PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Sep. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

PARENT COMPANY FINANCIAL STATEMENTS

Presented below are condensed financial statements for the parent company, Meta Financial, at the dates and for the years presented below.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

September 30,	2017			2016
	(Dollars in Thousands)
ASSETS
Cash and cash equivalents	$	14,569		$	15,716
Investment in subsidiaries	521,021			403,574
Other assets	406			413
Total assets	$	535,996		$	419,703
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Long term debt	$	83,657		$	83,521
Other liabilities	17,843			1,207
Total liabilities	$	101,500		$	84,728
STOCKHOLDERS' EQUITY
Common stock	$	96		$	85
Additional paid-in capital	258,336			184,780
Retained earnings	167,164			127,190
Accumulated other comprehensive income	9,166			22,920
Treasury stock, at cost	(266		)	—
Total stockholders' equity	$	434,496		$	334,975
Total liabilities and stockholders' equity	$	535,996		$	419,703

CONDENSED STATEMENTS OF OPERATIONS

Years Ended September 30,	2017			2016			2015
	(Dollars in Thousands)
Interest expense	$	4,959		$	1,022		$	418
Other expense	440			382			269
Total expense	5,399			1,404			687
Gain (loss) before income taxes and equity in undistributed net income of subsidiaries	(5,399		)	(1,404		)	(687		)
Income tax (benefit)	(1,935		)	(519		)	(324		)
Gain (loss) before equity in undistributed net income of subsidiaries	(3,464		)	(885		)	(363		)
Equity in undistributed net income of subsidiaries	48,381			34,105			18,418
Net income	$	44,917		$	33,220		$	18,055

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended September 30,	2017			2016			2015
	(Dollars in Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	44,917		$	33,220		$	18,055
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation, amortization and accretion, net	136			(22		)	—
Equity in undistributed net income of subsidiaries	(48,381		)	(34,105		)	(18,418		)
Stock compensation	10,401			427			253
Change in other assets	7			(5		)	(15		)
Change in other liabilities	16,636			541			378
Net cash provided by (used in) operating activities	23,716			56			253
CASH FLOWS FROM INVESTING ACTIVITES
Capital contributions to subsidiaries	(82,820		)	(81,000		)	(67,600		)
Net cash used in investing activities	(82,820		)	(81,000		)	(67,600		)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid	(4,839		)	(4,389		)	(3,493		)
Purchase of shares by ESOP	1,174			—			—
Proceeds from contingent consideration - equity	24,142			—			—
Proceeds from exercise of stock options & issuance of common stock	650			13,536			75,681
Issuance of common shares due to acquisition	37,296			—			—
Issuance of restricted stock	4			—			—
Proceeds from long term debt	—			75,000			—
Payment of debt issuance costs	—			(1,767		)	—
Shares repurchased for tax withholdings on stock compensation	(470		)	—			—
Other, net	—			—			—
Net cash provided by financing activities	57,957			82,380			72,188
Net change in cash and cash equivalents	$	(1,147	)	$	1,436		$	4,841
CASH AND CASH EQUIVALENTS
Beginning of year	$	15,716		$	14,280		$	9,439
End of year	$	14,569		$	15,716		$	14,280

The extent to which the Company may pay cash dividends to stockholders will depend on the cash currently available at the Company, as well as the ability of the Bank to pay dividends to the Company.  For further discussion, see Note 13 herein.