PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

PARENT COMPANY FINANCIAL STATEMENTS

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

CONDENSED STATEMENTS OF FINANCIAL CONDITION

September 30,	2019			2018
(Dollars in Thousands)
ASSETS
Cash and cash equivalents	$	8,111		$	28,209
Investment securities held to maturity, at cost	411			411
Investment in subsidiaries	933,196			823,215
Other assets	159			124
Total assets	$	941,877		$	851,959
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Long-term borrowings	$	87,305		$	87,152
Other liabilities	10,614			17,081
Total liabilities	$	97,919		$	104,233
STOCKHOLDERS' EQUITY
Common stock	$	378		$	393
Additional paid-in capital	580,826			565,811
Retained earnings	252,813			213,048
Accumulated other comprehensive income (loss)	6,339			(33,111		)
Treasury stock, at cost	(445		)	(1,989		)
Total equity attributable to parent	839,911			744,152
Noncontrolling interest	4,047			3,574
Total stockholders' equity	843,958			747,726
Total liabilities and stockholders' equity	$	941,877		$	851,959

CONDENSED STATEMENTS OF OPERATIONS

Fiscal Years Ended September 30,	2019			2018			2017
(Dollars in Thousands)
Interest expense	$	5,296		$	5,061		$	4,959
Other expense	1,044			663			440
Total expense	6,340			5,724			5,399
Loss before income taxes and equity in undistributed net income of subsidiaries	(6,340		)	(5,724		)	(5,399		)
Income tax (benefit)	(1,374		)	(1,504		)	(1,935		)
Loss before equity in undistributed net income of subsidiaries	(4,966		)	(4,220		)	(3,464		)
Equity in undistributed net income of subsidiaries	101,970			55,840			48,381
Net income attributable to parent	$	97,004		$	51,620		$	44,917

CONDENSED STATEMENTS OF CASH FLOWS

For the Fiscal Years Ended September 30,	2019			2018			2017
(Dollars in Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributable to parent	$	97,004		$	51,620		$	44,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion, net	153			143			136
Equity in undistributed net income of subsidiaries	(101,970		)	(55,840		)	(48,381		)
Stock compensation	12,942			11,123			10,393
Other assets	(35		)	232			7
Accrued expenses and other liabilities	(6,468		)	(860		)	16,636
Cash dividend received	33,980			45,315			—
Net cash provided by operating activities	35,606			51,733			23,708
CASH FLOWS FROM INVESTING ACTIVITES
Held to maturity:
Proceeds from maturities and principal repayments	—			8			—
Capital contributions to subsidiaries	—			(20,322		)	(82,820		)
Net cash (used in) investing activities	—			(20,314		)	(82,820		)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid	(7,760		)	(5,736		)	(4,839		)
Payment:
Short-term borrowings	—			(11,642		)	—
Long-term borrowings	—			(258		)	—
Purchase of shares by ESOP	2,011			1,606			1,174
Proceeds/(payment):
Contingent consideration - equity	—			—			24,142
Exercise of stock options & issuance of common stock	44			148			650
Issuance of restricted stock	3			4			12
Issuance of commons shares due to acquisitions	—			295,767			37,296
Cash acquired due to acquisitions	—			697			—
Net increase in investment in subsidiaries	(90		)	(295,767		)	—
Shares repurchased for tax withholdings on stock compensation	(49,912		)	(2,598		)	(470		)
Net cash provided by (used in) financing activities	(55,704		)	(17,779		)	57,965
Net change in cash and cash equivalents	$	(20,098	)	$	13,640		$	(1,147	)
CASH AND CASH EQUIVALENTS
Beginning of fiscal year	28,209			14,569			15,716
End of fiscal year	$	8,111		$	28,209		$	14,569

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 15 herein.