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 |
☐ |
Class: |
Outstanding at August 2, 2021:
|
||||||||||
Common Stock, $.01 par value | 31,920,165 | Shares | |||||||||
Nonvoting Common Stock, $.01 par value | 0 | Nonvoting shares |
Item 1. | ||||||||
3
|
||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Loans and leases, including fees | $ | 62,287 | $ | 59,911 | $ | 192,415 | $ | 199,107 | |||||||||||||||
Mortgage-backed securities | 3,446 | 2,269 | 8,176 | 7,151 | |||||||||||||||||||
Other investments | 4,250 | 5,226 | 13,207 | 18,176 | |||||||||||||||||||
69,983 | 67,406 | 213,798 | 224,434 | ||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | 188 | 3,130 | 1,429 | 20,712 | |||||||||||||||||||
FHLB advances and other borrowings | 1,320 | 2,139 | 4,045 | 9,197 | |||||||||||||||||||
1,508 | 5,269 | 5,474 | 29,909 | ||||||||||||||||||||
Net interest income | 68,475 | 62,137 | 208,324 | 194,525 | |||||||||||||||||||
Provision for credit losses | 4,612 | 15,093 | 40,991 | 55,796 | |||||||||||||||||||
Net interest income after provision for credit losses | 63,863 | 47,044 | 167,333 | 138,729 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Refund transfer product fees | 12,073 | 4,595 | 35,400 | 33,726 | |||||||||||||||||||
Tax advance product fees | 891 | 28 | 47,413 | 31,840 | |||||||||||||||||||
Payment card and deposit fees | 29,203 | 21,302 | 81,641 | 65,957 | |||||||||||||||||||
Other bank and deposit fees | 338 | 214 | 709 | 1,083 | |||||||||||||||||||
Rental income | 9,976 | 11,231 | 29,707 | 34,682 | |||||||||||||||||||
Net gain realized on investment securities | — | — | 6 | — | |||||||||||||||||||
Gain on divestitures | — | — | — | 19,275 | |||||||||||||||||||
Gain (loss) on sale of other | 5,955 | 1,214 | 10,935 | 969 | |||||||||||||||||||
Other income | 4,017 | 2,464 | 15,550 | 11,512 | |||||||||||||||||||
Total noninterest income | 62,453 | 41,048 | 221,361 | 199,044 | |||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||
Compensation and benefits | 38,604 | 32,102 | 114,867 | 100,631 | |||||||||||||||||||
Refund transfer product expense | 2,435 | (139) | 8,642 | 7,482 | |||||||||||||||||||
Tax advance product expense | (25) | (11) | 2,534 | 2,820 | |||||||||||||||||||
Card processing | 6,809 | 7,128 | 20,138 | 19,432 | |||||||||||||||||||
Occupancy and equipment expense | 7,381 | 6,502 | 21,017 | 20,169 | |||||||||||||||||||
Operating lease equipment depreciation | 8,122 | 8,536 | 23,122 | 25,237 | |||||||||||||||||||
Legal and consulting | 5,680 | 4,660 | 16,972 | 15,242 | |||||||||||||||||||
Intangible amortization | 2,013 | 2,636 | 6,784 | 8,714 | |||||||||||||||||||
Impairment expense | 505 | — | 2,217 | 750 | |||||||||||||||||||
Other expense | 9,999 | 9,827 | 33,775 | 38,291 | |||||||||||||||||||
Total noninterest expense | 81,523 | 71,241 | 250,068 | 238,768 | |||||||||||||||||||
Income before income tax expense | 44,793 | 16,851 | 138,626 | 99,005 | |||||||||||||||||||
Income tax expense (benefit) | 4,934 | (2,426) | 9,600 | 3,870 | |||||||||||||||||||
Net income before noncontrolling interest | 39,859 | 19,277 | 129,026 | 95,135 | |||||||||||||||||||
Net income attributable to noncontrolling interest | 1,158 | 1,087 | 3,221 | 3,573 | |||||||||||||||||||
Net income attributable to parent | $ | 38,701 | $ | 18,190 | $ | 125,805 | $ | 91,562 | |||||||||||||||
Earnings per common share | |||||||||||||||||||||||
Basic | $ | 1.21 | $ | 0.53 | $ | 3.87 | $ | 2.54 | |||||||||||||||
Diluted | $ | 1.21 | $ | 0.53 | $ | 3.87 | $ | 2.54 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Dollars in Thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income before noncontrolling interest | $ | 39,859 | $ | 19,277 | $ | 129,026 | $ | 95,135 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Change in net unrealized gain (loss) on debt securities | 3,081 | 8,067 | (3,996) | 2,576 | |||||||||||||||||||
Net (gain) realized on investment securities | — | — | (6) | — | |||||||||||||||||||
3,081 | 8,067 | (4,002) | 2,576 | ||||||||||||||||||||
Unrealized gain (loss) on currency translation | 121 | 295 | 692 | (269) | |||||||||||||||||||
Deferred income tax effect | 789 | 2,021 | (990) | 651 | |||||||||||||||||||
Total other comprehensive income (loss) | 2,413 | 6,341 | (2,320) | 1,656 | |||||||||||||||||||
Total comprehensive income | 42,272 | 25,618 | 126,706 | 96,791 | |||||||||||||||||||
Total comprehensive income attributable to noncontrolling interest | 1,158 | 1,087 | 3,221 | 3,573 | |||||||||||||||||||
Comprehensive income attributable to parent | $ | 41,114 | $ | 24,531 | $ | 123,485 | $ | 93,218 |
(Dollars in Thousands, Except Share and Per Share Data) | Meta Financial Group, Inc. Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated
Other Comprehensive Income (Loss), Net of Tax |
Treasury Stock |
Total Meta Stockholders’
Equity |
Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021
|
$ | 319 | $ | 601,222 | $ | 225,471 | $ | 12,809 | $ | (5,655) | $ | 834,166 | $ | 1,092 | $ | 835,258 | |||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.05 per share)
|
— | — | (1,594) | — | — | (1,594) | — | (1,594) | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | — | — | — | (41) | (41) | — | (41) | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | 1,498 | — | — | — | 1,498 | — | 1,498 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | 2,413 | — | 2,413 | — | 2,413 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 38,701 | — | — | 38,701 | 1,158 | 39,859 | |||||||||||||||||||||||||||||||||||||||
Net investment by (distribution to) noncontrolling interests | — | — | — | — | — | — | (760) | (760) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021
|
$ | 319 | $ | 602,720 | $ | 262,578 | $ | 15,222 | $ | (5,696) | $ | 875,143 | $ | 1,490 | $ | 876,633 | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 346 | $ | 590,682 | $ | 212,027 | $ | 1,654 | $ | (3,397) | $ | 801,312 | $ | 3,762 | $ | 805,074 | |||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.05 per share)
|
— | — | (1,717) | — | — | (1,717) | — | (1,717) | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares due to exercise of stock options | — | 88 | — | — | — | 88 | — | 88 | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | — | — | — | (15) | (15) | — | (15) | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | 1,923 | — | — | — | 1,923 | — | 1,923 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | 6,341 | — | 6,341 | — | 6,341 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 18,190 | — | — | 18,190 | 1,087 | 19,277 | |||||||||||||||||||||||||||||||||||||||
Net investment by (distribution to) noncontrolling interests | — | — | — | — | — | — | (1,062) | (1,062) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020
|
$ | 346 | $ | 592,693 | $ | 228,500 | $ | 7,995 | $ | (3,412) | $ | 826,122 | $ | 3,787 | $ | 829,909 |
(Dollars in Thousands, Except Share and Per Share Data) | Meta Financial Group, Inc. Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended June 30, 2021 |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury Stock |
Total Meta
Stockholders’ Equity |
Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020
|
$ | 344 | $ | 594,569 | $ | 234,927 | $ | 17,542 | $ | (3,677) | $ | 843,705 | $ | 3,603 | $ | 847,308 | |||||||||||||||||||||||||||||||
Adoption of Accounting Standards Update 2016-13, net of income taxes | — | — | (8,351) | — | — | (8,351) | (2,452) | (10,803) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.15 per share)
|
— | — | (4,804) | — | — | (4,804) | — | (4,804) | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares due to ESOP | 2 | 3,034 | — | — | — | 3,036 | — | 3,036 | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | (27) | 27 | (84,999) | — | (2,019) | (87,018) | — | (87,018) | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | 5,090 | — | — | — | 5,090 | — | 5,090 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) | — | — | — | (2,320) | — | (2,320) | — | (2,320) | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 125,805 | — | — | 125,805 | 3,221 | 129,026 | |||||||||||||||||||||||||||||||||||||||
Net investment by (distribution to) noncontrolling interests | — | — | — | — | — | — | (2,882) | (2,882) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021
|
$ | 319 | $ | 602,720 | $ | 262,578 | $ | 15,222 | $ | (5,696) | $ | 875,143 | $ | 1,490 | $ | 876,633 | |||||||||||||||||||||||||||||||
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019
|
$ | 378 | $ | 580,826 | $ | 252,813 | $ | 6,339 | $ | (445) | $ | 839,911 | $ | 4,047 | $ | 843,958 | |||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.15 per share)
|
— | — | (5,370) | — | — | (5,370) | — | (5,370) | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares due to exercise of stock options | — | 293 | — | — | — | 293 | — | 293 | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares due to restricted stock | 2 | — | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||
Issuance of common shares due to ESOP | 1 | 3,219 | — | — | — | 3,220 | — | 3,220 | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | (35) | 35 | (110,505) | — | (2,967) | (113,472) | — | (113,472) | |||||||||||||||||||||||||||||||||||||||
Stock compensation | — | 8,320 | — | — | — | 8,320 | — | 8,320 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | 1,656 | — | 1,656 | — | 1,656 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | 91,562 | — | — | 91,562 | 3,573 | 95,135 | |||||||||||||||||||||||||||||||||||||||
Net investment by (distribution to) noncontrolling interests | — | — | — | — | — | — | (3,833) | (3,833) | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020
|
$ | 346 | $ | 592,693 | $ | 228,500 | $ | 7,995 | $ | (3,412) | $ | 826,122 | $ | 3,787 | $ | 829,909 |
Nine Months Ended June 30, | |||||||||||
(Dollars in Thousands) | 2021 | 2020 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income before noncontrolling interest | $ | 129,026 | $ | 95,135 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation, amortization and accretion, net | 43,561 | 46,123 | |||||||||
Stock compensation | 5,090 | 8,320 | |||||||||
Provision (recovery): | |||||||||||
Credit losses | 40,991 | 55,796 | |||||||||
Deferred taxes | (1,360) | 2,289 | |||||||||
Loans held for sale: | |||||||||||
Originations | (472,935) | (63,396) | |||||||||
Proceeds from sales | 694,063 | 168,814 | |||||||||
Net change | 2,495 | 22,612 | |||||||||
Fair value adjustment of foreclosed real estate | 481 | 568 | |||||||||
Net realized (gain) loss): | |||||||||||
Other assets | 28 | 361 | |||||||||
Divestitures | — | (19,275) | |||||||||
Foreclosed real estate and repossessed assets | (4) | 5,039 | |||||||||
Securities available for sale, net | (6) | — | |||||||||
Loans held for sale | (9,804) | (4,069) | |||||||||
Lease receivables and equipment | (1,076) | (2,302) | |||||||||
Net change: | |||||||||||
Other assets | (3,742) | (20,623) | |||||||||
Deposits held for sale | — | 1,535 | |||||||||
Accrued interest payable | (70) | (5,082) | |||||||||
Accrued expenses and other liabilities | 25,402 | (10,218) | |||||||||
Accrued interest receivable | 398 | 1,738 | |||||||||
Change in bank-owned life insurance value | (1,827) | (1,870) | |||||||||
Impairment on assets held for sale | — | 242 | |||||||||
Net cash provided by operating activities | 450,711 | 281,737 | |||||||||
Cash flows from investing activities: | |||||||||||
Securities available for sale: | |||||||||||
Purchases | (976,502) | (60,024) | |||||||||
Proceeds from sales | 50,468 | — | |||||||||
Proceeds from maturities and principal repayments | 266,673 | 166,477 | |||||||||
Securities held to maturity: | |||||||||||
Proceeds from maturities and principal repayments | 27,041 | 28,642 | |||||||||
Loans and leases: | |||||||||||
Purchases | (145,639) | (120,406) | |||||||||
Proceeds from sales | 13,822 | 3,099 | |||||||||
Net change | (177,944) | (73,360) | |||||||||
Proceeds from sales of foreclosed real estate and repossessed assets | 8,285 | 23,086 | |||||||||
Federal Reserve Bank and Federal Home Loan Bank stock: | |||||||||||
Purchases | (1,295) | (472,000) | |||||||||
Redemption | — | 471,080 | |||||||||
Rental equipment: | |||||||||||
Purchases | (36,800) | (48,279) | |||||||||
Proceeds from sales | 11,744 | 13,262 | |||||||||
Net change | (2,303) | 2,625 | |||||||||
Premises, furniture, and equipment: | |||||||||||
Purchases | (9,448) | (8,573) | |||||||||
Proceeds from sales | 86 | — | |||||||||
Proceeds from divestitures | — | 3,498 | |||||||||
Net cash (used in) investing activities | (971,812) | (70,873) | |||||||||
Cash flows from financing activities: | |||||||||||
Net change: | |||||||||||
Checking, savings, and money market deposits | 1,188,046 | 4,440,032 | |||||||||
Time certificates of deposit | (8,798) | (84,285) |
Wholesale deposits | (269,576) | (813,495) | |||||||||
FHLB and other borrowings | — | (165,000) | |||||||||
Federal funds | — | (477,000) | |||||||||
Securities sold under agreements to repurchase | — | (4,019) | |||||||||
Distribution to noncontrolling interest | (2,882) | (3,833) | |||||||||
Proceeds from other liabilities | 80 | 1,633 | |||||||||
Principal payments: | |||||||||||
Other liabilities | (4,775) | (5,977) | |||||||||
Capital lease obligations | (24) | (1,729) | |||||||||
Cash dividends paid | (4,804) | (5,370) | |||||||||
Issuance of common stock due to ESOP | 3,036 | 3,220 | |||||||||
Issuance of common stock due to restricted stock | — | 2 | |||||||||
Proceeds from exercise of stock options and issuance of common stock | — | 293 | |||||||||
Shares repurchased | (87,018) | (113,472) | |||||||||
Net cash provided by financing activities | 813,285 | 2,771,000 | |||||||||
Effect of exchange rate changes on cash | 692 | (268) | |||||||||
Net change in cash and cash equivalents | 292,876 | 2,981,596 | |||||||||
Cash and cash equivalents at beginning of fiscal year | 427,367 | 126,545 | |||||||||
Cash and cash equivalents at end of fiscal period | $ | 720,243 | $ | 3,108,141 |
Nine Months Ended June 30, | |||||||||||
(Dollars in Thousands) | 2021 | 2020 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 5,544 | $ | 34,991 | |||||||
Income taxes | 4,147 | 5,775 | |||||||||
Franchise taxes | 200 | 231 | |||||||||
Other taxes | 671 | 492 | |||||||||
Supplemental schedule of non-cash investing activities: | |||||||||||
Transfers | |||||||||||
Loans and leases to foreclosed real estate and repossessed assets | 9 | 5,983 | |||||||||
Loans and leases to rental equipment | 14,844 | (573) | |||||||||
Rental equipment to loan and leases | 14,014 | 691 | |||||||||
Loans and leases to held for sale | 118,037 | 325,092 | |||||||||
Other assets to held for sale | — | 7,858 | |||||||||
Deposits to held for sale | — | 288,975 | |||||||||
Recognition of operating lease ROU assets, net of measurements | 12,954 | 27,019 | |||||||||
As of the Period Ended | |||||||||||||||||
(Dollars in Thousands) | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||
National Lending | |||||||||||||||||
Term lending | $ | 2,955 | $ | 5,460 | $ | 18,321 | |||||||||||
Asset based lending | — | — | 1,124 | ||||||||||||||
Lease financing | 275 | 379 | 1,637 | ||||||||||||||
Commercial finance | 3,230 | 5,839 | 21,082 | ||||||||||||||
Consumer credit products | 19 | 301 | 1,210 | ||||||||||||||
Other consumer finance | 1,609 | 1,627 | 2,682 | ||||||||||||||
Consumer finance | 1,628 | 1,928 | 3,892 | ||||||||||||||
Total National Lending | 4,858 | 7,767 | 24,974 | ||||||||||||||
Community Banking | |||||||||||||||||
Commercial real estate and operating | 36,632 | 58,707 | 60,319 | ||||||||||||||
Total Community Banking | 36,632 | 58,707 | 60,319 | ||||||||||||||
Total loans and leases | 41,490 | 66,474 | 85,293 | ||||||||||||||
Total COVID-19 related modifications | $ | 41,490 | $ | 66,474 | $ | 85,293 |
Securities Available For Sale | |||||||||||||||||||||||
(Dollars in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) |
Fair
Value |
|||||||||||||||||||
At June 30, 2021 | |||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||
SBA securities | $ | 162,922 | $ | 6,263 | $ | — | $ | 169,185 | |||||||||||||||
Obligations of states and political subdivisions | 2,758 | 8 | — | 2,766 | |||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 267,031 | 7,423 | (104) | 274,350 | |||||||||||||||||||
Asset-backed securities | 405,857 | 2,760 | (895) | 407,722 | |||||||||||||||||||
Mortgage-backed securities | 1,059,321 | 9,866 | (5,605) | 1,063,582 | |||||||||||||||||||
Total debt securities AFS | $ | 1,897,889 | $ | 26,320 | $ | (6,604) | $ | 1,917,605 | |||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||
SBA securities | $ | 159,722 | $ | 5,391 | $ | (158) | $ | 164,955 | |||||||||||||||
Obligations of states and political subdivisions | 825 | 16 | — | 841 | |||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 314,819 | 8,978 | (23) | 323,774 | |||||||||||||||||||
Asset-backed securities | 329,139 | 2,015 | (6,229) | 324,925 | |||||||||||||||||||
Mortgage-backed securities | 439,879 | 14,567 | (839) | 453,607 | |||||||||||||||||||
Total debt securities AFS | $ | 1,244,384 | $ | 30,967 | $ | (7,249) | $ | 1,268,102 |
Securities Held To Maturity | |||||||||||||||||||||||
(Dollars in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) |
Fair
Value |
|||||||||||||||||||
At June 30, 2021 | |||||||||||||||||||||||
Debt securities HTM | |||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | $ | 60,228 | $ | 1,104 | $ | (2) | $ | 61,330 | |||||||||||||||
Mortgage-backed securities | 4,019 | 72 | — | 4,091 | |||||||||||||||||||
Total debt securities HTM | $ | 64,247 | $ | 1,176 | $ | (2) | $ | 65,421 | |||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||
Debt securities HTM | |||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | $ | 87,183 | $ | 1,040 | $ | (29) | $ | 88,194 | |||||||||||||||
Mortgage-backed securities | 5,427 | 124 | — | 5,551 | |||||||||||||||||||
Total debt securities HTM | $ | 92,610 | $ | 1,164 | $ | (29) | $ | 93,745 |
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) | |||||||||||||||||||||||||||||
At June 30, 2021
|
|||||||||||||||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 24,357 | (104) | — | — | 24,357 | (104) | |||||||||||||||||||||||||||||
Asset-backed securities | 124,158 | (234) | 94,726 | (661) | 218,884 | (895) | |||||||||||||||||||||||||||||
Mortgage-backed securities | 695,230 | (4,207) | 55,415 | (1,398) | 750,645 | (5,605) | |||||||||||||||||||||||||||||
Total debt securities AFS | $ | 843,745 | $ | (4,545) | $ | 150,141 | $ | (2,059) | $ | 993,886 | $ | (6,604) |
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) | |||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||||||||||||||
SBA securities | $ | 32,257 | $ | (102) | $ | 9,875 | $ | (56) | $ | 42,132 | $ | (158) | |||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 6,265 | (6) | 3,103 | (17) | 9,368 | (23) | |||||||||||||||||||||||||||||
Asset-backed securities | 106,474 | (1,089) | 178,686 | (5,140) | 285,160 | (6,229) | |||||||||||||||||||||||||||||
Mortgage-backed securities | 138,338 | (839) | — | — | 138,338 | (839) | |||||||||||||||||||||||||||||
Total debt securities AFS | $ | 283,334 | $ | (2,036) | $ | 191,664 | $ | (5,213) | $ | 474,998 | $ | (7,249) |
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) | |||||||||||||||||||||||||||||
At June 30, 2021
|
|||||||||||||||||||||||||||||||||||
Debt securities HTM | |||||||||||||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 2,859 | (2) | — | — | 2,859 | (2) | |||||||||||||||||||||||||||||
Total debt securities HTM | $ | 2,859 | $ | (2) | $ | — | $ | — | $ | 2,859 | $ | (2) | |||||||||||||||||||||||
LESS THAN 12 MONTHS | OVER 12 MONTHS | TOTAL | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) |
Fair
Value |
Gross Unrealized (Losses) | |||||||||||||||||||||||||||||
At September 30, 2020 | |||||||||||||||||||||||||||||||||||
Debt securities HTM | |||||||||||||||||||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | $ | 7,397 | $ | (9) | $ | 3,637 | $ | (20) | $ | 11,034 | $ | (29) | |||||||||||||||||||||||
Total debt securities HTM | $ | 7,397 | $ | (9) | $ | 3,637 | $ | (20) | $ | 11,034 | $ | (29) |
At June 30, 2021 | At September 30, 2020 | ||||||||||||||||||||||
(Dollars in Thousands) | Amortized Cost |
Fair
Value |
Amortized Cost |
Fair
Value |
|||||||||||||||||||
Securities AFS at Fair Value | |||||||||||||||||||||||
Due in one year or less | $ | 245 | $ | 245 | $ | 1,385 | $ | 1,398 | |||||||||||||||
Due after one year through five years | 17,884 | 18,467 | 20,805 | 21,769 | |||||||||||||||||||
Due after five years through ten years | 53,273 | 55,337 | 32,441 | 34,025 | |||||||||||||||||||
Due after ten years | 767,166 | 779,974 | 749,874 | 757,303 | |||||||||||||||||||
838,568 | 854,023 | 804,505 | 814,495 | ||||||||||||||||||||
Mortgage-backed securities | 1,059,321 | 1,063,582 | 439,879 | 453,607 | |||||||||||||||||||
Total securities AFS, at fair value | $ | 1,897,889 | $ | 1,917,605 | $ | 1,244,384 | $ | 1,268,102 |
At June 30, 2021 | At September 30, 2020 | ||||||||||||||||||||||
(Dollars in Thousands) | Amortized Cost |
Fair
Value |
Amortized Cost |
Fair
Value |
|||||||||||||||||||
Securities HTM at Fair Value | |||||||||||||||||||||||
Due after ten years | $ | 60,228 | $ | 61,330 | $ | 87,183 | $ | 88,194 | |||||||||||||||
60,228 | 61,330 | 87,183 | 88,194 | ||||||||||||||||||||
Mortgage-backed securities | 4,019 | 4,091 | 5,427 | 5,551 | |||||||||||||||||||
Total securities HTM, at cost | $ | 64,247 | $ | 65,421 | $ | 92,610 | $ | 93,745 |
(Dollars in Thousands) | June 30, 2021 | September 30, 2020 | |||||||||
National Lending | |||||||||||
Term lending | $ | 920,279 | $ | 805,323 | |||||||
Asset based lending | 263,237 | 182,419 | |||||||||
Factoring | 320,629 | 281,173 | |||||||||
Lease financing | 282,940 | 281,084 | |||||||||
Insurance premium finance | 417,652 | 337,940 | |||||||||
SBA/USDA | 263,709 | 318,387 | |||||||||
Other commercial finance | 118,081 | 101,658 | |||||||||
Commercial finance | 2,586,527 | 2,307,984 | |||||||||
Consumer credit products | 105,440 | 89,809 | |||||||||
Other consumer finance | 122,316 | 134,342 | |||||||||
Consumer finance | 227,756 | 224,151 | |||||||||
Tax services | 41,268 | 3,066 | |||||||||
Warehouse finance | 335,704 | 293,375 | |||||||||
Total National Lending | 3,191,255 | 2,828,576 | |||||||||
Community Banking | |||||||||||
Commercial real estate and operating | 294,810 | 457,371 | |||||||||
Consumer one-to-four family real estate and other | 1,349 | 16,486 | |||||||||
Agricultural real estate and operating | 7,825 | 11,707 | |||||||||
Total Community Banking | 303,984 | 485,564 | |||||||||
Total loans and leases | 3,495,239 | 3,314,140 | |||||||||
Net deferred loan origination costs (fees) | 1,431 | 8,625 | |||||||||
Total gross loans and leases | 3,496,670 | 3,322,765 | |||||||||
Allowance for credit losses | (91,208) | (56,188) | |||||||||
Total loans and leases, net | $ | 3,405,462 | $ | 3,266,577 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Dollars in Thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Loans Purchased | |||||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||
Total National Lending | $ | 46,153 | $ | — | $ | 142,389 | $ | 103,888 | |||||||||||||||
Total Community Banking | 403 | 2,728 | 3,250 | 16,518 | |||||||||||||||||||
Total purchases | $ | 46,556 | $ | 2,728 | $ | 145,639 | $ | 120,406 | |||||||||||||||
Loans Sold | |||||||||||||||||||||||
Loans held for sale: | |||||||||||||||||||||||
Total National Lending | $ | 118,132 | $ | 8,524 | $ | 464,378 | $ | 168,814 | |||||||||||||||
Total Community Banking | — | — | 232,979 | 271,681 | |||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||||
Total Community Banking | 1,816 | — | 13,822 | 3,099 | |||||||||||||||||||
Total sales | $ | 119,948 | $ | 8,524 | $ | 711,179 | $ | 443,594 |
(Dollars in Thousands) | June 30, 2021 | September 30, 2020 | |||||||||
Carrying amount | $ | 297,370 | $ | 299,487 | |||||||
Unguaranteed residual assets | 14,770 | 17,203 | |||||||||
Unamortized initial direct costs | 520 | 2,078 | |||||||||
Unearned income | (29,200) | (35,606) | |||||||||
Total net investment in direct financing and sales-type leases | $ | 283,460 | $ | 283,162 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||
(Dollars in Thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Interest income - loans and leases | |||||||||||||||||||||||||||||
Interest income on net investments in direct financing and sales-type leases | $ | 6,344 | $ | 4,496 | $ | 17,779 | $ | 12,958 | |||||||||||||||||||||
Leasing and equipment finance noninterest income | |||||||||||||||||||||||||||||
Lease income from operating lease payments | 10,047 | 11,391 | 29,824 | 33,857 | |||||||||||||||||||||||||
Profit (loss) recorded on commencement date on sales-type leases | 85 | 103 | 215 | 590 | |||||||||||||||||||||||||
Other(1)
|
901 | 554 | 2,657 | 3,135 | |||||||||||||||||||||||||
Total leasing and equipment finance noninterest income | 11,033 | 12,048 | 32,696 | 37,582 | |||||||||||||||||||||||||
Total lease income | $ | 17,377 | $ | 16,544 | $ | 50,475 | $ | 50,540 |
(Dollars in Thousands) | June 30, 2021 | ||||
Remaining in 2021 | $ | 28,766 | |||
2022 | 108,161 | ||||
2023 | 80,606 | ||||
2024 | 48,993 | ||||
2025 | 22,798 | ||||
Thereafter | 8,046 | ||||
Equipment under leases not yet commenced | — | ||||
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases | 297,370 | ||||
Third-party residual value guarantees | — | ||||
Total carrying amount of direct financing and sales-type lease | $ | 297,370 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | Beginning Balance |
Provision (Recovery) for Credit Losses(2)
|
Charge-offs | Recoveries | Ending Balance | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||
Term lending | $ | 27,315 | $ | 1,199 | $ | (1,998) | $ | 515 | $ | 27,031 | |||||||||||||||||||
Asset based lending | 1,749 | 21 | — | 212 | 1,982 | ||||||||||||||||||||||||
Factoring | 3,210 | 33 | 1 | 17 | 3,261 | ||||||||||||||||||||||||
Lease financing | 6,863 | 842 | (916) | 130 | 6,919 | ||||||||||||||||||||||||
Insurance premium finance | 1,326 | (1,200) | (120) | 1,583 | 1,589 | ||||||||||||||||||||||||
SBA/USDA | 3,300 | (171) | — | — | 3,129 | ||||||||||||||||||||||||
Other commercial finance | 541 | 183 | — | — | 724 | ||||||||||||||||||||||||
Commercial finance | 44,304 | 907 | (3,033) | 2,457 | 44,635 | ||||||||||||||||||||||||
Consumer credit products | 990 | 21 | — | — | 1,011 | ||||||||||||||||||||||||
Other consumer finance | 10,093 | (180) | (2,327) | 57 | 7,643 | ||||||||||||||||||||||||
Consumer finance | 11,083 | (159) | (2,327) | 57 | 8,654 | ||||||||||||||||||||||||
Tax services | 29,146 | 4,685 | (9,505) | 17 | 24,343 | ||||||||||||||||||||||||
Warehouse finance | 332 | — | — | — | 332 | ||||||||||||||||||||||||
Total National Lending | 84,865 | 5,433 | (14,865) | 2,531 | 77,964 | ||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||
Commercial real estate and operating | 13,965 | (767) | — | — | 13,198 | ||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 17 | (13) | — | — | 4 | ||||||||||||||||||||||||
Agricultural real estate and operating | 45 | (3) | — | — | 42 | ||||||||||||||||||||||||
Total Community Banking | 14,027 | (783) | — | — | 13,244 | ||||||||||||||||||||||||
Total loans and leases | 98,892 | 4,650 | (14,865) | 2,531 | 91,208 | ||||||||||||||||||||||||
Unfunded commitments(1)
|
779 | (38) | — | — | 741 | ||||||||||||||||||||||||
Total | $ | 99,671 | $ | 4,612 | $ | (14,865) | $ | 2,531 | $ | 91,949 |
Nine Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Beginning Balance | Impact of CECL Adoption |
Provision (Recovery) for Credit Losses(2)
|
Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||||||||
Term lending | $ | 15,211 | $ | 9,999 | $ | 8,621 | $ | (7,787) | $ | 987 | $ | 27,031 | |||||||||||||||||||||||
Asset based lending | 1,406 | 164 | 1,399 | (1,199) | 212 | 1,982 | |||||||||||||||||||||||||||||
Factoring | 3,027 | 987 | (1,928) | — | 1,175 | 3,261 | |||||||||||||||||||||||||||||
Lease financing | 7,023 | (556) | 2,375 | (2,264) | 341 | 6,919 | |||||||||||||||||||||||||||||
Insurance premium finance | 2,129 | (965) | (609) | (925) | 1,959 | 1,589 | |||||||||||||||||||||||||||||
SBA/USDA | 940 | 2,720 | (532) | — | 1 | 3,129 | |||||||||||||||||||||||||||||
Other commercial finance | 182 | 364 | 178 | — | — | 724 | |||||||||||||||||||||||||||||
Commercial finance | 29,918 | 12,713 | 9,504 | (12,175) | 4,675 | 44,635 | |||||||||||||||||||||||||||||
Consumer credit products | 845 | — | 166 | — | — | 1,011 | |||||||||||||||||||||||||||||
Other consumer finance | 2,821 | 5,998 | 1,568 | (2,964) | 220 | 7,643 | |||||||||||||||||||||||||||||
Consumer finance | 3,666 | 5,998 | 1,734 | (2,964) | 220 | 8,654 | |||||||||||||||||||||||||||||
Tax services | 2 | — | 32,819 | (9,505) | 1,027 | 24,343 | |||||||||||||||||||||||||||||
Warehouse finance | 294 | (1) | 39 | — | — | 332 | |||||||||||||||||||||||||||||
Total National Lending | 33,880 | 18,710 | 44,096 | (24,644) | 5,922 | 77,964 | |||||||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||||||||
Commercial real estate and operating | 21,867 | (5,616) | (2,909) | (144) | — | 13,198 | |||||||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 298 | (247) | (47) | — | — | 4 | |||||||||||||||||||||||||||||
Agricultural real estate and operating | 143 | (74) | (27) | — | — | 42 | |||||||||||||||||||||||||||||
Total Community Banking | 22,308 | (5,937) | (2,983) | (144) | — | 13,244 | |||||||||||||||||||||||||||||
Total loans and leases | 56,188 | 12,773 | 41,113 | (24,788) | 5,922 | 91,208 | |||||||||||||||||||||||||||||
Unfunded commitments(1)
|
32 | 831 | (122) | — | — | 741 | |||||||||||||||||||||||||||||
Total | $ | 56,220 | $ | 13,604 | $ | 40,991 | $ | (24,788) | $ | 5,922 | $ | 91,949 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | Beginning Balance | Provision (Recovery) for Loan and Lease Losses | Charge-offs | Recoveries | Ending Balance | ||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||
Term lending | $ | 11,647 | $ | 5,672 | $ | (2,831) | $ | 25 | $ | 14,513 | |||||||||||||||||||
Asset based lending | 2,826 | (953) | (42) | — | 1,831 | ||||||||||||||||||||||||
Factoring | 4,444 | (1,997) | (140) | 362 | 2,669 | ||||||||||||||||||||||||
Lease financing | 2,683 | 4,293 | (357) | 91 | 6,710 | ||||||||||||||||||||||||
Insurance premium finance | 2,142 | 596 | (736) | 367 | 2,369 | ||||||||||||||||||||||||
SBA/USDA | 1,558 | 716 | (1,134) | — | 1,140 | ||||||||||||||||||||||||
Other commercial finance | 552 | (381) | — | — | 171 | ||||||||||||||||||||||||
Commercial finance | 25,852 | 7,946 | (5,240) | 845 | 29,403 | ||||||||||||||||||||||||
Consumer credit products | 1,082 | (111) | — | — | 971 | ||||||||||||||||||||||||
Other consumer finance | 3,414 | 358 | (567) | 44 | 3,249 | ||||||||||||||||||||||||
Consumer finance | 4,496 | 247 | (567) | 44 | 4,220 | ||||||||||||||||||||||||
Tax services | 21,320 | (100) | (9,797) | 14 | 11,437 | ||||||||||||||||||||||||
Warehouse finance | 334 | (56) | — | — | 278 | ||||||||||||||||||||||||
Total National Lending | 52,002 | 8,037 | (15,604) | 903 | 45,338 | ||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||
Commercial real estate and operating | 10,069 | 6,688 | — | — | 16,757 | ||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 2,350 | 586 | — | — | 2,936 | ||||||||||||||||||||||||
Agricultural real estate and operating | 934 | (218) | — | — | 716 | ||||||||||||||||||||||||
Total Community Banking | 13,353 | 7,056 | — | — | 20,409 | ||||||||||||||||||||||||
Total | $ | 65,355 | $ | 15,093 | $ | (15,604) | $ | 903 | $ | 65,747 |
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | Beginning balance | Provision (recovery) for loan and lease losses | Charge-offs | Recoveries | Ending balance | ||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||
Term lending | $ | 5,533 | $ | 14,753 | $ | (6,003) | $ | 230 | $ | 14,513 | |||||||||||||||||||
Asset based lending | 2,437 | (611) | (42) | 47 | 1,831 | ||||||||||||||||||||||||
Factoring | 3,261 | (509) | (875) | 792 | 2,669 | ||||||||||||||||||||||||
Lease financing | 1,275 | 5,841 | (725) | 319 | 6,710 | ||||||||||||||||||||||||
Insurance premium finance | 1,024 | 2,671 | (1,809) | 483 | 2,369 | ||||||||||||||||||||||||
SBA/USDA | 383 | 2,007 | (1,250) | — | 1,140 | ||||||||||||||||||||||||
Other commercial finance | 683 | (512) | — | — | 171 | ||||||||||||||||||||||||
Commercial finance | 14,596 | 23,640 | (10,704) | 1,871 | 29,403 | ||||||||||||||||||||||||
Consumer credit products | 1,044 | (73) | — | — | 971 | ||||||||||||||||||||||||
Other consumer finance | 5,118 | (474) | (2,208) | 813 | 3,249 | ||||||||||||||||||||||||
Consumer finance | 6,162 | (547) | (2,208) | 813 | 4,220 | ||||||||||||||||||||||||
Tax services | — | 20,407 | (9,797) | 827 | 11,437 | ||||||||||||||||||||||||
Warehouse finance | 263 | 15 | — | — | 278 | ||||||||||||||||||||||||
Total National Lending | 21,021 | 43,515 | (22,709) | 3,511 | 45,338 | ||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||
Commercial real estate and operating | 6,208 | 10,549 | — | — | 16,757 | ||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 1,053 | 1,883 | — | — | 2,936 | ||||||||||||||||||||||||
Agricultural real estate and operating | 867 | (151) | — | — | 716 | ||||||||||||||||||||||||
Total Community Banking | 8,128 | 12,281 | — | — | 20,409 | ||||||||||||||||||||||||
Total | $ | 29,149 | $ | 55,796 | $ | (22,709) | $ | 3,511 | $ | 65,747 |
Allowance | Loans and Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | 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 | |||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||||||||
Term lending | $ | 3,155 | $ | 12,056 | $ | 15,211 | $ | 26,085 | $ | 779,238 | $ | 805,323 | |||||||||||||||||||||||
Asset based lending | 355 | 1,051 | 1,406 | 5,317 | 177,102 | 182,419 | |||||||||||||||||||||||||||||
Factoring | 274 | 2,753 | 3,027 | 5,071 | 276,102 | 281,173 | |||||||||||||||||||||||||||||
Lease financing | 1,194 | 5,829 | 7,023 | 4,697 | 276,387 | 281,084 | |||||||||||||||||||||||||||||
Insurance premium finance | — | 2,129 | 2,129 | — | 337,940 | 337,940 | |||||||||||||||||||||||||||||
SBA/USDA | — | 940 | 940 | 1,436 | 316,951 | 318,387 | |||||||||||||||||||||||||||||
Other commercial finance | — | 182 | 182 | — | 101,658 | 101,658 | |||||||||||||||||||||||||||||
Commercial finance | 4,978 | 24,940 | 29,918 | 42,606 | 2,265,378 | 2,307,984 | |||||||||||||||||||||||||||||
Consumer credit products | — | 845 | 845 | — | 89,809 | 89,809 | |||||||||||||||||||||||||||||
Other consumer finance | — | 2,821 | 2,821 | 1,987 | 132,355 | 134,342 | |||||||||||||||||||||||||||||
Consumer finance | — | 3,666 | 3,666 | 1,987 | 222,164 | 224,151 | |||||||||||||||||||||||||||||
Tax services | — | 2 | 2 | — | 3,066 | 3,066 | |||||||||||||||||||||||||||||
Warehouse finance | — | 294 | 294 | — | 293,375 | 293,375 | |||||||||||||||||||||||||||||
Total National Lending | 4,978 | 28,902 | 33,880 | 44,593 | 2,783,983 | 2,828,576 | |||||||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||||||||
Commercial real estate and operating | 141 | 21,726 | 21,867 | 160 | 457,211 | 457,371 | |||||||||||||||||||||||||||||
Consumer one-to-four family real estate and other | — | 298 | 298 | 104 | 16,382 | 16,486 | |||||||||||||||||||||||||||||
Agricultural real estate and operating | — | 143 | 143 | 6,421 | 5,286 | 11,707 | |||||||||||||||||||||||||||||
Total Community Banking | 141 | 22,167 | 22,308 | 6,685 | 478,879 | 485,564 | |||||||||||||||||||||||||||||
Total | $ | 5,119 | $ | 51,069 | $ | 56,188 | $ | 51,278 | $ | 3,262,862 | $ | 3,314,140 |
(Dollars in Thousands) | June 30, 2021 | ||||
National Lending | |||||
Term lending | $ | 25,994 | |||
Asset based lending | — | ||||
Factoring | 1,232 | ||||
Lease financing | 2,946 | ||||
SBA/USDA | 600 | ||||
Commercial finance | 30,772 | ||||
Consumer credit products | 2,197 | ||||
Consumer finance | 2,197 | ||||
Total National Lending | 32,969 | ||||
Community Banking | |||||
Commercial real estate and operating | 17,896 | ||||
Consumer one-to-four family real estate and other | 110 | ||||
Agricultural real estate and operating | 4,657 | ||||
Total Community Banking | 22,663 | ||||
Total | $ | 55,632 |
(Dollars in Thousands) |
Recorded
Balance |
Unpaid Principal
Balance |
Specific
Allowance |
||||||||||||||
Loans and leases without a specific valuation allowance | |||||||||||||||||
National Lending | |||||||||||||||||
Term lending | $ | 17,349 | $ | 18,823 | $ | — | |||||||||||
Asset based lending | 3,914 | 3,914 | — | ||||||||||||||
Factoring | 3,892 | 4,967 | — | ||||||||||||||
Lease financing | 1,797 | 1,805 | — | ||||||||||||||
SBA/USDA | 1,436 | 2,263 | — | ||||||||||||||
Commercial finance | 28,388 | 31,772 | — | ||||||||||||||
Other consumer finance | 1,987 | 2,104 | — | ||||||||||||||
Consumer finance | 1,987 | 2,104 | — | ||||||||||||||
Total National Lending | 30,375 | 33,876 | — | ||||||||||||||
Community Banking | |||||||||||||||||
Consumer one-to-four family real estate and other | 104 | 104 | — | ||||||||||||||
Agricultural real estate and operating | 6,421 | 6,421 | — | ||||||||||||||
Total Community Banking | 6,525 | 6,525 | — | ||||||||||||||
Total | $ | 36,900 | $ | 40,401 | $ | — | |||||||||||
Loans and leases with a specific valuation allowance | |||||||||||||||||
National Lending | |||||||||||||||||
Term lending | $ | 8,736 | $ | 8,736 | $ | 3,155 | |||||||||||
Asset based lending | 1,403 | 1,403 | 355 | ||||||||||||||
Factoring | 1,179 | 1,191 | 274 | ||||||||||||||
Lease financing | 2,900 | 2,900 | 1,194 | ||||||||||||||
Commercial finance | 14,218 | 14,230 | 4,978 | ||||||||||||||
Total National Lending | 14,218 | 14,230 | 4,978 | ||||||||||||||
Community Banking | |||||||||||||||||
Commercial real estate and operating | 160 | 160 | 141 | ||||||||||||||
Total Community Banking Loans | 160 | 160 | 141 | ||||||||||||||
Total | $ | 14,378 | $ | 14,390 | $ | 5,119 |
Amortized Cost Basis | ||||||||||||||||||||||||||
(Dollars in Thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total | |||||||||||||||||||||||
As of June 30, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | ||||||||||||||||||||
Term lending | ||||||||||||||||||||||||||
Pass | $ | 310,845 | $ | 333,608 | $ | 119,271 | $ | 62,381 | $ | 4,217 | $ | 5,433 | $ | — | $ | 835,755 | ||||||||||
Watch | 6,568 | 9,609 | 5,821 | 450 | 43 | 1,397 | — | 23,888 | ||||||||||||||||||
Special Mention | 595 | 3,934 | 6,579 | 1,026 | 35 | 1,241 | — | 13,410 | ||||||||||||||||||
Substandard | 7,732 | 8,347 | 19,708 | 4,347 | 162 | 359 | — | 40,655 | ||||||||||||||||||
Doubtful | 71 | 1,207 | 4,982 | 311 | — | — | — | 6,571 | ||||||||||||||||||
Total | 325,811 | 356,705 | 156,361 | 68,515 | 4,457 | 8,430 | — | 920,279 | ||||||||||||||||||
Asset based lending | ||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 162,787 | 162,787 | ||||||||||||||||||
Watch | — | — | — | — | — | — | 66,290 | 66,290 | ||||||||||||||||||
Special Mention | — | — | — | — | — | — | 19,253 | 19,253 | ||||||||||||||||||
Substandard | — | — | — | — | — | — | 14,907 | 14,907 | ||||||||||||||||||
Total | — | — | — | — | — | — | 263,237 | 263,237 | ||||||||||||||||||
Factoring | ||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 278,665 | 278,665 | ||||||||||||||||||
Watch | — | — | — | — | — | — | 19,261 | 19,261 | ||||||||||||||||||
Special Mention | — | — | — | — | — | — | 11,853 | 11,853 | ||||||||||||||||||
Substandard | — | — | — | — | — | — | 10,850 | 10,850 | ||||||||||||||||||
Total | — | — | — | — | — | — | 320,629 | 320,629 | ||||||||||||||||||
Lease financing | ||||||||||||||||||||||||||
Pass | 87,134 | 118,080 | 38,073 | 10,010 | 4,766 | 687 | — | 258,750 | ||||||||||||||||||
Watch | 4,574 | 10,358 | 490 | 349 | 253 | 197 | — | 16,221 | ||||||||||||||||||
Special Mention | 1,119 | 558 | 114 | 206 | 39 | — | — | 2,036 | ||||||||||||||||||
Substandard | — | 571 | 3,961 | 844 | 36 | 156 | — | 5,568 | ||||||||||||||||||
Doubtful | — | 133 | 167 | 65 | — | 365 | ||||||||||||||||||||
Total | 92,827 | 129,700 | 42,805 | 11,474 | 5,094 | 1,040 | — | 282,940 | ||||||||||||||||||
Insurance premium finance | ||||||||||||||||||||||||||
Pass | 411,729 | 5,080 | 14 | — | — | — | — | 416,823 | ||||||||||||||||||
Watch | 421 | 34 | — | — | — | — | — | 455 | ||||||||||||||||||
Special Mention | 72 | 11 | — | — | — | — | — | 83 | ||||||||||||||||||
Substandard | 16 | 45 | — | — | — | — | — | 61 | ||||||||||||||||||
Doubtful | 187 | 43 | — | — | — | — | — | 230 | ||||||||||||||||||
Total | 412,425 | 5,213 | 14 | — | — | — | — | 417,652 | ||||||||||||||||||
SBA/USDA | ||||||||||||||||||||||||||
Pass | 108,286 | 80,971 | 23,094 | 22,268 | 8,066 | 4,222 | — | 246,907 | ||||||||||||||||||
Watch | — | 926 | 822 | 2,272 | 935 | — | 4,955 | |||||||||||||||||||
Special Mention | 6,755 | 675 | 1,803 | — | — | — | 9,233 | |||||||||||||||||||
Substandard | 1,196 | 695 | 723 | — | 2,614 | |||||||||||||||||||||
Total | 108,286 | 87,726 | 24,695 | 26,089 | 11,033 | 5,880 | — | 263,709 | ||||||||||||||||||
Other commercial finance | ||||||||||||||||||||||||||
Pass | 19,070 | 17,525 | 9,387 | 6,277 | 3,579 | 59,273 | — | 115,111 |
Watch | 556 | — | — | — | 847 | 1,292 | — | 2,695 | ||||||||||||||||||
Substandard | — | — | — | 275 | — | — | — | 275 | ||||||||||||||||||
Total | 19,626 | 17,525 | 9,387 | 6,552 | 4,426 | 60,565 | — | 118,081 | ||||||||||||||||||
Warehouse finance | ||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 335,704 | 335,704 | ||||||||||||||||||
Total | — | — | — | — | — | — | 335,704 | 335,704 | ||||||||||||||||||
Total National Lending | ||||||||||||||||||||||||||
Pass | 937,063 | 555,264 | 189,839 | 100,936 | 20,628 | 69,614 | 777,156 | 2,650,500 | ||||||||||||||||||
Watch | 12,120 | 20,001 | 7,237 | 1,621 | 3,415 | 3,820 | 85,551 | 133,765 | ||||||||||||||||||
Special Mention | 1,786 | 11,258 | 7,368 | 3,035 | 76 | 1,241 | 31,106 | 55,870 | ||||||||||||||||||
Substandard | 7,748 | 8,963 | 23,669 | 6,662 | 893 | 1,238 | 25,757 | 74,930 | ||||||||||||||||||
Doubtful | 258 | 1,383 | 5,149 | 376 | — | — | — | 7,166 | ||||||||||||||||||
Total | 958,975 | 596,869 | 233,262 | 112,630 | 25,012 | 75,913 | 919,570 | 2,922,231 | ||||||||||||||||||
Commercial real estate and operating | ||||||||||||||||||||||||||
Pass | — | 13,841 | 85,971 | 63,844 | 27,728 | 528 | — | 191,912 | ||||||||||||||||||
Watch | — | 924 | 3,128 | 10,952 | 15,834 | 2,656 | — | 33,494 | ||||||||||||||||||
Special Mention | — | — | 224 | 13,681 | — | 669 | — | 14,574 | ||||||||||||||||||
Substandard | — | 300 | 1,497 | 44,948 | 4,472 | 3,613 | — | 54,830 | ||||||||||||||||||
Total | — | 15,065 | 90,820 | 133,425 | 48,034 | 7,466 | — | 294,810 | ||||||||||||||||||
Consumer 1-4 family real estate and other | ||||||||||||||||||||||||||
Pass | — | — | 157 | 234 | 368 | 355 | — | 1,114 | ||||||||||||||||||
Substandard | — | — | 108 | — | — | 127 | — | 235 | ||||||||||||||||||
Total | — | — | 265 | 234 | 368 | 482 | — | 1,349 | ||||||||||||||||||
Agricultural real estate and other | ||||||||||||||||||||||||||
Pass | — | — | — | 108 | — | 2,586 | — | 2,694 | ||||||||||||||||||
Substandard | — | 3,277 | — | 1,263 | — | 591 | — | 5,131 | ||||||||||||||||||
Total | — | 3,277 | — | 1,371 | — | 3,177 | — | 7,825 | ||||||||||||||||||
Total Community Bank | ||||||||||||||||||||||||||
Pass | — | 13,841 | 86,128 | 64,185 | 28,097 | 3,469 | — | 195,720 | ||||||||||||||||||
Watch | — | 924 | 3,128 | 10,952 | 15,834 | 2,656 | — | 33,494 | ||||||||||||||||||
Special Mention | — | — | 224 | 13,681 | — | 669 | — | 14,574 | ||||||||||||||||||
Substandard | — | 3,577 | 1,605 | 46,212 | 4,471 | 4,331 | — | 60,196 | ||||||||||||||||||
Total | — | 18,342 | 91,085 | 135,030 | 48,402 | 11,125 | — | 303,984 | ||||||||||||||||||
Total Loans and Leases | ||||||||||||||||||||||||||
Pass | 937,063 | 569,104 | 275,967 | 165,121 | 48,725 | 73,084 | 777,156 | 2,846,220 | ||||||||||||||||||
Watch | 12,120 | 20,925 | 10,365 | 12,573 | 19,249 | 6,476 | 85,551 | 167,259 | ||||||||||||||||||
Special Mention | 1,786 | 11,258 | 7,592 | 16,717 | 76 | 1,909 | 31,106 | 70,444 | ||||||||||||||||||
Substandard | 7,748 | 12,541 | 25,274 | 52,873 | 5,364 | 5,569 | 25,757 | 135,126 | ||||||||||||||||||
Doubtful | 258 | 1,383 | 5,149 | 376 | — | — | — | 7,166 | ||||||||||||||||||
Total | $ | 958,975 | $ | 615,211 | $ | 324,347 | $ | 247,660 | $ | 73,414 | $ | 87,038 | $ | 919,570 | $ | 3,226,215 |
Asset Classification | Pass | Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
As of September 30, 2020 | (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||||||||
Term lending | $ | 725,101 | $ | 29,637 | $ | 24,501 | $ | 21,249 | $ | 4,835 | $ | 805,323 | |||||||||||||||||||||||
Asset based lending | 102,013 | 62,512 | 12,577 | 5,317 | — | 182,419 | |||||||||||||||||||||||||||||
Factoring | 217,245 | 45,200 | 13,657 | 5,071 | — | 281,173 | |||||||||||||||||||||||||||||
Lease financing | 264,700 | 8,879 | 2,808 | 4,148 | 549 | 281,084 | |||||||||||||||||||||||||||||
Insurance premium finance | 336,364 | 284 | 222 | 701 | 369 | 337,940 | |||||||||||||||||||||||||||||
SBA/USDA | 308,549 | 8,328 | 74 | 1,436 | — | 318,387 | |||||||||||||||||||||||||||||
Other commercial finance | 100,727 | 931 | — | — | — | 101,658 | |||||||||||||||||||||||||||||
Commercial finance | 2,054,699 | 155,771 | 53,839 | 37,922 | 5,753 | 2,307,984 | |||||||||||||||||||||||||||||
Warehouse finance | 293,375 | — | — | — | — | 293,375 | |||||||||||||||||||||||||||||
Total National Lending | 2,348,074 | 155,771 | 53,839 | 37,922 | 5,753 | 2,601,359 | |||||||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||||||||
Commercial real estate and operating | 336,236 | 98,295 | 4,049 | 18,211 | 580 | 457,371 | |||||||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 15,648 | 41 | 609 | 188 | — | 16,486 | |||||||||||||||||||||||||||||
Agricultural real estate and operating | 1,526 | — | 4,930 | 5,251 | — | 11,707 | |||||||||||||||||||||||||||||
Total Community Banking | 353,410 | 98,336 | 9,588 | 23,650 | 580 | 485,564 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 2,701,484 | $ | 254,107 | $ | 63,427 | $ | 61,572 | $ | 6,333 | $ | 3,086,923 |
Accruing and Nonaccruing Loans and Leases | Nonperforming Loans and Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
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 | ||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | 87,905 | $ | 87,905 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term lending | 11,146 | 6,714 | 4,820 | 22,680 | 897,599 | 920,279 | 2,073 | 14,470 | 16,543 | ||||||||||||||||||||||||||||||||||||||||||||
Asset based lending | — | — | — | — | 263,237 | 263,237 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Factoring | — | — | — | — | 320,629 | 320,629 | — | 37 | 37 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | 9,076 | 3,514 | 2,550 | 15,140 | 267,800 | 282,940 | 1,403 | 2,208 | 3,611 | ||||||||||||||||||||||||||||||||||||||||||||
Insurance premium finance | 552 | 422 | 874 | 1,848 | 415,804 | 417,652 | 874 | — | 874 | ||||||||||||||||||||||||||||||||||||||||||||
SBA/USDA | 1,343 | — | 600 | 1,943 | 261,766 | 263,709 | — | 600 | 600 | ||||||||||||||||||||||||||||||||||||||||||||
Other commercial finance | — | — | — | — | 118,081 | 118,081 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial finance | 22,117 | 10,650 | 8,844 | 41,611 | 2,544,916 | 2,586,527 | 4,350 | 17,315 | 21,665 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer credit products | 843 | 1,009 | 525 | 2,377 | 204,642 | 207,019 | 469 | — | 469 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer finance | — | — | — | — | 20,737 | 20,737 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Consumer finance | 843 | 1,009 | 525 | 2,377 | 225,379 | 227,756 | 469 | — | 469 | ||||||||||||||||||||||||||||||||||||||||||||
Tax services | — | 40,958 | — | 40,958 | 310 | 41,268 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse finance | — | — | — | — | 335,704 | 335,704 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total National Lending | 22,960 | 52,617 | 9,369 | 84,946 | 3,106,309 | 3,191,255 | 4,819 | 17,315 | 22,134 | ||||||||||||||||||||||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and operating | 11 | — | — | 11 | 294,799 | 294,810 | — | 17,896 | 17,896 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 51 | — | — | 51 | 1,298 | 1,349 | — | 108 | 108 | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural real estate and operating | — | — | 1,769 | 1,769 | 6,056 | 7,825 | — | 1,769 | 1,769 | ||||||||||||||||||||||||||||||||||||||||||||
Total Community Banking | 62 | — | 1,769 | 1,831 | 302,153 | 303,984 | — | 19,773 | 19,773 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment | 23,022 | 52,617 | 11,138 | 86,777 | 3,408,462 | 3,495,239 | 4,819 | 37,088 | 41,907 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 23,022 | $ | 52,617 | $ | 11,138 | $ | 86,777 | $ | 3,496,367 | $ | 3,583,144 | $ | 4,819 | $ | 37,088 | $ | 41,907 |
Accruing and Nonaccruing Loans and Leases | Nonperforming Loans and Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
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 | ||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | $ | — | $ | — | $ | — | $ | — | $ | 183,577 | $ | 183,577 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term lending | 11,900 | 3,851 | 6,390 | 22,141 | 783,182 | 805,323 | 266 | 16,274 | 16,540 | ||||||||||||||||||||||||||||||||||||||||||||
Asset based lending | 17 | — | — | 17 | 182,402 | 182,419 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Factoring | — | — | — | — | 281,173 | 281,173 | — | 1,096 | 1,096 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing | 194 | 9,746 | 6,882 | 16,822 | 264,262 | 281,084 | 4,344 | 3,583 | 7,927 | ||||||||||||||||||||||||||||||||||||||||||||
Insurance premium finance | 1,227 | 748 | 2,364 | 4,339 | 333,601 | 337,940 | 2,364 | — | 2,364 | ||||||||||||||||||||||||||||||||||||||||||||
SBA/USDA | — | — | 1,027 | 1,027 | 317,360 | 318,387 | 427 | 600 | 1,027 | ||||||||||||||||||||||||||||||||||||||||||||
Other commercial finance | — | — | — | — | 101,658 | 101,658 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial finance | 13,338 | 14,345 | 16,663 | 44,346 | 2,263,638 | 2,307,984 | 7,401 | 21,553 | 28,954 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer credit products | 377 | 358 | 499 | 1,233 | 88,576 | 89,809 | 499 | — | 499 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer finance | 600 | 536 | 373 | 1,509 | 132,833 | 134,342 | 373 | — | 373 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer finance | 977 | 894 | 872 | 2,743 | 221,408 | 224,151 | 872 | — | 872 | ||||||||||||||||||||||||||||||||||||||||||||
Tax services | — | — | 1,743 | 1,743 | 1,323 | 3,066 | 1,743 | — | 1,743 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse finance | — | — | — | — | 293,375 | 293,375 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total National Lending | 14,315 | 15,239 | 19,278 | 48,832 | 2,779,744 | 2,828,576 | 10,016 | 21,553 | 31,569 | ||||||||||||||||||||||||||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate and operating | — | — | 630 | 630 | 456,741 | 457,371 | 50 | 580 | 630 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer one-to-four family real estate and other | 905 | 114 | 50 | 1,069 | 15,417 | 16,486 | — | 50 | 50 | ||||||||||||||||||||||||||||||||||||||||||||
Agricultural real estate and operating | — | — | 1,769 | 1,769 | 9,938 | 11,707 | — | 1,769 | 1,769 | ||||||||||||||||||||||||||||||||||||||||||||
Total Community Banking | 905 | 114 | 2,449 | 3,468 | 482,096 | 485,564 | 50 | 2,399 | 2,449 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment | 15,220 | 15,353 | 21,727 | 52,300 | 3,261,840 | 3,314,140 | 10,066 | 23,952 | 34,018 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 15,220 | $ | 15,353 | $ | 21,727 | $ | 52,300 | $ | 3,445,417 | $ | 3,497,717 | $ | 10,066 | $ | 23,952 | $ | 34,018 |
Amortized Cost Basis | |||||||||||||||||||||||||||||
(Dollars in Thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total | Nonaccrual With No ACL | |||||||||||||||||||||||||
June 30, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | |||||||||||||||||||||||
National Lending | |||||||||||||||||||||||||||||
Term lending | $ | 20 | $ | 2,506 | $ | 6,862 | $ | 2,865 | $ | 147 | $ | 2,070 | $ | — | $ | 14,470 | $ | 7,558 | |||||||||||
Asset based lending | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Factoring | — | — | 13 | — | — | 24 | — | 37 | 37 | ||||||||||||||||||||
Lease financing | 248 | 1,519 | 276 | 9 | 156 | — | 2,208 | 824 | |||||||||||||||||||||
SBA/USDA | 600 | — | — | 600 | 600 | ||||||||||||||||||||||||
Commercial finance | 20 | 2,754 | 8,394 | 3,141 | 756 | 2,250 | — | 17,315 | 9,019 | ||||||||||||||||||||
Total National Lending | 20 | 2,754 | 8,394 | 3,141 | 756 | 2,250 | — | 17,315 | 9,019 | ||||||||||||||||||||
Community Banking | |||||||||||||||||||||||||||||
Commercial real estate and operating | — | 300 | 700 | 16,896 | — | — | — | 17,896 | — | ||||||||||||||||||||
Consumer one-to-four family real estate and other | — | — | 108 | — | — | — | — | 108 | 108 | ||||||||||||||||||||
Agricultural real estate and operating | — | — | — | 1,263 | — | 506 | — | 1,769 | 1,769 | ||||||||||||||||||||
Total Community Banking | — | 300 | 808 | 18,159 | — | 506 | — | 19,773 | 1,877 | ||||||||||||||||||||
Total nonaccrual loans and leases | $ | 20 | $ | 3,054 | $ | 9,202 | $ | 21,300 | $ | 756 | $ | 2,756 | $ | — | $ | 37,088 | $ | 10,896 |
Amortized Cost Basis | ||||||||||||||||||||||||||
(Dollars in Thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total | |||||||||||||||||||||||
June 30, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | ||||||||||||||||||||
National Lending | ||||||||||||||||||||||||||
Term lending | $ | 1,142 | $ | 685 | $ | 36 | $ | 196 | $ | 14 | $ | — | $ | — | $ | 2,073 | ||||||||||
Lease financing | 356 | 426 | 223 | 372 | 26 | — | — | 1,403 | ||||||||||||||||||
Insurance premium finance | 769 | 105 | — | — | — | — | — | 874 | ||||||||||||||||||
Commercial finance | 2,267 | 1,216 | 259 | 568 | 40 | — | — | 4,350 | ||||||||||||||||||
Other consumer finance | — | — | — | — | — | 383 | — | 383 | ||||||||||||||||||
Consumer finance (1)
|
— | — | — | — | — | 383 | — | 383 | ||||||||||||||||||
Total National Lending | 2,267 | 1,216 | 259 | 568 | 40 | 383 | — | 4,733 | ||||||||||||||||||
Total 90 days or more delinquent and accruing | $ | 2,267 | $ | 1,216 | $ | 259 | $ | 568 | $ | 40 | $ | 383 | $ | — | $ | 4,733 |
Average Recorded Investment | |||||||||||||||||
(Dollars in Thousands) | Three Months Ended June 30, 2021 | Nine Months Ended June 30, 2021 | |||||||||||||||
National Lending | |||||||||||||||||
Term lending | $ | 14,964 | $ | 14,190 | |||||||||||||
Asset based lending | 127 | 591 | |||||||||||||||
Factoring | 33 | 337 | |||||||||||||||
Lease financing | 2,435 | 2,994 | |||||||||||||||
SBA/USDA | 600 | 600 | |||||||||||||||
Commercial finance | 18,159 | 18,712 | |||||||||||||||
Total National Lending | 18,159 | 18,712 | |||||||||||||||
Community Banking | |||||||||||||||||
Commercial real estate and operating | 17,896 | 14,235 | |||||||||||||||
Consumer one-to-four family real estate and other | 136 | 140 | |||||||||||||||
Agricultural real estate and operating | 1,769 | 1,769 | |||||||||||||||
Total Community Banking | 19,801 | 16,144 | |||||||||||||||
Total loans and leases | $ | 37,960 | $ | 34,856 |
Three Months Ended June 30, 2020 | Nine Months Ended June 30, 2020 | ||||||||||||||||||||||
(Dollars in Thousands) | Average Recorded Investment | Recognized Interest Income | Average Recorded Investment | Recognized Interest Income | |||||||||||||||||||
National Lending | |||||||||||||||||||||||
Term lending | $ | 28,848 | $ | 121 | $ | 24,946 | $ | 240 | |||||||||||||||
Asset based lending | 935 | — | 571 | — | |||||||||||||||||||
Factoring | 4,715 | — | 4,387 | — | |||||||||||||||||||
Lease financing | 2,946 | 2 | 2,929 | 14 | |||||||||||||||||||
SBA/USDA | 3,162 | — | 3,530 | — | |||||||||||||||||||
Commercial finance | 40,606 | 123 | 36,363 | 254 | |||||||||||||||||||
Other consumer finance | 1,999 | 37 | 1,775 | 111 | |||||||||||||||||||
Consumer finance | 1,999 | 37 | 1,775 | 111 | |||||||||||||||||||
Total National Lending | 42,605 | 160 | 38,138 | 365 | |||||||||||||||||||
Community Banking | |||||||||||||||||||||||
Commercial real estate and operating | 405 | 1 | 511 | 27 | |||||||||||||||||||
Consumer one-to-four family real estate and other | 131 | — | 101 | 9 | |||||||||||||||||||
Agricultural real estate and operating | 2,437 | 10 | 2,677 | (134) | |||||||||||||||||||
Total Community Banking | 2,973 | 11 | 3,289 | (98) | |||||||||||||||||||
Total loans and leases | $ | 45,578 | $ | 171 | $ | 41,427 | $ | 267 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Basic income per common share: | |||||||||||||||||||||||
Net income attributable to Meta Financial Group, Inc. | $ | 38,701 | $ | 18,190 | $ | 125,805 | $ | 91,562 | |||||||||||||||
Dividends and undistributed earnings allocated to participating securities | (729) | (432) | (2,411) | (2,097) | |||||||||||||||||||
Basic net earnings available to common stockholders | 37,972 | 17,758 | 123,394 | 89,465 | |||||||||||||||||||
Undistributed earnings allocated to nonvested restricted stockholders | 699 | 391 | 2,318 | 1,974 | |||||||||||||||||||
Reallocation of undistributed earnings to nonvested restricted stockholders | (699) | (391) | (2,316) | (1,973) | |||||||||||||||||||
Diluted net earnings available to common stockholders | $ | 37,972 | $ | 17,758 | $ | 123,396 | $ | 89,466 | |||||||||||||||
Total weighted-average basic common shares outstanding | 31,320,893 | 33,794,154 | 31,880,653 | 35,180,068 | |||||||||||||||||||
Effect of dilutive securities(1)
|
|||||||||||||||||||||||
Stock options | — | 21,497 | — | 21,634 | |||||||||||||||||||
Performance share units | 18,054 | — | 19,944 | — | |||||||||||||||||||
Total effect of dilutive securities | 18,054 | 21,497 | 19,944 | 21,634 | |||||||||||||||||||
Total weighted-average diluted common shares outstanding | 31,338,947 | 33,815,651 | 31,900,597 | 35,201,702 | |||||||||||||||||||
Net earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 1.21 | $ | 0.53 | $ | 3.87 | $ | 2.54 | |||||||||||||||
Diluted earnings per common share(2)
|
$ | 1.21 | $ | 0.53 | $ | 3.87 | $ | 2.54 |
(Dollars in Thousands) | June 30, 2021 | September 30, 2020 | |||||||||
Computers and IT networking equipment | $ | 16,878 | $ | 15,926 | |||||||
Motor vehicles and other | 81,881 | 52,913 | |||||||||
Office furniture and equipment | 52,276 | 74,197 | |||||||||
Solar panels and equipment | 122,483 | 118,808 | |||||||||
Total | 273,518 | 261,844 | |||||||||
Accumulated depreciation | (63,766) | (57,601) | |||||||||
Unamortized initial direct costs | 1,616 | 1,721 | |||||||||
Net book value | $ | 211,368 | $ | 205,964 |
(Dollars in Thousands) | June 30, 2021 | ||||
Remaining in 2021 | $ | 9,517 | |||
2022 | 31,311 | ||||
2023 | 27,132 | ||||
2024 | 19,511 | ||||
2025 | 13,704 | ||||
Thereafter | 20,303 | ||||
Total undiscounted future minimum lease payments receivable for operating leases | $ | 121,478 |
Nine Months Ended June 30, | |||||||||||
(Dollars in Thousands) | 2021 | 2020 | |||||||||
Balance, beginning of period | $ | 9,957 | $ | 29,494 | |||||||
Additions | 9 | 5,983 | |||||||||
Reductions: | |||||||||||
Write-downs | 481 | 568 | |||||||||
Sales | 8,285 | 23,086 | |||||||||
(Gain) loss on sale | (4) | 5,039 | |||||||||
Total reductions | 8,762 | 28,693 | |||||||||
Balance, ending of period | $ | 1,204 | $ | 6,784 |
(Dollars in Thousands) |
Trademark(1)
|
Non-Compete(2)
|
Customer Relationships(3)
|
All Others(4)
|
Total | ||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | 10,901 | $ | 422 | $ | 24,333 | $ | 6,036 | $ | 41,692 | |||||||||||||||||||
Acquisitions during the period | — | — | — | 14 | 14 | ||||||||||||||||||||||||
Amortization during the period | (816) | (286) | (5,202) | (480) | (6,784) | ||||||||||||||||||||||||
Write-offs during the period | — | — | — | (24) | (24) | ||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | 10,085 | $ | 136 | $ | 19,131 | $ | 5,546 | $ | 34,898 | |||||||||||||||||||
Gross carrying amount | $ | 14,624 | $ | 2,481 | $ | 82,088 | $ | 10,131 | $ | 109,324 | |||||||||||||||||||
Accumulated amortization | (4,539) | (2,345) | (52,709) | (4,367) | (63,960) | ||||||||||||||||||||||||
Accumulated impairment | — | — | (10,248) | (218) | (10,466) | ||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | 10,085 | $ | 136 | $ | 19,131 | $ | 5,546 | $ | 34,898 |
(Dollars in Thousands) |
Trademark(1)
|
Non-Compete(2)
|
Customer Relationships(3)
|
All Others(4)
|
Total | ||||||||||||||||||||||||
Balance as of September 30, 2019 | $ | 11,959 | $ | 827 | $ | 33,207 | $ | 6,817 | $ | 52,810 | |||||||||||||||||||
Acquisitions during the period | — | — | — | 35 | 35 | ||||||||||||||||||||||||
Amortization during the period | (793) | (310) | (7,112) | (499) | (8,714) | ||||||||||||||||||||||||
Write-offs during the period | — | — | — | (157) | (157) | ||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 11,166 | $ | 517 | $ | 26,095 | $ | 6,196 | $ | 43,974 | |||||||||||||||||||
Gross carrying amount | $ | 14,624 | $ | 2,480 | $ | 82,088 | $ | 10,112 | $ | 109,304 | |||||||||||||||||||
Accumulated amortization | (3,458) | (1,963) | (45,745) | (3,726) | (54,892) | ||||||||||||||||||||||||
Accumulated impairment | — | — | (10,248) | (190) | (10,438) | ||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 11,166 | $ | 517 | $ | 26,095 | $ | 6,196 | $ | 43,974 |
(Dollars in Thousands) | June 30, 2021 | ||||
Remaining in 2021 | $ | 1,762 | |||
2022 | 6,419 | ||||
2023 | 5,101 | ||||
2024 | 4,383 | ||||
2025 | 3,827 | ||||
2026 | 3,253 | ||||
Thereafter | 10,153 | ||||
Total anticipated intangible amortization | $ | 34,898 |
(Dollars in Thousands) | June 30, 2021 | ||||
Remaining in 2021 | $ | 1,232 | |||
2022 | 4,687 | ||||
2023 | 4,180 | ||||
2024 | 4,152 | ||||
2025 | 4,027 | ||||
Thereafter | 24,926 | ||||
Total undiscounted future minimum lease payments | 43,204 | ||||
Discount | (5,652) | ||||
Total operating lease liabilities | $ | 37,552 |
June 30, 2021 | |||||
Weighted-average discount rate | 2.31 | % | |||
Weighted-average remaining lease term (years) | 11.00 |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Dollars in Thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Lease expense | $ | 1,191 | $ | 920 | $ | 3,136 | $ | 2,533 | |||||||||||||||
Short-term and variable lease cost | 35 | 118 | 167 | 452 | |||||||||||||||||||
ROU asset impairment | — | — | 224 | — | |||||||||||||||||||
Sublease income | (126) | (188) | (411) | (552) | |||||||||||||||||||
Total lease cost for operating leases | $ | 1,100 | $ | 850 | $ | 3,116 | $ | 2,433 |
(Dollars in Thousands, Except Per Share Data) | Number of Shares | Weighted Average Fair Value at Grant | |||||||||
Nonvested shares outstanding, September 30, 2020
|
790,083 | $ | 30.03 | ||||||||
Granted | 189,187 | 30.78 | |||||||||
Vested | (277,429) | 30.19 | |||||||||
Forfeited or expired | (103,798) | 29.66 | |||||||||
Nonvested shares outstanding, June 30, 2021
|
598,043 | $ | 30.26 |
(Dollars in Thousands, Except Per Share Data) | Number of Units | Weighted Average Fair Value at Grant | |||||||||
Performance share units outstanding, September 30, 2020
|
— | $ | — | ||||||||
Granted(1)
|
60,984 | 34.03 | |||||||||
Vested | — | — | |||||||||
Forfeited or expired | — | — | |||||||||
Performance share units outstanding, June 30, 2021
|
60,984 | $ | 34.03 |
Nine Months Ended June 30, | |||||||||||
(Dollars in Thousands) | 2021 | 2020 | |||||||||
Provision at statutory rate | $ | 28,435 | $ | 20,041 | |||||||
Tax-exempt income | (674) | (936) | |||||||||
State income taxes | 6,120 | 4,475 | |||||||||
Interim period effective rate adjustment | (5,181) | (8,850) | |||||||||
Tax credit investments, net - federal | (18,854) | (9,863) | |||||||||
Research tax credit | (323) | (1,709) | |||||||||
IRC 162(m) nondeductible compensation | 677 | 1,250 | |||||||||
Other, net | (600) | (538) | |||||||||
Income tax expense | $ | 9,600 | $ | 3,870 | |||||||
Effective tax rate | 6.92 | % | 3.91 | % |
(Dollars in Thousands) | Consumer | Commercial | Corporate Services/Other | Consolidated Company | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Net interest income(1)
|
$ | 23,254 | $ | 25,754 | $ | 44,728 | $ | 36,104 | $ | 493 | $ | 279 | $ | 68,475 | $ | 62,137 | |||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Refund transfer product fees | 12,073 | 4,595 | — | — | — | — | 12,073 | 4,595 | |||||||||||||||||||||||||||
Tax advance product fees(1)
|
891 | 28 | — | — | — | — | 891 | 28 | |||||||||||||||||||||||||||
Payment card and deposit fees | 29,203 | 21,302 | — | — | — | — | 29,203 | 21,302 | |||||||||||||||||||||||||||
Other bank and deposit fees | — | — | 334 | 213 | 4 | 1 | 338 | 214 | |||||||||||||||||||||||||||
Rental income(1)
|
6 | 5 | 9,970 | 11,226 | — | — | 9,976 | 11,231 | |||||||||||||||||||||||||||
Gain (loss) on sale of other(1)
|
— | — | 5,982 | 1,214 | (27) | — | 5,955 | 1,214 | |||||||||||||||||||||||||||
Other income(1)
|
1,056 | 324 | 1,702 | 1,267 | 1,259 | 873 | 4,017 | 2,464 | |||||||||||||||||||||||||||
Total noninterest income | 43,229 | 26,254 | 17,988 | 13,920 | 1,236 | 874 | 62,453 | 41,048 | |||||||||||||||||||||||||||
Revenue | $ | 66,483 | $ | 52,008 | $ | 62,716 | $ | 50,024 | $ | 1,729 | $ | 1,153 | $ | 130,928 | $ | 103,185 |
(Dollars in Thousands) | Consumer | Commercial | Corporate Services/Other | Consolidated Company | |||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended June 30, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Net interest income(1)
|
$ | 70,686 | $ | 58,473 | $ | 128,980 | $ | 112,866 | $ | 8,658 | $ | 23,186 | $ | 208,324 | $ | 194,525 | |||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Refund transfer product fees | 35,400 | 33,726 | — | — | — | — | 35,400 | 33,726 | |||||||||||||||||||||||||||||||||||||||
Tax advance product fees(1)
|
47,413 | 31,840 | — | — | — | — | 47,413 | 31,840 | |||||||||||||||||||||||||||||||||||||||
Payment card and deposit fees | 81,641 | 65,957 | — | — | — | — | 81,641 | 65,957 | |||||||||||||||||||||||||||||||||||||||
Other bank and deposit fees | — | — | 694 | 759 | 15 | 324 | 709 | 1,083 | |||||||||||||||||||||||||||||||||||||||
Rental income(1)
|
16 | 14 | 29,691 | 33,354 | — | 1,314 | 29,707 | 34,682 | |||||||||||||||||||||||||||||||||||||||
Net gain realized on investment securities(1)
|
— | — | — | — | 6 | — | 6 | — | |||||||||||||||||||||||||||||||||||||||
Gain on divestitures(1)
|
— | — | — | — | — | 19,275 | — | 19,275 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of other(1)
|
— | (19) | 10,198 | 6,131 | 737 | (5,143) | 10,935 | 969 | |||||||||||||||||||||||||||||||||||||||
Other income(1)
|
2,135 | 2,709 | 6,511 | 4,178 | 6,904 | 4,625 | 15,550 | 11,512 | |||||||||||||||||||||||||||||||||||||||
Total noninterest income | 166,605 | 134,227 | 47,094 | 44,422 | 7,662 | 20,395 | 221,361 | 199,044 | |||||||||||||||||||||||||||||||||||||||
Revenue | $ | 237,291 | $ | 192,700 | $ | 176,074 | $ | 157,288 | $ | 16,320 | $ | 43,581 | $ | 429,685 | $ | 393,569 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
(Dollars in Thousands) | Consumer | Commercial |
Corporate
Services/Other |
Total | |||||||||||||||||||
Net interest income | $ | 23,254 | $ | 44,728 | $ | 493 | $ | 68,475 | |||||||||||||||
Provision (recovery) for credit losses | 4,507 | 870 | (765) | 4,612 | |||||||||||||||||||
Noninterest income | 43,229 | 17,988 | 1,236 | 62,453 | |||||||||||||||||||
Noninterest expense | 20,561 | 28,604 | 32,358 | 81,523 | |||||||||||||||||||
Income (loss) before income tax expense | 41,415 | 33,242 | (29,864) | 44,793 | |||||||||||||||||||
Total assets | 337,438 | 3,086,556 | 3,627,818 | 7,051,812 | |||||||||||||||||||
Total goodwill | 87,145 | 222,360 | — | 309,505 | |||||||||||||||||||
Total deposits | 5,715,197 | 8,941 | 164,733 | 5,888,871 |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
(Dollars in Thousands) | Consumer | Commercial |
Corporate
Services/Other |
Total | |||||||||||||||||||
Net interest income | $ | 25,754 | $ | 36,104 | $ | 279 | $ | 62,137 | |||||||||||||||
Provision (recovery) for loan and lease losses | (210) | 7,946 | 7,357 | 15,093 | |||||||||||||||||||
Noninterest income | 26,254 | 13,920 | 874 | 41,048 | |||||||||||||||||||
Noninterest expense | 15,282 | 26,729 | 29,230 | 71,241 | |||||||||||||||||||
Income (loss) before income tax expense | 36,936 | 15,349 | (35,434) | 16,851 | |||||||||||||||||||
Total assets | 372,549 | 2,690,719 | 5,715,758 | 8,779,026 | |||||||||||||||||||
Total goodwill | 87,145 | 222,360 | — | 309,505 | |||||||||||||||||||
Total deposits | 6,767,516 | 9,243 | 813,566 | 7,590,325 |
Nine Months Ended June 30, 2021 | |||||||||||||||||||||||
(Dollars in Thousands) | Consumer | Commercial |
Corporate
Services/Other |
Total | |||||||||||||||||||
Net interest income | $ | 70,686 | $ | 128,980 | $ | 8,658 | $ | 208,324 | |||||||||||||||
Provision (recovery) for credit losses | 34,893 | 9,540 | (3,442) | 40,991 | |||||||||||||||||||
Noninterest income | 166,605 | 47,094 | 7,662 | 221,361 | |||||||||||||||||||
Noninterest expense | 68,912 | 83,601 | 97,555 | 250,068 | |||||||||||||||||||
Income (loss) before income tax expense | 133,486 | 82,933 | (77,793) | 138,626 | |||||||||||||||||||
Total assets | 337,438 | 3,086,556 | 3,627,818 | 7,051,812 | |||||||||||||||||||
Total goodwill | 87,145 | 222,360 | — | 309,505 | |||||||||||||||||||
Total deposits | 5,715,197 | 8,941 | 164,733 | 5,888,871 |
Nine Months Ended June 30, 2020 | |||||||||||||||||||||||
(Dollars in Thousands) | Consumer | Commercial |
Corporate
Services/Other |
Total | |||||||||||||||||||
Net interest income | $ | 58,473 | $ | 112,866 | $ | 23,186 | $ | 194,525 | |||||||||||||||
Provision for loan and lease losses | 20,334 | 23,641 | 11,821 | 55,796 | |||||||||||||||||||
Noninterest income | 134,227 | 44,422 | 20,395 | 199,044 | |||||||||||||||||||
Noninterest expense | 62,473 | 80,815 | 95,480 | 238,768 | |||||||||||||||||||
Income (loss) before income tax expense | 109,893 | 52,832 | (63,720) | 99,005 | |||||||||||||||||||
Total assets | 372,549 | 2,690,719 | 5,715,758 | 8,779,026 | |||||||||||||||||||
Total goodwill | 87,145 | 222,360 | — | 309,505 | |||||||||||||||||||
Total deposits | 6,767,516 | 9,243 | 813,566 | 7,590,325 |
Fair Value At June 30, 2021 | |||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||
SBA securities | $ | 169,185 | $ | — | $ | 169,185 | $ | — | |||||||||||||||
Obligations of states and political subdivisions | 2,766 | — | 2,766 | — | |||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 274,350 | — | 274,350 | — | |||||||||||||||||||
Asset-backed securities | 407,722 | — | 407,722 | — | |||||||||||||||||||
Mortgage-backed securities | 1,063,582 | — | 1,063,582 | — | |||||||||||||||||||
Total debt securities AFS | $ | 1,917,605 | $ | — | $ | 1,917,605 | $ | — | |||||||||||||||
Common equities and mutual funds(1)
|
$ | 3,324 | $ | 3,324 | $ | — | $ | — | |||||||||||||||
Non-marketable equity securities(2)
|
$ | 4,724 | $ | — | $ | — | $ | — |
Fair Value At September 30, 2020 | |||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Debt securities AFS | |||||||||||||||||||||||
SBA securities | $ | 164,955 | $ | — | $ | 164,955 | $ | — | |||||||||||||||
Obligations of states and political subdivisions | 841 | — | 841 | — | |||||||||||||||||||
Non-bank qualified obligations of states and political subdivisions | 323,774 | — | 323,774 | — | |||||||||||||||||||
Asset-backed securities | 324,925 | — | 324,925 | — | |||||||||||||||||||
Mortgage-backed securities | 453,607 | — | 453,607 | — | |||||||||||||||||||
Total debt securities AFS | $ | 1,268,102 | $ | — | $ | 1,268,102 | $ | — | |||||||||||||||
Common equities and mutual funds(1)
|
$ | 2,969 | $ | 2,969 | $ | — | $ | — | |||||||||||||||
Non-marketable equity securities(2)
|
$ | 2,784 | $ | — | $ | — | $ | — |
Fair Value At June 30, 2021 | |||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Impaired loans and leases, net | |||||||||||||||||||||||
Commercial finance | $ | 4,312 | $ | — | $ | — | $ | 4,312 | |||||||||||||||
Total National Lending | 4,312 | — | — | 4,312 | |||||||||||||||||||
Commercial real estate and operating | 9,029 | — | — | 9,029 | |||||||||||||||||||
Total Community Banking | 9,029 | — | — | 9,029 | |||||||||||||||||||
Total impaired loans and leases, net | 13,341 | — | — | 13,341 | |||||||||||||||||||
Foreclosed assets, net | 1,204 | — | — | 1,204 | |||||||||||||||||||
Total | $ | 14,545 | $ | — | $ | — | $ | 14,545 |
Fair Value At September 30, 2020 | |||||||||||||||||||||||
(Dollars in Thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Impaired loans and leases, net | |||||||||||||||||||||||
Commercial finance | $ | 9,240 | $ | — | $ | — | $ | 9,240 | |||||||||||||||
Total National Lending | 9,240 | — | — | 9,240 | |||||||||||||||||||
Commercial real estate and operating | 20 | — | — | 20 | |||||||||||||||||||
Total Community Banking | 20 | — | — | 20 | |||||||||||||||||||
Total impaired loans and leases, net | 9,260 | — | — | 9,260 | |||||||||||||||||||
Foreclosed assets, net | 9,957 | — | — | 9,957 | |||||||||||||||||||
Total | $ | 19,217 | $ | — | $ | — | $ | 19,217 |
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||
(Dollars in Thousands) |
Fair Value at
June 30, 2021
|
Fair Value at
September 30, 2020
|
Valuation
Technique |
Unobservable Input | Range of Inputs | ||||||||||||||||||||||||
Impaired loans and leases, net | $ | 13,341 | 9,260 | Market approach |
Appraised values(1)
|
4% - 90%
|
|||||||||||||||||||||||
Foreclosed assets, net | $ | 1,204 | 9,957 | Market approach |
Appraised values(1)
|
4% - 30%
|
June 30, 2021 | |||||||||||||||||||||||||||||
(Dollars in Thousands) |
Carrying
Amount |
Estimated
Fair Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 720,243 | $ | 720,243 | $ | 720,243 | $ | — | $ | — | |||||||||||||||||||
Debt securities available for sale | 1,917,605 | 1,917,605 | — | 1,917,605 | — | ||||||||||||||||||||||||
Debt securities held to maturity | 64,247 | 65,421 | — | 65,421 | — | ||||||||||||||||||||||||
Common equities and mutual funds(1)
|
3,324 | 3,324 | 3,324 | — | — | ||||||||||||||||||||||||
Non-marketable equity securities(1)(2)
|
19,474 | 19,474 | — | 14,750 | — | ||||||||||||||||||||||||
Loans held for sale | 87,905 | 87,905 | — | 87,905 | — | ||||||||||||||||||||||||
Loans and leases receivable | 3,495,239 | 3,498,673 | — | — | 3,498,673 | ||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stocks | 28,433 | 28,433 | — | 28,433 | — | ||||||||||||||||||||||||
Accrued interest receivable | 16,230 | 16,230 | 16,230 | — | — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | 5,888,871 | 5,888,971 | 5,851,452 | 37,519 | — | ||||||||||||||||||||||||
Other short- and long-term borrowings | 93,634 | 94,979 | — | 94,979 | — | ||||||||||||||||||||||||
Accrued interest payable | 1,853 | 1,853 | 1,853 | — | — |
September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) |
Carrying
Amount |
Estimated
Fair Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 427,367 | $ | 427,367 | $ | 427,367 | $ | — | $ | — | |||||||||||||||||||
Debt securities available for sale | 1,268,102 | 1,268,102 | — | 1,268,102 | — | ||||||||||||||||||||||||
Debt securities held to maturity | 92,610 | 93,745 | — | 93,745 | — | ||||||||||||||||||||||||
Common equities and mutual funds(1)
|
2,969 | 2,969 | 2,969 | — | — | ||||||||||||||||||||||||
Non-marketable equity securities(1)(2)
|
14,784 | 14,784 | — | 12,000 | — | ||||||||||||||||||||||||
Loans held for sale | 183,577 | 183,577 | — | 183,577 | — | ||||||||||||||||||||||||
Loans and leases receivable | 3,314,140 | 3,307,037 | — | — | 3,307,037 | ||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stocks | 27,138 | 27,138 | — | 27,138 | — | ||||||||||||||||||||||||
Accrued interest receivable | 16,628 | 16,628 | 16,628 | — | — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Deposits | 4,979,200 | 4,980,073 | 4,705,028 | 275,045 | — | ||||||||||||||||||||||||
Other short- and long-term borrowings | 98,224 | 100,185 | — | 100,185 | — | ||||||||||||||||||||||||
Accrued interest payable | 1,923 | 1,923 | 1,923 | — | — |
(Dollars in Thousands) | June 30, 2021 | September 30, 2020 | |||||||||
Noninterest-bearing deposits | $ | 5,756,589 | $ | 4,960,276 | |||||||
Prefunding | (344,417) | (528,131) | |||||||||
Discount funding | (13,097) | (62,443) | |||||||||
DDA overdrafts | (13,506) | (13,072) | |||||||||
Noninterest-bearing checking, net | $ | 5,385,569 | $ | 4,356,630 |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
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 | $ | 1,867,988 | $ | 528 | 0.11 | % | $ | 2,692,270 | $ | 783 | 0.12 | % | |||||||||||||||||||||||
Mortgage-backed securities | 882,042 | 3,446 | 1.57 | % | 342,174 | 2,269 | 2.67 | % | |||||||||||||||||||||||||||
Tax exempt investment securities | 263,401 | 884 | 1.70 | % | 417,042 | 1,658 | 2.02 | % | |||||||||||||||||||||||||||
Asset-backed securities | 438,163 | 1,651 | 1.51 | % | 336,562 | 1,770 | 2.11 | % | |||||||||||||||||||||||||||
Other investment securities | 246,493 | 1,187 | 1.93 | % | 197,643 | 1,014 | 2.06 | % | |||||||||||||||||||||||||||
Total investments | 1,830,099 | 7,168 | 1.62 | % | 1,293,420 | 6,711 | 2.22 | % | |||||||||||||||||||||||||||
Total commercial finance | 2,616,942 | 48,641 | 7.46 | % | 2,160,175 | 40,375 | 7.52 | % | |||||||||||||||||||||||||||
Total consumer finance | 241,813 | 3,916 | 6.50 | % | 247,824 | 4,635 | 7.52 | % | |||||||||||||||||||||||||||
Total tax services | 91,804 | 604 | 2.64 | % | 39,845 | — | — | % | |||||||||||||||||||||||||||
Total warehouse finance | 332,759 | 5,151 | 6.21 | % | 304,839 | 4,582 | 6.05 | % | |||||||||||||||||||||||||||
National Lending loans and leases | 3,283,318 | 58,312 | 7.12 | % | 2,752,683 | 49,592 | 7.25 | % | |||||||||||||||||||||||||||
Community Banking loans | 335,415 | 3,975 | 4.75 | % | 870,245 | 10,319 | 4.77 | % | |||||||||||||||||||||||||||
Total loans and leases | 3,618,733 | 62,287 | 6.90 | % | 3,622,928 | 59,911 | 6.65 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,316,820 | $ | 69,983 | 3.85 | % | 7,608,618 | $ | 67,406 | 3.59 | % | |||||||||||||||||||||||||
Noninterest-earning assets | 841,738 | 830,589 | |||||||||||||||||||||||||||||||||
Total assets | $ | 8,158,558 | $ | 8,439,206 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking(2)
|
$ | 336,576 | $ | — | — | % | $ | 226,382 | $ | — | — | % | |||||||||||||||||||||||
Savings | 107,803 | 5 | 0.02 | % | 55,572 | 1 | 0.01 | % | |||||||||||||||||||||||||||
Money markets | 58,517 | 66 | 0.45 | % | 40,091 | 33 | 0.33 | % | |||||||||||||||||||||||||||
Time deposits | 11,877 | 27 | 0.91 | % | 25,392 | 113 | 1.78 | % | |||||||||||||||||||||||||||
Wholesale deposits | 86,295 | 90 | 0.42 | % | 817,414 | 2,983 | 1.47 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 601,068 | 188 | 0.13 | % | 1,164,852 | 3,130 | 1.08 | % | |||||||||||||||||||||||||||
Overnight fed funds purchased | 11 | — | 0.25 | % | 59,055 | 48 | 0.33 | % | |||||||||||||||||||||||||||
FHLB advances | — | — | — | % | 110,000 | 670 | 2.45 | % | |||||||||||||||||||||||||||
Subordinated debentures | 73,907 | 1,148 | 6.23 | % | 73,738 | 1,153 | 6.29 | % | |||||||||||||||||||||||||||
Other borrowings | 20,657 | 172 | 3.35 | % | 27,032 | 268 | 3.98 | % | |||||||||||||||||||||||||||
Total borrowings | 94,575 | 1,320 | 5.60 | % | 269,825 | 2,139 | 3.19 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 695,643 | 1,508 | 0.87 | % | 1,434,677 | 5,269 | 1.48 | % | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 6,380,371 | — | — | % | 6,057,314 | — | — | % | |||||||||||||||||||||||||||
Total deposits and interest-bearing liabilities | 7,076,014 | $ | 1,508 | 0.09 | % | 7,491,991 | $ | 5,269 | 0.28 | % | |||||||||||||||||||||||||
Other noninterest-bearing liabilities | 225,862 | 122,940 | |||||||||||||||||||||||||||||||||
Total liabilities | 7,301,876 | 7,614,931 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 856,682 | 824,276 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 8,158,558 | $ | 8,439,206 | |||||||||||||||||||||||||||||||
Net interest income and net interest rate spread including noninterest-bearing deposits | $ | 68,475 | 3.76 | % | $ | 62,137 | 3.30 | % | |||||||||||||||||||||||||||
Net interest margin | 3.75 | % | 3.28 | % | |||||||||||||||||||||||||||||||
Tax-equivalent effect | 0.02 | % | 0.02 | % | |||||||||||||||||||||||||||||||
Net interest margin, tax-equivalent(3)
|
3.77 | % | 3.31 | % |
Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) |
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 | $ | 2,279,550 | $ | 2,461 | 0.14 | % | $ | 992,935 | $ | 1,934 | 0.26 | % | |||||||||||||||||||||||
Mortgage-backed securities | 620,919 | 8,176 | 1.76 | % | 358,942 | 7,151 | 2.66 | % | |||||||||||||||||||||||||||
Tax exempt investment securities | 298,276 | 3,232 | 1.83 | % | 454,202 | 6,130 | 2.28 | % | |||||||||||||||||||||||||||
Asset-backed securities | 384,397 | 4,141 | 1.44 | % | 315,000 | 6,395 | 2.71 | % | |||||||||||||||||||||||||||
Other investment securities | 232,852 | 3,373 | 1.94 | % | 195,851 | 3,718 | 2.54 | % | |||||||||||||||||||||||||||
Total investments | 1,536,444 | 18,922 | 1.72 | % | 1,323,994 | 23,394 | 2.52 | % | |||||||||||||||||||||||||||
Total commercial finance | 2,501,911 | 140,570 | 7.51 | % | 2,053,414 | 126,799 | 8.25 | % | |||||||||||||||||||||||||||
Total consumer finance | 245,627 | 15,632 | 8.51 | % | 260,950 | 15,811 | 8.09 | % | |||||||||||||||||||||||||||
Total tax services | 274,706 | 7,156 | 3.48 | % | 192,971 | 6,384 | 4.42 | % | |||||||||||||||||||||||||||
Total warehouse finance | 310,593 | 14,930 | 6.43 | % | 294,852 | 13,542 | 6.13 | % | |||||||||||||||||||||||||||
National Lending loans and leases | 3,332,837 | 178,288 | 7.15 | % | 2,802,186 | 162,536 | 7.75 | % | |||||||||||||||||||||||||||
Community Banking loans | 409,869 | 14,127 | 4.61 | % | 1,048,689 | 36,571 | 4.66 | % | |||||||||||||||||||||||||||
Total loans and leases | 3,742,706 | 192,415 | 6.87 | % | 3,850,875 | 199,106 | 6.91 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,558,700 | $ | 213,798 | 3.80 | % | 6,167,804 | $ | 224,434 | 4.90 | % | |||||||||||||||||||||||||
Noninterest-earning assets | 858,088 | 886,320 | |||||||||||||||||||||||||||||||||
Total assets | $ | 8,416,788 | $ | 7,054,124 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking(2)
|
$ | 258,020 | $ | 1 | — | % | $ | 222,772 | $ | 480 | 0.29 | % | |||||||||||||||||||||||
Savings | 79,095 | 11 | 0.02 | % | 50,308 | 16 | 0.04 | % | |||||||||||||||||||||||||||
Money markets | 55,816 | 146 | 0.35 | % | 63,077 | 390 | 0.83 | % | |||||||||||||||||||||||||||
Time deposits | 14,046 | 118 | 1.12 | % | 75,231 | 1,134 | 2.01 | % | |||||||||||||||||||||||||||
Wholesale deposits | 174,715 | 1,153 | 0.88 | % | 1,224,090 | 18,690 | 2.04 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 581,692 | 1,429 | 0.33 | % | 1,635,478 | 20,712 | 1.69 | % | |||||||||||||||||||||||||||
Overnight fed funds purchased | 7 | — | 0.25 | % | 245,030 | 2,805 | 1.53 | % | |||||||||||||||||||||||||||
FHLB advances | — | — | — | % | 110,000 | 2,019 | 2.45 | % | |||||||||||||||||||||||||||
Subordinated debentures | 73,864 | 3,442 | 6.23 | % | 73,698 | 3,471 | 6.29 | % | |||||||||||||||||||||||||||
Other borrowings | 22,307 | 603 | 3.61 | % | 29,792 | 903 | 4.05 | % | |||||||||||||||||||||||||||
Total borrowings | 96,178 | 4,045 | 5.62 | % | 458,520 | 9,197 | 2.68 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 677,870 | 5,474 | 1.08 | % | 2,093,998 | 29,909 | 1.91 | % | |||||||||||||||||||||||||||
Noninterest-bearing deposits | 6,727,627 | — | — | % | 3,991,561 | — | — | % | |||||||||||||||||||||||||||
Total deposits and interest-bearing liabilities | 7,405,497 | $ | 5,474 | 0.10 | % | 6,085,559 | $ | 29,909 | 0.66 | % | |||||||||||||||||||||||||
Other noninterest-bearing liabilities | 184,825 | 136,722 | |||||||||||||||||||||||||||||||||
Total liabilities | 7,590,322 | 6,222,281 | |||||||||||||||||||||||||||||||||
Shareholders' equity | 826,466 | 831,843 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 8,416,788 | $ | 7,054,124 | |||||||||||||||||||||||||||||||
Net interest income and net interest rate spread including noninterest-bearing deposits | $ | 208,324 | 3.70 | % | $ | 194,525 | 4.24 | % | |||||||||||||||||||||||||||
Net interest margin | 3.68 | % | 4.21 | % | |||||||||||||||||||||||||||||||
Tax-equivalent effect | 0.02 | % | 0.04 | % | |||||||||||||||||||||||||||||||
Net interest margin, tax-equivalent(3)
|
3.70 | % | 4.25 | % |
(Dollars in Thousands) | June 30, 2021 | September 30, 2020 | |||||||||
Nonperforming loans and leases | |||||||||||
Nonaccruing loans and leases: | |||||||||||
Term lending | $ | 14,470 | $ | 16,274 | |||||||
Factoring | 37 | 1,096 | |||||||||
Lease financing | 2,208 | 3,583 | |||||||||
SBA/USDA | 600 | 600 | |||||||||
Commercial finance | 17,315 | 21,553 | |||||||||
Total National Lending | 17,315 | 21,553 | |||||||||
Commercial real estate and operating | 17,896 | 580 | |||||||||
Consumer one-to-four family real estate and other | 108 | 50 | |||||||||
Agricultural real estate and operating | 1,769 | 1,769 | |||||||||
Total Community Banking | 19,773 | 2,399 | |||||||||
Total | 37,088 | 23,952 | |||||||||
Accruing loans and leases delinquent >89 days past due: | |||||||||||
Term lending | 2,073 | 266 | |||||||||
Lease financing | 1,403 | 4,344 | |||||||||
Insurance premium finance | 874 | 2,364 | |||||||||
SBA/USDA | — | 427 | |||||||||
Commercial finance | 4,350 | 7,401 | |||||||||
Consumer credit products | 469 | 499 | |||||||||
Other consumer finance | — | 373 | |||||||||
Consumer finance | 469 | 872 | |||||||||
Tax services | — | 1,743 | |||||||||
Total National Lending | 4,819 | 10,016 | |||||||||
Commercial real estate and operating | — | 50 | |||||||||
Total Community Banking | — | 50 | |||||||||
Total | 4,819 | 10,066 | |||||||||
Total nonperforming loans and leases | 41,907 | 34,018 | |||||||||
Other assets | |||||||||||
Nonperforming operating leases | 1,995 | 4,045 | |||||||||
Foreclosed and repossessed assets: | |||||||||||
Commercial finance | 1,204 | 9,957 | |||||||||
Total | 1,204 | 9,957 | |||||||||
Total other assets | 3,199 | 14,002 | |||||||||
Total nonperforming assets | $ | 45,106 | $ | 48,020 | |||||||
Total as a percentage of total assets | 0.63 | % | 0.79 | % |
As of the Period Ended | ||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 |
October 1, 2020(1)
|
September 30, 2020 | June 30, 2020 | |||||||||||||||
Commercial finance | 1.73 | % | 1.77 | % | 1.88 | % | 1.85 | % | 1.30 | % | 1.36 | % | ||||||||
Consumer finance | 3.80 | % | 4.70 | % | 4.39 | % | 4.31 | % | 1.64 | % | 1.75 | % | ||||||||
Tax services | 58.99 | % | 12.90 | % | 1.53 | % | 0.06 | % | 0.06 | % | 59.67 | % | ||||||||
Warehouse finance | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||||||
National Lending | 2.44 | % | 2.57 | % | 1.89 | % | 1.86 | % | 1.20 | % | 1.68 | % | ||||||||
Community Banking | 4.36 | % | 4.03 | % | 4.01 | % | 3.37 | % | 4.59 | % | 2.55 | % | ||||||||
Total loans and leases | 2.61 | % | 2.71 | % | 2.10 | % | 2.08 | % | 1.70 | % | 1.88 | % | ||||||||
Minimum to be | Minimum to be | ||||||||||||||||||||||
Adequately | Well Capitalized | ||||||||||||||||||||||
Capitalized Under | Under Prompt | ||||||||||||||||||||||
Prompt Corrective | Corrective Action | ||||||||||||||||||||||
At June 30, 2021 | Company | Bank | Action Provisions | Provisions | |||||||||||||||||||
Tier 1 leverage capital ratio | 6.85 | % | 7.83 | % | 4.00 | % | 5.00 | % | |||||||||||||||
Common equity Tier 1 capital ratio | 12.76 | % | 14.94 | % | 4.50 | % | 6.50 | % | |||||||||||||||
Tier 1 capital ratio | 13.11 | % | 14.96 | % | 6.00 | % | 8.00 | % | |||||||||||||||
Total capital ratio | 16.18 | % | 16.22 | % | 8.00 | % | 10.00 | % |
(Dollars in Thousands) |
Standardized Approach(1)
June 30, 2021
|
||||
Total stockholders' equity | $ | 876,633 | |||
Adjustments: | |||||
LESS: Goodwill, net of associated deferred tax liabilities | 301,179 | ||||
LESS: Certain other intangible assets | 35,100 | ||||
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards | 17,753 | ||||
LESS: Net unrealized gains on available-for-sale securities | 14,750 | ||||
LESS: Noncontrolling interest | 1,490 | ||||
ADD: Adoption of Accounting Standards Update 2016-13 | 13,913 | ||||
Common Equity Tier 1 Capital (1)
|
520,274 | ||||
Long-term borrowings and other instruments qualifying as Tier 1 | 13,661 | ||||
Tier 1 minority interest not included in common equity tier 1 capital | 932 | ||||
Total Tier 1 Capital | 534,867 | ||||
Allowance for loan and lease losses | 51,317 | ||||
Subordinated debentures (net of issuance costs) | 73,936 | ||||
Total Capital | $ | 660,119 |
(Dollars in Thousands) | June 30, 2021 | ||||
Total Stockholders' Equity | $ | 876,633 | |||
LESS: Goodwill | 309,505 | ||||
LESS: Intangible assets | 34,898 | ||||
Tangible common equity | 532,230 | ||||
LESS: AOCI | 15,222 | ||||
Tangible common equity excluding AOCI | $ | 517,008 |
Net Sensitive Earnings at Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Income/Expense
for a given change in interest rates |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Over / (Under) Base Case Parallel Shift | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Book Value | -100 | Base | +100 | +200 | +300 | +400 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-sensitive income | 6,268,481 | 263,528 | 277,435 | 304,821 | 332,381 | 360,703 | 389,144 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest-sensitive expense | 509,340 | 672 | 824 | 1,954 | 3,111 | 4,281 | 5,493 | ||||||||||||||||||||||||||||||||||||||||||||||
Net interest-sensitive income | 262,856 | 276,611 | 302,867 | 329,270 | 356,422 | 383,651 | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage change from base | — | -5.0 | % | — | % | 9.5 | % | 19.0 | % | 28.9 | % | 38.7 | % | ||||||||||||||||||||||||||||||||||||||||
Economic Value Sensitivity | |||||||||||||||||||||||||||||||||||
Standard (Parallel Shift) | |||||||||||||||||||||||||||||||||||
Economic Value of Equity at Risk % | |||||||||||||||||||||||||||||||||||
-100 | +100 | +200 | +300 | +400 | |||||||||||||||||||||||||||||||
Percentage change from base | -13.8 | % | 9.3 | % | 16.4 | % | 22.2 | % | 27.7 | % | |||||||||||||||||||||||||
Period |
Total Number of Shares Repurchased(1)
|
Average Price Paid per Share(1)(2)
|
Total Number Of Shares Purchased As Part of Publicly Announced Plans Or Programs | Maximum Number Of Shares that may yet be Purchased Under the Plans or Programs | |||||||||||||||||||
April 1 to 30 | — | $ | — | — | 1,550,173 | ||||||||||||||||||
May 1 to 31 | 829 | 49.26 | — | 1,550,173 | |||||||||||||||||||
June 1 to 30 | — | — | — | 1,550,173 | |||||||||||||||||||
Total | 829 | — |
Exhibit
Number |
Description | ||||
10.1* | Severance and General Release Agreement, effective as of April 30, 2021, by and between MetaBank, N.A., and Sheree S. Thornsberry (incorporated by reference to Exhibit 10.1 of Meta Financial Corporation’s Form 8-K filed with the SEC on May 3, 2021). | ||||
10.2+ | Executive Nonqualified Deferred Compensation Plan Adoption Agreement (incorporated by reference to Exhibit 10.1 of Meta Financial Corporation’s Form 8-K filed with the SEC on May 20, 2021). | ||||
10.3+ | Executive Nonqualified Deferred Compensation Plan Document (incorporated by reference to Exhibit 10.2 of Meta Financial Corporation’s Form 8-K filed with the SEC on May 20, 2021). | ||||
10.4+ | First Amendment to the MetaBank, National Association Amended and Restated Supplemental Employees’ Investment Plan for Salaried Employees (incorporated by reference to Exhibit 10.3 of Meta Financial Corporation’s Form 8-K filed with the SEC on May 20, 2021). | ||||
Section 302 certification of Chief Executive Officer. | |||||
Section 302 certification of Chief Financial Officer. | |||||
Section 906 certification of Chief Executive Officer. | |||||
Section 906 certification of Chief Financial Officer. | |||||
101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) Cover Page, (ii) Condensed Consolidated Statements of Financial Condition, (iii) Condensed Consolidated Statements of Operations, (iv) Condensed Consolidated Statements of Comprehensive Income, (v) Condensed Consolidated Statements of Changes in Stockholders' Equity, (vi) Condensed Consolidated Statements of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements, tagged in summary and in detail. | ||||
104 | Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101). |
META FINANCIAL GROUP, INC. | ||||||||
Date: August 9, 2021
|
By: | /s/ Bradley C. Hanson | ||||||
Bradley C. Hanson, | ||||||||
President, Chief Executive Officer and Director | ||||||||
Date: August 9, 2021
|
By: | /s/ Glen W. Herrick | ||||||
Glen W. Herrick, Executive Vice President | ||||||||
and Chief Financial Officer |
Date: August 9, 2021
|
/s/ Bradley C. Hanson | |||||||
President and Chief Executive Officer |
Date: August 9, 2021
|
/s/ Glen W. Herrick | |||||||
Executive Vice President and Chief Financial Officer |