24,426
|
|
|
$
|
40,825
|
|
|
$
|
3,759,365
|
|
|
$
|
3,800,190
|
|
|
$
|
12,099
|
|
|
$
|
14,422
|
|
|
$
|
26,521
|
|
Past Due Loans and Leases
|
Accruing and Non-accruing Loans and Leases
|
|
Non-performing Loans and Leases
|
||||||||||||||||||||||||||||||||
Fiscal Year Ended September 30, 2018
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
>
89 Days Past Due
|
|
Total Past
Due
|
|
Current
|
|
Total Loans and Leases
Receivable
|
|
> 89 Days Past Due and Accruing
|
|
Non-accrual balance
|
|
Total
|
||||||||||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
National Lending
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Asset based lending
|
1,235
|
|
|
2,151
|
|
|
94
|
|
|
3,480
|
|
|
474,437
|
|
|
477,917
|
|
|
94
|
|
|
—
|
|
|
94
|
|
|||||||||
Factoring
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284,221
|
|
|
284,221
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Lease financing
|
16,542
|
|
|
532
|
|
|
2,921
|
|
|
19,995
|
|
|
245,320
|
|
|
265,315
|
|
|
726
|
|
|
2,864
|
|
|
3,590
|
|
|||||||||
Insurance premium finance
|
1,864
|
|
|
1,019
|
|
|
2,981
|
|
|
5,864
|
|
|
332,013
|
|
|
337,877
|
|
|
2,981
|
|
|
—
|
|
|
2,981
|
|
|||||||||
SBA/USDA
|
1,067
|
|
|
—
|
|
|
—
|
|
|
1,067
|
|
|
58,307
|
|
|
59,374
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other commercial finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,145
|
|
|
85,145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Commercial finance
|
20,708
|
|
|
3,702
|
|
|
5,996
|
|
|
30,406
|
|
|
1,479,443
|
|
|
1,509,849
|
|
|
3,801
|
|
|
2,864
|
|
|
6,665
|
|
|||||||||
Consumer credit products
|
532
|
|
|
284
|
|
|
147
|
|
|
963
|
|
|
79,642
|
|
|
80,605
|
|
|
147
|
|
|
—
|
|
|
147
|
|
|||||||||
Other consumer finance
|
2,677
|
|
|
1,311
|
|
|
2,237
|
|
|
6,225
|
|
|
183,531
|
|
|
189,756
|
|
|
2,237
|
|
|
—
|
|
|
2,237
|
|
|||||||||
Consumer finance
|
3,209
|
|
|
1,595
|
|
|
2,384
|
|
|
7,188
|
|
|
263,173
|
|
|
270,361
|
|
|
2,384
|
|
|
—
|
|
|
2,384
|
|
|||||||||
Tax services
|
—
|
|
|
—
|
|
|
1,073
|
|
|
1,073
|
|
|
—
|
|
|
1,073
|
|
|
1,073
|
|
|
—
|
|
|
1,073
|
|
|||||||||
Warehouse finance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65,000
|
|
|
65,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total National Lending
|
23,917
|
|
|
5,297
|
|
|
9,453
|
|
|
38,667
|
|
|
1,807,616
|
|
|
1,846,283
|
|
|
7,258
|
|
|
2,864
|
|
|
10,122
|
|
|||||||||
Community Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate and operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
790,890
|
|
|
790,890
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Consumer one-to-four family real estate and other
|
105
|
|
|
—
|
|
|
79
|
|
|
184
|
|
|
247,134
|
|
|
247,318
|
|
|
79
|
|
|
—
|
|
|
79
|
|
|||||||||
Agricultural real estate and operating
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,498
|
|
|
60,498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total Community Banking
|
105
|
|
|
—
|
|
|
79
|
|
|
184
|
|
|
1,098,522
|
|
|
1,098,706
|
|
|
79
|
|
|
—
|
|
|
79
|
|
|||||||||
Total loans and leases held for investment
|
$
|
24,022
|
|
|
$
|
5,297
|
|
|
$
|
9,532
|
|
|
$
|
38,851
|
|
|
$
|
2,906,138
|
|
|
$
|
2,944,989
|
|
|
$
|
7,337
|
|
|
$
|
2,864
|
|
|
$
|
10,201
|
|
September 30, 2019
|
Recorded
Balance
|
|
Unpaid Principal
Balance
|
|
Specific
Allowance
|
||||||
Loans and leases without a specific valuation allowance
|
|
|
|
|
|
||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||
Asset based lending
|
$
|
12,187
|
|
|
$
|
13,487
|
|
|
$
|
—
|
|
Factoring
|
1,563
|
|
|
2,638
|
|
|
—
|
|
|||
Lease financing
|
1,897
|
|
|
1,897
|
|
|
—
|
|
|||
SBA/USDA
|
2,595
|
|
|
2,595
|
|
|
—
|
|
|||
Commercial finance
|
18,242
|
|
|
20,617
|
|
|
—
|
|
|||
Other consumer finance
|
1,472
|
|
|
1,539
|
|
|
—
|
|
|||
Consumer finance
|
1,472
|
|
|
1,539
|
|
|
—
|
|
|||
Total National Lending
|
19,714
|
|
|
22,156
|
|
|
—
|
|
|||
Community Banking
|
|
|
|
|
|
||||||
Commercial real estate and operating
|
258
|
|
|
258
|
|
|
—
|
|
|||
Consumer one-to-four family real estate and other
|
100
|
|
|
100
|
|
|
—
|
|
|||
Agricultural real estate and operating
|
2,985
|
|
|
2,985
|
|
|
—
|
|
|||
Total Community Banking
|
3,343
|
|
|
3,343
|
|
|
—
|
|
|||
Total
|
$
|
23,057
|
|
|
$
|
25,499
|
|
|
$
|
—
|
|
Loans and leases with a specific valuation allowance
|
|
|
|
|
|
||||||
National Lending
|
|
|
|
|
|
||||||
Asset based lending
|
$
|
4,540
|
|
|
$
|
4,567
|
|
|
$
|
443
|
|
Factoring
|
2,261
|
|
|
3,601
|
|
|
1,262
|
|
|||
Lease financing
|
2,535
|
|
|
2,535
|
|
|
119
|
|
|||
SBA/USDA
|
1,246
|
|
|
1,246
|
|
|
51
|
|
|||
Commercial finance
|
10,582
|
|
|
11,949
|
|
|
1,875
|
|
|||
Total National Lending
|
10,582
|
|
|
11,949
|
|
|
1,875
|
|
|||
Total
|
$
|
10,582
|
|
|
$
|
11,949
|
|
|
$
|
1,875
|
|
September 30, 2018(1)
|
Recorded
Balance
|
|
Unpaid Principal
Balance
|
|
Specific
Allowance
|
||||||
Loans and leases without a specific valuation allowance
|
|
||||||||||
National Lending
|
(Dollars in Thousands)
|
||||||||||
Asset based lending
|
$
|
1,404
|
|
|
$
|
1,404
|
|
|
$
|
—
|
|
Factoring
|
3,331
|
|
|
3,911
|
|
|
—
|
|
|||
Lease financing
|
8,877
|
|
|
8,877
|
|
|
—
|
|
|||
Commercial finance
|
13,612
|
|
|
14,192
|
|
|
—
|
|
|||
Total National Lending
|
13,612
|
|
|
14,192
|
|
|
—
|
|
|||
Community Banking
|
|
|
|
|
|
||||||
Commercial real estate and operating
|
405
|
|
|
405
|
|
|
—
|
|
|||
Consumer one-to-four family real estate and other
|
140
|
|
|
140
|
|
|
—
|
|
|||
Agricultural real estate and operating
|
1,454
|
|
|
1,454
|
|
|
—
|
|
|||
Total Community Banking
|
1,999
|
|
|
1,999
|
|
|
—
|
|
|||
Total
|
$
|
15,611
|
|
|
$
|
16,191
|
|
|
$
|
—
|
|
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
||||||||||||
(Dollars in thousands)
|
Average
Recorded
Investment
|
|
Recognized Interest Income
|
|
Average
Recorded
Investment
|
|
Recognized Interest Income
|
||||||||
National Lending
|
|
|
|
|
|
|
|
||||||||
Asset based lending
|
$
|
5,742
|
|
|
$
|
344
|
|
|
$
|
117
|
|
|
$
|
—
|
|
Factoring
|
4,751
|
|
|
5
|
|
|
277
|
|
|
—
|
|
||||
Lease financing
|
5,037
|
|
|
17
|
|
|
740
|
|
|
—
|
|
||||
SBA/USDA
|
639
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commercial finance
|
16,169
|
|
|
366
|
|
|
1,134
|
|
|
$
|
—
|
|
|||
Other consumer finance
|
1,207
|
|
|
67
|
|
|
—
|
|
|
—
|
|
||||
Consumer finance
|
1,207
|
|
|
67
|
|
|
—
|
|
|
—
|
|
||||
Total National Lending
|
17,376
|
|
|
433
|
|
|
1,134
|
|
|
—
|
|
||||
Community Banking
|
|
|
|
|
|
|
|
||||||||
Commercial real estate and operating
|
269
|
|
|
14
|
|
|
673
|
|
|
19
|
|
||||
Consumer one-to-four family real estate and other
|
172
|
|
|
6
|
|
|
226
|
|
|
14
|
|
||||
Agricultural real estate and operating
|
1,483
|
|
|
107
|
|
|
1,652
|
|
|
127
|
|
||||
Total Community Banking
|
1,924
|
|
|
127
|
|
|
2,551
|
|
|
160
|
|
||||
Total loans and leases
|
$
|
19,300
|
|
|
$
|
560
|
|
|
$
|
3,685
|
|
|
$
|
160
|
|
(Dollars in Thousands, Except Share and Per Share Data)
|
2019
|
|
2018
|
|
2017
|
||||||
Basic income per common share:
|
|
|
|
|
|
||||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
97,004
|
|
|
$
|
51,620
|
|
|
$
|
44,917
|
|
Weighted average common shares outstanding
|
38,880,919
|
|
|
30,737,499
|
|
|
27,741,276
|
|
|||
Basic income per common share
|
$
|
2.49
|
|
|
$
|
1.68
|
|
|
$
|
1.62
|
|
|
|
|
|
|
|
||||||
Diluted income per common share:
|
|
|
|
|
|
||||||
Net income attributable to Meta Financial Group, Inc.
|
$
|
97,004
|
|
|
$
|
51,620
|
|
|
$
|
44,917
|
|
Weighted average common shares outstanding
|
38,880,919
|
|
|
30,737,499
|
|
|
27,741,276
|
|
|||
Outstanding options - based upon the two-class method
|
40,718
|
|
|
115,551
|
|
|
166,956
|
|
|||
Weighted average diluted common shares outstanding
|
38,921,637
|
|
|
30,853,050
|
|
|
27,908,232
|
|
|||
Diluted income per common share
|
$
|
2.49
|
|
|
$
|
1.67
|
|
|
$
|
1.61
|
|
September 30,
|
2019
|
|
2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Land
|
$
|
2,932
|
|
|
$
|
2,932
|
|
Buildings
|
30,906
|
|
|
29,459
|
|
||
Furniture, fixtures, and equipment
|
61,216
|
|
|
56,597
|
|
||
|
95,054
|
|
|
88,988
|
|
||
Less: accumulated depreciation and amortization
|
(49,122
|
)
|
|
(48,530
|
)
|
||
Net book value
|
$
|
45,932
|
|
|
$
|
40,458
|
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
(Dollars in thousands)
|
|
|
|
||||
Computers and IT networking equipment
|
$
|
37,352
|
|
|
$
|
53,035
|
|
Motor vehicles and other
|
98,149
|
|
|
43,505
|
|
||
Office furniture and equipment
|
2,875
|
|
|
3,590
|
|
||
Solar panels and equipment
|
116,505
|
|
|
57,242
|
|
||
Total
|
254,881
|
|
|
157,372
|
|
||
|
|
|
|
||||
Accumulated depreciation
|
(46,344
|
)
|
|
(50,082
|
)
|
||
Net book value
|
$
|
208,537
|
|
|
$
|
107,290
|
|
|
September 30, 2019
|
||
(Dollars in thousands)
|
|
||
2020
|
$
|
31,300
|
|
2021
|
26,951
|
|
|
2022
|
20,076
|
|
|
2023
|
16,237
|
|
|
2024
|
11,173
|
|
|
2025 and thereafter
|
22,138
|
|
|
Total
|
$
|
127,875
|
|
(Dollars in Thousands)
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Goodwill
|
|
|
|
|
|
|
|
||||||||
September 30, 2018
|
$
|
87,145
|
|
|
$
|
216,125
|
|
|
$
|
—
|
|
|
$
|
303,270
|
|
Acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Measurement Period Adjustments (1)
|
—
|
|
|
6,235
|
|
|
—
|
|
|
6,235
|
|
||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
September 30, 2019
|
$
|
87,145
|
|
|
$
|
222,360
|
|
|
$
|
—
|
|
|
$
|
309,505
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2017
|
$
|
87,145
|
|
|
$
|
11,578
|
|
|
$
|
—
|
|
|
$
|
98,723
|
|
Acquisitions
|
—
|
|
|
204,547
|
|
|
—
|
|
|
204,547
|
|
||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
September 30, 2018
|
$
|
87,145
|
|
|
$
|
216,125
|
|
|
$
|
—
|
|
|
$
|
303,270
|
|
(Dollars in Thousands)
|
Trademark (1)
|
|
Non-Compete (2)
|
|
Customer Relationships (3)
|
|
All Others (4)
|
|
Total
|
||||||||||
Intangibles
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of September 30, 2018
|
$
|
12,987
|
|
|
$
|
1,297
|
|
|
$
|
48,455
|
|
|
$
|
7,980
|
|
|
$
|
70,719
|
|
Acquisitions during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
115
|
|
|||||
Amortization during the period
|
(1,028
|
)
|
|
(470
|
)
|
|
(15,248
|
)
|
|
(965
|
)
|
|
(17,711
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
(313
|
)
|
|
(313
|
)
|
|||||
Balance as of September 30, 2019
|
$
|
11,959
|
|
|
$
|
827
|
|
|
$
|
33,207
|
|
|
$
|
6,817
|
|
|
$
|
52,810
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross carrying amount
|
$
|
14,624
|
|
|
$
|
2,480
|
|
|
$
|
82,088
|
|
|
$
|
10,703
|
|
|
$
|
109,895
|
|
Accumulated amortization
|
(2,665
|
)
|
|
(1,653
|
)
|
|
(38,633
|
)
|
|
(3,227
|
)
|
|
(46,178
|
)
|
|||||
Accumulated impairment
|
|
|
|
|
|
|
(10,248
|
)
|
|
(659
|
)
|
|
(10,907
|
)
|
|||||
Balance as of September 30, 2019
|
$
|
11,959
|
|
|
$
|
827
|
|
|
$
|
33,207
|
|
|
$
|
6,817
|
|
|
$
|
52,810
|
|
(Dollars in Thousands)
|
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
|
3,634
|
|
|
—
|
|
|
24,278
|
|
|
449
|
|
|
28,361
|
|
|||||
Amortization during the period
|
(698
|
)
|
|
(485
|
)
|
|
(7,530
|
)
|
|
(928
|
)
|
|
(9,641
|
)
|
|||||
Write-offs during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
(179
|
)
|
|
(179
|
)
|
|||||
Balance as of September 30, 2018
|
$
|
12,987
|
|
|
$
|
1,297
|
|
|
$
|
48,455
|
|
|
$
|
7,980
|
|
|
$
|
70,719
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross carrying amount
|
$
|
14,624
|
|
|
$
|
2,480
|
|
|
$
|
82,088
|
|
|
$
|
10,951
|
|
|
$
|
110,143
|
|
Accumulated amortization
|
(1,637
|
)
|
|
(1,183
|
)
|
|
(23,385
|
)
|
|
(2,263
|
)
|
|
(28,468
|
)
|
|||||
Accumulated impairment
|
—
|
|
|
—
|
|
|
(10,248
|
)
|
|
(708
|
)
|
|
(10,956
|
)
|
|||||
Balance as of September 30, 2018
|
$
|
12,987
|
|
|
$
|
1,297
|
|
|
$
|
48,455
|
|
|
$
|
7,980
|
|
|
$
|
70,719
|
|
Fiscal Year Ended
|
Anticipated Amortization
|
||
(Dollars in Thousands)
|
|
||
2020
|
$
|
10,987
|
|
2021
|
8,528
|
|
|
2022
|
6,402
|
|
|
2023
|
5,083
|
|
|
2024
|
4,365
|
|
|
Thereafter
|
17,445
|
|
|
Total anticipated intangible amortization
|
$
|
52,810
|
|
As of September 30,
|
|
||
(Dollars in Thousands)
|
|
||
2020
|
$
|
1,289,068
|
|
2021
|
114,051
|
|
|
2022
|
11,719
|
|
|
2023
|
1,445
|
|
|
2024
|
207
|
|
|
Total (1)
|
$
|
1,416,490
|
|
September 30,
|
2019
|
|
2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Overnight federal funds purchased
|
$
|
642,000
|
|
|
$
|
422,000
|
|
Repurchase agreements
|
4,019
|
|
|
3,694
|
|
||
Other short-term borrowings
|
—
|
|
|
65
|
|
||
Total
|
$
|
646,019
|
|
|
$
|
425,759
|
|
September 30,
|
2019
|
|
2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Highest month-end balance
|
$
|
4,306
|
|
|
$
|
3,740
|
|
Average balance
|
3,542
|
|
|
2,557
|
|
||
Weighted average interest rate for the fiscal year
|
2.67
|
%
|
|
2.05
|
%
|
||
Weighted average interest rate at fiscal year end
|
2.41
|
%
|
|
2.48
|
%
|
September 30,
|
2019
|
|
2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Long-term FHLB advances
|
$
|
110,000
|
|
|
$
|
—
|
|
Trust preferred securities
|
13,661
|
|
|
13,661
|
|
||
Subordinated debentures (net of issuance costs)
|
73,644
|
|
|
73,491
|
|
||
Other long-term borrowings (1)
|
18,533
|
|
|
1,811
|
|
||
Total
|
$
|
215,838
|
|
|
$
|
88,963
|
|
September 30,
|
Long-term FHLB advances
|
|
Trust preferred securities
|
|
Subordinated debentures
|
|
Other long-term borrowings
|
|
Total
|
||||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
||||||||||
2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,301
|
|
|
$
|
7,301
|
|
2021
|
110,000
|
|
|
—
|
|
|
—
|
|
|
5,074
|
|
|
115,074
|
|
|||||
2022
|
—
|
|
|
—
|
|
|
—
|
|
|
2,355
|
|
|
2,355
|
|
|||||
2023
|
—
|
|
|
—
|
|
|
—
|
|
|
1,615
|
|
|
1,615
|
|
|||||
2024
|
—
|
|
|
—
|
|
|
—
|
|
|
793
|
|
|
793
|
|
|||||
Thereafter
|
—
|
|
|
13,661
|
|
|
73,644
|
|
|
1,395
|
|
|
88,700
|
|
|||||
Total long-term borrowings
|
$
|
110,000
|
|
|
$
|
13,661
|
|
|
$
|
73,644
|
|
|
$
|
18,533
|
|
|
$
|
215,838
|
|
At September 30,
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Allocated shares
|
778,088
|
|
|
812,346
|
|
|
768,657
|
|
|||
Unearned shares
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total ESOP shares
|
778,088
|
|
|
812,346
|
|
|
768,657
|
|
|||
Fair value of unearned shares
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fiscal Year Ended September 30,
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Total employee stock-based compensation expense recognized in income, net of tax effects of $3,230, $3,139, and $3,907, respectively
|
$
|
9,716
|
|
|
$
|
7,878
|
|
|
$
|
6,486
|
|
|
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, 2018
|
155,961
|
|
|
$
|
8.48
|
|
|
1.78
|
|
|
$
|
2,974
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(93,099
|
)
|
|
8.68
|
|
|
—
|
|
|
1,842
|
|
||
Forfeited or expired
|
(3,027
|
)
|
|
10.60
|
|
|
—
|
|
|
33
|
|
||
Options outstanding, September 30, 2019
|
59,835
|
|
|
$
|
8.06
|
|
|
1.54
|
|
|
$
|
1,469
|
|
|
|
|
|
|
|
|
|
||||||
Options exercisable end of fiscal year
|
59,835
|
|
|
$
|
8.06
|
|
|
1.54
|
|
|
$
|
1,469
|
|
|
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, 2017
|
227,271
|
|
|
$
|
7.54
|
|
|
2.28
|
|
|
$
|
4,225
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(71,310
|
)
|
|
5.48
|
|
|
—
|
|
|
1,909
|
|
||
Forfeited or expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options outstanding, September 30, 2018
|
155,961
|
|
|
$
|
8.48
|
|
|
1.78
|
|
|
$
|
2,974
|
|
|
|
|
|
|
|
|
|
||||||
Options exercisable end of fiscal year
|
155,961
|
|
|
$
|
8.48
|
|
|
1.78
|
|
|
$
|
2,974
|
|
|
Number of
Shares
|
|
Weighted Average
Fair Value At Grant
|
|||
(Dollars in Thousands, Except Share and Per Share Data)
|
|
|
|
|||
Nonvested shares outstanding, September 30, 2018
|
1,005,813
|
|
|
$
|
29.89
|
|
Granted
|
315,802
|
|
|
25.18
|
|
|
Vested
|
(391,061
|
)
|
|
26.97
|
|
|
Forfeited or expired
|
(4,432
|
)
|
|
25.98
|
|
|
Nonvested shares outstanding, September 30, 2019
|
926,122
|
|
|
$
|
29.54
|
|
|
Number of
Shares
|
|
Weighted Average
Fair Value At Grant
|
|||
(Dollars in Thousands, Except Share and Per Share Data)
|
|
|
|
|||
Nonvested shares outstanding, September 30, 2017
|
913,578
|
|
|
$
|
28.99
|
|
Granted
|
354,108
|
|
|
30.36
|
|
|
Vested
|
(253,944
|
)
|
|
27.49
|
|
|
Forfeited or expired
|
(7,929
|
)
|
|
23.27
|
|
|
Nonvested shares outstanding, September 30, 2018
|
1,005,813
|
|
|
$
|
29.89
|
|
Fiscal Years Ended September 30,
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Federal:
|
|
|
|
|
|
||||||
Current
|
$
|
5,278
|
|
|
$
|
(4,023
|
)
|
|
$
|
12,153
|
|
Deferred
|
(14,831
|
)
|
|
5,895
|
|
|
(5,040
|
)
|
|||
|
(9,553
|
)
|
|
1,872
|
|
|
7,113
|
|
|||
|
|
|
|
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|||
Current
|
5,649
|
|
|
2,611
|
|
|
4,366
|
|
|||
Deferred
|
530
|
|
|
634
|
|
|
(1,246
|
)
|
|||
|
6,179
|
|
|
3,245
|
|
|
3,120
|
|
|||
|
|
|
|
|
|
||||||
Income tax (benefit) expense
|
$
|
(3,374
|
)
|
|
$
|
5,117
|
|
|
$
|
10,233
|
|
September 30,
|
2019
|
|
2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Deferred tax assets:
|
|
|
|
||||
Bad debts
|
$
|
6,805
|
|
|
$
|
3,224
|
|
Deferred compensation
|
1,626
|
|
|
3,495
|
|
||
Stock based compensation
|
4,296
|
|
|
3,758
|
|
||
Net unrealized losses on securities available for sale
|
—
|
|
|
10,663
|
|
||
Valuation adjustments
|
6,596
|
|
|
6,991
|
|
||
General business credits(1)
|
27,935
|
|
|
12,243
|
|
||
Accrued expenses
|
3,767
|
|
|
3,144
|
|
||
Other assets
|
3,144
|
|
|
1,629
|
|
||
|
54,169
|
|
|
45,147
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Premises and equipment
|
(3,084
|
)
|
|
(347
|
)
|
||
Intangibles
|
(1,812
|
)
|
|
(4,231
|
)
|
||
Net unrealized gains on securities available for sale
|
(2,146
|
)
|
|
—
|
|
||
Deferred income
|
(179
|
)
|
|
(2,070
|
)
|
||
Leased assets
|
(24,996
|
)
|
|
(17,985
|
)
|
||
Other liabilities
|
(3,068
|
)
|
|
(1,777
|
)
|
||
|
(35,285
|
)
|
|
(26,410
|
)
|
||
|
|
|
|
||||
Net deferred tax assets
|
$
|
18,884
|
|
|
$
|
18,737
|
|
Fiscal Years Ended September 30,
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
Amount
|
Rate
|
|
Amount
|
Rate
|
|
Amount
|
Rate
|
|||||||||
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|||||||||
Statutory federal income tax expense and rate
|
$
|
20,568
|
|
21.0
|
%
|
|
$
|
14,082
|
|
24.5
|
%
|
|
$
|
19,303
|
|
35.0
|
%
|
Change in tax rate resulting from:
|
|
|
|
|
|
|
|
|
|||||||||
State income taxes net of federal benefits
|
5,000
|
|
5.1
|
%
|
|
2,461
|
|
4.3
|
%
|
|
2,014
|
|
3.7
|
%
|
|||
162(m) disallowance
|
2,777
|
|
2.8
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|||
Tax exempt income
|
(2,714
|
)
|
(2.8
|
)%
|
|
(6,968
|
)
|
(12.1
|
)%
|
|
(9,991
|
)
|
(18.1
|
)%
|
|||
Nondeductible acquisition costs
|
—
|
|
—
|
%
|
|
1,295
|
|
2.3
|
%
|
|
—
|
|
—
|
%
|
|||
General business credits
|
(27,126
|
)
|
(27.7
|
)%
|
|
(3,948
|
)
|
(6.9
|
)%
|
|
—
|
|
—
|
%
|
|||
Tax reform
|
—
|
|
—
|
%
|
|
3,849
|
|
6.7
|
%
|
|
—
|
|
—
|
%
|
|||
Amended Crestmark Bancorp historical tax return
|
—
|
|
—
|
%
|
|
(4,644
|
)
|
(8.1
|
)%
|
|
—
|
|
—
|
%
|
|||
Other, net
|
(1,879
|
)
|
(1.8
|
)%
|
|
(1,010
|
)
|
(1.7
|
)%
|
|
(1,093
|
)
|
(2.0
|
)%
|
|||
Total income tax (benefit) expense
|
$
|
(3,374
|
)
|
(3.4
|
)%
|
|
$
|
5,117
|
|
9.0
|
%
|
|
$
|
10,233
|
|
18.6
|
%
|
September 30,
|
2019
|
|
2018
|
||||
(Dollars in Thousands)
|
|
|
|
||||
Balance at beginning of fiscal year
|
$
|
434
|
|
|
$
|
645
|
|
Reductions for tax positions related to prior years
|
(66
|
)
|
|
(211
|
)
|
||
Balance at end of fiscal year
|
$
|
368
|
|
|
$
|
434
|
|
|
Company
|
|
Bank
|
|
Minimum to be Adequately Capitalized Under Prompt Corrective Action Provisions
|
|
Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
|
||||
September 30, 2019
|
|
|
|
|
|
|
|
||||
Tier 1 leverage capital ratio
|
8.33
|
%
|
|
9.65
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Common equity Tier 1 capital ratio
|
10.35
|
|
|
12.31
|
|
|
4.50
|
|
|
6.50
|
|
Tier 1 capital ratio
|
10.71
|
|
|
12.37
|
|
|
6.00
|
|
|
8.00
|
|
Total capital ratio
|
13.01
|
|
|
13.02
|
|
|
8.00
|
|
|
10.00
|
|
|
|
|
|
|
|
|
|
||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio
|
8.50
|
%
|
|
9.75
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Common equity Tier 1 capital ratio
|
10.56
|
|
|
12.50
|
|
|
4.50
|
|
|
6.50
|
|
Tier 1 capital ratio
|
10.97
|
|
|
12.56
|
|
|
6.00
|
|
|
8.00
|
|
Total capital ratio
|
13.18
|
|
|
12.89
|
|
|
8.00
|
|
|
10.00
|
|
|
Standardized Approach(1)
September 30, 2019
|
||
(Dollars in Thousands)
|
|
||
Total stockholders' equity
|
$
|
843,958
|
|
Adjustments:
|
|
||
LESS: Goodwill, net of associated deferred tax liabilities
|
304,020
|
|
|
LESS: Certain other intangible assets
|
50,501
|
|
|
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards
|
15,569
|
|
|
LESS: Net unrealized gains (losses) on available-for-sale securities
|
6,458
|
|
|
LESS: Noncontrolling interest
|
4,047
|
|
|
LESS: Unrealized currency gains (losses)
|
—
|
|
|
Common Equity Tier 1 (1)
|
463,363
|
|
|
Long-term borrowings and other instruments qualifying as Tier 1
|
13,661
|
|
|
Tier 1 minority interest not included in common equity tier 1 capital
|
2,350
|
|
|
Total Tier 1 capital
|
479,374
|
|
|
Allowance for loan and lease losses
|
29,272
|
|
|
Subordinated debentures (net of issuance costs)
|
73,644
|
|
|
Total capital
|
$
|
582,290
|
|
|
Fiscal Year Ended September 30,
|
||||||
(Dollars in Thousands)
|
Operating
Leases
|
|
Capital
Leases
|
||||
2020
|
$
|
3,709
|
|
|
$
|
216
|
|
2021
|
3,429
|
|
|
216
|
|
||
2022
|
2,955
|
|
|
216
|
|
||
2023
|
2,561
|
|
|
216
|
|
||
2024
|
2,457
|
|
|
194
|
|
||
Thereafter
|
18,971
|
|
|
1,876
|
|
||
Total leases commitments
|
$
|
34,082
|
|
|
$
|
2,934
|
|
|
|
|
|
||||
Amounts representing interest
|
|
|
|
$
|
986
|
|
|
Present value of net minimum lease payments
|
|
|
|
1,948
|
|
Fiscal Year Ended September 30, 2019
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Consolidated Company
|
||||||||
(Dollars in thousands)
|
|
|
|
|
|
|
|
||||||||
Net interest income (expense)(1)
|
$
|
52,506
|
|
|
$
|
228,667
|
|
|
$
|
(16,966
|
)
|
|
$
|
264,207
|
|
Noninterest income:
|
|
|
|
|
|
|
|
||||||||
Refund transfer product fees
|
39,198
|
|
|
—
|
|
|
—
|
|
|
39,198
|
|
||||
Tax advance product fees(1)
|
34,687
|
|
|
—
|
|
|
—
|
|
|
34,687
|
|
||||
Card fees
|
79,628
|
|
|
354
|
|
|
—
|
|
|
79,982
|
|
||||
Rental income(1)
|
12
|
|
|
41,041
|
|
|
—
|
|
|
41,053
|
|
||||
Loan and lease fees(1)
|
—
|
|
|
4,292
|
|
|
—
|
|
|
4,292
|
|
||||
Bank-owned life insurance(1)
|
—
|
|
|
—
|
|
|
2,535
|
|
|
2,535
|
|
||||
Deposit fees
|
7,502
|
|
|
1,588
|
|
|
—
|
|
|
9,090
|
|
||||
Gain (loss) on sale of securities available-for-sale, net(1)
|
—
|
|
|
—
|
|
|
729
|
|
|
729
|
|
||||
Gain on sale of loans and leases(1)
|
—
|
|
|
5,244
|
|
|
—
|
|
|
5,244
|
|
||||
Loss on foreclosed real estate(1)
|
—
|
|
|
(278
|
)
|
|
—
|
|
|
(278
|
)
|
||||
Other income(1)
|
871
|
|
|
3,988
|
|
|
1,154
|
|
|
6,013
|
|
||||
Total noninterest income (expense)
|
161,898
|
|
|
56,229
|
|
|
4,418
|
|
|
222,545
|
|
||||
Revenue (expense)
|
$
|
214,404
|
|
|
$
|
284,896
|
|
|
$
|
(12,548
|
)
|
|
$
|
486,752
|
|
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Fiscal Year Ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||
Net interest income (expense)
|
$
|
52,506
|
|
|
$
|
228,667
|
|
|
$
|
(16,966
|
)
|
|
$
|
264,207
|
|
Provision for loan and lease losses
|
24,874
|
|
|
30,776
|
|
|
—
|
|
|
55,650
|
|
||||
Noninterest income
|
161,898
|
|
|
56,229
|
|
|
4,418
|
|
|
222,545
|
|
||||
Noninterest expense
|
88,627
|
|
|
145,206
|
|
|
99,327
|
|
|
333,160
|
|
||||
Income (loss) before income tax expense (benefit)
|
100,903
|
|
|
108,914
|
|
|
(111,875
|
)
|
|
97,942
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
190,348
|
|
|
4,337,221
|
|
|
1,655,321
|
|
|
6,182,890
|
|
||||
Total goodwill
|
87,145
|
|
|
222,360
|
|
|
—
|
|
|
309,505
|
|
||||
Total deposits
|
2,434,306
|
|
|
293,072
|
|
|
1,609,627
|
|
|
4,337,005
|
|
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Fiscal Year Ended September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
22,841
|
|
|
$
|
90,805
|
|
|
$
|
16,903
|
|
|
$
|
130,549
|
|
Provision for loan and lease losses
|
21,344
|
|
|
8,088
|
|
|
—
|
|
|
29,432
|
|
||||
Noninterest income (expense)
|
176,250
|
|
|
13,950
|
|
|
(5,675
|
)
|
|
184,525
|
|
||||
Noninterest expense
|
126,610
|
|
|
46,982
|
|
|
54,640
|
|
|
228,232
|
|
||||
Income (loss) before income tax expense (benefit)
|
51,137
|
|
|
49,685
|
|
|
(43,412
|
)
|
|
57,410
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total assets
|
186,502
|
|
|
3,413,409
|
|
|
2,235,156
|
|
|
5,835,067
|
|
||||
Total goodwill
|
87,145
|
|
|
216,125
|
|
|
—
|
|
|
303,270
|
|
||||
Total deposits
|
2,412,986
|
|
|
746,003
|
|
|
1,271,998
|
|
|
4,430,987
|
|
|
Payments
|
|
Banking
|
|
Corporate Services/Other
|
|
Total
|
||||||||
Fiscal Year Ended September 30, 2017
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
13,342
|
|
|
$
|
49,508
|
|
|
$
|
30,380
|
|
|
$
|
93,230
|
|
Provision for loan losses
|
7,613
|
|
|
2,976
|
|
|
—
|
|
|
10,589
|
|
||||
Noninterest income
|
165,707
|
|
|
4,685
|
|
|
1,780
|
|
|
172,172
|
|
||||
Noninterest 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
|
|
Fiscal Years Ended September 30,
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
Interest expense
|
$
|
5,296
|
|
|
$
|
5,061
|
|
|
$
|
4,959
|
|
Other expense
|
1,044
|
|
|
663
|
|
|
440
|
|
|||
Total expense
|
6,340
|
|
|
5,724
|
|
|
5,399
|
|
|||
|
|
|
|
|
|
||||||
Loss before income taxes and equity in undistributed net income of subsidiaries
|
(6,340
|
)
|
|
(5,724
|
)
|
|
(5,399
|
)
|
|||
|
|
|
|
|
|
||||||
Income tax (benefit)
|
(1,374
|
)
|
|
(1,504
|
)
|
|
(1,935
|
)
|
|||
|
|
|
|
|
|
||||||
Loss before equity in undistributed net income of subsidiaries
|
(4,966
|
)
|
|
(4,220
|
)
|
|
(3,464
|
)
|
|||
|
|
|
|
|
|
||||||
Equity in undistributed net income of subsidiaries
|
101,970
|
|
|
55,840
|
|
|
48,381
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to parent
|
$
|
97,004
|
|
|
$
|
51,620
|
|
|
$
|
44,917
|
|
For the Fiscal Years Ended September 30,
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in Thousands)
|
|
|
|
|
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income attributable to parent
|
$
|
97,004
|
|
|
$
|
51,620
|
|
|
$
|
44,917
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, amortization and accretion, net
|
153
|
|
|
143
|
|
|
136
|
|
|||
Equity in undistributed net income of subsidiaries
|
(101,970
|
)
|
|
(55,840
|
)
|
|
(48,381
|
)
|
|||
Stock compensation
|
12,942
|
|
|
11,123
|
|
|
10,393
|
|
|||
Other assets
|
(35
|
)
|
|
232
|
|
|
7
|
|
|||
Accrued expenses and other liabilities
|
(6,468
|
)
|
|
(860
|
)
|
|
16,636
|
|
|||
Cash dividend received
|
33,980
|
|
|
45,315
|
|
|
—
|
|
|||
Net cash provided by operating activities
|
35,606
|
|
|
51,733
|
|
|
23,708
|
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITES
|
|
|
|
|
|
||||||
Held to maturity:
|
|
|
|
|
|
||||||
Proceeds from maturities and principal repayments
|
—
|
|
|
8
|
|
|
—
|
|
|||
Capital contributions to subsidiaries
|
—
|
|
|
(20,322
|
)
|
|
(82,820
|
)
|
|||
Net cash (used in) investing activities
|
—
|
|
|
(20,314
|
)
|
|
(82,820
|
)
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Cash dividends paid
|
(7,760
|
)
|
|
(5,736
|
)
|
|
(4,839
|
)
|
|||
Payment:
|
|
|
|
|
|
||||||
Short-term borrowings
|
—
|
|
|
(11,642
|
)
|
|
—
|
|
|||
Long-term borrowings
|
—
|
|
|
(258
|
)
|
|
—
|
|
|||
Purchase of shares by ESOP
|
2,011
|
|
|
1,606
|
|
|
1,174
|
|
|||
Proceeds/(payment):
|
|
|
|
|
|
||||||
Contingent consideration - equity
|
—
|
|
|
—
|
|
|
24,142
|
|
|||
Exercise of stock options & issuance of common stock
|
44
|
|
|
148
|
|
|
650
|
|
|||
Issuance of restricted stock
|
3
|
|
|
4
|
|
|
12
|
|
|||
Issuance of commons shares due to acquisitions
|
—
|
|
|
295,767
|
|
|
37,296
|
|
|||
Cash acquired due to acquisitions
|
—
|
|
|
697
|
|
|
—
|
|
|||
Net increase in investment in subsidiaries
|
(90
|
)
|
|
(295,767
|
)
|
|
—
|
|
|||
Shares repurchased for tax withholdings on stock compensation
|
(49,912
|
)
|
|
(2,598
|
)
|
|
(470
|
)
|
|||
Net cash provided by (used in) financing activities
|
(55,704
|
)
|
|
(17,779
|
)
|
|
57,965
|
|
|||
|
|
|
|
|
|
||||||
Net change in cash and cash equivalents
|
$
|
(20,098
|
)
|
|
$
|
13,640
|
|
|
$
|
(1,147
|
)
|
|
|
|
|
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
||||
Beginning of fiscal year
|
28,209
|
|
|
14,569
|
|
|
15,716
|
|
|||
End of fiscal year
|
$
|
8,111
|
|
|
$
|
28,209
|
|
|
$
|
14,569
|
|
|
QUARTER ENDED
|
||||||||||||||
(Dollars in Thousands, Except Per Share Data)
|
December 31
|
|
March 31
|
|
June 30
|
|
September 30
|
||||||||
Fiscal Year 2019
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
$
|
74,976
|
|
|
$
|
88,294
|
|
|
$
|
81,632
|
|
|
$
|
80,828
|
|
Interest expense
|
14,704
|
|
|
16,944
|
|
|
14,664
|
|
|
15,211
|
|
||||
Net interest income
|
60,272
|
|
|
71,350
|
|
|
66,968
|
|
|
65,617
|
|
||||
Provision for loan and lease losses
|
9,099
|
|
|
33,318
|
|
|
9,112
|
|
|
4,121
|
|
||||
Noninterest income
|
37,751
|
|
|
105,025
|
|
|
43,790
|
|
|
35,980
|
|
||||
Net income attributable to parent
|
15,398
|
|
|
32,120
|
|
|
29,291
|
|
|
20,195
|
|
||||
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.39
|
|
|
$
|
0.81
|
|
|
$
|
0.75
|
|
|
$
|
0.53
|
|
Diluted
|
0.39
|
|
|
0.81
|
|
|
0.75
|
|
|
0.53
|
|
||||
Dividend declared per share
|
0.05
|
|
|
0.05
|
|
|
0.05
|
|
|
0.05
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and dividend income
|
$
|
30,857
|
|
|
$
|
33,371
|
|
|
$
|
34,104
|
|
|
$
|
60,202
|
|
Interest expense
|
4,661
|
|
|
5,966
|
|
|
5,693
|
|
|
11,665
|
|
||||
Net interest income
|
26,196
|
|
|
27,405
|
|
|
28,411
|
|
|
48,537
|
|
||||
Provision for loan and lease losses
|
1,068
|
|
|
18,343
|
|
|
5,315
|
|
|
4,706
|
|
||||
Noninterest income
|
29,268
|
|
|
97,419
|
|
|
33,225
|
|
|
24,613
|
|
||||
Net income attributable to parent
|
4,670
|
|
|
31,436
|
|
|
6,792
|
|
|
8,722
|
|
||||
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.15
|
|
|
$
|
1.07
|
|
|
$
|
0.22
|
|
|
$
|
0.24
|
|
Diluted
|
0.15
|
|
|
1.06
|
|
|
0.22
|
|
|
0.24
|
|
||||
Dividend declared per share
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.05
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Fiscal Year 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and dividend 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
|
)
|
||||
Noninterest income
|
19,349
|
|
|
92,170
|
|
|
30,820
|
|
|
29,833
|
|
||||
Net income attributable to parent
|
1,244
|
|
|
32,142
|
|
|
9,787
|
|
|
1,744
|
|
||||
Earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.05
|
|
|
$
|
1.15
|
|
|
$
|
0.35
|
|
|
$
|
0.07
|
|
Diluted
|
0.05
|
|
|
1.14
|
|
|
0.35
|
|
|
0.07
|
|
||||
Dividend declared per share
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
Fair Value At September 30, 2019
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
||||||||
SBA securities
|
$
|
185,982
|
|
|
$
|
—
|
|
|
$
|
185,982
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
874
|
|
|
—
|
|
|
874
|
|
|
—
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
400,557
|
|
|
—
|
|
|
400,557
|
|
|
—
|
|
||||
Asset-backed securities
|
302,534
|
|
|
—
|
|
|
302,534
|
|
|
—
|
|
||||
Mortgage-backed securities
|
382,546
|
|
|
—
|
|
|
382,546
|
|
|
—
|
|
||||
Total debt securities AFS
|
1,272,493
|
|
|
—
|
|
|
1,272,493
|
|
|
—
|
|
||||
Common equities and mutual funds(1)(2)
|
$
|
2,606
|
|
|
$
|
2,606
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-marketable equity securities(3)
|
$
|
1,669
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value At September 30, 2018
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Debt securities AFS
|
|
|
|
|
|
|
|
||||||||
SBA securities
|
$
|
44,337
|
|
|
$
|
—
|
|
|
$
|
44,337
|
|
|
$
|
—
|
|
Obligations of states and political subdivisions
|
16,910
|
|
|
—
|
|
|
16,910
|
|
|
—
|
|
||||
Non-bank qualified obligations of states and political subdivisions
|
1,109,885
|
|
|
—
|
|
|
1,109,885
|
|
|
—
|
|
||||
Asset-backed securities
|
313,028
|
|
|
—
|
|
|
313,028
|
|
|
—
|
|
||||
Mortgage-backed securities
|
364,065
|
|
|
—
|
|
|
364,065
|
|
|
—
|
|
||||
Total debt securities AFS
|
1,848,225
|
|
|
—
|
|
|
1,848,225
|
|
|
—
|
|
||||
Common equities and mutual funds(1)
|
3,800
|
|
|
3,800
|
|
|
—
|
|
|
—
|
|
||||
Total securities
|
$
|
1,852,025
|
|
|
$
|
3,800
|
|
|
$
|
1,848,225
|
|
|
$
|
—
|
|
|
Fair Value at September 30, 2019
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans and leases, net
|
|
|
|
|
|
|
|
||||||||
Commercial finance
|
$
|
8,707
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,707
|
|
Total National Lending
|
8,707
|
|
|
—
|
|
|
—
|
|
|
8,707
|
|
||||
Total impaired loans and leases
|
8,707
|
|
|
—
|
|
|
—
|
|
|
8,707
|
|
||||
Foreclosed assets, net
|
29,494
|
|
|
—
|
|
|
—
|
|
|
29,494
|
|
||||
Total
|
$
|
38,201
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38,201
|
|
|
Fair Value At September 30, 2018
|
||||||||||||||
(Dollars in Thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans and leases, net
|
|
|
|
|
|
|
|
||||||||
Commercial finance
|
$
|
4,825
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,825
|
|
Total National Lending
|
4,825
|
|
|
—
|
|
|
—
|
|
|
4,825
|
|
||||
Total impaired loans and leases
|
4,825
|
|
|
—
|
|
|
—
|
|
|
4,825
|
|
||||
Foreclosed assets, net
|
31,638
|
|
|
—
|
|
|
—
|
|
|
31,638
|
|
||||
Total
|
$
|
36,463
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,463
|
|
|
Quantitative Information About Level 3 Fair Value Measurements
|
||||||||||||
(Dollars in Thousands)
|
Fair Value at
September 30, 2019
|
|
Fair Value at
September 30, 2018
|
|
Valuation
Technique
|
|
Unobservable
Input
|
|
Range of Inputs
|
||||
Impaired loans and leases, net
|
$
|
8,707
|
|
|
$
|
4,825
|
|
|
Market approach
|
|
Appraised values(1)
|
|
4.00 - 10.00%
|
Foreclosed assets, net
|
$
|
29,494
|
|
|
$
|
31,638
|
|
|
Market approach
|
|
Appraised values(1)
|
|
4.00 - 30.00%
|
|
September 30, 2019
|
||||||||||||||||||
(Dollars in Thousands)
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
126,545
|
|
|
$
|
126,545
|
|
|
$
|
126,545
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Debt securities available for sale
|
1,272,493
|
|
|
1,272,493
|
|
|
—
|
|
|
1,272,493
|
|
|
—
|
|
|||||
Debt securities held to maturity
|
134,764
|
|
|
133,470
|
|
|
—
|
|
|
133,470
|
|
|
—
|
|
|||||
Common equities and mutual funds(1)
|
2,606
|
|
|
2,606
|
|
|
2,606
|
|
|
—
|
|
|
—
|
|
|||||
Non-marketable equity securities(1)(2)
|
8,169
|
|
|
8,169
|
|
|
—
|
|
|
6,500
|
|
|
—
|
|
|||||
Loans held for sale
|
148,777
|
|
|
148,777
|
|
|
—
|
|
|
148,777
|
|
|
—
|
|
|||||
Loans and leases receivable
|
3,651,413
|
|
|
3,622,597
|
|
|
—
|
|
|
—
|
|
|
3,622,597
|
|
|||||
Federal Home Loan Bank stock
|
30,916
|
|
|
30,916
|
|
|
—
|
|
|
30,916
|
|
|
—
|
|
|||||
Accrued interest receivable
|
20,400
|
|
|
20,400
|
|
|
20,400
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
4,337,005
|
|
|
4,338,510
|
|
|
2,920,516
|
|
|
1,417,994
|
|
|
—
|
|
|||||
Overnight federal funds purchased
|
642,000
|
|
|
642,000
|
|
|
642,000
|
|
|
—
|
|
|
—
|
|
|||||
Federal Home Loan Bank advances
|
110,000
|
|
|
110,691
|
|
|
—
|
|
|
110,691
|
|
|
—
|
|
|||||
Other short- and long-term borrowings
|
109,857
|
|
|
113,876
|
|
|
—
|
|
|
113,876
|
|
|
—
|
|
|||||
Accrued interest payable
|
9,414
|
|
|
9,414
|
|
|
9,414
|
|
|
—
|
|
|
—
|
|
|
September 30, 2018
|
||||||||||||||||||
(Dollars in Thousands)
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
99,977
|
|
|
$
|
99,977
|
|
|
$
|
99,977
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Debt securities available for sale
|
1,852,025
|
|
|
1,852,025
|
|
|
3,800
|
|
|
1,848,225
|
|
|
—
|
|
|||||
Debt securities held to maturity
|
172,154
|
|
|
160,974
|
|
|
—
|
|
|
160,974
|
|
|
—
|
|
|||||
Loans held for sale
|
15,606
|
|
|
15,606
|
|
|
—
|
|
|
15,606
|
|
|
—
|
|
|||||
Loans and leases receivable
|
2,944,989
|
|
|
2,927,755
|
|
|
—
|
|
|
—
|
|
|
2,927,755
|
|
|||||
Federal Home Loan Bank stock
|
23,400
|
|
|
23,400
|
|
|
—
|
|
|
23,400
|
|
|
—
|
|
|||||
Accrued interest receivable
|
22,016
|
|
|
22,016
|
|
|
22,016
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
4,430,987
|
|
|
4,423,951
|
|
|
2,718,005
|
|
|
1,705,946
|
|
|
—
|
|
|||||
Overnight federal funds purchased
|
422,000
|
|
|
422,000
|
|
|
422,000
|
|
|
—
|
|
|
—
|
|
|||||
Other short- and long-term borrowings
|
92,722
|
|
|
94,999
|
|
|
—
|
|
|
94,999
|
|
|
—
|
|
|||||
Accrued interest payable
|
7,794
|
|
|
7,794
|
|
|
7,794
|
|
|
—
|
|
|
—
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures.
|
|
/s/ Crowe LLP
|
|
|
Grand Rapids, Michigan
|
|
November 26, 2019
|
|
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
|
|
59,835
|
|
|
$
|
8.06
|
|
|
1,259,934
|
|
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, 2019 and 2018.
|
3.
|
Consolidated Statements of Operations for the Fiscal Years Ended September 30, 2019, 2018 and 2017.
|
4.
|
Consolidated Statements of Comprehensive Income for the Fiscal Years ended September 30, 2019, 2018, and 2017.
|
5.
|
Consolidated Statements of Changes in Stockholders’ Equity for the Fiscal Years Ended September 30, 2019, 2018, and 2017.
|
6.
|
Consolidated Statements of Cash Flows for the Fiscal Years Ended September 30, 2019, 2018, and 2017.
|
7.
|
Notes to Consolidated Financial Statements.
|
Exhibit
Number
|
Description
|
|
|
Agreement and Plan of Merger, dated as of January 9, 2018, by and among Meta Financial Group, Inc., MetaBank, Crestmark Bancorp, Inc. and Crestmark Bank filed on January 9, 2018 as an exhibit to the Registrant's Current Report on Form 8-K, is incorporated herein by reference. Certain 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 August 8, 2018 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2018, is incorporated herein by reference.
|
|
|
|
Registrant’s Amended and Restated By-laws, as amended, filed on February 8, 2017 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2016, is incorporated herein by reference.
|
|
|
|
Description of the Securities of the Registrant
|
|
|
|
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 Amended and Restated 2002 Omnibus Incentive Plan, as amended, filed on January 24, 2018 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.
|
|
|
|
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.
|
|
|
|
Employment Agreement between MetaBank and Michael Goik, dated as of January 9, 2018, filed on April 20, 2018 as an exhibit to the Registrant's registration statement on Form S-4 (Commission File No. 333-223769), is incorporated herein by reference.
|
|
|
|
Transition and General Release Agreement dated as of January 16, 2019, by and among J. Tyler Haahr, Meta Financial Group, Inc. and MetaBank, filed on January 17, 2019 as an exhibit to the Registrant's Current Report on Form 8-K, is incorporated herein by reference.
|
|
|
|
Subsidiaries of the Registrant is filed herewith.
|
|
|
|
Consent of Independent Registered Public Accounting Firm of Crowe LLP is filed herewith.
|
|
|
|
Consent of Independent Registered Public Accounting Firm of KPMG LLP 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.
|
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
|
META FINANCIAL GROUP, INC.
|
|
|
|
|
Date: November 26, 2019
|
By:
|
/s/ Bradley C. Hanson
|
|
|
Bradley C. Hanson,
|
|
|
President, Chief Executive Officer, and Director
|
By:
|
/s/ Bradley C. Hanson
|
|
Date: November 26, 2019
|
|
Bradley C. Hanson, President, Chief Executive Officer, and
|
|
|
|
Director
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ Douglas J. Hajek
|
|
Date: November 26, 2019
|
|
Douglas J. Hajek, Director
|
|
|
|
|
|
|
By:
|
/s/ Elizabeth G. Hoople
|
|
Date: November 26, 2019
|
|
Elizabeth G. Hoople, Director
|
|
|
|
|
|
|
By:
|
/s/ Michael R. Kramer
|
|
Date: November 26, 2019
|
|
Michael R. Kramer, Director
|
|
|
|
|
|
|
By:
|
/s/ Frederick V. Moore
|
|
Date: November 26, 2019
|
|
Frederick V. Moore, Director
|
|
|
|
|
|
|
By:
|
/s/ Becky S. Shulman
|
|
Date: November 26, 2019
|
|
Becky S. Shulman, Director
|
|
|
|
|
|
|
By:
|
/s/ Kendall E. Stork
|
|
Date: November 26, 2019
|
|
Kendall E. Stork, Director
|
|
|
|
|
|
|
By:
|
/s/ W. David Tull
|
|
Date: November 26, 2019
|
|
W. David Tull, Director
|
|
|
|
|
|
|
By:
|
/s/ Glen W. Herrick
|
|
Date: November 26, 2019
|
|
Glen W. Herrick, Executive Vice President
|
|
|
|
and Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
By:
|
/s/ Sonja A. Theisen
|
|
Date: November 26, 2019
|
|
Sonja A. Theisen, Senior Vice President
|
|
|
|
and Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer)
|
|
|
•
|
provides that the size of the Board may be increased or decreased only by a majority vote of the Board, and any vacancy occurring on the Board, including a vacancy created by an increase in the number of directors, shall be filled for the remainder of the unexpired term by a majority vote of the directors then in office. The By-Laws impose certain advance notice and information requirements in connection with the nomination by stockholders of candidates for election to the Board or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders.
|
•
|
establishes that any action required or permitted to be taken by the Company’s stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders. The Charter further provides that a special meeting of the Company’s stockholders may be called only pursuant to a resolution adopted by a majority of the Board.
|
•
|
provides that any holder of shares of Company common stock that beneficially owns in excess of 10% of the then-outstanding shares of Company common stock (the “Limit”) is permitted to cast a number of votes equal to (1) the total number of votes such person would be entitled to cast with respect to all Meta shares owned by such person, multiplied by (2) a fraction, the numerator of which is the number of shares of such class or series beneficially owned by such person and owned of record by such record owner and the denominator of which is the total number of shares of Common Stock beneficially owned by such person owning shares in excess of the Limit.
|
•
|
requires that amendments to the Charter be approved by a majority vote of the Board and also by a majority of the outstanding shares of voting common stock; except that approval by at least 75% of the outstanding shares of voting common stock is generally required to approve amendments to certain provisions included in the Charter (including provisions relating to number, classification, election and removal of directors; amendment of bylaws; calling special stockholder meetings; offers to acquire, and acquisitions of, control; director liability; certain business combinations; power of indemnification; and amendments to provisions relating to the foregoing in the Charter).
|
•
|
provides that purchases by the Company of any of the Company’s equity securities traded on a public exchange or system from a 5% or more stockholder must be approved by at least 75% of the total number of outstanding shares of voting common stock (excluding any shares held by the proposed selling stockholder), unless such purchase is made (1) in connection with a tender or exchange offer applicable to all holders of the same securities, (2) under an open market purchase program approved by a majority of the disinterested directors of the Company, or (3) at no more than the market price and with the approval of a majority of the Company’s disinterested directors.
|
•
|
requires that certain business combinations (as defined in the Charter) between the Company (or any majority-owned subsidiary thereof) and a 10% or more stockholder either (1) be approved by at least 75% of the total number of outstanding shares of voting common stock, voting as a single class, (2) be approved by a majority of the Company’s disinterested directors or (3) involve consideration per share of stock generally equal to that paid by such 10% stockholder when it acquired its block of stock.
|
|
/s/ Crowe LLP
|
Grand Rapids, Michigan
|
|
November 26, 2019
|
|
|
/s/ KPMG LLP
|
Des Moines, Iowa
|
|
November 26, 2019
|
|
Date: November 26, 2019
|
By:
|
/s/ Bradley C. Hanson
|
|
|
Bradley C. Hanson, President
|
|
|
and Chief Executive Officer
|
Date: November 26, 2019
|
By:
|
/s/ Glen W. Herrick
|
|
|
Glen W. Herrick, Executive Vice President
|
|
|
and Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
By:
|
/s/ Bradley C. Hanson
|
|
|
Name: Bradley C. Hanson
President and Chief Executive Officer
November 26, 2019
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
By:
|
/s/ Glen W. Herrick
|
|
|
Name: Glen W. Herrick
Executive Vice President and Chief Financial Officer
November 26, 2019
|
|